When considering your future career, what is the first question most people ask themselves? That’s right, more often than not, the question is “what is my earning potential for the career I have chosen?” Let’s be honest, money isn’t everything…but, it does help make life a little easier. You may have big dreams of opening your own accounting firm, or to be a world traveler, or perhaps to just provide security for your family and build your children’s college fund. Whatever the reason, it is a good idea to research your chosen field and see if the educational cost of obtaining your bachelor’s degree in the accounting professional is worth the return.
There is an extremely wide array of career opportunities in the accounting field, however, auditors and accountants, according to the BLS.gov website, states that they earned an average annual salary of approximately $70,500, in 2018. Lower median salaries, for example, of an accounting clerk averaged $40,240 annually. To summarize, accounting career salaries can range anywhere from $40,000 – $120,000 depending on education, certifications, business location and especially years of experience, with an overall average of $70,000 to $80,000 annually with an 6% job growth rate by the year 2028. The best paid salaries go to those in the field of securities and commodity brokerage.
A Certified Public Accountant typically earns an annual average salary of $119,000. A CPA new on the scene with less than one year of experience can earn a yearly salary of approximately $66,000. A seasoned CPA can earn into the six figures. Accountants who sign and file records with the Securities and Exchange Commission must obtain Certified Public Accountant licensure. This certification greatly increases your hiring possibilities.
Corporate Accountants earn between $53,365 – $73,670 depending on experience and years of service. Individuals with higher-level degrees and CPA certification will definitely peak hiring interest from potential employers. Certification as a CMA (Certified Management Accountant) from the Institute of Management Accountants may also be required.
Tax Examiners must have a bachelor’s degree in accounting, as well as, work experience in the accounting field to work for government agencies at the local, state or federal level. The median annual salary of a tax examiner at the federal level is approximately $81,183 followed by state and then local level opportunities with median annual salaries of approximately $51,430.
Internal Auditors earn a median salary between $49,736 – $78,767 per year. Individuals in this profession are required to stay current on all tax codes and regulations within industries. Internal auditors may elect to become Certified Internal Auditors (CIA) through the Institute of Internal Auditors. Earning this certification will increase your hiring potential.
A Managerial Accountant is responsible for providing pertinent accounting information to upper management and typically earns a median salary of $59,492 annually.
A Cost Accountant’s salary is approximately $56,688 annually. Cost accounting is used in manufacturing businesses to record and analyze costs to lend advice on current and future endeavors.
Forensic Accountants deal with accounting issues that could potentially become useful in a court of law. Some examples could include issues dealing with divorce settlements, bankruptcies or securities fraud. The median annual salary for this career is $65,940.
Earning a bachelor’s degree in accounting or related field will allow you the opportunity to fulfill your career goal in any number of industries. Your bachelor’s degree is also a stepping stone to obtaining your master’s degree which will in turn multiply your employment options as well as your wallet.