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How To Make Money As An Accountant
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Accounting is an incredibly stable career. No matter how much technology advances, business landscapes change or economic challenges arise, accountants will always be needed to prepare, present and study financial information.
With their vital role in business, it’s no surprise that accounting is also a growing career. Jobs for accountants and auditors are expected to grow by 8.4% between 2020 and 2030, according to analyst firm EMSI.
While jobs are readily available, entry-level salaries are modest compared to the highest paid in the profession. According to Glassdoor’s salary data, the typical salary for an entry-level accountant is $49,284. However, as you advance in the field of accounting, you have the opportunity to earn a six-figure sum.
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How do you achieve these higher pay levels? A master’s degree in accounting is one way to accelerate your career and increase your earning potential.
There are many factors that determine how much an accountant can earn. The biggest impact on wages is:
Why is a master’s degree so important? A master’s degree in accounting will not only improve your salary prospects, but it will also increase your job stability and attractiveness as a candidate – even in difficult economic times.
For many considering a master’s degree in accounting, the degree is a way to earn the required 150 semester hours required to pass the CPA exam. The average bachelor’s degree requires only 120 credit hours, resulting in a 30-hour gap. The best way to fulfill this requirement is to get a master’s degree, which gives you additional credentials that will increase your earning potential.
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Even before you get a CPA – or if you never get a CPA – a master’s degree will increase your salary as an accountant or auditor compared to earning just a bachelor’s degree. According to EMSI, a master’s degree raises your salary expectations by 11-14% at every stage of your career.
Ready to take your step into the field of accounting? Get information about each stage of your career in our free Accounting Career Guide.
If you earn a master’s degree in accounting and earn a CPA, you can also look forward to above-average salaries. According to EMSI, the median advertised salary for a graduate with a master’s degree is $82,800, which is $11,300 higher than the state-reported average salary for accountants and auditors.
Some business professionals are weighing the pros and cons of getting a master’s degree in accounting and getting an MBA. These options offer two very different career paths:
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In terms of salary, Payscale reports that the average salary for a business administration person is roughly $85,000, while the average salary for an accountant is about $67,000. Starting salaries in accounting are also different, with an MBA starting at around $85,000 and an M.S. in Accounting, starting at $69,000.
While MBAs seem to earn more on average, there is a wide range of salaries in any of these career areas. To truly understand the earning potential, it’s easier to estimate the salaries for individual positions.
There are many different career paths for an accountant. If you get a master’s degree in accounting, even more opportunities for a high-paying career will open up.
Let’s take a look at 5 popular career paths for accountants with a master’s degree, as well as the salaries they should be earning in 2021 (according to Robert Half, one of the world’s largest HR consulting firms).
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Accounting Manager is one of the most traditional career paths, focused on reliably tracking, monitoring and evaluating the financial health of an organization. With such a broad base of responsibilities, there is also a broad need for these professionals. EMSI posted nearly 20,000 job openings for accounting managers between September 2019 and September 2020.
The Senior Tax Accountant is responsible for preparing and filing complex tax returns for companies. Responsibilities also include compiling supporting financial documents in the event of regulatory requests and reviewing the performance of junior staff.
The controllers are responsible for the overall accounting operations of the company. These professionals oversee the creation of periodic financial reports, accounting records, and a complete set of controls and budgets that reduce risk and increase the accuracy of financial results. Such experienced professionals are in high demand as EMSI reported that over 20,000 job openings for controllers were posted between September 2019 and September 2020.
Forensic accounting is becoming a popular specialty in the accounting world. These professionals often work in tandem with law enforcement to review financial records and records to find evidence of fraud and other financial crimes. Even though it’s a niche career with fewer openings each year, a master’s degree in accounting is a great way to stand out from other candidates.
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Internal auditors are accounting professionals who help organizations maintain financial accuracy, improve internal controls, and comply with regulations. These professionals are critical to risk mitigation and financial compliance.
The Compliance Officer has dual responsibilities, both internal and external. These professionals are responsible for understanding external regulatory and legal requirements, as well as internal policies and regulations, in order to carry out financial transactions in accordance with these standards. Since this is a management position, a master’s degree in accounting can be critical to progressing to this level.
There are many different master’s programs in accounting, which can make it difficult to choose the right one. If you are a professional, you need the flexibility and support to advance your education while continuing your career.
The university’s online Master’s program In Accounting Degree is designed for busy working adults who want to advance their careers. Our IACBE-accredited program meets industry leading business education standards. Earn your master’s degree in accounting in just 17 months by tailoring your curriculum to your interests.
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Get more information about the online M.S. in Accounting to see how this degree can help you raise your salary expectations – now and in the future.
Get success tips from 10 industry experts to help you climb the corporate ladder and increase your earning potential. Setting rates for accounting services for the first time or updating them? In any case, you might be wondering: how much do accountants charge?
After all, setting a reasonable and competitive price is the key to finding and retaining customers. Overcharging your services can send clients on the run (or into the arms of a competing accountant). But on the other hand, drastically underpricing your services jeopardizes your bottom line and sells you cheap.
Before deciding which pricing structure you want to use, consider factors such as the persistence of your services and the amount of time you spend on each client.
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Again, it all depends on a number of factors (which we will discuss below). But you might want to know how much other accountants charge.
So, how much do accountants charge per hour on average? What is the average salary for an accountant? Again, the average amount charged by an accountant depends on their pricing structure.
Looking at average accounting fees is a great starting point, but it takes more than the national average to set prices. You also need to consider factors that directly affect the cost of your accounting services.
Oh, place, place, place. The location of your accounting firm (and where your clients are located) plays a role in average accounting fees.
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If you offer virtual services to customers, consider their location and whether you need to adjust your fees accordingly.
Want to know more about the location and your fees? Do a little research to see the highest paying cities and states for accountants. For example, Indeed reports that accountants in Houston, Texas earn an average of $71,176 per year compared to $55,232 in Los Angeles, California.
How long have you been an accountant? What types of credentials (such as education and certifications) do you have? Consider your experience and authority when setting commissions.
The longer you work as an accountant, the more clients you have, the more work you have done, and the more difficult tax situations you have seen. As a result, you may charge more.
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When promoting your accounting firm, be sure to showcase your experience and credentials to gain credibility and credibility.
So what types of services do you and your firm offer? In-demand accounting services for small businesses include starting a business, tax planning and consulting, auditing, bookkeeping, payroll and consulting. The more complex the service, the more you can decide to charge.
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