Every successful business will require a qualified accountant whose task is to check and deploy financial and accounting procedures. This will include preparing financial reports and budgets, bookkeeping, ensure that the accounting systems used are compliant with the relevant bodies, and consultation work on proper accounting practices.
According the latest Accountant job trends, Accountant salary is as below:
1. Average Salary $20,000
2. Median Salary $43,125
3. Highest Salary $1,716,000
4. Salary Range $20,000 to $1,716,000.
Accountant salary data based on real job postings and can be vary with the changes in the Accountant salary job posting range.
How Much Do Accountants Make?
The median salary for an accountant in the US is $47,936. The level of experience and education will affect your pay scale. As an accountant, if you have more than 5 years of experience in accounting, you can earn as high as $67,000 per year. However, for the entry level accountants, their salary will range from $35,000 to $40,000. An accountant will have to undergo training and earn different certifications for licensure of practice.
In the field of accounting, there are areas of specialization, which include cost accounting, management accounting, financial accounting, tax accounting, and internal auditing among others. All these areas will vary in terms of the salary scale, education and training requirements. An accountant can work in the private or public sector. All businesses and organizations will require the services and expertise of an accountant. An entry level accountant will have little or no experience in accounting work. Such accountants are characterized by the entry level average salary which will at $35,000 per year. However, with a few years of experience on the job, your pay scale is expected to go up.
Accountants will have different titles depending on the job description and requirements by the employer. For small businesses, they will seek an accountant who has basics in accounting procedures and practices. In this case, you might get the title of an assistant accountant or accounting clerk. Small businesses will have simple bookkeeping procedures as compared to large companies and businesses whose accounting procedures are complex. Accountants who have their own practice are paid on hourly basis. The salary scale can thus exceed the $67,000 limit as the practice will serve more than one client, or business or organization.
|Profession / Job||Lowest Salary||Average Salary||Median Salary||Highest Salary|
|Senior Accountant Salary||$24,000||$62,190||$60,000||$870,000|
|Tax Accountant Salary||$23,900||$53,440||$50,000||$545,000|
|Certified Public Accountant Salary||$29,500||$52,800||$50,000||$101,420|
|Project Accountant Salary||$30,000||$49,650||$48,380||$121,840|
|Business Accountant Salary||$26,000||$42,100||$38,400||$85,590|
|Chartered Accountant Salary||$29,230||$73,495||$73,495||$290,658|
|Corporate Accountant Salary||$25,115||$45,700||$42,610||$217,568|
|CPA Accountant Salary||$36,000||$60,111||$59,324||$89,523|
|Financial Accountant Salary||$22,000||$47,700||$42,785||$110,000|
|Management Accountant Salary||$21,000||$43,935||$40,000||$40,000|
|Payroll Accountant Salary||$27,050||$39,675||$37,355||$56,000|
|Public Accountant Salary||$37,000||$48,925||$49,234||$72,800|
Accountant Job Description:
The duties of an accountant, regardless of the title or area of specialization, revolve around preparing and examining the financial records of the employer. They ensure that everything is in check regarding compliance with the tax authority, proper bookkeeping, and reconciliation of financial statements. In short they make sure that all transactions and books of accounts are prepared at the right time and in the right manner. An accountant will carry out an overview of the financial activities to ensure that the right resources are allocated to the right activities for the smooth running of the business.
The job of an accountant will entail duties such as examining the accuracy of the financial statements, calculation of taxes and filing of the same according to the set rules and regulations, inspection of books of accounts and organization of the financial records. Where money is concerned, efficiency is relevant to help manage the financial resources effectively. An accountant will ensure that the managers have an easy time when it comes to managing the finances. Accountants will be tasked with the role of helping the management to find ways to minimize the costs while they improve revenue and hence maximize profits.
Timely preparation of the financial statements at the end of the year will be necessary for tax purposes. An accountant will ensure that all items that affect the profit will be included in the financial statements to compute and file tax returns. An internal auditor who is also an accountant will check the accuracy and errors in the financial statements prepared. He or she will try to investigate for fraud and whether the right accounting procedures have been used when preparing the books of accounts. An internal auditor will also evaluate the performance of different departments of the business.
Accountant Job Requirements:
An accountant has to be educated to a certain level. Different employers will demand different job requirements depending on the job description, industry and the level of responsibility. For example, an accountant at the entry level job will not require advanced education as that of the Chief Financial Officer (CFO) job.
- Education and Training Requirements
A bachelor’s degree in accounting or any business related discipline will earn you the title of an accountant. However, you will require training in the field to help you become a seasoned accountant. After earning the bachelor’s degree, you are not licensed to practice as an independent accountant. Most employers will specify on the certification depending on the job description. Experience is a plus when you are searching for a job placement as an accountant. For a senior level accountant, you need to have experience of about 10 years of accounting work.Training will be administered by professional accounting bodies depending on where you are located. You can take part in different training programs which increase your chance of securing employment as an accountant. Accountants work as a team where junior accountants work under the senior accountant to help him or her with the basic accounting or bookkeeping work. Accounting procedures will entail a lot of work which includes data entry and preparing numerous financial reports to present to management or shareholders. Such work is assigned to junior accountants and accounting clerks to minimize the bulk of work carried out by senior accountants.
- Certification Requirements
Certification as a Certified Public Accountant (CPA) is considered relevant for accountants. Apart from increasing their job prospects, it is a requirement if you want to file a report with the Securities and Exchange Commission. Most employers will want candidates who have a CPA certification as they understand accounting procedures and practices in depth. Also, with a CPA, you can earn certifications such as Certified Information Technology Professional, Accredited Business Valuation, and Personal Financial Specialist.Other accountant job requirements will include:
- Good analytical skills.
- Well organized and able to meet deadlines.
- Honest and exercise confidentiality.
- Ability to interpret and present data in the financial statements.
- Excellent communication skills for both verbal and written.
- Fast learner and a team player, and
- Able to understand the client’s business in depth, among others.
- Certification Requirements