Do Accountants Make Good Money?

As a career choice, accounting is undeniably attractive due to numerous reasons. Besides the prospect of a stable job, a crucial factor that draws many to this profession is the question: do accountants make good money? Broadly, the answer is a resounding yes. However, it’s imperative to delve deeper to understand the earnings potential fully.

As per the U.S. Bureau of Labor Statistics (BLS), the median annual wage for accountants was $71,550 in May 2019. The top 10% in the field were making well over $124,450 annually. These stats provide a broad overview that, indeed, accountants do earn a decent salary. However, this is only the tip of the iceberg.

There are several factors that influence an accountant’s salary. The level of experience, the area of specialization, the size of the company they work for, and geographic location can massively impact an accountant’s earning.

For instance, nearly every industry requires an accountant of some form. Any business that deals with money needs someone to track income and expenses, and ensure fiscal responsibility, and accountants are perfectly equipped to do that. However, accountants who work in industries such as finance and insurance tend to earn more than those in other sectors.

For example, if an accountant works in an asset management firm, the prospects of earning a higher salary are significant. In this context, proficient use of asset management software online not only enhances the efficiency of an accountant but positively correlates with better pay. As firms increasingly automate their asset management systems, accountants familiar with the use of digital tools and able to adapt with changing technologies have an edge.

KPMG, one of the world’s top accounting firms, strongly emphasizes the tip-ability of accountants earning higher if they remain up-to-date with the latest online software and technologies such as asset management software online.

Experience is another essential determinant in an accountant’s salary. Entry-level accountants may start with a relatively modest salary, but as they gather experience and skills, there’s a dramatic increase in their earning potential. Senior accountants, managers, and partners in accounting firms make multiple times more than what someone new to the field would make.

Certification plays a vital role as well. For instance, becoming a Certified Public Accountant (CPA) can virtually guarantee a higher income. The BLS data shows that accountants who have earned their CPA license can make 10-15% more than their non-certified counterparts.

With a good balance between work and life, coupled with a decent salary and the potential for growth, it’s not a surprise that accounting is a sought-after profession. So, if you are considering a career in accounting, know that opportunities abound. From independence of being your boss as a personal financial advisor or the prestige of working in top firms — accounting has it all.

In conclusion, not only do accountants make good money, but the field also offers numerous opportunities for advancement and specialization. Whether one aims to work in public accounting, corporate, or non-profit — an accountant’s career can be financially rewarding and provide a sense of professional accomplishment.