This article provides information about the highest paying jobs for accounting majors.
Accounting graduates are some of the most sought after by large companies worldwide. These professionals, particularly those who have passed the certification exam such as for a public accountant or management accountant, earn high and enjoy job security for the long term.
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The U.S. Bureau of Labor Statistics reports that employment outlook for accountants and auditors is projected to experience growth by 22 percent moving through 2018. The growth rate is considered to be faster than the average rate compared to other occupations.
Accountants can work in different organizations although most find a job in a corporation or public accounting firm. As they gain experience, they have an opportunity to move up to senior positions or start their own accounting business and work as a consultant.
The accountant who works in a corporation can earn the highest income when he or she becomes a chief accounting officer (CAO) or chief financial officer (CFO). Being a senior level executive, this professional covers major accounting and fiscal management tasks. They keep track of accounts receivable and payable, do the budgeting, auditing and manage the payroll. Other responsibilities include managing the purchases, contracts and insurance protection.
The highest wage a CAO or accounting director can earn on average is estimated at $179,000. The median salary in the U.S. is $112,000.
To be able to reach the position of CAO or CFO, one must have gained many years of work experience in the fields of accounting or finance. A bachelor’s and master’s degree in accounting as well as a CPA license are the educational requirements.
An accounting firm partner position also earns well. The lead partner or senior level manager with many years of experience and advanced educational attainment is among the highest paid. Their responsibilities spans getting clients, recruiting and training new accountants, budgeting and managing the daily operations of the firm.
Accounting firms can specialize in different areas including tax planning, auditing, tax preparation and investment management. During peak season when the volume of clients is on the rise, partners can be sure to get huge paychecks. Educational requirements to become a partner are a bachelor of science in accounting degree and a CPA license in their area.
The comptroller or finance director is another position that accounting majors can assume. The main responsibility of this professional is to ensure an efficient accounting process in the organization. According to data from the Economic Research Institute, a comptroller holding an entry level position can earn more than $76,000 while the more experienced one can earn as much as $134,000 annually.
Another high paying job for accounting majors is that of an audit manager. Internal auditing is vital for companies as this ensures that their financial records are accurate and they comply with government guidelines and regulations. Most organizations pay high wages for their internal auditors who may be required to do a lot of traveling for the most part their work. As of December 2011, the expected median salary for an auditor in the U.S. is almost $50,000 each year, making it one of the highest paying jobs for accounting majors.