How much do accountants make?

Have you ever wondered how much accountants make? You have come to the right place then. Here in this article, I am going to discuss how much an accountant earns, what their responsibilities are, and what their qualifications are. Even the job title of "accountant" sounds boring and off-putting to many people. However, it is a fascinating job that challenges your capacities. Plus, it doesn't hurt that it pays well either. Everyone assumes an accountant is just about keeping records. However, this is not true. Accounting requires a lot of critical decision-making.

What is the accounting profession?

The responsibilities of an accountant include keeping and interpreting financial records. In addition, they have various duties regarding financial matters for both individual clients and big companies and organizations that have hired them.  The terms "bookkeeper" and "accountant" are sometimes used interchangeably. However, these are two different professions. Although the job titles are somewhat similar, the requirements and responsibilities of the two professions are entirely different from each other. To become a bookkeeper, you are required to have at least an associate's degree. A bookkeeper simply gathers and keeps the financial records of their clients or big organizations.
On the other hand, an accountant must have a bachelor's degree in accounting to be qualified for the job. This is because they not only keep the financial records, but they also have the additional responsibility of interpreting the financial information.  An accountant can do the job of a bookkeeper. However, a bookkeeper is not qualified to be an accountant.

Market demand of accounting profession

The position of an accountant is a popular one currently. The national average salary in the accounting profession in the United States of America is around $60,057. Therefore, an accountant in the United States of America can earn at least $30.76 per hour. An accountant's most basic entry-level job starts at around $47316 every year. Many people are applying and studying to be accountants in today's world. This field provides a good salary and opportunities for advancement, which is something that everyone seeks.
According to research projects conducted by the Bureau of Labor Statistics (BLS), they predict that the number of accountants and auditors is projected to grow at least 7 percent by 2030.  In another research by Robert Half, who compiled the 2019 Accounting and Finance Salary Guide, entry-level accountants and people with at least three years of experience in this field are expected to receive a salary starting at $51,500 USD. They can reach up to 96,500 USD every year. He predicts that accountants with around five years of experience in this field can expect a salary of $129,250 every year.

How much do accountants earn?

The median salary for accountants in the United States of America in 2020 was $73,560. In 2020, the highest-paid and top 25% of accountants received compensation of around $97530. Simultaneously, the accountants with the lowest salaries, those in the bottom 25%, received nearly $57110.

The highest paying cities for accountants

Major cities such as Midland, San Francisco, Salinas, San Jose, and New York are the best places for accountants to work. The accountants in this city receive the highest salaries. The average wage for anyone in the accounting profession in Midland, Texas, is around $103,120. An accountant who starts in San Francisco, California, should expect an average salary of approximately $101,090. Among the various metropolitan cities, Salinas, California, would be the best option for accountants as the average salary in this city is nearly $111,680. People in the accounting profession can expect to make a salary of almost $102,920 in San Jose, California. Another excellent option for accountants in New York is that they can receive a stipend of up to $105,720 in this city.

States with the highest pay for accountants

Some districts and states in the United States of America that pay the highest wages to accountants are New York, the District of Columbia, California, Massachusetts, and New Jersey. All the states and districts mentioned here offer excellent opportunities for growth in the accounting field. Any new accountant looking for an ideal state to settle in should look at these states. In the District of Columbia, a person in the accounting profession can get an annual salary of around $110,140. In New York, an accountant with some experience can easily get a job that pays approximately $101440. California offers exciting jobs in the accounting field with an average salary per year of around $81,230. If you choose to settle in Massachusetts, you can earn around $8,830 as an accountant. A starting-level accountant can earn around $96,260 in New Jersey.

Responsibilities of an accountant

If you choose to work as an accountant, you will manage the budgets and financial records of the company or organization that has hired you. Many individual clients also hire accountants to manage their funds. They have to file tax returns and prepare accounts for their companies. An essential part of an accountant's job is to compile and present financial reports. They are required to advise on how to save money and increase profits. Financial forecasting and analysis of financial risks are big aspects of the job. In addition, an accountant is required to monitor and record the company's spending according to a budget.

Conclusion

If you are trying to choose a profession and have an interest in the field of accounting, you should go for it! Being an accountant pays well in most states and major cities. It comes with many responsibilities that make the job even more interesting and exciting. It is a well-paying job field that is in high demand. Even entry-level positions in some cities offer a hefty salary. The more experience you gain in the accounting field, the higher your salary will be.

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