So you want to know the salary you’ll get for an accounting certificate? Not a bad move! Accountants are indispensable in the world of business as they help to look after the books to ensure that cash flow is continuous. Cash flow is the blood of any business as without it the enterprise is as good as singing its nun dimities. They also help put measures in place to detect and curb fraud. This is the reason why auditors are hired either internally or externally to keep fraudsters at bay. They also help make the business profitable by getting actively involved in payroll issues and making reports as to whether revenue exceeds expenditure which will help the promoters of the business make better-informed decisions.
There is a high demand for accountants in the United States and the pay is also worth the effort. According to the Bureau of Labor Statistics, the top ten percent earn over $110,000 annually.
Accountants generally work as credit analysis managers, cost accountants, tax accountants, payroll managers, auditors, treasury analysts, cost estimators, forensic accountants, budget analysts, anti-money laundering specialists, financial controllers, accounting software developers etc.
Let us look at some accounting positions and their corresponding salaries so that you can have your pick from the lot.
Accounting clerks provide accounting support and backup services to supervisors and managers. They sort out invoices, process bills for payment, arrange for funds to be paid into the bank, file and tally deposits, match invoices to work orders, record refunds and charges, issue checks for accounts payable, utilize computers to pay bills, order supplies, record business transactions and daily worksheets to the ledgers.
According to the Bureau for Labor Statistics, they earned a median salary of $35,730 in 2013. They could function in this role straight out of high school and is usually a learning curve preparatory to their acquiring higher degrees.
The job description includes cost accounting, general accounting and the handling of the payroll.
They verify the accuracy of documents, sort out various documents, data entry, answering inquiries, clerical duties like answering phone calls, sorting out mails, typing etc.
The annual salary is between $25000 to $45000 a year. They usually have an associate degree in accounting.
Cost accountants measure the costs of producing services. This is extremely tedious work as the United States is a service driven economy. The information gathered by the cost accountant comes in handy for product pricing and budgeting.
They also team up with the company executives to create a financial plan for the firm.
The starting salary hovers between $40000 and $51000 a year. They possess a Bachelors Degree in accounting.
Credit Analysis Manager
The Credit Analysis Manager function like debt collectors as they help in debt recovery from those who owe the firm either goods or services. They play a key role in negotiating payment options. They track particular accounts and ensure that long term debtors offset their debts.
The pay range is between $40,000 to $80,000 annually. They usually have a Bachelors Degree in accounting.
Treasure analysts manage the firm’s activity ranging from cash flow to assets, liabilities, credit, income. They analyze the treasury accounts, analyze and prepare foreign exchange transactions, maintain bank accounts and cash. The holders usually possess Bachelors or Masters Degrees and the entry level salary is $52,000 while a highly experienced one could take home $90,000and above.
Auditors provide an independent assessment of the accuracy of the organization’s financial statements. They thoroughly review and give advice on the accounts of the client. They frequently test the internal methods of the firm’s accounting system.
On the average, they earn $51,000 while the supervisors earn around $92,000 annually. They usually have Bachelors or Masters Degrees.
Budget analysts provide sturdy guidelines with which the firm uses in the preparation of its annual budget.
They converge with the managers to determine the financial needs of each department. They also closely monitor each department’s spending all year round.
Averagely, they earn around $68,000 a year with the high flyers among them earning $100,000 and above annually. They usually have either Bachelor or Masters Degree.
Forensic accountants analyze and investigate records for any form of financial irregularities. They prevent fraud this way through their eagle eyes and specialist training. They have a deep knowledge of investigative procedures and litigation strategies.
The average salary is $73,000 a year. They usually have either Bachelor or Masters Degree.
Cost Accountant Manager
Cost Accountant Managers prepare and implement cost accounting methods, oversees the cost control systems, manage, interpret cost audits, prepare cost accounting reports for onward presentation to the management of the firm.
The practitioner must be deeply familiar with the practices and procedures and most of them usually possess a Bachelors Degree.
The average salary is usually $96,000 per annum.
Chief Financial Officer
A Chief Financial Officer oversees and directs the long-term goals of an organization. They are held accountable and responsible for the accuracy, timeliness and regulatory compliance of financial reporting.
A Bachelors Degree in accounting is the minimum requirement for this position. The median salary is $173,000 with many making much more than that.
Managerial Accountants prepare financial information strictly for the benefit of internal users in the company. They submit reports on a quarterly, weekly, monthly or yearly basis depending on the needs of the users or stakeholders.
The information mined is critical for decision making. The average salary is between $45,000 and $60,000 yearly. They usually have either Bachelors or Masters Degree.
Environmental Accountants calculate the environmental costs of every business activity. They help the company save costs on environmental overheads. They press for the use of alternate chemicals, processes and product designs. These accountants help the companies use resources more judiciously.
Most companies have a preference for candidates with a Masters Degree. However, there is room for highly experienced ones with just the Bachelors.
The average median salary is $67,000 per annum while the highly experienced ones could take home more than $100,000 a year.
Risk and Compliance Professionals
The risk and compliance professionals design and implement policies and programs to ensure that the organization strictly comply with the laws of the United States. They prepare compliance reports which they submit to the management.
To be a risk and compliance officer, you need at least a Bachelors degree and some organizations prefer seven years of experience hands on. The median salary is around $99,000 a year.