By Susan - Tuesday 13 Jan 11:00 am
Accounting degrees offer a lucrative future in terms of appealing salaries and the promise of future growth in your field. Accountants will always be in employment, no matter what the situation of our economy. Books will always need to be done, in fact companies depend on accountants to keep their financial status in check. Accounting degrees are therefore one step in the right direction towards being employed within a reliable and economically viable field.
There are certain industries within the accounting field that are more competitive in terms of the salaries they offer. Having your accounting degree can assist you in breaking into one of these niche industries and making your way towards a leading accounting position and impressive salary.
The 5 best industries and salaries for those with accounting degrees are as follows:
- Accounting Firms – Obviously accounting degree graduates will benefit hugely from accounting firms who’s sole focus is on supplying accounting services to various companies and business establishments. Depending on where you work, you could receive a starting salary of $30000 – $55000 per annum, $40000 to $85000 after 3 – 5 years and between $50000 and $110000 after 5 – 7 years of service.
- Law Firms and Legal Enterprises – Law firms deal with a of of money coming in and going out. The accounting department needs to be on it’s toes in order to keep everything in balance and to ensure that accounts are paid. An accounting degree more than qualifies you for this job, but the pressure may be high. Annual salaries will be similar to that of the accounting firm listed above.
- Contract work in all Industries – Although you may not be guaranteed that you will have work for the next two years, you will be able to demand a higher salary for your contract period. Accounting degree graduates would be able to take advantage of this, although it is advisable to have some working experience first before promoting yourself as a solo flyer. Salary can start at $50000 on an annual basis.
- Government – Although Government have strict budgets to adhere to, they reward thir employees hugely with impressive salaries as well as incredible benefits. Accounting degree graduates would find it to be extremely beneficial working within government accounting offices. Average annual salary starting at $50000.
- Private Healthcare – Private healthcare operations offer attractive packages for anyone that is employed within their workforce. Accounting degree holders will find themselves to be decently remunerated for accounting services rendered in this domain. Average annual salary starting at $43000.
All salary information was obtained on Payscale.com and further information regarding this subject can be found by clicking here. By referring to their guide of expected salaries, accounting degree graduates can decide for themselves which industries would be the most profitable to enter into.
Posted in: College Degrees
By Susan - Sunday 11 Jan 10:00 am
A degree in accounting is one thing, but obtaining a masters degree in accounting can open up and entire new world of opportunity that is separate to obtaining just an accounting degree.
The results for obtaining your masters degree in accounting might not present themselves immediately, as masters degree holders and accounting degree holders will initially be applying for similar jobs straight after completing their studies. The difference, however, comes in at a later stage. Masters degree in accounting graduates will have a more promising chance of being promoted into more lucrative and sought after positions as opposed to their regular accounting degree counterparts. When opportunities arise within the company that you work for, masters degree in accounting graduates will be at the front of the queue for receiving.
There are some employers who will insist on only interviewing candidates who have their masters degree in accounting. This is entirely dependant on the employer in question, and graduates with accounting degrees instead of masters degrees in accounting should not feel like they will be getting the short end of the stick. It merely states that having your masters can prove to be an advantage for you.
Another reason to obtain your masters degree in accounting is that most people studying accounting want to evolve through towards getting their CPA or Chartered Professional Accountant qualification. You need a certain amount of hours and units before you can reach the stage where you are able to qualify as a CPA, so you might as well use those hours and units by getting your masters degree in accounting. After obtaining your bachelors in accounting, you will need to obtain 30 units of credit to be able to apply for your CPA. Alternatively you will need to work for two years, whichever comes first. By working these years and obtaining these units of credit, you are actually venturing halfway towards getting your masters degree in accounting. It makes sense to continue and get your full masters degree in accounting instead of throwing in the towel halfway and moving towards getting your CPA. That way, time is not wasted and you will be more than qualified in your industry which always counts for a lot when approaching employers for work.
Some students feel that this is unnecessary, as the CPA degree is what you want to get according to them, and a masters degree in accounting is just wasting time along the way. To each his own.
Graduates with masters degrees in accounting will not receive that much more in salary initially when compared to accounting degree holders, although there can definitely be a difference. Again, it is determined by your employer.
In short, it seems like an intelligent and wise decision to move towards obtaining your masters degree in accounting while working towards getting your CPA. With an increase in benefits and job opportunity when compared against a regular accounting degree, a masters degree in accounting will definitely not be wasted and will pay for itself in the long run.
Posted in: College Degrees
By Susan - Friday 9 Jan 9:00 am
With Accounting listed as one of the most lucrative choices for future career advantage and an attractive entry level salary, it is easy to note why so many students opt to venture this route by studying accounting degrees. There is always a demand for accounting degree graduates as every business requires the services of an accountant.
There are certain positions that accounting degree graduates will find easier to break into as entry level employees. There are many challenging and sought after careers set aside specifically for accounting degree graduates. These positions offer competitive salaries, security and company perks as well as the possibility to progress towards more senior accounting positions.
Here are some of the most common and sought after entry level careers for accounting degree graduates.
- Junior Accountants – An accounting degree graduate in this position would carry out basic duties, including accounts receivable and payable, collections and payments.
- Bookeeper – Accounting degree graduates can easily enter into book keeping as they will have all the skills necessary to do cash books, trial balances, reconciliations etc
- Accounting Clerks – These positions are specific towards a certain element of the financial aspect of a business. Accounting degree holders entering into this career will be awarded an are of expertise to focus on and be in charge of
- Payroll Clerks – This position is readily available to accounting degree holders and is an integral part of most businesses. The employee would be in charge of salaries and wages, deductions thereto and payment thereof.
- Internal Auditors – a lot of auditing firms have job availability for accounting degree graduates. Auditing involves ensuring that companies and businesses are running accurately and legally.
- Financial Analysts – This is a specialized area for accounting degree graduates, and involves the continuous interpretation of financial information and the analysis of the company’s finances, in an attempt to find the best possible business scenario.
- Cost Accountants – This entry level position can develop further into a Management Accountant position for accounting degree graduates.
- Public Accountants – Positions as public accountants are available for accounting degree holders. The main responsibilities along this career path would be company tax functions and auditing. Excelling in this position could lead you to becoming a supervisor or manager of your department.
- Government Accountants – Accounting degree graduates would be responsible for overseeing the performance and allocation of government funds. This job could also spread into the Department of Defence or the IRS.
- Trainee – Accounting degree graduates could enter into a company as a trainee in literally any position. From here you would earn a basic salary while absorbing all the necessary skills for your chosen career. You could be simply a trainee accountant, or a stock broker, mortgage advisor etc. The options are limitless.
Posted in: Accounting Degree, College Degrees
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