Accounting is the process of categorizing, summarizing and recording financial information for personal and business purposes. Accountants can specialize in various fields such as financial accounting, financial management, management accounting, tax and regulation as well as auditing. Their tasks include computing service rates, calculating costs and preparing invoices. Know more about them by looking at the salaries of people working in an accounting department.
Salaries of Accounting Employees Based on Length of Service
Employees who are working in accounting departments have different salaries. One of the factors that affect their income is their length of service. The annual salaries of entry-level accountants range from $34,000 to $45,000. On the other hand, those who have been employed for a year to 4 years receive an annual pay of $35,000 to $48,000. Professionals who have been working for 5 years to 9 years get a yearly income of $39,000 to $53,000. For those who have been working in jobs related to accountancy for 10 years to 19 years, their salaries range from $39,000 to $54,000. Lastly, people who work in accounting departments for at least 20 years get an annual pay of $40,000 to $56,000.
Salaries of Accounting Employees Based on Employer Type
The salaries of employees in accounting departments also depend on employer type. Companies that hire accounting staff usually pay them $38,000 to $51,000 a year while non-profit organizations offer them compensation packages amounting to $33,000 to $47,000. Accountants working at federal and state governments are usually paid $35,000 to $66,000 a year. Those who are employed at schools and universities commonly receive an annual pay of $33,000 to $46,000. Foundations that recruit accounting employees offer them salaries that range from $35,000 to $48,000. Finally, self-employed accountants get a yearly income of $30,000 to $48,000.
Salaries of Accounting Employees Based on Skills and Specialties
Accountants who specialize in financial analysis get an annual pay of $44,000 to $61,000. On the other hand, those who are knowledgeable in budget management receive a yearly income of $40,000 to $56,000. Employees who are assigned in bookkeeping are usually paid $31,000 to $45,000 a year. Those who specialize in managing accounts receivable and accounts payable get an annual salary of $33,000 to $49,000. Moreover, accountants who are skilled in data analysis receive an annual income of $40,000 to $56,000.
More Points on Accounting Salary and Job Opportunities
Accounting is a field of study that deals with the analysis, recording and classifying financial data for business or personal purposes. Those who specialize in this field can work as accountants in companies, non-profit organizations, foundations, schools and governmental agencies. Their salaries vary on several factors like length of service, employment type as well as specialties and skills.
In order to land a job in accounting departments, it is important to finish a bachelor’s degree in accountancy. It is also essential to specialize in a related field like data analysis, budget management, financial analysis and tax accounting. Above all, it is necessary to learn the different concepts in accounting such as bookkeeping and auditing.