How Much Do Accountants Make?
People usually wonder how much do accountants make annually. Accountants are professionals who are earning good, decent pay in their field of industry. How much accountants make annually usually depends on many factors such as their level of expertise, experience and relevant trainings. Their salary is usually complemented with their degree of knowledge, good name and reputation in their field of industry.
- Entry-level Position. There are differences in what an accountant makes when they select from a private or public firm to start their career. Most individuals find that it is easier to have a license when you are starting in a public firm compared to a private firm. An average of $50,800 is the starting salary for accountants who are starting in a public firm. This is somewhat higher than those in a private firm, who make approximately $41,342. A degree and relevant experience are needed to demand higher salaries. Accounting is a very technical field and certifications and license combined with relevant working experience are the foundations that an individual needs to reach a high position in this field.
- Staff Accountant. After an entry-level position, accountants can earn approximately $55,400 in a public firm and $42,635 in a private firm if they have already worked for one to four years. They may be able to assist their respective supervisors and bosses given the experience. They are also there to help in whatever activity that may be deemed necessary by the senior accountant.
- Senior Accountant. With the relevant practice and experience, a staff accountant can rise up the ranks and be a senior accountant. These accountants make anywhere between $57,216 in private firms to $63,102 in public firms. In the United States senior accountants can earn as much as $80,000 annually. These people are usually adept with the ins and outs of accounting, given the five to nine years experience in the field. They are usually in the position to supervise and administer other accountants. They are also the ones responsible to review the reports and other related regulatory requirements from the firm.
- Service Related Salaries. Aside from the ranks, the salary of an accountant can also be dictated by the different services that he offers to a firm. Services can range from management of companies and other enterprises which can make him earn $52,260; the local government can give a salary of $47,400; the state government which can give $43,400; Federal the Executive Branch of the government and the United States Postal Service provides a salary of $56,900, and also other services like bookkeeping, accounting, tax preparation and payroll services can increase the salary to $53,870.