Adding It All Up

ADDING IT ALL UP Improving your credentials is a wise investment in almost any career, and that's certainly true for those who work in accounting and related fields. Let's explore recent trends in salary and compensation. 61.690 16 16% JOB GROWTH MEDIAN SALARY FOR ACCOUNTANTS AND AUDITORS THROUGH 2020, WHICH IS ABOUT AVERAGE FOR ALL OCCUPATIONS SIMILAR JOBS Positions in fields related to accounting are expected to grow in the next decade. Here's a look at their median pay rates: $68,200 $57,860 $74,350 s103,910 $74,940 $64,750 s101,250 $78,160 $34,030 $49,360 Bookkeeping, Budget accounting analysts and auditing clerks Financial analysts Financial examiners managers Financial Management Personal analysts Cost estimators Tax financial examiners, executives collectors and revenue Top advisers agents УП IT PAYS TURE THE BOSS Accountants and other financial sector workers who advance into management positions can expect to see their paychecks increase. That's no big surprise, but what may come as a shock is the extent to which earning additional certifications can make an accountant's wallet especially heavy. CERTIFIED PUBLIC ACCOUNTANT CERTIFIED MANAGEMENT ACCOUNTANT The CMA certification designates a professional in the areas of cost management, internal control auditing. decision analysis and forecasting. CMAS are responsible for choosing and maintaining accounting information systems; they also analyze reports generated by those CPA certification is the most common certification in the accounting world, required by most accounting firms, regardless of other certifications. same systems. CMA AGE ISN'T A FACTOR 37 $20.000 CERTIFIED ACCOUNTANTS IN THE YOUNGEST AGE BRACKET (19-29) EARN ADDITIONAL SALARY EARNED BY PROFESSIONALS WHO HAVE CERTIFICATIONS VS. THOSE NEARLY WHO DON'T MORE IN SALARY THAN NON-CERTIFIED PEERS STAYING AHEAD: CERTIFIED PROFESSIONALS IN THE 60+ GROUP EARN $28.000 MORE PER YEAR THAN THEIR NON-CERTIFIED COUNTERPARTS. AVERAGE SALARY BY MANAGEMENT LEVEL, CERTIFICATION, EDUCATION AND GENDER TOP MANAGEMENT SENIOR MANAGEMENT WOMEN MEN WOMEN O MEN BACHELOR'S $117,959 $155,488 $101,714 $126,994 No CMA or CPA $104,106 $124,752 $83,258 $109,600 CMA $106,186 $151,369 $13,516 $126,389 CPA $124,000 $179,585 $103,057 $134,333 Both CMA or CPA $132,941 $164,425 $121,084 $146,027 MASTER'S $131,839 $153,049 $131,839 $139,018 No CMA or CPA $129,770 $143,788 $129,770 $107,598 CMA $141,818 $155,597 $141,818 $143,427 CPA $100,000 $152,468 $100,000 $138,983 Both CMA or CPA $134,683 $162,683 $134,683 $164,794 MIDDLE MANAGEMENT ENTRY-LEVEL MANAGEMENT WOMEN MEN WOMEN MEN BACHELOR'S $94,829 $115,599 $69,130 $74,419 No CMA or CPA $82,526 $110,082 $64,805 $63,873 CMA $95,550 $115,816 $70,029 $78,872 CPA $97,449 $115,357 $67,500 $78,013 Both CMA or CPA $113,518 $126,426 $79,153 $78,079 MASTER'S $98,397 $120,955 $70,165 $78,433 No CMA or CPA $87,235 $110,137 $61,657 $68,131 CMA $98,699 $122,215 $80,585 $81,567 CPA $95,858 $132,000 $62,167 $69,833 Both CMA or CPA $114,759 $124,358 $67,883 $90,446 GO WEST Accountants' salaries on average are the highest in the Western U.S. Here's a look at regional and state-by-state differences. REGIONS 132. 423 WEST COAST NORTHEAST REGION REGION 690'GLE 105.842 s123.969 MIDWEST REGION MID-ATLANTIC REGION SIO1.893 sI06.451 MOUNTAIN SOUTH REGION REGION PLAINS REGION Chl'801F $87,967- $98,107 $100,351-$124,180 $127,178-$139,104 $141,417-$267,500 * NA figures unavailable WA NH VT MT ND OR MN MA RI ID SD WI NY WY MI IA PA ст NE ОН NV IN IL wv VA UT CO MD KS KY NC DC TN OK AZ NM AR SC GA MS HI SOURCES: http://www.imanet.org http://www.bls.gov/ooh masters-in-accounting.org