Working in the accounting field involves recording, predicting, and strategizing finances for organizations or individuals. Accountants are professionals who conduct account analysis, auditing, or financial statement analysis. Also, they work with accounting firms or internal account departments with huge companies. There are numerous options available for various specialties that offer generous pay. While banks and insurance companies offer plenty of careers, you can seek positions based on an accounting team at a particular organization. Many jobs in accounting require a bachelor’s degree in business, accounting, or another related field at the minimum. And depending on exactly what you wish to do, some positions may require you to get a CPA (Certified Public Accountant) designation.
Listed below are the top 10 highest-paying accounting jobs.
- Bookkeeper: Bookkeepers provide accurate, up-to-date financial information about businesses. They may also prepare annual financial reports and tax returns.
- Financial Analyst: Financial analysts analyze data to single out opportunities or evaluate outcomes for business decisions or investment recommendations.
- Staff Accountant: Staff accountants work in accounting departments or firms and maintain general ledgers, review financial statements, and assist with audits.
- Chartered Accountant: Chartered accountants offer advice, audit accounts, and provide reliable information about financial records.
- Financial Controller: Financial controllers are senior-level managers who oversee a business’s daily operations.
- Senior Accountant: Senior accountants maintain the company’s accounting department. They prepare financial reports, reconcile accounts, and prepare tax returns.
- Bank Branch Manager: A bank branch manager is in charge of the operations of a bank branch (location) or financial institution.
- Credit Supervisor: Credit supervisors figure out how to proceed with delinquencies, approve credit applications, and establish limits on accessing credit.
- CMA (Certified General Accountant): A CMA is a designation proving financial accounting and strategic management expertise.
- CGA (Certified General Accountant): A CGA possesses knowledge in several areas of accounting. The main focus areas are finance, taxes, management, auditing, and business strategy.
Bookkeepers record and maintain a business’s financial transactions (purchases, expenses, sales revenue, invoices, and payments). They also note financial data in general ledgers, which are used to produce balance sheets and income statements. Bookkeepers oversee the first six steps of the accounting cycle, while accountants handle the last two. Being consistent and minimizing errors are key parts of a bookkeeper’s job. The average salary range is $30,000 – $60,000 yearly in the U.S. However, bigger companies pay more due to large volumes of transactions and data.
2. Financial Analyst
A financial analyst makes business recommendations for organizations based on analyses they carry out, such as market trends, the financial status of a company, and predicted outcomes of deals. Analysts usually have a background in business, finance, or accounting and are motivated by numbers. People who are comfortable interpreting data and making recommendations would be good financial analysts. Mainly, financial analysts focus on developing models that can predict the outcome of certain business decisions. To accomplish this, they must have a large amount of financial data while considering market trends and past transactions. Entry-level financial analysts earn $55,500 but can make up to $150,000 as they progress in their careers.
3. Staff Accountant
Staff accountants create and maintain financial records and statements. All of the records have to follow GAAP standards. Business leaders often desire these professionals for settings like public accounting firms, corporate accounting departments, and nonprofit organizations. Staff accountants can work full-time, part-time, or under contract. But, many staff accountants work full-time and help clients, managers, and other employees. Senior-level professionals supervise accounting staff, prepare tax returns, or manage entire departments. A degree in accounting is generally desired for staff accountants. They can earn $50,000 to $65,000 a year.
4. Chartered Accountant
Chartered accountants are masters in the laws and regulations governing businesses in various countries worldwide. This role offers numerous benefits even though it is not as highlighted as other accounting positions. Chartered accountants are authorized to take on several activities within the accounting realm. Some tasks include auditing financial statements, filing corporate tax returns, and financial advising. The requirements for becoming a chartered accountant differ depending on the country where you work, but a bachelor’s degree in business and accounting help you gain entry-level access. Chartered accountants can earn anywhere from $134,762 to $167,223 annually.
5. Financial Controller
Financial controllers are senior-level managers who oversee a business’s daily operations. Sometimes called “company historians,” they run the accounting function and handle the company’s books and records. The role of financial controllers varies with each company based on size and needs. The responsibilities of financial controllers include project management, technology, insurance, and compliance functions. Financial controllers must be accurate and geared toward stewardship, policy, and ethics. The median salary for these professionals is $90,000 to $110,000 per year.
6. Senior Accountant
Senior accountants keep track of the costs, productivity, margins, and expenditures of mid-sized organizations. And senior accountants may do more than basic reporting. They will likely manage most of the financial responsibilities of the company. But, senior accountants will not gather data or make balance sheets. They usually work with a junior team to organize all ends of finance. The average salary for a senior accountant is $77,439.
7. Bank Branch Manager
A bank branch manager is in charge of a specific bank location. Banks often have multiple locations or sites (branches), and branch managers oversee daily operations for only one location. Their duties consist of hiring and training new staff, overseeing credit and loan approval, counting the money left at the end of the day, and ensuring accuracy for all transactions by checking cash at teller’s stations. To become a bank branch manager, you will need a bachelor’s degree in finance, marketing, business, or accounting. The average salary for this position is $57,890 per year.
8. Credit Supervisor
Credit supervisors decide how to handle delinquencies, approve credit or extension applications, and establish borrowing or credit limits. Supervisors must understand the facts and which company policies form the basis of decisions. They also provide pharmacy financial and billing management of revenue cycle, which includes cash, accounts receivable, and reconciliation. Credit supervisors have an educational background in business, accounting, or finance and have an average salary of $53,925.
9. CMA (Certified Management Accountant)
A certified management accountant (CMA) is an accounting designation demonstrating expertise in financial accounting and strategic management. Professionals who gain this designation are called CMAs and qualify for an abundance of roles. CMAs must follow a strict set of professional standards and pass a stringent two-part exam. To achieve a CMA, candidates must have a bachelor’s degree or related professional certification along with two years of continuous work experience in a similar field. The median salary for CMAs is $85,000.
10. CGA (Certified General Accountant)
A CGA (certified general accountant) is knowledgeable in several general areas of accounting. Subjects like finance, taxes, management, auditing, and business strategy are the main focus areas. CGAs can also work in different industries, including finance, government, or commerce. The goal of CGAs is to help companies complete necessary accounting procedures. They can participate in auditing, offer tax advice, and analyze clients’ finances. To become certified, you must obtain a bachelor’s degree from a college or university with an accounting program. The salary range for CGAs is $59,000 to $104,000 annually.
What is Accounting?
Accounting involves recording, cataloging, analyzing, and reporting a company’s financial transactions. It is crucial since it allows company management to comprehend its business’s financial aspects better. Therefore, they can plan future expenditures to maximize profit. Accounting deals directly with a company’s money, specifically all the expenses and income related to daily business operations and investments. Every transaction must be documented appropriately so that a company’s financial statements are accurate.
What is the Most Common Accounting Position?
Auditors are one of the most common accounting jobs in the world. Nearly every firm and organization need one. Auditors have to ensure all the financial activities occurring in an organization are legal and valid. To start a career as an auditor, you first need to get a bachelor’s degree in any accounting field, which enables you to earn between $60,000 to $65,000 per year.
What are the Primary Skills for Accounting?
Accounting requires numerous hard skills and a thorough knowledge of relevant laws and regulations for many positions. Below are some primary skills for accounting:
- Analytical: Accountants should be detail-oriented and meticulous. Part of their job is sifting through financial documents to ensure accuracy.
- Communication: Accountants have to talk to various people. Many people may not know accounting jargon or how processes work, so it is crucial to be able to explain things clearly. This idea applies to written and oral communication.
- Detail Oriented: Accountants have to ensure things are as accurate as possible so that companies can run smoothly.
- Information Technology: Accountants use spreadsheets often and spend a considerable portion of their job using technology. It is important to have a thorough knowledge of software and how to use other applications to complete work.
- Organizational: Accountants must work with clients, meet deadlines, and follow proper reporting guidelines. It can be tough to stay on track if you are not organized. Make this a priority even before you become an accountant.
Accountants must be detail-oriented, possess strong analytical skills, and be comfortable and proficient in using computer software. These skills for accounting will be used daily for various operations, so it is essential to have them or adapt ones you currently do not have. The ability to communicate well verbally and orally is also an excellent skill for accountants.
What Qualifications Do Accountants Require?
Accountants must be able to look at financial transactions and handle the data accordingly. They will also prepare reports to show to stakeholders. They must possess excellent mathematical and analytical skills. Additionally, they must know how to use computers in the digitally advanced world. Business knowledge also helps accountants perform their jobs more efficiently by understanding how businesses function.
What is an Accountant’s Primary Role?
An accountant’s primary role is to prepare, interpret, and organize the financial transactions of businesses or individuals. Accountants are sometimes called bookkeepers, but they interpret financial information rather than just compile it like bookkeepers. Also, accountants with CMAs have more opportunities and are considered the best in the business. Computer literacy, an eye for detail, and mathematical and communication skills are crucial.
What is the Average Pay for an Accountant?
The average pay for accountants is $52,809. The pay can increase depending on your position and daily duties. Entry-level accountants can expect to earn $48,000, while anyone in the workforce for ten or more years can earn $60,000.
Is an Accounting Job Difficult?
Accounting jobs can be difficult for people based on the rules, procedures, and general daily operations. However, it helps if you are good with numbers, can follow directions, and possess great attention to detail. These skills are needed for any role in accounting. If you are struggling with any particular area of your job, you can consult with coworkers or managers to develop a better understanding of rules and practices.