Do you want to know what is Chartered Professional Accountant Salary? CPA salaries typically hit the top five figures, and senior CPAs in management can earn six-figure salaries. If you have a finance or accounting bachelor’s degree or are a new accountant seeking a better salary and more duties, getting an approved accounting certification could be a good option.
CPAs help manage the finances of large corporations and international financial institutions as well as local government entities.
They also work with small businesses to ensure that their finances pass muster and stay on track. These days, most CPAs work in accounting or consulting; however, there are plenty of opportunities within other fields as well. It is not just men who are interested in working as CPAs; women have been pursuing this field for decades, and they are now making a big impact. As more women pursue careers in finance, we can expect salaries for CPAs to increase in the coming years. In this article, we will discuss Chartered Professional Accountant Salary.
What Does a Good Day in the Life of a CPAs Look Like?
Most CPAs work 80-100 hours a week, with some working long hours on the weekends. This work schedule can be very demanding and, at times, stressful. You will often be required to work alone, often in a small town or rural area. Some of the more demanding positions may require you to travel for work. It’s important to note that many of these travel requirements are reduced during slow seasons.
Corporate Accounting
The main job of a business accountant is to analyze data, manage financial statements, and ensure compliance with regulations. Additionally, this role also involves budgeting and forecasting. Business accountants are typically responsible for preparing reports that are used by senior management to make decisions.
According to Robert Half, a human resource consulting firm, salaries for business accountants can vary widely. A financial analyst with up to one year of experience can expect to earn an annual salary of $42,500 to $80,750. Additionally, financial analysts with one to three years of experience can earn between $55,000 and $105,000.
Tax accountants, cost accountants, and general accountants with similar experience levels can also earn salaries in this range.
Public Accounting
An accounting firm that provides accounting and related services to other organizations. CPAs working in public accounting firms are often involved in auditing clients’ financial statements, preparing tax returns, and assisting clients in the preparation of their financial statements.
An accounting firm can be a small organization with a small number of employees or a much larger company. The “Big Four” accounting firms are Deloitte, EY, KPMG, and PwC. Their first and last names are:
- Deloitte – Deloitte Touche Tohmatsu
- PwC – PricewaterhouseCoopers
- EY-Ernst & Young
- KPMG – Klynveld Peat Marwick Goerdeler
These companies have clients spanning the world. Hundreds of thousands of employees work for each of them. For example, Deloitte has more than 250,000 employees.
Deloitte offers starting salaries from $45,000 to $60,000.
Financial Services
Traditionally, CPAs have worked in the areas of accounting, auditing, and taxation. However, there are more and more job opportunities in the banking and financial services sector.
CPA’s expertise is appreciated in areas such as credit analysis, commercial lending, and risk management. Many companies in the financial services industry also hire qualified accountants to handle reporting and compliance functions.
How much can a CPA earn at a financial services company?
Here’s what we found:
Data compiled by Robert Half reveals that a credit analyst with one to three years of experience can earn between $44,000 and $83,500. Salaries in the higher range will often be for candidates with specialized expertise as well as additional certifications related to the position applied for.
Credit analysts with more than 5 years of experience can earn anywhere from $67,750 to $129,000. Again, you will need a very high level of expertise to get an offer of $100,000 or more.
Compare CPA Vs. Other Accountant Salaries
CPAs can compare their salaries with other accounting and auditing professionals using a tool designed by AICPA for this purpose. The chartered professional accountant salary comparison tool asks you to enter the country and state where you work and also select an industry. Then you need to enter your salary and bonus figures.
Based on the data you enter, the tool will immediately provide a report detailing how much other CPAs in the state and country earned. You will also be able to see details of the average annual salary as well as the bonus percentage for your industry. Remember that the results provided by the interactive salary tool are indicative only and are not 100% faithful to reality. They are based on a salary survey conducted by AICPA in 2017.
What is the Chartered Professional Accountant salary?
Salaries for CPAs vary from $80,000 to $300,000 a year, depending on the individual’s experience and the location of the office where the accounting is done. The top 10 percent of earners in this profession make more than $300,000 a year. Salaries for general accountants also reflect their high income, approaching $100,000 a year.
Why Become a Chartered Professional Accountant?
If you are interested in a career that offers both financial and management expertise, then becoming a CPA may be the right choice for you. After all, CPA’s help companies and organizations manage their financial condition by keeping an eye on their financial performance and ensuring that the money is being used as intended. You will work with a wide range of financial subjects, including but not limited to: accounting, finance, investment banking, investment management, corporate finance, insurance, and legal issues.
Demand for CPAs is Growing
CPA salaries are expected to increase in the coming years. According to AICPA’s 2017 Compensation Survey, CPAs expect their salary to increase by 5% over a 12-month period. Last year, wages rose 4%.
One of the reasons for the increase in chartered professional accountant salary is the increased demand for accountants and auditors. The US Department of Labor projects the need for accounting and finance talent to grow by 10% between 2016-26.