The Certified Public Accountants are in demand across many industries. They can command high salaries because of their expertise in financing. Also, many companies retain the CPA's accounting talent by paying good salaries along with hikes and bonuses.
According to the AICPA survey, a qualified CPA with less than one year of experience can earn around $66,000 per year.
In the United States, the average salary of an experienced CPA is $119,000. A person with 20 years of experience in CPA could command more than $152,000 annual pay. In addition, they can expect to earn 10% increments every year. The number of years of experience and the industries that they have worked determine the CPA's salary level.
Typically, a CPA involved in the following areas:
- Activities related to tax returns, tax computations, and payment of taxes.
- Maintenance of financial records in the organization.
- Ensure accounting regulations.
Let's know some of the common choices of a CPA.
The primary task of a corporate accountant is to manage the financial reporting, analyze the data, and to ensure compliance. Besides, the role involves forecasting and budgeting. Also, CPAs are responsible for report preparation to make decisions. With one year of experience, a financial analyst can earn the annual salary between $43,000 to $81,000. For CPAs, those who have three years of experience the salary will be more $100,000 per year.
General Accountants, Cost Accountants, and Tax accountants can also earn salaries almost the same range as mentioned above.
As we know, public accounting firms provide accounting related services. In contrast, the CPAs in these firms are usually involved in the preparation of tax returns, auditing the financial statements, and assisting the client's financial statement preparations.
The four big public accounting firms are:
- PwC - PricewaterhouseCoopers
- Deloitte – Deloitte Touche Tohmatsu
- KPMG – Klynveld Peat Marwick Goerdeler
- EY – Ernst & Young
Thousands of employees work in these firms.
How much do they earn yearly?
The employees in the four big accounting firms can earn a salary in the margin of $45,000 to $60,000 annually.
There are a massive number of job opportunities for CPAs in the financial services and banking sector. An experienced CPA is highly valued in commercial lending, credit analysis, and risk management. In financial services, many companies recruit qualified accountants for handling compliance functions and reporting.
You may raise the question of "How much salary that a CPA can earn in the financial sector?"
A CPA in the financial sector can expect the annual salary between $44,000 to $84,000. With more than five years of experience, a credit analyst can earn between $68,000 to $130,000.
In this article, Hope you have found the information about the salary of a Certified Public Account in 2020.
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