Accounting Salaries & Salary Outlook

Find Accounting Schools Near You

Find the right school right now.

With an accounting degree it is possible to enjoy high demand, lucrative salaries, and strong employment prospects. The skills and training you receive help make you an invaluable asset for companies, governments, families, and individuals alike.

Accounting Salaries

Accounting is one of those rare fields that flourishes both in times of economic growth and in times of economic decline. When profits are high, accountants are needed to position firms for future growth and opportunities. When profits are low, accountants are needed to allocate resources, budget, and fight for survival. This unique relationship partially explains why accounting degree holders are expected to enjoy 18 percent growth in employment opportunities between 2006 and 2016, compared to the national average of 7 to 13 percent. This also suggests that current median salaries should increase, keeping pace with rising demand.

How Much Can You Earn with an Accounting Degree?

According to the US Department of Labor, the salary potential for accounting degree holders is quite favorable, with the median salary hovering around $59,500 in 2008. This figure tends to be slightly higher in the private sector than in the public sector, but both ranges are promising.

Accounting Degree Salaries in the Private Sector

For accountants, payroll professionals, bookkeepers, and tax specialists, the median salary in 2008 was $72,270. Those managing companies and enterprises had a salary of $64,220. Training, experience, and certification can positively and negatively affect all of these estimates. While not always mandatory for some positions, many employers prefer to hire those with master’s training or higher in some aspect of accounting or auditing. An associate’s or bachelor’s accounting degree is often sufficient, but you might be limiting your employment options if you stop your education there.

Becoming licensed as a certified public accountant (CPA) can also open many doors, especially during times of great economic uncertainty. Thus, if you want to increase your chances of matching or exceeding the median salaries listed above, consider completing as much education and certification as possible prior to joining the workforce. In addition, be sure to regularly update your skills with seminars, workshops, and training classes so as to remain abreast of any changes in accounting regulations or practices.

Accounting Degree Salaries in the Public Sector

While typically lower than their private counterparts, accounting salaries at the local, state, and federal levels are still quite impressive. With a median salary range of $52,560 to $56,160, you can enjoy comparable income levels, with some added benefits. Most notably, government jobs tend to be more secure than private employment, so you may be able to enjoy greater certainty when it comes to long-term planning. Ultimately, this might not qualify as a major consideration given the high demand that accountants, auditors, and bookkeepers already enjoy. However, it is worth keeping in mind when you begin exploring jobs.

Accounting is a field that has numerous applications in countless professional settings. It is little wonder why a surprising number of graduates go on to start their own companies after school. The rationale behind this is fairly easy to grasp. It is possible for a company to flourish despite poor marketing, IT expertise, or strategic planning. The same is rarely true of poor accounting. And thus, it pays to develop strength and expertise in this field since almost all future decisions (including marketing and strategic planning) depend heavily on proper bookkeeping and financial forecasting.

Stanley Rubenti
Stanely Rubenti is a world traveling writer and editor who has lived in Japan, the US, Thailand, and France. He currently resides in Kuala Lumpur, Malaysia where he offers college admissions advice for international students interested in studying abroad.

Find Accounting Schools Near You

Find the right school today.