Highest paying jobs with a master’s in accounting because accounting is one of the oldest fields of business. Records show accountants existed in Mesopotamia over 7,000 years ago. These historic accountants kept records of crops and livestock. Today’s accountants usually work on behalf of organizations to produce financial records of the organization’s expenditures and profits, in addition to preparing tax records. They can be considered as the backbone of many businesses, as they are necessary for the efficient operation of these organizations.
The employment of accountants and auditors is projected to grow 11 percent from now until 2024, revealing just how high in demand accountants are across all job occupations. This is great news not only for those looking to obtain a position in the profession, but also means that the outlook for the U.S. economy is growing. As a result, more accountants will be needed to prepare and examine financial records.
So if you’re on your way to becoming a CPA and are thinking about ways to expand your professional opportunities, here are some of the top high paying jobs in the industry that you can consider as you pave the path for your career in accounting.
Managerial accountants prepare financial information for only the internal users of a company, such as management or executives. They may be asked to submit reports on a weekly, quarterly, or yearly basis, depending on the needs of the client. These reports are confidential and used for decision-making. In managerial accounting, the goal is to examine financial data for forecasting purposes. The average salary for managerial accountants is from $45,000 to over $65,000 per year.
Accounting Software Developer
As technology continues to advance in today’s day and age, firms, and companies are always looking for better ways to streamline workflows and data processing. What is better software there than one that is created by accountants for accountants? If you enjoy working with developers and have a knack for design or user experience, becoming an accounting software developer may just be right up your alley.
Personal Financial Adviser
Ever wonder how celebrities or other millionaires budget and invest their earnings? Becoming a personal financial adviser for the rich and famous allows you to do just that. While you’ll still work in traditional areas of accounting, you’ll be doing it for those who make more money than they know what to do with. You would be involved in estate planning and a myriad of other expenditures to help your clients with their financial goals.
Tax accountants prepare and file income tax information for personal, corporate, or government clients. It is also necessary to keep track of ever-changing tax regulations, in addition to determining the tax consequences of future business plans. Tax accountants are involved with reducing a company’s tax liability, and ensuring clients are aware of the consequences of failing to abide by tax regulations. It is often necessary to work with financial teams to formulate strategies to benefit the client. The starting salary for tax accountants ranges between $51,000 and $70,250 annually.
Teaching in Accounting
Many students of accounting desire to earn a doctorate degree in order to become an accounting professor. An accounting professor researches and teaches accounting students and fellow professionals. They perform research on accounting information systems, financial accounting, managerial accounting, tax accounting, and auditing. As teachers of accounting, professors cover these same areas. The courses range from introductory to advanced. The average starting salary of an accounting professor is $127,400. An assistant professor earns $113,800; an associate professor earns $114,900; while a full professor earns $137,800 yearly.
Again, many companies across different industries will have a financial director, which is someone who directs an organization’s financial policies and oversees all financial functions including accounting, budget, credit, insurance, tax, and treasury. Typically, a finance director will represent the second most senior executive and requires an advanced degree with 10 or more years’ experience.
Individual CPA or Large Firm?
As an accountant, one will consider the risks and benefits of working with an accounting firm against running a solo operation. As an individual accountant, it may be harder to garner the attention of clients, as opposed to having the support provided by a large firm. This is worth considering during times of economic instability, as it can affect one’s livelihood in both ways. An accountant with his or her own firm has the opportunity to run a business within itself, making all executive decisions with guaranteed employment. With a large firm, employment may not be guaranteed, but there is a better chance of maintaining a steady stream of clients. New accountants earn more at large firms than at smaller companies. Entry-level accountants at large firms earn between $50,000 and $55,000.
Government accountants focus on the financial affairs of government organizations. Government accounting uses a fund accounting system. Fund accounting is a system that emphasizes accountability over profitability. Government accountants manage funds assigned to a unit for specific purposes according to certain regulations. Government accounting differs from traditional accounting in that it focuses on measuring the influx and outflow of government finances rather than measuring economic activity. On average, government accountants earn $59,000 a year.
Pay rates for accountants differ contingent upon the organization, area, field, and experience. The instructive level additionally influences the normal pay. Those utilized by the Big Four will normally procure increasingly and will have more noteworthy open doors for future business. Regardless of the pay earned, a gifted bookkeeper will without a doubt have the mastery to deal with the riches he or she is certain to acquire in one of these lucrative fields.
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