Salaries for Accountants
How much do accountants earn? Most accountants enjoy comfortable salaries, and their career paths can include several promotions. The following salaries were reported by the U.S. Bureau of Labor Statistics in 2006:
- Median annual wage for accountants: $54,630
- Top 10% of salaries: More than $94,050
- Bottom 10% of salaries: Less than $34,470
Starting salaries for accountants with bachelor’s degrees averaged $46,718 a year, and master’s degree candidates in accounting were initially offered an average of $49,277.
Experience definitely counts in the accounting profession. For example, in 2007 a staffing services firm specializing in accounting and finance found that entry-level general accountants earned between $31,000 and $49,000 a year. Those with 1 to 3 years of experience earned between $36,000 and $60,000. Managers and other senior accountants earned between $43,000 and $102,000. Finally, directors of entire accounting firms earns between $68,000 and $208,000 each year. Most accounting positions include standard benefits plans such as 401Ks and health care packages, and senior level accountants often receive additional benefits.
Another factor influencing salary is the accountant’s industry. Surprisingly, accountants in the shoe business earn top pay. The federal government, brokerage houses, and tobacco manufacturers are also among top-paying employers for accountants.