Certified Public Accountants are among the highest paid professionals. Considering this modern day fact, it is not surprising to see that most people are eager to find out what their possible salaries may be if they consider making a career as a CPA. In this article, you will find the answers you are looking for regarding the salary figures of certified public accountants.
How Much Is a CPA’s Salary?
It is essential to note that public accountants who are certified earn considerably more as compared to those who are non-certified. A CPA, on average, earns 10% more in income as compared to a PA. The average salary of a CPA can be anything from $39,000 to $97,000. This wide range between the numbers is mostly due to a variety of factors that affect the salaries of CPAs.
Factors That Affect It
The following are the factors that mainly affect a Certified Public Accountant’s salary:
The longer a CPA has worked in the industry, the higher his/her salary is likely to be. This is proven by the fact that entry-level CPAs receive considerably less incomes as compared to CPAs who have several years of experience under their belts.
CPAs having Master’s degrees or PhDs are most certain to earn considerably higher than those who don’t consider pursuing further education. Most often, fulfilling the minimum requirements for becoming a CPA are not enough and all individuals are recommended to receive further education.
The salaries of certified public accountants are also heavily influenced by the location they are working in. For instance, New York is one area in which CPAs earn considerably more as compared to other regions. CPAs in the Big Apple earn an average of $62,700. Chicago, Illinois ranks a close second with $62,200 as its average for CPA salaries. The third highest-paying location for CPAs is Atlanta, Georgia in which accountants earn an average of $59,000.
Size of Firm
The larger a firm is, the higher the salary of CPAs in it. Smaller firms on average pay their accountants anything between $30,000 and $90,000. On the contrary, medium-sized and large corporations pay their CPAs sums between $76,000-$111,000 and $85,000-$130,000 respectively.
A CPA’s salary is also mainly dependent on the position they are working in. Accountants having supervisory or managerial roles in associations are likely to earn higher as compared to those who are down below in the hierarchy. The position of a CPA working in a company is mainly determined by their skill, expertise, and experience in the industry.
Nowadays, being a public accountant is mostly not enough to pay the bills. This is why it is essential to apply for certification as it significantly boosts an accountant’s chances of earning a higher income. Plus, there are other added benefits as well for certified accountants such as job security. All in all, it goes without saying that certified public accountancy is among the highest paid careers currently.