When it comes to making money, no accountant is going to starve. Collectively, they earn an average $68,906 a year, according to the salary calculator for job portal CareerBuilder.com.
When it comes to making money,
no accountant is going to starve. Collectively, they earn an average $68,906 a year, according to the salary calculator for job portal CareerBuilder.com. That’s respectable, but several occupations within the accounting profession pull in salaries that are considerably higher -- in some cases, well above six figures. If you’re an accountant hoping to maximize your earning potential, perhaps aiming for one of these 10 careers is a worthy goal. The salaries listed are national averages, compiled by CareerBuilder.
1. Chief financial officer
Average salary: $157,063
Not all CFOs are accountants, but accounting is widely considered a good stepping stone for those who want to attain this top corporate post. That’s because CFOs must have a thorough understanding of accounting principles and practices in order to lead effectively. They oversee the financial operations of entire companies, which means they typically manage both the accounting and finance departments.
2. Treasurer
Average salary: $121,074
Whether they work for governments, corporations or other organizations, treasurers manage budgets: monitoring cash flow, producing financial reports, directing investments, overseeing mergers and acquisitions, and generally ensuring financial solvency and growth.
3. Controller
Average salary: $116,080
In the most basic sense, controllers keep accounts. They’re responsible for financial reporting, record keeping and complying with standards like general accounting principles or international financial reporting standards. In big organizations, they usually oversee the day-to-day work of junior-level accountants.
4. Tax attorney
Average salary: $105,301
The incredible complexity of tax regulations means that tax lawyers have an important service to offer. They manage tax records, negotiate with government entities and come up with the most advantageous tax structures for their clients, for example.
5. Professor of accounting
Average salary: $102,499
The old chestnut that “those who can’t do, teach” doesn’t quite hold up for those who teach accounting. Their salaries rival their colleagues outside academia, and their services are in high demand. The American Institute of Certified Public Accountants has voiced concern about the projected shortage of accounting professors, noting that many college accounting programs are turning away qualified students due to the lack of qualified instructors.
6. Financial examiner
Average salary: $88,515
Especially after the last few years of economic turmoil, financial examiners have an important job: assessing the health of financial institutions and making sure they comply with laws and regulations.
7. External auditor
Average salary: $86,745
External auditors, also called independent auditors, review the financial statements and business transactions of companies they’re not affiliated with. Their purpose: to protect shareholders and investors from making decisions based on inaccurate or fraudulent claims by a company. Under the Sarbanes-Oxley Act of 2002, enacted following the burst of the dot.com bubble, external auditors are required to review the accounting procedures of public companies.
8. Certified public accountant
Average salary: $85,161
CPA is both a job title and a credential: all CPAs have to pass the uniform CPA exam administered by the American Institute of Certified Public Accountants and become certified by the state where they practice. They work in a variety of roles and settings. According to the U.S. Bureau of Labor Statistics, most CPAs work for public accounting firms or have their own businesses.
9. Internal auditor
Average salary: $81,100
Internal auditors do basically the same work as external auditors, except that they work in-house to root out waste, fraud and mismanagement.
10. Financial analyst
Average salary: $79,413
Financial analysts provide investment advice to individuals and organizations hoping to profit from stocks, bonds and other investment vehicles. Though not all financial analysts are accountants, many study accounting. And a knowledge of accounting helps financial analysts accurately evaluate investments and predict the financial performance of companies and industries.
