Why Are Salaries Going Through the Roof in Accounting and Finance?

The Accounting and Finance industries continue to see salary peaks increase. According to Career Advancers, 2018 was one of the most vital years yet, and in cities like St. Louis, unemployment in these industries was between 1 and 2%. Salaries are expected to continue this trend for the next few years because the demand for workers continues to increase.

Specifically, the Internal Audit field is expected to grow nearly 10% by 2026, and the salaries will reflect this. There hasn’t been a better time to be in the Accounting and Finance industries.

2018 and 2019 Salary Trends in Accounting and Finance

 

Career Advancers reported average salaries for Tax Managers between $84,000 and $110,000 in 2018. Audit Managers averaged around $88,000, while Staff and Senior positions saw wages between $42,000 and $72,000 per year.

Internal Audit Trends saw similar growth in 2018, with IT Audit Senior positions averaging $104,000. Internal Audit Senior positions fell between $80,400 and $85,000, and Internal Audit and Risk Managers saw salaries of $110,000.

These trends only increased the following year.

Accounting Today reported Public Accounting tax service salaries increasing by at least $1,000 per year for all experience levels.

90th percentile Senior Managers made more than $200,000 in 2019. Those in Senior positions averaged around $134,000; accountants with one to three years of experience made anywhere from nearly $50,000 to $90,000, while Staff positions with up to one year of experience capped out at around $70,000 in 2019.

Salaries in Accounting and Financing Are Through the Roof: Here’s Why

 

Contrary to other industries, the 2020 job market only seemed to increase for Accountants and Financial Experts. The main reason for this being that most jobs in these industries are versatile. You can work in any field with training and expertise in Accounting and Finance. Every organization needs this type of professional expertise.

Most of this – if not all – is done virtually as well, which makes the Accounting and Finance industries “pandemic” or “crash-proof,” in a sense. Online businesses and entire industries thrived in 2020 and continue to do so. In turn, the demand for accountants and auditors grew and continues to grow.

Let’s Take a Look at CPAs 

 

The expertise of a CPA is multi-faceted. They can work as tax professionals and business consultants, whose expertise corporations are willing to pay more to keep these professionals on retainer.

Why?

Peace of mind, essentially. Companies understand how difficult it is to find CPAs right now, so they will pay higher wages and bonuses to keep them around longer.

The Association of International Certified Professional Accountants (AICPA) reported newly qualified CPAs averaging about $66,000. Those with a little more experience and living in the United States average upwards of $119,000.

If you are a CPA with 20 years of experience or more, you are looking at a salary average of $152,000 in the current market.

Now is, without a doubt, the time to become a Certified Accountant or Auditor if you have the interest. However, those with decades of experience could easily reach a $200,000 salary in a matter of years, based on the latest trends since 2018.

 

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