An Insight Into The CPA Accountant Salary
A Certified Public Accountant (CPA) is a designation given by the American Institute of Certified Public Accountants to individuals that pass the Uniform CPA Exam and meet other specific requirements. As financial sector professionals, CPAs are highly sought after by companies of all sizes and operate in several domains ranging from tax consultation to auditing. These roles, combined with the rigorous certification process, often result in an attractive remuneration package.
The Determining Factors of a CPA Accountant’s Salary
The salary of a CPA is primarily determined by experience, skillset, geographic location, and sector of employment. It’s estimated that a CPA, on average, earns 10-15% more than a regular accountant. Particularly in large cities where the demand for talent is high, this figure can be even more pronounced. Equally, an experienced CPA working in a lucrative sector such as finance or technology can command a significantly larger salary.
Salary Range
According to the U.S. Bureau of Labor Statistics, the mean annual wage for accountants and auditors was $79,520 as of May 2020. However, those with a CPA designation usually have higher earning potential. Payscale reports that the average salary for CPAs ranges from $65,000 for entry-level positions to up to $150,000 for experienced professionals with specialized expertise.
Increasing Earning Potential
There are several ways a CPA can increase their earning potential. Gaining experience is paramount – professionals with more than 20 years of experience may earn almost double than their less experienced counterparts. Additionally, further certifications and specializations, such as becoming a Certified Information Systems Auditor, can open doors to higher-paying positions.
The Role of Business Consultants
In many respects, CPAs can serve a role similar to business consultants. They provide valuable financial insight that can help companies make strategic decisions and navigate complex business challenges. For instance, a CPA can help businesses determine profitable strategies while ensuring compliance with tax laws.
Business consultants Maitland is one area where the role of CPAs is often seen. These professionals provide financial expertise and business solution to different organizations, thereby fulfilling a function much like that of a CPA. In places like these, CPAs can expect to find a robust job market, reflecting the need for such expertise in business.
Conclusion
The CPA accountant salary is an indication of the critical role these professionals play in the business world. With an average salary range that surpasses that of many other professionals in the financial sector, a CPA designation can be highly rewarding from a financial standpoint. But moreover, the opportunities for career advancement and the ability to make a significant impact in the business world make this career path even more inviting.