It is no secret that accountants make a lot of money. Thousands seek this highly lucrative career every year so that they can build the lifestyle of their choice. The median salary for accountants is approximately $67,000. However, you may be surprised to find out that there are many ways to advance your salary.
Depending on your field and expertise, you can add an extra boost to your bank account. These are some of the best ways to make more in your accounting career.
Move To A Different State
True, some states have a higher cost of living, but you will find yourself making much more money for your services in areas such as D.C., New York, New Jersey, Maryland, and Massachusetts. The District of Columbia pays the highest annual mean wage, at about $90,000. If you are willing to pick up stakes and move to the east coast, a new profitable adventure awaits you. Alternatively, if you want to live in a more temperate climate, try sunny California, whose annual wage ranges between $74,000-$80,000. Alaska, Colorado, Connecticut, Georgia, and Texas are also credible options for high earners.
Become A CPA
Certified public accountants, also known as CPAs, make much more money in the long run than do many other accountants. There broad knowledge and certification grants them legal rights to perform many more tasks, which makes them an attractive candidate to prospective employers. CPAs work with individuals, businesses, non-profits, estates, law firms, and other organizations to fulfill a variety of roles.
For example, CPAs have the privilege of creating and managing budgets for a company, as well as giving out expert advice to move forward and to attain financial growth in the future. They are also qualified to audit financial statements and documents in order to analyze for any fraud or mistakes. CPAs can take on management positions within a large company’s finance department and may quickly move up the ladder.
Finally, CPAs have the unlimited right to represent a taxpayer on behalf of the IRS. Of course, becoming a CPA is not easy. You must first pass a rigorous and grueling test that covers a multitude of topics in finance. The exam is divided into four parts, each consisting of a different subject, and all must be sat separately. All portions must be completed and passed before the end of an eighteen-month window that begins when you take your first exam.
Most participants fail their first time, and in fact the exam is passed by roughly 50% of all candidates. However, in the end it is worth all of the time spent studying. In order to prepare, most candidates choose from one of the top CPA exam prep courses which provide the necessary study materials and organization for studying. After all, there are some that pass the first time around, and that could be you.
Earn An MBA
If you are willing to go back to school, consider getting an MBA. You’re already attractive resume will stand out among the rest if your potential employer sees not only a degree and a CPA, but also an MBA. Accountants who earn an MBA can see their salaries increase to over $100,000.
If you work within a company for a long time, that company may even pay you to become a part time student at a university to earn your degree. Prove your value and you may find many free opportunities such as this.
Diversify Your Skills
Think of it this way: there are many accountants out there, but there is none like you. Cultivate your interests. Show that you bring something new to the team. For example, you may have a passion for IT and have a talent with tinkering with technology. You may prove a valuable asset if you apply for accounting positions at software developing companies.
On the other hand, if you have expert knowledge in law, you may want to join a law firm that specializes in tax law. Showing and communicating this experience in your interview will put you a cut above the rest, and may offer you a higher salary for your expertise.
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