business chart showing financial success at the stock market
Have you heard of Robert Kiyosaki?
The self-made millionaire has a net worth of $100 million, and it’s all thanks to skill stacking. Becoming a CPA is a great way to pave a bright future for yourself while also stacking up all of the skills you need to be successful.
What exactly does a CPA salary look like? We created this guide to help you find out the entry-level, median, and highest paying CPA salaries.
So take a look. By the time you’re done reading the article, you’ll finally know if becoming a CPA is the right choice for you.
Median vs Top Level CPA Salary
What’s the median annual wage you can expect to earn as a CPA? Your exact CPA salary will depend on the industry you enter into, your experience, and where you live.
However, it’s common for CPAs to earn around $70,000 when they’re in the middle range salary rate. If you’re at the lower end of things, you can expect to earn somewhere closer to $40,000.
As you look into higher-paying industries such as bookkeeping and payroll services, the salaries will become more favorable. High-demand industries like consulting services, management, and payroll usually pay around $80,000 or more each year.
As you progress in your career as a CPA, you’ll be able to enter into the top-earning bracket! The top percent of accountants can make 6 figures or more, and that’s without having to work full time.
CPA Pay for Specialty Roles
Are you wondering how to make money as a CPA in specialty roles? Senior internal auditors will make a lot more than somebody coming in entry-level. You can also look into becoming a senior financial reporting specialist.
Other profitable CPA careers include financial reporting analysts, cost accountants, and general accountants. As long as you’re specializing within a specific industry or role, you’ll be able to ask for a higher salary.
How Location Affects Your Accounting Salary
Earlier, we mentioned that where you live affects how much you’ll be able to make as a CPA, and that’s true. Individuals residing in West Virginia make an average of $67,000 as an accountant.
Whereas individuals taking the same accounting role in New Jersey can begin earning $90,000 right off the bat. Another thing to consider is whether you’re working. Do you see yourself in corporate or public accounting? Large accounting firms tend to pay better than standard public accounting firms.
If you’re wondering what CPAs make as contractors are freelancers, you can check out this site https://www.taxfyle.com/freelance-cpa-jobs. Thanks to advancements in remote working opportunities, you could efficiently serve clients on the other side of the country.
Make Over 6 Figures
Is it your goal to make more than 6 figures a year? Then you’ll want to look into securing a position with the highest-earning accounting jobs. One of the tops paid accounting jobs is a chief compliance officer or CCO.
As a CCO, you could easily make $200,000 or more each year. Another big paying job would be a Chief financial officer or CFO, coming in with a salary of $200,00 or more.
Just below those roles, we have treasurers, vice presidents of finance, and chief risk officers. All of these prestigious roles can quickly pay $180,000 or more each year, and that’s not including bonuses and incentives.
Long-term Career Outlook
Is becoming a CPA smart? You can make a lot of money, but what about job security?
Earning your CPA license means better job security, higher salary opportunities, and more job openings. You won’t have to worry about your job going out of demand since employers are always looking for a knowledgeable accountant.
Earning your CPA credentials isn’t easy, so not everyone will do it. Which is good news for you. You’ll be able to set yourself apart from your non credentialed peers.
How To Get Paid More
Earning your CPA is just the beginning. You’ll also want to show employers that you’re serious by looking into different credentials. For instance, consider securing an enrolled agent certification.
Enrolled agent credentials help you learn more about how taxes work in the real world. You’ll learn about different issues that employers deal with throughout the United States, making you more profitable to employers.
There aren’t any particular education requirements you’ll need to complete to become an enrolled agent. Instead, you’ll need to pass a particular enrollment exam. You could also look into getting a certified Management accountant certification.
A certified Management accountant credential means that you’re at the top of the class regarding decision-making skills and problem-solving abilities. Individuals looking to take on high-level careers as an accountant, such as a vice president or CPO, will definitely want a management certification.
Tips for Non-accounting Majors
Perhaps you’re not looking to go back to school to earn a degree. In that case, you can jump right into earning your CPA without any type of accounting degree.
First, pick a state board that’s going to require the least amount of accounting courses for their CPA requirements. For instance, Hawaii and Maine are very lenient when it comes to sitting for the CPA exam. You won’t need a lot of credit hours, which is great when you’re in a rush to start your career.
Whereas States like Massachusetts are known for requiring 30 credit hours or more to sit for the exam. The credit hours have to come from financial accounting, management accounting, and taxation courses. While you don’t have to earn your full bachelor’s degree, you do have to successfully pass the classes and earn the credits.
After taking the necessary CPA credit hours, you can sit for the CPA exam. After passing the exam, you’ll need to complete all of the experience requirements. This could include real-world accounting experience or even an academic position within your University.
Earn a Comfortable Living
As a CPA, you’ll be able to earn a comfortable living in a promising career. Instead of being stuck in one position for the rest of your life, you can always grow your career and salary by learning more skills.
Start looking into your state’s requirements to sit for the CPA exam. Once you have your exam, don’t delay in getting the real-world experience.
The sooner you’re fully licensed, the sooner you can start securing your own clients and earning a comfortable CPA salary. Take a moment to see what the rest of our article is about.
Mia Guerra
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