One question that I often encourage younger professionals to think about towards the end of college is what type of a job would they like to have, and how much will it actually pay. Degrees are expensive and should (IMO) be viewed as an ROI calculation; so the resulting job from the degree should many times over repay the student debt! One common job that young professionals pursue is a career in accounting. Accountants work hard, and they can often end up working for pretty big companies. But what do accountants do? And what is the average accountant salary? Should you consider a move to a bigger city to take a job?

What do accountants do?

An accountant’s job is to provide educated financial advice to clients. Accountants often specialize in certain areas, such as corporate finance, tax and VAT returns, assurance, internal audits, or management accounting. Sometimes these specialized roles mean that their job titles are different, for example, they might technically be a chartered management accountant / certified public accountant or a forensic accountant. The ‘standard’ accountant would be a certified accountant. Any specialization or focuses may change the average salary and day-to-day tasks of the job.

An accountant can work in a range of organizations, from not-for-profit, public services, and commerce to industry and public practice firms. They may also work for themselves for independent clients. Accountants are responsible for:

• managing financial systems
• undertaking financial audits
• advising clients
• reviewing and analysing risks
• checking financial information and systems
• maintaining financial records
• liaising with auditors
• producing records
• preparing financial statements
• arranging financial management reports

Generally, employed accountants will work longer hours than other roles. It is rare that an accountant will work 9-5, and there is often weekend work to be done. This is often true the closer it gets to tax time (April here in the US). Freelance accountants, however, can work whatever hours suit them and their clients.

Accountants have great opportunities for job progression, too. You might find yourself working towards a chief financial officer, a senior financial analyst, a senior accountant, a certified internal auditor, or an accounting manager. Alternatively, you might find yourself set up in a job you love as a public accountant or staff accountant! Either way it’s a great way to increase your income by taking up this career.

How to become an accountant

Typically, a degree of some sort is needed in order to train as an accountant. This does not necessarily need to be in accounting or in finance, as many places are interested in hiring graduates of other disciplines and training them to become accountants. Once graduated, the next step is to find a training contract with an employer that is recognized by one of the certified accountancy institutes.

It might be possible to enter the career without a degree, but it will be much more difficult. Graduates will always have a more attractive resume to employers.

Between university and a training contract, many budding accountants, accounting technicians, and finance staff choose to take a Certificate in Finance, Accounting and Business. However, this is not necessary. Many employers will put students or graduates through for the AAT accounting qualification regardless of their previous qualifications. From the AAT, students can study towards a chartered accountancy qualification from Chartered Accountants Ireland, ICAEW, or ICAS if you’re in Europe, or the CPA licenses here in the US.

How much do accountants earn?

The average salary of a chartered accountant depends on a few factors. Where they work, the company size, their specialism, whether they are freelance, where in the country they work, and their hours can all drastically impact their annual salaries. Per Rachel Dooley an accountant from Auditox Accountancy, here is what an accountant can expect to make in the field:

• Entry-level positions: up to $52,000 (£40,000)
• During training: up to $85,000 (£65,000)
• Average salary: $109,000 (£84,500) with a yearly bonus of $22k (£17k)

For a freelance chartered/certified accountant, the average salary is:

• Entry-level positions: up to $42,000 (£31,588)
• Average salary: $67,000 (£51,675)

This entirely depends on the hours and experience of the accountant, as well as the clients they take on. Accountants who work largely with SMEs will likely earn a lower wage than corporate accountants who work with international companies.

Where to find accountancy jobs

If you’re looking for accountancy work, you should make sure you check out the usual job boards and set up job alerts. Places like Indeed, Reed, and even Google Jobs are great places to search for accounting and finance jobs.

Alternatively, there are specialist job boards out there like ACCA Finance & Accounting, Hays, Fish4, and GAAPweb. These are likely to have more of a range of job opportunities with varied specialisms and experience levels, making them ideal for recently qualified accountants or people branching out from accountancy.

Similar job roles

If the hours of accounting don’t suit you, or perhaps you’re not sure if you want that much responsibility, there are other jobs within the industry that might suit you more. Find your new career today!

• Accounting technician – involves traditional bookkeeper duties. An accounting technician is responsible for preparing accounts, processing invoices, recording payments, completing tax returns, handling expenses and using accounting systems.

• Actuarial analyst – take a look at and analyze risks, and are often used in insurance and similar sectors. You will have to use and understand complex formulae, use spreadsheets, provide technical support and write reports explaining your findings in such a way that non-specialists can access.
• Financial adviser – help their clients by providing expert advice on how to manage their money. They will contact clients, conduct in-depth reviews of financial circumstances, analyze information, and risks, and research the marketplace for the client. They are also able to produce financial reports, negotiate with product suppliers, and are required to keep up to date with legislation.

• Forensic accounting – utilize numeracy and accounting skills to look into financial misconduct, misrepresentation, discrepancies, and inaccuracies. They are responsible for extracting data, creating and managing spreadsheets, performing forensic research, conducting forensic analysis, preparing accounting reports, undertaking interviews, attending court, and even travelling to conduct investigations.

Conclusion

Either way if you’re in the USA or the UK a career in accounting can be a stable and reputable role! It is no secret that finance is a lucrative field, and accounting is no exception to that. But your average salary as an accountant depends on whether you’re an average certified accountant or whether you’re managing an entire accounting department on a daily basis.

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