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Thursday, June 24, 2010

Accounting Entry Level Salary

There are plenty of entry level opportunities for new accounting graduates. In recent years there have been smaller numbers of students choosing accounting as their field of study creating a shortage of accounting graduates. There are several reasons for this; one the requirements have become tougher; two the field has gotten a bad reputation from accounting scandals; and three increasingly complex laws and regulations have made it an unpopular field to work in for many.

There are four basic fields of accounting: Public Accounting; Managerial Accounting; Governmental Accounting; and, Internal Auditing. Each of these fields has widely varying job duties, however the fundamental tasks of the profession broadly stated "are to prepare, analyze, and verify financial documents in order to provide information to clients". Most accounting jobs require at least a bachelor degree in accounting, but previous job experience is also helpful and most collages offer part time and summer internships.

An accounting salary can range due to many reasons. These include experience, certification, and overall grasp of accounting procedures and protocols. It can also be based on the current economic climate and hiring trends. For example, an entry-level accountant will make much less than a certified account. Although the potential for growth is present, the industry is based on client needs and requests. Therefore, one who can facilitate this will stand out from those who do not possess full market capacity. In addition, educational levels can also determine pay scales and promotional factors. This is common in the financial spectrum and something that changes at a rapid rate.

An accounting salary for an entry-level position usually ranges from $45,000 to $69,000. This includes public accounting, tax, and auditing positions. It also depends on the size of the firm of financial institution you are employed with. Naturally, a larger firm may pay a higher salary then that of a medium sized or smaller enterprise. Managers and directors, however, can make anywhere from $84,000 to $160,000 per year. This is due to the executive nature of their job, and the intricate procedures, which must be learned or followed. Public accounting firm partners can generate up to $200,000, with the prospect of earning even more over time.

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