What would be a reasonable salary range to expect? What is the long-term potential?
#finance #salary #accounting #financial-accounting #business #financial-planning
7 answers
Laurie’s Answer
Cole’s Answer
I focus mostly in the accounting field, the more technical side of business. There are two general routes that students most often choose to pursue in accounting: tax and audit. Tax professionals will work with companies to minimize income taxes owed throughout the year and act as client advocates and consultants. Auditors review and test the financial statements of companies; their general goal is to ensure that relevant financial and non-financial information that companies release to the public is fair and accurate.
Staff accountants will most often start within the 45-60k range, but the potential for growth, especially in larger firms, is enormous, increasing salary by up to seven times the original within 10-12 years. Most middle market and large accounting firms are committed to the advancement of all staff, and the opportunity to take on supervisory responsibility even within the second year of employment. These firms will very often invest in your future as a professional, including advancement of technical skills and providing plenty of technology resources to help you stay at the top of your field. For auditors especially, there are also several exit opportunities, including controller or Chief Financial Officer for one of your clients. Tax professionals may also be recruited by clients. Overall, the public accounting field provides great advancement opportunities and very solid long-term salary potential in addition to growth.
Amanda’s Answer
Hi Taylor!
Hope all is well. While I can't speak for every industry or line of service, in general salaries can vary by region due to economic factors and cost of living (urban vs. rural areas, etc.). In general, an entry level starting salary for an associate in public accounting might range from $40-60k per year. Resourceful websites like Glassdoor.com can provide more specific information tailored to your city, company, and job title!
In terms of long term potential, I cannot speak for all firms, but PwC offers many opportunities for growth throughout your career. Mentors are assigned to associates to help them navigate and progress through their career, and employees generally receive performance reviews about once or twice per year, where they are evaluated for promotion and/or a raise.
I hope this insight may help answer your question!
Best,
Amanda
Steven’s Answer
Your salary will be highly dependent on the local area you work in and what career path you go down. In general, expect a total compensation package of somewhere between $40k to $60k (starting pay + benefits). From there, how quickly you will climb will depend on your experience, how driven you are and if your willing to take advantage of the opportunities presented to you. Don't be afraid of putting in the work early on to build a long term successful career. It's not about the +/- $10k in the short term, but more about how those opportunities best ready you for what's next.
Enri’s Answer
It's important to ask questions like yours because at the end of the day we're all working to receive some kind of compensation. Having worked for a couple of years now, I can tell you that there's more to compensation than just monetary rewards. Personal fulfillment, work-life balance, challenging yourself intellectually, are all sorts of payment. As mentioned in the other comments above, depending on where in the States you are, you can expect to start off somewhere between 50-60k but you should always keep in mind what makes you happy because you'll always be successful in something you're passionate about. Make sure you don't settle on a place just because they offer a great salary.
sara’s Answer
Great question that frankly more people should be asking. As stated above, it depends what region you will be working in. If you are working in a more populated area such as NYC or San Francisco you can expect high $60K for your starting salary. In other regions it may be low 50s/high 40s. It is important to keep in mind that these higher salaries are also accompanied with higher costs of living and often taxes, so your net salary at the end of the day will likely be comparable regardless of where you are living.
Aaron’s Answer
The average salaries range from state to state. I believe your best bet would to utilize websites that disclose interview and salary options such as the one linked below:
https://www.glassdoor.com/Salaries/index.htm
It may give you the best idea of what you could expect to receive starting and progressing through your career.