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What would be the maximum yearly rate for Acoounting?

I want to be able to help people financially and get myself financially stacked for life. #business #accounting #mathematical-modeling

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Joseph’s Answer

There are several areas in accounting, and your salary will vary greatly on where you are working. Using sites like payscale are very helpful in planning your own finances and setting yourself up for success.

Most of the time at many accounting firms and financial institutions your starting pay will depend on your initial credentials (CPA, CMA, CFP, CFA level 1, 2, 3, etc.).


You should look at the type of lifestyle that you want to live, if you like financial modeling I would suggest that you start hitting the books heavily on math and statistics and go to college for a double major in finance and accounting.


Working at an accounting firm would likely require that you become a CPA eventually, most positions at accounting firms would want a CPA working for them over someone who is not a CPA (however that does not mean if you are not a CPA, you should not try to work for an accounting firm). A lot of the larger accounting firms have a financial advisory, or financial services area within them where you might be in more of a consultant role for an outside business, instead of being a financial adviser to a single individual.


If you enjoy selling products and providing financial advice to people to better help them for retirement and reach their goals, then being a financial adviser might be a great fit for you. If you want to have a very versatile job and career field I would pick accounting over the financial industry, or the financial services industry.


I think an important thing to consider when trying to plan your life financially is to look at the cost of living compared to your salary; while a company might offer to pay you several thousand more in a different city, you should use a calculator (https://www.bankrate.com/calculators/savings/moving-cost-of-living-calculator.aspx) to see if it's worth it. However, chasing after a few thousand dollars might put you ahead in the short term, but often jumping firms does not build a good rapport. Most of the time in life it's not how much you make, but how much you save.
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Laura’s Answer

Hi Nikki, It's sounds like you've started thinking about a career path and it's great that you'd like to learn about the income you'd be making. From your question, I'm not clear if you'd like to go work for an accounting firm or financial institution or if you'd be starting an individual practice and taking on your own clients, figuring that out first would help you determine how much salary you'd be making or how much you would charge clients. I urge you to explore various career options within the accounting/finance fields such as a financial planner. Once you start exploring careers, you can find tools online that will tell you the typical salary you will start in a specific city. For example I started my career at an accounting firm in Philadelphia and then transferred to the Los Angeles office where my salary increased since there is a higher cost of living. This of course means I am paying more for rent/expenses in CA so doesn't necessarily translate to having more money in my pocket. These are some things to consider when doing your research.
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Victor’s Answer

Hi Nikki,
To further add on the earlier answers, you could also refer to the Robert Half Salary Guide published annually at the following link: https://www.roberthalf.com/salary-guide/accounting-and-finance. It is a great resource that provides average salary data regarding different job titles within accounting and finance.
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Anthony A.’s Answer

Nikki - in general, you can make a fair living as an accountant, however, you will need to develop business skills that apply your accounting and finance degree if you really want to earn more money. If you are graduating with an Accounting degree, consider joining a Public Accounting firms like Price Waterhouse Coopers. These firms provide a very good infrastructure to learn about different businesses, to apply your accounting knowledge, and to develop good communications, team work and project management skills. It will also push you to obtain your CPA which will open more career opportunities and therefore allow you to make more money.
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Adam’s Answer

You'll likely start in the $50-60k range, and the salary ceiling is extremely high depending on what area of accounting you end up in. It's difficult to give a specific "maximum."
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