CNN Money ranked staff accountants and financial analysts as numbers nine and 10, respectively, in the current top 10 in-demand career fields. CNN Money suggests this is because of the Sarbanes-Oxley Act of 2002. The goal of this Act was to increase corporate obedience and account transparency. With this goal in mind, more jobs were created. The Bureau of Labor Statistics expects the accounting field to continue to grow. Like all industries, those who have accounting degrees will fair better in the field than those who don’t. But, how much is an accounting degree really worth?
An Accounting Degree Helps You Get a Higher Salary and a Better Job
More experience and higher education are the two main items all companies and career fields look at before hiring. An individual with higher education will be able to get a job with more responsibility and increased salary. Position, company, and location are the three main factors in determining starting salaries. However, without a degree, it is difficult to get an entry-level job, decreasing your chances to move up in a company. Most entry-level jobs require a Bachelor’s Degree and the beginning salary is about $38,000.
Those who have their Bachelor’s Degree may want to earn their Master’s Degree to make them eligible for senior positions. These positions generally see starting salaries of $45,000 to $62,000. Some senior positions may have salaries as high as $125,000 depending on years of experience.
For those who wish to research accounting topics or pursue their teaching degrees, a PhD or DBA in accounting is an option. Accounting professors’ salaries range between $125,000 and $137,000. Researchers’ salaries are slightly below the professor salary range.
Accounting is like all other industries. More education will increase salary and responsibility. If you are contemplating the accounting field, make sure you speak to your career counselor for guidance. How much is your degree worth to you?