If you want to be part of a stable and growing field with plenty of potential for professional growth, then look no further than accounting and finance. The demand for upskilled finance and accounting professionals is rising as digital assets like cryptocurrency continue to grow in popularity. Finance and technology have intersected to become what is known as fintech, and as a result, accounting salaries continue to trend upward due to the intense hiring competition between firms. Let’s take a closer look at some of the top careers in this field, along with how much candidates can expect to earn.
Accounting and Finance Salary Guide
The accounting and finance industry is expected to add more than 773,000 jobs to the marketplace over the next decade suggesting a 10% growth. Here is a list of the top five most in-demand careers in 2021 and their average salaries:
- Controller – $201,894
- Financial Manager – $129,890
- Management Consultant – $101,988
- Personal Financial Advisor – $87,850
- Financial Analyst – $81,590
Even though these are the average amounts around the industry, various factors can influence their overall compensation, including years of experience and the nature of work. For instance, a newly qualified CPA can expect to earn around $66,000 per year, whereas individuals with 20+ years of experience make upwards of $152,000. It’s also common for CPAs to receive bonuses and pay increases up to 5% each year. The most crucial demand skills are technology, data analytics, project management, sales, and financial management.
The Best Cities For Accounting Careers
Some regions in the United States are more conducive to finance and accounting careers. For instance, Boston, MA is considered the best city in the world for these careers because it’s home to many leading educational and financial institutions that constantly hire accountants. Other top cities include Chicago, Denver, Houston, Los Angeles, and Minneapolis.
Companies need to learn more about these salary trends and others to improve their hiring strategies. Since the candidate market in accounting is expected to remain tight, firms will have to pay competitive salaries to recruit top talent and provide even more perks like signing bonuses, education reimbursement, daycare assistance, etc., to retain their best employees.