The world of accounting has an endless number of opportunities for everyone looking to pursue a fulfilling career. Positions range from entry-level positions such as accountants and bookkeepers up to chief financial officers (CFO). There is something in this field that will suit anybody’s interests or skill set.
Accounting careers provide professionals with many exciting options while enabling them to enjoy high earning potential. Entry-level jobs like accountant and bookkeeper are perfect if you want a hands-on role managing finance every day. In contrast, higher-level roles can offer more strategic responsibilities, including advising CEOs about business decisions.
In this article, we will be discussing the highest paying accounting jobs and their salaries from different countries and how much they earn on average per year based on years of experience. We shall also explore what industry pays the highest in accounting and the skill needed to enhance your career.
Accounting is an essential skill for any business and is necessary to consider when looking for a career. Many different accounting opportunities can serve as a creative outlet or develop upward mobility within your company. Some of the highest paying accounting jobs in the field are:
Chief Financial Officers (CFO) are responsible for directing all financial aspects such as investments, budgets and loans. A CFO is a cross-functional leader responsible for financial management, performance, business strategy and risk management.
Chief Financial Officers are in charge of forecasting, analysing and managing financial risks for a company, making short- and long-term financial goals and projections, supporting the company in financial decisions, overseeing public accounting records and preparing formal accounting reports. The average salary of a CFO is $ 390,300.
Financial Controllers are a vital component in any organisation, as they have the power to make or break an enterprise. Controlling expenses is one of their primary responsibilities, which they can accomplish through making budgets and overseeing financial reporting. The controller also oversees payroll functions such as recruitment and training for new employees within that department.
Controllers are often in charge of overseeing the company's budget and typically have to maintain financial reporting. An average salary of a financial controller is $ 132,000.
An auditor is an accountant who has a keen eye for detail, and they are often hired to ensure the accuracy of company finances. The type of job that one can do as an auditor varies depending on what you are asked to inspect. It could be anything from looking over financial statements or examining tax documents.
One responsibility all auditors share in common is making recommendations based on their findings, so management takes necessary actions where needed. In addition, auditors help companies ensure their finances comply with legal standards and provide the financially literate essential advice to make good decisions. The average salary for an Auditor is $62,800.
Analysts are a necessary part of the financial world. Their future projections help investors determine whether to invest in different companies and how much they should invest and decide where money is allocated within larger businesses. In addition, analysts work with data every day, developing investment thesis or creating forecasts for potential problems that might arise, such as an economic downturn, so business owners can plan accordingly and mitigate risks.
Analysing financial health is a critical aspect of being a successful investor, but there’s more than meets the eye when working behind the scenes at any company. Financial analysts have many duties depending on what kind of information needs analysing. The average salary of a financial analyst is around $ 70,000.
Forensic accountants are experts who investigate fraud and provide an expert opinion on legal matters by using auditing practices. They use extensive accounting skills like auditing and offer an expert opinion on legal issues in a court of law by providing detailed reports that scrutinise during trial proceedings.
Forensic accountants must remain extremely detail-oriented as they can attest to their accurate findings, with no room for error or confusion. Forensic accountants typically focus on assisting law enforcement agencies or conducting financial investigations as part of litigation proceedings. The average salary of a forensic accountant per annum is $ 80,000.
A managerial accountant is a finance expert who analyses costs and profits for high-level executives to make informed decisions. Their responsibilities include overseeing the production process to optimise its efficiency regarding production costs and quality of service or output.
Accounting Managers also use incremental costing techniques -costing that only considers changes from one period's budgeted figures rather than keeping track by periods- when forecasting expenses needed for business operations. In addition, management accountants record, analyse and interpret an organisation’s financial data. That information helps companies make informed decisions based on comprehensive data analysis. The average salary for accounting managers is $ 73,000.
Tax accountants are an integral part of the economy. They prepare and file state and federal taxes for their clients and provide advice to help them get the best return on their tax returns. There is a wide variety in what these professionals do. Some work independently, while others have jobs with accounting firms or large companies, and some choose self-employment.
Tax accountants prepare tax returns for individuals or businesses based on their work area; they fill out all the necessary reports, enter inaccurate information and calculate the outcome. The average salary for a tax accountant is $ 73,500.
Senior accountants are typically promoted from the position of staff accountant or accounts payable specialists. They take care of financial bookkeeping activities for companies both small and large.
Their duties also include preparing financial reports, crafting budgets and keeping track of an organisation’s finances while ensuring that they follow all legal requirements such as paying taxes on time, declaring any income earned in a foreign country to their home authorities, etc. The average salary for a senior accountant is $ 81,900.
Pursuing an accounting career is a smart move, considering the excellent job outlook in 2023 and beyond. Holding a master’s degree in accounting will put you in exceptionally high demand for management-level roles and senior-level positions. Following are the salaries of different accounting professionals in top countries.
|Chief Financial Officer
Entry-level accountants earn a reasonable income, but like most professionals, their earning potential rises over time and with increased experience. Given below is the average salary of accounting professionals as per years of experience.
|YEARS OF EXPERIENCE
|$54.00 - $61,200
|$51,000 – $60,750
|$47,500 – $55,750
|$55,250 – $65,000
|1 - 3 years
|$57,00 - $72,000
|$57,250 – $72,750
|$54,250 – $70,250
|$65,000 – $78,250
|$68,500 – $89,000
|$70,250 – $88,000
|$66,000 – $86,250
|$79,250 – $95,250
|$86,250 – $113,500
|$86,750 – $115,000
|$81,000 – $103,000
|$96,000 – $120,000
|$103,500 – $146,750
|$104,500 – $149,000
|$104,000 – $141,750
|$117,750 – $159,500
Accountants work in every sector for corporations, governments, nonprofits and individuals. Since the scope is broad, many choose to specialise in a work type such as tax accounting, forensic investigation, client, or industry. Newcomers have a dizzying array of options both when they enter the field and as their career progresses. Many regard an entry-level job in public accounting, working towards the CPA credential, as a solid resume-builder that bestows instant credibility.
Some of the prominent industries hailing accountants include:
A career in accounting is best suited for those who can process information quickly and accurately. Their close attention exemplifies the success of candidates with this skill to detail, which helps them review records and financial statements. Learning how to use accounting software will help you in the future of your career as an accountant. You must report and share analysis with other departments, so you must have strong communication skills.
You will be a suitable candidate in the field of accounting if you possess the following skills to upgrade your career path:
Read Also: Top Accounting Skills
Accounting is an incredibly diverse field with unlimited career options. Some accountants might start working on financial statements in a team, while others may be more face-to-face and spend time communicating directly with clients to audit their finances. The important thing for today's accountant is not just crunching numbers – it's about being able to work well as part of a team or one on one, all while showing off your communication skills!You can master all these statements with the help of accounting courses in Dubai.
Accounting has grown into a complex industry in which many different jobs are available depending on what each person enjoys most. Whether they like talking face-to-face to new people every day or prefer doing everything from behind a desk preparing accounting data and reports, all these varieties mean that those individuals with the right set of skills will find tremendous opportunities in the field of accounting.
He is a Financial Accounting trainer with over 7 years of teaching experience in Financial accounting fundamentals and software. Apart from training experience, he has industry experience of two years as a senior accountant at GCC countries. He is well versed in Tally, Sage 50, Zoho Books and SAP FICO.
He follows easy to learn methodologies which work wonders on his training. He loves to travel a lot and has a craze in driving too. His passion for teaching and training engages him to attend conferences and in exploring new areas of learning.