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Any accountants? Or anyone studying accouting?

 
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liesnalibis View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote liesnalibis Quote  Post ReplyReply Direct Link To This Post Posted: Sep 11 2015 at 8:11pm
Originally posted by mtownprincess23 mtownprincess23 wrote:

I'm an accountant..trying to decide what I'm going back to school to get my Masters in.


I happened to be discussing this with someone today. This article my teacher showed us in class kind of touches upon this, by saying accountants with varied skills get paid more.

http://www.accountingtoday.com/news/firm-profession/accounting-salaries-keep-going-up-75725-1.html

Accounting Salaries Keep Going Up


Salaries for accountants are expected to increase next year by an average of 2.4 percent, according to a 2016 Salary Guide released Tuesday by the recruiting firm Accounting Principals.

Jodi Chavez

The guide contains national, regional and local salary data, along with job descriptions for the most sought-after accounting and finance positions. 

“On average it looks like we’re seeing between 2 and 3 percent [salary increases],” said Accounting Principals senior vice president Jodi Chavez. “We’re anticipating that to go closer to 5 percent in the next few years just based on the demand for finance and accounting professionals. At some point, salary increases will need to catch up with the supply and demand that is in the marketplace, and it’s certainly a good problem to have.”

The report also analyzed U.S. Bureau of Labor Statistics data to determine the highest projected job growth in the industry. The report found that the fastest-growing accounting and finance jobs through 2022 are expected to be financial analysts (16 percent), accounts payable and receivable specialists (15 percent), staff accountants (13 percent), bookkeeping, accounting and auditing clerks (11 percent), financial clerks (11 percent), and financial managers (9 percent) 

The average base salaries for these positions range from $33,040 (for bookkeeping) to $51,204 (for financial analyst) to $74,674 (for financial manager).

“We’re seeing a relatively significant [salary] increase of 3 percent in senior accountants,” said Chavez.

She added that the salary guide is regional and specific to local markets, with the 3 percent figure being an average.

“Financial analysts are another growing market,” she noted. “CFOs are also in high demand. That would equate to a 2 to 3 percent increase as well. The reason for the increase is not just because of supply and demand, but also because the need for finance and accounting professionals to have a hybrid of business acumen and/or IT, coupled with their finance and accounting skills, is really lending itself to companies paying a little bit more for those positions than they traditionally would have in the past.”

Accounting Principals is seeing significant growth in salaries and demand for accountants in the Washington, D.C., area, New York, the Chicago area, Texas, San Francisco and Silicon Valley. But other parts of the country are also seeing growth.

“The salary increases are more evenly spread across the country, with the exception of those cities that are leading the growth,” said Chavez. “But outside of those, the rest of the country is starting to see some significant movement as far as salary increases, which is nice to see. Coming out of the downturn, we did not see much in terms of salary increases, and we’ve just started to see that in probably the last quarter.”

Starting salaries for accountants have bounced back a bit too, although they never took too much of a hit after the recession. Another staffing and recruiting company, Robert Half, also released its annual salary guide last week, predicting average starting salaries in accounting and finance will rise 4.7 percent next year (see Accounting Salaries Expected to Rise Next Year).

“The way to get a higher starting salary is if you come with an additional skill set,” Chavez advised. “Employers are willing to pay for that. That additional skill set can either be in terms of some IT expertise coupled with your finance and accounting experience, or if there’s some business acumen that you can also bring to the table, or a second language. Perhaps there’s financial value to an organization in that as well. We were delighted to see that salaries are starting to shift upward. Employers are more confident in their bottom line numbers and are happy to share some of that profit in their human capital line with their employees and invest in the right skill sets that they need to continue to grow.”



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liesnalibis View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote liesnalibis Quote  Post ReplyReply Direct Link To This Post Posted: Sep 11 2015 at 8:28pm
I am wondering if computer information systems or management information systems would go along well with accounting.
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Post Options Post Options   Thanks (3) Thanks(3)   Quote hopeful Quote  Post ReplyReply Direct Link To This Post Posted: Sep 11 2015 at 8:39pm
Yay@ an accounting thread (even if it's old). I'm a tax accountant...worked at Big 4 for 4+years, then a Fortune 500 company, now I'm at another large corporation. I spoke with one of my recruiter contacts last week to catch-up and he mentioned Masters degrees not being worth the investment if you're paying out of pocket and already meet the requirements to sit for the CPA. It looks good on your resume, but it isn't much of a salary booster (at least in my market). Having the CPA designation is the golden standard. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote liesnalibis Quote  Post ReplyReply Direct Link To This Post Posted: Sep 11 2015 at 8:48pm
Originally posted by hopeful hopeful wrote:

Yay@ an accounting thread (even if it's old). I'm a tax accountant...worked at Big 4 for 4+years, then a Fortune 500 company, now I'm at another large corporation. I spoke with one of my recruiter contacts last week to catch-up and he mentioned Masters degrees not being worth the investment if you're paying out of pocket and already meet the requirements to sit for the CPA. It looks good on your resume, but it isn't much of a salary booster (at least in my market). Having the CPA designation is the golden standard. 


Thanks for the advice! I'll take that into consideration.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mtownprincess23 Quote  Post ReplyReply Direct Link To This Post Posted: Sep 14 2015 at 10:08am
Thanks for all of this new information! MIS might be worth looking into...
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Miss B Quote  Post ReplyReply Direct Link To This Post Posted: Sep 14 2015 at 10:38am
Co-sign the CPA. I was at an event with the founder of NABA and he said like a hundred times, get your CPA. Basically you will hit a ceiling at some point in your career without it. It's best to do it right after undergrad while you are still in study mode.

Depending on the MIS concentrations offered and the industry you're in, MIS may not be that helpful. At a tech / analytics driven company maybe. I would say analytics before MIS though. There is overlap between the two but analytics will have give you more directly applicable skills.

Also co-sing Big 4 and NABA. They really are desperate yo. If you have good grades they will fling themselves at your feet. They have special summer programs for diverse students where you get the red carpet treatment.




Edited by Miss B - Sep 14 2015 at 11:50am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mtownprincess23 Quote  Post ReplyReply Direct Link To This Post Posted: Sep 14 2015 at 11:23am
I don't know why I get so anxious thinking about the CPA exam and everything that comes with getting certified. Like panic attack status....Every time I start researching and finalizing my plans, I always feel in over my head!

Is that normal? I feel like Big4 accounting is too much and I currently work for a Fortune 500.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Ds2nice Quote  Post ReplyReply Direct Link To This Post Posted: Sep 14 2015 at 1:05pm
Did you check your state's requirements to see if you can get your license with the credits you have from BA degree?  Most states had changed their requirements and are requesting for 150 educational credits before allowing to you to get your license.  This is something you need to check on before you start.   If your state requires 150 credits, then it would make sense to get the necessary credits you need before enrolling in the CPA exam.  You can obtain this from a school that offers MBA/MS combined Undergrad program.  Times had changed and now states are requiring more educational credits:
 
 
 
Working at a Big 4 will open a lot of doors.  Yes, its hard due to the long hours but having that on your resume will do wonders for you.    A lot of fortune 500 companies look for Big 4 on resumes. 
 
 
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mtownprincess23 Quote  Post ReplyReply Direct Link To This Post Posted: Sep 14 2015 at 2:23pm
So if I need the extra 30-40 credits I may as well get a Masters?
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Ds2nice Quote  Post ReplyReply Direct Link To This Post Posted: Sep 14 2015 at 2:56pm
Originally posted by mtownprincess23 mtownprincess23 wrote:

So if I need the extra 30-40 credits I may as well get a Masters?
 
Pretty much.  This is why i had mentioned the Masters degree in my previous post.   A lot of my co- workers had to go back for their Masters or had to complete a program that allowed you to do a undergrad and masters at the same time in order to meet the state requirements.
 
A few years ago, I had ran into this problem when i was planning to move and tried to switch my license to another state before completing my MS.
 
You should contact your state or find your state's website that provides the license requirements.  There could be other requirements (such as experience) too that can hinder or be useful to you.
 
HTH.
 
 
 
 
 
 
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