The Average Salary of Public Accountants
A public accountant is a specially trained professional who prepares and ensures the integrity of financial reporting. According to the Bureau of Labor Statistics, public accountants work for businesses, governments and individual clients. The scope of accounting work includes auditing, taxation, bookkeeping and investigating white-collar crimes, fraud and bankruptcies.
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Overall Salaries
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In 2008, the median annual salary for all accountants was $59,430, the Bureau of Labor Statistics reported. Most accountants earned salaries between $45,900 and $78,210. Ten percent of accountants on the low end of the salary range earned less than $36,720 while the top 10 percent of earners made $102,380 or more. For new accountants entering the work force, the average starting salary in July 2009 was $48,993 for bachelor's degree holders and $49,786 for accountants with a graduate degree.
Industry
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According to the BLS, 2008 salaries also differed by industry. Among the industries employing a high number of accountants and auditors, the highest median wage was $61,480 for the accounting, tax, payroll and bookkeeping industry. Accountants working in state and local government jobs, however, had median salaries of $51,250 and $53,660, respectively. Accountants managing companies or working with insurance companies enjoyed median annual salaries between $59,550 and $59,820.
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Location
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Salaries for public accountants also vary by geographic location. According to a national PayScale survey of public accountant salaries in October 2010, the top three locations by salary were Boston, New York City and Chicago. The survey indicated that public accountants in Boston made the most money, earning from $49,480 to $63,077. In New York City, public accountants could expect to make between $53,874 and $62,494 while in Chicago, the salary range was between $50,360 and $70,240. The survey also found other high-paying cities, including Pittsburgh, Pennsylvania; Philadelphia; Houston; Portland, Oregon; and Rochester, New York.
Training
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Accountants typically have a minimum of a bachelor's degree in accounting or another related course of study. However, requirements vary by employer. For example, more senior and managerial positions may require you to have an advanced degree in accounting. Accounting clerk positions with a small business may only require certificates or diplomas from community colleges or correspondence programs. A course of study in accounting requires an ability to handle math well to analyze and interpret sets of data. In addition to an aptitude in math, accountants routinely use computers and specialized accounting software.
Degree
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The average salary of a public accountant can vary based on the type of degree. PayScale's October 2010 survey indicated the highest-earning public accountants had a Bachelor of Science in accounting and made an average salary between $38,071 and $52,807. Public accountants with a Bachelor of Arts in accounting earned an average salary between $33,529 and $50,421, while public accountants with a Bachelor of Business Administration in accounting earned between $34,000 to $56,500.
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