The Average Accountant's Salary in Milwaukee
Accountants analyze financial information so that companies can be run profitably and efficiently. They prepare and analyze various financial documents for clients and may provide financial and investment planning and budget analysis. Some accountants elect to specialize in a certain field, such as forensic accounting or management accounting. Those who do generally receive some kind of certification that attests to their professional competence.
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Salary
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An entry-level accountant in Milwaukee, can earn a base salary of anywhere between $36,801 and $53,267 yearly, according to November 2010 data from Salary.com. Most accountants earn in the range of $40,426 to $49,045 per year. Bonuses contribute a very small amount to the overall salary structure.
Comparison to National Averages
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The earnings of an accountant in Milwaukee compare favorably to the U.S. national averages. November 2010 data from PayScale.com show that the salary of an accountant ranges from $37,548 to $51,260 per year. However the PayScale data indicates that bonuses do play a fair role in the U.S. national averages (between $1,697 and $6,659 annually).
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Education
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It's expected that an accountant will have a bachelor's degree. As a result, the PayScale November 2010 data does not show much difference in salary ranges based on undergraduate degree. However, individuals with a Master of Business Administration (MBA) can enjoy earnings in the range of $40,405 to $56,827. This is a slight increase over undergraduate degree earnings of $38,396 to $54,521 per year.
Experience
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The same PayScale data reveals a direct correlation between years of experience and earnings, though it is not necessarily linear. The median salary of an entry-level account (less than one year experience) ranges from $34,168 to $45,169 per year. An accountant with one to four years' of experience will see a fair increase in earnings to $35,979 to $48,720 annually. With five to nine years' experience, earnings increase roughly ten percent to $39,510 to $53,667. Past this point the increases become less pronounced. An accountant with ten to nineteen years' experience can earn from $40,303 to $55,201; with twenty plus years' experience $40,380 to $57,372 per year.
Outlook
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The Bureau of Labor Statistics, U.S. Department of Labor foresees that job growth for accountants and auditors will be much faster than average between 2008 and 2018. Accountants with a professional designation, such as Certified Public Accountant (CPA), should have the best opportunities. Accountants with a master's degree in business administration or accounting may also find better employment. Globalization of business and the growing movement toward International Financial Reporting Standards mean increased opportunities for accountants with those specialties.
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