One of the most basic questions asked in interviews by accounting employers is what the average starting salary for college graduates is. This can be an overwhelming question for accounting graduate candidates and perhaps something that is not well known or even checked for by many candidates, who are usually younger and may not have had any professional financial experience.
Over the last year, I’ve had a lot of people reach out to me asking about Accountant Salaries and Internships. I thought it would be nice to create a resource that was easily accessible for people who wanted to reach out.
Average starting salary for accountants with bachelors degree
This isn’t all bad news – most of the entry-level positions will at least pay you to get a four-year degree, which will benefit you once you head into your career and begin earning some money. It’s also important to remember that this is simply the average starting salary for accountants, who are found in a variety of industries. If you’re looking for professional help or advice, expect to pay more for that experienced talent.
Data collected by the U.S. Department of Labor shows that, on average, accountants working in the securities and investments industry earn approximately $89,700 with an adjusted mean salary of $79,860. Overall they make a mean annual wage of $51.24 an hour which means they have a higher than average salary compared to 80% of their fellow employees in the country.[1] Those working for the federal government make about $45,000 with an adjusted mean annual wage of about $44,880.[2] And finally you have those outside workers who work for individual establishments such as educational institutions and hospitals bring home a hefty $62,300 annually or $31.23 per hour.[3] It is advised that if you want to become a account then get enough training from a college degree first so your chances are much greater to be hired by different companies and firms. Also take into account that it’s self-paced so don’t put too much pressure on yourself; just do one module at a time until you complete your course. If you manage to enroll in AICPA this would give you more chances to stand out when applying for a position.
Accounting can be a very lucrative career. Accountants make well above the average starting salary of $38,000
All in all, there are a lot of factors to consider when searching for your first accounting job. It is crucial that you be educated on each of them and make sure you put yourself in the best possible position to succeed. The better your chances to succeed, the more likely you will be able to join the field of accountants with a base-level salary.
The BLS also breaks down the employment numbers for accountants three different ways. First, it provides a national figure for all accountants, which as of April 2016 was just over 340,000 people. Of these figures, 14% are self-employed and 86% are employed by a private company. Second, the BLS varies the figures by state. For example California and New York have the highest rates of employment at 12% each (each employ about 28,300 accountants), but Alaska has an extremely low rate of 6%. While the national figure is just above $60,000 a year on average, some states start around $64,000 and others around $39,250!
Overall, becoming an accountant can be a great profession with competitive pay and the option to expand into more prestigious roles. It’s also an achievable degree for most college students. The best thing to do is check with your department head or advisor to determine whether or not they offer internships. If they don’t, search on your own, and don’t be discouraged if you have little in-class experience with accounting topics (this is common). A few volunteer hours at a local non-profit or business will most likely be helpful as well. Your classes will mostly focus on curriculum, but expect a good bit of independent research hours required as well.
