How Are Public Accounting Salaries Stacking Up For 2022?

Robert Half finally released its 2022 Accounting & Finance Salary Guide late last week, and the good news is starting salaries in public accounting are expected to increase by more than 1% next year, unlike in Bob’s salary projections for 2021.

Of the five positions each under “tax services” and “audit/assurance services” in the 2021 salary guide, not a single one had a starting salary that was projected to increase by 1%. The largest increase was only 0.66% for staff with under one year of experience in both tax and A&A.

But starting pay in each of the 10 public accounting roles in the 2022 salary guide is expected to rise by an average of between 1.4% and 2.6%:

Tax services

Senior manager/director: 2%Manager: 2%Senior tax accountant: 1.4%Tax accountant, 1-3 years’ experience: 1.6%Entry-level tax accountant: 2.6%

udit and assurance services

Senior manager/director: 1.6%Manager: 1.4%Senior auditor: 1.6%Auditor,1-3 years’ experience: 2.2%Entry-level auditor: 1.6%

For its annual salary guides, Robert Half breaks down starting pay ranges by percentile, based on a candidate’s experience. For 2022, there are three salary percentiles:

25th percentile: New to the type of role, still acquiring relevant skills.50th percentile: Average experience, has most of the necessary skills.75th percentile: Above-average experience, has all needed skills.

Below are the starting salaries for each of the 10 public accounting jobs in the 2022 salary guide, listed by percentile with a comparison of 2021’s starting salary projection and 2022’s starting salary projection (2021 -> 2022) and how big the pay increase is expected to be (in parenthesis):

Senior manager/director tax services

25th percentile: $114,250 -> $114,500 (0.2%)50th percentile: $137,500 -> $141,500 (2.9%)75th percentile: $165,000 -> $170,000 (3%)

Manager of tax services

25th percentile: $88,500 -> $90,750 (2.5%)50th percentile: $107,000 -> $110,000 (2.8%)75th percentile: $127,000 -> $128,000 (0.8%)

Senior tax accountant

25th percentile: $62,000 -> $62,500 (0.8%)50th percentile: $73,250 -> $75,500 (3.1%)75th percentile: $87,250 -> $87,500 (0.3%)

Tax accountant, 1-3 years’ experience

25th percentile: $49,000 -> $49,750 (1.5%)50th percentile: $59,750 -> $61,500 (2.9%)75th percentile: $70,500 -> $70,750 (0.4%)

Entry-level tax accountant

25th percentile: $40,500 -> $41,000 (1.2%)50th percentile: $49,000 -> $50,250 (2.6%)75th percentile: $57,250 -> $59,500 (3.9%)

Senior manager/director audit and assurance services

25th percentile: $112,500 -> $113,000 (0.4%)50th percentile: $134,750 -> $139,750 (3.7%)75th percentile: $161,000 -> $162,000 (0.6%)

Manager audit and assurance services

25th percentile: $76,250 -> $77,000 (1%)50th percentile: $93,500 -> $96,250 (2.9%)75th percentile: $110,000 -> $110,250 (0.2%)

Senior audit and assurance services

25th percentile: $54,250 -> $55,000 (1.4%)50th percentile: $66,750 -> $68,750 (3%)75th percentile: $78,500 -> $78,750 (0.3%)

udit and assurance services, 1-3 years’ experience

25th percentile: $45,000 -> $46,000 (2.2%)50th percentile: $54,500 -> $56,750 (4.1%)75th percentile: $64,250 -> $64,500 (0.4%)

Entry-level audit and assurance services

25th percentile: $40,500 -> $41,000 (1.2%)50th percentile: $49,000 -> $50,500 (3.1%)75th percentile: $57,750 -> $58,000 (0.4%)

Accounting Principals still hasn’t released its Accounting & Finance Salary Guide for 2022 yet, but it should be made available sometime within the next month.

Related article:

How Are Public Accounting Salaries Stacking Up For 2021?

The post How Are Public Accounting Salaries Stacking Up For 2022? appeared first on Going Concern.

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A Bachelors in Accountancy Can Lead to Financial Success

accountant

Accountants are an important part of our society because they help us track and control spending. Without accountants, we would be completely lost. The most basic function of an accountant is to come up with a budget for a particular business. It is the accountant who is responsible for determining how much money the business should spend on certain activities, such as marketing and advertising. In addition to coming up with a budget, the accountant will also determine if the business is getting the best deal by charging the right amount for services.

In order to become an accountant, you have to earn a bachelor’s degree from an accredited university with a major in accounting, prior to you taking the examination to become certified in accounting. Some of the most important skills that accountants must have been computer proficiency, problem-solving skills, writing and grammar skills, interpersonal skills, and good organization skills. Having these skills helps accountants prepare financial reports are the key to success for any business. Accountants also need to be very organized as they are expected to create a spreadsheet of the financial data for the company, which they then have to run a financial analysis on.

When choosing a college to attend to earn your bachelor’s degree, you must make sure that the college has the programs that suit your major in accounting. If you are unsure of what your major in accounting entails, then you should ask a guidance counselor at the school that you are going to attend. They will be able to tell you what courses you should take and how many specific majors each major has. You may want to look into a number of online bachelor’s degree programs to choose from.

Upon graduation from your chosen college or university, you then have to decide what you would like to do with your degree. Some accountants elect not to pursue a professional career in accounting by becoming a certified public accountants. This career field is much less competitive than the accounting field, so there are more jobs available for this type of person. However, the hourly pay for a certified public accountant position is significantly lower than the wages that accountants with bachelor’s degrees earn.

Some other accounting professionals that need to be accountants include public accountants, forensic accountants, bankruptcy lawyers, insurance accountants, land accountants, and internal auditors. These professionals all have important skills that are extremely important for running a business. There is a high need for these individuals in today’s world as financial data is stored, manipulated, and presented in every business that exists.

Accountants are in high demand because there are so many important tasks that need to be performed. Businesses must calculate taxes, handle payrolls, manage their resources, and even figure out their profits. Without the help of an accountant, many businesses would fail. Therefore, accountants may very well be the most highly-needed individual in a business.

Many people choose to become certified accountants in order to capitalize on the high demand for accountants. If you decide that you want to become certified, it will take four years of law school and the completion of a four-year degree course at a university before you can apply for certification. In order to become a certified fraud analyst, the person must also pass three additional examinations that were created by the AICPA (American Institute of Certified Public Accountants). After certification, most accountants will work for the government as a government fraud investigators. Most accountants also open their own consulting firm or run their own accounting firm.

Becoming a certified public accountant requires that you have a bachelor’s degree or a bachelor’s and a master’s degree in accounting. The key requirement for becoming a certified management accountant, however, is having two years of experience as an accountant in the United States. After you have completed your four years at a community college or four years at a four-year university, you will be able to apply for jobs as an independent certified public accountant. If you meet these requirements and pass the CPA exam, you will be certified as an accountant and will be able to work for the government or for a financial consulting firm.