student01

^ I guess the most important aspect of the question is, what percent of ppl who start off their career as accountants actually do end up making $100K, $120K+, and in how many years? It wouldn't be very wise to look at the top earners and decide on accounting when your chances are only 1% of getting there.

Dawgie

Chances are not 1%, it's actually really high chance as long as you aren't a retard.

a_mom

DD volunteer for Special Olympic, so ...
R-word.org - Change the conversation...

FlMathMom

Your initial salary will be based on the grades you got in college, the school you went to, what other activities you did while in college, who you know, etc. If you can, get a job with a national or large regional CPA firm, go for it. It is a great paid education where you will make tons of contacts. Nurture each contact. Sit for the CPA exam as soon as possible. It is a huge plus in almost any financial job. Your next move will depend on the path you want to take. You can stay in public, go into taxes, management consulting, financial planning, private, or open your own shop. If you can, get your employer to pay for all or part of your graduate degree. Keep learning throughout your career, keep up your relationships and live on half of your paycheck. Bank your bonuses and salary increases.

student01

Really? How does that work out with supply-and-demand?
It seems if it's that "not-difficult" then a lot of people would be doing it...

taxguy

student01, Dawgie is an anomaly. Accounting can be difficult. You eventually need to know a lot of accounting theory at the upper levels of audit or you need to understand tax law if you are doing tax, both of which can be tough. In addition, accounting takes a very special kind of "cat" to do well. You need to be able to sit in an office for hours and work hard. Thus, you need a strong work ethic. You need to be always committed to learning. You need a decent personality in order to get along with staff and the clients. You should have decent writing skills in order to write clearly understandable memos and audit reports. I can assure you that, except for folks like Dawgie, accounting can be quite demanding.

I have discussed what character traits you would need in more detail, which is found in the thread, "Everything you wanted to know or should know about accounting." I highly recommend that you read over the full thread.

AnyColour

I hope I make it. Hope I do well in upper lvl acct. classes, hope I get a decent paying job (40k+) somewhere.

OSUstudent

But taxguy, what would you say the majority of accountants are making after 7+ years in the field?

I don't mind making a low salary when i'm starting, but i'd really like a profession with a lot of salary progression as my experience goes up.

taxguy

OSUstudent, stop worrrying about money! If you don't like accounting, it won't matter. If you like it, you will do fine in the field.

As for your question, a lot depends on whether you are in public accounting or government or with a corporation. Generally, with public accounting, if you have some decent promotions to supervisor or manager, you should be earning somewhere between 80,000-$130,000 depending on your qualifications and type of firm. Just focus on whether you like accounting and whether it is the right field for you.

If you care about money so much, go to a top ten law school and do well. When you get out, you will make double of what an accountant makes; however, you will work 12 hour days, 6 days a week and have no life. You will, however, make lots of money.

OSUstudent

I understand.

I just want to make sure that if I put in my dues of hard work I will be compensated, and compensated well for it.

I've enjoyed the accounting/finance classes that i've taken, and I just dont want to turn out like those accounting horror stories that you hear, where, some bright person majors in accounting and is stuck in a job that only pays 50k for the rest of their life.

I'm more than willing to put in the effort to make 100k+, but I just want to make sure that i've chosen a profession that will allow me to do that, and I want to know the ways that I can secure that goal as much as possible.

And i've considered law school, but the complete lack of a life scares me. I don't party or anything, so that isn't a big deal, but I would like to have a family eventually.

In my opinion accounting is one of the most family-friendly professions in terms of also being able to make a substantial income along with it.

tbradford

Keep in mind that your wages will vary depending on where you live and who you work for(in addition to how good you are and the effort you put into your job). If you live in a small town where wages and cost of living are low you'll likely be capped far lower than you would if you worked somewhere like Chicago or New York. Also the company you work for will make a difference, larger companies can generally afford larger paychecks (in industry accounting at least).

I can tell you that if you are a CPA in the Chicago area and are even average at your job, you will be making a lot more than 50k seven years out of school.

OSUstudent

I was hoping to work somewhere like Cincinatti, Cleveland, or Columbus.

AnyColour

How about the PNW? How are accounting jobs and salaries there?