A CPA maintains and evaluates the financial records of a company. The salary of a certified public accountant has always seen a rising trend. This article presents a salary guide of a CPA based on experience and location.
Did You Know ?
Successful CPA exam candidates cannot use the ‘Certified Public Accountant’ (CPA) title until the certificate (license) application has been approved by the Board of Accountancy.
A certified public accountant (CPA) analyzes complex business problems, and ensures financial integrity through evaluation of accounts. He plays an important role in strategic tax planning and investments. With the help of the reports presented by the CPA, the management can take decisions on how the money should be spent, and how the product and the revenue can be improved.
Instead of the term ‘Certified Public Accountant’, the term ‘Chartered Accountant’ (CA) is used in countries which follow the UK convention, for example, Asian countries like India, Malaysia, also in New Zealand and Australia. A certified public accountant’s responsibilities include financial planning, book-keeping, auditing, and tax-related activities. He/she is expected to deal with all financial transactions and understand the related legal issues.
CPA Salary Range
The salary range of a CPA depends upon a lot of factors like the state he/she practices in, the position, the organization that he/she works for, and his/her experience.
- Based on these criteria, the salary figures can be in the range of USD 44,740 to USD 120,000.
- With an average of USD 68,150 per year. Bigger states like New York offer a higher salary as compared to smaller states.
*The above figures are as per BLS .
Salary of a Chief Financial Officer
The salary of a chief financial officer (CFO) can be between USD 177,928 – USD 473,450, and may vary according to the years of experience, skills, size of the company, location, etc.
Educational Qualification of a Public Accountant
A master’s degree coupled with the CPA certification can help you earn an even better salary. A candidate with CPA certification can receive 5-15% more salary than his non-credentialed counterpart. The starting salary of a CPA will vary based on his/her education and experience. Over time, more frequent and higher-level promotions can widen the gap between the salary of a certified public accountant and his/her non-credentialed counterpart to as much as USD 50,000.
CPA Salary According to Experience
|Entry Level||Around USD 56000|
|Mid Career||USD 45,865 – USD 96,470|
|Experienced||USD 52,000 – USD 134,000|
|Late Career||USD 92,000 – USD 201,000|
CPA Salary According to Location
|New Hampshire||USD 82,332|
|New Jersey||USD 86,057|
|New Mexico||USD 70,058|
|New York||USD 88,940|
|North Carolina||USD 72,000|
|North Dakota||USD 50,868|
|Rhode Island||USD 60,000|
|South Carolina||USD 80,000|
|South Dakota||USD 48,367|
|West Virginia||USD 64,329|
*The above figures are as per PayScale and indeed.com. All figures mentioned in this article are in US Dollars.
You can consider this field if you have a genuine interest in it. As you can see, a career as a CPA/CA and the associated salary for deserving candidates is extremely attractive.