A senior accountant’s salary mainly depends on the previous working experience and the location of employment. This article throws light on their pay scale and job description.
An accountant is a professional who is responsible for recording all financial aspects related to the business, namely all type of taxes, incomes and expenditures, budgets, and other fiscal items. If you have a liking for math and calculations, becoming an accountant is the best option for you. Along with a good job, you also get a decent pay. If you work as an accountant for a while, you are generally promoted to the position of a senior accountant.
There are several determinants of the salary, such as type of company, location of employment, experience, etc. As of now, the median pay stands at around USD 69,000 per annum.
An individual with an experience between three to four years, can earn approximately USD 48,000 to USD 60,500 per year. Professionals with five to nine years of experience can obtain a pay ranging from about USD 51,000 to USD 66,000 annually. The pay scale for those with 10 to 19 years of experience increases to around USD 67,000 per annum. And you can earn around USD 71,000 with a good 20 or more years of experience.
Coming to the state-wise classification, New York is the highest paying state at a pay range of USD 63,000 to USD 72,000 per annum. California has a pay scale ranging from USD 55,000 to USD 72,000 per year. In New Jersey and Texas, the yearly salary is USD 54,000 to USD 68,000 and USD 50,500 to USD 65,000 respectively. In Illinois, these professionals may get anywhere between USD 52,000 to USD 65,000 per annum. Likewise, the salary differs from state to state as well as from city to city.
Another very significant determinant is the facility of employment. Those providing their services in a company, the salary range is between USD 50,000 to USD 66,000 per annum. The pay range for those working in a private accounting firm also falls within this category. The highest paid are those who are hired by the federal government, drawing a per annum pay anywhere between USD 59,000 to USD 88,500 annually.
There are many other factors that affect the pay scale such as city, qualification, additional responsibilities, type of industry, etc. If you work for some years, you can get promoted to a finance or accounting manager, which may increase your earnings considerably. And with a raise in position, there is also an increase in the job duties to be carried out.
One of the most important responsibilities is to manage and oversee the financial resources and budgets of the company. He has to review the financial month-end and year-end reports submitted by subordinates under him. After he approves it, he then has to put forth all the fiscal reports to the executive management of the organization. To evaluate financial transactions, he has to carry out company audits. In addition to all these things, he may be handed over the responsibility to manage the entire accounting and finance department of the organization.