Introduction
If you’re considering a career in accounting, you may be wondering how much money you could make with a bachelor’s degree in the field. The answer is not always straightforward, as there are several factors that can influence how much an accountant earns. In this article, we’ll take a closer look at the average salary for accountants with a bachelor’s degree and explore what you can expect to earn in the field.
A Look at the Average Salary for an Accountant with a Bachelor’s Degree
The Bureau of Labor Statistics (BLS) reports that the median annual wage for all accountants and auditors was $70,500 in May 2019. This figure includes both those with a bachelor’s degree and those with higher levels of education. However, the BLS also reports that the median annual wage for those who only have a bachelor’s degree is slightly lower, at $68,150.
There are many factors that can impact the salary of an accountant with a bachelor’s degree. These include geographic location, education level and experience, and even the type of employer. Let’s take a closer look at each of these factors to get a better understanding of the range of salaries that accountants with a bachelor’s degree can expect to earn.
How Much Does an Accountant with a Bachelor’s Degree Make?
The median salary for an accountant with a bachelor’s degree varies by geographic location. For example, according to the BLS, the highest paying states for accountants and auditors with a bachelor’s degree in May 2019 were Connecticut ($91,600), Delaware ($89,430), California ($87,820), New Jersey ($84,660), and Massachusetts ($83,870).
The type of employer can also play a role in determining the salary of an accountant with a bachelor’s degree. The BLS reports that the top-paying industries for accountants and auditors in May 2019 were the federal executive branch ($93,140), scientific research and development services ($86,370), and securities and commodity contracts intermediation and brokerage ($80,650).
In addition to geographic location and type of employer, the education level and experience of an accountant with a bachelor’s degree can also affect their salary. Those with higher levels of education, such as a master’s degree or certification, typically earn more than those with just a bachelor’s degree. Similarly, those with more experience typically earn more than those who are just starting out in the field.
What Can You Expect to Earn With a Bachelor’s Degree in Accounting?
Entry-level salaries for accountants with a bachelor’s degree can vary widely depending on the employer and geographic location. According to PayScale, the average salary for an entry-level accountant with a bachelor’s degree is $44,287 per year. However, the average salary for an entry-level accountant with a bachelor’s degree in the top-paying states mentioned above is significantly higher, ranging from $53,731 in Connecticut to $67,819 in Massachusetts.
Mid-career salaries for accountants with a bachelor’s degree can also vary widely depending on the employer and geographic location. According to PayScale, the average salary for a mid-career accountant with a bachelor’s degree is $62,421 per year. Again, the average salary for a mid-career accountant with a bachelor’s degree in the top-paying states mentioned above is significantly higher, ranging from $73,087 in Connecticut to $89,205 in Massachusetts.
Senior-level salaries for accountants with a bachelor’s degree can also vary widely depending on the employer and geographic location. According to PayScale, the average salary for a senior-level accountant with a bachelor’s degree is $72,993 per year. As before, the average salary for a senior-level accountant with a bachelor’s degree in the top-paying states mentioned above is significantly higher, ranging from $86,639 in Connecticut to $107,937 in Massachusetts.
Exploring the Range of Salaries for Accountants With a Bachelor’s Degree
The salary of an accountant with a bachelor’s degree can vary depending on the sector they work in. Private sector accountants tend to earn the highest salaries, followed by government sector accountants and non-profit sector accountants. According to PayScale, the average salary for a private sector accountant with a bachelor’s degree is $64,938 per year, while the average salary for a government sector accountant with a bachelor’s degree is $56,962 per year, and the average salary for a non-profit sector accountant with a bachelor’s degree is $50,000 per year.
The Benefits of Earning a Bachelor’s Degree in Accounting: What It Could Mean for Your Salary
Earning a bachelor’s degree in accounting can provide several benefits, including increased job security, better opportunities for advancement, and higher paying jobs. Having a bachelor’s degree in the field can help you stand out from other applicants, which can give you an advantage when applying for jobs. It can also open the door to more advanced positions with higher salaries.
In addition, having a bachelor’s degree in accounting can make it easier to obtain certifications, such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA). These certifications can increase your earning potential, as employers often prefer to hire accountants with these credentials.
Conclusion
The amount an accountant with a bachelor’s degree can expect to earn depends on several factors, such as geographic location, type of employer, education level, and experience. On average, the median salary for an accountant with a bachelor’s degree is $68,150 per year, but this can vary significantly depending on the factors mentioned above. Earning a bachelor’s degree in accounting can provide several benefits, including increased job security, better opportunities for advancement, and higher paying jobs.
Overall, if you’re considering a career in accounting, it’s important to research the salary potential in your area and determine which type of employer will provide the best opportunity for growth and advancement. With the right combination of education, experience, and certifications, you can maximize your earning potential in the field.
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