Annual Salary Survey Shows it Pays to Hold CPA Designation

Over 2,800 respondents working in the accounting, finance and banking professions around the country responded to this voluntary online survey conducted by Careerbank.com.


Advertisement


AccountingWEB is pleased to bring you tools that can help systematize the accounting department of a small company, corporate business or a public accounting firm. Over 200 accounting department policy templates, written in Microsoft Word format by PolicySoft, are available individually or in groups for immediate download.


Accounts Payable General Accounting Department
Accounts Receivable General Ledger
Credit & Collections Payroll
Fixed Assets Shipping & Receiving



The data revealed that workers with a professional credential of some type earned 30 percent more in 2004 than those working without any kind of credential. The average annual salary for CPAs participating in the survey increased just over 2 percent from 2003 to $73,295. CPA salaries were not broken down by career longevity, but three-quarters of all respondents had been working in their current position for less than five years.

Professionals with a credential of some kind (about half of the respondents) were earning $70,096 compared to those without any kind of credential who are earning only $53,748. Of credentialed respondents, more than 62 percent held the CPA designation.

"The spotlight on the CPA profession comes in part from the need for compliance under federal Sarbanes-Oxley legislation affecting corporate governance, financial disclosure and the practice of public accounting," says John Kearney, CPA, the Society's president. "The CPA in today's career world handles a wide scope of financial responsibilities including taxes, auditing, financial planning, estate planning and consulting making this designation extremely valuable in all areas of business."

Among the survey's other findings:

The average 2004 salary for those women respondents from the accounting, finance and banking professions (including CPAs) rose nearly $2,000 to $52,012 while the average salary for men in the same fields dropped $190 to $69,848.

Men are 25 percent more likely than women to hold a professional credential but women with a credential are earning 31 percent more ($60,942), than their female counterparts. Men with a credential are earning 23 percent more ($77,343), compared to those men without a credential.

  • Higher education showed its pluses with those with a Master's degree earning 22% more than 2004 ($71,850 versus $70,265).

  • Wages for most sectors stayed close to last year's average salaries or decreased, while government jobs paid 18 percent more than they did last year ($52,298 to $61,601).

  • Longevity is positive to higher salaries with those in positions more than five years earning 25% more ($69,791 to $75,858).

  • Thirty-eight percent (38%) of workers received a 3-5% annual raise.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.