Statistics on Starting Salaries

Accounting is the study of how businesses track their income and assets over time, yet accounting has transformed in recent years to become more than simply recording financial data.  Accountants engage in a wide variety of activities including computing costs and efficiency gains from new technologies, creating strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and benefits management.

The School of Accountancy at the  W. P. Carey  School  of  Business is the only AACSB Internationally accredited accounting program in Arizona. The Accounting program is consistently ranked among the top 15 programs in the nation. This program is designed to help students obtain the skills necessary to succeed in the field of accounting: oral and written communication, analytical competencies, teaming and working in diverse groups, interpersonal and critical thinking.  The Undergraduate Accounting degree includes courses in computer information systems developed specifically for accounting majors.

An Accounting Degree is in Demand!

• The U.S. Bureau of Labor Statistics projects that the employment of accountants will grow by 10-20% over the next 7 years nationally
• The Arizona economy is projected to create more than 5,000 accounting and auditing job openings over the next 8 years, a 25% increase
• PricewaterhouseCoopers plans to hire 3,100 new accountants this year alone; Ernst & Young anticipates hiring 4,000 new college grads (National)

Job Titles & Careers for Accounting Major

Salaries & Benefits – Accountants

• The average starting salary for an accounting major upon graduation is $43,809
• The national average salary for an accountant in the U.S. is $48,112
• When benefits and bonuses are added to this salary, the average is projected as $58,156
• The average salary of an accountant in Arizona is $47,742 or $57,762 when benefits and bonuses are added to the base salary projection

Salaries & Benefits – Auditors

• The national average salary for an internal auditor in the U.S. is $54,417
• When benefits and bonuses are added to this salary, the average is projected as $65,526
• The average salary of an auditor in Arizona is $53,999 or $65,083 when benefits and bonuses are added to the base salary projection

What Career Path works for You?

• Last year, a survey was conducted by Accountemps in cooperation with an independent research firm.  1,400 Chief Financial Officers responded to the question, “Which one of the following areas of specialization would you recommend to someone just beginning his or her career in accounting?” 

Here are the results:

• General Accounting – 49%
• Internal Audit – 17%
• Cost Accounting – 13%
• Tax Accounting – 10%
• Credit and Collections – 6%
• Other/don’t know – 5%

Career Path:Certified Public Accountant

• To obtain the CPA certification a student must meet additional credit hour requirements and pass the four-part Uniform CPA exam prepared by the AICPA
• Includes accounting, auditing, tax, and consulting for clients (small/medium sized businesses, corporations, governments, non-profits, individuals)
• CPAs often specialize in areas such as Tax, Compensation/Employee Benefits and Asset Protection
• Some CPAs audit the financial statements of their clients and produce reports to investors and authorities to certify that the statements have been correctly prepared
• CPAs generally have their own practice or work for accounting firms
• Forensic accountants investigate white collar crimes such as fraud and embezzlement and may work closely with law enforcement and attorneys

Career Path:Management, Industrial, Corporate & Private Accountants

• Generally work “in-house” recording and analyzing financial information
• Management Accountants are usually part of a senior management team and work to interpret data that executives need to make business decisions
• Prepare financial reports for non-management groups including stockholders, creditors, regulatory agencies and tax authorities, other responsibilities include: budgeting, performance evaluation, cost management, and asset management
• As part of a an accounting department, they may work in planning budgets, cost accounting and analysis

Career Path:Government Accountants and Auditors

• Work in the public sector, maintaining and analyzing records of government agencies
• Audit private businesses and individuals who are subject to government regulations or taxation
• Guarantee that revenues are received and expenditures are made in accordance with laws and regulations
• Federal government accountants may work as Internal Revenue Service agents, financial management, financial institution examination, or budget analysis and administration

Career Path: Internal Auditors & “Business Risk Services”

• Verify the accuracy of internal records and check for mismanagement, fraud or waste
• Analyze financial systems, management procedures, and internal controls
• Review company operations—evaluating efficiency, effectiveness, and compliance with corporate policies and procedures, laws and government regulations
• Some internal auditors may recommend controls for organizations’ computer systems to ensure the reliability of a system and the integrity of data

U.S. Bureau of Labor Statistics 2002-2012 Employment Projections

Arizona Statewide Occupational Projections – Arizona Department of Economic Security 2003-2013

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Wall Street Journal’s www.careerjournal.com Salary Estimates

National Association of Colleges and Employers Class of 2005 Survey

Wall Street Journal’s www.careerjournal.com Salary Estimates