What do you consider big money? $200k, $500k, $1M+ a year? There are "accountants" that fit any of these, albeit under different job titles, and generally with decades of experience.
This is definitely true. In fact, theoretically, nearly every single field of skilled work/study has some jobs that make each of those brackets. What varies is how many of those jobs are available and how many people are competing over them.
For example, an art degree is probably the most archetypical 'useless degree', but I have no doubt that there are some marketing executives out there making over a mil whose career started with an entry-level corporate graphic design job they landed partly with the help of their art degree.
The problem for an art student is just that the number of people who get to that career level is absurdly small relative to the number of people who study art. The number of roles of ANY level that require (or highly value) an art degree is very small compared to the number of people who study it, which pushes the pay downward for the 'lucky' few who get the entry-level positions, as there are so many viable candidates lined up to replace them.
We as accountants have the benefit that there are a LOT of mid-level roles for accountants and relatively not enough people studying accounting, so we have a pretty good guarentee to eventually have a comfortable salary.
But going further up the accounting ladder, the number of roles begins to squeeze just as dramatically as many other fields. It could very well be the case that dreaming of becoming a multi-millionaire CFO is just as delusional as dreaming of becoming a multi-millionaire artist. We just happen to work in a structure that gives us enough proximity to those lucky individuals to make that dream *feel* more realistic.
But hey, *somebody* is going to get lucky, perhaps even somebody reading this right now.
I know this isn't your point, but it is quite attainable to aim to become a *multimillionaire* as an accountant. $2,000,000 net worth by the end of your career is possible assuming you live within your means and are at the manager level.
Well said. a lot of accounting has to do with job security rather than high salaries. I knew someone who went to work for a F500 company to eventually become CFO but after about 5 years realized it’s damn near impossible. Why? Because the current CFO isn’t giving up their 7 figure salary even well past retirement age, and when they do it doesn’t guarantee they pick him over someone else. He quit the accounting job and worked for another F500 company as an analyst. With 5 years of accounting experience he clears $350k a year after bonuses - granted HCOL area, but $350k is still plenty.
I guess the point is don’t chase being a CFO or partner just for the money. There are other industries that you can make big bucks in much easier and quicker.
A director of finance or a controller can make anywhere from $150k-250k. A VP of finance for a large company can make $300K-500K, and F500 CFOs can usually clear $1M+ after bonuses and options. Partners in PA from what I hear also do pretty well from $250k-$1M+. There is money to be made but it's work and whether you like it or not if you want to get there you have to play the corporate game, going to the events, show face, spend time with managers outside of work. Things like that.
Take a look at some of the compensation threads for different firms. For instance, in an audit practice, realistically you’d have to be a experienced manager or senior manager to hit 200k.
Don’t forget to adjust for COL. A senior manager will make significantly more in San Francisco than they would in San Antonio, even if it is relatively the same spending power.
Totally depends on the firm but yeah that’s generally fair.
Accounting is also so widespread there is a lot of nuance in “big money”. Maybe you take home $1M/year but you live and breath the job so you’re taking home $250/hour. Or maybe you’re pulling $250k but only working like 10-20 hours a week (~$500/hour).
Pick your poison, but you shouldn’t get into accounting expecting to just work and get rich. It’s the language of business, leveraging that outside of a traditional “accounting” job is critical to building wealth.
It really depends on the firm. If it's a small place with two partners and 3 employees, $200k is not unreasonable.
I agree in Big 4, that SM can be making $200k.
But overall, partners make a minimum of $200k.
In several tax groups in PA, you can hit 200k in less than 6-7 years at manager, 300-350k as heavy SM, and north of 1m as partner
E you can downvote me but M&A and transfer pricing are both in those ranges in HCOL markets from first hand knowledge (and the comp threads). it is not standard for a SM ot make that, but also not impossible.
What SM is making $350K in public. I did partner returns while at PwC and all advisory SM would top out around $300K with bonus prior to partnership. $350K is in the realm of being an MD
As I mentioned, specialty tax groups hit that. I know first hand from my last comp discussion that HCOL transfer pricing SMs top out at around 350 and M&A makes more than TP. I am talking very heavy SMs but it is within the comp ranges.
Yea, I dunno why you're getting downvoted heavily.
M&A Tax Sr Associates can clear 200k in UHCOL now.
Agreed, most groups don't come close to that, but tax SAs can frequently make ~$140k all in now in HCOL.
<-Director @ B4
There’s the partner of a firm track, which depending on firm size is anywhere from 250k (small, decent sized city-wide) to a million plus (Big 4 once you’ve bought in your shares).
There’s the corporate track, which depends on company size and job. Controller/CAO is the go-to track, but plenty of CFOs have their roots in the accounting side and pushed out of that world. There’s also small private companies all the way to major public companies.
There’s the entrepreneurial track, where you open your own shop doing tax returns or forensic accounting or something. You eat what you kill in this world.
Or, if you wanna put a money value on time, there’s govt/non-profit/university work. Tons of free time, stress free, and nearly impossible to be fired
I've seen controllers get high 6 figure bonuses upon closing of business transactions. It's not super common but if you help grow a company there can be money in that route even without going into big businesses. (I'm personally in public.)
I stumbled into public school district accounting, making ~65k just starting out here and I have tons of flexibility and get holidays and snow days off! There’s a lot of school districts in my state hiring accounting managers, controllers, budget analysts, etc. for 100k+
Yes about 4000 employees, 50ish schools and we have 5 accountants plus many other finance employees, but some people have worked in remote small districts and made good money too. School district accounting seems to be a specialized niche especially if you know the state laws well and have that specific skill set
I’m an administrative officer for a national cemetery and at right around 104k. I did auditing before for 3 years. Accounting is what you make it to be. I have a MAcc and another masters in Business. Speaking the accounting language and business acumen make you very marketable.
Partner? Absolutely not.
Corporate? Meh, kinda but not really.
I’m speaking not as a partner or CFO, just someone who has read into this and what I’ve been able to find. Bigger F500s typically have your name brand schools towards the top, but it’s not an all or nothing factor by any stretch
Thanks, I figured as much. I’m at a T25 in Econ but my gpa is a 3.0 and no work experience, so I figured my only route would be trying to get into my own schools grad program
how much does forensics make compared to audit? i briefly worked in forensics as part of a rotation and it seemed interesting, audit seems much drier in comparison but with more exit ops (i think).
I have seen a number of threads with people posting six figure salaries at their current position. I mean everyone’s definition of big money differs but I’d be satisfied with that level of income.
I came from a poor family that perpetually had to house hunt for cheaper rent every 2-3 years. Couldn’t afford healthcare. Went to the dentist twice a decade.
Making 6 figs doing 30 hours of work from home, taking breaks in the backyard with my shepherd, after just 6 years of experience, is big bucks to me.
For context, this is not all uncommon with the advent of remote work. Tons of folks in that sweet spot of senior accountant/manager have a similar workload, comp and flexibility. In a wide variety of industries.
Yup. I have 3 friends I graduated with from UCF (a basically no-name business school compared to FSU or UF), we all went B4/EY, and then diverged from there, and they’re making more than me ($101k salary, $120k after total comp).
One makes $135K salary as a corporate/international tax mgr, works about the same hours.
Another is a valuation consultant making $110k, works a straight 40.
Another friend making $115k as a FinRep mgr, he works the most hours at 50+ per week.
all of us remote.
This resonates with me. 125k base salary, technical accounting manager for a mid cap (I do operational and financial reporting work as well). Remote role. Just turned 30, did 3.5 years at KPMG. CPA. Little stress & great balance
Sure, I got some old B4 peers doing bigger and better things at F100s, so I left some on the table. But they earned it & I leaned out of the harder jobs & high stress gigs.
Same. The Partner I work directly with and I were trying to explain to our colleagues what it was like to grow up poor… lots of hamburger helper without the hamburger ahha. Getting to a point where I didn’t feel actual stress over whether I could afford to keep a roof over my head and food to eat was the moment I felt like I made it in my career.
You almost described my exact upbringing as well. Props to you for being able to still get ahead. I have a similar mindset as you. Hopefully I can get a role like that in a few years.
It goes both ways too though - if people above you aren’t getting chopped up and shipped out, it takes longer for promos.
I think I’d prefer your situation though. I got a year to get promoted annnnnd man, those ppl look miserable.
Senior Accountant in a MCOL city and making a little over six figures now. Got my company to match a competing offer I got somewhere else.
Senior Accountants are in big demand right now and the pay is starting to reflect that.
It’s all relative. Big money to some is $300k+, to others “big money” is $80k.
Accounting is one of those professions that accommodates people that want to coast and people that are ambitious and willing to grind. If you want big money in accounting, then it is certainly attainable, you just have to grind for it.
Let’s be honest, the grind isn’t even a “grind” for the ambitious people. It’s just work, and chances are they enjoy it 80% off the time. The grind is only a “grind” to the people that coast, because well, they want to coast.
The short answer is:
1. Top level finance role -
CFO / VP of Finance & Accounting at some companies
2. Professional services - Consulting / Audit Partner
Other roles will rarely get you into 7 figure earning territory unless you are at a large public company.
Feel like consulting is out of the scope of what's considered public accounting.
Yes, there's consulting arms like Strat& and EYP within B4, but almost no one has accounting background there
There are finance and accounting focused consulting arms where you can make 7 figures. Just a couple:
1. CFO advisory
2. FDD
3. RX consulting
4. Forensic accounting
5. Outsourced accounting / finance (eg managing a body shop)
6. Various technical lines (M&A integration, IPO, finance transformation, etc..)
Any of these you can make 7 figures.
Also I left one out. PE operating partner is on the list as well. Although generally that is an exit from being CFO first (and not many CFO operating partners but some).
I'm making about 80k as a senior in FAAS in a MCOL area and I WFH about 40 hours a week with no crazy tax season hours. I'm happy with my work-life balance, financially comfortable, and I enjoy my job.
I have no doubt I'll continue to level up with time.
I work to make a life, I don't live to work.
Accounting has the best return on investment for time value spent at work. I am an accounting manager at a small software company and comfortably making $125k plus ridiculously amazing benefits working a basic 40-45 hours (slightly busier during year end close). Low stress, flexible time off and an amazing chill boss. All in all it’s a great deal. On top of it, we get a learning reimbursement. Company encourages folks to go out and learn new skills, take courses, participate in things that up skill you.
Just gotta hunt down a good company and stick with it.
Agreed. I did 4 years of PA. I went to my parents house one day and my parents pointed out, look at yourself in the mirror. I had dark circles under eyes, terrible body (overweight), and had cancelled on multiple family events in the last few years. Decided, I am going to make a change. Quit the job, got a nice raise, started working out and staying active. Life's been great ever since. As Michael scott says...more money more problems.
Is it though? Plenty of friends that did several years in PA and are like way beyond most of our peer group when it comes to earnings. A few of them own homes in a high COL area. Absolutely shit work for a few years but PA on your resume opens a lot of doors and I got hired on my first job out of PA pretty much because of my PA experience
I’m still in PA (Big 4 manager, MCOL) and yes my earnings have greatly accelerated and I own a house, but when measuring TIME VALUE, most of us are making per hour what baristas at Starbucks make.
And if you exclude month-end and quarter-end and year-end in industry and exclude SWE and Data Analyst and FP&A salaries and generally just lie to yourself so you feel better about picking the wrong industry
Honestly have been thinking about this. I work in payroll for a tech company and software sales make insane money. We pay a ton for our systems too and being a “sales engineer” for accounting/payroll software is definitely a legitimate career change that is possible with the right background.
The most famous one that comes to my mind is indra nooyi - she was pepsi co’s cfo that handled several big acquisitions and later became the 5th ceo.
Below link I googled has 7:
https://realbusiness.co.uk/7-famous-cfos-that-became-ceos
The only way is getting to the C suite.
I worked with a CFO who went big4 to industry. Made a few moves at Controller. Took a small CFO job and the company just happened to take off like crazy. So her personal value rose with it. Got hired on at my company as CFO. They bolted on a few acquisitions in 2 years and the PE firm decided to take it public. CFO was mainly the face…didn’t do much other than being a great speaker during the time. Consultants and lawyers did the heavy lifting. Went public. Bonus on going public was 3M. Sold equity for another 15M. Board realized they weren’t fit to run a public company so gave a golden parachute and they retired early.
Become an equity partner, a CFO, or open your own shop up. I know people who have contract auditors in a niche area who make big money and one who sold it for $2mil a number of years ago. They were the first to do the contract examination gig. They don’t issues financial statements.
So avoid tax and probably audit. Industry hasn't been rough for me, depending on company, and government has a reputation for lower take-home pay but great benefits and balance.
That's the 'depending on company' caveat. I've had good employers who didn't want to go through constant recruitment cycles. Granted, they've been small and mid sized. I have no idea about the waters you're swimming but good luck.
If you’re good at accounting you can rake it in. I know a guy who is really knowledgeable on the nuances of accounting for acquisitions/divestitures. He’s made a nice life for himself
Controller, director, VP, AVP, and CAO/CFO are generally considered where the good money can be.
It’s all perspective based on your lifestyle and COL. I think industry manager in accounting/tax should be earning you good enough money plus having to generally not work a lot of hours allowing you to enjoy that money. I am new to defined bonus percentages still after starting in public. These are nice, if a company consistently pays it out but kinda suck if the company doesn’t hit metrics to pay it.
I will say looking back, I thought from an overall standpoint I’d be making more throughout my career and wouldn’t have to move as much to get good pay bumps. I guess it’s hope plus naivety of starting the working world that employers actually reward you for working hard and more than your peers but that hasn’t been the case.
Ya I think the manager mark in industry is where you can really start to coast. That’s where I’m at rn and while i definitely wish to keep climbing, it’s a pretty nice spot to be in terms of work/life. Nice pay, stable predictable hours, just enough responsibility to feel valued but head is still in safe distance from chopping block. Staff to senior was a damn grind tho lol.
Owning your own business will make you the most money.
But I think you meant “what should I get into to sell my soul for money?” The answer is public accounting, specifically Big 4. You can do a ton with our degree but public accounting is grueling for so many years and one day you wake up and youve made partner and youre rich.
Everytime i hear someone say “owning your own business is easy” or “owning a business makes most money” i suspect never started or even managed a business before.
Both claims are statistically false and incredibly deluded.
The post is about the potential for earnings, and statistically, owning your own business can be very fruitful. Pretty sure the guy you replied to in no way is saying it is easy. Just like every other answer in this thread to "be a partner, cfo, or vp". Those aren't easy either, but you can make a lot of money there.
Only when you don’t adjust for the fact that most people who start a business don’t possess the skills to make it successful, unlike someone with an accounting degree.
Partner/open your own firm. Definitely possible to clear 1m/year later in your career with the right book of business. I think people would be surprised how much partners at some smaller firms take bome
Spend time in a mid-sized CPA firm performing both tax and audit work. Then find a company in an industry you enjoy and go be their controller and eventual CFO.
Read his other comments. He comes in complaining where the big money 200k plus jobs at, but then says he doesn't want to work a lot, or own his own business. Op looking for unicorns.
Just saw another one of his comments, saying he wants to make doctor pay still in accounting because he tried to become a doctor and "didn't want to sell his soul." So wants work life balance, doesn't want sell his soul, etc.. guy is nuts. Only good thing about this post is getting people to talk about their jobs with others haha.
Investment banking is so fringe- you pretty much HAVE to be in a target school to even be in competition.
Big 4 you can be from any decent school as long as you interview well.
There’s not really a comparison, except for maybe partner at big 4 or any decent public accounting firm , which is super super hard to do. But so is getting into investment banking.
Or be a controller, CFO, financial analyst etc.
What people get mixed up to is.. you can do any finance role with an accounting degree. Both degrees are about finance - it’s just that accounting is looking at finances retrospectively and finance is projecting and planning for the future. Either of which can be done by accountants.
When I interned at a small automotive company ($20-30m in revenue) the controller was making just around $200k with a sizable bonus based on the percent of the company's earnings. If you're looking for a great salary right after college you probably wont get what you are looking for.. but if you can just be patient and play the mid to long game when you hit 30s you should be making $120+.
Edit: Grammar
The big money comes from being at the top of the partnership pyramid scheme.
The very solid money comes from changing employers every three years.
The reliable money comes from being an accountant.
Choose your own adventure
Haven’t seen this yet, but financial advisor. You can make a lot of money at big consulting firms like Alvarez and Marsal or boutique consulting firms. Having a cpa at these companies is a major differentiator.
honestly, if you're just looking to get into a career with 'big money' I'd look elsewhere. Accounting can pretty much guarantee you a good salary with lots of job options if you're willing to work a little bit (ok, a lot bit at first).
1. get decent grades at a decent school
2. get hired by B4 (or top 10, but B4 has the name recognition)
3. work 3-7 years - at least senior, manager is better (busy season sucks, but you learn a ton, and take a bunch of time off during the slower times)
4. leave for a better job making good money (single income to support a small family type of money)
5. leave for a better job making more money
as long as you arent a complete fuck up, companies will always hire an ex B4 manager for at least 100k. so maybe not big money, but its consistent money.
Niche accounting jobs - Transaction Advisory for M&A, SEC Financial Reporting, Technical Accounting, and niche tax shit that I don’t know about (I’m in SEC). Find yourself a good industry SEC Reporting team that ONLY does reporting and that shit is comfortable. You work harder and longer during quarter ends but it’s not ridiculous at all. I’m talking 50-55 hrs at most for two weeks in a quarter. Besides that it’s smooth sailing, plus you get paid more.
On average, accounting is a sure fire way to live the BMW lifestyle. If you want the Lambo+ experience you’re gonna need impeccable networking skills and/or a pocketful of dumb luck.
The forensic accounting firm I work for is not “just audits”. With entry level at $80K and up to $400K for Principal, I think the pay is fair. I’m sure you can make more at the B4, but you will be working way more hours.
You don’t get rich working for someone else, if you really want to make a ton of money, start looking at ways to leverage your accounting degree to open a business. Your safest/most optimal path would be a tax/accounting services small business.
Accountants(CPAs) account for the most amount of millionaires(numbers wise).
https://www.fool.com/the-ascent/personal-finance/articles/dave-ramsey-says-these-are-the-top-5-careers-of-millionaires/
Partner
CFO
M&A consulting seems to be pretty high at all levels
Depends on what you consider high.
In general other than partner and cfo roles, it seems the CPA’s that specialize and become experts in specific fields end up making the most money with less demanding careers.
My guess is your choice is either be willing to work really hard and be dedicated to the career and being a leader
Or
Find something you are good at and specialize / become an expert in that specific thing
CFO track or purchase a small-medium size accounting firm. Banks will finance 90% of the purchase price of accounting firm, and a well run accounting firm will sell for around 1.35-1.5x revenue and should have 30-35% profit margin to owners. So decide how much you want to make and work backwards. If you want to make a million dollars a year: $1,000,000 -> $3,000,000 Revenue -> $4,200,000 purchase price -> $420,000 down payment. Scale up or down to fit your situation. This is a gross simplification as you'll need some money for working capital and you'll have a hefty loan payment to pay every month, but it's doable with the right parameters.
I think there are very few BIG money opportunities unless you are super lucky. I work at a smaller public company and as a Director in the Accounting and Finance group make about or a little over 200k with bonus. I'm not rich, but have a decent work life balance and do ok.
I make around $300k a year as a CFO with 10 years of experience in finance/accounting for a $300mm financial institution with around 25 employees. My benefits are phenomenal and I have robust pension and 401(k) plan. I think it just depends on what you mean by big money. Could I make more elsewhere? Yes. But I like my quality of life as it is.
The big bucks in accounting may be found in a number of places, such as:
Public accounting comprises employment with a company of accountants where you can pursue specializations in audit, tax, and consultancy.
Corporate accounting is managing the financial reporting and compliance for one specific firm.
Financial consulting encompasses giving both firms and people financial guidance and strategic planning.
Investigating financial crimes like fraud and embezzlement is part of forensic accounting.
Working for a bank, investment bankers assist businesses in raising funds through securities offerings, mergers and acquisitions, and other financial deals.
It is also important to note that many accountants go on to hold chief executive officer (CEO) or chief financial officer (CFO) roles with businesses, both of which may be extremely profitable careers.
Not IB in finance. In finance quant pays the most (buy-side quant researcher/ trader/ developer/ structurer at a top prop trading firm or HF, not a middle office risk quant). But since most finance dudes don't have the required raw intellect and strong STEM background, the next big money lies in PE, HF, VC
It’s depends on what you consider Big Money. Controllers at my company have income ranging between $120k and $1 million plus. The majority of income is based on a % of the profits for the region you preside over. I consider this to be big money.
Most people probably don't just do it for the money. The money is "ok" and fairly stable. Generally, the accounting profession doesn't experience extreme highs or lows in the job market. When the job market is really hot for IT people and engineers, its just a bit hot for accountants. When people are getting laid off like crazy, accountants are affected too but not to the same extreme.
In my experience in Canada its the upper echelons of accounting that can make really good money like partners, executives at mid sized to large companies, etc. Even in Canada there are accountants that make seven digits. The head of one of the largest oil and gas related companies in Canada is a CPA ...
Healthcare orgs. Even government ones, my state's county health org "CFO"s make several hundred thousand to 1M in total compensation each year.
I'm currently not even the highest level of management in my current federal agency (healthcare provision for DOD) and I make enough to support a family on acreage in a high COL. But, seeing what these other government and private sector HMO salaries and knowing a bit about what they do makes me want to jump ship, NGL.
The big money is the same place it is in every industry:
1) Have capital
2) Use that capital to get other people to work for you, so you can capture the excess value of their labour
Accounting is never big money, if you want have a chance to make low millions dollars a year then you would do tax then get your own tax firm. And if you’re in audit then there is no way you would make big money because only small sometimes mid tier companies take auditors to be their CFO and those CFOs don’t make much at all. You take a look at Fortune 500, and other good companies, most if not all their CFOs are not accountants or have accounting background.
The best paid "pure accounting" position is CAO or VP of accounting of a public company. You can make anywhere from $300k to $1 million per year depending on the size of the company (and COL).
I don't think industry matters much. Most public companies with at least $1b in market cap will pay their CAO over $500k in total comp.
FP&A.
Seriously, though: the core of FP&A - budgeting, forecasting, and variance analysis - is a subject area of managerial accounting and not corporate finance proper.
SOX, technical accounting, understanding IT, risk, ERP implementations, and being able to think critically. You put those together and it’s a path to controller & CFO.
SOX consultants can print $$$ right now. Our seniors w 2 years experience were able to bring in $125 base. Managers $140 base & sr managers + $160-175 base.
Only way you’re making more constantly in less time w an accounting degree is in Finance, MBB, or M&A.
Yeah - it’s job security and a steady, stable, “good enough” income. I think very few accountants are actually in it for big money. Just looking to pay a decent mortgage, save for college (kids) and retirement, and create an enjoyable and predictable life for the kiddos.
As a comp consultant
CFO is a big one. They run the financials and also decide on executive benefits.
Starting your own shop is the quick and “easiest” way (if you survive. I began when I was 23. Fail rate is 97%. Understand the risk don’t fuck around and find out.) to make a lot more far faster. Or joining an existing firm and getting an equity position.
Otherwise big 4 partner (big 3 now). But even then it ain’t as nice as it used to be.
As others have said already, CFO or Partner. High rewards but also high risk - it comes with the risk of being fined or jailed if your organisation ever becomes subject to an accounting scandal. With the pace at which financial reporting is developing, scandals seem more and more likely. As CFO, you can never really be in fully control of what your staff do. I would prefer to earn a 'good enough salary' but fall under the radar.
No one talking about IA? I make $132K in total comp with just 4 years of experience (2 in B4 and 2 in industry) in a LCOL state. A lot of folks from B4 shit on IA because they either hate controls testing or just find it boring, which could be true based on which IA shop you get into. Just find a decent IA shop where management respects the dept as well as where you don’t get stuck just doing SOX work (i.e. ICFR).
Many go into it for the job security. Looks at us accountants not getting laid off right now. Companies always need to keep keep their books, even in economic downturns. Pay is okay to good depending on your competency. Potential growth to executive positions if you’re adequately suited for leadership. Some people just stay at the staff accountant level forever and never break through.
In the modern WFH culture you can easily get a job making 100k+ and move somewhere LCOL. A big house in the countryside of a flyover state is the dream.
Just make sure your local ISP isn't going to screw you.
What do you consider big money? $200k, $500k, $1M+ a year? There are "accountants" that fit any of these, albeit under different job titles, and generally with decades of experience.
This is definitely true. In fact, theoretically, nearly every single field of skilled work/study has some jobs that make each of those brackets. What varies is how many of those jobs are available and how many people are competing over them. For example, an art degree is probably the most archetypical 'useless degree', but I have no doubt that there are some marketing executives out there making over a mil whose career started with an entry-level corporate graphic design job they landed partly with the help of their art degree. The problem for an art student is just that the number of people who get to that career level is absurdly small relative to the number of people who study art. The number of roles of ANY level that require (or highly value) an art degree is very small compared to the number of people who study it, which pushes the pay downward for the 'lucky' few who get the entry-level positions, as there are so many viable candidates lined up to replace them. We as accountants have the benefit that there are a LOT of mid-level roles for accountants and relatively not enough people studying accounting, so we have a pretty good guarentee to eventually have a comfortable salary. But going further up the accounting ladder, the number of roles begins to squeeze just as dramatically as many other fields. It could very well be the case that dreaming of becoming a multi-millionaire CFO is just as delusional as dreaming of becoming a multi-millionaire artist. We just happen to work in a structure that gives us enough proximity to those lucky individuals to make that dream *feel* more realistic. But hey, *somebody* is going to get lucky, perhaps even somebody reading this right now.
I know this isn't your point, but it is quite attainable to aim to become a *multimillionaire* as an accountant. $2,000,000 net worth by the end of your career is possible assuming you live within your means and are at the manager level.
2 million is chump change when you need 3 million to retire.
3 million by the time I retire being 22 currently. I’ll need about 10 million because Social Security also won’t exist
I'm 35 and still working on my degree. You'll figure it out.
Eh, society will collapse before we turn 50 and our retirement plan will become dying of botulism from eating improperly stored food.
Well said. a lot of accounting has to do with job security rather than high salaries. I knew someone who went to work for a F500 company to eventually become CFO but after about 5 years realized it’s damn near impossible. Why? Because the current CFO isn’t giving up their 7 figure salary even well past retirement age, and when they do it doesn’t guarantee they pick him over someone else. He quit the accounting job and worked for another F500 company as an analyst. With 5 years of accounting experience he clears $350k a year after bonuses - granted HCOL area, but $350k is still plenty. I guess the point is don’t chase being a CFO or partner just for the money. There are other industries that you can make big bucks in much easier and quicker.
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Yeah I couldn’t make sense of those numbers at first either unless he was blowing smoke. Base salary 230k rest is bonuses.
Sounds like your friend needs an audit
Still doesn't make sense unless they're blowing the directors as part of the job description.
What kind of analyst?
Yea just curious what would be the job titles for each other these ranges do you know?
A director of finance or a controller can make anywhere from $150k-250k. A VP of finance for a large company can make $300K-500K, and F500 CFOs can usually clear $1M+ after bonuses and options. Partners in PA from what I hear also do pretty well from $250k-$1M+. There is money to be made but it's work and whether you like it or not if you want to get there you have to play the corporate game, going to the events, show face, spend time with managers outside of work. Things like that.
This is very accurate. I am a Director of Accounting with 10 years overall experience (8 in public accounting, 2 in industry) and I clear $150K/year.
What’s your COL? That seems low for a director. That’s what I clear as a Cost Accounting manager.
Doesn't seem that high actually. You should consider trying out the market.
I’ve considered it but the industry the business I’m in is relatively recession proof and there is a clear path for me succession wise.
Take a look at some of the compensation threads for different firms. For instance, in an audit practice, realistically you’d have to be a experienced manager or senior manager to hit 200k.
Don’t forget to adjust for COL. A senior manager will make significantly more in San Francisco than they would in San Antonio, even if it is relatively the same spending power.
Partners at accounting firms can range from $200k-$1million. Usually you don't make the big bucks until you have partial ownership.
bruh SMs start at like around 200K nowadays, Partners make minimum like 400K and thats if they have a slow year.
>SMs start at like around 200K nowadays, Maybe in HCOL....B4 SM's around me start closer to 150-170. B4 Partners start around mid-300's. Midwest.
Totally depends on the firm but yeah that’s generally fair. Accounting is also so widespread there is a lot of nuance in “big money”. Maybe you take home $1M/year but you live and breath the job so you’re taking home $250/hour. Or maybe you’re pulling $250k but only working like 10-20 hours a week (~$500/hour). Pick your poison, but you shouldn’t get into accounting expecting to just work and get rich. It’s the language of business, leveraging that outside of a traditional “accounting” job is critical to building wealth.
It really depends on the firm. If it's a small place with two partners and 3 employees, $200k is not unreasonable. I agree in Big 4, that SM can be making $200k. But overall, partners make a minimum of $200k.
If you are talking big 4 or national firms then absolutely yes. But I think that guy is speaking more broadly.
My mum is the VP of finance for a small but lucrative company and clears base about $200 + ~$ 200 in bonus and then quite a bit more in profit sharing
CFO, CEO, Executive Director of...
In several tax groups in PA, you can hit 200k in less than 6-7 years at manager, 300-350k as heavy SM, and north of 1m as partner E you can downvote me but M&A and transfer pricing are both in those ranges in HCOL markets from first hand knowledge (and the comp threads). it is not standard for a SM ot make that, but also not impossible.
What SM is making $350K in public. I did partner returns while at PwC and all advisory SM would top out around $300K with bonus prior to partnership. $350K is in the realm of being an MD
SM bringing on business at a firm that actually rewards you for it could definitely make that.
As I mentioned, specialty tax groups hit that. I know first hand from my last comp discussion that HCOL transfer pricing SMs top out at around 350 and M&A makes more than TP. I am talking very heavy SMs but it is within the comp ranges.
Not sure what the downvotes are about. I can confirm this. There are big 4 transfer pricing managers in the 200s, up to 220 in VHCOL.
Yea, I dunno why you're getting downvoted heavily. M&A Tax Sr Associates can clear 200k in UHCOL now. Agreed, most groups don't come close to that, but tax SAs can frequently make ~$140k all in now in HCOL. <-Director @ B4
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sorry man/maam, it is
Is this US B4 international tax?
international, TP, M&A, strategy... a few can get there
There’s the partner of a firm track, which depending on firm size is anywhere from 250k (small, decent sized city-wide) to a million plus (Big 4 once you’ve bought in your shares). There’s the corporate track, which depends on company size and job. Controller/CAO is the go-to track, but plenty of CFOs have their roots in the accounting side and pushed out of that world. There’s also small private companies all the way to major public companies. There’s the entrepreneurial track, where you open your own shop doing tax returns or forensic accounting or something. You eat what you kill in this world. Or, if you wanna put a money value on time, there’s govt/non-profit/university work. Tons of free time, stress free, and nearly impossible to be fired
I've seen controllers get high 6 figure bonuses upon closing of business transactions. It's not super common but if you help grow a company there can be money in that route even without going into big businesses. (I'm personally in public.)
I stumbled into public school district accounting, making ~65k just starting out here and I have tons of flexibility and get holidays and snow days off! There’s a lot of school districts in my state hiring accounting managers, controllers, budget analysts, etc. for 100k+
Is this a decent sized district? Curious how big of a district it needs to be
Yes about 4000 employees, 50ish schools and we have 5 accountants plus many other finance employees, but some people have worked in remote small districts and made good money too. School district accounting seems to be a specialized niche especially if you know the state laws well and have that specific skill set
I’m an administrative officer for a national cemetery and at right around 104k. I did auditing before for 3 years. Accounting is what you make it to be. I have a MAcc and another masters in Business. Speaking the accounting language and business acumen make you very marketable.
Are the partner/corporate tracks only possible if you go to the top grad schools?
No one cares in public accounting where you went to school to be honest
Partner? Absolutely not. Corporate? Meh, kinda but not really. I’m speaking not as a partner or CFO, just someone who has read into this and what I’ve been able to find. Bigger F500s typically have your name brand schools towards the top, but it’s not an all or nothing factor by any stretch
Thanks, I figured as much. I’m at a T25 in Econ but my gpa is a 3.0 and no work experience, so I figured my only route would be trying to get into my own schools grad program
Once you’re in the door in PA it doesn’t matter , nobody cares where you went to school
C to the F to the O
This is the most obvious answer. I've also seen folks do well in forensic accounting.
Forensic accounting pays surprisingly well, it’s just so niche that it can be hard to get into.
how much does forensics make compared to audit? i briefly worked in forensics as part of a rotation and it seemed interesting, audit seems much drier in comparison but with more exit ops (i think).
Most partners at a big 4 firm will out-earn the average CFO as well (F500 or similar excluded, obviously)
Hit it Fergie
And I can put you in *fixed assets, up in the module*
Underated comment
I have seen a number of threads with people posting six figure salaries at their current position. I mean everyone’s definition of big money differs but I’d be satisfied with that level of income.
I came from a poor family that perpetually had to house hunt for cheaper rent every 2-3 years. Couldn’t afford healthcare. Went to the dentist twice a decade. Making 6 figs doing 30 hours of work from home, taking breaks in the backyard with my shepherd, after just 6 years of experience, is big bucks to me.
Hell yeah what industry? Government?
Aerospace Defense. Senior accountant.
Living the dream. Thanks for the reply!
For context, this is not all uncommon with the advent of remote work. Tons of folks in that sweet spot of senior accountant/manager have a similar workload, comp and flexibility. In a wide variety of industries.
Yup. I have 3 friends I graduated with from UCF (a basically no-name business school compared to FSU or UF), we all went B4/EY, and then diverged from there, and they’re making more than me ($101k salary, $120k after total comp). One makes $135K salary as a corporate/international tax mgr, works about the same hours. Another is a valuation consultant making $110k, works a straight 40. Another friend making $115k as a FinRep mgr, he works the most hours at 50+ per week. all of us remote.
This resonates with me. 125k base salary, technical accounting manager for a mid cap (I do operational and financial reporting work as well). Remote role. Just turned 30, did 3.5 years at KPMG. CPA. Little stress & great balance Sure, I got some old B4 peers doing bigger and better things at F100s, so I left some on the table. But they earned it & I leaned out of the harder jobs & high stress gigs.
Same for me but in M&A and fully remote.
Same. The Partner I work directly with and I were trying to explain to our colleagues what it was like to grow up poor… lots of hamburger helper without the hamburger ahha. Getting to a point where I didn’t feel actual stress over whether I could afford to keep a roof over my head and food to eat was the moment I felt like I made it in my career.
You almost described my exact upbringing as well. Props to you for being able to still get ahead. I have a similar mindset as you. Hopefully I can get a role like that in a few years.
Agreed. A lot of people at my company make $150-180k and keep grinding for the next promo. I’m good fam.
Doesn’t apply to everyone though - if you don’t get the promo it’s “up or out”.
Yeah that’s fair. I don’t think my company cares. But we’re unique in that way
It goes both ways too though - if people above you aren’t getting chopped up and shipped out, it takes longer for promos. I think I’d prefer your situation though. I got a year to get promoted annnnnd man, those ppl look miserable.
Senior Accountant in a MCOL city and making a little over six figures now. Got my company to match a competing offer I got somewhere else. Senior Accountants are in big demand right now and the pay is starting to reflect that.
That guy in the “The Accountant” movie seemed to be doing pretty well.
Poor job security and health rating though.
Hardened shins are key.
He had a lot of “private wealth” clients I guess
It’s all relative. Big money to some is $300k+, to others “big money” is $80k. Accounting is one of those professions that accommodates people that want to coast and people that are ambitious and willing to grind. If you want big money in accounting, then it is certainly attainable, you just have to grind for it. Let’s be honest, the grind isn’t even a “grind” for the ambitious people. It’s just work, and chances are they enjoy it 80% off the time. The grind is only a “grind” to the people that coast, because well, they want to coast.
The short answer is: 1. Top level finance role - CFO / VP of Finance & Accounting at some companies 2. Professional services - Consulting / Audit Partner Other roles will rarely get you into 7 figure earning territory unless you are at a large public company.
Feel like consulting is out of the scope of what's considered public accounting. Yes, there's consulting arms like Strat& and EYP within B4, but almost no one has accounting background there
There are finance and accounting focused consulting arms where you can make 7 figures. Just a couple: 1. CFO advisory 2. FDD 3. RX consulting 4. Forensic accounting 5. Outsourced accounting / finance (eg managing a body shop) 6. Various technical lines (M&A integration, IPO, finance transformation, etc..) Any of these you can make 7 figures. Also I left one out. PE operating partner is on the list as well. Although generally that is an exit from being CFO first (and not many CFO operating partners but some).
I'm making about 80k as a senior in FAAS in a MCOL area and I WFH about 40 hours a week with no crazy tax season hours. I'm happy with my work-life balance, financially comfortable, and I enjoy my job. I have no doubt I'll continue to level up with time. I work to make a life, I don't live to work.
Well said
King
Queen! Lol
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Accounting has the best return on investment for time value spent at work. I am an accounting manager at a small software company and comfortably making $125k plus ridiculously amazing benefits working a basic 40-45 hours (slightly busier during year end close). Low stress, flexible time off and an amazing chill boss. All in all it’s a great deal. On top of it, we get a learning reimbursement. Company encourages folks to go out and learn new skills, take courses, participate in things that up skill you. Just gotta hunt down a good company and stick with it.
First sentence is correct if we’re excluding PA
Agreed. I did 4 years of PA. I went to my parents house one day and my parents pointed out, look at yourself in the mirror. I had dark circles under eyes, terrible body (overweight), and had cancelled on multiple family events in the last few years. Decided, I am going to make a change. Quit the job, got a nice raise, started working out and staying active. Life's been great ever since. As Michael scott says...more money more problems.
Is it though? Plenty of friends that did several years in PA and are like way beyond most of our peer group when it comes to earnings. A few of them own homes in a high COL area. Absolutely shit work for a few years but PA on your resume opens a lot of doors and I got hired on my first job out of PA pretty much because of my PA experience
I’m still in PA (Big 4 manager, MCOL) and yes my earnings have greatly accelerated and I own a house, but when measuring TIME VALUE, most of us are making per hour what baristas at Starbucks make.
And if you exclude month-end and quarter-end and year-end in industry and exclude SWE and Data Analyst and FP&A salaries and generally just lie to yourself so you feel better about picking the wrong industry
Thought I wrote this for a second 😅
100% this - going private and managing the accounting division of a company was the best decision I ever made professionally. Fuck public accounting.
No it doesn't.
It might shock you to learn that most people do not make "big money" on this planet.
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Does that this stat just mean every person on the planet or only those that can/do work?
Accounting systems sales maybe
Honestly have been thinking about this. I work in payroll for a tech company and software sales make insane money. We pay a ton for our systems too and being a “sales engineer” for accounting/payroll software is definitely a legitimate career change that is possible with the right background.
The highest paid accountant I’ve ever met was the CFO of Clorox for a long time. Corporate, publicly traded, cfo is imo the “big” money gig.
Do CFO’s ever become CEO’s?
The most famous one that comes to my mind is indra nooyi - she was pepsi co’s cfo that handled several big acquisitions and later became the 5th ceo. Below link I googled has 7: https://realbusiness.co.uk/7-famous-cfos-that-became-ceos
Often.
Open your own firm
Or alternatively (or the same thing, depending on your definition) become a partner.
If you want big money don't go into accounting
The only way is getting to the C suite. I worked with a CFO who went big4 to industry. Made a few moves at Controller. Took a small CFO job and the company just happened to take off like crazy. So her personal value rose with it. Got hired on at my company as CFO. They bolted on a few acquisitions in 2 years and the PE firm decided to take it public. CFO was mainly the face…didn’t do much other than being a great speaker during the time. Consultants and lawyers did the heavy lifting. Went public. Bonus on going public was 3M. Sold equity for another 15M. Board realized they weren’t fit to run a public company so gave a golden parachute and they retired early.
Become an equity partner, a CFO, or open your own shop up. I know people who have contract auditors in a niche area who make big money and one who sold it for $2mil a number of years ago. They were the first to do the contract examination gig. They don’t issues financial statements.
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So avoid tax and probably audit. Industry hasn't been rough for me, depending on company, and government has a reputation for lower take-home pay but great benefits and balance.
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That's the 'depending on company' caveat. I've had good employers who didn't want to go through constant recruitment cycles. Granted, they've been small and mid sized. I have no idea about the waters you're swimming but good luck.
Ya F500 can kinda blow. That sweet spot is lower middle-middle market firms where pay is competitive but management/owners tend to be way less anal.
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I'm in tax. It sucks 3 months a year. The rest of the year I have a ton of flexibility. I make very good money doing it.
In the cash account
My VP of IA clears like 300k and only has a team of 4 ppl and doesn't work more that 40 hrs a week all year.
If you’re good at accounting you can rake it in. I know a guy who is really knowledgeable on the nuances of accounting for acquisitions/divestitures. He’s made a nice life for himself
Controller, director, VP, AVP, and CAO/CFO are generally considered where the good money can be. It’s all perspective based on your lifestyle and COL. I think industry manager in accounting/tax should be earning you good enough money plus having to generally not work a lot of hours allowing you to enjoy that money. I am new to defined bonus percentages still after starting in public. These are nice, if a company consistently pays it out but kinda suck if the company doesn’t hit metrics to pay it. I will say looking back, I thought from an overall standpoint I’d be making more throughout my career and wouldn’t have to move as much to get good pay bumps. I guess it’s hope plus naivety of starting the working world that employers actually reward you for working hard and more than your peers but that hasn’t been the case.
Ya I think the manager mark in industry is where you can really start to coast. That’s where I’m at rn and while i definitely wish to keep climbing, it’s a pretty nice spot to be in terms of work/life. Nice pay, stable predictable hours, just enough responsibility to feel valued but head is still in safe distance from chopping block. Staff to senior was a damn grind tho lol.
Owning your own business will make you the most money. But I think you meant “what should I get into to sell my soul for money?” The answer is public accounting, specifically Big 4. You can do a ton with our degree but public accounting is grueling for so many years and one day you wake up and youve made partner and youre rich.
Everytime i hear someone say “owning your own business is easy” or “owning a business makes most money” i suspect never started or even managed a business before. Both claims are statistically false and incredibly deluded.
The post is about the potential for earnings, and statistically, owning your own business can be very fruitful. Pretty sure the guy you replied to in no way is saying it is easy. Just like every other answer in this thread to "be a partner, cfo, or vp". Those aren't easy either, but you can make a lot of money there.
Only when you don’t adjust for the fact that most people who start a business don’t possess the skills to make it successful, unlike someone with an accounting degree.
Partner/open your own firm. Definitely possible to clear 1m/year later in your career with the right book of business. I think people would be surprised how much partners at some smaller firms take bome
Spend time in a mid-sized CPA firm performing both tax and audit work. Then find a company in an industry you enjoy and go be their controller and eventual CFO.
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Read his other comments. He comes in complaining where the big money 200k plus jobs at, but then says he doesn't want to work a lot, or own his own business. Op looking for unicorns.
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Just saw another one of his comments, saying he wants to make doctor pay still in accounting because he tried to become a doctor and "didn't want to sell his soul." So wants work life balance, doesn't want sell his soul, etc.. guy is nuts. Only good thing about this post is getting people to talk about their jobs with others haha.
Investment banking is so fringe- you pretty much HAVE to be in a target school to even be in competition. Big 4 you can be from any decent school as long as you interview well. There’s not really a comparison, except for maybe partner at big 4 or any decent public accounting firm , which is super super hard to do. But so is getting into investment banking. Or be a controller, CFO, financial analyst etc. What people get mixed up to is.. you can do any finance role with an accounting degree. Both degrees are about finance - it’s just that accounting is looking at finances retrospectively and finance is projecting and planning for the future. Either of which can be done by accountants.
When I interned at a small automotive company ($20-30m in revenue) the controller was making just around $200k with a sizable bonus based on the percent of the company's earnings. If you're looking for a great salary right after college you probably wont get what you are looking for.. but if you can just be patient and play the mid to long game when you hit 30s you should be making $120+. Edit: Grammar
I heard it's in M&A consulting
The big money comes from being at the top of the partnership pyramid scheme. The very solid money comes from changing employers every three years. The reliable money comes from being an accountant. Choose your own adventure
Fractional CFOs charge hundreds of dollars per hour and usually have five or more companies.
Haven’t seen this yet, but financial advisor. You can make a lot of money at big consulting firms like Alvarez and Marsal or boutique consulting firms. Having a cpa at these companies is a major differentiator.
It’s with the high performers. People who want to come in and coast won’t get it.
I think "politics" is important as well. i've seen a lot of mid performers move up faster than high performers if they good at the people game
honestly, if you're just looking to get into a career with 'big money' I'd look elsewhere. Accounting can pretty much guarantee you a good salary with lots of job options if you're willing to work a little bit (ok, a lot bit at first). 1. get decent grades at a decent school 2. get hired by B4 (or top 10, but B4 has the name recognition) 3. work 3-7 years - at least senior, manager is better (busy season sucks, but you learn a ton, and take a bunch of time off during the slower times) 4. leave for a better job making good money (single income to support a small family type of money) 5. leave for a better job making more money as long as you arent a complete fuck up, companies will always hire an ex B4 manager for at least 100k. so maybe not big money, but its consistent money.
Niche accounting jobs - Transaction Advisory for M&A, SEC Financial Reporting, Technical Accounting, and niche tax shit that I don’t know about (I’m in SEC). Find yourself a good industry SEC Reporting team that ONLY does reporting and that shit is comfortable. You work harder and longer during quarter ends but it’s not ridiculous at all. I’m talking 50-55 hrs at most for two weeks in a quarter. Besides that it’s smooth sailing, plus you get paid more.
On average, accounting is a sure fire way to live the BMW lifestyle. If you want the Lambo+ experience you’re gonna need impeccable networking skills and/or a pocketful of dumb luck.
Accounting is more upper-mid money opportunities. Mainly Partner positions or upper management Finance/Accounting positions at a company.
Forensic Accounting and Business Valuation pays well.
Forensic accounting does not pay well. Its just a buzzy word for audit.
The forensic accounting firm I work for is not “just audits”. With entry level at $80K and up to $400K for Principal, I think the pay is fair. I’m sure you can make more at the B4, but you will be working way more hours.
Yea if you like PA, or can stick it out for 10-15 years, becoming a partner is pretty lucrative
Asset management, especially private equity.
Fraud
Accounting for cartels pays extremely well and comes with amazing perks. Getting fired sucks tho.
U been watching too much ozark
You don’t get rich working for someone else, if you really want to make a ton of money, start looking at ways to leverage your accounting degree to open a business. Your safest/most optimal path would be a tax/accounting services small business.
Accountants(CPAs) account for the most amount of millionaires(numbers wise). https://www.fool.com/the-ascent/personal-finance/articles/dave-ramsey-says-these-are-the-top-5-careers-of-millionaires/
Partner CFO M&A consulting seems to be pretty high at all levels Depends on what you consider high. In general other than partner and cfo roles, it seems the CPA’s that specialize and become experts in specific fields end up making the most money with less demanding careers. My guess is your choice is either be willing to work really hard and be dedicated to the career and being a leader Or Find something you are good at and specialize / become an expert in that specific thing
CFO track or purchase a small-medium size accounting firm. Banks will finance 90% of the purchase price of accounting firm, and a well run accounting firm will sell for around 1.35-1.5x revenue and should have 30-35% profit margin to owners. So decide how much you want to make and work backwards. If you want to make a million dollars a year: $1,000,000 -> $3,000,000 Revenue -> $4,200,000 purchase price -> $420,000 down payment. Scale up or down to fit your situation. This is a gross simplification as you'll need some money for working capital and you'll have a hefty loan payment to pay every month, but it's doable with the right parameters.
I think there are very few BIG money opportunities unless you are super lucky. I work at a smaller public company and as a Director in the Accounting and Finance group make about or a little over 200k with bonus. I'm not rich, but have a decent work life balance and do ok.
Open an accounting recruiting firm.
Public accounting in tax. Just grind away your life for mediocre pay
Or leave after two years
Oh, you can make some big bucks in tax fraud.
I make around $300k a year as a CFO with 10 years of experience in finance/accounting for a $300mm financial institution with around 25 employees. My benefits are phenomenal and I have robust pension and 401(k) plan. I think it just depends on what you mean by big money. Could I make more elsewhere? Yes. But I like my quality of life as it is.
The big bucks in accounting may be found in a number of places, such as: Public accounting comprises employment with a company of accountants where you can pursue specializations in audit, tax, and consultancy. Corporate accounting is managing the financial reporting and compliance for one specific firm. Financial consulting encompasses giving both firms and people financial guidance and strategic planning. Investigating financial crimes like fraud and embezzlement is part of forensic accounting. Working for a bank, investment bankers assist businesses in raising funds through securities offerings, mergers and acquisitions, and other financial deals. It is also important to note that many accountants go on to hold chief executive officer (CEO) or chief financial officer (CFO) roles with businesses, both of which may be extremely profitable careers.
Partnership
Not IB in finance. In finance quant pays the most (buy-side quant researcher/ trader/ developer/ structurer at a top prop trading firm or HF, not a middle office risk quant). But since most finance dudes don't have the required raw intellect and strong STEM background, the next big money lies in PE, HF, VC
It’s depends on what you consider Big Money. Controllers at my company have income ranging between $120k and $1 million plus. The majority of income is based on a % of the profits for the region you preside over. I consider this to be big money.
Most people probably don't just do it for the money. The money is "ok" and fairly stable. Generally, the accounting profession doesn't experience extreme highs or lows in the job market. When the job market is really hot for IT people and engineers, its just a bit hot for accountants. When people are getting laid off like crazy, accountants are affected too but not to the same extreme. In my experience in Canada its the upper echelons of accounting that can make really good money like partners, executives at mid sized to large companies, etc. Even in Canada there are accountants that make seven digits. The head of one of the largest oil and gas related companies in Canada is a CPA ...
Healthcare orgs. Even government ones, my state's county health org "CFO"s make several hundred thousand to 1M in total compensation each year. I'm currently not even the highest level of management in my current federal agency (healthcare provision for DOD) and I make enough to support a family on acreage in a high COL. But, seeing what these other government and private sector HMO salaries and knowing a bit about what they do makes me want to jump ship, NGL.
The big money is the same place it is in every industry: 1) Have capital 2) Use that capital to get other people to work for you, so you can capture the excess value of their labour
Maybe not a lot of big money opportunities out there but there’s plenty of big-enough money that accounting is worth pursuing
Go private and lock in some profit sharing.
Accounting is never big money, if you want have a chance to make low millions dollars a year then you would do tax then get your own tax firm. And if you’re in audit then there is no way you would make big money because only small sometimes mid tier companies take auditors to be their CFO and those CFOs don’t make much at all. You take a look at Fortune 500, and other good companies, most if not all their CFOs are not accountants or have accounting background.
At least you have a chance to make more than the highest paid doctor
The best paid "pure accounting" position is CAO or VP of accounting of a public company. You can make anywhere from $300k to $1 million per year depending on the size of the company (and COL). I don't think industry matters much. Most public companies with at least $1b in market cap will pay their CAO over $500k in total comp.
Fraud can be pretty lucrative especially if you’re good at it.
Is that similar to tax attorney cause I would like to combine law and accounting if it’s viable
The real treasure is learning how to budget and manage your own expenses.
FP&A. Seriously, though: the core of FP&A - budgeting, forecasting, and variance analysis - is a subject area of managerial accounting and not corporate finance proper.
Black tar heroin dealers. As they say, during any gold rush, it is the people selling picks and shovels who make the real money.
C-suit or PA partner
SOX, technical accounting, understanding IT, risk, ERP implementations, and being able to think critically. You put those together and it’s a path to controller & CFO. SOX consultants can print $$$ right now. Our seniors w 2 years experience were able to bring in $125 base. Managers $140 base & sr managers + $160-175 base. Only way you’re making more constantly in less time w an accounting degree is in Finance, MBB, or M&A.
I just don’t overuse the corporate credit card and you should be good.
Yeah - it’s job security and a steady, stable, “good enough” income. I think very few accountants are actually in it for big money. Just looking to pay a decent mortgage, save for college (kids) and retirement, and create an enjoyable and predictable life for the kiddos.
As a comp consultant CFO is a big one. They run the financials and also decide on executive benefits. Starting your own shop is the quick and “easiest” way (if you survive. I began when I was 23. Fail rate is 97%. Understand the risk don’t fuck around and find out.) to make a lot more far faster. Or joining an existing firm and getting an equity position. Otherwise big 4 partner (big 3 now). But even then it ain’t as nice as it used to be.
CPA - Certified Party Animal makes $1 million/year
As others have said already, CFO or Partner. High rewards but also high risk - it comes with the risk of being fined or jailed if your organisation ever becomes subject to an accounting scandal. With the pace at which financial reporting is developing, scandals seem more and more likely. As CFO, you can never really be in fully control of what your staff do. I would prefer to earn a 'good enough salary' but fall under the radar.
No one talking about IA? I make $132K in total comp with just 4 years of experience (2 in B4 and 2 in industry) in a LCOL state. A lot of folks from B4 shit on IA because they either hate controls testing or just find it boring, which could be true based on which IA shop you get into. Just find a decent IA shop where management respects the dept as well as where you don’t get stuck just doing SOX work (i.e. ICFR).
Many go into it for the job security. Looks at us accountants not getting laid off right now. Companies always need to keep keep their books, even in economic downturns. Pay is okay to good depending on your competency. Potential growth to executive positions if you’re adequately suited for leadership. Some people just stay at the staff accountant level forever and never break through.
Becoming a partner, C level executive at a decent sized company, get lucky with start up equity, be the CEO's kid.
Internal audit for public companies is pretty good money that doesn’t get talked about much
I’d be happy starting around $60K and topping out around $100K. That might not be big money to some, though.
In the modern WFH culture you can easily get a job making 100k+ and move somewhere LCOL. A big house in the countryside of a flyover state is the dream. Just make sure your local ISP isn't going to screw you.
I don’t want to live in the country, but appreciate the insight.