Top 10 Careers In Accounting With The Highest Pay

Looking for a career in accounting? Let’s help you find the best one. 

Accounting isn’t just limited to numbers, it’s a dynamic field of education with multiple opportunities across sectors. From advising on business strategy to ensuring financial integrity, accountants are critical to every sector. The global value of services related to accounting brought in $554 billion worldwide. Given that, the demand for accounting professionals is increasing in almost every industry. 

There are multiple roles in accounting that can accommodate a diverse set of skillsets and interests. If you’re also looking for the best career option in accounting, this article lists down the top 10 accounting careers you can choose from. 

So, let’s dig in!

Key Takeaways

• Accounting is a diverse field with multiple career opportunities ranging from roles of strategic advisor to fraud detection, and so on.
• The accounting industry generated an estimated $554 billion worldwide, showcasing a high employment potential for professionals aiming to pursue an accounting role.
•  The field offers diverse specialization opportunities such as financial management, forensic accounting, and auditing – enabling professionals to choose a career path that matches their goals and interests.
• Careers in accounting, including the roles of CPA auditors and financial managers, etc. usually offer a steady growth with great income potential.
•  Most roles in accounting guarantee six-figure salaries for the mid-level professionals, specifically those carrying certifications like CMA, CPA or CFA.

Why Choose A Career in Accounting?

Accounting is a never-ending industry. There will always be a need for accountants. It is also a respectable working field that offers high-paying jobs and a good job outlook. Besides that, it’s easy to find affordable education options to become an accountant nowadays. So, to sum it up:

• Accounting is an industry that will never run out of jobs
• it’s one of the most respectable jobs; it pays well
• has a good job outlook
• And provides affordable degrees to learn accounting skills.

That’s why choosing a career in accounting will be a vice choice.

Step-by-Step Career Guide to a High-Paying Accounting Role

Though it’s overwhelming to break into the accounting industry, you can certainly land a high-paying role using the right approach. Here’s a detailed guide to help you understand the key steps required: 

Step 1 Start with Education

First things first, you must establish a sound academic foundation. A degree in finance or accounting can typically be the first step. While completing your degree, make sure you focus on subjects like auditing, financial accounting, management accounting and taxation laws, etc. It can help you gain the necessary knowledge and build skills essential for the job market. 

Step 2 Get Certifications and Licenses

Adding a layer of certifications to your degree such as CMA (Certified Management Accounting) and CPA (Certified Public Accountant) can maximize your chances of employment. These qualifications are internationally recognized and can increasing your earning potential to a great extent. For some specialized accounting roles like tax consultation and forensic accounting, certifications and licenses are a mandatory requirement as well. 

Step 3 Explore Specializations

Since accounting is a broad field, specializing in particular areas can make you more employable. Be it management accounting, forensic accounting, or financial analysis – focusing on areas that help build critical skills and expertise that can attract potential employers. Specialization in high-demand fields also let you move into higher-paying jobs. 

Step 4 Dive into the Experience

Finally, gathering hands-on expertise in what you’ve learned is also critical. The best route is to secure internships or entry-level positions that can help grow your career. Once you’ve gained enough exposure, landing senior and high-income positions can become very easy. 

By following the above mentioned steps thoroughly, you can easily navigate through the accounting career path and secure roles that match your goals.

What Will Make You Stand Out in the Accounting Industry?

If you aim to stand out in the field of accounting, it’s critical that you focus on the following important factors:

1. While securing a degree is essential to land high-paying roles in accounting, it’s equally important to go for specialized programs or advanced education that can further enhance your academic standing. A master’s degree in accounting or related fields can often enhance your expertise and strengthen your profile in front of employers. 
2. Given that accounting is a continuously evolving field, certifications and licenses such as CPA, CMA and CIA (Certified Internal Auditor) can help you stay adapt and understand the latest regulations. Most high-paying jobs in accounting require at least one of these certifications and carrying multiple of them can only maximize your chances of landing a career of your choice.
3. Where a simple accounting degree can get you mediocre roles, specializing in a particular field such as auditing, taxation laws or forensic accounting can help you secure senior-level positions with high income potential. The best you can do is specialize in your area of interest. 

Top 10 Careers in Accounting with the Highest Pay

Accountancy has many different types of degrees. Each accounting degree can help you specialize in specific areas of the subject and accounting career path.
That’s why a accountancy career isn’t just one kind. Instead, you can choose to specialize in a variety of accountant types. So, here are the top 10 careers in accounting with the highest pay scale:

1. Forensic Accountants

Forensic accountants is a type of professional accountant who examines financial records to determine whether the financial statements of a company have been manipulated. A forensic accountant has many different roles, including conducting fraud investigations and providing expert testimony in court cases.

• Average median pay: around $78,000 – $81,000 (for a beginner)
• Job outlook/employment rate: 4% over the course of 2020-2030

 

What Do They Actually Do?

In most cases, forensic accountants are employed to investigate and analyze financial records, which includes finding out if any illegal activities have taken place. So, who do they work for? Here are a few possible job titles and positions for forensic accountants:

• Forensic accountants work for law firms, government agencies, and corporations that hire them and need to ensure that they are not victims of fraud.
• They also work for insurance companies that want to investigate fraud claims by investigating key accounting aspects such as transactions, over or under estimations, etc.
• Moreover, forensic accountants also work in the financial sector, especially in areas such as fraud prevention departments of large corporations.

Forensic accounts help uncover discrepancies between the financial records and the company’s other documents, such as contracts or invoices. While forensic accountants may be employed by companies that need assistance with their finances, they can also get hired by government agencies to investigate fraud in public organizations.

2. Financial Managers

A financial manager is a person who advises on profit maximization and data analysis and manages finances. You will find that financial managers work mostly in large organizations creating budgets and making sure the money is utilized in an efficient way. Thus, they are mostly the financial decision makers of a company.

• Average median pay: around $95,000 – $186,000 (from least to most experienced)

• Job outlook/employment rate: 7% over the course of 2020-2030

What Do They Do?

The responsibilities of a financial manager vary from company to company but they usually include:

• Managing the budget
• Planning the future
• Forecasting future results
• Monitoring the financial health of the business

Besides this, a financial manager is responsible for making sure that all transactions are recorded accurately and in a timely manner.

3. CPA Auditors

CPA is a chartered public accountant who has passed the CPA exam and is authorized by the state to practice public accounting. CPA Auditors are accountants who review financial statements and records for accuracy, completeness, and compliance with applicable laws.
CPAs are more specialized in accounting whereas auditors are more generalist in nature. Thus, a CPA auditor’s job is to examine a company’s or individual’s books and prepare financial statements for them. They use their expertise in accounting to examine the records of a company or individual for conformity and compliance with local law.
So, how much do they earn?

• Average median pay: around $60,000 – $86,000

• Job outlook/employment rate: 7% over the course of 2020-2030

Therefore, it’s clear to see why it’s considered a lucrative field of work. It pays well, and as the experience increases, so does the salary.

What They Do?

The core job responsibility of a CPA auditor is to keep records of the company for transparency and accuracy, making sure they fully comply with the taxing regulations and general accepted accounting principles (GAAP).

4. Senior/Executive Accountant

Senior or executive accountant is another professional position for an accountant that is always in demand, as accounting departments require leaders to supervise everyday operations. And this professional is, and will usually be in charge of the management of accounts and sales proposals and they might also handle aspects such as the company’s revenue.

• Average median pay: around $86,000 – $91,000
• Job outlook/employment rate: 6% over the course of 2020-2030

 

What Do They Actually Do?

But what exactly does a senior accountant do? There are a few ways to sum it up and describe their responsibility, as they are responsible for the financial reporting of all aspects of the company including but not limited to:

• Analyzing and interpreting financial data then providing advice on the best way to achieve the company’s goals
• Assisting with the preparation of financial statements and other reports to keep data in check, and aligned with company’s expenditures
• Maintaining accurate records for company accounts and preparing tax returns– including tax reports and analysis

The senior/executive accountant will also be in charge of managing all other accountants and providing them with any necessary training, and they will also have to ensure that all financial reports are accurate and up-to-date.

5. Financial Analyst

Financial analysts are professionals who research, analyze and scrutinize the finances of a company. They are responsible for allocating funds to different departments of an organization. They also make sure that the expenditure of an organization is within limits.
Here’s what you need to know about this designation:

• Job outlook/employment rate: As of this writing, steady 9% growth until 2031.
• Average median pay: the average median pay ranges from $83,000-85,000, with the top %75 earning above $112,000+.

What Do They Do?

A financial analyst will be a key designation in the future for any business. They undertake research on investment opportunities and analyze financial statements to identify trends in the market. They also scrutinize expenses to make sure that they do not exceed budgeted limits. And, financial analysts work with accounting specialists and accountants for this purpose.

6. Corporate Accountant/Bookkeeper

Corporate staff accountants are usually responsible for the financial records of a company. They are in charge of balancing the books, preparing financial statements, and maintaining the accounting system. As of this writing, there are 49,000+ openings for corporate accountants in the U.S

• Average median pay: around $60,000 – $80,000
• Job outlook/employment rate: 6.9% over the course of 2020-2030

What Do They Do?

Since they are responsible for all transactions that take place within a company, this designation is particularly important for businesses of all scales because they have to balance all accounts and maintain financial records.
Moreover, accounting clerks work closely with bookkeepers and corporate accountants to make sure all transactions are recorded accurately.

7. Credit Supervisor

Credit supervisors are responsible for making sure that cardholders are paying their bills on time and in full. They can be on the individual and organizational levels. Some credit supervisors work as freelancers, moving from organization to organization, or individual to individual. Here’s what you need to know about them:

• Average median pay: around $58,000 – $79,000

• Job outlook/employment rate: 16% over the course of 2018-2028

What Do They Do?

• Make sure the cardholders make timely payments and keep a track of their accounts to identify any missed payments of delinquencies.
• Adjust credit limits and settle them for both individuals and organizations on the basis of their financial standing and payment history.
• Oversee the payment collection process of accounts that are overdue as well as working with agencies when required.
• Make sure the entire crediting process remains in compliance with the industry standards and government regulations.

8. Certified General Accountant (GA)

The CGA designation is a globally recognized certification for accountants. It is a professional qualification that can be obtained by passing the pertaining examination in the United States and other countries and meeting the requirements of the state licensing boards.

• Average median pay: around $74,000 – 107,000 (depending on experience)

• Job outlook/employment rate: 4% over the course of 2019-2029

A certified general accountant (CGA) is an accountant who has met certain education and experience requirements to become licensed as such in USA/Canada. Compared to a CPA, this accountancy certificate doesn’t necessarily require an accounting degree—as you can get this license by earning an accountancy diploma.

What They Actually Do?

• Create thorough financial reports for both individuals and businesses, making sure they’re 100% accurate and comply with standard regulations.
• Help clients with tax planning and filing, as well as, ensuring the tax obligations are completed within the allocated time.
• Work in collaboration with auditors to oversee financial records and make sure they align with industry standards and are free from any kind of discrepancies.
• Offer both business and individual’s strategic advice around investments, managing finances, and preventing financial risks. 

9. Certified Management Accountant (CMA)

Certified management accountants are qualified to make sound financial decisions and plan for the future. They have a deep understanding of financial concepts, accounting principles, and business processes.

• Average median pay: around $86,000 – 107,000 (depending on experience)

• Job outlook/employment rate: 4% over the course of 2019-2029

 

What Do They Do?

A CMA is responsible for a variety of planning and finance management activities. These professionals are responsible for analyzing the current financial scenario of a company and devising financial plans.

10. Financial Controller

A financial controller is a key member of a company’s management team and has access to all of its books and records. The job requires strong analytical skills and an understanding of accounting practices. The controller reviews the budget and reports to senior management on any deviations from the plan.

• Average median pay: around $89,000 – 129,000 (depending on experience)
• Job outlook/employment rate: 17% over the course of 2021-2031

 

What Do They Do?

The financial controller is the one who manages all of a company’s financial operations. This includes the everyday financial analysis of funds, risk analysis, investments, as well as bookkeeping, and the more specialized ones, including company financial historians.

 

More High Paying Accounting Careers by States

While positions like financial managers, forensic accountants, and CPA auditors are mostly attractive and popular, there are many other options you can pursue in the field of accounting that offer steady career growth and attractive salaries.

Here’s a list of some additional roles in accounting that guarantees high-income:

Role	Average Median Salary	States with Highest Salary	Job Outlook (2020-2030)
Forensic Accountants	$78,000 – $81,000	New York, California, Texas	4%
Financial Managers	$95,000 – $186,000	California, New York, Illinois	7%
CPA Auditors	$60,000 – $86,000	California, New York, Texas	7%
Senior/Executive Accountant	$86,000 – $91,000	Texas, California, Florida	6%
Financial Analyst	$83,000 – $85,000	California, New York, Illinois	9%
Corporate Accountant/Bookkeeper	$60,000 – $80,000	New York, Texas, Illinois	6.9%
Credit Supervisor	$58,000 – $79,000	California, Texas, Florida	16%
Certified General Accountant (GA)	$74,000 – $107,000	California, New York, Illinois	4%
Certified Management Accountant (CMA)	$86,000 – $107,000	New York, Texas, California	4%
Financial Controller	$89,000 – $129,000	California, New York, Illinois	17%

 Source: https://www.bls.gov/ooh/

 

Frequently Asked Questions

Do I need a CPA to earn $100k in accounting?

There’s no doubt in the fact that securing a CPA license can maximize your earning potential, but it’s not the only option. There are many other accounting roles that offer six-figure salaries such as senior accountant, financial manager, financial controller, etc.

What If I switch industries within accounting?

Switching industries within accounting such as, moving from corporate finance to public accounting or healthcare to technology, can often be fruitful in terms of career and income growth. While you may learn some new industry standards and regulations, majority of your skills can transfer. Additionally, continuing your education or securing relevant certifications over time can ease your transition.

How long does it take to become a financial controller?

It requires multiple years or experience in finance and accounting to finally land the role of a financial controller. Most professionals at such a designation come with a strong background as financial managers or senior accountants. A bachelor’s degree in accounting along with 7-10 years of experience is the usual requirement for this role while adding certifications like CMA or CPA can help with quick progression.

What are the core skills required for high-paying accounting jobs?

If you aim to secure high-paying accounting roles, you must establish strong analytical skills, thorough understanding of financial principles, and attention to detail. There are some additional skills as well that can add to your portfolio such as, project management, advanced excel knowledge, strong communication and proficiency with accounting software and tools.

Is it possible to advance in accounting without a degree?

Though a degree is preferred, you can always have a steady career growth in accounting without one by securing relevant certifications and working experience. Most employers in the industry value certifications like CFA, CMA, or CPA, etc. in combination with professional working experience in auditing, bookkeeping, and accounts payable/receivables. 

Challenges and Future Trends in Accounting

The trends and practices in the accounting industry are continuously changing, transforming towards the good. It certainly is a challenge to stay on top of them. Given that, the demand for old-school bookkeeping roles is declining while accountants with command over technical accounting skills are in great demand.

Technology in Accounting: AI and machine learning are changing how the accounting industry operates. These technologies significantly help in automating repetitive tasks, leaving accountants with enough time to focus on more critical aspects such as strategic decision-making, etc. AI-powered tools are now being used for predictive analysis and fraud detection, transforming accounting for the good.

Remote Accounting: Remote work is becoming a lot popular in the field of accounting. With a rapid increase in cloud-based accounting software solutions, accountants can now work from any location, enabling flexibility and work-life balance for the workforce.

Adapting to Change: in order to stay competitive in the ever-evolving field of accounting, it has become significant for the professionals to stay adaptive and evolve their skillsets continuously. This requires staying up-to-date with the latest technologies and keep acquiring certifications that are relatable and in-demand such as, forensic accounting and cybersecurity accounting, etc.

Conclusion

These are some of the highest-paying accounting jobs that are in demand nowadays. All of these jobs depend on specific expertise. That’s why it’s important to select the right accounting degree in your particular state or city. So, regardless of which accounting career path you choose out of these 10, proper educational background is a necessity.

 

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