One of the questions often asked by those considering a career in accounting is, “What is the CPA average salary?” This is an important factor to consider when deciding whether pursuing certification as a Certified Public Accountant (CPA) will be of benefit to you. As a CPA, your average salary can significantly increase compared to that of a general accountant.

According to the US Bureau of Labor Statistics, the median wage for accountants and auditors in May 2019 was about $71,550 per annum. However, keep in mind that this includes both CPAs and those without the certification. Therefore, the CPA average salary is expected to be higher than this figure. In fact, the American Institute of CPAs reports that on average, CPAs earn 10-15% more than their non-certified counterparts.

Several factors affect the CPA average salary. These include experience, specialization, and geographical location. As you gain more experience as a CPA, your salary increases accordingly. Specialization also plays a role. For example, a CPA specializing in financial analysis or planning usually earns more than one focused solely on tax preparation.

The geographical location can also greatly impact the CPA average salary. For instance, CPAs in major cities and financial hubs like New York and San Francisco tend to earn more than their counterparts in more rural areas. This is largely due to the cost-of-living and the number of potential clients available.

In addition, the CPA average salary can also be influenced by the size and type of employer. CPAs employed by large corporations often earn more than those who work for smaller companies. However, an advantage that CPAs working for smaller firms have is the possibility of earning additional income by providing services to individuals and maitland small business accounting services.

It’s also beneficial to examine the career advancement opportunities that being a CPA offers. After gaining experience and establishing a reputation in the field, many CPAs transition into roles such as finance manager, controller, or chief financial officer (CFO). These positions come with a higher salary range, thus increasing the average CPA salary over time.

Further, the CPA certification not only offers a higher average salary but also greater job stability and career advancement opportunities. Even during economic downturns, the demand for CPAs often remains high. This is because businesses and individuals will always need financial advice and tax planning services, regardless of the economic situation.

To sum up, a CPA designation can open doors to a variety of career opportunities in the finance and accounting fields. Although the path to becoming a CPA can be challenging and require a significant amount of work, the potential for higher earnings and career advancement make it worthwhile. With the average CPA salary being significantly higher than for non-certified accountants, the decision to become a CPA can certainly be a lucrative one.