accounting and finance tips
- salary expectations for mid-level finance jobs
As your finance career takes off, and you have between 5 and 10 years of experience, it is important to measure your salary expectations against national averages in mid-level finance jobs to ensure that your earnings are on track. Whether you are a vice president of finance, finance manager, quantitative analyst or retail finance manager, you should be aware that salary figures are changing in the finance field. In the wake of the recent credit crisis, government bailouts and the TARP program, many companies have decreased bonuses and other incentive pay to realign payment scales and ensure sustainability or satisfy new regulations. Likewise, your salary expectations will need to shift based on new levels of accountability and constricted merit payments.
One way to research salaries in finance is an Internet-based
finance salary guide, which can break down salary expectations by job type and by area of the country. Depending on the type of position you hold, your salary can range from $45,000 to $95,000, according to sites such as Monster.com and information found on the Bureau of Labor Statistics. Accountants International has developed a Compensation Guide with the assistance of approximately 5,500 executives and hiring managers that understand the fundamentals of current salary expectations set against realistic industry and economic trends.
- self-employed or employed: comparing accounting and finance salaries
Technology has increased the opportunities for self-employment within the accounting and finance field. Self-employed careers in accounting include certified public accountant, tax accountant, accountant and bookkeeper, while self-employed finance roles can include cash management and financial planning.
According to Payscale.com, a self-employed CPA can earn an accounting salary between $47,000 and $77,000. Those with accounting degrees who opt to work as bookkeepers can garner a salary of about $40,000 per year, while those who have a specialty in auditing or financial compliance and operate a consulting business can average about $55,000 annually. A significant tradeoff between being employed and self-employed is that self-employment can allow for a greater level of flexibility or more work/life balance.
While the benefits of being self-employed can sound attractive, it is important to note that self-employed individuals forego standard company benefits, including health insurance, paid vacations, sick days and bonuses. They also must manage cash flow so as to pay overhead costs and pay estimated income taxes throughout the year in accordance with both IRS and state tax payment schedules.
Accountants International can provide you with various employment options to meet your personal and professional goals. We secure a wide range of employment opportunities on a daily basis in our 55 locations throughout the United States. For more information on available positions,
click here.
- salary expectations for corporate finance jobs
Two of the top-ten entry-level careers for 2009 are in accounting and finance, according to CareerBuilder.com, which states that the average entry-level finance salary starts at $47,239, with accounting job salaries starting at $46,718. Each of these salaries assumes the completion of at least a bachelor’s degree. The addition of a master’s degree can boost these figures. Accountants International’s salary calculator offers a valuable tool for finding average accounting or finance salaries in your specific region.
To obtain the average entry-level accounting and finance salary, focus on building a general accounting and finance foundation, which should include knowledge of payables, receivables, and financial analysis, plus up-to-date computer and software skills. Next, select a specialty area that will help command a better salary, such as tax, payroll, auditing or collections. Examples of entry-level finance and accounting careers include payroll administrator, finance specialist, accounts payable clerk, accounts receivable clerk, staff accountant, assistant or journal analyst, and bookkeeper. Each of these entry-level positions are stepping stones to a long and flourishing accounting or finance career.
- non-profit finance jobs: lower salary expectations, greater satisfaction
If you are assessing your career options, remember that nonprofit organizations are always searching for top accounting and finance professionals who will consider a lower than average salary by joining an organization with fewer financial resources. The upside to this type of career move is that the return in job satisfaction often compensates for the lower salary.
While job satisfaction is an important component of your overall career strategy, considering nonprofit finance jobs does require some real thought. For example, the salary differential could amount to a 5 percent to 20 percent drop in your finance career income when compared to a similar job with a for-profit organization. But again, some CFOs in the nonprofit field have noted that the lower pay equates to a proportional drop in the job’s stress level. Total “compensation” comes both in the form of money and in helping others and working on projects that make a positive difference.
Another positive note is that the nonprofit arena is poised to grow, given the increasing emphasis on social entrepreneurship and corporate social responsibility as more critical issues arise with labor, the environment and sustainability.
- 2009 jobs in accounting: salary outlook
In the current job market, it is important to be realistic about what
accounting and finance salary range you can expect or negotiate. When analyzing income potential, job seekers should consider those industry niches that are best positioned to provide a sustainable salary for an accounting or finance career.
Look for accounting and finance positions within industries that are continuing to grow, such as the energy, eco-friendly, life science, nonprofit fields. At the same time, you may want to avoid or be wary of certain specialty areas that are suffering, including mortgage banking, risk management, mergers and acquisitions, and tax assessment, as over time, these fields may not be able to sustain your accounting or finance salary requirements.
Job market researchers indicate that as the economy recovers, employment prospects will grow and accounting and finance salaries will increase. In the meantime, taking additional educational courses, adding licenses and certifications, and boosting general and specialty accounting knowledge are good strategies to incrementally increase your average accounting salary or position yourself for a raise in the near future.
- broaching the topic of accounting and finance salary
One of the toughest aspects in today’s job market is how to broach the topic of
accounting and finance salaries. After all, in this economy, most people are happy to simply get a job. However, in most hiring situations, accounting and finance candidates typically have room to negotiate salaries.
Accounting and finance executives report that it is important to discuss an accounting or finance position’s starting salary in the early stages of the interview to avoid surprises later on. However, as a candidate, you need to approach the salary discussion in a way that does not appear that you are only interested in money.
Often the most appropriate times for discussing accounting and finance salary expectations are during the first or second interviews. It is generally understood that it is less appropriate to discuss salaries during the phone interview or job offer period. Before negotiating, be sure to consult an accounting salary guide or finance salary guide as reference points, such as
Accountants International’s Compensation, Benefits and Workplace Trends Guide or
Salary Calculator .
- boosting accounting salaries through education
Instead of spending time in our down economy worrying about how to obtain a higher accounting or finance salary or pushing for a raise, you can use this time to regroup and extend your learning curve, which will boost your value as a top talent.
Keep in mind that the CPA certification 150-hour rule and additional new educational requirements raise high hurdles for certain career paths. Nevertheless, it is important to continue building on your existing education by adding another degree or taking courses that specifically address new technology, regulations, standards and programs. If you are considering finance jobs with the Federal Government, the requirements for accounting and auditing positions include at least a four-year degree, and individuals holding a master’s degree will receive more attention.
As the economy shows signs of recovery, you can leverage your additional certifications, increased knowledge or updated skills as negotiating tools for a higher finance or accounting job salary.
- salary expectations for entry-level finance and accounting careers
Two of the top-ten entry-level careers for 2009 are in accounting and finance, according to CareerBuilder.com, which states that the average entry-level finance salary starts at $47,239, with accounting job salaries starting at $46,718. Each of these salaries assumes the completion of at least a bachelor’s degree. The addition of a master’s degree can boost these figures. Accountants International’s Salary Calculator offers a valuable tool for finding average accounting or finance salaries in your specific region.
To obtain the average entry-level accounting and finance salary, focus on building a general accounting and finance foundation, which should include knowledge of payables, receivables, and financial analysis, plus up-to-date computer and software skills. Next, select a specialty area that will help command a better salary, such as tax, payroll, auditing or collections. Examples of entry-level finance and accounting careers include payroll administrator, finance specialist, accounts payable clerk, accounts receivable clerk, staff accountant, assistant or journal analyst, and bookkeeper. Each of these entry-level positions are stepping stones to a long and flourishing accounting or finance career.
- counting on an accounting recruiter to guide your job search
An
accounting or finance job search is not only about presenting and selling yourself; it also involves finding a company that aligns with your employment expectations. While you can read blogs and search the Internet for opinions about accounting firms or companies you might want to work for, an accounting recruiter can often provide some of the best insight into a particular company’s working conditions. Not only can accounting and finance recruiters help you find relevant employment opportunities, but they also are the ideal source for gaining specific information on the cultures of various accounting firms or large companies.
For a recruiter to identify potential accounting or finance employment opportunities that fit your expectations, you will need to define the values you want in an employer and detail the working environment that will best help you develop both personally and professionally. The current job market may be challenging, but having an accounting recruiter on your side will likely help you realize your career goals.
- supersizing work conditions: finance positions in small or large firms?
Depending on the criteria for your ideal work environment in the accounting and finance industry, one decision in selecting the appropriate position is whether or not you want to work in a small firm or a large, more corporate atmosphere. When considering which type of environment is right for you, ask yourself these questions:
- Do you want to learn all aspects of a business’ operations in terms of finance and accounting, or are you happy in a specific role within a big firm, such as management, payroll, etc.?
- Do you want the interaction with all levels of the organization that comes from being in a small firm, or do you prefer to have one direct supervisor, such as the CFO?
- Are you a multitasker or do you prefer to have others share in the responsibility and decision-making process?
- Do you prefer structure and formality in your work environment, or do you enjoy a casual atmosphere?
- Do you enjoy a very social company (even if it comes with heightened office drama), or do you prefer an environment that is more formal and involves less opportunity for on-the-job socializing.
- looking for a beneficial accounting and finance recruiting partner
Job seekers looking for an accounting and finance recruiting partner must determine which recruiter will provide the most career support and
job opportunities. Following are some suggestions on how to pinpoint the most effective accounting or finance staffing agency for you.
- Look for a financial staffing group that focuses exclusively on the accounting and finance industry and can provide full-service capabilities to both candidates and employers.
- Ensure that the accounting recruiting agency has local market knowledge and can differentiate the advantages of various sizes and types of firms and industries.
- Many companies specialize in finance professionals recruitment. So research to locate a finance professionals recruiting company that can assist with hiring, resumes, job placement for temporary and permanent positions, and career knowledge.
- Focus on a partner who is interested in assisting you with your long-term career path, rather than selecting an organization that considers you just another number.
- Get on board with a firm that has the connections you need to get in front of job opportunities before others do.
Selecting the right recruiting partner will give you a key competitive advantage in the currently challenging job market.
- thriving under any working conditions for accountants
You may find that not every position you take while working in corporate accounting or finance, or within a large or small accounting firm, is ideal. If your work situation is interfering with your job satisfaction or effectiveness, there are a number of ways in which you can proactively improve your environment.
Accountants International features a number of insightful articles that offer advice on careers, including how to
survive in a workplace that might not be what you had in mind. Some of the tips include encouraging communication, nurturing relationships, learning on a continual basis, sharing and exchanging ideas, and building teamwork while in the midst of projects. All of these actions can be implemented by you, despite a culture that may not be geared toward this approach.
It is also important to remember that all working conditions can be changed and tolerated, especially if the job market is shrinking, and you must hold on to your current job. You can also take the positive perspective that by focusing on your work environment, you might generate improvements that will impact the organization’s bottom line.
- how to assess employment opportunities in accounting
When looking for specific types of accounting-related working environments, you will want to make sure that prospective employers meet certain criteria that are important to your overall work experience.
When discussing your accounting and finance employment criteria with a staffing agency, you may want to include factors such as the level of engagement employees have in the organizational processes and decision-making, how committed leaders are toward employees, if the organization offers open and honest communication or a high-performance culture, if the company operates with integrity and exhibits social responsibility, and how well the company lives up to its promises. Additional criteria may include the possibility for telecommuting or flex-time schedules in support of a work/life balance.
Many of Accountants International’s recruiters have years of staffing industry experience. They also have an intimate knowledge of various accounting firms or what it is like to work in corporate finance. With these credentials, they will not only help you find the best accounting job for you, but they also can provide sound advice on what to look for in potential employers.
- accountant working conditions gauging your telecommuting personality
Accounting employment opportunities that involve telecommuting or working from home are beneficial in terms of saving resources, maintaining a quality of life, and enjoying the independence of working for yourself. However, you should ask a number of questions before giving up working in a corporate finance role and taking on a more solitary career
- Are you productive when working alone?
- Do you work effectively in a solitary environment?
- Are you self-disciplined to work in the same manner as you would within a regular office environment, or could your personal life at home be distracting?
- If you are considering a telecommuting role, do you have a strong connection with your colleagues and excellent communication skills to stay connected?
- Are you prepared to work outside of what are considered normal working hours but still be able to balance your work and life?
Answers to these questions will enable you to determine the best accountant working conditions for your personality so that you can be successful. Accountants International can provide you with various employment options to meet your personal and professional goals. We secure a wide range of
employment opportunities on a daily basis in our 55 locations throughout the United States.
- working in the accounting and finance industry: temporary vs. permanent status
The accounting and finance industry offers both advantages and disadvantages to temporary vs. permanent work situations. Those hired on a temporary or project basis have the advantage of gaining new skills and exploring a wide variety of work and projects, which permanent members of a financial staffing group might not have the opportunity to participate in. However, permanent or direct hire finance work placement allows employees to become an expert in one particular job function or industry specialty, which can increase their value within the organization. In turn, this higher value can generate greater job satisfaction and compensation, and can potentially help individuals retain their jobs during cuts.
On the temporary side, project employees may enjoy working in corporate finance for various organizations, a strategy that can accelerate career advancement over long-term, permanent employment in one particular job. Flexibility and work/life balance may be greater for temporary employees who have the option of short assignments with breaks in between jobs. However, in an uncertain job market, temporary finance positions may not feel as comfortable as permanent finance work placement, which might guarantee a longer period of steady compensation.
- the P&L on finance working conditions and accounting culture
There are numerous questions to ask a financial staffing group as you consider work opportunities and search for your ideal
accounting or finance position. After all, you want your work environment to provide you with inspiration and satisfaction, as your job will most likely become your second home.
The questions below relate to the culture and working condition of companies that a recruiter may have provided as possible job leads. Some suggested questions to ask include:
- What three words describe the company, finance department or accounting firm?
- How does the company or the finance team handle conflict?
- What types of behavior or actions are rewarded?
- Does the company have a code of ethics or a corporate social responsibility statement?
- What personal qualities are admired within the company?
- What types of training or educational advancement opportunities are offered?
- What is the attitude toward an employee having a family or children?
- Does the company have a work/life balance philosophy?
- What type of track record does the company have in terms of diversity?
- in check with your career goals: how to find accounting or finance jobs
While you may feel anxious about getting a job in this competitive job environment, there is no reason why you have to compromise the type of working conditions you want given the accounting jobs currently available. There are many ways to find the right accounting job, even during a difficult economic cycle that offers a shrinking pool of available accounting or finance positions.
Many specialized accounting and finance work placement companies have better access to upcoming jobs within public or private companies or within accounting firms. Accounting and finance professional associations offer an excellent way to network and
find accounting jobs. Online job directories and networking sites, such as LinkedIn, provide professionals with additional ways to locate employment opportunities in accounting. Posting your resume online—written or video version—will broadcast your job search to a larger audience and may even lead to finding an accounting job in a new industry.
The Bureau of Labor Statistics estimates that accounting employment will grow by 18 percent through 2016, with 226,000 new positions opening over the next decade. Now may be the time to continue building a solid educational background and pursue additional degrees or professional certifications. This preparation will help keep you ready for the next wave of opportunity, including new finance reporting technology like XBRL, as well as evolving international financial reporting standards, such as IFRS, and government finance programs like TARP.
- career stimulus: partnering with accounting and finance professional recruiters
When it comes to helping accounting and finance professionals find temporary, project based, permanent, direct hire or consulting work, accounting staffing and recruiting firms provide many benefits to job seekers. For example, many hiring companies and accounting firms rely heavily on staffing agencies such as Accountants International to bring them the best and brightest in the field, and we often have the inside track on available positions. We can also offer candidates up-to-date information about important
accounting and finance workplace trends .
By partnering with an accounting staffing agency, you can maximize the time and effort you spend on your job search. To make the most of this job placement assistance, you will need to make some key decisions and share these decisions with your recruiter.
For example, Accountants International recruiters will likely ask if you feel comfortable working in a large organization or if you prefer a small, more personable office. They also will want to know if you like formally structured work environments with clear roles or if your work style is better suited to an informal, fluid culture where everyone wears many hats. A staffing agency will also want to know your preferred industry or specialty, your interest in working for a socially responsible company, or the importance you place on a company’s financial track record. Knowing your target employer will help Accountants International effectively partner with you on your job search to create a successful and fulfilling career path.
