Many people know that the CPA designation is a phenomenal gateway to career success—especially when it comes to salary.While regular accountants’ salaries range anywhere between $40-60,000, many accountants’ salaries can cap off between $71-99,000.Compare this to a Certified Public Accountant who earns an average of 10-15% more than an uncertified accountant and you’re looking at an average salary range that begins at $50,000 and can quickly escalate to over $100,000 per year.
So now that we have those numbers under our belt, it’s easy to see how earning your CPA license can give you a tremendous boost in your yearly take-home, even in an entry level or starting position. But let’s take that a step further. While the most common way to evaluate income is to break it down into 12 month increments, what if we looked at these numbers through a different lens? Try over the course of your entire life.
According toMonster Jobs, a CPA’s earnings over the course of 45 years is $3,200,000 if the starting pay is at $46,200 and the pay at 20+ years is $76,000. Such salary data was compiled by looking at the expected lifetime median earnings which were calculated for a 45-year period based on median annual pay levels for 1, 5, 10, and 20 years of experience in each position.
For jobs that have a senior version of their job title, data was combined so that the transition to the more senior of the two job titles occurred at approximately 10 years of experience. By putting together median salaries and annual salaries for full-time workers that include bonuses, commissions, and/or profit sharing, Monster Jobs was able to calculate such lifetime earnings that really bring into perspective not just how much you make in a given day, week, month, or year—but how much you can potentially make over the course of your career as a CPA!
Keep in mind also that these figures are just the average pay levels…meaning that there’s plenty of room for extra income growth. Imagine what the possibilities could be if you maximized your lifetime earnings, have your MBA, filter in any of your specialty experiences, skills/abilities, throw in your side business, receive higher promotions, or even become partner.
So if you haven’t already considered obtaining your CPA license, now’s the time! After all — $3 million dollars isn’t too shabby a number to live your life on.
FAQs
Try over the course of your entire life. According to Monster Jobs, a CPA's earnings over the course of 45 years is $3,200,000 if the starting pay is at $46,200 and the pay at 20+ years is $76,000.
What is the highest salary a CPA can make? ›
While ZipRecruiter is seeing salaries as high as $144,582 and as low as $42,437, the majority of Cpa salaries currently range between $74,000 (25th percentile) to $101,700 (75th percentile) with top earners (90th percentile) making $123,363 annually in California.
Can you become a millionaire as a CPA? ›
The answer is yes, but it depends on several factors, such as your education, experience, specialization, and personal choices. In this blog post, we will explore how accountants can become millionaires and what steps they need to take to achieve this goal.
Can you make a lot of money as a CPA? ›
As per Robert Half data, CPAs can earn from $45,000 at the entry-level salary for CPAs to as high as $300,750 for top positions, such as Chief Financial Officers.
Is it worth getting a CPA anymore? ›
Anyone who wants to work in accounting should become certified as a CPA. In actuality, applicants who desire to pursue a career in accounting and finance benefit from taking the CPA course. The CPA is an excellent certificate if you wish to advance in a corporate finance division and ultimately become the CFO.
Can you make 500k as a CPA? ›
Accountants can make $500k per year. If they develop the right skills. And it can be done without starting your own business (and taking all the risk that comes with it). It's not easy, but the key is to build high-leverage skills.
Can a CPA make 300k? ›
Can accountants make 300k? Yes, it is possible for accountants to earn $300,000 or more per year, especially those working in public accounting or executive finance roles. However, salaries at this high level typically require extensive experience, professional qualifications, and a track record of success.
Can CPAs make 7 figures? ›
Most CPAs must earn a bachelor's degree or even a master's degree to move up the corporate ladder. Experienced CPAs can earn in the mid- to high six figures, especially if they end up in a management or leadership position.
Is being a CPA impressive? ›
The CPA credential alone will separate you from non-CPAs with well-earned knowledge and expertise. By completing years of academic training, rigorous testing, and extensive work experience, CPAs are considered the gold standard of accounting.
Who is the richest accountant in the world? ›
TOP 10 Richest Accountants
| 1 | David Sun Net Worth: $4.9B |
|---|
| 2 | Sergio Marchionne Net Worth: $600M |
| 3 | Sol Kerzner Net Worth: $600M |
| 4 | Randolph Scott Net Worth: $100M |
| 5 | Bob Newhart Net Worth: $65M |
5 more rowsHighest-Paid Accountants By State
| Rank | State | Average Accountant Salary |
|---|
| 1 | New York | $68,366 |
| 2 | New Jersey | $67,833 |
| 3 | Massachusetts | $62,743 |
| 4 | Connecticut | $62,386 |
46 more rowsMar 20, 2024
As industry affects CPA earnings, so does company size. Large firms are willing and able to pay a premium to attract top talent. The more employees and assets a firm has or the more clients they service, the more complex various accounting functions become, and accountants' salaries reflect that.
What companies pay accountants the most? ›
Top Paying Companies
| 1 | Deloitte | $96,068 |
|---|
| 2 | PwC | $95,293 |
| 3 | EY | $88,197 |
| 4 | inDinero | $81,567 |
| 5 | Robert Half | $70,072 |
Monotony and lack of fulfillment. Numerous essential accounting tasks, such as tax prep and monthly financial reporting, are highly repetitive and routine in nature. They leave little room for creativity, and require meticulous attention to detail.
Why are CPAs declining? ›
CPAs are retiring or leaving the industry early
There are a few reasons for this mass exodus: 75% of the CPA workforce reached retirement age in 2020. Experienced accountants are taking jobs in finance and technology, according to SHRM. Some accountants left during the Great Resignation, according to Business Insider.
Will CPAs be obsolete? ›
Will accountants become obsolete? The answer is, decisively, no—however, the nature of our role is undoubtedly changing. Instead of resisting automation, we must view it as an opportunity to elevate our expertise.
Can CPAs make over 100k? ›
According to the Bureau of Labor Statistics, the median annual accountant's salary in the U.S. as of March 2024 (the most recent data available) was $78,000. The lowest 10% of accountants earned less than $44,480, and the highest 10% earned more than $124,450.
Is CPA a high paying job in the USA? ›
CPA Salary in USA: Unveiling Lucrative Earning Potentials:
On average, Certified Public Accountant salary in the USA range from $60,000 to $120,000 per year, showcasing the premium placed on professionals with advanced accounting certifications.
What is the highest position in accounting? ›
At the highest level of companies, job titles typically include controller, comptroller, treasurer, finance manager and chief financial officer (CFO). The CFO is usually the highest-ranking financial person at a business, working with other upper-level finance executives.
