Benefits December 15, 2003

Survey: A CPA Ticket Can Boost Salary

December 15, 2003 (PLANSPONSOR.com) - Having a certified public accountant (CPA) license is no small thing when it comes to an accountant's salary, since those having the license are twice as likely to earn $60,000 or more, according to a new survey.
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According to the 2003 SmartPros Salary Survey, of the 48% of licensed CPAs responding to the survey, 65% pulled in the $60,000 salary while just over a quarter (27%) of non-CPA respondents could boast of that earning level.

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Not surprisingly, the more years of work experience the respondent had, the higher his or her salary range was. Based solely on years of experience:

  • Of the 164 entry-level professionals (less than one year of experience) who responded to the survey, 12% made between $20,000 and $29,999; 32% between $30,000 and $39,000; 37% between $40,000 and $49,999; and 13% between $50,000 and $59,999.
  • The majority of respondents with three years or less of experience (68%) earned between $30,000 and $59,999.
  • Of those with four to nine years of experience, most (60%) earned between $40,000 and $69,999.
  • About half (54%) of respondents with 10 to 15 years of experience earned between $60,000 and $99,000, with 16% earning $100,000 or more.
  • Finally, the majority (64%) of respondents with 16+ years of experience earned $70,000 or more in 2003.

Hanging out your own accounting shingle made a big difference for many respondents with half (50%) of the 276 sole practitioners in public practice making $100,000 or more – regardless of how many years they had been in the business. Twenty-eight percent of respondents’ highest academic credential is a master’s degree, while 61% said a bachelor’s degree is their highest level of education completed.

Overall, by title/job category, the majority of respondents fell within a broad salary range:

  • Staff Accountant: 24% fell in the $30,000 to $39,999 range; 38% in the $40,000 to $49,999 range; and 19% in the $50,000 to $59,999 range. About 11% made more than $60,000.
  • Bookkeeper/Clerk/Admin: 64% made between $20,000-$39,000.
  • Director/Manager: 54% made between $50,000 and $99,999.
  • CFO/Controller: 53.8% made between $60,000 and $99,999; 29.3% made more than $100,000.
  • Managing/General Partner: 53% made more than $100,000; 36% made between $60,000 and $99,999.

Approximately 2,100 respondents answered the eight-question survey that was conducted from October through December at www.smartpros.com . Respondents included a wide-range of accounting professionals, including bookkeepers, chief financial officers, controllers, managing partners, and staff accountants.

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