A recent survey released by the IMA shows salaries for accountants have increased significantly since the economic downfall of 2007, especially for college graduates.
The main contributing factor to the rise in income and compensation was found to be an increase in education. The survey found that a vast majority of its participants had at least a bachelor’s degree and those with the highest incomes are those with certificates and/or advanced degrees.
According to the survey, certified accountants earn 31 percent more than uncertified accountants. In addition, certified accountants aged 19-29 earn $20,000 more than those not certified in the same age group. However, uncertified participants make up a small portion of those surveyed due to the large increase of education in the accounting field.
“This statistic does not surprise me at all. Accounting is a very specialized field and in high demand. Every form of business needs some type of accountancy or bookkeeper. Accounting is the language of business and practically guarantees success in business,” accounting and finance major Brian Sheppard said.
The average salary of accountants between 2011 and 2012 rose to its highest in five years, increasing by more than $3,600.
Average total compensations increased by more than $6,000, making it the first time total compensation averaged more than $130,000.
The survey confirmed that accounting students who choose to go beyond a bachelor’s degree will get paid more.
