Obtain Professional Certifications
Certifications such as Certified Public Accountant (CPA), Certified Management Accountant (CMA), and Chartered Financial Analyst (CFA) are highly regarded in the field of corporate finance. Earning these credentials not only enhances professional credibility but also provides specialized knowledge that can lead to higher-paying roles.
According to the American Institute of CPAs, CPAs can earn about 10-15% more than their non-certified counterparts. Additionally, the Institute of Management Accountants reports that professionals with the CMA certification earn nearly 28% more in median salary and 36% more in median total compensation than non-CMAs.
Specialize in High-Demand Areas of Finance
Focusing on high-demand areas such as financial analysis, compliance, or risk management can significantly increase an accountant’s marketability and earning potential. With companies facing increasing financial regulations, expertise in compliance and risk is particularly valued.
Gain Industry-Specific Experience
Working in industries that typically offer higher salaries can boost an accountant’s earnings. Industries like technology, finance, and pharmaceuticals are known for higher compensation packages.
For example, accountants in the finance and insurance sector tend to earn among the highest salaries in the field. The BLS reported that as of May 2022, the median annual wage for accountants in the finance and insurance sector was approximately $80,310, which is above the overall median for accountants.
