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ACCOUNTANT: EMPLOYMENT TRENDS AND SALARIES

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In 1994, the number of accounting graduates was 60, 62. Estimates are that 35 percent of accounting graduates with bachelor's degrees and 41 percent of those with master's degrees of the 1994 graduating class were hired by public accounting firms. The remaining graduates found positions in private industry, government, nonprofit organizations, or education.

A question often asked by students is how vulnerable accounting positions are when the economy slows or there is the effect of a recession. Most companies respond by answering that they have a continuing need for technical and management personnel and that in "tighter" times, financial planning and control become even more critical to the continued operation of the company. Well-trained professional staff members are sought even when the job market looks bleak for other management functions.

Compensation varies by geographical region of the country, and salary information is only meaningful when it deals with positions held by persons with similar education and training. It is, however, desirable for you to evaluate the range of entry-level salaries that exists for new accountants. As you measure the time and cost of your education as well as your personal aptitudes and interests, the relationship of salary and earning power is something you will want to consider carefully.



Recent forecasts indicate that the number of master's degrees in ac-counting and master's of business administration with a concentration in accounting is increasing significantly. This is due, in part, to the in-creased education requirement to sit for the CPA examination in a number of states. By the year 2001, a majority of states will require 150 hours to sit for the CPA examination and to apply for membership with the American Institute of CPAs. A graduate degree with the appropriate number of accounting and business course hours meets the 150 hour requirement. Because of this new educational requirement, the number of students with master's degrees in business and accounting is expected to steadily increase.

The percentage of women represented among accounting graduates continues to increase. In the 1993-94 school year, 54 percent of ac-counting graduates at the bachelor's level were female, as compared to 49 percent in 1989, and 39 percent in 1981.

All of these indicators suggest that, in spite of some hesitation due perhaps to the economy, the accounting field is expected to grow in competitiveness and quality as well as in quantity in the next few years.

The figures in the compensation data chart that follows have been compiled from 1996 hiring statistics. An effort has been made to avoid extremes and be as representative as possible. It is helpful to remember that comparative costs of living in different parts of the country and the laws of supply and demand play important roles in determining actual offers made in specific cities in the United States.

Starting salaries for accounting graduates who have the qualifications sought by employers compare favorably with those paid to people entering any other profession and are higher than many. Of course, some students will receive higher offers, and others will accept less. Students will find that scholastic achievement is considered important by those employing accountants and that it will have a bearing on the number of offers they receive and the amount of salary they are offered.

During college job interviews, graduating seniors often ask about the possibilities for increased compensation as they gain experience and what the income prospects are in the various accounting fields for those who reach the top rungs of the ladder. Of course, these questions can be answered only in a general way.

Increases in compensation follow demonstration of ability and willingness to accept responsibility. In preceding chapters, you have read how advancement is made through the ranks and the possibilities accountants have to move ahead not only vertically in accounting positions but also in the related fields of production and management. In public accounting, because of the nature of the work, individual ability can readily be displayed, and an individual can move forward rapidly based strictly on merit. This is also true in industrial and business organizations where definite promotion practices are followed. Therefore, it follows that the possibilities for reasonably rapid compensation increments for those in accounting are good. The incomes of individual practitioners and partners of public accounting firms are related to the size and character of their practices.

Starting salaries for teachers of accounting in colleges and universities cannot readily be compared with those paid to accountants in other areas for several reasons, including the fact that usually the only teaching position open to bachelor's-level individuals is that of graduate assistant on a part-time basis while studying for an advanced degree; inexperienced beginners in the teaching profession who work on a full-time basis generally hold a doctorate (Ph.D.) or are working on a doctoral dissertation and have completed one or more years of study over that required for a master's degree; and salaries for teachers are often stated on a nine-months' college-year basis.

Salary scales at large universities are substantially higher than those of smaller schools, and salaries for teachers in schools of business ad-ministration are generally higher than the average salaries for all teachers in a college or university. Furthermore, when comparing teachers' salaries with those paid to accountants in industry, public accounting, and government, keep in mind that teachers' salaries are computed on a nine-month basis and that faculty members may also receive additional income as consultants to business, from public accounting practice, from royalties on publications, or for special research. Some also can earn additional income from teaching during the remaining three months of the year.
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