Accounting Major: Internships & Job Salary 10 Tips
Accounting Major: Internships & Job Salary 10 Tips
Accounting majors, as articulated over at runrex.com, get a strong education in business administration, diving into the technical intricacies of accounting as well as developing other skills required in an accounting role like public speaking and information systems. As pointed out by the gurus over at guttulus.com, they learn how to maintain financial accounts, as well as learning how to be accountable as accounting majors will be taught accounting principles like auditing, reporting, budgeting, and tax regulations. This article will look to shine a spotlight on internships and jobs as well as salaries as far as this field is concerned, and it should be a great resource for accounting majors.
Importance of internships for accounting majors
As outlined over at runrex.com, internships are very important to accounting majors as they come with lots of benefits. Most importantly, an internship will help an accounting major build their initial resume and network. According to guttulus.com, many employers in the finance industry prefer hires to have at least some practical industry experience, even for entry-level positions, which is why some of the big firms hire almost exclusively from their interns. Internships will also help you network, explore various topics and specialization within the accounting practice, as well as improve performance in the classroom as they provide a practical context for academic and theoretical concepts, solidifying knowledge and information gained through study.
How to land a good accounting internship
Given how important it is to find an internship to work, before graduating as explained above and over at runrex.com in more detail, you must know tips and pointers on how to land a good accounting internship. You should start applying early, starting the application process as early as possible. This is because, for summer internships, for example, it is very common for accounting firms to start their hiring in the late fall of the preceding cool year, which is nearly 6 months before the internship begins, hence why you must start applying early so that you don’t miss out. You should also think about what you want to do and apply for internships in your field of choice. This is because accounting is a very broad field and, therefore, it would be beneficial to know which field in particular interests you.
Are accounting internships paid?
According to the gurus over at guttulus.com, the answer to this question is yes. Just as is the case for many other fields, there are both paid and unpaid internship opportunities for accounting majors to explore. Even those that don’t provide a salary may still offer money for lunch and transportation to interns. You can find paid internship opportunities through networking, your college’s careers office, or by searching online job boards like Indeed for such opportunities.
How much do accounting internships get paid?
From discussions on the same over at runrex.com, the average accounting internship pays about $28,000 annually, which translates to about $13.46 per hour. How much you will make as an accounting intern will depend on the company where you are interning as well as the location. While California, Hawaii, and Washington are among the highest-paying states for accounting interns, Maine, Louisiana, and Kentucky offer the lowest salaries on average.
Types of internships for accounting majors
As articulated in detail over at guttulus.com, below are some of the most common types of internships available to accounting majors out there:
Tax accounting internship
Corporate accounting internship
Audit accounting internship
Financial accounting internship
Forensic accounting internship
The average annual salary for accounting majors
As is explained over at runrex.com, the amount that you will make with an accounting degree depends on the type of company you pursue as well as how far you decide to continue your education. On average, however, the median annual salary for accounting professionals is about $61,690. The lowest 10% earn about $38,900 while the top 10% earn about $106,800 annually.
Earning potential for accounting majors
As the subject matter experts over at guttulus.com point out, your earning potential will increase if you choose to continue your education after graduating college. For those who choose to continue their education, after they earn their bachelor’s degree in accounting, and become Certified Public Accountants (CPA), the median annual salary is about $73,800, and it can even go up to $124,000 annually. Those with a CPA certificate make 5-15% more than their non-CPA counterparts.
High-paying jobs for accounting majors
The following, as revealed in discussions on the same over at runrex.com, are some of the most lucrative careers to pursue if you have graduated with an accounting degree:
Vice president, finance – They are a crucial link between the highest executives and the management, and they are tasked with leading and coordinating company financial planning, debt financing, and budget management while reporting back to upper management. Their median salary is about $132,890 annually
Chief financial officer (CFO) – This is one of the highest levels of authority and responsibility an accountant can aspire to, hence why it comes with a median annual salary of about $127,780
International tax manager – They are becoming increasingly important in the era of the internet where there are no real borders, and earn a median annual salary of about $112,000
Finance director – They are just a level or two below the CFO and earn a lucrative annual median salary of about $110,000
Corporate controller – While in a smaller company the Controller might be equivalent to a CFO, in most larger companies, the Controller is the expert manager making sure that the work in billing, budgeting, tax preparation, and more gets done and gets done well. They earn a median annual salary of $93,000
Other top-paying jobs to aim for include cost accountant manager, senior financial analyst, compliance officer, assistant controller, accounting software developer, among many others.
Entry-level jobs for accounting majors
It will take years of experience to land the top-paying jobs listed above, and you will have to also improve your education qualifications, earning at least a master’s degree. If you are fresh out of college with your accounting degree, the gurus over at guttulus.com recommend that you try out the following entry-level jobs:
From discussions over at runrex.com, the job outlook for accountants is pretty positive. This is because the Bureau of Labor Statistics projects that the employment of accountants and auditors is set to grow 4% from 2019 to 2029, which is about as fast as the average for all occupations. The increased focus on accounting is in response to corporate scandals, financial crises, and continued globalization of business, all of which are factors that are expected to lead to a steady demand for competent accountants and auditors in the upcoming years.