How to Become an Accountant: A Career Guide
Introduction: The Role of Accountants and Auditors
Accountants and auditors play a critical role in the financial health of businesses, ensuring accurate financial reporting, compliance with regulations, and strategic financial planning. These professionals analyze financial data, maintain records, and ensure that organizations adhere to tax laws and financial regulations.
In 2023, there were 1,435,770 accountants and auditors employed in the United States, reflecting a 2.4% increase from 2022. The median annual salary reached $79,880, a 2.4% increase from the previous year, and a 3.4% increase from 2021.
As businesses continue to navigate complex tax laws, financial regulations, and digital transformations, demand for skilled accounting professionals is expected to remain strong. This guide explores the education, certifications, key responsibilities, industry trends, career outlook, and salary potential for aspiring accountants and auditors.
Educational Requirements and Certifications
1. Obtain the Required Education
Most accountants and auditors hold at least a bachelor's degree in a relevant field, such as:
Accounting
Finance
Economics
Business Administration
Some employers prefer candidates with a master’s degree in accounting (MAcc) or an MBA with an emphasis in finance for senior or specialized roles.
2. Earn Professional Certifications for Career Advancement
While a degree is necessary, certifications provide a competitive edge and higher earning potential.
Certified Public Accountant (CPA) – The most recognized certification for accountants, required for filing reports with the Securities and Exchange Commission (SEC).
Certified Management Accountant (CMA) – Ideal for accountants specializing in corporate finance and management accounting.
Certified Internal Auditor (CIA) – Recommended for professionals focusing on internal auditing and compliance.
Certified Information Systems Auditor (CISA) – Specialized for accountants working in IT auditing and cybersecurity.
Enrolled Agent (EA) – Best for those specializing in taxation and representing clients before the IRS.
These certifications demonstrate expertise and open doors to higher-level positions.
Key Responsibilities of Accountants and Auditors
Accountants and auditors are responsible for ensuring financial accuracy, regulatory compliance, and financial strategy implementation. Their duties include:
Preparing and examining financial records to ensure accuracy.
Analyzing financial statements for decision-making and strategy development.
Ensuring compliance with federal, state, and local tax laws.
Conducting audits to identify financial risks and fraud prevention.
Providing financial recommendations for business growth and efficiency.
Utilizing financial software such as QuickBooks, SAP, or Oracle Financials.
With the rise of data analytics, AI, and cloud-based accounting tools, accountants are increasingly required to adapt to digital transformation in finance.
Top Industries for Accountants and Auditors
Industries with the Highest Employment
The highest number of accountants and auditors are employed in:
Professional, Scientific, and Technical Services – 485,330 jobs, $80,410 median salary (+4.4% above national average).
Finance and Insurance – 117,380 jobs, $83,250 median salary (+7.2% above national average).
Government (Federal, State, and Local) – 111,050 jobs, $79,310 median salary (-7.2% below national average).
Management of Companies & Enterprises – 106,420 jobs, $82,620 median salary (+3.1% above national average).
Manufacturing – 93,010 jobs, $81,940 median salary (-0.1% below national average).
Industries with the Highest Salaries
Mining, Quarrying, and Oil and Gas Extraction – $95,380 median salary (+10% above national average).
Information Technology – $95,320 median salary (+22.9% above national average).
Utilities – $88,700 median salary (+4.7% above national average).
Finance and Insurance – $83,250 median salary (+7.2% above national average).
Accountants in finance, insurance, and IT tend to earn higher wages due to the complexity of financial management in these industries.
Best Locations for Accountants and Auditors
Top States for Employment
California – 166,020 jobs, $92,160 median salary (+10.8% above national average).
New York – 119,150 jobs, $101,090 median salary (+24.8% above national average).
Texas – 111,160 jobs, $78,900 median salary (-2.2% below national average).
Florida – 89,350 jobs, $76,480 median salary (-8.1% below national average).
Pennsylvania – 54,540 jobs, $75,370 median salary (-7.7% below national average).
Top Cities for Accountants and Auditors
New York-Newark-Jersey City, NY-NJ-PA – 127,360 jobs, $103,900 median salary (+31.1% above national average).
Los Angeles-Long Beach-Anaheim, CA – 63,940 jobs, $85,540 median salary (+6.4% above national average).
Washington-Arlington-Alexandria, DC-VA-MD-WV – 45,080 jobs, $97,320 median salary (+15.5% above national average).
Chicago-Naperville-Elgin, IL-IN-WI – 41,820 jobs, $79,810 median salary (-1.4% below national average).
Dallas-Fort Worth-Arlington, TX – 39,500 jobs, $79,840 median salary (-0.7% below national average).
Top Locations for Job Concentration
District of Columbia – 1.7X the national average job concentration, $101,940 median salary.
South Dakota – 1.5X the national average job concentration, $75,110 median salary.
Rhode Island – 1.4X the national average job concentration, $92,150 median salary.
Puerto Rico – 1.4X the national average job concentration, $36,700 median salary.
Career Growth and Advancement Opportunities
1. Entry-Level to Mid-Level Positions
Junior Accountant – Entry-level role assisting with bookkeeping and audits.
Staff Accountant – Prepares financial statements and tax returns.
Internal Auditor – Focuses on compliance and risk management.
2. Senior and Leadership Roles
Senior Accountant – Leads financial reporting and analysis.
Controller – Oversees accounting departments and financial planning.
Chief Financial Officer (CFO) – Highest financial position in an organization, responsible for financial strategy.
3. Entrepreneurship & Consulting
Many accountants open their own firms or become consultants for financial planning, tax preparation, and auditing.
Conclusion: Why Pursue a Career in Accounting?
A career in accounting offers:
Strong job stability, with demand across various industries.
Competitive salaries, with potential to earn over $100,000 in specialized roles.
Opportunities for advancement, leading to executive positions.
Flexibility to work in public accounting, corporate finance, government, or self-employment.
As businesses continue to navigate regulatory changes, financial technology (FinTech), and cybersecurity risks, accountants and auditors will remain essential to ensuring financial integrity and strategic growth.
For more detailed insights, visit our Accountants and Auditors Dashboard.
