If you’re in accounting and finance, or intend to get started in the industry soon, you’re likely to see your salary grow in the coming years.
Hiring and wages to pick up in accounting
Numerous studies have indicated that accounting and finance hiring will continue to remain strong, and that wages in this area will grow. Overall, earnings have been growing, however, at a snail’s pace at best. But people with accounting jobs aren’t likely to experience any of the wage-related disappointment other Americans do. Their salaries are expected to increase substantially more than the 0.5 percent overall earnings growth in the U.S. from July to August. Accounting professionals’ wage growth in the coming months is expected to outperform even the best monthly increase for overall earnings in the last year, 1.2 percent in January.
“Accountants’ salaries are expected to increase substantially.”
While overall hiring has been slow in the U.S. – the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey found it takes companies on average 29 days to fill a position – organizations with unmet accounting and finance needs intend to onboard professionals quickly. For this reason, accounting professionals can expect a faster hiring process – in addition to more significant wage growth compared to individuals looking for work in other sectors of the economy.
Higher wages will depend on more than accounting abilities
One expert told the Journal of Accountancy that employers in accounting and finances have also been more willing to negotiate with individuals who may not find the initial salary offer attractive. While job seekers can’t typically decide what their earnings will be, they certainly have more leverage these days than in recent years. However, it takes more than just accounting proficiency to find oneself in that sort of powerful position. IT skills, a second language and management expertise will all go a long way in deciding whether you get hired and how high your salary will be.
While employers are definitely willing to fill accounting jobs and increase these professionals’ salaries, it is incumbent upon accountants and other similar finance experts to show companies that they possess the skill sets to take the organization up a notch.
Anyone interested in accounting should certainly round out other skills as well to ensure the best chance of employment and guarantee some leverage when negotiating wage. Also potentially helpful would be a CPA, though depending on the organization you’re applying to, this isn’t a requirement. What is likely though, is that accounting professionals will have a good coming few months.