Accounting Salaries You and Your Family Can Bank On
If you are considering making a mid-life career change, then you know you will need to look at the career opportunities and salaries differently than you did when you first graduated from high school.
Now with a family to care for, you need to weigh your options much more carefully.
As you begin looking into which career field to pursue, you will need to check whether or not it will provide you and your family with the following essentials:
- Availability of Career Opportunities
- Job Stability
- Comfortable Annual Salaries
Luckily, a career in accounting allows you to simply mark "select all". And here is why.
Accounting Jobs Opportunities
Not only are accounting positions projected to grow by over 190,000 through 2020, but there were also over 26,000 job openings posted online in the U.S. within the past year!
To highlight the most in-demand accounting jobs, the graph below shows the most listed occupations from online job boards and the amount of job openings available:
Source: Burning Glass
The positions and openings shown are from organizations that are looking for candidates with a two or four-year degree with anywhere from zero to more than seven years of experience. And overall about 50 percent or about 13,000 of the positions listed online in this field from the past year required zero to less than four years of work experience.
If that isn’t a large amount of accounting career path opportunities then I am not sure what is.
Career opportunities: Check.
Job Stability in Accounting
Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Well then it may seem that a career in accounting is a good idea, unless of course you would rather be a mortician.
Aside from what Ben Franklin believed to be certain, because of recent industry scandals there is a growing amount of laws and regulations being created that the need for more accounting professionals is growing. The marketplace created such a high level of demand that the BLS is projecting a 16 percent job growth rate over the next eight years. Because of this demand, an accounting career truly can offer you and your family the opportunity for greater job stability.
Still not convinced? Accounting is also considered one of the most secure jobs in America, according to Forbes.
Job Stability: Check.
As an adult, there’s a good chance you look at job salary differently than when you were younger. No longer is it “all about the Benjamin’s”, it’s about supporting your family, living within your means and planning for your future retirement.
The graph below shows the same top occupations in the industry from the previous graph but this time I wanted to highlight the annual salaries for you to review. The amounts shown are for the 10th percentile of earners; meaning they represent what you may roughly expect for any entry level position in the accounting field.
Yes, your salary can vary based on your title, tasks and many other things (here are some strange accounting job titles), but the salaries for accounting professionals are strong – the median hourly salary for all occupations in the U.S. in 2011 was just $16.57, while for accounting professionals it was $30.22.
Comfortable annual salary: Check.
By pursuing a career in accounting, the job opportunities and salaries you could take advantage of can certainly help you continue to be able to provide for yourself and your family. If you still need to earn your accounting degree that is okay, it’s never too late to get started.
Just remember this, “Never leave that till tomorrow which you can do today,” Benjamin Franklin.