Education Requirements

• To become an accountant, one must first earn a bachelor's degree in accounting, which is the bare minimum for most companies. Extra certification may be required. Companies who must file financial reports to the Securities and Exchange Commission are required to hire a certified public accountant, who is a college graduate and has completed several hours of extra coursework. In larger companies and for mid-level positions, accountants are expected to complete a master's degree in accounting, which is awarded after the successful completion of 12 to 24 months of graduate level studies.
  
  

Average Wages for Accountants

• In May 2008, the U.S. Bureau of Labor Statistics released a survey that showed the median annual wages of accountants and auditors to be $59,430, with the middle half of accountants earning between $45,900 and $78,210. The lowest earners received less than $36,720 in annual wages, with the top 10 percent of earners receiving more than $102,380 on average.
  
  

Average Wages for Entry-Level Accountants with a Master's Degree

• In July 2009, a survey of accountants' salaries conducted by the National Association of Colleges and Employers reported that accountants with a bachelor's were offered entry-level positions that paid an average of $48,993 per year and master's degree candidates were offered $49,786. The Economic Research Institute released similar figures in August 2008; according to its survey, an entry-level accountant with a bachelor's earned $48,419 on average, while an entry-level accountant with a master's earned $52,970 per year.
  
  

Accountants at Different Organizations

• While accountants will receive different salaries according to their level of experience and education, they will also receive different wages depending upon the type of company or institution that employs them. According to the bureau, accountants in state government earned the least annually, earning $51,250, with local government accountants earning slightly more, $59,550, in May 2008. Accountants at private companies had a higher median annual wage at $59,820, while accountants providing tax preparation, bookkeeping, and payroll services earned the most: $61,480. Since these positions usually require different levels of education and accreditation, understanding the requirements of a position can help you compare salaries.