A chartered accountant (CA) is an accounting professional, which is equivalent to a CPA in the United States. CA’s are generally focused on areas like audit and assurance, financial accounting and reporting, management accounting, applied finance or taxation, etc. It is an international accounting designation granted to all accounting professionals in many countries across the world. Let us know about “Salaries For Chartered Accountants”
Salaries For Chartered Accountants
The annual average salary package of a CA is about 184031 USD per year. This depends on the skills, job profile location, certification, and experience of the professional. Cities like New York paid the highest salary to chartered accountants as compared to Miami, which placed at the lowest in terms of salary package for its CAs.
CA Salary Distribution
The median salary of a CA stands at around 83100 USD a year, which means that nearly 50% earn less than 83100 USD.
- 25% of the CA earns approximately 59400 USD a year.
- Charter accountants with a CPA license earn 29% more than the average salary paid to CAs.
- CA’s in San Francisco gets the highest salary at 288672 USD, which is 49% greater than the average in the US.
- Male CAs earn five times more than their female counterparts in the US.
CA Salary On The Basis Of Qualifications-
It is assumed that a person with more educational qualifications and an excellent academic background generally earns more than an average or below-average person.
- A bachelor’s degree in accounting, business, or finance earns around 94400 USD p.a.
- A 2-year accounting program needs to be completed to become a CA.
- A master’s degree in accounting is also a very favorable option to increase your average salary.
- A CA with a master’s degree gets an average salary of $129,000 per annum. A certificate or a diploma degree can also be suitable for you, and you will get a pay package of 71600 USD per annum.
A CA Salary On The Basis Of Level Of Experience-
Naturally, it is seen that a person with more experience in their working domain generally gets higher compensation than a fresher.
- CA’s with less than two years of experience earn around $56,700 per year.
- Between 2 to 5 years-those professionals with so-called heaven experience levels ranging from 2 to 5 years, at around 76,000 USD per annum.
- From 5 to 10 years old, these people earn about 94400 USD per annum.
- Between 15-20 years- If you are a CA and have more than 15 years of work experience, you can expect a salary of about 123,000 USD for a year.
- More than 20 years: this is the most experienced an employee can have, and they are paid more than the rest of the employees; their annual salary exceeds 13000 USD.
The Salary Of A CA Is Based On Additional Certificates
In addition to your degrees and diploma courses, if you have some extra certificates, then you can expect to get a significant hike in your salary. These certificates are listed below:
- A certified management accountant is expected to get a salary hike of around 9.63%. There is a 43.99% increase.
- Certified fraud examiners get a hike of 44.16% in their salary.
- Certified internal auditors expect a salary hike of around 48.58%.
- Certified defense financial managers season a significant hike of around 64.36%.
- Lastly, the accurate business valuation says the highest height in their annual salary package is approximately 72.89%.
Highest Paying Cities In California
- The average salary of a CA in New York is $6,294 p.a.
- The average salary in Dallas is around 63463 USD per year.
- In Houston, a CA’s salary stands at 63125 USD.
- Atlanta has an average salary package for CA of 57423 USD.
- CA salary in Austin is 56189 USD. The salary in Phoenix is 56104 USD.
- In Chicago, the average salary is $55657.
- Los Angeles’ CA rate is 54 to 66 USD.
- And finally, Miami has the lowest salary package for CA, which is 53706 USD pa.
The Most Popular Benefits Are Listed Below
- 401(k) matching
- Life insurance
- Vision insurance
- Professional development assistance
- Food
- Parental leave
- Disability insurance
- Relocation insurance
- Dental insurance
Skills Required
- Auditing knowledge is a must as all the CAs deal in this particular field.
- Cash flow analysis is required as being a CA means preparing a lot of cash flows for different client companies.
- Financial analysis is one of the skills that you will require and is in high demand to maximize your salary.
- Tax compliance is one of the basic tasks of the CA that they perform on a day-to-day basis and knowledge of this is mandatory.
- Financial accounting is another important skill that is going to maximize your salary. Risk management is an important factor for any CA as they deal in this particular field regularly.
- Financial reporting skills and sharp knowledge of financial concepts are a must.
- Financial management is an added skill too. Finally, an understanding of financial services
Job Of CA
The CA is mainly responsible for preparing the financial documents precisely and accurately. They also provide advisory services to their clients to help them make sound decisions. Some other tasks includes-
- Preparation of text documents and filing them on time they prepare the financial and accounting statements for their client companies and potential investors.
- Auditing of documents to identify any misappropriation of funds by companies advising and suggesting the clients’ ways to save money and increase their revenues.
- Preparing the budget records for different government entities that deal in financial arrangements.
Conclusion
Now We have learnt “Salaries For Chartered Accountants”, Given the current scenario with such a large number of companies and the government, there is a very high demand for CAs all over the world; even a small individual or small-scale entrepreneur requires a higher CA to manage their expenses and advise them on appropriate decisions. They are paid an average base salary of around 184031 and they usually pay an honest six-figure salary yearly. Cities like New York, Dallas, etc., offer a huge potential for growth for CA. You need to do a bachelor’s degree, a certificate course, or even a master’s degree, which will help you to advance your knowledge and skills for a salary hike.
FAQs For Salaries For Chartered Accountants
1. Can charter accountants work in the US?
Answer: Yes, after getting a license from a CPA, CAs are eligible to practice in the US.
2. How many hours of work does a CA normally do?
Answer: A CA normally works for 8 to 9 hours daily.
3. Which type of accountants and the most in the US?
Answer- the financial controller earns the most and is the highest paying accounting career with an average annual salary of 92246 USD.
