Perhaps you want to become a professional accounting director; salary is a big factor to consider before opting for it. Accounting is a well-made, prestigious field. However, can the same be said for how much accounting directors earn annually? This article touches on the salaries of accounting directors and other important aspects of the profession that you might want to note down. Keep reading! let us know about that the What Are The Salaries Of Accounting Directors?
How Much Salary Do Accounting Directors Make Annually?
The salaries of accounting directors working in America range from as low as $80,000 to $230,000. An average accounting director in the United States earns $165,000 with an average bonus of about 10% of their salary. However, the salary of an accounting director might vary depending on certifications, education, skillset, and experience.
What Do Accounting Directors Do?
Every profession has its specific responsibilities. That said, the position of an accounting director demands management and leadership skills. Accounting directors manage and oversee all the financial decisions and activities of the department’s officials.
Also, an accounting director is expected to run the financial affairs within the department. Hence, they are in charge of people and their teams. They also have to guide how the financial officers do their tasks. As a result, they have to be armed to the tooth with several managerial and organizational skills.
The Duties of Accounting Directors
As an accounting director, you are obligated to certain responsibilities associated with your post. These might include:
- Establishing and enforcing accounting procedures and policies
- Keeping an eye on the cash flow of the company and drafting budgets.
- Auditing financial transactions to confirm the integrity of accounting records.
- Overseeing procedures that invoice accounting staff, such as hiring and training them and occasionally evaluating their performance.
- Sustaining a beneficial relationship with investors and bankers safeguards the company’s finances.
- Inspect financial statements for errors or a breach of the company’s rules and regulations
What’s the Salary of an Accounting Director?
The salary of an accounting director varies on different grounds, which include education level, years of accounting experience, and the company’s size and industry. Bonuses are also common.
The average salary of an accounting director in the United States is between $146,000 to $165,000. However, it can be less, reaching about $90,000 annually, and more, reaching $225,000.
The demand for accounting directors is forecasted to rise in this decade. However, a company’s need for accounting services is proportional to the demand for the company’s products and services.
What Are the Requirements for an Accounting Director Job Position?
Here are the qualifications for an accounting director job position:
Education
The minimum education qualification for an accounting director position is a bachelor of accountancy or a bachelor’s degree in any related field.
However, quite a few companies/organizations prefer candidates with either a master’s degree in accounting or business administration. Some relevant coursework includes auditing, business law, taxation, financial accounting, and business communication.
Experience
Many accounting directors begin in the field as auditors and accountants and climb to higher positions. At the least, most accounting directors had ten years of experience in the field before ascending to accounting directors. However, this is not a rule. There are exceptions.
Licenses and Certification
Certifications and licenses are integral inclusions to stand a better chance at being an accounting director. This presents a much solid front to employers and might stand you out among other candidates.
What are the Skills an Accounting Director Need?
One must be equipped with certain skills to be a successful accounting director. Here is a brief list:
Leadership
Leadership skill is a crucial skill for an accounting director to own. Since accounting directors are responsible for making several decisions and delegating tasks, they must know how to do it properly. Hence, making the leadership skill a must-have.
Communication
Communication is important. Accounting Directors are often in contact with several crucial people in the company. It is beyond valuable to be able to express themselves the right way.
Problem-solving
Issues are bound to happen. However, the ability to handle the appropriately when they do is problem-solving. Accounting often comes with a lot of room for errors, and when they come up, an accounting director is often the first to spot them. So what will be your way around it then?
Organization
The ability to put things in order. You will have to plan, make a schedule, and ensure tasks are done appropriately. An absence of this skill could drag you down.
Financial know-how
An accounting director has to have an in-depth understanding of the organization’s finances. The only way this can happen is with good, shake-proof financial knowledge. It is mandatory.
How Can You Become an Accounting Director?
You can become an accounting director through diverse means. However, an option is to begin your career as an accountant and then climb the ladder. Another alternative is to start a career and transition to accounting later on.
Regardless of your path to becoming an accounting director, it would help if you were well-founded in accounting procedures and policies.
Conclusion
Being an accounting director is a prestigious choice. However, it comes with its baggage, as do other professions. You have to be sure that you are well-suited for it, and one of the things to consider is the salary it pays. It is also critical that you note different states have different takes on how much an accounting director is worth. Hence, it would be resourceful to search deeply for how being an accounting director in your state would be. Plus, even your industry and company of choice have to be checked. There are no fixed salary ranges.
Frequently Asked Questions
Are Accounting Directors Ranked Higher Than Controllers?
Yes, they are. Accounting directors earn and are placed higher than controllers.
Is An Accounting Director the Head of the Accounting Department?
Accounting directors don’t head the accounting department. That is the role of the Chief Finance Officer. However, an accounting director is one of the leading positions in accounting.
