Specialists in the field of accounting are accountable for a variety of different basic functions within an organization, and it is important to choose which functions you would like to do on a daily basis before you start searching for a position in the field. As you are studying to earn a Bachelor’s or a Master’s degree majoring in Accounting, selecting the right core courses and electives can help you build the knowledge in specialty areas of the discipline like cost accounting. Cost accountants serve a very important role in both public and private organizations by analyzing costs, collecting data, and looking for ways to reduce fixed and variable expenses. If this specialty interests you, one of the first things you should do is research how much you will make as a cost accountant when you are an entry-level staff member or an upper-level senior professional.
How Much Can You Make When You Graduate With a Bachelor’s Degree?
Entry-level professionals in cost accounting are typically called staff cost accountants. As with most career paths, you will generally start at the lowest level position in cost accounting once you earn your Bachelor’s degree in the discipline so that you can learn the ropes and also prove yourself. When you are an entry-level professional, you can expect to earn entry-level money, but the pay for new graduates in cost accounting is sizable compared to salaries in other disciplines. As a staff cost accountant with little to no experience in the specialty area, you can expect to earn a salary between the range of $41,000 and $65,000 per year with less than 1 year of experience. The range is so large because of the fact that small companies pay much less than larger corporations.
How Much Can You Earn With More Experience?
You may be happy with the entry-level salary ranges, but the salary ranges go up higher once you gain experience and move up to a budget accountant or a senior cost accountant. Budget accountants work close to finance departments and with management but have more independent roles than a staff cost accountant. Senior cost accountants will typically play a supervisory role directly over staff members and tend to special projects. As a senior, the professional will need to possess managerial skills as well as experience in compliance and processes. The next level up from a senior would be the controller, who is the highest-ranking pure accounting professional in an organization. Budget accountants and analysts earn between $38,159 and $98,633 per year throughout the nation. Senior or supervisory professionals earn an average of $70,502 annually, and with more experience controllers earn an average of $77,000 per year. Each of these figures are averages, and you must consider the region you plan to work in when you are estimating earning potential. Salaries in the field of accounting can vary from specialty to specialty, and cost accounting could be a great specialty for you to pursue. With a degree in accounting, knowledge about processes, and some time gaining experience, you can earn a nice living doing something that you enjoy doing. The field of cost accounting is only expected to grow, and joining the field while the demand is high is ideal.