Staff accountants are trained accounting professionals who are employed directly at an organization to prepare and monitor their financial records. Unlike some other similar careers, staff accountants aren’t contracted through a public accounting firm to keep tabs on the organization’s books. General staff accountants typically are given the task of poring over the dollar signs to make certain that the organization is maintaining good financial health. Some staff accountants may also specialize their skills in handling tax issues, conducting audits, or performing cost analysis for the organizations where they’re on staff. Staff accountants can work for basically any public, industry, government, or non-profit agency to crunch numbers that impact how the organization runs. Staff accountants often work on teams with other accounting professionals to keep financial statements in compliance with changing regulations.
Salary
According to the Bureau of Labor Statistics, the nearly 1.2 million accountants currently employed in the United States earn an average annual salary of $73,670, which can be equated to a mean hourly wage of $35.42. Staff accountants who work for local governments make less than average at $62,890, but those on staff at securities and commodity brokerages earn the highest average salary at $95,970 annually.
Beginning Salary
When just hired as a new staff accountant with little to no experience, individuals can expect to land in the bottom tenth percentile of earnings with a yearly salary around $40,850. However, it’s important to remember that staff accountants can eventually climb up the career ladder and move to larger corporations to make upwards of $115,950 each year.
Key Responsibilities
Staff accountants have the primary responsibility of keeping their employing company’s books, budget plans, taxes, and financial statements aligned with accuracy. On a typical day, staff accountants may be involved in analyzing financial records, looking for compliance issues, computing taxes owed, preparing tax returns, using accounting software, maintaining clear financial records, eliminating fraud, and checking for mismanagement of funds. In some cases, staff accountants will conduct financial statement analysis to find methods to effectively cut costs, boost revenue, and improve profitability. Staff accountants with experience may also have supervisory responsibilities in leading junior auditors, accountants, or interns.
Necessary Skills
In order to be successful as a staff accountant, you must possess strong analytical skills in quickly identifying any misprints in financial records and implementing quick, effective solutions. Staff accountants should be skilled communicators with good interpersonal skills to listen to their managers’ requests, discuss their findings in meetings, and write detailed reports. Mathematical skills are important for staff accountants to accurately calculate and interpret figures in their employing organization’s finances. Being detail-oriented with good organizational, time management, and multi-tasking skills is crucial for staff accountants to review a range of financial documents at once. Staff accountants should also have the prerequisite technical skills to use the latest software in recording and reporting financial data.
Degree and Education Requirements
Some aspiring staff accountants may find open positions in smaller firms with an associate’s degree, but the majority of employers will require a bachelor’s degree from an accredited post-secondary institution. Staff accountants benefit most from majoring their four-year undergrad degree in accounting, business, economics, finance, or statistics. Preference will likely go to staff accountants who have taken elective coursework related to auditing, bookkeeping, business valuation, financial accounting, cost accounting, financial statement analysis, and accounting law. Graduates who go a step further to a Master of Accounting (MAcc) degree will have the 150-hour qualifications needed to advance as a Certified Public Accountant (CPA).
Pros and Cons of the Position
Working as a staff accountant will come with its fair share of advantages and downsides that must be weighed against one another. On the sunny side, staff accountants have a decent starting salary that can potentially cross the six-figure salary mark with added experience. Staff accountants work in a comfortable office environment and are hired on staff to form more meaningful interactions with peers. Staff accountants also benefit from having favorable job prospects in a variety of organizations to specialize their interests. On the cloudy side, staff accountants are considered entry-level, which means they may be given menial tasks other accounting professionals don’t want. Accounting is a repetitive, meticulous job that can become boring for some. Staff accountants can also have difficulty achieving a good work-life balance with long hours beyond the standard 9-to-5 shifts.
Getting Started
A passion for accounting can start in high school by taking advanced classes in algebra, calculus, and statistics. From there, you’ll have to build upon your love for numbers by pairing your college degree with real-world accounting experience. Internships are the perfect opportunity for students to obtain on-the-job training and increase their practical knowledge base without interrupting their degree. It’s advised that you take a trip to your college’s career services department to apply for relevant accounting internships. Then, update your resume with your educational qualifications and employment history. Include any volunteer work that included bookkeeping or financial analysis too. You’re now ready to start applying for staff accountant positions either online or in-person. Consider returning to graduate school if you’re interested in advancing as a CPA, CMA, CFM, CIA, or CFE.
Future Outlook
The job outlook for accountants is traditionally tied to the overall general health of our country’s economy. As the United States continues to recover from the last economic downturn, it’s expected that the demand for staff accountants will rise. Staff accountants will be needed to prepare, examine, and file financial records, especially with the latest strict regulations imposed by the federal government. Since corporations are also dealing with tighter lending standards, staff accountants will be hired to perform audits, organize finances, and boost the organization’s creditworthiness. The BLS predicts that employment of staff accountants will grow slightly faster than average by 13 percent, thus sparking at least 166,000 new jobs by 2022. Staff accountants can find the most openings in government agencies, insurance carriers, manufacturing companies, private corporations, and financial institutions.
Overall, staff accountants work directly within a company in an entry-level role to complete all administrative work necessary to address the financial needs of the business operations. Staff accountants can handle everything from managing fixed assets and running the invoicing system to processing paychecks and analyzing balance sheets. After gaining experience as a staff accountant, there’s plenty of room for upward mobility to join upper management in keeping the company’s financial situation as positive as possible.
