Accountants have something to look forward to in 2014. Not only will there be more accounting jobs available throughout the industry, but the Robert Half 2014 Salary Guide indicates that accountants will see a pay increase next year. The news comes as a pleasant surprise, because for most of 2013, the accounting industry remained stagnant. Salaries didn't differ much and offshoring remained prevalent—the small increase in accounting jobs in small-to-medium businesses was offset by offshoring from large companies. Thankfully, it looks like 2014 should be a good year for accountants.
The Robert Half 2014 Salary Guide, published by Robert Half International, a high-rated staffing firm, is a thirty-page salary guide that contains starting compensation and hiring trends throughout the accounting and finance industries. According to the guide, starting salaries in the accounting and finance industries are projected to increase by 3.4 percent in 2014. The guide also indicates that entry-level accountants, internal auditors, and financial and business analysts are all in high demand. According to Paul McDonald, senior executive director for Robert Half International, starting salaries are increasing partly due to urgency to fill accounting jobs that were eliminated during the economic downturn.
While an increased starting salary is good news for new accountants, it's also a good time for experienced accountants with a desire to work for another firm to find a new position. Experienced accountants with analytical skills are coveted by numerous employers. Because of this, accounting salaries for seasoned professionals who want to change positions will also increase. In fact, starting wages for experienced financial analysts at large corporations are expected to increase by up to 4.3 percent. According to an article on accountingWEB, salaries for financial analysts with one year's experience will range from $45,250 to $59,000 per year and starting salaries for financial analysts with between one and three years of experience will range from $56,000 to $75,500 per year.
Many accounting firms are also looking to fill available accounting jobs. Some are seeking accountants who specialize in tax and audits, but firms are also seeking experienced professionals for smaller niche areas like real estate and insurance. According to a recent article posted on Forbes.com, accounting firm family office practices, another small niche area, is projected to multiply at a fairly fast pace. Family office practices handle the finances of the financially elite—families with a net worth of $20 million or more. However, in order to obtain one of these coveted accounting jobs, you not only need a lot of experience, but you need to be able to handle high client demands.
An increase in accounting salaries and available accounting jobs is definitely welcome news throughout the accounting industry. Overall, the projections for the industry look good, so if you want to change jobs, 2014 could be your year.
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