Accountancy has now, for a long time, been considered a safe and rewarding option for many. With the years going by, the number of types of accountants has gone up, too. Although a part of an accountant’s job has become automated—therefore, easier to do—there’s still a lot that needs an accountant’s detail-oriented eye to be accomplished.
So, let’s take a look at the different types of accountants, what they do, and their salaries.
1. Public Accountants
A public accountant is a professional who performs tasks such as tax, auditing, consulting, and accounting for a public accounting firm. To work as a public accountant, you’re required to have a Bachelor’s Degree in Accounting and Certified Public Accountant (CPA) credentials.
What does a public accountant do?
A public accountant’s daily duties include preparing and verifying financial documents, planning finances, and analyzing budgets. They often also perform consulting, bookkeeping, and auditing tasks for their clients.
However, these are only the general responsibilities of a public accountant. Many field professionals specialize in a specific area and mostly do work around that.
Public accountant salary
A public accountant’s salary varies depending on the level of education, certification, and experience. The average salary, however, is around $78,000 annually.
Entry-level public accountant salary
Entry-level public accountant salaries start at around $48,000.
Senior public accountant salary
A senior public accountant can expect to earn around $110,000.
2. Auditors
Auditors are professionals who are in charge of verifying and validating a company’s financial statements and compiling reports on them. An auditor is responsible for determining how honest a company’s financial records are.
What does an auditor do?
An auditor’s daily duties include examining financial statements for accuracy, examining financial statements for compliance with laws and regulations, making sure taxes are paid timely, inspecting account books and accounting systems for efficiency, etc.
How much does an auditor make?
The average salary of an auditor is somewhere around $57,000.
Entry-level auditor salary
Entry-level auditor jobs usually offer around $41,000.
Senior auditor salary
Senior auditor salaries start at $83,000.
3. Tax Accountants
Unlike traditional accountants, tax accountants, tend to focus solely on the company’s taxes. These professionals are in charge of ensuring that their clients’ taxes are law-abiding, so their clients don’t face any penalties from the government.
What does a tax accountant do?
A tax accountant’s daily duties include determining tax strategies for their clients, preparing tax documents, arranging audits with taxation authorities, interpreting tax laws and explaining any changes brought by new tax laws, etc.
Tax accountant salary
A tax accountant’s median salary is around $57,000, but that varies depending on the level of experience and position in the company.
Entry-level tax accountant salary
Entry-level tax accountant salaries start at around $44,000.
Senior tax accountant salary
Senior tax accountants can expect to make up to $76,000.
4. Fiduciaries
Fiduciaries, by definition, are people or organizations that manage assets on behalf of another person. This means that these professionals are ethically and legally bound to act in the other person’s best interest.
What does a fiduciary do?
A fiduciary’s daily tasks include ensuring general financial well-being, performing due-diligence, managing all assets of a certain person, company, or organization, etc.
Fiduciary salary
The average salary of a fiduciary is around $68,000, but that depends on the position they have and whom they are working for.
Entry-level fiduciary salary
Entry-level fiduciary job salaries start at $40,000.
Senior fiduciary salary
Senior fiduciary salaries can go up to $132,000.
5. Forensic Accountants
Forensic accountants are usually professionals that have a special set of skills to help them be an accountant in the world of criminology. They follow money trails to expose graft, white-collar crime, and corruption.
What does a forensic accountant do?
A forensic accountant’s tasks often include assessing loss and potential damage awards, research, report writing, applying tax law knowledge, providing courtroom testimony, conducting and assisting in investigations, etc.
Forensic accountant salary
The average salary of a forensic accountant is somewhere around $70,000 annually, but that varies depending on what kind of position they hold.
Entry-level forensic accountant salary
An entry-level forensic accountant’s salary starts at $43,650.
Senior forensic accountant salary
The salary of a senior forensic accountant is around $122,840.
6. Financial Accountants
Financial accountants are individuals often described as very analytical and organized. These professionals are in charge of overseeing proper maintenance and reporting of a company’s financial statements.
What does a financial accountant do?
A financial accountant’s daily duties often include computing, maintaining, and classifying financial records of a company. They’re also responsible for reconciling billing vouchers and making financial statements public by using accounting software.
Financial accountant salary
Although the salary varies depending on the position, experience, and education, the average salary of a financial accountant is around $55,000.
Entry-level financial accountant salary
Entry-level financial accountant salaries start at $41,000.
Senior financial accountant salary
A senior financial accountant can expect to make up to $79,000.
7. Cost Accountants
Cost accountants are professionals responsible for reducing the company’s financial waste and increasing their profits. They often work closely with management, so they can achieve the financial objectives.
What does a cost accountant do?
A cost accountant’s duties include determining what the actual cost of a certain product or manufacturing is, preparing the company budget, analyzing profitability, scrutinizing any associated company expenses, etc.
Cost accountant salary
The median salary of a cost accountant is around $56,000.
Entry-level cost accountant salary
Entry-level cost accountant salaries start at $43,000.
Senior cost accountant salary
An experienced cost accountant’s salary can go up to $78,000.
8. Managerial Accountants
Management accountants are professionals that work for private businesses, public companies, and government agencies in order to help the company’s owner, the board of directors, or manager make financial decisions.
What does a managerial accountant do?
A managerial accountant’s tasks include analyzing and managing risk, identifying trends and opportunities for improvement, monitoring and enforcing compliance, arranging the funding and financing of operations, etc.
How much does a management accountant make?
The average salary of a management accountant is somewhere around $70,500.
Entry-level managerial accountant salary
Entry-level managerial accounting position’s salaries usually start at $60,000 and can go around $80,000 for Certified Management Accountants (CMA).
Senior managerial accountant salary
The average experienced CMA salary is around $125,000.
9. Government Accountants
Government accountants are professionals employed at all government levels—local, state, and federal. In order to get such a job, an accountant must have Certified Fraud Examiner (CFE) credentials.
What does a government accountant do?
A government accountant, depending on what government level they work for, is in charge of managing public funds, investigating white-collar crime, performing financial statement audits for government agencies, recommending corrective action, etc.
How much does a government accountant make?
The average salary of a government accountant is around $75,000.
Entry-level government accountant salary
Entry-level government accounting salary starts at around $55,000.
Senior government accountant salary
A certified government accountant’s salary is around $110,000.
Accountancy offers a wide array of jobs and qualifications for those interested in the field, ranging from cost accountant, government accountants to financial accountants. So, if you’re good at numbers and details, an accounting degree is definitely something worth pursuing. Every type of accountancy job has its own perks, and it’s up to you to decide which one fits you best. We hope this list helped you understand the different types of accountants there are.
If one of these accounting jobs appeals to you, start your journey now by enrolling in our Bachelor of Arts in Accounting program.
