The Big Four Accounting Firms

“The Big Four”

The largest US accounting firms, also known as The Big Four, are Deloitte LLP, PricewaterhouseCoopers (PwC), Ernst & Young (E&Y), and Klynveld Peat Marwick Goerdeler (KPMG).

Deloitte’s revenue outstrips that of PwC by just more than $3 billion. Next, E&Y claims $14 billion in revenue while KPMG is more than $5 billion behind them. Deloitte employs almost 5,500 partners; PwC has 3,500 partners; and Ernst & Young the same. KPMG employs 2,213 partners.

Combined, the Big Four generated more than $148 billion in revenue in 2018. Aside from revenue, people interested in an accounting career should know what each firm does. If you’re looking to work for one of these firms, you should know the types of jobs available, the average starting salary, and how to have a better chance of receiving a job offer. Finally, future accountants should know the difference between consulting services and accounting, as that is an important factor in available positions with the four massive companies. In the 2000s, each firm made large investments into the consulting arms of their respective businesses.

Deloitte

Deloitte’s mission is to “Make an impact that matters - for our clients, our communities, and our professionals.”

By the numbers, Deloitte employs more than 286,200 employees. It is a private company with revenues of more than $10 billion annually. Its headquarters are located in New York City, where it is ideally located to offer consulting and accounting services to clients from the U.S. and around the world. Deloitte was founded in 1850, offering accounting services. Today, the firm employs more than 70,000 people here in the US. With their wide variety of services and the company’s depth of resources, Deloitte has the potential to create an impact on almost any career.

Deloitte professionals are closely allied with organizations creating social change, funding new cures for diseases, helping to implement sustainability solutions, foster and support inclusive cultures, prevent identity theft, and develop trust in capital markets. Employees at Deloitte are doing more than accounting and consulting. They are contributing to the development of cognitive technologies, helping to improve access to healthcare, and addressing climate change.

In 2009, 2018, and 2019 Deloitte won the Glassdoor award for being one of the best places to work.

PricewaterhouseCoopers (PwC)

PricewaterhouseCoopers’ mission is: “Innovative solutions, breakthrough thinking, new perspectives—they all start with you. We connect people with diverse backgrounds and skillsets to solve important problems together—for our clients and the world at large.”

PwC employs more than 250,900 people as a private company. It earns revenues of $5 to $10 billion annually. The firm is headquartered in New York City and was founded in 1998.

PwC focuses on developing leaders at all company levels, employing digital training that helps new employees to accept the innovative technologies of tomorrow, giving support to help career development and relationship-building with people from all backgrounds and multiple industries.

PwC assists its clients in meeting the challenges and opportunities within the US marketplace. Its specialties include advisory services, assurance, and taxes. PwC is one part of a global network of firms that have detailed knowledge of local, state, and US national issues. Employing people in more than 158 countries, PwC has a global network. The firm encourages collaboration and teamwork; it rewards excellence and respects diversity.

Ernst & Young (E&Y)

E&Y has over 225,000 employees worldwide and 34,500 employees in the US. Founded in 1989, the accounting firm has its headquarters in London, England. E&Y is a private company with more than $10 billion in revenue.

E&Y’s mission is: “Building a better working world.”

E&Y provides services such as tax advisory services and assurance. The company has built its quality services and insights so accountants can help to build trust and confidence within the capital markets. Because of its worldwide presence, it does the same in worldwide economies.

E&Y works hard to develop strong leaders who then team up together to deliver on promises made to stakeholders and clients. E&Y knows that by developing its leaders and delivering on promises to stakeholders, it is helping to build a better working world for clients, communities, and its employees.

Klynveld Peet Marwick Goerdeler (KPMG)

KPMG, based in New York City, employs almost 26,000 people in the US and over 207,000 worldwide. It falls within the subsidiary or business industry and was founded in 1987. The firm brings in revenues of $2 to $5 billion annually.

Within the US, KPMG LLP offers tax advisory and audit services. It also has more than 100 offices and partners located within the United States. The company’s purpose is to help convert knowledge into value for client benefit, its employees, and the global market.

Globally, KPMG offers a consistent menu of multidisciplinary services that are based on a deep knowledge of the industry. By remaining focused on a specific set of services, the professionals at KPMG develop a deeper understanding of their clients’ businesses, as well as the skills, insight, and resources needed to address specific issues within the industry.

Internship Opportunities

Deloitte

Accounting majors stay busy during their internships at Deloitte. They offer experiences that show undergraduate and graduate students how it feels to work in a top-tier accounting firm. Interns work with clients, take on projects, and provide deliverables. Deloitte also offers on-site mentorship and support, allowing interns to be more successful once they begin working full-time.

Various internships are offered to students (freshmen, sophomores, juniors, and seniors), showing them the different areas in which they may work. Interns may receive opportunities to work with a client or within internal services. The Discovery Internship exposes sophomores to various client service businesses within Deloitte.

PwC

An internship at PwC will give you access to a world of knowledge and the opportunity to work alongside and learn from skilled professionals. A summer internship at PwC allows you to develop the interpersonal and professional skills you’ll need. You won’t be filing or answering phones; instead, you’ll be able to effect change and begin developing your brand. Depending on your performance, you may be offered a position with PwC.

Take part in a PwC internship and gain new opportunities, build partner relationships, and develop personally and professionally. The Leadership Development Experience allows you to do all of this. Learn more about PwC internship opportunities here.

E&Y

Embarking on an internship at E&Y, you’ll be able to choose an international experience or work with clients. An internship at E&Y means you’ll be able to develop your skills working alongside some of the sharpest minds in the accounting services industry.

No matter your educational level, you will develop the leadership skills that you need to lean on throughout your career. When you start and complete an internship at E&Y, you’ll be able to grab the attention of recruiters when it’s time to find your first job. A six-week internship allows you to work as a team member.

KPMG

In a KPMG internship, you’ll be exposed to general audit, and banking and financial institution audit opportunities. These are six-month internships beginning in October and concluding in March of the following year. Once you complete your internship here, then graduate, you’ll begin to field job offers for assistant positions.

A summer internship allows you to learn business skills, build your network, partner with a mentor, and get real-world or global experience, all before graduation. KPMG offers a Global Internship Program, which allows you to begin globally with a four-week rotation in a different country.

Historical Context

Beginning in 1910, the Big Four were still composed of eight smaller accounting firms. These were Coopers and Lybrand, Arthur Andersen, Ernst & Whitney, Peat Marwick Mitchell, Deloitte Haskins & Sells, Price Waterhouse Touche Ross, and Arthur Young. More than one hundred years later, eight firms have become four, moving around and merging. These are PricewaterhouseCoopers, Deloitte, KPMG, and Ernst & Young.

About one-third of their business is made up of audits on Fortune 500 companies. Financial consulting services regarding regulations, mergers, financial transactions, acquisitions, operations, and business strategy make up about 65% of their revenue.

The Big Four have acquired professional talent via a “University to Big Four Pipeline.” The Big Four firms have also shifted their primary focus from accounting to consulting, mostly because business is changing. AI technology and automation have had, and continue to have, an impact. Today, major corporations and businesses also have to comply with the Sarbanes-Oxley Act and balance competing interests. The Big Four firms are also among some of the best places for employment in accounting, read more here.

Current Runners Up

Grant Thornton LLP

Founded in 1924, headquartered in Chicago, Illinois. Revenues are $1.87 billion annually. It is one of the world’s largest, independent audit, advisory, and tax firms. It works closely with a broad range of privately held and publicly held companies, financial institutions, government agencies, civic, and religious organizations. The company has 59 offices, more than 550 partners, and 7,000 employees.

BDO USA LLP

This firm was founded in 1910 and is also headquartered in Chicago. It has revenues of $1.47 billion annually. The company has about 1,330 offices in 150 countries. Its services include corporate real estate, tax, assurance, transaction advisory, and investment banking.

BDO’s consulting division offers investigation, litigation, business restructuring, and valuation services. Through BDO Capital Advisors, the company offers investment banking and services.

Crowe Horwath LLP

Founded in 1924, this business is headquartered in Chicago. Its revenues are over $900 million annually. Seen as a viable alternative to the Big 4, Crowe Horwath has 3,000 employees working in 28 offices across the US. It provides tax services, audit, and performance risk consulting to companies in a wide range of sectors.

Sources:

• https://igotanoffer.com/blogs/mckinsey-case-interview-blog/big-4-accounting-firms
• https://www2.deloitte.com/us/en/pages/careers/articles/join-deloitte-undergraduate-degree-opportunities.html
• https://www.pwc.com/us/en/careers/entry-level/internships.html
• https://home.kpmg/ca/en/home/careers/students.html
• https://taxandbusinessonline.villanova.edu/blog/the-history-future-of-the-big-four/
• https://www.wallstreetmojo.com/top-10-accounting-firms-across-the-globe/
• Learn how to become an accountant - https://discoveraccounting.org/become-a-cpa/

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Best Places for Employment in Accounting

What are the Best Industry Types?

Though every business needs some form of accounting, there are specific industries that need accounting help more than others. That is, they tend to hire accountants in higher numbers than other sectors of the economy. According to the Bureau of Labor Statistics, the industry with the highest percentage of accountants in its employ is the Accounting, Tax Preparation, Bookkeeping, and Payroll industry. That sector of the economy is 34.5% populated by accountants.

Behind the Accounting, etc. industry, the second highest concentration of accountants is found in the financial/investment sector. Included in this area are financial firms and insurance companies. Jobs you might find in this area include positions in legal services, healthcare, computing or mathematical occupations, management, and financial operations.

The Oil and Gas industry also employs a high concentration of accountants. The BLS states that nearly 6% of its workers are accountants. In fact, the Pipeline Transportation sector boasts the best-paid accountants. Their accountants earn a mean wage of $98,400 while accountants in the Natural Gas Distribution industry earn $90,980.

Insurance companies and benefit funds also employ a large number of accountants. This sector is part of the funds, trusts, and other financial vehicles portion of the economy. Naturally, accounting skills are needed to make sure that the various financial instruments manage to both service the end-user or consumer of the service and turn a profit for the company.

Though the BLS can show statistics for those employed specifically as accountants, there are many workers who implement their accounting skillsets in other occupations. Managers, in particular, need to have strong accounting skills to manage their payrolls, inventories, and staffing issues.

Highest Employment by State

Some states have more accountants than others. In fact, the state with the highest number of accountants is California. It is also one of our largest states and has the most robust economy in the nation, and the 25th largest globally. The mean wage for California accountants is shown to be $83,540 by the BLS.

The state that falls in fifth place for most accountants is Pennsylvania. Where California employs over 140,000 accountants, Pennsylvania employs 52,150 with a mean salary of $74,730. However, despite being the third largest employer, New York state has the highest mean salary for accountants. Empire State accountants earn a mean salary of $95,430.

If coastal life is not for you, Texas has the second highest employment level for accountants with 116,000 total professionals in the field who account for 9.76 jobs per thousand. This might be attributable to the high number of accountants needed by the Oil and Gas (and related) industry. The mean salary in Texas is $81,330.

Interestingly, the tiny District of Columbia boasts the highest concentration of accountants. Their accountants are also very well paid. DC accountants are paid a mean salary of $96,880. New York is the fourth most concentrated by accountants and boasts a competitive salary.

Highest Employment by City

Certain areas have a higher demand for accountants than others. It might come as little surprise to learn that the New York City region, inclusive of White Plains, Northern New Jersey, and Long Island, etc. is the largest metro area for accountants. There are 90,050 accountants in that area make a mean salary of $101,520.

The second and third largest cities or metropolitan areas for accountants are Los Angeles and Chicago, respectively. The Chicago region employs 36,280 where Los Angeles retains its lead with 42,940 accountants. Salaries between Chicago and Los Angeles are competitive, as Chicago's financial wizards earn $82,660 and those in Los Angeles earn a median paycheck of $84,070.

Minneapolis/St. Paul rounds out the top ten with 19,240 accountants who earn a mean salary of $73,710. Though their salaries might fall short of those in LA and Chicago, and be approximately 25% less than their contemporaries in New York, the cost of living in Minneapolis is also lower than any of the top three regions. Thus, it's important to assess a region's mean payscale against its overall cost of living, thus revealing the true value of work in that place.

Highest Wages by State

The state with the highest mean salary is California. The Golden State also employs the most accountants of any state. The mean salary for the entire state of California is $83,540 yet the mean can rise as high as $90,850 for those working in or around Ventura, CA. One of the lowest paid areas for accountants in California is along the Northern Coast where accountants earn an annual mean of $61,300. There are only 530 accountants in this part of Northern California, and the sparse overall population indicates that the cost of living is likely to be low, too.

Still, the lowest paid area of California pays more than the mean salary for accountants in Mississippi, the lowest-paid state for accountants. The mean salary in Mississippi is $59,960 and some of their better paid areas pay accountants a mean salary of $67,720.

Find All Wages by State Here

Metropolitan vs Rural

Generally speaking, accounting is an urban occupation. You are more likely to find larger accounting firms in big cities as well as better pay and opportunity. For example, Illinois is home to Chicago, the third largest market for accountants. Chicago is also a huge financial market as well as a hub for industry. By comparison, when you look at southern Illinois, there are only 340 employed accountants who earn a mean salary of $62,220, a far cry from the $82,660 mean of the Chicago area.

The reason behind this is easy to figure. The more robust business environments have a stronger demand for accountants. Urban areas have more demand for the profession and thus pay its people better. The other side of this is that urban areas tend to have a higher cost of living, which might offset the added earnings. Where rural areas might have a lower cost of living that offsets a lower salary, these areas generally have less to offer in terms of cultural amenities, educational opportunities, and access to national and international travel. Check out all the accounting careers Discover Accounting has created guides for here.

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Functions of Accounting

Accounting is a broad and varied profession. When you study accounting, you’ll find that you can apply your education to a wide range of possible functions within a business. You can specialize yourself to serve your employer, if not your own business, in a variety of ways. You can also work in any industry and many departments within each of them. Government work is also a common employment choice for accountants.

Some accountants make their careers in the financial sector. They apply their ability to analyze corporate health to deals that can include initial public offerings, mergers, and acquisitions. These accountants don’t often engage in functions such as audits, but their knowledge and expertise enable them to assess an auditor’s conclusions with an educated eye.

Other accountants perform more managerial functions. If you move your career in this direction, you will be tasked with projects dealing with budgeting, maximizing efficiency, checking for errors, or even theft in the system. Managerial accountants might also work in information technology, where they audit an organization’s technological systems in search of new ways to optimize workflow or overall efficiency.

Two Forms of Accounting

Managerial

Managerial accountants are an integral part of a business’ daily operations. They seek to find new ways to maximize efficiency, write budgets for new projects, and even perform audits on various systems. One key function of a managerial accountant is cost control, which can mean anything from finding cheaper toner for the copiers to shaving minutes from worker’s hours to save the company thousands of dollars.

They also work to evaluate employee performance to ensure that the organization receives the most productivity possible from the payroll expenditures. When individuals or departments are found to be too inefficient, accountants might seek ways to improve workforce output. This could entail upgrading technologies, discovering new workflow methods to improve how work is actually done, or even outsourcing labor to other sources.

Managerial accountants might work for a single organization and continually seek to improve its functioning and efficiency. They might also work as consultants for organizations all over the nation and world. In each case, these accountants need to work closely with department heads in a range of areas. They might need to assess efficiency in a manufacturing facility or discern how to best upgrade IT functions in a small company.

Managerial accountants frequently will focus on a specific industry where they will become experts and forge a successful career. This is important because each industry has an individual set of issues to work with. Healthcare, for instance, must abide by certain regulations governing patient care. On the other hand, the automotive industry deals with a whole different type of regulation.

Here is a brief list of other managerial functions accountants perform regularly:

• Budgeting – both for individual projects and the company as a whole
• Cost Controls – determine company policy for areas such as payroll or accounts payable
• Employee Evaluations – analyze the workforce to see where improvements will result in savings
• Fraud Control – investigate shortages to ensure that neither outside theft nor inside embezzlement is occurring
• Error Control – accountants analyze how and why errors happen to help determine how to avoid them in the future

Financial

Financial accounting is the other main function of an accountant. This set of functions is also called stewardship accounting. This might be what most people think of when they think of a staff accountant; a professional tasked with aggregating and analyzing the hard numbers.

Stewardship accounting is always concerned with keeping accurate financial records. They need to ensure that every penny spent or earned is recorded accurately. That is, it’s vital to know how certain transactions can be accounted for on a tax return.

In a publicly traded company, this sort of classification can be incredibly helpful when putting together quarterly and year-end documentation. Shareholders need to have an accurate accounting of the company’s finances and also a fair and objective description of those figures. Sometimes, a company will have one-time expenditures that will dramatically impact overall earnings or profits. On the other hand, shareholders need to understand how a sell-off of assets can result in a revenue spike, which is unlikely to repeat.

Financial accountants might also analyze the company’s overall fiscal health with regards to multiple factors. They can take into account external events that impact financial health including taxation, government regulations, or even weather events. In some cases, financial accountants might make the seemingly counter-productive recommendation that a company take on more debt. However, when seen in a broader perspective, that debt can offset profits and thus help the organization avoid taxation.

A financial accountant’s duties can include, but are not limited to:

• Recording financial transactions
• Describing financial transactions
• Translating financial data for executives or shareholders
• Calculating the actual bottom line for a company
• Preparing reporting documents such as the Annual Report

Functions of Accounting is republished from Discover Accounting - Read more by visiting Discover Accounting today.

Accounting for Entrepreneurs

When you are starting a business from scratch, it's important to gather as many resources as possible so that your launch is strong and successful. You should hire the best employees, stock the best tools and materials, and be fully ready for your first customer. However, you also want to make sure that you are able to make ends meet. This might mean cutting a few corners. One way to reduce costs is by managing your payroll expenses. For example, if you're starting a small cafe you should hire staff to cover the positions, but you should also be prepared to do some of that work yourself.

Much the same thinking applies to the financial life of your business. While it is optimal to employ a CPA to help with taxes, payroll, and other financial matters, they also are expensive. Like your payroll issues, you can take on the accounting duties and save your business a lot of expense.

Why Entrepreneurs Need Accounting Skills

Many entrepreneurs are visionaries. You are looking at the big picture of the goods and services you will provide to your customers. You're possibly more concerned with overall value of your business to the community than inventory issues or tax deductions. Thus, you and other entrepreneurs might overlook things like accounting. In the midst of formulating your business plan you surely went over some numbers but might not have done a full accounting.

To achieve the most success, and long-term viability for your business, you need to acquire accounting skills. That's because things like taxation, payroll, and inventory are all rather complex issues. You will thus need foundational accounting skills so that you maintain a firm grasp on every penny that comes through your accounts. When, for instance, you are on top of your inventories, you'll have confidence in what you should order or when to reduce your holdings by having a sale.

Thankfully, it's fully within your grasp to attain the skills you'll need to maintain your business like a well-oiled machine. Contemporary software packages and a strong set of business practices and protocols will ensure that your pride and joy grows and develops to suit your long-term vision.

What Do Entrepreneurs Need to Know?

Record Keeping

One of the key skills you'll need as an entrepreneur is record keeping. You need to set protocols in place for storing every receipt, recording every transaction, and noting every time you bring in or ship out inventory. You might consider using tools such as a computer tablet where you can record notes on a text tool or numbers in a spreadsheet. If you decide to use an accounting software package, you will use something called journal entries to track each debit and credit. Using these, you can maintain consistency and accuracy and make notes on losses about why you might need to write off an expense. This will help you when it comes time to do taxes or prepare documents for investors.

Income Statements

Your income statement is an aggregate of all your profits and losses over a period of time. Specifically, your income statement should include your revenues, expenses, gains, and losses. That is, every dollar that comes through your accounts; the costs of your business, the profit from sales, and any losses – perhaps due to shrinkage, breakage, or promotional giveaways - will be recorded.

You'll need to keep records that reflect the nature of the items in your income statement (journal entries). For instance, you can realize revenues through non-business operations. You might gain revenue through investments, interest on accounts, or a court settlement. When you record the source and value of these gains, you can determine how those monies should be taxed.

Determining Profits

Once you are able to master your income statement, you can determine how profitable your business truly is. You can then compare your expenses versus your profits and arrive at a profit margin. This number will be of vital importance when you seek out investors or additional bank loans.

As you see, when assembling the data for your Income Statement, you must make an accounting of your total expenditures and losses in addition to your total revenues. You should make a distinction between operating revenues and non-operating revenues. That is, any one-time gains from things like asset sales or other investments don't necessarily reflect your business over the long-term and should be factored out when assessing the true health of the operation.

Predictive Accounting / Financial Estimates

You need to have some way to prepare for the future. However, in your first year(s) of business you will likely have no basis for such determinations. This is where your precise records, journal entries, etc. will come in handy. For instance, if you have a record of past business activity during the summer, you will know what sort of staff to have on payroll and how to manage inventories. For instance, if you run a sporting goods shop, you'll know not to stock so many snow skis and to be prepared for a possible downturn when everyone in town heads to the beach in July.

When you can refer to your past numbers, as well as create a narrative account of the past, you will be better prepared for the future. For instance, your business may have faltered last July. According to the numbers, you should be wary of bringing on payroll expenses or inventories during that time. However, if your narrative account reminds you that there was significant construction on the road in front of your retail operation, you'll thus temper the pure financial data. The improved roadway might bring more business this year.

Setting Profit Goals

After your business has been in operation for a while, you will be able to predict your numbers with greater and greater accuracy. You'll be able to tell what items produce more sales and which languish on your shelves. In more general terms, you'll have a strong handle on your market and how to meet its demands in ever more efficient ways. Thus, you can start setting reasonable goals for sales and profits.

Tips

Use A Specific Software

There are many software packages on the market these days. Though there is little replacement for a true financial professional, you can let the software store and process your data for personal analysis. Make sure to keep back-ups of all of your records so that you both keep your data in the event of a system problem and for when you do hire an accountant. The most important thing is to make sure that there is one system for everything. You don’t want to keep a little data here and a little data there. Collating it when you are ready to get a professional in will be a very difficult process.

Separate Your Business and Personal Account

This is a very important tip that might seem like it's common sense. However, too many business owners start making a habit of blurring the lines between their personal and business accounts. This can happen when you start using a company vehicle for personal use and then rely on the business expense accounts when it's not altogether appropriate. When you keep your personal accounts and expenses separate, it will be far easier to assess both in real terms. It will also help you realize more quickly when a business is failing and allow you to follow the next bit of advice more freely.

Pay Yourself

You work hard so make sure to pay yourself. However, try to pay yourself as low of a salary as possible. This might seem foolish until you pay yourself a hefty bonus at the end of the year or quarter. This is one way to avoid paying as much payroll tax. You will still need to account for the bonus on your personal income tax, but your business will avoid that extra expense. You might look into a bonus structure for your top employees as well.

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Top Paying Jobs in Accounting

How much a person is paid is affected by a number of factors. Your pay can rise based on your relative experience, location, or industry. You can also be paid better if you have more education, certifications, or state licensure. In accounting, you are likely to find the best pay if you become a licensed Certified Public Accountant and then your pay will rise from there depending on the level of responsibility you shoulder. If you consult on large mergers or audit a Fortune 500 company, you are sure to be paid better than if you work for small non-profit organizations. The actual type of job you take matters for your career goals.

What Are Some of The Best Paying Accounting Jobs

1. Accounting Professor

Average Income: $86,500

You might pursue a career in academic accounting if your passion is for the intricacies of the profession itself, and if you love informing young minds. You will need to achieve a minimum of a master's degree to teach at the university level, and it's recommended that you complete a PhD to give yourself the best shot at a permanent, tenure-track position. This work is very rewarding, and you'll spend several hours per day working with students by giving lectures or discussing assignments during your office hours. You may also need to grade papers, but larger universities may provide graduate students to help you with that work.

2. Director of Finance & Administration

Average Income: $88,600

This position is one that you might obtain after a number of years in an industry. Directorships are often given to those with master's degrees, as well. In particular, an MBA with a concentration in accounting or finance will be helpful. A law degree is often considered very helpful, though you will not likely need to be a member of the bar if you remain in a business environment.

This job will require you to manage the financial and administrative life of your firm. Department heads and other management professionals will report to you as you will need their collaboration when devising budgets. Thus, you must have strong communication skills on top of your business acumen.

3. Corporate Controller

Average Income: $95,600

A Corporate Controller might be considered a firm's top accountant. Virtually every financial function of your firm will route through you. Whether that is budgeting, accounts payable/receivable, or generating financial reports for quarterly or year-end statements.

Controllers work in offices of corporations and maintain regular office hours. However, you might find that you need to work approximately 60 hours a week to manage all your duties. On the other hand, your salary is sure to be ample with a substantial bonus structure to sweeten the deal.

4. Internal Auditing Manager

Average Income: $97,900

Internal auditing managers are in charge of overseeing nearly every single operation in the life of a company. In this job, you will ensure that your firm is in compliance with all relevant governmental regulations, insurance stipulations, and internal standards. Auditing managers ensure that their firms operate at maximum efficiency. A large part of this occupation is generating reports to department heads as well as c-suite executives. Thus, you will need strong written and verbal communication skills, on top of the ability to generate eye-catching PowerPoint slides. Typically, professionals in these top positions have extended tenure as well as a master's degree.

5. Investment Banker

Average Income: $98,200

The term Investment Banker covers a fairly wide range of activities. Those include helping a company issue stock on a public market, managing a merger or acquisition, discovering funding for a company's expansion, or even helping governments raise capital or attract new business to their state or nation. The working life of an investment banker tends to be very demanding, including very long hours, high-pressure deals, and rigorous governmental scrutiny related to insider trading and other SEC regulations.

Investment bankers typically start out in an analyst position that lasts for two years, possibly three. From that point, they will attend graduate school for their MBA. Some will return to their original firms to pursue a career as an associate, but others will move on to a new firm such as Goldman Sachs, Morgan Stanley, or ABN/AMRO.

6. Financial Planning & Analysis Manager

Average Income: $99,100

Financial planning and analysis managers help firms make sure that their funds are spent in the best possible ways, with the least inefficiencies. Professionals in this position seek to reduce financial risk for their firms or clients. A keen knowledge of economics, accounting, and finance will be invaluable, as will years of experience. Since your decisions will impact the financial health of the entire firm, your salary is sure to be augmented with a healthy bonus that is tied to the firm's bottom line.

If you are aiming to do this sort of work, it's advised that you attain an MBA with a focus on finance and/or accounting.

7. Finance Director

Average Income: $111,300

This occupation is an upper-management position that helps the firm avoid excess risk, maximize efficiency, and best manage the firm's finances. You might assess the operations in the company's various departments and audit them for overall efficiency. You can also help determine the best areas for the firm's growth and development.

Finance directors are generally c-level executives that have MBA degrees with concentrations in finance or accounting. They might also have law degrees as well as many years of proven success in the field. Tenure in investment banking might be helpful in landing such a position, particularly with companies in your industry of specialization.

8. Director of Risk Management/Risk Control

Average Income: $113,400

Risk managers help their firms assess and manage their risk exposure. A bachelor's degree is often enough to get started in this field, preferably in business, accounting, or finance. However, to excel as a risk management professional, you will need a Master of Business Administration and/or a law degree. Some programs offer concurrent JD/MBA programs which can be completed in approximately four years. Employers for this position include high tech firms, government agencies, and Fortune 500 companies from any industry.

9. CFO (Chief Financial Officer)

Average Income: $130,200

The CFO of any company is a professional who oversees how every penny is spent in the firm. This is a position that frequently comes as a capstone to a decades-long tenure in a firm. The CFO frequently sits alongside the CEO and is likewise accountable to the Board of Directors, if there is one.

You will need to have expertise in creating budgets, knowledge of debt and credit instruments, as well as a deep understanding of economics.

While there is no specific requirement for a graduate degree in this position, you should expect to attain an MBA and perhaps additional certificates in related fields. A law degree will also be immensely beneficial in the job market and in the position.

10. Vice President of Finance

Average Income: $134,700

This position is often synonymous with a Chief Financial Officer, but the nomenclature between firms varies. Regardless, this is a top-level position that professionals strive for over the course of decades, not years. To attain this VP position, you should be sure to complete an MBA program, pass the CPA exam, and perhaps complete a law degree as well. All that work will be worth it when you receive your first bonus check, of course.

Sources:

• https://www.payscale.com/
• https://www.bls.gov/

The following article Top Paying Jobs in Accounting was first published to Discover Accounting LLC

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How Accounting Temp Agencies Can Help You!

Temp Agencies Can Help You Find Accounting Jobs

What is a Temporary Position?

A temporary position is a short- or long-term job, or work that is not permanent employment. However, there are also some temporary positions that can lead to permanent employment. Most job seekers will take on a temporary position until they find something permanent, but if the company they are doing a temporary job for sees them as an asset to the business; the employer may offer them a permanent full-time position to stay on with their firm.

Businesses generally hire temps to fill a role until they can get someone else to fill a position or will hire someone temporarily to see how well they do before actually putting them on the payroll as a full-time regular employee. Other reasons why businesses hire temps are:

• To fill in for an employee who is going on vacation, taking maternity leave, having a medical procedure done, or just needs some time off for any reason
• For seasonal assistance
• To help fulfill certain projects
• To assist an employee who is running behind
• To take over when someone gets fired, suddenly quits, or calls out

Those looking for temporary work can go through a temporary employment agency that matches workers with jobs they are qualified for.

How do Temp Agencies Work?

Also known as staffing and employment agencies, temp agencies can find you temporary jobs quickly so that you can earn some cash to pay bills while seeking a permanent position or earning a degree.

When applying to a temp agency, you will have to undergo an extensive application process that may have more requirements than a regular job would. Typically, you will start by filling out an application and submitting your resume. Similar to a regular job hiring process, you will then be interviewed by the agency and may be tested to see how advanced your skills are to match you with positions you are qualified for.

Additionally, the agency will run a background check on you and finally let you know if you are approved or not.

Once approved, the agency will look for a temporary job offered by an employer they have contracted with that matches your interests and/or skill sets, then contact you with some offers that you can either accept or reject. Jobs can be anywhere from a few hours to many months or more of part- or full-time work.

There is no charge to a job seeker for this service, as temp agencies are paid by employers who use their services to find someone to work for them temporarily. Moreover, when you accept a job to work for a company temporarily, it doesn’t mean you are hired by that organization; rather you work for the temp agency that also pays you your wages. If the job pays $30 per hour, most agencies will take $10 and pay you $20.

Although every agency has its own rules, they are very similar. If an employer decides to keep you on permanently, they will have to pay to release you from your contract with the temp agency first per their agreement with the agency or they may wait until the end of the contract and then bring you on full-time without paying out the remainder of your temporary contract.

Do I need experience?

You don’t need experience to be signed on with employment agencies, as there are some jobs that don’t require any; however, it depends on the employer’s preferences. Although most companies will want you to have some experience, there are some employers who will hire you for a temp position without it and others who will hire students studying in the field or who are educated in the same or a related area.

One thing that is good about these agencies is that they can help you to get your foot in the door within the industry and gain experience that you can use for a permanent position later working for another company.

Why should I get a temp job if I already have an Accounting Degree?

There are numerous reasons why degree holders may seek temporary positions. Just because you have earned a degree doesn’t mean you will get a good job right off the bat, especially since most of the better-paying jobs require at least some experience. Therefore, some may find it difficult to find a job that suits their needs right after graduating from college. While you are searching for employment, you’ll still need to earn some kind of income, since you can’t put your bills on hold.

Additionally, some people have certain responsibilities that prevent them from working a full-time job, so they take on temporary positions instead, to help earn an income to fulfill their living expenses. Temporary jobs are also good for those who wish to continue their education. While studying they can do some temporary work to help with their cash needs.

Others who may benefit by using a temp agency are graduates who have worked hard to earn an accounting degree and may just want to take a little break before hitting the pavement and then working for the rest of their life, after finding permanent full-time employment, or they may want to check out a type of firm or perhaps it’s the only job you can get in a company you’d love to work for. You can take a temp job as an opportunity to network within a specific company or industry.

These are just some of the reasons why graduates find temp agencies appealing. Bachelor's degree holders can also get temporary jobs through these agencies, which can help them to gain some much-needed experience, earn some cash for necessities until they land the job they desire or build a network of others in the field.

How a Temp Position Can Turn into a Full-Time Position

While most job seekers will take to temp agencies to help them get short term positions until they find something permanent, the majority of businesses use temp agencies to find people to fill openings until they can find someone permanently. Therefore, temporary employees that do well while performing short-term tasks for an employer could benefit both the employer and themselves, as the company may consider putting them on the payroll permanently.

Short-term positions generally last anywhere from a few hours to a couple of weeks but can continue even longer. However, jobs that last longer than roughly six weeks are usually considered long-term, which would require the employer to extend a short-term contract. Although some long-term projects may be extended for a year or more, after reaching a specific duration (usually 1,000 hours worked within a year), it is mandatory that the temp becomes a permanent employee and receive employee benefits from the employer.

The specific amount of time set between short-term, long-term, and permanent employment is determined by corporate policies, government regulations, and state laws. However, even long-term positions are often accessible through temp agencies.

What Kinds of Accounting Positions Can You Find?

Accounting temp agencies have many opportunities available for those seeking short or long-term employment, or even a permanent position, these may include:

Accountant

Accountants oversee an organization’s financial transactions by performing financial calculations. Common duties may include maintaining balance sheets, managing budgets, creating cash flow and sales reports, administering payroll, conducting billing activities, taking inventory, generating income forecasts, and filing taxes.

Staff Accountant

Staff accountants work five days a week during regular business hours preparing financial reports and analyzing financial information to determine and maintain an organization's liability, profits and losses, records of assets, tax liability, and other financial information.

Senior Accountant

Senior accountants lead a company’s accounting division and keep the organization’s finances organized. These professionals must have strong organizational and mathematics skills to be perfectly accurate with calculations every time as the tiniest mistake can be fatal to an organization’s finances.

Accounting Manager

Accounting managers are responsible for developing and implementing methods for verifying, analyzing, gathering, and reporting various types of a company’s financial information as well as scheduling expenditures, preparing and maintaining annual budgets, and taking corrective measures should an error occur.

Search for Your Perfect Job

How Do I get the Most Out of an Experience with a Temp Agency?

Staffing firms can do a lot more for you than you may know. Not only do they let you in on unique opportunities that are not listed anywhere else, but some of them may even coach you through the application/interviewing process, help make you a professional resume, provide you with guidance, training, and feedback that will enhance your skills, and more. Use the following tips to help you get the most out of an experience with a temp agency:

• Be honest and follow their rules
Honesty is still the best policy, especially when you want to maintain a good relationship with your recruiter. Being candid will help your recruiter understand your needs and know what jobs will suit you.

• Check in with them regularly
Check in with your recruiter on a regular basis to show you are still interested in a temp position. If you applied for jobs, be sure and follow up by calling to check the status.

• Take advantage of what they offer
Most staffing agencies offer free services that can be very beneficial to you, such as training courses, interview prep, resume writing, and career counseling that you should take advantage of if you have time.

• Always look your best and act professionally
When sent on a job, you’re basically representing the agency, so it’s important to look your best and act in a professional manner and they will continue placing you with the best jobs.

• Don’t limit your search to just the agency
Although staffing agencies will try their best to find a position that suits you, don’t forget that you can also look to job boards, social media, and other means for finding work.

• Always ask questions when you are uncertain about anything
Keep in mind that all temp agencies have their own rules. Therefore, after allowing your recruiter to explain how their process works, be sure and ask any questions you may have.

• Only accept jobs that interest you
While recruiting agencies have some great jobs to offer, they also have jobs that nobody wants, which they may try passing to you first, but remember you don’t have to accept just any job.

Accounting Temp Agencies in the US

Robert Half Accountemps Company
With over 325 locations, this agency makes the hiring process easier for temporary accounting and finance jobs. Accountemps utilizes cutting edge technology and matching algorithms to rapidly find the best possible candidates for every project, whether it’s short-term, long-term, or temp to permanent positions.

Frontline Source Group Accounting & Finance Recruiting Agency
Frontline offers professional contract staffing services for a temporary, temp to permanent, or direct hiring processes in many convenient locations throughout the U.S. They work closely with all their clients to identify their needs and talents before matching them with the perfect opportunity for their field of expertise.

Aerotek’s Accounting Staffing & Employment Agency
Aerotek has specialized recruiters to help connect their contracted clients with highly skilled accounting professionals across all industries throughout America. They offer flexible services to match talented, highly-skilled candidates with businesses seeking their professionalism from collections to accounts receivable and payable.

 

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