Did you know that more than 1.4 million people worked as accountants and auditors in the USA in 2023? (Source: BLS). If you ask us, it is no shocker because accounting is the most sought-after job in the USA and Indian accountants are the new techies of the silicon valley. The first thing that comes to mind, what are the salary expectations and different types of CPA roles in the USA? Before we get into the details, let’s explore the major employers of CPAs in the USA.
Major CPA Employers in the USA: Unlock your Big 4 Potential
As you must have already guessed, the Big 4 are at the forefront of the global accounting space. In 2023, Deloitte, PwC, EY and KPMG shared a combined revenue of over $200 billion! Moreover, Deloitte hosts the largest workforce of accounting firms in the US with over 171,000 staff members followed by KPMG, with over 50,300 of the accounting workforce in the country. Big 4 for a reason! (Source: Statista).
However, multinational corporations like Microsoft, Google and Apple also employ CPAs for complex financial tasks like financial reporting, internal auditing and compliance with federal regulations.
Don’t forget the federal and state government agencies as they are also the major employers of CPAs in the USA. Accountants in these government agencies oversee tasks like tax collection, auditing of financial records and enforcing financial regulations. Furthermore, BLS also records that employees here enjoy more job security and benefits attracting professionals from around the world.
Now, what if we tell you that working in the Big 4, the major employers of CPAs in the USA, is not a far-fetched dream. Do you remember when tech jobs were outsourced to India and we all were on cloud nine with opportunities to find international jobs within the country? Well, history repeats. With more than 300, 000 shortage of accountants in the US and top accounting firms outsourcing these jobs, this might be your breakthrough year to land that dream job in one of the Big 4 companies in India.
But here’s the catch, for candidates who dream big, Miles US Pathway is your golden ticket to hollywood. Miles’ winning formula, their STEM integrated Masters in accounting has proved to be the game changer for 1000s of Miles alumni, who are already living their American dream! Still don’t believe us? Hear it from our alumni
Types of CPA roles in the USA: What suits you the best!
While you can enter the accounting profession without a CPA certification, we highly recommend you complete your CPA, and elevate your accounting career to senior-levels and specialized roles. The different types of CPA roles in the USA represents a vast ocean, full of opportunities to hit the jackpot. In the next section, let’s understand the prominent types of CPA roles and how it can help you land that dream accounting job.
a) Public Accountant:
When we talk about public accounting, the first thing that comes to mind is working at the top accounting firms in the US who are connected to a large international network. Growth opportunities in such a top level company is endless. Auditing, tax preparation, and consulting are some common services by accountants in this role.
b) Corporate Accountant:
A corporate accountant is responsible for financial reporting and analysis within an organization. Not just that, developing and managing budgets, forecasting financial performance, and implementing controls to safeguard assets are among the key responsibilities of an accountant in this role.
c) Government Accountant
Government accountants ensure compliance with regulations and manage public funds responsibly. With expertise in knowledge of government accounting principles and regulations, managing complex data, and application of governmental financial guidelines, these accountants often enjoy extra benefits compared to others.
d) Forensic Accountant
Forensic accountants investigate financial discrepancies and fraud. They use accounting skills to support legal proceedings and uncover financial misconduct. Fraud investigation, Litigation Support and Data Analysis are some of the key responsibilities of these accountants.
e) Financial Analyst
The big bulls of accountants, Financial analysts, provide insights into investment opportunities, develop forecasts for mergers and acquisitions, and support businesses in planning and decision-making, and assessing potential risks and returns.
Based on your professional interests and skills, make sure to choose the right career role but as you know, we are just around the corner, ready to help you out.
Salary Expectations for CPAs in the USA: How to hit the jackpot!
Simply put, the salary for CPAs in the USA exceeds the expectations. It also signifies the thrilling accounting career journey, ambition and advancement. As we mentioned earlier, with the Miles US pathway, you can earn a starting salary of over $60,000 (INR 50 Lakhs+). The story however does not end here. This is only the groundwork for rich opportunities in auditing, tax preparation and financial analysis.
As you grow in your career to become a Mid-level CPA, more rewarding job roles are available at your disposal. Here, the role involves a new level of accountability and focus on specialization, problem solving, and managing junior team members. Whether you are specializing in forensic accounting, consulting or working your way up to managerial levels, you will be rewarded with proportional salaries.
Additionally, once you summit the peak of a Senior-level CPA, the rewards are outstanding! Be it as a CFO in a large corporation or as a Partner in a reputed firm, you will be able to orchestrate financial strategies with finesse, driving the organizations to financial success.
From ambitious beginnings to the esteemed senior roles, the journey of your CPA career is met with increased responsibilities, expertise and ultimately, a very rewarding career.
Job Market Trends for CPAs in the USA: What’s buzzing!
Interestingly enough, the Bureau of Labor Statistics reports that employment for accountants and auditors will grow about 7% from 2022 to 2032. But having said that, the job market trends for CPAs in the USA is determined by several economical and technological factors.
Increased Demand for CPAs: There has been an increasing demand for CPAs in the USA. It is also true that the above growth rate signifies it to be relatively higher than the average of all other occupations. This growth is driven by the need for financial transparency, regulatory compliance, and complex financial management.
Technological Advancements: Technology is constantly evolving thus leading to a major change in the CPA profession. The rise of automation and artificial intelligence has influenced the accounting tasks, increasing the efficiency and new opportunities for the CPA. For instance, data analytics and advanced software tools are becoming integral to auditing and financial analysis, requiring CPAs to adapt and develop new technical skills. This trend reflects a shift towards a more holistic approach to financial management.
Remote Work Opportunities: The COVID-19 pandemic accelerated the adoption of remote work, and many CPA firms and organizations continue to offer flexible work arrangements. Remote work opportunities allow CPAs to manage their schedules more effectively and access a broader range of job opportunities without geographical constraints.
In conclusion, the job market trends for CPAs in the USA highlight a growing trend in the demand for accountants who are tech-savvy and futuristic, shifting from traditional ways of accounting. The profession is evolving and with an industry expert like Miles Education, this is your opportunity to kick start your accounting career and stay ahead of the curve!
