If you are pursuing an accounting degree, one of the first things you should do is research all of the occupations within the field. As an accounting degree holder, you can qualify for a number of different entry-level positions and work your way up within the field as you gain experience. If you are interested in working in a corporate setting, one very popular paths to take is to become a cost accountant. As a cost accounting professional, you will work directly with management and executives within an organization to analyze the costs of producing products or delivering services to the public.
With more and more domestic and multinational corporations focusing on lowering costs, the need for talented cost accountants is on the rise. As with any profession, you should take time to learn about average salaries before you start searching for openings. Here is your guide to the cost accountant salary so you can know what to expect.
What is The Average Salary for Cost Accountants in the US?
Salaries can vary dramatically in any field, and this is especially true in such a specialized field like cost accounting. By researching the average salaries reported by small and large corporations in the United States, you can get a general idea of how much you can expect to make. The national average salary of accountants was reported to be $61,960 by the Bureau of Labor Statistics. As the demand for cost accountants grows and employment rises by as much as 16%, the average salary is expected to rise.
What Factors Can Affect the Average Cost Accountant Salary?
Now that you know the average salary, it is important to learn how your experience and educational background can increase or decrease your salary within the field. Obviously, the amount of money you earn will ultimately depend upon the organization you work for. If you work for a larger employer, they may have a larger salary budget to invest in human capital in an effort to reduce their long-term expenditures. Larger organizations also tend to offer cost accountant professionals full benefits packages, which have a monetary value that is often overlooked.
Another factor to consider is your degree level and experience level in cost accounting. As a new graduate, you may be hired as a Cost Accountant I, but there is opportunity for growth to higher titles like Cost Accountant III. Typically Cost Accountant III professionals have 4 to 6 years of experience in the field and possess a Bachelor’s degree. This experience and educational background will earn professionals a higher salary, typically around $67,721 per year. With more experience, professionals can also advance into higher level positions within the accounting department.
If you want to earn higher salaries than the average payroll accountant, cost accounting could be a great specialty to pursue. With a Bachelor’s degree in Accounting and some motivation, you could have a very bright future in the field of cost accounting.
Related Resource: Accounting Degree Careers