Cost Accountant Overview There are various types of accountants that perform specific duties. Cost Accountants, who ...
Cost Accountant Overview
There are various types of accountants that perform specific duties. Cost Accountants, who are also referred to as management accountants, private accountants, corporate accountants, industrial accountants or managerial accountants, record and analyze financial information for the companies they work for. The information they prepare and analyze is intended for internal use rather than for use by the general public. Cost Accountants might specialize in helping the companies they work for manage their budgets, evaluate their performance and manage their assets, such as advising on decisions concerning stocks, bonds, real estate and other investments.
Cost Accountant Education Requirements
Generally, people must have a bachelor's in accounting or a related field to become an accountant. For instance, some may have a Bachelor's Degree in Business Administration with a concentration in Accounting. Some employers prefer candidates who have master's degrees in accounting or related fields, and many accountants obtain positions with firms by completing internships and starting out in junior accounting positions until they advance to senior ones. Accountants who have certifications, such as a Certified Public Accountant or Certified Management Accountant, might experience greater job prospects since their certifications show that they passed a grueling exam.
Cost Accountant Job Market
The job market for accountants is expected to grow by 13 percent from 2012 to 2022. The demand for accountants is generally expected to mirror the overall state of the economy. However, there has been an increase in the demand for accountants due to the increase in corporate scandals and crises. Stricter laws and regulations have necessitated the need for companies to hire more accountants to keep an eye on their internal business activities. A similar position for someone with more experience would be a Senior Cost Accountant.
Cost Accountant Salary
The median percentile of accountants earn $63,550 per year. Accountants in the top 90th percentile earn as much as $111,510 annually. Accountants who worked in the securities and commodity exchanges industry tend to earn the most.