Chartered accountants are needed all over the world with high demand as they are necessary for the economy. Without the services of a CA, a company might be clueless about how much money they are spending in various streams and how they can significantly improve their overall revenue.
Most CA’s work about 40 hours a week in many industries, including government, public and private corporations.
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Some popular specializations include management accountants, public accountants, auditors, and government accountants.
As we know, USA is popular for paying high salaries to its employees. Being a CA in the US can earn you quite well if you have the right experience and if you work at the right organisation.
The salary of CA in USA varies depending on the location, experience level and various factors. In this blog, we’ll discuss all the elements in great depth.
Let’s begin!
Salary of CA in USA: Overview
As per salary.com, the average salary of CA in USA is $108,650, typically falling between $96,297 and $123,009. The salaries mainly range from $48,800, the lowest depending on your level of experience and the company you’re working for. It can exceed over $136,000.
Including all the benefits, such as your cost of living to a certain extent, transport, housing, and other benefits, your package might go up to $184,031 per year.
The salaries vary greatly depending on the skills, certifications, job profile or job title, experience, location, and gender of the candidate.
Chartered Accountant Salary Distribution in the United States
The median salary of a CA in the USA is 83,100 USD per year. That means about 50% (half) of the people working as Chartered accountants earn less than 83,100 USD, whereas the remaining half earn more than 83,100 USD. The median depicts the middle salary value.
- As per data, 25% of Chartered Accountants earn less than $59,400, whereas the remaining 75% earn more than $59,400.
- CA Accountants with a Certified Public Accountant (CPA) licence earn 29.14% more than the average base salary.
- The average bonus for a Chartered Accountant in the USA is $3,385, which constitutes 2% of their salary.
- Chartered accountants have the highest salaries in San Francisco at $288,672, which averages a total compensation of 49% greater than the average in the USA.
- Though it should not, the salary distribution is also affected by the gender of a person. On average, Male CA’s earn about 5% more than their female counterparts in the USA.
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Salary of CA in USA Based on Educational Qualifications
In the USA, many educational programs are available for the corresponding role of Certified Public Accountant. If you’re interested in becoming a Chartered Accountant, you need to have a bachelor’s degree in accounting, business, or finance to secure a job.
Chartered Accountants must also complete an additional two-year accounting program in order to become certified chartered. People with higher education qualifications have higher salaries comparatively.
- When a person has a Certificate or Diploma in Accounting or Finance education level, their average salary can be approximately 71,600 USD per year.
- With a Bachelor’s Degree in Accounting, a CA in the USA can earn 94,400 USD per annum, 32% more than a person with a Certificate or Diploma degree.
- A CA with a Master’s Degree in Accounting in the USA can get an average salary of 129,000 USD per year, 37% more than someone with a Bachelor’s Degree.
International students can look for affordable universities in the USA to pursue their master’s to upskill their knowledge and gain an advantage in terms of salary.
Salary of CA in USA Based on Experience
The level of experience is the most vital factor in determining a person’s salary. Naturally, the more years of work experience you have, the higher your wage will increase as organizations hire you in higher-level roles.
- Chartered accountants with less than two years of experience earn about 56,700 USD annually.
- A person with an experience level ranging from two to five years can earn 71,600 USD per year, i.e. 26% more than a person with experience of fewer than two years.
- An experience level ranging from five to ten years can earn about 94,400 USD per year, i.e. 32% more than someone with 2 to 5 years of experience.
- CA, with experience of ten to fifteen years, earns around 111,000 USD per year.
- If the experience level of an individual ranges between 15 and 20 years, then the expected salary can be about 123,000 USD per year.
- Employees with more than 20 years of professional experience can earn around 131,000 USD annually.
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Salary of CA in USA: Highest Paying Certifications
Certificates are a good way to show organisations of your skills. Getting certified by well-known platforms is an added bonus. This sort of validation from different platforms can add to your salaries.
| Certification | Hike in Salary |
|---|---|
| Certified Internal Auditor | +48.58% |
| Certified Government Financial Manager | +43.99% |
| Certified Fraud Examiner | +44.16% |
| Certified Defense Financial Manager | +64.36% |
| Accredited in Business Valuation (ABV) | +72.89% |
| Certified Management Accountant | +9.63% |
Salary of CA in USA: Highest Paying Cities
Some cities in the USA have exceptional salaries for CA. The salaries vary based on living costs, and most companies adjust to it. Ultimately, it also depends on what sort of companies a city has.
For instance, New York is a metropolitan area and is densely populated. The cost of living in NYC is high. In addition, the city has many companies, meaning it offers more jobs and higher salaries than the other cities.
| Cities | Average salary p.a. |
|---|---|
| New York (NY) | $66,294 |
| Dallas, Texas | $63,463 |
| Houston, Texas | $63,125 |
| Atlanta, Georgia | $57,423 |
| Austin, Texas | $56,189 |
| Phoenix, Arizona | $56,104 |
| Chicago, Illinois | $55,657 |
| Los Angeles, California | $54,266 |
| Miami, Florida | $53,706 |
Salary of CA in USA: Top Government Sector Jobs
Some of the top-paying jobs for CA in the government sector in the USA, along with salaries offered, are:
| Government Sector Jobs | Average Salary p.a. |
|---|---|
| US Department of Homeland Security | $98,896 |
| Enterprise Products | $90,648 |
| United States Department Of Defence | $96,639 |
| US Department of Agriculture | $91,119 |
| Liberty Mutual Insurance | $90,742 |
Salary of CA in USA: Must Have Skills!
Skills are an important factor in determining the salary of an employee. Some of the vital and most in-demand skills and knowledge required by a CA are as follows.
- Regulatory Reporting
- Private Equity
- Auditing
- Tax Compliance
- Knowledge of Financial Concepts
- Financial Management
- Financial Analysis
- Cash Flow Analysis
- Investment Experience
- Financial Services
- Financial Accounting
- Risk Management
- Financial Reporting
Salary of CA in USA: Top Companies
Companies determine your salaries. The USA is home to some major MNCs, which offer competitive salaries. Numerous startups offer great salaries and learning. If you’re a fresher, it will be easier to get into startups than in large MNCs. Startups can be a good place to grow as you get to wear multiple hats.
Some of the USA’s top companies or accounting firms are as follows.
- Deloitte
- PwC
- Ernst & Young
- KPMG
- McGladrey
- Grant Thornton
Scope of Chartered Accountant in USA
CA is responsible for ensuring that the financial documents, including taxes, remain accurate and precise. They can also work as advisors, helping sole proprietors and corporations make sound financial decisions. Chartered accountants also ensure that the taxpayers are getting value for their money by effectively distributing and managing resources. Their work mainly includes:
- Preparing tax documents and ensuring that taxes are paid on time.
- Preparing financial and accounting statements to be shared by corporations with the company’s potential investors.
- Auditing documents to identify the mismanagement of funds.
- Suggesting clients ways to save money, increase revenue, and organize funds more efficiently.
- Prepare budgeting records for the government agencies dealing with their financial arrangements.
Career Paths for a CA in the USA
As you grow in your career as a CA, there are multiple turns your roles can take. Below are some roles you can work toward. These roles come with much more responsibilities, and offer many more benefits, including higher pay.
Certified Public Accountant (CPA)
- Chief Financial Officer (CFO)
- Financial Controller
- Accounting Manager
Accountant
- Senior Accountant
- Accounting Manager
- Budget Analyst
Also Read: ACCA Universities in UK
Salary of CA in USA: Other Benefits
The most common benefits that are provided to CA in the USA, along with their salary package, are as follows.
- Food
- Professional development assistance
- Parental leave
- Relocation assistance
- Disability insurance
- Flexible schedule
- 401(k) matching (The employer deposits money in your 401(k) account to match your contributions as per the terms of your plan. This significantly boosts savings over the long term.)
- Tuition reimbursement
- Life insurance
- Vision insurance
- 401(k) (A retirement savings plan with tax advantages for the employee. When an employee enrols in a 401(k), they agree to have a portion of each paycheck deposited into an investment account, which the employer further matches partially or entirely.)
- Dental Insurance
Jobs Similar to Chartered Accountancy in USA
With a degree in accounting and finance, there are many other roles that you can explore. The similar job roles, along with their salaries, are as follows:
| Profession | Average Salary |
|---|---|
| Staff Accountant | $55,945 p.a |
| Financial Accountant | $63,635 p.a |
| Tax Accountant | $65,254 p.a |
| Accounts Payable Clerk | $18.18 per hour |
| Bookkeeper | $19.30 per hour |
| Financial Analyst | $48k — $82k |
Final Thoughts
The demand for CA’s worldwide is present for each company and the government. Even individuals hire Chartered accountants to manage their expenses. With an average base salary of $108,650, a CA in the USA can easily earn a six-figure salary while working at some top global companies.
The global tech hubs such as Deloitte, Ernst & Young, Grant Thornton, Smith & Williamson, Kingston Smith and other government organizations are your best bet if you want a job with a high salary and added benefits and bonuses.
The potential for growth and the standard of living for a CA in the USA is very high as the country offers great opportunities. You can also pursue a Master’s in accounting to advance your knowledge and skills for a salary hike. LeapScholar can help you find the best accounting universities in the USA and help you through admission.
Related Articles:
- Top Universities for MSc in Accounting & Finance in The UK
- How to become Chartered Accountant in Canada
- Top 10 Universities for Masters of Accounting in Canada
Frequently Asked Questions
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Q. What are other similar career options that a CA can opt for?
A. There are many career options that a CA can opt for. It includes bookkeeping, financial management, budget analysis, personal tax advisor, financial analysis, and tax examiner. A CA may also opt for teaching roles related to accounting and similar subjects at a high school level
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Q. Which industry mostly hires accountants?
A. Some of the industries that commonly employ Chartered Accountants are:
-Financial banks
-Federal Government
-Securities and Commodity related companies
-Transportation industry
-Service providers
-Manufacturing industry
-Tech Industry
-Entertainment industry -
Q. What Colleges or Universities are best for pursuing accounts in the United States of America?
A. Some of the best accounting universities to pursue a certificate, bachelor’s, or master’s degree in the USA are:
A. University of Texas – Austin
B. Brigham Young University
C. University of Notre Dame
D. University of Pennsylvania
E. University of Southern California -
Q. Which countries have the Highest Paying Jobs for Chartered accountants?
A. The exceptional skills of a Chartered Accountant are in demand all over the globe, be it in India, the UK, or the US. The countries that pay the best average salaries for a CA are:
A. United States Of America (USA) – $165,000
B. Ireland – $132,000
C. Switzerland – $120,000
D. Canada – $113,000
E. Luxembourg – $104,000 -
Q. How can I negotiate a better salary as a CA in the USA?
A. To negotiate your salary, research the salary range for your specific role and location. You can highlight this in your discussion if your salary is much less than the average. During the interview, you may state the average job salary and your expectations. You can support your ask by highlighting your qualifications and achievements.
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Q. Do CAs in USA receive bonuses or other incentives in addition to their base salary?
A. Yes, but it depends on the organisation. Most US-based companies do offer yearly bonuses or performance-based incentives. The guidelines may vary from company to company. Bonuses are largely dependent on the profits a company makes. Larger corporations tend to offer good incentives.
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Q. Is the salary of a CA higher in certain states or cities in the USA?
A.Definitely. Your salary is surely affected by your location. For instance, major metropolitan areas like New York City, San Francisco, and Los Angeles offer higher salaries due to the higher cost of living. These cities offer a starting salary of $60k on average. In contrast, smaller cities may not offer the same salary range.
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Q. What is the average salary of a CA in USA?
A. As of August 2023, CAs in the USA earn an average salary of $108,650. If you’re a fresher, your starting salary would be in the range $40k to $60k. Various elements, including experience, location, and qualifications, affect the salary range. Your salary may include additional benefits packages such as health insurance, dental insurance, and living costs.
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Q. Can Indian CA work in the USA?
A. Yes, you can. But you must obtain the required certifications. Each organisation has their own guidelines to follow. Besides, the policies in the USA vary greatly from India. You cannot become a CA in India with the same knowledge. The best route to becoming a CA in the USA is to pursue an education there and then get a job.
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Q. Which are the Big Four CA firms?
A. Numerous organisations have made names in the field of Chartered accountancy. But these four firms have a higher reputation.
-Deloitte
-Ernest & Young (EY)
-PricewaterhouseCoopers (PwC)
-Klynveld Peat Marwick Goerdeler (KPMG) -
Q. What are some jobs similar to being CA?
A. Some jobs similar to being a CA are as follows.
-Staff Accountant
-Financial Accountant
-Tax Accountant
-Accounts Payable Clerk
-Bookkeeper
-Financial Analyst
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