How To Become An Accountant-Contractor: What It Is and Career Path

What is an accountant-contractor and how to become one

Updated January 8, 2025

3 min read

Quoted expert

Stephen Moehrle Ph.D.

Accountants-contractors are responsible for developing an accounting system for multiple corporations. They create and manage the system to generate monthly posting entries for asset retirement, asset addition, construction-in progress and depreciation, saving time and dollars monthly. They also prepare to bill and invoicr documents related to corporate accounts. Accountants-contractors earn an average salary of $56,000 annually or $27 per hour.

Accountants-contractors are accountants who have also delved into the construction field. Their duties include facilitating research concerning cash flow and forecasting procedures and handling financial inquiries regarding client contracts and invoices. They prepare daily and quarterly journal articles, record gains and losses, and prepare related graphs to document results.

Accountants-contractors typically hold a bachelor's degree in accounting, business, or other related fields. They are expected to have some proven work experience as an accountant or in a similar role. Some employers prefer candidates with a keen eye for detail and solid analytical and communication skills.

What general advice would you give to an accountant-contractor?

Stephen Moehrle Ph.D.

Professor and Chairman of Accounting, University of Missouri - St. Louis

It was a great time to be entering the accounting industry, before the pandemic. Our students were serving in internships in huge numbers and our graduates were enjoying 100% placement, usually with multiple offers. The entry-level professionals were entering a profession marked by emerging and evolving technologies that made even the entry-level duties especially interesting. Further, our tech-comfortable young professionals were experiencing quick advancement because of their ability to employ the new technologies.

Most of the above remains true so the only open question is job availability. It would be unrealistic to say things are great. However, it seems that job prospects for accounting majors will be better than for those of virtually every other entry-level profession during difficult times. I have been speaking with firm leaders across the spectrum of firms and most do intend to be on campus in the fall recruiting season. Of course, they have a lot of time to learn more about the economy over the next few months, but we are cautiously optimistic. Again, I am confident that whatever the state of job availability for young CPAs-to-be, prospects will be better for accounting graduates than virtually any other profession.

They will be entering the profession at a fascinating moment in time. Of course, the technological advances assure this regardless of economic conditions. However, there are business disruption-related issues that will provide rich opportunities for making a difference. For example, audit staff will be working with clients to see them through these troubling times. Lamentably, I fear that these young professionals will learn more about the going concern determination than they desire to know. Tax staff will help clients to optimally use the tax loss carrybacks and carryforwards that are arising by the day. Entry level professionals in corporate accounting will get a day-to-day front row seat in business management through crisis. While lamentable times, these are times when young professionals can make a difference that saves jobs.

ScoreAccountant-ContractorUS Average

Salary

4.4

Avg. Salary $56,906

Avg. Salary $59,228

Stability level

5.4

Growth rate 6%

Growth rate 0.3%

Diversity

6.4

Race

American Indian and Alaska Native 0.46%

Asian 12.10%

Black or African American 8.89%

Hispanic or Latino 11.24%

Unknown 3.98%

White 63.34%

Gender

female 56.22%

male 43.78%

Age - 43

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 43

Stress level

5.4

Stress level is manageable

7.1 - high

Complexity level

8.3

Complexity level is challenging

7 - challenging

Work life balance

6.7

Work life balance is good

6.4 - fair

Key steps to become an accountant-contractor

Explore accountant-contractor education requirements

Most common accountant-contractor degrees

Bachelor's

72.0 %

Master's

13.4 %

Associate

11.9 %

Start to develop specific accountant-contractor skills

Skills	Percentages
Reconciliations	13.82%
General Ledger Accounts	9.20%
Payroll Taxes	5.26%
Balance Sheet Accounts	5.25%
Account Reconciliations	5.21%

Complete relevant accountant-contractor training and internships

Accountants spend an average of 1-3 months on post-employment, on-the-job training. New accountant-contractors learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as an accountant-contractor based on U.S. Bureau of Labor Statistics data and data from real accountant-contractor resumes.

Research accountant-contractor duties and responsibilities

Manage and monitor accounting procedures for compliance with Sarbanes-Oxley and coordinate and facilitate external audit requirements.
Assist in preparing tax returns and financial statements and record various transactions in QuickBooks
Recommend processes and tasks to prepare SOX reviews and questions.
Assist CPA with all require tax documents, reports and follow up.

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