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Job outlook for cost accountants in the United States
Cost accountant job growth summary. After extensive research, interviews, and analysis, Zippia's data science team found that:
The projected cost accountant job growth rate is 6% from 2018-2028.
About 81,800 new jobs for cost accountants are projected over the next decade.
Cost accountant salaries have increased 8% for cost accountants in the last 5 years.
There are over 200,237 cost accountants currently employed in the United States.
There are 39,925 active cost accountant job openings in the US.
The average cost accountant salary is $60,528.
Are cost accountant jobs in demand?
Cost accountant job and salary trends over time
Cost accountant jobs over time
Cost accountant job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 200,237 | 0.06% |
| 2020 | 193,829 | 0.06% |
| 2019 | 194,906 | 0.06% |
| 2018 | 191,914 | 0.06% |
| 2017 | 189,226 | 0.06% |
Average cost accountant salary over time
Cost accountant salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2025 | $60,528 | $29.10 | +2.8% |
| 2024 | $58,874 | $28.31 | +1.5% |
| 2023 | $58,011 | $27.89 | +1.7% |
| 2022 | $57,064 | $27.43 | +1.8% |
| 2021 | $56,077 | $26.96 | +1.4% |
Cost accountant jobs by state
Most common states for cost accountants
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 262 | 38% |
| 2 | Massachusetts | 6,859,819 | 685 | 10% |
| 3 | Delaware | 961,939 | 99 | 10% |
| 4 | Illinois | 12,802,023 | 1,106 | 9% |
| 5 | Maryland | 6,052,177 | 547 | 9% |
| 6 | Colorado | 5,607,154 | 523 | 9% |
| 7 | Minnesota | 5,576,606 | 523 | 9% |
| 8 | Iowa | 3,145,711 | 284 | 9% |
| 9 | Montana | 1,050,493 | 99 | 9% |
| 10 | Virginia | 8,470,020 | 695 | 8% |
| 11 | Connecticut | 3,588,184 | 304 | 8% |
| 12 | Utah | 3,101,833 | 235 | 8% |
| 13 | New Hampshire | 1,342,795 | 107 | 8% |
| 14 | Rhode Island | 1,059,639 | 85 | 8% |
| 15 | Georgia | 10,429,379 | 681 | 7% |
| 16 | Missouri | 6,113,532 | 458 | 7% |
| 17 | Oregon | 4,142,776 | 288 | 7% |
| 18 | Nebraska | 1,920,076 | 136 | 7% |
| 19 | Pennsylvania | 12,805,537 | 753 | 6% |
| 20 | Nevada | 2,998,039 | 178 | 6% |
Most common cities for cost accountants
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | Danvers | 4 | 15% | $67,497 |
| 2 | Andover | 3 | 9% | $67,424 |
| 3 | Belmont | 2 | 8% | $67,854 |
| 4 | Billerica | 3 | 7% | $67,593 |
| 5 | Arlington | 2 | 5% | $67,811 |
| 6 | Beverly | 2 | 5% | $67,508 |
| 7 | Newton | 3 | 3% | $67,964 |
| 8 | Ankeny | 2 | 3% | $53,060 |
| 9 | Brookline | 2 | 3% | $67,956 |
| 10 | Fontana | 4 | 2% | $58,957 |
| 11 | Corona | 3 | 2% | $58,899 |
| 12 | Cambridge | 2 | 2% | $67,876 |
| 13 | Boston | 10 | 1% | $67,934 |
| 14 | Tampa | 3 | 1% | $54,362 |
| 15 | Fort Worth | 4 | 0% | $57,630 |
| 16 | Houston | 3 | 0% | $58,049 |
Cost Accountant job outlook: Expert opinions
Our panel of cost accountant experts
Hunter College of the City University of New York
University of Central Arkansas
Kent State University
Seattle University
University of Memphis
Washington and Lee University
SUNY College at Old Westbury
Manhattan College
Methodist University
Angelo State University
Loyola University Chicago
Virginia Commonwealth University
Fairfield University
What general advice would you give to a Cost Accountant?
Patty Goedl PhD: Technology, especially artificial intelligence, is quickly changing the social and economic landscapes. For this reason, I believe that the most essential skills in the next decade will be the ability to critically analyze situations and effectively implement what needs to be done next. While artificial intelligence can generate solutions faster than humans at this point, it requires someone to analyze the situation, ask the right questions, evaluate the options, and then apply the solution.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Patty Goedl PhD: The best advice I could give a graduate beginning their career in accounting or another business field is to focus on obtaining practice work experience. If two graduates have the same degree, the next factor is typically practical work experience. Many programs, like the Bachelor of Business Administration Accounting degree program at the University of Cincinnati, offer or require a cooperative education (co-op education) experience. In fact, the University of Cincinnati invented co-op education over 100 years ago. Students who graduate with a degree and work experience are generally more marketable. For students who did not have the opportunity to complete a co-op or internship while in school, there are other options to get work experience. For example, I am the academic program coordinator for an Associate in Applied Business Accounting Technology degree at the University of Cincinnati. It is a fully online degree program geared toward non-traditional students. We do not offer a co-op education experience in the two-year accounting degree program. However, I work with accounting recruiting firms and local businesses to help my students get entry-level positions and gain practical working experience. Graduates often overlook recruiting organizations when they are looking for a job. In many cases, recruiters have access to jobs that are not posted anywhere else. Additionally, recruiters are usually willing to place students with degrees who need work experience.
What will help Cost Accountants increase their earning potential?
Patty Goedl PhD: There are several things you can do to maximize your salary potential when you are starting your career. The first would be participating in a meaningful co-op education or internship experience in school. If these opportunities are not available, talk to a recruiter in your field about part-time opportunities while in school or other opportunities when you graduate. Additionally, try to distinguish yourself from your classmates. Some examples of things you can do are maintain a high GPA, participate in student groups, volunteer in your community, or pursue online badges or certifications in your field. For example, the University of Cincinnati's two-year accounting degree program has two industry-recognized certification exams embedded into the academic curriculum—Certified QuickBooks User and Certified Bookkeeping Professional. Our students have the opportunity to graduate with an associate degree and two industry-recognized professional certifications. Professional certifications or other badges are an excellent way for students to maximize their salary potential when starting their careers. Many options for courses, certifications, and badge programs are available online since they are not included in most academic degree programs.
What general advice would you give to a Cost Accountant?
Dr. Dina El Mahdy Ph.D., CFE: I would advise a graduate starting their career in the field to balance work and life, continue learning every day, and appreciate feedback and comments because they contribute to improvement. Additionally, make sure to set long-term goals and work towards achieving them, such as staying in the public accounting career until you reach the partner level.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Dr. Dina El Mahdy Ph.D., CFE: Negotiation is a very important tactic to maximize one's salary potential, but to successfully do so, you must possess valued talents and qualifications. Earning certifications such as CPA, CMA, CIA, and CFE can enhance your qualifications. In the accounting field, specialized knowledge of accounting, as well as the aforementioned soft skills, are also very important qualities that enable an employee to stand on solid ground while negotiating a salary. Always be on the lookout for opportunities for growth and learning, as these can also open doors for promotions and salary increases.
What will help Cost Accountants increase their earning potential?
Dr. Dina El Mahdy Ph.D., CFE: Surprisingly, the important and most prevalent skills in the field over the next 3-5 years are soft skills such as an analytical mindset, communication (both orally and in writing), skepticism, independence, ethics, and integrity. Furthermore, familiarity with data analytics tools and software not only improves your work productivity but also helps you build expertise in the field. All these qualities can make a great accountant who can significantly impact the capital market by helping to protect investors and enhancing the usefulness of accounting information for various stakeholders.
Keith Kerr Prof.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Keith Kerr Prof.: There are two basic ways that most people in the US find financial success: Either find a job that pays a high salary, or find a career that you love, regardless of the salary, and make a habit of saving and investing part of your income each month starting with your first paycheck.
If you invest only $90 a month starting at 21 and ending at retirement, you would have a bit over 1 million dollars (assuming a 10% annual gain). Wait just 5 years and start doing this at 26 and your 5 years of time will have cost you $400,000 by retirement. This is the power of compounding. Start early and even with a lower salary, you still can find financial success while pursuing careers that are meaningful to you.
Toshi Mitsudome PhD, CFA, CFP, CMA
Director of Accounting ProgramsHunter College of the City University of New York
Accounting And Related Services
What general advice would you give to a Cost Accountant?
Toshi Mitsudome PhD, CFA, CFP, CMA: Try to pass the CPA exam as soon as possible. Studying for the exam while working full-time is not easy. Start studying early is the best strategy. If you can pass even 1-2 sections while in school, it will greatly increase your chances of passing all the sections within a reasonable time frame. Also, if you can pass even 1 section while in school, it will help you stand out among the candidates during your job hunting. I also believe getting a master's degree will help them increase the promotional opportunities and life-time earnings. A master's degree will help not only deepen their technical accounting knowledge, but also increase their critical thinking and research skill. As of now, master's degree is not required to obtain the CPA license (all 150 required credits can be earned as an undergraduate student). But I always advise my students: 'If you have to take extra 30 credits to fulfill the education requirements, why not earn a master's degree?'. One final advice is to grow your professional network through personal connections or social media, and by attending professional conferences and seminars. I highly recommend this because this is how most people will find their next jobs, which would help you achieve your professional goals and higher pay!
What Cost Accountant skills would you recommend for someone trying to advance their career?
Toshi Mitsudome PhD, CFA, CFP, CMA: Beside the technical skills, as in (1), students should work on their communication skills, both verbally and in writing. I see this is one of the areas where our students can substantially improve. Additionally, students should be comfortable with technologies and data analytics, i.e., statistics, advanced Excel skills, various software for data analytics and visualizations (Tableau, Power BI, Python, R, etc.). Accounting students don't have to be coding professionals; they just have to understand the basic functions and syntax of these software, so that they can communicate the results of data analysis with their team members and clients. Also, they can facilitate communications between the IT, programmers and accounting professionals. This technical skill is expected to be increasingly more important in the next 10 years.
What will help Cost Accountants increase their earning potential?
Toshi Mitsudome PhD, CFA, CFP, CMA: Two pieces of advice I can give them. First, I advise them to study hard and keep a good GPA. If you want to obtain a full-time position at a top public accounting firm, you should have the overall GPA of 3.4-3.5 or higher. This shows you have the capacity to pass the CPA exam and master the knowledge required for the jobs. Besides, you are competing against the top talents in the field, you should have a very good GPA to help you stand out. Second, I would advise them to brush up their soft skills, e.g., communication, teamwork, leadership, and stress management skills, while still in school. In today's public accounting field, accountants need to work in various teams and frequently communicate with clients with various backgrounds. It is essential for accountants to have highly effective communication skill. You should also have the right mentality and attitude, i.e., to be proactive, not afraid to ask questions, and have the 'yes' mentality. Always be prepared for meetings and ask questions. If your boss asks you to do a new task, just say 'yes', even if you have never done it before. The accounting firms always appreciate this type of attitude toward work in their newly hired. Finally, accounting work can be stressful sometimes because you have to meet the deadlines. You need to know how to organize your work to meet the deadlines, and also develop ways to manage your stress.
What general advice would you give to a Cost Accountant?
Dr. Stephanie Watson PhD, CPA: Distinguish yourself! There are a lot of ways to do this. First is with a professional certification. Earning a certification like a CPA, CMA, etc. is something that you do for yourself; it belongs to you and demonstrates your expertise. Certifications can help with promotions where you are or mobility if you choose to make a move. Another way to distinguish yourself is to make yourself useful and irreplaceable. Don't wait to be asked; volunteer to help. Make it your mission to produce quality work, not minimum acceptable product. Be the employee that your supervisors and clients can depend on and don't want to live without; the promotions and raises will follow.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Dr. Stephanie Watson PhD, CPA: Stay in a learning mindset and be open to feedback. Your first two years will be a mixture of learning processes, software, and practical applications of what you learned in college. You will make mistakes, and that is okay. Accounting, as a profession, has a long history of supervisor review and feedback. Accept the feedback as a learning opportunity so that you aren't making the same mistakes over and over.
What will help Cost Accountants increase their earning potential?
Dr. Stephanie Watson PhD, CPA: Skills that are on the rise are those related to automation, data analytics, and artificial intelligence, some used by accountants, some used by our clients. As accountants, we don't need to be computer programmers to be successful, but we do need the ability to understand how tasks are completed without these technologies and with them, and how our role is different with these technologies in place. Because new applications are constantly being developed, accountants need to be open to and comfortable with learning new software. However, no technology in the next decade is going to be able to replace the skills that have always been important for accountants including communication skills (the ability to convey technical concepts and processes to someone who may not be as familiar with them as you are), critical thinking and professional skepticism (being able to think beyond what is presented to see the bigger picture), and Excel skills or related tools for data organization and analysis.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Scott Miller CPA, CIA, CFE, MAcc: Be up-to-date; never out-of-date. As technological advances continue over time, Accountants will be expected to keep pace. The Accounting profession has successfully adapted to change throughout its history, and accountants will need to continue to adapt. It is critical for accountants to remain as trusted business advisors who are capable of understanding and auditing the latest technology that their own firms and clients implement. Traditionally important skills such as critical thinking, empathy, and effective communication are necessary skills today and will remain so in the future.
What will help Cost Accountants increase their earning potential?
Scott Miller CPA, CIA, CFE, MAcc: Recent Accounting graduates should begin building their professional networks right away. Relationships are critical in all fields, but particularly in business. Joining local chapters of professional organizations is a great way to meet others in the industry and develop networking skills. These organizations also serve the purpose of keeping their members current on issues and trends in the industry, so that members can be more effective within their roles.
What general advice would you give to a Cost Accountant?
Gabriel Saucedo PhD, CPA: Maximizing salary potential really does depend on what a young professional wants to do with their career. As such, a new accountant should not forego or overlook the importance of networking and finding a mentor or mentors to help them navigate these waters (sidenote: no young professional should be afraid of networking because most anyone likes to talk about themselves and/or their respective job). First, earning and maintaining a recognized certification in the field (e.g., CPA), while grueling, still carries long-term income potential. However, there are numerous other certifications rising in importance with long-term value (e.g., CFE, CMA, CIA, etc.). Second, some will argue that finding a niche job early on and specializing will maximize earning potential. Third, and conversely, riding the public accounting wave until reaching management-level responsibilities will also have a notable impact on future salaries. The ongoing training and education firms invest in their employees, along with the diverse client base, is something that is hard to price in the short-term but future employers will gladly pay a premium for in the long-term. Fourth, lean into your strengths. For some people this may be in technology. But for others, a recruit that can carefully articulate difficult information to constituents and stakeholders is no doubt executive material.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Gabriel Saucedo PhD, CPA: Go out there ready to work hard, learn a lot, and undoubtedly make a lot of (unintentional) mistakes. We all know about the “busy season” expectations and that firms may jokingly compensate overtime hours with a slice of pepperoni pizza. But there are very few professions in which a young professional will have such a vast, global exposure to different business processes, technologies, and people. Furthermore, the training and educational opportunities most firms and companies offer their employees cannot have a price tag attached to them (jokes aside, they are incredibly valuable and non-taxable). On a personal note, I also remind my seniors that when work gets tough (e.g., busy season) it still super important to take a slice of time each day, even if just 5 minutes, to do something for themselves. Maybe a quick medication, a gym workout, getting their favorite coffee, or a dinner night with a close friend or loved one. Personal care and keeping grounded will keep life in context and balance.
What will help Cost Accountants increase their earning potential?
Gabriel Saucedo PhD, CPA: Funny enough, the core skills expected and/or desired of an accounting professional in the next 3-5 years are likely the same as today, which are the same as they were 20 years ago when I started at KPMG as an Audit Associate. Firms (i.e., the profession) need someone who can think critically with an analytical mindset, proactively problem-solve, brainstorm and prioritize alternative solutions, and professionally articulate across any number of communication channels to any number of constituents. Accounting firms and companies continue to ask their recruits about their ability to meet deadlines, manage conflict, multi-task, etc. But what has changed and will continue to change are the technologies with which professionals will be asked to do all this, and perhaps where it will be done. In some cases, this may continue to be done remotely (at home) and in some cases there will be the need to work more across borders with constituents in a global business sphere. A little more regarding the evolution of technology. Undoubtedly, Artificial Intelligence and ChatGPT are all the buzz and clearly something the profession needs to be in front of. Some may say these technologies and tools will make accounting absolute. But as history has shown, every time there has been an evolution in technology or tools (e.g., computers, spreadsheet software, data analytics) the demand for accountants has gone up. That is because these technologies have opened venues and processes for more risk, in addition to more informed decision-making. That said, graduates should also have, at minimum, a foundational knowledge of data analytics and technology to make sure they can identify the related risks, but also stay ahead of peers that may be studying other non-accounting degrees (e.g., computer science, data analytics, information technology.
Rita Green Ed.D.
Teaching Associate ProfessorUniversity of Memphis
Accounting And Related Services
What general advice would you give to a Cost Accountant?
Rita Green Ed.D.: Current students should consider anchoring their education with a strong minor, which can be fulfilled with elective courses, which already make up a certain percentage of required credits for an undergraduate degree. It will also be important for accounting students to acquire and maintain competencies in data analytics. Accounting curriculums are being updated to respond to this necessary skillset.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Rita Green Ed.D.: To be competitive for the best opportunities in the field, accounting graduates should consider pursuing certifications, which include the certified public accountant (CPA) and certified management accountant (CMA), amongst several others. Sometimes, certification can be more valuable than a degree. However, accounting certifications already require specific numbers of accounting education credits in order to sit for certification exams.
Colin Reid
Associate Professor of AccountingWashington and Lee University
Accounting And Related Services
What general advice would you give to a Cost Accountant?
Colin Reid: I think salary can be maximized by continuing to learn and develop expertise on the job. I would encourage graduates to think broadly about all of the possibilities within the field of accounting. Exploring various areas will help professionals find the areas of the field that they enjoy the most. Pursuing work that you find challenging and enjoy often leads to better performance, more opportunities, and eventually compensation will follow.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Colin Reid: Communication and critical thinking have always been important in accounting, but I believe the importance of these skills will increase. Professionals in accounting spend more time working in groups and with other people than many realize. Currently AI can assist with technical tasks and other repetitive work. I believe there will always be a role for accountants in terms of building relationships with clients, team members, and others with whom they work. Many problems that professionals face will involve multifaceted decisions that can be informed by data analysis but often will still need to be communicated clearly through a relationship built on trust. I believe that balancing a technical accounting education with the traditional liberal arts (e.g. humanities and social sciences) is critically important to help develop these critical thinking and communication skills.
What will help Cost Accountants increase their earning potential?
Colin Reid: I would encourage graduates to continue to see the early portion of their career as a continued learning experience. Graduates often think that once we have graduated that the learning is over and the work begins. In fields like accounting, you really need to continue to learn and develop expertise over time. This learning should not only include building technical expertise but also include reflection on what part of the work that you enjoy. We can use this to guide our careers moving forward. The other piece of advice I would offer is consistency. Be consistent. A career is much longer than college or any other challenge you have faced. In order to be consistent though, we have to set a pace for ourselves that is reasonable.
What general advice would you give to a Cost Accountant?
Patrick O'Brien: Currently, the demand for accountants is higher than the supply of accounting majors coming out of college. As a result, this is allowing students and other accounting professionals their pick of the type of firm, company, industry, etc. for which they would want to work. Additionally, the salaries in the profession are increasing because the talent pool is smaller than the number of jobs available.
What will help Cost Accountants increase their earning potential?
Patrick O'Brien: No matter the field of accounting that one goes into, each one has its own type of “busy season”. These busy seasons generally require an accountant to work more hours than a typical 40-hour work week for a set period of time. While the hours can be intense, they are usually predictable, so the accountant can plan accordingly. In terms of what people usually like about being an accountant, there are a number of factors. The main one is that it is a career (rather than a job) with a clear path for advancement and promotion (generally, speaking). With this, there comes a level of career stability that many other professions and jobs cannot provide. Additionally, it has often been said that the accounting profession is “recession proof”. During poor economic periods, accountants tend to experience less career disturbances than other professions. Lastly, every business needs an accountant! This allows accountants the opportunity to break into any industry or company that they desire. Many professionals begin as accountants within an organization and have incredible upward mobility (whether as accountants or not). Accountants see most aspects and operations of an organization, so this knowledge and understanding makes them excellent top-level executives.
What general advice would you give to a Cost Accountant?
Dr. Natalia Boliari PhD: First, learn everything about the company you just started working for - its historical path, management, the way it's dealt with crises, etc. Second, learn everything about the specific industry the company belongs to and see how the company has developed relative to the development of the industry domestically and internationally. Third, always be extremely alert to notice new opportunities and be prepared to take calculated risks. That is, actively look for opportunities to complete as many and diverse tasks as possible, and volunteer to complete any type of work regardless of whether it seems relevant to your assigned job or not. Opportunities to learn, grow, and improve and thus to maximize your income, will only come up if you are exposed to diverse situations.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Dr. Natalia Boliari PhD: Be open minded. Finance is the broad definition of an industry which provides opportunities for careers in financial consultancy, financial analysis, stock brokerage, foreign investment, modeling, exchange rate forecasts, and many more. While most of those careers are attributed to the banking industry, you can find those and others in other sectors of the economy, such as insurance, technology, health care/medical, government, and so on. So, be open and look beyond the banking sector, examine the current and predicted trends in the economy to hunt for exciting career options.
What general advice would you give to a Cost Accountant?
Amir Moeini Chaghervand PhD, CMA: I would advise a graduate beginning their career in the field to focus on continuous learning and skill development. The accounting field is constantly evolving, so staying up-to-date with industry trends and regulations is crucial for success.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Amir Moeini Chaghervand PhD, CMA: In the next 3-5 years, I believe skills related to data analytics, technology proficiency, and communication will become more important in the accounting field. As technology advances, accountants will need to be proficient in data analysis and interpretation, as well as effective communication to convey complex financial information.
What will help Cost Accountants increase their earning potential?
Amir Moeini Chaghervand PhD, CMA: To maximize salary potential when starting a career in accounting, I recommend gaining relevant certifications such as CPA or CMA, pursuing advanced degrees, and seeking opportunities for professional growth and development. Additionally, networking and building strong relationships within the industry can also help in negotiating better salary offers.
What general advice would you give to a Cost Accountant?
Dr. Mfon Akpan CGMA: An accountant day-to-day can vary depending on the role, and accounting is a very broad field. So the way that I would answer this question is when you're thinking of getting into the accounting field, think about if you're the type of person that likes to sit at your desk, you don't like to interact with a lot of people or move around or have to travel, or if you're the person that likes to move around, you don't want to be sitting at your desk for a long period of time doing work at a computer. Also, so that could mean if you're the type of person that will be a tax associate. So if you're a tax associate during busy season, you may be in the office, you may be at your desk, you may be working 60 hours a week. If you work in internal audit, for example, you may be moving all around, speaking with people, performing your risk assessment, doing tests. So you may move around quite a bit and you may not be in your office as much. So I think one thing to consider is that accounting is a very broad field and you can work in various aspects of the field and in different industries, which can have drastically different day-to-days. The other thing to think about is as an accountant or entering the field, we're just talking about the field of accounting, which is very broad. You also have to think about adjacent fields. So if you work in finance, if you work as a financial advisor in the financial services field, you can work in banking, investment bank. So you can move into many of these adjacent fields as well. So that's also something to think of when entering the field of accounting or entering the profession. Very broad, very dynamic, very interesting, very flexible. Additionally, your role might mean being a tax associate. During the busy season, you could find yourself in the office, at your desk, working sixty hours a week. Conversely, if you work in internal audit, you might be moving around a lot, speaking with people, performing risk assessments, and conducting tests, which means you might not be in your office as much. It's important to recognize that accounting is a very broad field, offering various roles across different industries, each with drastically different day-to-days. When considering a career in accounting, also consider adjacent fields like finance. As a financial advisor or working in financial services, opportunities extend to banking and investment banking. This flexibility makes the field dynamic, interesting, and very broad, suitable for those looking for diverse career paths.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Dr. Mfon Akpan CGMA: What people like and dislike about being an accountant. I think from the education standpoint, being a professor, many of the students do not like the numbers and the jargon. So you've got to really learn the language of an accountant and you have to contend with the math. So I think those are things that many students do not like. The other thing that there's a dislike about could be that depending on what area you work in are the hours, so there could be issues with work-life balance, and then issues with pay.
What will help Cost Accountants increase their earning potential?
Dr. Mfon Akpan CGMA: Accounting is a great field to enter right now because, number one, of the broad spectrum of areas in accounting. So you could work in tax, you can work in audit, you can work in fraud if you want to focus on financial reporting, managerial accounting. There's so many areas that you can move into with accounting as well as industries. So you can be an accountant, or let's say, for example, you could be an internal auditor in the healthcare industry or for government or for a university. So you can maneuver into different industries if you'd like. So there's that flexibility within the profession. The other thing that I think we don't talk about is the adjacent fields that you can enter into in accounting, working in finance, marketing, in other area of business with your accounting education. You can move into those easily because, again, accounting is the language of business.
What general advice would you give to a Cost Accountant?
Landri Ognowski MAcc, CPA: The accounting profession is currently experiencing a shortage. Per the TXCPA, the pipeline of licensed CPAs has been decreasing for the last decade nationally. This shortage creates opportunities for accountants and provides job security as the demand for accounting professionals exceeds the supply. I also attached a presentation prepared by the TXCPA for use in promoting the CPA license specifically. You can see on slide 10, that the salary ranges per the Robert Half, 2024 Accounting & Finance Salary guide are quite competitive, offering additional incentive to enter the accounting profession.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Landri Ognowski MAcc, CPA: I believe people like the stability that an accounting degree provides in terms of job security and salary. There are also a vide variety of things that one can do with an accounting degree, from public accounting to forensic accounting. The opportunities that come from an accounting degree provide additional incentive for choosing it as a profession. One of the hardest things about being an accountant in public accounting specifically, is the hours that are required during peak season (January – April); however, public accounting firms have worked to smooth out demand during this peak season by performing more “interim” prep work in the fall to help reduce the hours in the winter and spring.
What will help Cost Accountants increase their earning potential?
Landri Ognowski MAcc, CPA: The role of an accountant varies greatly based upon the industry in which the accountant works. Every company needs accountants; therefore, the possibilities are endless. Even for an accountant entering public accounting, there’s a wide range of opportunities to serve clients through either tax or assurance and advisory services. A new accountant can expect to work on a variety of clients in different industries at the start of their career in public accounting. As a staff auditor many years ago, I did everything from evaluating client internal controls to sampling transactions and testing account balances. I had the opportunity to work on clients in the healthcare, oil and gas, not-for-profit and manufacturing industries. Auditors work in teams, so I was constantly surrounded by and learning from individuals who were further along in their careers than me. The experience and knowledge I gained from them were invaluable.
Dr. KC Rakow Ph.D., CPA
Associate Professor of AccountingLoyola University Chicago
Business/Managerial Economics
What general advice would you give to a Cost Accountant?
Dr. KC Rakow Ph.D., CPA: My advice to a graduate beginning their career in the field of Accounting would be to focus on building a strong foundation of technical knowledge, continuously develop their skills through professional certifications and training, network with professionals in the industry, and always stay updated with the latest trends and regulations.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Dr. KC Rakow Ph.D., CPA: To maximize salary potential when starting a career in Accounting, individuals should focus on obtaining relevant certifications, gaining practical experience through internships or entry-level positions, negotiating their salary based on market research, and continuously improving their skills and knowledge.
What will help Cost Accountants increase their earning potential?
Dr. KC Rakow Ph.D., CPA: In the next 3-5 years, skills such as data analysis, technology proficiency, critical thinking, problem-solving, and communication will become more important and prevalent in the field of Accounting.
Prof James Holland
Professor of AccountingVirginia Commonwealth University
Accounting And Related Services
What general advice would you give to a Cost Accountant?
Prof James Holland: First, complete the CPA Exam and become licensed. Seek various job experiences/opportunities.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Prof James Holland: Communication, Excel, and problem solving skills.
What will help Cost Accountants increase their earning potential?
Prof James Holland: Listen and learn all you can, focus on improving with a goal toward excellence. Always be willing to help others.
What general advice would you give to a Cost Accountant?
John McDermott Ph.D.: To maximize your salary potential, keep learning, investing in your human capital, and expanding your capabilities. Learn as much as you can about your new position and industry, work with a variety of people at your firm, and seek opportunities outside your comfort zone. Your salary potential will increase as you are recognized as a capable and hard working colleague.
What general advice would you give to a Cost Accountant?
James Lawson: Learn as much as possible. At many large accounting firms, the salary is relatively fixed for the first few years. However, if you spend those years truly learning then you will be able to leverage that knowledge into a higher salary, either within your current firm or elsewhere.
What Cost Accountant skills would you recommend for someone trying to advance their career?
James Lawson: I would encourage students to approach the new job with an attitude of engagement. Engaging with your teammates, clients, and job responsibilities will help you stand out from the beginning.
What will help Cost Accountants increase their earning potential?
James Lawson: The ability to leverage AI (artificial intelligence). There is a lot of discussion regarding the impact of AI on society, but AI is another tool that accountants can use to complete their tasks and add value to their client relationships.
What will help Cost Accountants increase their earning potential?
Clemens Kownatzki PhD, MBA: As a beginner in any field, it pays to listen more than to talk. Be humble, pay attention, be nice to folks and probably most helpful is having a mentor who can guide you along and show you some best practices for navigating your career. You should take advantage of your education, not just to show a piece of paper that says you graduated but think of every single project, essay or paper that you write as part of a portfolio that demonstrates your skill sets. Especially in finance where we can sometimes be enamored with the beauty of a mathematical model, think about how any model should be applied in the real world. In some cases that might mean that you have to “get your hands on the wheel and learn how to drive.” I am not suggesting that you should put all your savings at risk and buy the next iteration of the latest cryptocurrency, but If you’re interested in a career in investing, put a small amount of money at risk and trade a stock, or if you must trade a few dollars’ worth of Bitcoin or Ether – as much as you would risk for a movie ticket seems reasonable. There are lots of virtual trading apps where you can trade with paper money, but there’s nothing like understanding risk when your own dollars are at stake, even if it’s just a few dollars. You should also absorb all the workshops, seminars and resources available out there. Follow Prof. Aswath Damodaran who has a YouTube Channel and hundreds of spreadsheets with financial models, all for free! Also follow some good content providers on various channels to get additional insights – in the field of finance, you need to be up-to-date on all events because those influence markets and the economy. Be ready to continue learning and update your skills and understanding while you’re working. Education doesn’t end after you finish your degree. All successful people are life-long learners.
What general advice would you give to a Cost Accountant?
Cynthia Bolt-Lee: At the beginning of your accounting career, you’ll find there is a lot to learn and therefore an open-minded approach involving active listening, asking solid questions, doing research at night, and approaching each day with professionalism will go far. Accounting is a wide-open career path, and while one day may be spent with a client on-site, the next day might require data analysis or research skills to apply appropriate accounting standards. Being a learner with a growth mindset will be crucial; adhering to ethical standards and ensuring integrity is at the forefront of each engagement will also go far. Communication, time management, attention to detail…all the things an individual learns during college will be invaluable at the beginning and throughout your career.
What Cost Accountant skills would you recommend for someone trying to advance their career?
Cynthia Bolt-Lee: With data analysis, generative AI, machine learning, and other technologies, along with the retirement of many professionals expected in the next ten years, new graduates have so much opportunity! The foundation is an understanding and appreciation of cybersecurity and strong technology proficiency. Ethical decision-making combined with strategic thinking and an adaptable willingness to change will propel your career forward. All of this needs to be centered around effective communication skills as the accounting professional works with the entire team in a business.
What will help Cost Accountants increase their earning potential?
Cynthia Bolt-Lee: Licensure has to be at the top of the list, as credentialing validates one's competency. Don’t wait! Your mind is strong right after graduation, and your ability to learn should be leveraged. Whether it’s the Certified Public Accountant (CPA), Certified Management Accountant (CMA), Certified Internal Auditor (CIA) or other certifications, your marketability will be enhanced. Continuing education will be required with licensure, but it also demonstrates your commitment to professional growth when strategically chosen to enhance a specialty. Ten years ago, the advances in AI were not even considered and no doubt the future will expand exponentially as AI is adapted in the workplace. Finally, networking provides professionals with career advancement opportunities. Never discount the value of a strong, trustworthy mentor.