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Solo practitioner vs chartered accountant

The differences between solo practitioners and chartered accountants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a solo practitioner and a chartered accountant. Additionally, a solo practitioner has an average salary of $97,581, which is higher than the $65,776 average annual salary of a chartered accountant.

The top three skills for a solo practitioner include litigation, real estate transactions and probate. The most important skills for a chartered accountant are internal audit, financial statements, and income tax returns.

Solo practitioner vs chartered accountant overview

Solo PractitionerChartered Accountant
Yearly salary$97,581$65,776
Hourly rate$46.91$31.62
Growth rate10%6%
Number of jobs23,68033,005
Job satisfaction--
Most common degreeDoctoral Degree, 58%Bachelor's Degree, 72%
Average age4644
Years of experience44

Solo practitioner vs chartered accountant salary

Solo practitioners and chartered accountants have different pay scales, as shown below.

Solo PractitionerChartered Accountant
Average salary$97,581$65,776
Salary rangeBetween $60,000 And $157,000Between $42,000 And $102,000
Highest paying City--
Highest paying state--
Best paying company--
Best paying industry--

Differences between solo practitioner and chartered accountant education

There are a few differences between a solo practitioner and a chartered accountant in terms of educational background:

Solo PractitionerChartered Accountant
Most common degreeDoctoral Degree, 58%Bachelor's Degree, 72%
Most common majorLawAccounting
Most common collegeStanford UniversityUniversity of Pennsylvania

Solo practitioner vs chartered accountant demographics

Here are the differences between solo practitioners' and chartered accountants' demographics:

Solo PractitionerChartered Accountant
Average age4644
Gender ratioMale, 58.3% Female, 41.7%Male, 61.0% Female, 39.0%
Race ratioBlack or African American, 5.5% Unknown, 4.4% Hispanic or Latino, 7.7% Asian, 6.3% White, 75.8% American Indian and Alaska Native, 0.3%Black or African American, 7.5% Unknown, 3.9% Hispanic or Latino, 9.8% Asian, 18.1% White, 60.2% American Indian and Alaska Native, 0.5%
LGBT Percentage10%7%

Differences between solo practitioner and chartered accountant duties and responsibilities

Solo practitioner example responsibilities.

  • Represent clients in foreclosure proceedings.
  • Establish client centered practice for homeowners facing mortgage foreclosure.
  • Handle all aspects of litigation including hearings on temporary orders, restraining order proceedings, pretrial discovery including depositions and trial.
  • Represent plaintiffs in securities class actions.
  • Litigate cases involving complex federal governmental statutory benefits programs such as ERISA and Medicare.

Chartered accountant example responsibilities.

  • Manage the review, enhancement, and creation of department policy and procedure documentation require for Sarbanes-Oxley auditing and compliance.
  • Provision of professional and timely taxation advice and services to clients.
  • Monitor deposits and withdrawals of revenue and expenses, review payroll, and ensure accurate processing and timely bank reconciliations.
  • Monitor bond and covenant requirements, providing tax return and audit information to external contacts.

Solo practitioner vs chartered accountant skills

Common solo practitioner skills
  • Litigation, 18%
  • Real Estate Transactions, 9%
  • Probate, 6%
  • Legal Research, 5%
  • Bench Trials, 5%
  • Criminal Defense, 5%
Common chartered accountant skills
  • Internal Audit, 33%
  • Financial Statements, 14%
  • Income Tax Returns, 11%
  • Balance Sheet, 6%
  • Audit Reports, 5%
  • Tax Audits, 5%