Do accountants earn more than engineers?
One of the most common questions students ask themselves when choosing a college major is, “Will I be able to earn a good salary in the future with this degree?” When it comes to careers in the fields of accounting and engineering, many students believe that accountants earn less than engineers. In this article, we will explore whether this is true or not.
Comparing Salaries of Accountants and Engineers
According to research, the average salary for someone with a bachelor’s degree in accounting is $55,849 per year. This is lower than the average reported salary of an engineer, which varies depending on the type of engineer, but generally ranges from $73,000 to $103,000 per year. However, it is relatively higher than the average reported income in most other majors, which offers some reassurance to individuals studying accounting that a decent salary is achievable.
FAQs:
1. Is it always true that engineers make more money than accountants?
It depends on various factors like education, experience, and location. Generally, it’s true that engineers make more than accountants on average, but exceptions are always there.
2. What are the highest-paid fields in accounting?
The highest-paid fields in accounting are Taxation and Accounting Information Systems. Professionals in these fields are well-compensated and are in high demand. However, keep in mind that the pay scale may vary depending on the location, work experience, and education level.
3. Are there any other jobs related to Accounting and Engineering that are high-paying?
Yes, there are other jobs in both the fields that pay well. For example, if you are an engineer, you can become a manager or a director in the engineering department. Similarly, if you are an accountant, you can pursue a career in auditing, financial planning, or management accounting, all of which offer promising career opportunities.
Factors that Impact Salaries
It’s essential to recognize that multiple variables contribute to an individual’s salary, regardless of the chosen career path. For example, education levels play a significant role in determining an individual’s potential to earn more. A degree in engineering, being a strenuous course, requires more knowledge and education than, say, a degree in accounting, which is why engineers tend to earn more. On the other hand, an individual with a master’s in accounting can earn significantly more, as can those who have successfully passed professional exams like the CPA.
Work experience is another significant influence on your potential to earn. Generally, the longer one works in a specific field, the higher the probability of obtaining promotions and more significant salaries over time. Professionals with extensive experience also tend to be regarded as more proficient, valuable assets to employers, which can eventually lead to a hike in salary.
Demand for Careers in Accounting and Engineering
Another factor that contributes to an individual’s professional and financial success is the demand for workers in the industry. In the case of accounting, growth in demand is primarily determined by fluctuations in the economy. For example, during difficult times, individuals and businesses start taking a closer look at their finances, making accounting a relatively stable field with steady demand in the job market.
Engineering, on the other hand, is a field that has seen steady growth in recent years and is expected to continue to do so. The demand for engineers is driven mainly by advancements in technology, a growing global population, and increasing rates of urbanization. The need to build and maintain physical structures of all kinds, including bridges, highways, complex electronic devices, among others, is also fueling the demand for engineers.
Location and Cost of Living
Location also plays a significant role in determining the salary that professionals in both fields can earn. For example, the demand for engineering jobs in California has driven up salaries in the state over time, and the average salary for an engineer in California is significantly higher than the national average. Similarly, the cost of living in some areas can make even moderately-paying jobs difficult to afford.
Conclusion
Although it is true that engineers make more than accountants, the potential for high earning that exists in both fields is significant. Engineers tend to have higher earnings than accountants, but accountants can expect to earn a stable salary in a valuable field that is less susceptible to economic fluctuations. Potential earnings are not the only consideration when choosing a career, and it is crucial to consider other factors like job satisfaction, skills, and interest when making that decision.
References:
- Accounting Salary Report
- Payscale – Accountant Salaries
- Engineer Student HQ – Average Engineering Salary