Demand drives salary increases for 2007
The top five fastest-growing employment positions for CPAs, finance and accounting professionals this year (according to Robert Half International):
— Internal auditor
— Compliance executive
— Financial analyst
— Staff accountant
— External auditor
The details…Internal auditor – Companies seek internal auditors, particularly those who possess the certified internal auditor designation, to help improve internal controls and meet the compliance mandates of regulations such as the Sarbanes-Oxley Act. Reflecting the intense demand for these professionals, compensation is rising. National average starting salaries for internal audit managers at large companies (more than $250 million in sales), for example, are expected to climb 5.8 percent this year, to a range of $77,500 to $101,500.
Compliance executive – Companies are hiring compliance executives with U.S. Securities and Exchange Commission reporting experience to help them meet ongoing corporate governance requirements. Starting salaries for chief compliance officers at large companies are predicted to rise to $132,500 to $181,250, a 14.4 percent increase, and to $111,000 to $145,500 for those at midsize companies ($25 million to $250 million in sales), up 9.3 percent from 2006 levels.
Financial analyst – As firms expand, financial analysts are needed to assist with budgeting and forecasting initiatives and to identify how their organizations can become more profitable. Demand for these professionals is especially acute at the management and senior levels. Base pay is expected to jump 5 percent for managers with small companies (up to $25 million in sales), to between $55,750 and $70,000, and 5.6 percent for senior financial analysts at large companies, to $58,250 to $73,750.
Staff accountant – Accountants with at least three years of experience, including in public accounting, are sought for projects related to general ledger-account maintenance, financial-statement preparation and budget development. The greatest gains in initial compensation for staff accountants are expected to take place at large companies, with starting salaries rising 5 percent, to between $41,250 and $52,500.
External auditors – Public accounting firms are expanding their staff levels to meet rising client demand for audit services. Professionals who possess three to seven years of experience and the certified public accountant designation are particularly valued. Senior external auditors with small firms (up to $25 million in sales) will see starting salaries increase 5.2 percent, to a range of $48,750 to $63,000.