Why Cost Accountants Should Move To California!
Being a cost accountant means a lot of responsibility. After all, you will be in charge of maintaining all financial records of an organization, analyze it, and share recommendations with the top management. At the same time, cost accountants, also known as management accountants, have to ensure that accounting standards and regulations are being met as far as accounting records and the company’s services and processes go.
California – Best In Pay, And Best In Employment Level!
The tasks of cost accountants, though detail-oriented and rigorous, is also very challenging and well-paying. Yet, while you may become a cost accountant in any state of the US depending on your preferences, California appears by far to be the best choice. Why, you ask? Well, according to Payscale.com’s salary surveys, of all the featured states, the average annual pay of cost accountants in California is the highest at $43,122 – $83,023. And if you are still not convinced, the US Bureau of Labor Statistics places California as the top state in terms of employment level for accountants and auditors in general. In May 2011, the BLS estimated a total of 121,590 jobs for cost accountants in California.
Which Metropolis? Which Other US States?
In California, Los Angeles is the metropolitan area to go to for cost accountants as it has the highest number of jobs for accountants in the state. Meanwhile, the highest concentration of jobs for accountants is in San Francisco, which is also a very well-paying state for accountants in California, with an annual mean wage of $86,230 in May 2011. This is higher than the national mean salary of $70,130 for accountants and auditors in general. Besides this, some other states and cities to consider include:
- New York – New York City
- Texas – Houston, Dallas
- Pennsylvania – Philadelphia
- Illinois – Chicago
- Massachusetts – Boston
So What Do You Need To Become A Cost Accountant?
In order to get into the field, one ought to have a Bachelor’s Degree in Accounting or a related field. This is the most basic entry-level requirement. For some higher-level positions, a Master’s in Cost Accounting may also be required. Internships and prior work experience are a plus when applying for a job as a cost accountant.
What Is The CMA?
The Certified Management Accountant (CMA) certificate is offered by the Institute of Management Accountants (IMA). It demonstrates that a person has excellent command over cost accounting principles and practices, and is a certification of his/her credentials. In order to sit for the CMA exam, one must have completed their bachelor’s degree and must have at least 2 years of work experience in management accounting. Though not necessary, the CMA certification can add much value to one’s career. The IMA’s website states, “Holders of a CMA can earn over $22,000 higher total compensation than their noncertified peers.”
All in all, becoming a cost accountant can be both challenging and financially-rewarding. Plus, now you also know the areas where great prospects for cost accounts lie. So, will you like to become a cost accountant?