More good news for those in the field of finance and accounting. In 2016, the salary for accountants was anticipated to increase 2.4%, a number which is projected to grow another 2.7% in 2017. This continual increase is mainly due, as we've said multiple times in the past, to the ever surging demand for accountants that continues not to be met at its capacity. The consistency in the market doesn't appear to be slowing down anytime soon. The U.S. Bureau of Labor Statistics (BLS), financial planners, analysts, auditors, and accountants are set to be the fastest growing jobs through 2024.
The increase in demand is happening across the entire U.S., not just in major cities or regional economic bubbles. CPA's are among the fastest growing needs and thus are experiencing a boom in their salaries. Those new to the job market can expect more competitive employers and those currently employed may consider job shopping, asking for raises congruent with the current market trends, and consulting with specialists to make sure they are fairly compensated.
Financial consultants continue to experience the highest amount of growth and, even though numbers are increasing across the board, their demand along with salary is highest in New York, San Francisco, and Chicago. The boom in San Francisco is due to the technology based companies there, but the best of the best talent are being attracted to these three cities.
There's no question that those with CPA certifications will experience even larger raises compared to the across the board numbers. Those without the CPA certification will want to work towards that goal before falling behind the market trend or they may experience the tail end whiplash of new employees chasing a flourishing job market. This is great for the field of accounting in general but shouldn't encourage anyone to get too comfortable. Accountants should always be growing and continuing their education, even past attaining their CPA. The market is great and so is the increase in salary with almost unlimited opportunities for upward mobility within a company and throughout the job market.
The key in a thriving market is to pursue compound interest; invest in a CPA now, follow the current job market and pursue endeavors now that project current trends towards future implications, and never fall behind. Those currently in the field or about to enter are set up for success, but it will take staying on the cutting edge to be part of the accounting and finance population that thrives above the rest in the future.