Public Accounting Salary Progression
Hi everyone,
I’m curious about the potential for salary growth in public Accounting. Specifically, is it realistic to expect a salary to double every five years, starting from an internship?
Currently, I’m earning $52K CAD (approximately $36K USD) as an intern in Quebec. From what I’ve seen, achieving a CPA designation can significantly boost earning potential to around $100K quite rapidly.
If we follow that trajectory, one might achieve $100K within five years of starting as an intern and earning the CPA. After another five years, a promotion to director could potentially double that salary again. Fast forward five more years, and one might be reaching for an associate position (Is that the right term for the shareholder role? Apologies, I’m French! 😭) and potentially making around $400K.
These figures are just general estimates, but do you think this career path is realistic?
Thanks for your insights!
One response
Hello!
Your thought process is really interesting, and you bring up some valid points regarding salary growth in public Accounting. While it’s certainly possible for individuals to significantly increase their salaries over time, doubling your salary every five years may be a bit optimistic for the average public accountant, though not entirely out of reach for some.
Starting as an intern at $52K CAD, you’re on a decent path. After obtaining your CPA, many start at around $60K-$80K CAD, depending on the firm and location. From there, salary increases typically happen with promotions, experience, and additional responsibilities.
Your estimate of reaching about $100K CAD within five years post-CPA is realistic, especially if you perform well, take on challenging projects, and potentially move into roles like a senior associate. Moving into managerial roles or director levels within the next five years could indeed lead to higher salaries, perhaps in the range of $120K-$180K.
Regarding the term “associate,” you might be referring to “partner” or “associate partner” when discussing equity positions in a firm. Partners in reputable firms can earn significantly more, often upwards of $300K CAD, but it requires not only tenure but also business acumen, a strong client base, and the ability to bring in revenue.
In short, while the trajectory you laid out is ambitious, a lot depends on individual performance, networking, the firm’s growth, and the overall economic environment. It’s good to aim high, but also keep in mind that everyone’s career path may vary.
Best of luck on your journey in public Accounting!