January 7, 2003 - Hawthorne, NY - A certified public accountant (CPA) license is a major determinate of an accounting professional's salary, according to the 2003 Salary Survey from SmartPros, a leader in professional education and interactive training for accounting, finance and engineering professionals. The online survey found that respondents with a CPA license were more than twice as likely as their non-CPA counterparts to have a salary of $60,000 or more.

Approximately 2,100 respondents answered the eight-question survey that was conducted from October through December at www.smartpros.com. Respondents included a wide range of accounting professionals, including bookkeepers, chief financial officers, controllers, managing partners and staff accountants.

Of all the respondents, 48 percent hold a CPA license. Of these CPAs, 65 percent made $60,000 or more -- compared to just 27 percent of non-CPAs who made that salary.

Other findings:

• Interestingly, half (50 percent) of the 276 sole practitioners in public practice made $100,000 or more -- no matter the number of years of experience.
• Overall, the more years of work experience of the respondent, the higher the salary range. Based solely on years of experience:
  • The majority of respondents with three years or less of experience (68 percent) earned between $30,000 and $59,999.
  • Of those with four to nine years of experience, most (60 percent) earned between $40,000 and $69,999.
• About half (54 percent) of respondents with 10 to 15 years of experience earned between $60,000 and $99,000, with 16 percent earning $100,000 or more.
• The majority (64 percent) of respondents with 16+ years of experience earned $70,000 or more in 2003.
  

Nearly one-quarter (23 percent) of respondents have more than one credential. In contrast, 33 percent hold no credential. Of those with a credential, 77 percent hold a CPA, CIA, CMA, EA, CFP, CGFM, CFE, CFM, or CFA.¹ Twenty-three percent said "other."

Twenty-eight percent of respondents' highest academic credential is a master's degree. Sixty-one percent said a bachelor's degree is their highest level of education completed. The remaining respondents reported some college (4 percent), an associate's degree (3.7 percent), or a doctoral or other professional degree (2.7 percent).

Overall, by title/job category, the majority of respondents fell within a broad salary range:

• Staff Accountant: 24 percent fell in the $30,000 to $39,999 range; 38 percent in the $40,000 to $49,999 range; and 19 percent in the $50,000 to $59,999 range. About 11 percent made more than $60,000.
• Bookkeeper/Clerk/Admin: 64 percent made between $20,000 and $39,000.
• Director/Manager: 54 percent made between $50,000 and $99,999.
• CFO/Controller: 53.8 percent made between $60,000 and $99,999; 29.3 percent made more than $100,000.
• Managing/General Partner: 53 percent made more than $100,000; 36 percent made between $60,000 and $99,999.

Of the 164 entry-level professionals (less than one year of experience) who responded to the survey, 12 percent made between $20,000 and $29,999; 32 percent between $30,000 and $39,000; 37 percent between $40,000 and $49,999; and 13 percent between $50,000 and $59,999.

The SmartPros salary survey also highlights salary ranges by area of practice, years of experience and geographic region. Visit http://www.smartpros.com/x41722.xml for more information.

1 Professional certifications: CPA (Certified Public Accountant); CIA (Certified Internal Auditor); CMA (Certified Management Accountant); EA (Enrolled Agent); CFP (Certified Financial Planner); CGFM (Certified Government Financial Manager); CFE (Certified Fraud Examiner); CFM (Certified Financial Manager); CFA (Chartered Financial Analyst).

About SmartPros® Ltd.
Since 1981 SmartPros® Ltd. has proven itself an industry leader and innovator in the field of accredited professional education. Its products and services are primarily focused in the professional areas of corporate accounting, financial management, public accounting, governmental and not-for-profit accounting, and engineering. SmartPros® provides content publishing and development services in a variety of media including Web, CD-ROM and video. Visit: http://corporate.smartpros.com