A chartered accountant is a highly-skilled professional who has extensive knowledge of financial and business matters. Most accountants work for public or private organizations to ensure that they comply with regulations set by the government. In this article, we’ll take you through top countries where chartered accountants can find lucrative employment opportunities.
1. United Kingdom
The average annual income of a chartered accountant working in the UK is $119,980 per year. This figure includes all types of wages including hourly rates, commissions, tips, bonuses & overtime payments. However, it does not include other expenses such as home rent allowance, tax deductions etc.
UK’s high standard of living makes its citizens spend more money than most others on entertainment & eating out while traveling abroad. Hence, their average travel expenditure during international trips is around £1000/day.
It’s true that there aren’t many new career opportunities available for CAs but those who know what they want should be able to get into any firm which needs an accountant. Some firms prefer CAs over regular employees because they have better customer service skills. It’s also less stressful since CAs only need to worry about compliance rather than bookkeeping.
In 2015, the Irish economy grew at a rate of 4%, making it one of Europe’s fastest growing economies. As a result, demand for skilled accountants grows along with the country’s economic growth. According to PayScale, the average pay for a CA in Ireland is $112,070 annually.
A few factors affect how much these professionals earn on average. One factor is location – Dublin leads the pack when it comes to highest paid accountants followed closely by Galway. Another important factor affecting the earnings potential of a CA in Ireland is experience level – entry-level accountants make approximately $92K whereas experienced ones pull down close to $120K.
Ireland doesn’t offer many specific accounting courses however some universities do provide specialized training programs. For example Trinity College offers both BA (Hons) Accounting degree course and MA (CPA) Degree Course in Business Administration. They accept students from different fields like finance, economics, marketing, management, IT, banking, law etc., so if your major isn’t related to accounting then you might consider studying something else instead.
Switzerland ranks third among the world’s best places to live according to U.N.’s Human Development Index. Although the Swiss economy shows signs of slowing down due to increased competition from neighboring European Union member states, it still remains strong thanks to small businesses owned by locals. Even though the national unemployment rate is low, people tend to move away from cities to start their own ventures in rural areas.
According to PayScale, the average annual wage for a CAs in Switzerland is $113,370. This number takes into consideration various forms of compensation, including base pay, commission, benefits, incentives, bonuses, vacation time, sick leave, health insurance, retirement plans etc.
There are several specializations within the field of accountancy. If you’re interested in practicing as an auditor, certified manager or controller, you’d probably benefit from earning higher wages compared to accountants specializing in auditing, book keeping, payroll services or consulting.
Canada is ranked eighth worldwide by Transparency International. Canadian taxpayers enjoy lower levels of corruption than residents of almost every other developed nation except Denmark and New Zealand. Despite being known for its vast natural resources, Canada is becoming increasingly competitive in terms of manufacturing products and exporting them across borders without facing barriers imposed by customs officials.
Due to technological advancements, globalization has become faster, easier and cheaper. More companies now deal directly with customers overseas via web portals and online shopping centers. Thus increasing the demand for qualified accountants who can help clients file reports and perform necessary calculations.
According to Salary.com, the average annual income of an accountant in Canada is CAD$89,870. This amount excludes taxes, pension contributions, social security fees, child care costs, transportation expenses etc. Earnings depend largely upon specialization and years of experience. Entry-level accountants typically earn between CAD$72k-$85k depending upon the province while experienced ones may bring up to CAD$140k per year.
Luxembourg is a tiny landlocked sovereign state located in Western Europe. Its official language is French although English is widely spoken too. Like Canada, Luxembourg enjoys very little corruption despite having relatively poor governance standards.
Residents are required to show identification documents whenever entering the country. There are no sales taxes levied on goods purchased locally.
Since the currency is Euro, prices displayed in euros are rounded off to two decimal points. You won’t notice any difference whether you use cents or dollars.
Even though the GDP per capita in Luxembourg is the lowest amongst EU members, the quality of life is quite good. Thanks to excellent education system, the literacy rate is 99%. Average life expectancy is 82 years old. Luxembourg boasts great healthcare facilities with well equipped hospitals and modern clinics. Public transport infrastructure is efficient, punctual and safe. Citizens enjoy freedom of speech and assembly.
Average annual wage earned by a Chartered Accountant in Luxembourg is €82,280 ($98,470). This means that even after taking into account other expenses such as housing rent, food, leisure activities, children support, medical bills etc., Luxembourgian accountants earn slightly less than their counterparts in France.
When comparing chartered accountant salaries in Luxembourg vs. France, note that the former includes additional perks such as free accommodation, meals, discounts, extra allowances and holiday entitlements.
Japan ranks sixth in the list of the best places to live according to Mercer Consulting. Tokyo is considered one of the safest global cities and crime rates are generally low. Japanese culture values honor, respect and humility above everything else. These qualities play a big role in determining how trustworthy individuals are perceived to be.
Japanese workers are usually expected to complete assigned tasks efficiently and stick to deadlines. Their productivity expectations are often driven by rigid hierarchical structures and strict corporate cultures. Due to lack of transparency, accountability becomes difficult unless everyone agrees on the goal. To keep things simple, Japanese managers try to control each employee’s personal behavior using indirect methods.
According to PayScale, the average annual income of a Chartered Accountant in Japan is ¥93,180 ($105,000), excluding taxes. After adding other relevant costs such as commuting fee, lunch break, child care cost etc., the total expense is estimated to be ¥110,100 ($130,000)
The main reason why Japanese accountants earn less than their peers in other Asian nations is due to long hours spent doing paperwork and spending unnecessary time filling out repetitive HR policies.
7. United States
The US is the second largest economy in the world. However, unlike most wealthy nations, Americans don’t rely heavily on taxation to fund federal expenditures. Instead, federal funds come primarily from borrowing rather than revenue collected through taxes. According to OECD data, the US’ debt held outside the US Treasury reached $62 trillion in 2014. By contrast, China’s debt was $28 trillion in 2013.
Americans consume twice as much meat as Europeans. Food preparation accounts for 11% of household energy consumption in America, far exceeding the share in most European countries. Americans spend 2.5 times more on dining out than their Chinese or Indian neighbors. And they spend 1.6 times more on gasoline purchases than Indians. On the bright side, the average American spends just 0.95 percent of his wealth purchasing lottery tickets.
On average, Chartered Accountants in USA earn roughly $102,950 annually before considering other associated costs. Low taxes combined with generous welfare schemes encourage entrepreneurship. Many CAs specialize in advising entrepreneurs regarding legal issues involved in starting a company.
Australia is the fourth wealthiest country in the world. Its major industries consist mainly of agriculture, mining, retail trade, finance, automotive industry, tourism etc. While foreign nationals were once banned from owning shares in Australian banks and other large corporations, recent changes allow foreigners to qualify for investment property ownership.
Most Australians choose to study accounting to prepare themselves for careers in the financial sector. According to Careerbuilder, the median yearly income of a Chartered Accountant in Australia is AUD$115,400. Other sources estimate the average annual income to be AU$103,880. This reflects the fact that many accountants actually work part-time and practice multiple professions simultaneously.
Norway consistently ranks as one of the happiest countries in the world. Norwegian employers place emphasis on workplace flexibility and equality. Workplace discrimination based on gender, age, disability or race is illegal here. Employees are allowed to request flexible schedules and reduced workloads if needed. Childcare arrangements are made accordingly. Norwegians enjoy subsidized universal healthcare coverage provided by the government.
According to PayScale, the average annual income for a Chartered Accountant in Norway is NOK$118,730. This amount takes into consideration various forms of compensation, including base pay, commission, benefits, incentives, bonuses, sick leave, holidays, maternity leave, parental leave etc. Compared to other Nordic countries, it seems that the overall wage gap is smaller in Norway.
Sweden is also one of the richest country in the world. Sweden’s per capita GDP is $34,600. Per capita income, defined as the average disposable income of an individual or family divided by the population, is $29,200.
Despite being ranked the 10th wealthiest nation in the world, Swedes have managed to reduce the poverty rate from 15.0% in 1990 to 5.8% in 2010. Sweden also offers a very generous welfare system that includes free education and healthcare services to all citizens.
Most Chartered Accountants working in Sweden find jobs within large corporations or public sector entities rather than small firms or independent practices. The average annual salary of a Chartered Accountant in Sweden is around SEK$125,800 (approx $1590). However, this figure takes into consideration various forms of compensation that include base pay, commission, overtime pay etc., and does not reflect the actual earnings of a Chartered Accountant who works part- time or engages in multiple professions simultaneously.
The above are 10 countries where Chartered Accountants can find jobs and build lucrative careers right after graduation from an accredited accounting program in Canada (or any other country).
The key to success as a Chartered Accountant lies not only in mastering the skills and knowledge required for professional success but also preparing yourself for challenges ahead through hard work and by developing a positive work attitude towards your profession and your employers.