In this article, we will look at the 17 highest paying countries for accountants. We have also discussed key trends in the accounting industry and have analyzed the key players' impact on the accounting professionals. If you want to skip our detailed analysis, head straight to the 5 Highest Paying Countries for Accountants.
Remote Work for Accountants
The accounting profession has undergone considerable changes in work preferences and models since the COVID-19 pandemic. While businesses, including accounting firms, swiftly transitioned to remote work during lockdowns, this trend has persisted even as the pandemic recedes. Over 600remote accounting positions were listed on Robert Half's job board as of May 2023 which showcases the viability of remote work with the right tools. A survey by ConvergenceCoaching found that the percentage of firms enabling regular or flexible remote work nearly doubled to 80% in 2022, with 43% incorporating remote recruitment into their talent strategy. This explains why accounting is one of the best work-from-home jobs in 2023.
Infact, as 41% of finance and accounting professionals planned to explore new job opportunities in the first half of 2023, 63% sought hybrid positions and 47% were interested in fully remote roles. Before the pandemic, only 29% of financial services firms had over 60% of their workforce working from home weekly. During the pandemic's peak, 43% of tax professionals were also predominantly remote and 48% claimed to have experienced positive health effects while 38% noted improved working practices.
How Likely is Automation in Accounting?
As we know various industries are being revolutionized by AI and automation technologies, the world of accounting is also on the brink of a big change. Even though people have been talking about automation for a while, we're just starting to see its real impact in accounting. Surprisingly, a recent study found that 75% of accounting tasks are still done by people, not computers. This shows that there's a lot of room for automation to make accountants' jobs easier. However, there's a challenge. Different people have different ways of doing things, which can make it tricky to use automation in accounting.
Still, more and more companies are using automation in their accounting work. Automation doesn't just make things faster; it also helps to reduce mistakes. For example, when companies need to check their financial records, automation can help find mistakes and make things more accurate. There are a few areas where automation can really make a difference: making sure the books are correct, doing calculations for money coming in, and handling buying things for the company.
Moreover, while accounting is generally a high paying profession, chartered accountants and forensic accountants are one of the highest paying accounting jobs.
Key Players in Accounting Industry
Intuit Inc (NASDAQ:INTU) through its innovative platform QuickBooks, has largely impacted the accounting profession by leveraging technology to empower professionals and boost their capabilities. With a focus on automation and real-time analytics, Intuit Inc (NASDAQ:INTU) QuickBooks has transformed traditional accounting practices, allowing professionals to shift from manual data entry to value-added tasks.
According to a survey conducted by Intuit Inc (NASDAQ:INTU) in March 2023, 99% of Canadian accounting professionals using QuickBooks expressed a desire to use technology to dedicate more time to professional development, networking, mentoring, and consulting with clients. The platform's cloud-based, AI-driven features have enabled accountants to streamline workflows, automate data entry, invoicing, and expense categorization. This shift has led to improved efficiency and accuracy that enables accountants to engage in strategic planning and business advisory.
Furthermore, Intuit Inc (NASDAQ:INTU) QuickBooks' impact is evident in its ability to address industry challenges. The platform's AI-driven solutions, like Multi-Currency Bank Matching and Accounts Payable automation, have helped small businesses and accounting professionals save time on reconciliation and manual data entry.
In terms of employee satisfaction, on the other hand, Thomson Reuters Corp (NYSE:TRI) has cracked the code as it surveyed 100 CPAs to implement their preferences at work for better productivity. The survey revealed that 94% of new accounting professionals prioritize financial stability and 93% emphasize receiving competitive salaries. To ensure employees feel valued, Thomas Reuters Corp (NYSE:TRI) embraced these insights by offering fairer compensations. For example, a Finance Manager at Thomson Reuters Corp (NYSE:TRI) is paid an impressive annual salary of $206,416 on average, according to Glassdoor.
To list the highest paying countries for accountants, we identified the countries with the highest demand for accountants and then made a list for 23 countries with the average salaries for accountants. Of those 23, the 15 with the highest average salaries were selected and have been ranked. We acquired the data for average salaries of accountants for each country from ERI Economic Research Institute. The list is presented in ascending order.
Here is a list of highest-paying countries for accountants.
17. Saudi Arabia
Average Salary: $52,000
To become a chartered accountant in Saudi Arabia, one has to pursue the ACA qualification or ICAEW CFAB, recognized globally. Then pass the required exams, gain practical experience while upholding ethical standards, complete modules in finance and accounting, and apply for ICAEW membership as a Chartered Accountant. Speaking of chartered accountancy, it is one of the most boring jobs that pay $100,000 or more.
16. Italy
Average Salary: $54,484
Accounting in Italy is guided by organizations like the National Council of Accountants and Chartered Accountants (CNDCEC) and the Italian Accounting Committee (OIC). The profession adheres to International Financial Reporting Standards (IFRS) and is influenced by legal and regulatory frameworks. Companies must follow specific accounting requirements, including financial statement publication. The European Accounting Guide and resources like LexisLibrary offer insights into Italian accounting practices, and ICAEW provides support for international accountancy matters.
15. Ireland
Average Salary: $60,129
Becoming an accountant in Ireland involves several key steps. One has to start with the IATI qualification as a foundation and then progressing to the ACCA qualification for broader expertise. Gaining practical experience, choosing a specialization, and effectively marketing oneself for potential clients or employers are the following integral steps. It's a rewarding career path with long-term potential. Ireland is known as a country that has the best chartered accountants.
14. Finland
Average Salary: $64,732
Accounting in Finland is guided by IFRS standards and overseen by organizations like Suomen Tilintarkastajat ry. The profession's structure, regulations, and qualifications are detailed in resources like the European Accounting Guide and World Accounting. Finland is one of the highest paying countries for accountants.
13. Canada
Average Salary: $66,018
To become a Chartered Professional Accountant (CPA) in Canada, one must meet prerequisite education requirements, complete the CPA Professional Education Program (PEP), pass the Common Final Examinations (CFE), and obtain practical experience. Candidates typically take six to seven years, including university education, to earn their CPA designation. Foreign-trained individuals may have their credentials assessed for CPA eligibility. Canada is a country with a shortage of accountants.
12. United Arab Emirates
Average Salary: $66,803
In the UAE, ICAEW provides qualifications like the ACA and CFAB that enables individuals to become skilled Chartered Accountants. Students can earn exemptions based on prior learning, and ICAEW supports professionals seeking reciprocal agreements for membership.
11. Japan
Average Salary: $67,163
To practice as an accountant in Japan, you have to obtain the Certified Public Accountant (CPA) license through exams and practical experience. The industry offers roles like public accountants, tax accountants, financial planners, and forensic accountants. Strong technical and soft skills are crucial that includes analytical abilities, communication, and adaptability. Salaries can vary based on roles and experience. Japan is one of the highest paying countries for accountants.
10. Austria
Average Salary: $70,080
To become a CPA in Austria, individuals have to acquire a relevant university degree and complete three years of work experience as a registered auditor-in-training with KSW. They are then required to pass the CPA examination, take the oath before the Ministry of Finance, and receive a CPA certificate from KSW.
9. Netherlands
Average Salary $70,329
Accounting in the Netherlands is guided by the Dutch Accounting Standards Board. The country adopts International Financial Reporting Standards (IFRS. Professional accountants are regulated by the Nederlandse Beroepsorganisatie van Accountants (NBA). The Netherlands is also one of the highest paying countries for nurses.
8. Australia
Average Salary: $71,115
In Australia, accountants play a crucial role in financial management, taxation, and compliance. With a strong job outlook, employment for accountants is projected to grow, offering a promising career path. Accountants earn an average weekly salary of $1,660, higher than the national average, and typically work full-time hours. To become an accountant, one needs a relevant qualification such as a Bachelor of Accounting or completion of a Certified Practicing Accountant (CPA) program. Online courses, like those offered by Open Colleges, provide flexible learning options to gain necessary skills for a successful accounting career. Australia is one of the best countries for accounting.
7. Norway
Average Salary: $71,545
In Norway, applicants need a bachelor's degree in economics and business administration with a focus on external accounting to become external accountants. Professional practice of at least two years, including auditing and financial reporting, is essential. It is also mandatory to observe good conduct and financial trustworthiness, as well as residency in an EEA member state. The process is regulated by the Finanstilsynet and adheres to the new External Accountants Act as of 2023. Norway is also one of the countries with the highest standard of living.
6. Germany
Average Salary: $71,800
Achieving full certification as an accountant in Germany requires obtaining final approval from the Chamber of Public Accountants. This entails completing three years of practical experience and an additional two years focused on auditing expertise. Germany is also one of the countries with the highest demand for accountants.
