High pressure and complex work requiring high accuracy are the characteristics when it comes to the accounting industry. However, whether the salary is commensurate with those is still a question.
Any large or small business needs at least one accounting position. That is also the reason why accounting is always the "hot" industry receiving a lot of attention from candidates. With lots of job opportunities, many people work as accountants, and people outside of this field wonder "Is the accountant's salary commensurate with the effort expended?". Let's find the answer through the content below with Navigos Search- Vietnam's leading headhunter brand!
1. About the current accounting industry
According to information from the General Statistics Office, our country had 57,000 newly registered enterprises and re-operated after the fierce Covid-19 pandemic in the first quarter of 2023. Large and small businesses are growing, so the demand for human resources increases. In particular, the accounting department is an indispensable part in any unit and is sought after by investors.
In the resolution document on business development in the period of 2021 - 2025, the Government set the goal of 1.3 - 1.5 million businesses. This means that job opportunities in the accounting profession are increasing day by day.
The strong development of the market economy has made accounting one of the "hot" industries nowadays. As mentioned above, when multitudinous businesses are established, accounting is an indispensable position.
In addition, the explosion of technology 4.0 has a significant impact on the personnel recruitment of the accounting industry. Many organizations have applied digital technology to change the practice way of financial and economic operations. This is a challenge but also an opportunity for those working in accounting.
View more: Finding internal accountant jobs, what are the opportunities?
Overview of accounting
2. Factors affecting accountant salary
Accountant salary varies and depends on a number of basic factors as follows:
Professional qualifications and competencies
Before accepting a job, you and the employer will agree on the salary. One of the factors to give a suitable salary level is your qualifications and competencies demonstrated through your academic achievements, certifications, and accounting-related competitions. You can suggest a higher salary if you have a good starting point and impressive background.
Experience and position
Besides qualifications, work experience is also a critical factor. A person with work experience will assuredly have the necessary expertise and skills. Therefore, your experience will determine your entry into the accounting profession at what level, position and salary.
Type and size of business
The next element that affects the accountant salary is the size of the business you apply. Typically, small and medium private enterprises will offer salaries lower than large corporations. Small-scale business corresponds to a small amount of work and so does the income of accountants.
Working location
The working location also impacts income levels. We can easily find that the salary of an accountant in Ho Chi Minh City is VND 10-15 million /month while it is VND 6-7 million /month in Nghe An. The reason is because the standard of living is different in each place. Thus, the accountant salary also varies.
Accountant salary depends on many factors
3. Accounting profession - Great pressure with high salary?
The starting salary of personnel in accounting is currently around 5-7 million/month, an average of 9-11 million/month, or from 20-25 million/month depending on the specific position and role. Chief accountant can receive up to nearly 70 million/ month - the dream income of many people.
Accountant salary is predicted to increase, especially for those who have many years of experience and professional expertise.
You can refer to the accurate salary of accountant and other hot occupations in Navigos Group's 2023 salary report. Salary report from Navigos Group - The corporation that features 2 leading recruitment brands in Vietnam (VietnamWorks and Navigos Search). Navigos Group's 2023 salary report updates salaries on the market in detail for each department and level in 23 different industries in Vietnam such as construction, real estate, finance-banking, and information technology.
Accountant salary is considered relatively attractive
4. The career path is wide open for accountants
In the first 2 years, you will work as a full-time accountant with a relatively low salary. However, this is a "golden" time for you to learn and gain more experience. In the working process, try to sharpen more hard and soft skills, improve relationships with colleagues, superiors, and gain the trust of the business.
In the next 3-5 years, when you are proficient in your work, you will have the opportunity to be promoted to the position of general accountant who is responsible for most of the accounting tasks. It's time to overcome your weaknesses, constantly learn, and contribute ideas on accounting expertise to build your business.
You will have a long legacy of experience and a deep understanding of the business from 5 to 10 years. At this point, achieving the position of chief accountant is entirely possible. The ideal promotion path depends on each person's efforts, and the promotion time may vary. Therefore, be determined, and try to hone leadership, management, and work organization skills to lead the accounting department to perform well in corporate financial management.
There are numerous opportunities for advancement in the accounting profession
5. Ways to negotiate higher accounting salary
Once you have professional qualifications and hard experience, you can try to negotiate (propose) a higher accounting salary yourself. Below are a few tips that can help you do this:
Mention your outstanding strengths
Employers will look at the advantages and values you can bring to offer a suitable salary. Therefore, analyze your strengths compared to other candidates when interviewing to successfully convince the business.
Find out the market salary
You should also find out the average salary for each position in the accounting industry at the moment in the market. Let's read Navigos Group's 2023 Salary Report mentioned in section 3 to know the accountant salary. Besides, consider other factors affecting accountant salary such as business size or working location to propose an appropriate number.
Complete the job beyond expectations
Don't stop at completing the assigned tasks. Instead, take on other jobs to demonstrate your enthusiasm and dedication to the business. When your superiors find that you are a hard-working, progressive, professional accountant, you will have an opportunity for promotion and a salary increase.
Be patient
Salary is what will follow you throughout the working process and is the result you create from expertise and effort. Therefore, be patient and try to achieve the desired income.
Constantly learn and improve expertise
To become a professional accountant, you must never stop learning. Even if you are already an experienced accountant, don't forget to accumulate more knowledge and improve your professional skills.
In particular, the constant changes in accounting, tax, and related laws require you to constantly update to serve your work well. Advanced accounting and finance courses will be an effective assistant to help you develop your professional competence. When your accounting skills are improved, you will be more proactive in your work and handle all difficult situations quickly.
In the current period of fierce competition in the labor market, you will only go around in circles, fall behind, or even be eliminated from the profession if you do not learn. Managers always appreciate employees who are proactive in work, so you should actively improve your expertise every day.
Discuss and negotiate salary frankly and clearly
Having a frank and clear discussion will benefit you. Do not be afraid as this will affect your rights. When you are confident in your expertise, experience, and skills in accounting and have prepared carefully, you should boldly negotiate salary with employers and businesses.
The secret to proposing a higher accountant salary
Hopefully, the above information from Navigos Search has helped you have a better overview of accountant salaries and factors that help you negotiate higher salaries. If you are interested in any job position in the accounting industry such as Inventory Accountant, Sales Accountant, Tax Accountant, General Accountant, Internal Accountant, Chief Accountant, or other fields, access the job directory on Navigossearch.com to apply quickly.
You can also send us your CV for a chance to become a potential candidate in our candidate database. Our consultants are experienced recruitment experts who are knowledgeable about each industry and the labor market.
Based on a scientific recruitment process, our recruitment experts will actively contact and advise you on recruitment requirements, reveal how to negotiate attractive salary and bonus to help you shine brighter before the recruiter.
On average, our consultants interview many high-level candidates each month, bringing quality job opportunities to job seekers across Vietnam.
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