Contact:
Lois Whitehead, Public Relations Manager
212-719-8405
lwhithead@nysscpa.org

NEW YORK, NY, December 27, 2004 – CareerBank.com, a website for accounting, finance and banking jobs has released its fourth annual Salary Survey Report.

Over 2,800 respondents working in the accounting, finance and banking professions around the country responded to this voluntary online survey. The data revealed that workers with a professional credential of some type earned 30 percent more in 2004 than those working without any kind of credential. The average annual salary for CPAs participating in the survey increased just over 2 percent from 2003 to $73,295. CPA salaries were not broken down by career longevity, but three-quarters of all respondents had been working in their current position for less than five years.

Professionals with a credential of some kind (about half of the respondents) were earning $70,096 compared to those without any kind of credential who are earning only $53,748. Of credentialed respondents, more than 62 percent held the CPA designation.

“The spotlight on the CPA profession comes in part from the need for compliance under federal Sarbanes-Oxley legislation affecting corporate governance, financial disclosure and the practice of public accounting,” says John Kearney, CPA, the Society’s president. “The CPA in today’s career world handles a wide scope of financial responsibilities including taxes, auditing, financial planning, estate planning and consulting making this designation extremely valuable in all areas of business.”

Among the survey’s other findings:

• The average 2004 salary for those women respondents from the accounting, finance and banking professions (including CPAs) rose nearly $2,000 to $52,012 while the average salary for men in the same fields dropped $190 to $69,848.
• Men are 25 percent more likely than women to hold a professional credential but women with a credential are earning 31 percent more ($60,942), than their female counterparts. Men with a credential are earning 23 percent more ($77,343), compared to those men without a credential.
• Higher education showed its pluses with those with a Master’s degree earning 22% more than 2004 ($71,850 versus $70,265).
• Wages for most sectors stayed close to last year's average salaries or decreased, while government jobs paid 18 percent more than they did last year ($52,298 to $61,601).
• Longevity is positive to higher salaries with those in positions more than five years earning 25% more ($69,791 to $75,858).
• Thirty-eight percent (38%) of workers received a 3-5% annual raise.

A Career Center on the NYSSCPA website lists positions available in the accounting profession from Career Bank.com. The complete 2004 Salary Survey Report can be accessed from Society’s website at www.nysscpa.org, by going to Career Center and clicking on the Resources tab.

About the NYSSCPA

Representing 30,000 CPAs, the New York State Society of Certified Public Accountants (NYSSCPA) is the oldest and largest state accounting organization in the nation. Incorporated in 1897, the Society is a not-for-profit organization that seeks to establish and maintain high standards of integrity, honor, and character among certified public accountants. Its members are CPAs working in public practice, industry, government and education in a state that serves as the home of Wall Street and major financial institutions.

The New York State Society of CPAs is located at 3 Park Avenue, New York, NY 10016. To learn more about the Society call 800-633-6320 or visit the Society’s website at www.nysscpa.org.

About Careerbank.com

Based in Rockville, Md., CareerBank.com is the leading online career center for the accounting, finance and banking community. Launched in November 1999, the site provides resume posting, job search and career development resources for accounting, finance and banking professionals. Partners in the network include the national and state CPA societies, American Bankers Association and the Institute of Management Accountants.