The latest group of fortune tellers gazing into crystal balls to figure out what accounting salaries will be like next year are from the recruitment firm Hays U.S.
In its 2023 salary guide, Hays provides salary ranges for accounting and finance jobs in nine states, plus the District of Columbia. For this article, we selected four positions in audit and four in tax.
Hays has found that despite employees expecting more money to deal with inflation, the rate of which is currently 7.7% for the 12 months ending in October, employers are taking a more conservative approach (because of course they are) and are looking to give out pay increases between 3% and 5% instead of 5% or more in 2023. Hays says:
[Salary] increases have been significant over the past year—more so than predicted. However, there has been a definite shift in the market, as employers take a more cautious approach, we see less aggressive plans to increase salaries when looking ahead.
Companies are taking this stance even though an OVERWHELMING majority (57%) of employees surveyed by Hays said higher salaries is the No. 1 motivator for them to consider leaving their current job, followed by promotional opportunities (24%) and better benefits (19%).
After comparing the salary ranges in Hays’ 2023 salary guide with the ranges it provided for accounting jobs in its 2022 guide, many of those ranges haven’t changed. However, there are positions in some states that are projected to have an increase in base pay next year. For example:
- Audit associates in Colorado are expected to see a raise of between 7.1% and 9.1%.
- In Georgia, audit managers and tax managers are expected to see salaries rise 22.2%, while tax directors are projected to have a bump in pay between 7.1% and 10%.
- Tax managers and tax directors in California are expected to see pay increases of 56.2% and 33.3%, respectively.
- Salaries are projected to increase between 15.4% and 20% for tax managers in Florida.
Below are the projected pay ranges for the four audit and four tax roles in Hays’ 2023 salary guide. DMV refers to District of Columbia, Maryland, and Virginia:
Audit associate
- California: $40,000-$60,000
- Colorado: $60,000-$75,000
- DMV: $55,000-$70,000
- Florida: $50,000-$70,000
- Georgia: $50,000-$75,000
- Illinois: $40,000-$60,000
- New York: $55,000-$70,000
- Texas: $55,000-$65,000
Audit senior
- California: $60,000-$100,000
- Colorado: $80,000-$100,000
- DMV: $70,000-$100,000
- Florida: $65,000-$90,000
- Georgia: $65,000-$95,000
- Illinois: $60,000-$90,000
- New York: $70,000-$100,000
- Texas: $75,000-$95,000
Audit manager
- California: $110,000-$150,000
- Colorado: $120,000-$150,000
- DMV: $100,000-$175,000
- Florida: $100,000-$130,000
- Georgia: $110,000-$150,000
- Illinois: $100,000-$130,000
- New York: $100,000-$175,000
- Texas: $115,000-$135,000
Audit director
- California: $150,000-$200,000
- Colorado: $150,000-$200,000
- DMV: $150,000-$250,000
- Florida: $150,000-$200,000
- Georgia: $150,000-$200,000
- Illinois: $150,000-$200,000
- New York: $150,000-$250,000+
- Texas: $150,000-$200,000
Tax accountant
- California: $75,000-$95,000
- Colorado: $70,000-$95,000
- DMV: $75,000-$90,000
- Florida: $50,000-$75,000
- Georgia: $60,000-$75,000
- Illinois: $65,000-$90,000
- New York: $65,000-$90,000
- Texas: $60,000-$80,000
Tax senior
- California: $80,000-$120,000
- Colorado: $80,000-$100,000
- DMV: $70,000-$100,000
- Florida: $70,000-$90,000
- Georgia: $70,000-$100,000
- Illinois: $50,000-$75,000
- New York: $80,000-$110,000
- Texas: $75,000-$90,000
Tax manager
- California: $125,000-$150,000
- Colorado: $100,000-$120,000
- DMV: $100,000-$150,000
- Florida: $120,000-$150,000
- Georgia: $110,000-$155,000
- Illinois: $80,000-$150,000
- New York: $90,000-$160,000
- Texas: $135,000-$165,000
Tax director
- California: $160,000-$200,000
- Colorado: $140,000-$200,000
- DMV: $160,000-$250,000
- Florida: $150,000-$240,000
- Georgia: $150,000-$250,000
- Illinois: $160,000-$210,000
- New York: $140,000-$275,000
- Texas: $180,000-$210,000
You can find all of our content previewing public accounting salaries for 2023 here.