Last month we took a look at the 2024 Robert Half Salary Guide to get an idea what public accounting salaries should be in the range of next year, today it’s a similar report from Addison Group and their 2024 Workforce Planning Guide. The guide covers several industries, we are of course only here for accounting.
Of the finance and accounting sector the report says:
In a field known for ‘churn and burn,’ last year was one for the record books with higher job turnover than in any other three-year period. Those now settled into new jobs are not in a hurry to leave. A turbulent economy plus healthy compensation packages over the past few years have decreased the pool of candidates and increased the competition for talent.
As employers continue to face a tight job market, they will need to take a closer look at their compensation packages and be prepared for counter offers. Beyond salary levels, evaluate what creative work/life balance and benefits may entice candidates from paid paternity leave to on-site daycare or more flexible vacation packages.
And:
Despite a complex economy that requires more guidance from financial and accounting professionals, there’s a serious talent shortage that’s going to worsen in the next few years. While 75% of CPA’s reached retirement age in 2020, the good news is that finance and accounting are now ranking as top career choices among Gen Z candidates.
Say what now? Whatever, moving on…
Recruiting for these positions goes beyond attractive compensation packages to revisiting upskilling of in-house teams as well as more focus on under qualified candidates who have potential but require training and certifications. Employers will need to reward employees who earn CPAs, CFAs, and CFPs or risk losing them to competitors. Many companies also expect to increase outsourcing to fill the gaps.
Now that you bravely skimmed four entire paragraphs of icky words, here are national average salaries for various accounting positions according to the report.
| Accounting/Reporting job title | National average salary |
|---|---|
| Chief Accounting Officer | $227,071 |
| Controller | $191,885 |
| Assistant Controller | $165,753 |
| Director of Corporate Accounting | $156,664 |
| Director of Financial Reporting | $179,490 |
| Director of Lease / Revenue Recognition | $152,884 |
| Accounting Manager | $146,925 |
| Lease / Revenue Recognition Manager | $147,751 |
| Technical / Financial Reporting Manager | $151,911 |
| Senior Accountant | $99,881 |
| Senior Lease / Revenue Accountant | $76,862 |
| Senior Technical / SEC Accountant | $101,625 |
| Lease / Revenue Recognition Accountant | $65,948 |
| Staff Accountant | $63,959 |
There are a few more operational and lower level roles in the report such as Bookkeeper ($51,989) and Data Entry Specialist ($41,020), let’s go ahead and skip those.
The report also offers a comparison of accounting function roles and average salaries in Atlanta, Austin, Boston, Charlotte. The most lucrative of these is being a CFO in Boston ($302,309 versus national average of $261,739). The worst is being a data entry specialist…anywhere. To keep things simple, we’ll stick to the tax and audit roles.
| Tax/Audit Position | National average salary | Atlanta | Austin | Boston | Charlotte |
|---|---|---|---|---|---|
| Director of Tax | $183,006 | $196,731 | $211,372 | $215,947 | $173,856 |
| Tax Manager | $140,049 | $150,553 | $161,757 | $165,258 | $133,047 |
| Senior Tax Accountant | $92,450 | $99,384 | $106,780 | $109,091 | $87,828 |
| Tax Accountant | $75,233 | $80,875 | $86,894 | $88,775 | $71,471 |
| Director of Internal Audit | $183,737 | $180,062 | $248,045 | $216,810 | $174,550 |
| Internal Audit Manager | $165,286 | $161,980 | $206,608 | $195,037 | $157,022 |
| Senior Internal Auditor | $115,172 | $120,931 | $135,327 | $135,903 | $109,413 |
| Internal Auditor | $92,921 | $95,244 | $109,182 | $109,647 | $88,275 |
Thoughts, feelings, complaints, and accusations of inaccuracy are welcome in the comments.
Generally speaking, I thought tax associates earned more than audit associates.
My husband and I are both CPAs (between 10 and 15 years experience). It’s hard to believe that this statement is correct, “While 75% of CPA’s reached retirement age in 2020”. We understand that there are several Baby Boomers in our profession, but it seems that 75% is too high of a number. Could you please provide the source of that information?
It was in a 2015 AICPA exposure draft about adding a “retired” designation to CPA licenses. Linked here: https://www.goingconcern.com/number-of-the-day-75/
Seeing those tax salaries makes me glad I went straight to industry.