Accountant Salary and CPA Outlook by State
Accountants are well-compensated compared to other professions with similar education requirements, though the salary that you can earn as an accountant is dependent on several factors, including your geographic location and level of education and experience. The Bureau of Labor Statistics (BLS) notes that candidates with a master’s in accounting may have an advantage in the job market.1 Certified public accountant (CPA) or other certifications like chartered financial analyst (CFA) or certified internal auditor (CIA) can also increase a candidate’s base salary and provide opportunities for promotion.1 Additional factors that may determine your compensation level include your negotiating skills, the size of the company, and the industry you work in (e.g. insurance, tax preparation, healthcare, and so on). On this page, you will find further information about the factors that impact accountant salaries as well as a table outlining the best states for accountants.
How Much Does an Accountant Make?
The BLS reports that the median annual wage for accountants and auditors nationally was $71,550 as of May 2019.1 The top-earning 10% of accountants and auditors earned more than $124,450, while the lowest-earning 10% earned less than $44,480.1 The top-paying industries for accountants and auditors were accounting, tax preparation, bookkeeping, and payroll services ($83,460 per year); management, scientific, and technical consulting services ($81,730 per year); and real estate ($77,830 per year).1
Specialty roles within these larger fields also impact salary. According to the Robert Half 2021 Salary Guide, the median salary for senior internal auditors was $90,500 per year, compared to senior financial reporting specialists and SEC financial reporting analysts ($85,000 per year), general accountants ($81,000 per year), and cost accountants ($81,750 per year).2 As in other industries, an individual’s experience makes a difference, too – according to Robert Half’s salary data, those with only one to three years of experience in these areas typically make $10,000 to $15,000 less per year than their more senior counterparts.2 The table below provides an easy-to-digest overview of the differences in requirements, salary, and outlook for different types of accountants.
| Role | Typical Highest Education Level Recommended3-8 | Number Employed in the US3-10 | Average Annual Openings3-10 | 10-Year Job Growth3-10 | Average Salary3-10 |
|---|---|---|---|---|---|
| Accountants and Auditors | Bachelor’s degree (48%*) | 1,436,100 | 90,700 | 6.4% | $71,550 |
| Financial (Quantitative) Analysts | Master’s degree (65%) | 487,800 | 30,900 | 6.2% | $81,590 |
| Financial Examiners | Bachelor’s degree (87%) | 66,900 | 5,200 | 7.1% | $81,090 |
| Financial Managers | Bachelor’s degree (50%*) | 697,900 | 64,900 | 16% | $129,890 |
*As of 2018.
Accountant Salary and CPA Outlook by State
The following sortable table provides data on accounting salaries by state as well as the rate of job growth and the cost of living as it relates to the ratio of the average salary/median home list price. The best states for accountants are weighted by the percentage the average salary buys of the median list price for homes in a given state and the projected job growth. This data can provide insight on whether accounting job growth and salary potential justify the costs of attending a master’s in accounting program.
| Rank | StateUS Average | Accountants and Auditors Mean Salary (2019)9$79,520 | Zillow Home Value Index (2020)11$263,351 | % of Zillow Home Value Average Salary Buys30% | Accountants and Auditors Employed (2018)101,424,000 | Projected Accountants and Auditors Employed (2028)101,514,700 | 10-Year Growth Rate (2018- 2028)106% | Best States for Accountants and Auditors (Avg=1)1.00 |
|---|---|---|---|---|---|---|---|---|
| 1 | West Virginia | $67,340 | $110,544 | 61% | 4,100 | 4,400 | 7% | 1.87 |
| 2 | Arkansas | $66,450 | $140,986 | 47% | 8,790 | 9,900 | 13% | 1.63 |
| 3 | Oklahoma | $74,130 | $139,409 | 53% | 15,860 | 16,810 | 6% | 1.62 |
| 4 | Georgia | $79,690 | $218,609 | 36% | 39,410 | 47,670 | 21% | 1.57 |
| 5 | Texas | $79,360 | $220,034 | 36% | 128,250 | 152,310 | 19% | 1.50 |
| 6 | Iowa | $69,480 | $157,308 | 44% | 12,010 | 13,190 | 10% | 1.48 |
| 7 | Alabama | $72,120 | $156,265 | 46% | 17,930 | 19,200 | 7% | 1.46 |
| 8 | Kentucky | $67,660 | $156,926 | 43% | 12,280 | 13,480 | 10% | 1.45 |
| 9 | Mississippi | $65,420 | $131,973 | 50% | 7,470 | 7,660 | 3% | 1.43 |
| 10 | Tennessee | $71,460 | $203,134 | 35% | 22,380 | 26,050 | 16% | 1.41 |
| 11 | Indiana | $71,690 | $169,156 | 42% | 22,060 | 23,670 | 7% | 1.36 |
| 12 | Kansas | $68,780 | $164,336 | 42% | 13,820 | 14,850 | 7% | 1.35 |
| 13 | Utah | $68,560 | $386,723 | 18% | 11,470 | 15,040 | 31% | 1.34 |
| 14 | Ohio | $73,380 | $164,968 | 44% | 50,100 | 51,340 | 2% | 1.28 |
| 15 | South Carolina | $67,740 | $203,328 | 33% | 17,350 | 19,420 | 12% | 1.24 |
| 16 | Nebraska | $70,420 | $189,139 | 37% | 9,910 | 10,690 | 8% | 1.23 |
| 17 | North Carolina | $78,500 | $220,710 | 36% | 38,020 | 41,280 | 9% | 1.21 |
| 18 | Missouri | $69,160 | $176,609 | 39% | 28,530 | 29,930 | 5% | 1.21 |
| 19 | Pennsylvania | $76,720 | $211,287 | 36% | 57,540 | 61,020 | 6% | 1.16 |
| 20 | New York | $98,650 | $343,164 | 29% | 121,110 | 136,510 | 13% | 1.13 |
| 21 | Florida | $72,630 | $264,149 | 27% | 79,560 | 90,610 | 14% | 1.13 |
| 22 | Michigan | $75,170 | $187,747 | 40% | 37,190 | 37,460 | 1% | 1.11 |
| 23 | Illinois | $77,640 | $217,105 | 36% | 58,210 | 61,040 | 5% | 1.11 |
| 24 | Louisiana | $66,230 | $177,548 | 37% | 10,830 | 11,170 | 3% | 1.11 |
| 25 | Wisconsin | $71,260 | $207,018 | 34% | 25,500 | 26,990 | 6% | 1.10 |
| 26 | South Dakota | $67,470 | $222,435 | 30% | 5,000 | 5,490 | 10% | 1.10 |
| 27 | Colorado | $82,930 | $431,100 | 19% | 40,780 | 48,950 | 20% | 1.07 |
| 28 | Arizona | $73,450 | $303,230 | 24% | 10,960 | 12,550 | 15% | 1.06 |
| 29 | Nevada | $68,030 | $327,714 | 21% | 2,860 | 3,350 | 17% | 1.04 |
| 30 | Connecticut | $83,680 | $281,924 | 30% | 18,270 | 19,430 | 6% | 0.99 |
| 31 | Wyoming | $66,360 | $258,280 | 26% | 1,990 | 2,190 | 10% | 0.98 |
| 32 | Virginia | $85,720 | $302,369 | 28% | 45,510 | 48,820 | 7% | 0.97 |
| 33 | New Mexico | $64,770 | $224,374 | 29% | 6,600 | 7,040 | 7% | 0.97 |
| 34 | North Dakota | $64,260 | $236,012 | 27% | 3,870 | 4,180 | 8% | 0.96 |
| 35 | Washington | $81,970 | $458,313 | 18% | 37,580 | 43,870 | 17% | 0.95 |
| 36 | Maryland | $81,920 | $335,260 | 24% | 28,530 | 31,240 | 9% | 0.93 |
| 37 | Delaware | $80,010 | $277,979 | 29% | 5,990 | 6,290 | 5% | 0.92 |
| 38 | Minnesota | $73,590 | $277,276 | 27% | 25,410 | 27,070 | 7% | 0.90 |
| 39 | Alaska | $79,300 | $296,646 | 27% | 1,930 | 2,050 | 6% | 0.90 |
| 40 | Montana | $66,170 | $313,261 | 21% | 3,490 | 3,890 | 11% | 0.89 |
| 41 | New Jersey | $91,960 | $367,103 | 25% | 41,790 | 44,600 | 7% | 0.87 |
| 42 | Idaho | $65,440 | $331,126 | 20% | 4,130 | 4,620 | 12% | 0.86 |
| 43 | Vermont | $74,640 | $273,024 | 27% | 3,280 | 3,410 | 4% | 0.86 |
| 44 | Oregon | $73,180 | $393,710 | 19% | 13,510 | 15,210 | 13% | 0.85 |
| 45 | Rhode Island | $83,340 | $331,458 | 25% | 5,090 | 5,390 | 6% | 0.85 |
| 46 | New Hampshire | $72,750 | $321,496 | 23% | 5,890 | 6,370 | 8% | 0.84 |
| 47 | Maine | $70,090 | $269,753 | 26% | 5,270 | 5,280 | 0% | 0.72 |
| 48 | Washington DC | $103,930 | $666,767 | 16% | 12,950 | 14,000 | 8% | 0.65 |
| 49 | Massachusetts | $83,800 | $464,279 | 18% | 39,030 | 40,490 | 4% | 0.60 |
| 50 | California | $83,910 | $609,757 | 14% | 168,800 | 181,800 | 8% | 0.59 |
| 51 | Hawaii | $66,020 | $667,005 | 10% | 5,340 | 5,590 | 5% | 0.40 |
Additional Resources
- Salary Guides from Robert Half: Provides data and analysis of starting salaries, hiring environment, and general financial services trends.
- Association of International Certified Professional Accountants: AICPA is a membership-driven organization that provides professional development and career and salary information specifically for CPAs.
- National Society of Accountants: The NSA provides career resources for working professional accountants in various sectors of industry.
References:
1. Bureau of Labor Statistics Occupational Outlook Handbook, Accountants and Auditors: https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
2. Robert Half 2021 Salary Guide for Accounting and Finance Professionals: https://www.roberthalf.com/sites/default/files/documents/2018_salary_guide_US_accounting_and_finance.pdf
3. O*NET OnLine, Accountants and Auditors: https://www.onetonline.org/link/summary/13-2011.00
4. O*NET OnLine, Financial Quantitative Analysts: https://www.onetonline.org/link/summary/13-2099.01
5. Bureau of Labor Statistics Occupational Outlook Handbook, Financial Analysts: https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm
6. O*NET OnLine, Financial Examiners: https://www.onetonline.org/link/summary/13-2061.00
7. O*NET OnLine, Financial Managers: https://www.onetonline.org/link/summary/11-3031.00
8. Bureau of Labor Statistics Occupational Outlook Handbook, Financial Managers: https://www.bls.gov/ooh/management/financial-managers.htm
9. Bureau of Labor Statistics, Occupational Outlook Handbook, Accountants and Auditors: https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
10. Projections Central: https://projectionscentral.org/Projections/LongTerm
11. Zillow.com: https://www.zillow.com/home-values/ (data from November 2020)