What is a Typical Accountant’s Salary?

What is a Typical Accountant’s salary? I hear this a lot and I understand why people want to know. No one wants to find out that they have been working for less than what they deserve. Sadly, I have sat down with people who have been under-paid for 10 years or more. On the flip side, those who have seen the biggest bump in their accounting salary are the ones who made several job changes in several years. While this is not the best career strategy it is true that you always see your biggest salary jump when you switch jobs. The sad reality is that staying with one company today for an extended period of time usually means you will get left behind in the compensation department. Now, this is not always true, but believe me when I say that I have seen it happen quite a bit. So, what steps can you take to find out more about an accountant’s salary?

1. Find out where you are on the scale. The first step in the process is for you to find out if what you are getting paid currently is above or below the curve. Much of this is really a location factor. For example, in Florida there are no state taxes and the cost of living is lower so salaries tend to be 10-15% lower than a place like Atlanta. That being said, when comparing apples to apples, you just may end up with more money in your pocket working in Florida than in Atlanta. So, how do you determine a typical accountant’s salary?

There are really two methods. The first one is to use a website called Salary.com. Overall, they do not do too bad of a job predicting the median point of salaries for different locations. I have seen the numbers off quite a bit based on my own experience, but I still found them reliable for the most part. If you want a really accurate number then call up a local based recruiter that specializes in accounting. Trust me, they have a very good feel for what an accountant’s salary ought to be in a particular location. They are typically interviewing 10 or more accountant’s a week and they are discussing current salaries and bonuses. Not only that, but they know what companies are willing to pay in the local area for good accountants. They can give you a very good feel as to whether you are being under-paid.

2. Be willing to make a career move if necessary. I have found this to be very difficult for accounting professionals. Accountants more than any other career field are very loyal people. To work as accountant there are some values that you hold to such as honesty, integrity, truthfulness, and doing things right the first time. While not every accountant lives to these values, I have found that the majority of them do. Remaining loyal is a great attribute but all of us have heard the phrase “being loyal to a fault.” What I want to challenge you to do is to change your paradigm on loyalty. Instead of focusing your loyalty on a job, place your loyalty to your family. You have a responsibility to take care of others and do right by them. Sometimes, this makes for difficult decisions. Place your hook in your family and allow the other things in life to swing as needed. Remember, an accountancy salary normally jumps 10-15% when they switch to a new company. Do not be afraid of trying to do a little negotiation to get your accountant salary to an acceptable level.

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If you will take the time to do the steps listed above, then you will get your salary where it needs to be if not higher. When it comes to an accountant’s salary, you really ought to get all that you can get. Truthfully, accountants work longer hours than other professions and if you took your salary and divided it by your hours worked the result might be shocking. Accounting salaries are normally lower when viewed by hourly wage. You deserve to get paid for the amount of effort that you put into your job.  Accountant salaries are expected to rise over the next ten years since many students are opting for the computer systems tracks. Now, go out there and get the courage to make things happen for you and your family.