September 23, 2022
Salaries in finance and accounting professions are rising, leading to increased demand for roles such as financial analysts, staff accountants, accounting managers, controllers and payroll coordinators/clerks, according to Randstad’s 2023 Finance & Accounting Salary Guide.
The report also found that demand for these roles is most acute in California, Texas, New York, Florida, Illinois, North Carolina, Ohio and Georgia. It also noted a high regional variance overall between average salaries for finance and accounting professionals.
Regionally, professionals employed in San Francisco and Los Angeles have the highest salaries at 64.8% and 57.6%, above the national average respectively. On the other hand, professionals employed in Little Rock, Arkansas, and Kansas City had the lowest salaries at 8.0% and 6.1% below the national average respectively.
“Today’s labor market may be in flux, but we know that highly-skilled professionals in specialized finance and accounting positions will always be in demand by companies in all industries, no matter the economic context,” said Dominic Levesque, president of Tatum and Randstad. Office Professionals. “In a market like this, though, it is more important than ever for companies to leverage data in their decision-making processes and anchor their salary decisions in the overall market even as they consider other benefits to attract top talent.”
- Employers should pay more to acquire and retain top talent amid higher cost of living expenses and inflation.
- There were 300,000 job postings listed for accountants this past year.
- An expanded CPA exam in 2024 will cause a shift in the market, for which companies must prepare — by strengthening their bench of entry-level accountants and investing in upskilling for existing employees.
- Companies should ensure their talent is prepared to work alongside AI and machine learning.
- Drawing out the hiring process in search of the “perfect” hire runs the risk of employers losing top talent — even when offering competitive salaries.