September 23, 2022
Salaries in finance and accounting occupations are rising, leading to increased demand for positions such as financial analysts, staff accountants, accounting managers, controllers and payroll coordinators/clerks, according to Randstad’s Finance and Accounting 2023 salary guide.
The report also found that demand for these roles is highest in California, Texas, New York, Florida, Illinois, North Carolina, Ohio and Georgia. He also noted a high regional gap between the average salaries of finance and accounting professionals.
Regionally, professionals employed in San Francisco and Los Angeles have the highest salaries with respectively 64.8% and 57.6% above the national average. In contrast, professionals employed in Little Rock, Arkansas and Kansas City had the lowest salaries, respectively 8.0% and 6.1% below the national average.
“Today’s job market may be in flux, but we know that highly skilled professionals in finance and accounting specialty roles will always be in demand by companies in all industries, regardless of economic context,” said Dominic Levesque, President of Tatum and Randstad. Office professionals. “In a market like this, however, it’s more important than ever for companies to leverage data into their decision-making processes and ground their pay decisions in the wider market, even as they consider other advantages to attract the best talent.”
- Employers should pay more to acquire and retain top talent in the face of rising costs of living and inflation.
- There were 300,000 job openings listed for accountants last year.
- An expanded CPA exam in 2024 will bring about a change in the market that companies need to prepare for – by strengthening their bench of entry-level accountants and investing in the development of existing employees.
- Businesses need to ensure their talent is ready to work alongside AI and machine learning.
- Prolonging the hiring process in search of the “perfect” hire runs the risk of employers losing top talent, even when offering competitive salaries.