2018 was a strong year for the Accounting and Finance industries, especially in the St. Louis area. The unemployment rate for accountants in St. Louis was between 1-2% throughout the past year. This means almost all accountants in the region were employed. The high demand for accountants right now has led to salary increases for many finance positions. Many firms are turning to financial recruiters to stay competitive in this market. Here are some of the current salary trends in accounting and finance.
Trends in Corporate Accounting
Right now, the salary for a Staff Accountant is on average $56,657 a year, while a senior accountant makes anywhere between $62,000 and $103,000. The salary for an Accounting Supervisor averages around $77,000 a year, while a Controller can typically earn between $78,000 to $130,000 a year. Many corporate positions have seen salary expectations rise in recent months because the employment market has been more competitive than usual. There are more accounting positions than unemployed accountants so many larger firms are willing to pay more to fill their open positions. Meanwhile, most accountants who feel like they aren’t being compensated fairly will have no trouble finding work that offers more competitive compensation.
Trends in Public Accounting
A major trend in accounting right now is the high demand for senior accountants in Public Accounting. The labor shortage is most significant for tax and auditing roles. The salary for a Tax Manager typically ranges from $84,000 to $110,000. The salary for an Audit Manager averages around $88,000 a year. Staff and Senior roles can pay anywhere between $42,000 to $72,000 a year, depending on the size of the firm. The salary expectations are higher for those who have more than three years of public accounting experience, and the demand for experienced accountants is also higher. Large public accounting firms are struggling with retention because the best candidates can often make quite a bit more when they transition into corporate roles.
Internal Audit Trends
Employment in the Internal Audit field is expected to grow almost 10% by 2026. Salaries are expected to increase as well. The salary for an IT Audit Senior is around $104,000, while the salary for an Internal Audit Salary ranges from $80,400 to $85,000 a year. The salary for an Internal Audit/Risk Manager is around $110,000 right now.
Employment in the accounting and finance fields is more competitive than it’s been in years. Firms have increased compensation to try to appeal to experienced finance professionals. Since almost all accountants in the St. Louis area have jobs, firms have to appeal to professionals who already have gainful employment. More and more firms are turning to accounting staffing firms in St. Louis and Milwaukee.
What are competitive salaries in the accounting and finance market?
Read our full findings in this exclusive report.