Finding accurate data on accounting salaries can be challenging, especially when looking at specific states like Delaware.
In this post, you'll get a detailed breakdown of accounting salaries across all levels in Delaware, including how specializations, certifications, firm size and more impact pay.
You'll see real salary ranges for entry-level accountants, mid-career professionals, and even CFOs in Delaware, as well as a comparative analysis of pay equity nationally. Discover what's driving demand and compensation for accounting talent in this small but prosperous state.
Introduction to Accounting Salaries in Delaware
The accounting job market in Delaware is strong, driven by steady economic growth and demand from major local industries like finance, healthcare, and manufacturing. As companies in these sectors expand operations, the need for qualified accounting professionals continues to rise.
The Economic Landscape and Its Impact on Accounting Salaries
Key aspects of Delaware's economy that impact accounting salaries include:
- Several large national banks and financial services firms are headquartered in Wilmington, the state's largest city. These include Bank of America, Barclays, Capital One, and JP Morgan Chase. The finance and insurance industry employs over 42,000 people in Delaware.
- Other major industries like healthcare, retail, hospitality, and manufacturing also have a strong presence and drive demand for accountants. Top Delaware employers outside of finance include Christiana Care Health System, Amazon, DuPont, Perdue Farms, and Dover Downs Hotel & Casino.
- Delaware has a very business-friendly legal and tax environment. Over 50% of all publicly traded companies in the US are incorporated in Delaware due to favorable regulations and policies. This brings accounting work related to compliance, financial reporting, and taxes.
- Low taxes and cost of living compared to nearby states attract new residents and businesses to Delaware. Population and economic growth lead to more accounting jobs.
Accounting Job Growth in Delaware
According to the Delaware Department of Labor, employment for accountants and auditors is projected to grow 5.5% from 2020 to 2030. This is faster than the 4.9% national average over the same period. Total accounting job openings in Delaware, including new positions and replacement jobs, could exceed 180 per year.
Higher demand is expected for certain specializations like forensic accounting, mergers and acquisitions, and sustainability reporting as focus increases in these areas.
Understanding the Accountant Job Description
Common accounting roles in Delaware include:
- Staff Accountants assist with tasks like preparing financial statements, recording transactions, analyzing data, ensuring regulatory compliance, and reporting.
- Senior Accountants take on more complex accounting with less supervision. This can involve budgeting, forecasting, risk management, auditing, and leading projects.
- Controllers oversee all accounting operations and direct policies, procedures, and staff in this function. This senior management role carries significant responsibility.
- CFOs (Chief Financial Officers) hold executive-level responsibility for the financial health and strategy of an entire organization. They interface across departments to optimize finances.
Required education ranges from a bachelor's degree for entry-level roles up to a master's degree and extensive experience for leadership positions like Controller and CFO. Certifications such as CPA or CMA also demonstrate accounting proficiency.
With strong business growth across multiple sectors, Delaware presents expanding career opportunities for qualified accountants, especially those with specialized expertise. Salaries are competitive but the lower cost of living makes compensation go further.
Which state pays accountants the most?
According to the Bureau of Labor Statistics, the highest paying states for accountants and auditors are typically those with major metropolitan areas and strong business communities.
Some of the top paying states include:
- New York: With major business hubs like New York City and Albany, accountants in New York earn an average salary of $83,240 per year. The high cost of living offsets the higher salaries to an extent.
- California: Major cities like Los Angeles, San Diego, and San Francisco provide many job opportunities for accountants. Average salaries reach up to $80,880 annually.
- Texas: Major oil and tech hubs drive demand for accounting services. Accountants earn around $78,120 on average. Cities like Dallas and Houston offer relatively low costs of living compared to the high salaries.
- Illinois: Chicago's massive business community drives accounting salaries up to $77,230 on average. The Midwest region tends to have lower costs of living paired with competitive salaries.
While Delaware does not top the list for accountant salaries nationally, it still offers strong career prospects. The average salary sits around $73,000 per year with key employers in Wilmington and other business centers. With Delaware's reasonable cost of living, accounting remains an attractive profession.
Overall, the top paying states tend to be those with high costs of living but also large business communities and high demand for accounting services. Major metro areas like New York City and Chicago offer the highest salaries but also higher expenses.
What area of accounting makes the most money?
Some of the highest paying accounting jobs include:
Internal Audit Consultant
Internal audit consultants work with organizations to assess risk, evaluate internal controls, and provide recommendations to improve processes. They can make $100,000 to $150,000 per year.
Controller
Controllers oversee all accounting operations and financial reporting. With significant experience, controllers can earn $150,000 to $200,000.
Financial Reporting Manager
Financial reporting managers prepare and analyze financial statements. They ensure accuracy and compliance with accounting standards. Salaries range from $100,000 to $150,000.
Audit Manager
Audit managers plan and direct audits for companies and government agencies. They verify financial records and assess internal controls. Audit managers earn $80,000 to $150,000 per year.
Payroll Director
Payroll directors manage payroll operations for large companies. They implement payroll best practices and ensure legal and tax compliance. Payroll directors make approximately $100,000 to $130,000 annually.
Regional Controller
Regional controllers oversee accounting and financial reporting for a specific region of a large corporation. They make key accounting decisions and advise senior leadership. Salaries range from $94,000 to $135,000 per year.
Finance Executive
Finance executives develop financial strategy and provide recommendations to senior management on business decisions. They earn $57,500 to $134,500 per year.
Senior Accounting Manager
Senior accounting managers supervise accountants and coordinate essential accounting functions. With substantial experience, they can make $90,500 to $134,000 per year.
In summary, controller and audit manager roles tend to be the highest paying accounting positions. Significant experience and management responsibilities also boost salaries. Delaware's strong economy and business community provide lucrative opportunities for high-level accounting professionals.
How much do junior accountants make in Delaware?
As of Jan 2, 2024, the average hourly pay for an Entry Level Accountant in Delaware is $23.75 per hour. While some entry level accountants in Delaware earn salaries as high as $42.34 per hour and as low as $14.68 per hour, most entry level accounting salaries in the state currently range between $21.15 (25th percentile) to $29.62 (75th percentile).
Some key points about junior accountant salaries in Delaware:
- The average annual salary for a junior accountant in Delaware is approximately $49,400 (based on $23.75 per hour and 40 hours per week). This positions Delaware above the national average for entry level accounting pay.
- As accountants gain more experience in the 1-4 year range, average hourly wages rise to $27.25 per hour, equaling roughly $56,680 annually.
- The Wilmington area offers the highest salaries for junior accountants in the state, followed by Dover and Newark.
- As of 2024, demand for accountants in Delaware is projected to grow by 8% over the next 10 years according to the Delaware Department of Labor, above the average growth rate for all occupations. Rising business activity and corporate relocations to the tax-friendly state is fueling greater need for qualified accountants.
In summary, junior accountants in Delaware earn very competitive wages compared to national trends, especially in major metro regions like Wilmington. Demand and career advancement opportunities also look promising over the next decade for those entering the accounting profession in the state. Checking sites like ZipRecruiter regularly can help aspiring or current accountants benchmark the latest salary norms in Delaware.
How much do tax accountants make in Delaware?
As of December 2022, the average annual salary for tax accountants in Delaware is $73,456. This positions Delaware in the top third of states when it comes to accountant compensation.
Some key factors that influence tax accountant salaries in Delaware include:
- Cost of living: Delaware has a moderately high cost of living compared to other states, which leads to higher salaries to attract talent. The cost of living in Delaware is about 5% higher than the national average.
- Concentration of financial services firms: Delaware is home to many banks, insurance companies, and financial services firms. This creates strong demand for accounting talent to support financial reporting, auditing, and tax compliance needs.
- State tax policies: Delaware has a business-friendly tax climate with no sales tax and favorable corporate income tax policies. This makes it an attractive state for companies to be based in, fueling job growth in accounting.
Within Delaware, tax accountant salaries can vary significantly by experience level:
- Entry level tax accountants with 0-2 years of experience can expect to earn $50,000 - $65,000 per year on average.
- Mid-career tax accountants with 3-7 years of experience typically make $65,000 - $85,000 annually.
- Experienced tax managers and directors with 8+ years of experience usually command six-figure salaries of $100,000 or more.
So while Delaware may be small geographically, its accounting salaries reflect the state's robust financial services sector, educated workforce, and competitive wages needed to attract skilled talent. The future also looks bright, with the BLS projecting above average job growth of over 6% for accountants in Delaware through 2030.
Exploring Entry-Level to Senior Accounting Salaries in Delaware
This section will break down typical salaries for various accounting jobs and experience levels in Delaware, using real market data.
Junior Accounting Salaries: The Starting Point
Entry-level accounting salaries in Delaware typically range from $35,000 to $45,000 per year. This includes roles like:
- Accounting clerks
- Accounts payable/receivable clerks
- Junior accountants
- Accounting assistants
Those just starting out can expect to earn around $17 - $22 per hour on average. Key factors that impact junior accounting salaries include:
- Education level (associate's vs. bachelor's degree)
- Specific accounting certifications
- Technical skills like Excel, QuickBooks, etc.
- Prior internship experience
Overall the Delaware market presents solid compensation for those new to the accounting field.
Mid-Level Accountant Salaries: From Accountant I to Accountant II
With 1-5 years of experience under their belt, accountants in Delaware make between $50,000 and $65,000 annually, or $25 - $35 per hour.
Typical mid-level roles include:
- Staff accountant
- Accountant I
- Accountant II
- Financial reporting accountant
As accountants gain more specialized expertise, take on supervisory duties, and earn promotions, their salaries also rise.
Mid-career accountants generally need to demonstrate technical mastery in areas like:
- Financial reporting
- Budgeting and forecasting
- Auditing
- Tax preparation
They must also showcase strong analytical, communication, and leadership abilities.
Senior Accounting Salaries: The Earnings Escalation
In senior accounting roles like controllers, accounting managers, and chief financial officers, salaries in Delaware can reach $100,000 to $150,000 per year.
Their specialized expertise and management capabilities enable senior-level accountants to command the highest salaries. Key responsibilities at this stage include:
- Overseeing teams and talent development
- Ensuring legal/regulatory compliance
- Leading financial strategy and reporting
- Liaising with executives and stakeholders
With 10+ years of increasing responsibility, seasoned accountants leverage high-demand niche skills to elevate their earning potential in Delaware.
Accounting Salaries per Hour: Breaking Down the Hourly Wage
In addition to annual salaries, accountants in Delaware may be compensated on an hourly basis, especially those working as consultants or contractors.
Typical per-hour rates based on experience level are:
- Entry-level: $17 - $22
- Mid-level: $25 - $35
- Senior-level: $40 - $75
Hourly wages for accountants ultimately come down to niche specializations and the complexity of work being performed. For example, CPAs or experts in IT/accounting systems can charge a premium.
Understanding billing rates helps accountants evaluate job offers and ensure they are adequately compensated. Tracking hours also enables measuring productivity benchmarks critical for career advancement.
Influences on Accounting Compensation in Delaware
Beyond just titles, here we'll explore how different specializations, certifications, firm sizes and other variables impact accountant salaries in Delaware.
Size Matters: Firm Size and Its Impact on Salaries
We compare salaries at small, mid-size and large accounting firms and businesses:
- Small firms (less than 50 employees) generally pay 10-15% lower salaries than mid-size and large firms. There are exceptions based on specialization.
- Mid-size firms (50-500 employees) offer competitive salaries, with mid-level accountants earning average market rates.
- Large firms (over 500 employees) have the resources to offer above-market compensation, usually 10-20% higher for similar roles.
While small firms may pay less, they can provide wider exposure and more responsibility. Large firms offer stability, benefits, and career growth opportunities that small firms may lack.
Specialized Roles and Their Salary Premiums
Certain accounting focuses like FP&A, analytics, and taxation command higher salaries. We'll examine the premiums:
- FP&A professionals earn 10-15% higher salaries due to high demand. An FP&A Manager can make $20,000+ more than a comparable Accounting Manager.
- Analytics roles command 15-25% higher pay due to specialized skills. A Financial Analyst earns approximately $73,000 in Delaware compared to $62,000 for a Staff Accountant.
- Tax accountants receive average salaries but often supplement through seasonal tax preparation work. A Tax Manager makes approximately $15,000 more than an Accounting Manager.
The Certification Effect: How Credentials Boost Compensation
CPA, CMA, CIA - we'll quantify the boost certifications give to accountants' compensation:
- The CPA license offers the biggest boost, with CPA holders earning 10-15% higher salaries. CPAs in upper management can earn over $40,000 more annually.
- CMA certification holders earn up to 12% higher pay. Combined with a CPA, pay can increase by over 20%.
- CIA certification provides up to a 10% salary increase for internal auditors. But the boost applies mainly to large corporations.
Cost of Living in Delaware and Pay Equity Considerations
Analysis of how the local cost of living affects pay equity and overall compensation strategies:
- Delaware has a cost of living 5% below the national average, allowing salaries to go further.
- However, its status as a tax haven for large corporations puts upward pressure on salaries. Businesses compete aggressively for talent.
- Firms balance local COL with competitive salaries to attract top talent from high COL areas like NYC and DC.
In summary, specialized skills, credentials, firm size, and cost of living all influence accountant salaries in Delaware. Careful compensation planning is key for recruitment and retention.
Comparative Analysis of Delaware Accounting Salaries
Here we benchmark Delaware accounting salaries versus broader US averages based on title and experience levels.
Entry-Level Staff Accountant Salaries: Delaware vs. the Nation
Entry-level staff accountants in Delaware earn competitive salaries compared to national averages. According to the Bureau of Labor Statistics, the average annual salary for an entry-level staff accountant in Delaware is $55,000. This aligns closely with the national median of $53,000.
Key factors influencing entry-level staff accountant salary levels in Delaware include:
- Cost of living: Delaware has a moderately high cost of living compared to other states, driving salaries up. Housing and healthcare costs especially impact entry-level compensation.
- Labor market competition: Demand for accounting professionals in Delaware is high thanks to its business-friendly tax policies. This creates upward pressure on starting salaries.
- Education requirements: Most entry-level staff accountant roles require a bachelor's degree in accounting or finance. Advanced degrees boost pay potential.
Overall, entry-level accountants enjoy strong starting salaries in Delaware relative to national trends thanks to robust local economic conditions.
Senior Accountant Salaries: A Cross-Country Comparison
The median salary for senior accountants in Delaware reaches $75,000, noticeably exceeding the broader US median of $70,500. With 5-10 years of experience, Delaware accountants outpace national pay scales.
Several reasons explain higher senior accountant pay in Delaware:
- Specialized industry knowledge: Senior accountants in Delaware build expertise in key local industries like banking, insurance, pharmaceuticals, and manufacturing. This specialized knowledge commands better compensation.
- Managerial responsibilities: Senior accountants often oversee teams and high-value projects. These leadership duties drive salaries upward.
- Continuing education: Many senior accountants pursue CPA licensure or other credentials to further advance their careers. These certifications lead to pay increases.
In summary, experienced accountants find Delaware to be a high paying state thanks to development of specialized, in-demand skills.
Executive Accounting Salaries: The Top-Tier Comparison
At the executive tier, Delaware accounting salaries remain competitive versus national trends. Chief Financial Officers (CFOs) in Delaware earn around $218,000 on average - on par with the US median of $210,000. Salaries for Controllers and Directors of Finance show similar alignment.
Several factors contribute to robust executive pay:
- Leadership capabilities: Executive accountants in Delaware often oversee large, complex business functions. These leadership abilities support higher pay.
- Industry concentration: Delaware's density of financial services, insurance, and public companies creates demand for executive accounting talent.
- Advanced credentials: Most executive accountants hold credentials like CPAs, MBAs, or specialized master's degrees. These drive top-tier salaries.
In summary, Delaware presents a lucrative job market for high-level accountants thanks to its business composition and need for financial leadership.
Educational Impact on Accounting Salaries in Delaware
Accountant Salaries with a Bachelor's Degree
Accountants in Delaware with a bachelor's degree typically earn competitive salaries. According to recent data, the average salary for an accountant with a bachelor's degree in Delaware is around $55,000 per year. This includes titles like Staff Accountant, Accountant I, and Entry Level Accountant.
Some key points on bachelor's level accounting salaries in Delaware:
- Entry level salaries generally range from $45,000 to $65,000 annually
- Those with 3-5 years experience average around $60,000
- Accounting clerks and bookkeepers often start around $38,000
- Strong accounting fundamentals, attention to detail, and communication skills are valued
Overall, a bachelor's degree in accounting provides a solid foundation for securing a well-paying accounting role in Delaware. However, earning an advanced degree can lead to higher earning potential.
The Master's Degree Advantage in Accounting
Pursuing a master's degree in accounting or finance while working can significantly boost salary potential in Delaware. On average, accountants with a master's degree earn 20% more than those holding only a bachelor's.
Some key data points on master's level accounting salaries in Delaware:
- Average Starting Salary: $65,000-$75,000
- Average Overall Salary for Senior Accountants: $85,000+
- 15-20% higher salaries than bachelor's degree holders
- Eligibility for advanced roles like Accounting Manager and Chief Accountant
Earning an MBA or Master's in Accounting signals advanced expertise in areas like financial reporting, taxation, auditing, and managerial accounting. These skills are highly sought after and rewarded by Delaware accounting firms and financial departments.
Overall, the data shows that a master's degree can be a worthwhile investment for accountants seeking to maximize their salary and advance their careers within Delaware's job market. The payoff can be significant for those able to put in the time and effort required for an advanced degree while working.
Closing Summary: Key Insights into Delaware's Accounting Salaries
The Demand for Accounting Expertise Across All Levels
The analysis shows robust hiring demand for accounting professionals at both junior and senior levels in Delaware. Entry-level staff accountant roles as well as more advanced financial reporting and FP&A roles are seeing steady growth, indicating healthy demand.
The Specialization Premium: Reaffirming Higher Salaries for Niche Skills
Accountants with specialized expertise in areas like FP&A, audit, tax, and technical accounting command significantly higher salaries than those in general accounting roles. Developing a niche can pay off in Delaware's job market.
Accounting Certifications and Their Influence on Salaries
As seen across industries, key credentials like the CPA and CMA certifications confer sizable boosts in salary potential for accountants in Delaware as well. Pursuing these designations can be a strategic move for career advancement.
Strategizing for Pay Equity and Competitive Compensation
To attract top talent in a competitive hiring landscape, Delaware accounting leaders should ensure compensation packages align to market rates and offer opportunities for advancement. This includes regular benchmarking against industry salary data and positioning one's organization as an employer of choice.
