Finding accurate data on accounting salaries in Hawaii can be challenging for professionals considering a move to the islands.
In this article, we analyze accounting salaries across various roles in Hawaii, providing detailed insights into compensation ranges and factors impacting accountant pay on the islands.
You'll discover starting salaries for entry-level staff accountants in Hawaii, total compensation for experienced controllers and CFOs, and strategic advice for employers looking to attract top accounting talent to their Hawaii-based teams.
Introduction to Accounting Salaries in Hawaii: Island Income Insights
Accounting is a stable and essential career path in Hawaii. With its vibrant tourism, agriculture, and defense industries, the state provides diverse opportunities for accountants. However, the high cost of living on the islands means salaries don't always align with national averages.
This section explores accounting salaries in Hawaii, providing key insights into the job landscape, pay rates, and growth projections. We'll analyze how factors like role, experience, credentials, and geography impact accountants' earning potential across the islands.
The Landscape of Accounting Salaries in Hawaii
The most common accounting roles in Hawaii mirror national trends:
- Staff Accountants perform day-to-day financial reporting and analysis. Entry-level salaries start around $45,000.
- Senior Accountants take on more complex tasks like budgeting. With 5+ years of experience, pay ranges from $60,000-$75,000.
- Managers oversee teams and high-level reporting. Salaries span $85,000-$110,000.
- Controllers manage all financial operations. Compensation sits around $120,000-$150,000.
- CPAs advise organizations on taxes and strategy. As consultants, CPAs earn $80,000-$200,000+.
While large firms concentrate on Oahu, accountants are needed across all islands. Positions exist in healthcare, tourism, agribusiness, retail, education, and government.
Exploring the Spectrum of Accounting Salaries by Position
Salaries fluctuate based on role, firm size, industry, and location. However, Hawaii's high cost of living shrinks wages:
- Entry-level accountants average $45,000-$55,000, compared to $51,000 nationally.
- Staff accountants earn approximately $45,000-$65,000, lagging the US median of $73,000.
- Senior accountants make $60,000-$80,000, though mainland peers exceed $86,000 typically.
- Accounting managers earn $85,000-$115,000, versus $121,000 across the US.
Public accounting salaries trend 10-15% below industry wages. And Hawaii's urban-rural divide impacts pay, with Honolulu offering the highest incomes.
Forecasting the Accounting Job Market in Hawaii
The Hawaii Department of Labor projects accounting jobs will grow 6.6% through 2026. While below the 11% national rate, steady hiring across industries supports stable demand.
Oahu concentrates accounting opportunities with its larger corporations and CPA firms. Neighbor islands offer fewer openings but better work-life balance. As older CPAs retire, younger accountants will find increased upward mobility.
In summary, accounting remains a pragmatic, recession-resistant career in Hawaii. While salaries lag national levels, the state's unmatched lifestyle still attracts accountants willing to exchange higher pay for island living.
How much do accountants get paid in state of Hawaii?
Accountants in Hawaii earn competitive salaries, though incomes can vary depending on experience level. Here's a breakdown of common accounting salaries in Hawaii:
Annual Salary
- Top Earners (75th Percentile): $81,600
- Average: $64,521
- Entry-Level (25th Percentile): $55,600
Hourly Wage
- Top Earners (75th Percentile): $39
- Average: $31
- Entry-Level (25th Percentile): $27
As you can see, more experienced accountants in Hawaii generally earn higher salaries. The average salary of $64,521 translates to $31 per hour.
However, Hawaii's high cost of living is an important factor. While accounting incomes may seem high, expenses like housing, food, and utilities in Hawaii can be 50-60% higher than the national average. So real purchasing power is often less than the salaries imply.
Overall, accounting remains a stable, well-compensated field in Hawaii. But the state's unique island economy creates some distinct salary considerations compared to the mainland US.
What is a good salary in Hawaii?
To live comfortably in Hawaii, experts recommend an annual income of $70,000 to $100,000 for a single person, or $120,000 to $200,000 for a family. Hawaii does have a high cost of living compared to other states due to factors like:
- Housing - Buying a home in Hawaii is very expensive, with median prices over $800,000 on some islands. Renting is costly too.
- Groceries - Food prices are over 30% higher than the national average since most items have to be shipped in.
- Utilities - Electricity rates are about triple the national average.
- Transportation - Gas prices are higher and bringing a car to Hawaii can be very expensive.
So while salaries for accounting roles in Hawaii may seem high compared to national averages, the state's steep cost of living should be factored in. A $70,000 salary in Hawaii affords a lower standard of living than the same salary amount in other parts of the country.
To maintain a comfortable lifestyle in Hawaii, accounting professionals should target higher salary thresholds compared to other locations when considering job offers. Employers seeking to attract top talent to Hawaii's job market may need to offer compensation packages above mainland averages as well.
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 $94,000 to $135,000 per year.
Controller
Controllers oversee all accounting operations and financial reporting. They can earn around $135,000 per year.
Financial Reporting Manager
Financial reporting managers prepare and analyze financial statements. They earn $90,000 to $120,000 per year.
Audit Manager
Audit managers plan and direct audits to ensure financial records are accurate. They typically make between $100,000 to $140,000 per year.
Payroll Director
Payroll directors manage payroll operations for an organization. Their average salary is $115,000 per year.
Regional Controller
Regional controllers oversee accounting functions across geographical locations. They earn $94,000 to $135,000 per year.
Finance Executive
Finance executives develop financial strategy and oversee accounting departments. Their salary range is $57,500 to $134,500 per year.
Senior Accounting Manager
Senior accounting managers supervise accountants and coordinate accounting activities. They earn between $90,500 to $134,000 per year.
In summary, controller and audit manager roles tend to be the highest paying accounting positions. Getting certified as a CPA can also boost salary potential. Geographic location and industry can impact salaries as well.
What is the highest paying state for accountants?
According to the Bureau of Labor Statistics, the highest paying state for accountants is the District of Columbia, with an average annual salary of $105,000. New York and New Jersey follow closely behind, with average salaries around $100,000 per year.
Some key factors that contribute to the high salaries for accountants in these areas include:
-
High cost of living - Areas like DC, New York, and New Jersey have very high costs of living, especially for housing and taxes. Salaries tend to be higher to compensate.
-
Strong presence of large corporations - Major metro areas attract large multinational companies that can pay top dollar for accounting talent. There is high demand for corporate and public accountants.
-
High concentration of finance, insurance, and real estate firms - These industries tend to pay accountants very well due to the complexity of accounting and reporting requirements. The NYC metro area, for example, has one of the highest concentrations of these firms.
So for accountants looking to maximize their earning potential, targeting employment in places like DC, NYC, northern New Jersey, or other large metro regions with strong corporate presence may be a good strategic move early in one's career. The tradeoff is that the cost of living will be significantly higher in these areas as well.
sbb-itb-be9f1e0
sbb-itb-beb59a9
Understanding the Variables Affecting Accountant Salaries in Hawaii
Hawaii's high cost of living and appealing lifestyle are key factors influencing accountant salaries on the islands. As demand rises for accounting talent, employers must offer competitive compensation to attract qualified professionals.
Navigating the Cost of Living in Hawaii for Accountants
Hawaii has one of the highest costs of living in the nation, with housing prices 259% above the national average. This strains household budgets, especially for skilled professionals like accountants. To compensate, Hawaiian employers provide salaries about 18% higher than national averages in the accounting field. However, wages still lag behind the inflated cost of essentials. Ongoing talent shortages could push salaries higher.
Supply and Demand Dynamics for Accounting Professionals
Nationwide, the accounting field expects to see 10% growth in job openings from 2016-2026. Hawaii mirrors this trend, with increasing demand for accountants, especially those with CPA credentials or specialized expertise. However, Hawaii produces fewer qualified accounting graduates than needed to meet growing industry requirements. This supply-demand gap enables those entering the accounting field to command higher starting salaries and increased earnings over time.
Island Income: The Appeal of Hawaii's Lifestyle for Accountants
Hawaii's tropical climate and natural beauty make it an extremely desirable place to live. Accountants may accept lower salaries in return for the privilege of residing in paradise. Hawaii ranked #1 in Gallup's National Health and Well-Being Index. With pristine beaches and outdoor activities galore, accountants gain an enviable quality of life to offset somewhat lackluster earnings. Still, the state must offer pay equity to attract top talent from the mainland and retain skilled professionals in the long run.
Detailed Analysis of Accounting Salaries for Various Roles in Hawaii
Entry-Level Staff Accountant Salaries in Hawaii
Entry-level staff accountants in Hawaii typically earn between $45,000 and $55,000 per year. Those just starting out can expect to perform day-to-day accounting tasks such as processing invoices, preparing financial statements, and supporting monthly closes. With 1-3 years of experience, entry-level salaries tend to range from $50,000 to $60,000 annually.
Senior Accounting Salaries: Insights for Experienced Professionals
Senior accountants in Hawaii with 5+ years of experience take on more complex assignments and can command significantly higher salaries. On average, senior accountants earn between $70,000 and $90,000 per year. Those in specialized roles like financial reporting accountants and cost accountants tend to be on the higher end of that range. Senior accountants are generally tasked with duties like overseeing audits, managing general ledger accounting, and streamlining financial processes.
Compensation for Corporate Staff Accountants
Accounting managers in Hawaii who oversee teams and high-level reporting earn average salaries of $95,000 to $120,000 per year. In addition to base pay, many accounting managers qualify for annual bonuses up to 10-15% of their salaries. Accounting managers are responsible for supervising teams, liaising with leadership, and ensuring accuracy of all financial statements and reports.
Financial Reporting Accountant: Salary Expectations
Controllers in Hawaii who are responsible for overseeing all fiscal operations and financial reporting typically earn between $120,000 and $150,000 annually. In larger corporations, controllers may earn in excess of $200,000 per year. Controllers lead the financial reporting functions, govern internal controls, manage audits, oversee budgets, and advise senior leadership on financial strategy.
Chief Financial Officers (CFOs): Island Income at the Executive Level
As the top financial executive, CFOs in Hawaii earn average salaries ranging from $175,000 to $275,000. CFOs drive key strategic initiatives, provide financial guidance to the CEO and board, spearhead fundraising efforts, and manage relations with investors and financial institutions. For major corporations and large non-profits, CFO salaries can exceed $300,000 per year.
Pathways to Higher Earning Potential in Hawaii's Accounting Industry
The Road to Becoming a CPA in Hawaii
To become a certified public accountant (CPA) in Hawaii, there are a few key steps:
-
Earn a bachelor's degree in accounting or a related field. Most candidates have at least 150 credit hours of education.
-
Pass the Uniform CPA Exam administered by the American Institute of CPAs. This difficult 4-part exam tests accounting knowledge and skills.
-
Gain professional work experience under a licensed CPA. Hawaii requires at least 2 years of experience.
-
Apply for a CPA license through the Hawaii Board of Public Accountancy. This involves passing an ethics exam, meeting education and experience requirements, and paying licensing fees.
Achieving CPA certification signals expertise in areas like auditing, taxation, reporting, regulation, and business advisory services. It is a prestigious credential that unlocks higher salaries, leadership roles, and career advancement opportunities.
Specializing for Success: Switching Accounting Specialties
Developing deep expertise in a specific accounting discipline can drive strong salary growth over time. Some top specialties to consider in Hawaii include:
-
Tax Accounting: Preparing tax returns and guiding clients on tax minimization strategies. Requires knowledge of federal and local tax codes.
-
Auditing: Assessing financial records to ensure compliance, accuracy, and adherence to regulations. Key in heavily regulated industries.
-
Budget Analysis: Forecasting revenues and expenses to guide organizational spending. Critical for cash flow management.
-
Financial Reporting: Preparing mandatory reports, financial statements, and filings for investors, regulators, and management.
Switching specialties involves on-the-job training, self-study to learn new regulations and methods, earning niche credentials (like CPA), and seeking mentorship from experienced colleagues. But this investment in a more specialized skillset enables higher compensation potential.
Advancing to Finance Leadership: From Accountant to Executive
With years of experience, strong technical expertise, and people management capabilities, accountants can progress into executive finance roles like:
-
Finance Director: Leads all accounting functions and strategic financial planning for an organization. Requires operational leadership abilities and commercial acumen.
-
VP of Finance: Senior executive overseeing all financial operations, reporting directly to the CFO or CEO. Involves high-level strategic business partnership.
-
CFO: Highest-ranking finance executive with ultimate responsibility for an organization's financial health and strategy. Requires exceptional leadership talent and business expertise.
The path from accountant to senior finance leader involves demonstrating strategic vision, management excellence, communication skills, and commercial savvy in addition to technical accounting competencies. But it offers the pinnacle of career advancement and income potential within corporate finance organizations.
Strategies for Attracting and Retaining Accounting Talent in Hawaii
Promoting the Island Lifestyle to Entice Accountants
Hawaii's tropical climate, natural beauty, and relaxed culture offer a compelling draw for accountants seeking better work-life balance. Companies can highlight the island lifestyle in their job postings and marketing materials. Offering relocation assistance and temporary housing can also offset the high cost of living that sometimes deters candidates.
Once hired, allowing remote work options can enable accountants to spend more time enjoying Hawaii's outdoor recreation and scenery. Organizing group activities like beach days or hikes also helps build camaraderie. Overall, positioning the Hawaiian life as a key perk of the job can attract accountants who value location and lifestyle.
Competitive Compensation Packages with Relocation Perks
Hawaii's high cost of living means accounting salaries must be adjusted upwards to remain equitable. Offering compensation competitive with national averages, adjusted for Hawaii's COL index, helps attract qualified talent from the mainland.
Signing bonuses, relocation stipends, and temporary housing allowances also offset the barriers to moving to Hawaii. Guaranteed annual raises tied to positive performance reviews encourage retention as well.
Incentivizing Performance: Structuring Pay Equity and Bonuses
Incentive pay aligned to individual and company goals motivates productivity. Profit-sharing plans and performance bonuses reward accountants for efficiency and accuracy.
Clear pay bands based on titles and experience levels ensure internal pay equity as well. Annual reviews benchmarked to industry averages guarantee external competitiveness too. Together, these strategies structure fair, motivating compensation programs.
Conclusion: Summarizing the State of Accounting Salaries in Hawaii
Accounting salaries in Hawaii provide a competitive income, especially considering the state's high cost of living. Key takeaways include:
-
Entry-level accountants earn an average of $50,000 per year, while more experienced accountants can make over $100,000.
-
Accounting salaries in Hawaii tend to be 10-15% lower than national averages when adjusted for cost of living. However, wages are still relatively high.
-
Demand for accountants remains strong in Hawaii as businesses grow. Accounting is considered a stable, promising career path on the islands.
-
Specialized accounting certifications like CPA tend to boost pay significantly. Obtaining the proper credentials can set professionals apart.
-
Hawaii's unique island culture and natural beauty provide intangible benefits alongside accounting incomes. Many accountants feel the trade-off is worthwhile.
Overall, accounting offers a well-compensated profession in Hawaii with room for advancement. While salaries may not be quite as high as on the mainland US, the state makes up for it with quality of life perks. Accountants willing to put in the work should find ample opportunities to build a comfortable living.
