Finding accurate data on accounting salaries specific to Indiana can be challenging.
This article provides a detailed breakdown of accounting salaries across roles, firms, industries, and locations in Indiana to help you understand the financial rewards and career prospects.
You'll see a comparative analysis of pay by experience level, firm size, sector, metro region, and more, including future projections on growth and pay trends for Indiana accountants.
Introduction to Accounting Salaries in Indiana
Indiana offers competitive salaries for accounting and finance professionals. The statewide average wage for accountants and auditors is $73,930, slightly above the national median of $73,560 according to the Bureau of Labor Statistics (BLS). With a low cost of living and growing industry demand, Indiana presents ample opportunities for financial careers.
Understanding the Landscape of Accounting Salaries in Indiana
The average salary for an accountant in Indiana is $73,930 per year, which aligns closely with the national median wage according to 2021 data from the BLS. The state is home to over 36,000 accountants and auditors. When adjusted for Indiana's low cost of living, salaries go further compared to large coastal cities. Entry-level accounting wages start around $45,000 and senior managers can earn over $120,000 per year.
Major Contributors to Indiana's Accounting Sector
Key industries driving accounting jobs and wages include:
Finance and Insurance: With major insurers and lenders headquartered in the state, this sector employs 25% of accountants in Indiana with an average salary of $77,870.
Manufacturing: Accounting for 22% of accounting roles, manufacturing provides stable positions paying approximately $71,000 per year on average.
Healthcare: Fast-growing healthcare providers offer accountants median pay of $67,000 in Indiana as demand increases for financial reporting and analysis.
Factors Influencing Accountant Compensation in Indiana
Several variables impact accounting wages in the state:
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Location: Accountants earn 5-10% higher salaries in major metropolitan areas like Indianapolis and Fort Wayne compared to rural regions.
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Experience: Entry-level accountants start around $45,000, while senior managers with 10+ years of experience can make over $120,000 per year.
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Education: CPAs with graduate degrees and professional certifications typically earn 20-30% higher salaries than those without.
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Industry: Finance and insurance offers the highest accounting wages in Indiana, while nonprofit and government positions pay below the state average.
With competitive salaries and a low cost of living, Indiana presents a favorable environment for accounting professionals to launch or advance their careers while enjoying a high standard of living.
What is the average salary for an accountant in Indiana?
The average salary for an accountant in Indiana is competitive compared to national averages. According to the latest data from the Bureau of Labor Statistics, the average annual salary for an accountant in Indiana is $60,133. This positions Indiana above the national average accounting salary of $59,430.
Within Indiana, accountant salaries can vary depending on location and job title. Here's a breakdown:
Indianapolis
- Entry Level Accountant: $47,000
- Staff Accountant: $55,000
- Senior Accountant: $68,000
- Accounting Manager: $85,000
Other Major Cities
- Fort Wayne - $58,000
- Evansville - $57,000
- South Bend - $59,000
As you can see, Indianapolis offers higher pay for accountants compared to other major cities in the state. Experience also plays a major role. Senior accountants make approximately 20% more than entry level accountants in Indiana.
Other factors that influence Indiana accounting salaries include:
- Education level - CPAs average 10-15% higher pay
- Firm size - Big 4 firms pay more
- Industry - Banking and tech pay best
Overall, accounting remains a stable, lucrative career path in Indiana with salaries above national averages. Both experienced and entry level accountants can prosper financially in cities like Indianapolis, Fort Wayne, and others.
How much does an accounting specialist make in Indiana?
Accounting specialists in Indiana earn an average annual salary of $49,500, which equates to $24 per hour. The top 25% of accounting specialists earn $59,472 or more, while the bottom 25% earn $36,200 or less.
Some key takeaways on accounting salaries in Indiana:
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The average salary for an accounting specialist in Indiana is $49,500 per year or $24 per hour. This is slightly below the national average.
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Top earners (75th percentile) make $59,472 or more annually. This top bracket likely represents those in senior or management level roles.
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Even entry-level accounting roles (25th percentile) can expect to earn $36,200 per year or $17 per hour on average.
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Salaries tend to be higher in major metropolitan areas like Indianapolis and Fort Wayne compared to rural parts of the state. Experience level and specialization are also key factors.
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Strong growth is projected for accounting roles over the next decade in Indiana as businesses expand. This increased demand suggests competitive salaries moving forward.
So while Indiana accounting salaries may lag behind some other states, there remain good opportunities to earn an above average living, especially as you move up into senior level positions. The key is gaining the right experience and credentials to maximize your earning potential.
What is the highest pay for accounting?
The highest paying accounting jobs are typically senior leadership roles that require extensive experience. According to salary data, some of the top paying accounting jobs include:
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CFO: The Chief Financial Officer is the highest paid accounting role. CFO salaries range from $141,000 to $400,000 per year.
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Audit Partner: Audit partners can earn $215,000 to $360,000 annually. They manage teams handling financial statement audits for clients.
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Chief Accounting Officer: With salaries ranging from $131,000 to $278,000, CAOs oversee all accounting operations and financial reporting.
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Vice President of Finance: Finance VPs earn around $150,000 on average. They analyze financial data and advise senior executives.
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Fund Controller: Controllers working in investment management can make $100,000 to $300,000. They track performance, prepare financial statements, and ensure regulatory compliance.
Other high paying accounting jobs are Finance Manager ($85,000-$175,000), Chief Accountant ($95,000+), and specialty corporate accounting roles like Property Management Accountant and Investment Accountant.
Overall, accounting salaries tend to increase with titles indicating greater seniority, management duties, and specialized financial skills. Getting an MBA or CPA certification can also boost earning potential.
What is the highest paying state for accountants?
According to the Bureau of Labor Statistics, the highest paying states for accountants in 2022 were:
- District of Columbia, with an average salary of $105,240
- New York, with an average salary of $103,620
- New Jersey, with an average salary of $96,960
- Virginia, with an average salary of $94,330
- California, with an average salary of $89,070
Some key reasons these states tend to have the highest accountant salaries include:
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High cost of living - States like New York, New Jersey, California, and Virginia have very high costs of living, especially in major metro areas. To compensate, salaries also tend to be higher.
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Numerous large companies - States like New York and California are home to many massive corporations that can pay top dollar for accounting talent. The high number of Fortune 500 headquarters drives up demand.
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Strong finance and technology hubs - Major finance centers like New York City and tech hubs like Silicon Valley boost salaries as they battle for talent.
So in summary, high costs of living, high numbers of large corporations, and clustering of finance and tech industries help boost accountant salaries in those top 5 states. Accountants looking to maximize pay may want to focus job searches on those locations.
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Detailed Breakdown of Accounting Salaries by Role
This section provides an overview of salary ranges for various accounting roles in Indiana such as Staff Accountant, Financial Analyst, Controller, CFO, and more.
Entry-Level and Graduate Accounting Salaries
- Entry-level accounting roles like Staff Accountant, AP/AR Clerk, and Accounting Assistant in Indiana typically start between $35,000 - $45,000 per year.
- The average starting salary for a Finance major graduating from Indiana University's Kelley School of Business is approximately $55,000 per year.
- Recent graduates can expect to earn between $40,000 - $60,000 for entry-level accounting positions.
Mid-Level to Senior Accounting Salaries in Indiana
- Mid-level accounting positions like Senior Financial Analyst and Finance Manager in Indiana earn approximately $70,000 - $90,000 per year on average.
- Senior-level accounting roles like Controller, Accounting Manager, and Director of Finance often make between $100,000 - $150,000 annually.
- The highest salaries are for executive positions like Chief Financial Officer (CFO) ranging from $150,000 - $250,000 per year.
Specialized Accounting Positions and Their Earnings
- Specialized accounting roles like Tax Analyst, Auditor, Forensic Accountant, and Quantitative Analyst in Indiana earn between $60,000 - $100,000 on average.
- More experienced specialists in these fields can make up to $150,000 per year.
- The highest salaries in specialized accounting are for senior-level Directors and Partners at large firms, ranging from $200,000 - $500,000+ per year.
Overall, accounting salaries in Indiana tend to be slightly below national averages but there is still good earning potential in the field across entry-level, mid-career, and senior roles. Specialized accounting positions also command higher than average salaries.
Comparative Analysis of Accounting Salaries by Firm Size and Industry
Big 4 Accounting Firms Versus Local Practice Salaries
The Big 4 accounting firms (Deloitte, EY, KPMG, and PwC) typically offer higher starting salaries for recent graduates compared to local and regional accounting firms in Indiana. However, the gap often narrows at more senior levels.
For example, a recent graduate joining a Big 4 firm in Indiana could expect to earn $55,000 to $65,000, while starting salaries at small to mid-sized local firms often range from $40,000 to $50,000. At the manager level, Big 4 salaries in the state average $110,000 to $130,000, compared to $90,000 to $120,000 at regional firms.
The larger brand name and training programs offered by Big 4 firms allow them to pay a premium. However, overtime expectations are also higher compared to local firms.
Financial Sector Accounting Compensation in Indiana
Accountants working in Indiana's large finance and insurance sector earn average salaries competitive with national trends. Financial Managers in the state have an average salary of $97,910, while Finance Directors earn approximately $111,430 on average according to recent data.
Within investment banking, Controller positions average $115,000 in base salary, with bonuses bringing total compensation up to $175,000 at some large firms. Internal auditing roles tend to pay slightly less, providing average salaries around $95,000 for experienced professionals.
Manufacturing Sector Accounting Compensation Trends
Salaries for accounting professionals in Indiana's manufacturing sector range widely based on specific industry, role, experience level and company size.
Staff Accountant positions at large manufacturers in the state average approximately $60,000, while Plant Controllers and Cost Accountants with 5+ years of experience can typically earn between $80,000 to $100,000 on average. Executive finance roles like Director of Finance and Administration at major manufacturers provide salaries upwards of $150,000.
Geographical Influence on Accounting Salaries in Indiana
Accounting Compensation in the Indianapolis Metropolitan Area
The Indianapolis metropolitan area, including Marion and surrounding counties, offers some of the highest salaries for accountants in Indiana. The concentration of major companies and organizations in Indianapolis drives demand and compensation for finance and accounting professionals.
According to salary data, the average salary for an Accounting Manager in Indianapolis is $97,510, while a Corporate Staff Accountant earns an average of $60,930. Even entry-level accountants like Accounting Clerks can expect to earn over $40,000 in Indianapolis.
Some factors that contribute to higher pay in Indianapolis include:
- Numerous large corporations with complex finance needs
- High demand for accountants with specialized expertise
- Low cost of living compared to other major metro regions
Overall, Indianapolis offers accountants the opportunity to earn salaries above state and national averages while enjoying a reasonable standard of living.
Accounting Earnings in Fort Wayne and Surrounding Regions
Although not as high as Indianapolis, finance and accounting professionals in Fort Wayne and nearby cities still earn competitive salaries.
The average salary for a Budget Analyst in Fort Wayne is $64,230, while a Controller earns approximately $83,710 on average. Even accounting support roles like Accounts Payable specialists can expect to earn over $40,000.
Some factors impacting Fort Wayne accounting salaries include:
- Several large healthcare and insurance providers needing accounting talent
- Lower cost of living compared to Indianapolis
- Less access to high-paying Big 4 and Fortune 500 accounting jobs
So while Fort Wayne accounting salaries may be lower than Indianapolis, finance professionals can still find good compensation relative to the lower cost of living.
Southern Indiana Accounting Salaries: The Evansville Case Study
Evansville and other cities in southern Indiana generally have lower accounting salaries compared to central and northern regions.
For example, a Plant Accountant in Evansville earns approximately $62,000 on average, while a Grants Accountant makes around $52,000. Even upper-level roles like Property Management Accountant average only $72,000 in salary.
Some reasons for lower pay in southern Indiana include:
- Smaller corporations with less complex accounting needs
- Greater rural areas with lower costs of living
- Fewer specialized or Big 4 accounting firm opportunities
However, for accountants looking for better work-life balance, southern Indiana could provide reasonable pay with a lower cost of living.
Academic Influence on Accounting Salaries: Indiana University and Kelley School of Business
Indiana University and the Kelley School of Business are top-ranked institutions known for producing high-caliber accounting talent. As such, graduates from these programs tend to command higher salaries compared to other schools in the state.
Indiana University Compensation for Accounting Graduates
Accounting graduates from Indiana University's business programs earn an average starting salary of $55,000, according to the school's career services data. Students who complete internships and other experiential learning opportunities can expect to earn up to 10-15% higher starting compensation upon graduation.
IU accounting alumni 5-10 years post-graduation report average salaries between $80,000 to $120,000, with those working in public accounting, corporate finance, or high-level corporate accounting roles earning towards the higher end. Geographic location, company size and industry vertical can also impact long-term compensation.
The Value of a Finance Major: Average Salary Out of College
The average starting salary for recent finance graduates from Indiana University is approximately $60,000, with a range of $55,000 to $65,000 being common. Students who supplemented their academics with internships, leadership activities, and other professional experiences tend to fall within the higher end of the range.
Median pay for early-career finance professionals in Indiana is $65,000. With 2-3 years of experience, finance majors can expect to earn an average salary of $75,000 in the state.
Advanced Degrees and Certifications: A Salary Perspective
Earning an advanced credential like an MBA, CPA, or CFA can boost accountants' salaries in Indiana by 15% or more compared to only having an undergraduate degree.
For example, IU MBA graduates earn a median starting salary of $115,000, approximately $30,000 higher than bachelor's-only peers. CPAs with 5+ years of public accounting experience can earn well into six figures in the state.
Pursuing continuing education and professional development, even without formal advanced degrees, also correlates strongly with higher compensation in accounting and finance roles according to PayScale data.
Future Projections and Trends in Indiana's Accounting Salaries
This concluding section will summarize the salary outlook for accountants in Indiana over the next 5-10 years based on projected growth and changes within the industry.
Forecasting Job Growth and Salary Trends for Accountants
The Indiana Department of Workforce Development projects steady job growth for accountants and auditors in the state, with an expected 7.7% increase in openings between 2018-2028. This tracks with the national projected growth rate. Companies that are actively hiring accounting professionals in Indiana include Anthem, Eli Lilly, Cummins, and Roche Diagnostics.
As technology continues influencing the accounting industry, salaries may shift. Automation of routine tasks could moderate pay for some entry-level roles but specialized skills in data analytics, information systems, and advisory services will remain in high demand with competitive compensation.
Innovations and Economic Factors Affecting Accounting Pay
Trends that could impact future accounting salaries in Indiana include:
- Increased remote work flexibility and geographic pay normalization
- Strong demand for CPAs and specialized credentials like CMA or CIA certifications
- Continued automation of routine bookkeeping and reporting tasks
- Accounting skills crossover with high-paying fields like cybersecurity and IT
- Potential economic downturns affecting budgets and hiring
Early adoption of new technologies and developing expertise around data analysis and business insights will be key for long-term career growth as an accountant.
Compensation Planning and Pay Equity in Indiana
As talent acquisition and retention challenges persist across industries, more Indiana employers may turn to compensation planning, salary benchmarking, and addressing pay equity issues to remain competitive - especially for specialized roles.
Transparency around pay scales, conducting regular market pricing analysis, and ensuring fair compensation regardless of demographics will be key priorities for accounting leaders to attract top talent.
