Finding accurate data on accounting salaries in a specific state can be challenging.
This article provides a comprehensive overview of accounting compensation in Iowa, including details on how education, experience, specialization, and other factors impact earnings.
You'll see a breakdown of average salaries for various accounting roles, from entry-level bookkeepers to CFOs, along with strategic advice for advancing your career and maximizing your income as an accountant in Iowa.
Unveiling the Landscape of Accounting Salaries in Iowa
Accounting is a stable and in-demand profession in Iowa, providing competitive salaries and opportunities for career advancement. This section explores key factors impacting accountant compensation across the state.
Accountant Salary Iowa: A General Overview
With major companies like Principal Financial Group and John Deere based in Iowa, there is growing demand for accounting professionals across various industries. According to the Bureau of Labor Statistics, employment of accountants and auditors is projected to grow by 7% in Iowa through 2026. This steady job growth makes accounting a promising career path.
The average salary for an accountant in Iowa is $67,430 per year, which is slightly below the national average. However, salaries can vary significantly based on factors like location, certification, education, and experience.
Comparing Senior Accounting Salaries in Iowa
Salaries for high-level accounting roles in Iowa tend to be:
- Staff Accountant: $47,000 - $62,000
- Senior Accountant: $55,000 - $75,000
- Controller: $85,000 - $120,000
- CFO: $120,000+
Accountants with specialized certifications like CPAs or CMAs can earn 10-15% higher pay on average.
Cost of Living in Iowa: Its Impact on Compensation
Major metropolitan areas in Iowa have lower cost of living compared to the national average. This allows accounting salaries to go further:
- Des Moines has 14% lower cost of living
- Cedar Rapids is 10% lower
- Iowa City is 4% below average
So while accounting salaries may seem lower than coastal states, adjusted for cost of living, compensation is quite competitive within the Midwest region.
How much does an accounting clerk make in Iowa?
The average salary for an accounting clerk in Iowa is $37,500 per year. Accounting clerk salaries can range between $20,500 to $62,000 depending on several factors:
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Location: Accounting clerk salaries vary by location in Iowa. Jobs based in major metro areas like Des Moines and Cedar Rapids tend to pay higher salaries than rural areas.
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Experience: Entry-level accounting clerks with less than 1 year of experience earn an average of $30,000 per year. Mid-career professionals with 5-10 years of experience average around $45,000 annually.
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Industry: Accounting clerks working in industries like finance, insurance, and professional services tend to earn higher wages than those in retail, hospitality, etc.
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Company size: Larger corporations typically offer higher accounting clerk salaries than small businesses.
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Education: While most accounting clerk jobs only require a high school diploma, those holding an associate's or bachelor's degree in accounting, finance or related fields can earn 10-15% higher salaries.
In addition to base salary, many Iowa accounting clerks receive bonuses, profit sharing, 401K matching, and other monetary incentives as part of their total compensation. Overall earning potential can vary significantly based on credentials, specializations, and employer budgets. Those seeking the highest salaries may want to consider obtaining professional certifications like a CPA license.
What is the average salary for a staff Accountant in Iowa?
The average annual salary for a staff Accountant in Iowa is $58,273, which equates to an hourly wage of around $28. Here is a breakdown of common Accountant salaries in Iowa:
Annual Salary
- Top Earners (75th Percentile): $82,655
- Average: $58,273
- 25th Percentile: $51,700
Hourly Wage
- Top Earners (75th Percentile): $40
- Average: $28
- 25th Percentile: $25
Staff Accountants in Iowa tend to earn slightly less than the national average. However, salaries can vary significantly depending on factors like:
- Years of experience
- Certifications (e.g. CPA license)
- Type and size of company
- Specific job responsibilities
For example, a Staff Accountant with 5+ years of experience and a CPA license could earn $15,000+ more than the average. Key cities like Des Moines and Cedar Rapids also tend to pay higher Accountant salaries.
Overall, Iowa offers reasonable compensation for accounting professionals combined with a relatively low cost of living. It's an attractive destination for accountants seeking career growth and advancement opportunities.
How are salaries calculated?
Salaries for accountants in Iowa are determined by several key factors:
Experience and Qualifications
More experienced accountants and those with higher qualifications like a CPA tend to command higher salaries. Entry-level accountants with 0-2 years of experience may earn around $45,000 - $55,000, while senior accountants with 5+ years under their belt can make $65,000 - $85,000. CPAs with 10+ years of experience can earn well into six figures.
Type of Employer
Accountants working at large corporations or public accounting firms tend to have higher pay compared to those at smaller companies or nonprofits. For example, a staff accountant role at Wells Fargo can pay nearly $20,000 more than the same role at a local Iowa company.
Location Within Iowa
Salaries also differ based on the city or town. Accountants in major metro areas like Des Moines and Cedar Rapids tend to earn more than those in small rural towns. The cost of living is lower in rural Iowa, so salaries are adjusted downward compared to bigger cities.
So in summary, an experienced CPA at a large corporation in Des Moines will fall at the higher end of the pay scale, while a recent graduate working for a local nonprofit in a small town will be at the lower end. But regardless, accountants are in high demand in Iowa as key strategic advisors for organizations across all industries.
How much does an accounting specialist make in Iowa?
The average hourly pay for an Accounting Specialist in Iowa is $21.63 as of January 2024, according to ZipRecruiter data. Salaries can range from as high as $33.64 per hour to as low as $13.55 per hour, but most Accounting Specialists in Iowa earn between $19.18 (25th percentile) and $25.96 (75th percentile) per hour.
Some key factors that influence accounting salaries in Iowa include:
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Location: Accounting salaries tend to be higher in major metro areas like Des Moines and Cedar Rapids compared to rural parts of the state.
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Experience and qualifications: More years of experience, higher education levels, and certifications like CPA tend to command higher salaries.
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Industry: Accountants in certain industries like finance and insurance tend to earn more than those in retail or government.
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Role and responsibilities: Higher level roles like controllers and CFOs earn significantly more than entry-level staff accountants.
Accounting is considered one of the more lucrative careers in Iowa. With high demand across industries, there is opportunity to advance and increase pay over time. Obtaining additional qualifications can also open up higher paying specialist roles.
While Iowa salaries can't compete with major coastal cities, the lower cost of living helps make accounting a stable, well-compensated profession in the state. With Iowa's business-friendly environment, accountants play a vital economic role supporting industries from agriculture and manufacturing to healthcare and technology.
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Educational Pathways to an Accounting Career in Iowa
Accountant Salaries with a Bachelor's Degree
Accountants in Iowa with a bachelor's degree typically start around $45,000 to $55,000 per year. Entry-level accountants usually hold titles like Staff Accountant, Accounting Assistant, or Accounting Associate. While some accounting roles only require a bachelor's degree, additional credentials can increase salary potential.
Advancing with a Master's Degree: Salary Prospects
Pursuing a master's degree in accounting or business can open up more advanced roles and higher salaries. Accountants with a master's degree in Iowa earn approximately $10,000 more per year on average. Common titles for those with master's degrees include Senior Accountant, Accounting Manager, Financial Analyst, and Auditor, with salaries ranging from $60,000 to $90,000 annually.
CPA Requirements Iowa: Certification's Role in Compensation
Obtaining a Certified Public Accountant (CPA) license represents the highest level of accounting credentialing. Iowa's CPA requirements include:
- 150 semester hours of education
- One year work experience under a licensed CPA
- Passing the Uniform CPA Exam
CPAs command much higher salaries in Iowa, often $20,000+ more than accountants without a CPA. They qualify for leadership roles like Controller, Chief Financial Officer, and Director of Finance, with average compensation of $100,000 to $150,000 per year.
Navigating the Accounting Profession: Salaries and Roles
This section explores the diverse roles within the accounting field in Iowa and the associated compensation, from entry-level positions to senior roles.
From Bookkeeping Manager to Senior Staff Accountant: Salary Trajectory
Entry-level accountants in Iowa can expect to earn around $45,000 to $55,000 per year. This includes roles like:
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Bookkeeping Manager: Oversees day-to-day financial transactions, maintains records, manages accounts payable/receivable. Average salary: $45,000.
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Staff Accountant: Supports accounting operations, prepares financial statements and reports. Average salary: $50,000.
With 2-5 years of experience, accountants can progress to senior positions like Senior Accountant or Senior Tax Accountant, with average salaries of $60,000 to $75,000.
Elevating to Senior Positions: Salaries for Controllers and Finance Directors
More advanced roles in the accounting field require 5+ years of experience. Common positions and average salaries include:
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Controller: Oversees all accounting functions. Average salary: $90,000.
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Finance Director: Leads financial planning and strategy. Average salary: $120,000.
These critical leadership roles in Iowa companies require expertise in areas like financial reporting, budgeting, audit, tax, and more.
The Pinnacle of Accounting: CFO Compensation in Iowa
The pinnacle accounting role is Chief Financial Officer (CFO). Iowa CFOs earn an average salary of $150,000 to $200,000. As the top financial decision-maker, the CFO oversees the financial health and strategy of organizations across industries like manufacturing, insurance, banking, and more. With 10+ years of financial leadership experience required, the CFO is well-compensated for this high-level strategic role.
The accounting profession in Iowa offers competitive salaries across all levels of experience. From entry-level bookkeeping roles to the executive CFO office, accountants have tremendous career growth and earning potential.
A Closer Look at Accounting Specializations and Salaries
This section will highlight how specialized accounting roles in Iowa, such as tax accounting and financial analysis, can impact salary expectations.
Senior Tax Accountant: A Path to Higher Earnings
Senior tax accountants in Iowa can expect average salaries ranging from $65,000 to $85,000 per year. Their primary responsibilities include:
- Preparing corporate, partnership, and individual tax returns
- Conducting tax research and planning to minimize tax liabilities
- Advising clients on tax-related issues and compliance requirements
- Overseeing more junior staff and delegating work appropriately
To become a senior tax accountant typically requires 5+ years of experience, a bachelor's degree in accounting or finance, and possibly additional certifications like a CPA license. The specialized knowledge and skills make senior tax accountants valuable assets, contributing to increased earning potential.
Senior Cost Accountant: Analyzing the Compensation
The average salary for a senior cost accountant in Iowa falls between $68,000 and $78,000 annually. Their key duties involve:
- Compiling and analyzing financial information to calculate product or service costs
- Preparing detailed cost analysis reports for management
- Developing budgets and monitoring variances
- Identifying opportunities to reduce operating expenses
A senior cost accountant role demands expertise in cost accounting principles, data analysis, and communication skills. Candidates usually have 5-7 years of experience and a finance-related degree. The complex analytical abilities required help explain the above-average compensation levels.
Finance Analyst/Accountant: Salary Data and Demand
Finance analyst/accountants in Iowa earn approximately $63,000 to $83,000 per year on average. Their responsibilities center around:
- Financial modeling, planning, reporting, and analysis
- Researching and evaluating financial risks and investment opportunities
- Presenting findings and recommendations to senior executives
A bachelor's degree in accounting, finance or a related field along with 3-5 years of experience is typical for these roles. The combination of accounting knowledge and sharp analytical skills make these professionals quite valuable, fueling competitive salaries within Iowa's job market.
Maximizing Earnings: Strategies for Iowa Accountants
Iowa accountants have ample opportunities to grow their earnings through strategic career moves and developing key skills. By targeting high-paying accounting roles, enhancing software and analysis competencies, and specializing in year-end financial reporting, accountants can position themselves for salary increases.
Highest Paying Jobs in Iowa: Targeting Top Accounting Roles
According to the Bureau of Labor Statistics, the highest paying accounting jobs in Iowa as of 2022 include:
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Chief Financial Officers: With an average salary of $177,430 per year, targeting a CFO role provides the highest accounting pay scale in the state. The position requires an extensive background in financial management and leadership experience.
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Financial Managers: As the second highest paying accounting job with average earnings of $148,030 annually, financial manager roles reward expertise in preparing financial statements and directing investment activities.
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Financial Analysts: For accountants interested in data analysis, financial analyst jobs in Iowa offer average salaries of $98,170. These roles involve assessing financial information to forecast business, industry, and economic conditions.
To qualify for the highest paying accounting jobs, most positions require related work experience, a bachelor’s degree in accounting or finance fields, and potentially, a master's degree such as an MBA. Obtaining certifications like a CPA or CFA can also increase job prospects.
Skill Enhancement: Mastering Accounting Software and Spreadsheet Intermediate Skills
Developing specialized skills in accounting software and advanced Excel techniques can expand job opportunities and earning potential. Common software platforms used in Iowa accounting roles include QuickBooks, Sage 50 Accounting, Xero, and NetSuite.
Meanwhile, spreadsheet skills like pivot tables, VLOOKUPs, data analysis with statistical functions, and financial modeling are valued. Becoming an expert user in accounting systems and intermediate Excel skills allows accountants to work more efficiently and take on advanced responsibilities in reporting, budgeting, and decision support.
Year-End Close Expertise: A Financial Reporting Accountant’s Edge
Accountants who specialize in managing period-end close and financial reporting activities are better positioned for increased earnings. Mastering the year-end close process to produce financial statements under tight deadlines is an invaluable skillset.
Key abilities like consolidating accounts, ensuring compliance, analyzing discrepancies, and recommending process improvements enable faster and higher quality financial reporting. As a result, financial reporting accountants have more impact and influence that translates to higher salaries.
Conclusion: Synthesizing Iowa's Accounting Compensation Insights
Iowa offers competitive salaries for accountants, with median pay ranging from $55,000 for entry-level roles to over $100,000 for senior and leadership positions. Key factors impacting accountant compensation in Iowa include:
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Location - Des Moines, Cedar Rapids, Iowa City, and Ames have the highest salaries given their concentration of businesses and opportunities. Rural areas tend to pay 10-15% less.
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Experience Level - Median salaries jump from $55k for 0-5 years to $75k for 5-10 years, with senior accountants earning over $90k. Obtaining a CPA boosts pay as well.
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Industry - Accountants in finance, insurance, biotech, and government tend to earn 10-20% above market average. Manufacturing, retail, and agriculture pay below market rates.
Overall, Iowa presents a very reasonable cost of living paired with solid accountant wages. By gaining specialized expertise and targeting high-growth industries, accounting professionals can maximize their earnings potential over an engaging lifelong career path.
