Most professionals would agree that determining accurate accounting salaries can be challenging, especially given Massachusetts' rich financial history.
In this post, you'll get a detailed breakdown of accounting salaries across all levels in Massachusetts - from entry-level accountants to senior managers and directors.
You'll see precise salary ranges in major cities like Boston, learn how much accountants make in specific industries, and understand how to maximize your accounting career earnings in Massachusetts.
Accounting Salaries & Opportunities in Massachusetts
Massachusetts has a rich history of innovation in accounting practices that has shaped modern standards across the country. As home to high-profile companies in sectors like finance, technology, and healthcare, the state offers competitive salaries and strong job prospects for accountants.
Massachusetts' Historical Heritage in Accounting
Massachusetts was at the forefront of developing corporate accounting standards in the United States. Notable organizations founded in the state include the Financial Accounting Standards Board (FASB) and the Government Accounting Standards Board (GASB).
Key innovations that originated from Massachusetts accounting leaders include:
- Double-entry bookkeeping system
- Generally Accepted Accounting Principles (GAAP)
- Standardized reporting of pension liabilities
This foundation provides a robust environment for accountants to build their careers today.
How Much Do Accountants Make in Massachusetts?
Salaries for accountants in Massachusetts tend to exceed national averages. However, pay can vary significantly depending on factors like:
- Location (higher in metro Boston)
- Certifications (CPA license commands a premium)
- Years of experience
- Industry (finance and technology pay best)
According to the Bureau of Labor Statistics, average pay for accountants and auditors in Massachusetts is $83,000 per year. However, salaries in the Boston metro typically range from $55,000 for entry-level general accountants up to $150,000+ for CFOs and partners in public accounting firms.
Pathways to Prosperity: Career Progression in Massachusetts Accounting
Boston offers robust opportunities for career advancement in fields like:
- Public accounting at large multi-national firms
- Corporate accounting departments of major companies
- Investment management and private equity
- Forensic accounting and litigation support
- Non-profit and government accounting
Entry-level roles like Staff Accountant often serve as a stepping stone to more senior positions like Controller, CFO, or Partner later in one's career. Ongoing learning and certifications can unlock higher salaries at each stage.
The Influence of Boston's Cost of Living on Accounting Salaries
While salaries for accountants in Greater Boston tend to exceed national averages, the higher cost of living offsets some of those gains. Key expenses like housing, childcare, and transportation cost 25-50% more compared to other parts of the country. As a result, accounting salaries are often adjusted upwards to help compensate for elevated living expenses.
Overall, Massachusetts presents exciting opportunities for accountants to build their careers while leveraging the state's heritage as a hub of accounting innovation.
What is the average salary for an accountant in Massachusetts?
The average salary for an accountant in Massachusetts is $54,260 per year, which equates to $4,521 per month. However, salaries can vary significantly depending on factors like experience level and specific role.
Here is a breakdown of common accounting salaries in Massachusetts:
- Annual Salary
- Top Earners (75th Percentile): $84,639
- Average: $54,260
- 25th Percentile: $48,100
- Monthly Pay
- Top Earners (75th Percentile): $7,053
- Average: $4,521
- 25th Percentile: $4,008
Accounting salaries in Massachusetts tend to be higher than national averages. This is likely due to the high cost of living, particularly in metro areas like Boston. The demand for accountants also remains strong in the state.
Some of the top paying accounting jobs in Massachusetts include:
- Chief Financial Officer (CFO)
- Certified Public Accountant (CPA)
- Forensic Accountant
- Tax Accountant
- Accounting Manager
Salaries can also vary significantly depending on factors like:
- Years of experience
- Size of organization
- Industry (corporate, government, non-profit, etc.)
- Location within the state
- Education level and certifications
For example, a Staff Accountant I with 0-2 years of experience may earn around $48,000, while a Finance Controller with 10+ years of experience may earn over $150,000 per year.
Overall, accounting remains a stable, well-compensated field in Massachusetts with salaries above national averages. The continued demand for accounting services will likely keep salaries rising across experience levels.
How much does an accounting specialist earn in Boston MA?
According to the context provided, accounting specialists in the Boston, MA area earn an average annual salary of $51,285, which equates to an hourly wage of $24.66.
To provide additional context:
Salary Ranges in the Greater Boston Area
- In Cambridge, accounting specialists earn an average of $52,794 per year or $25.38 per hour
- Those working in Methuen earn approximately $52,661 annually or $25.32 hourly
- Accounting professionals in Marion Center average $52,504 per year or $25.24 per hour
So while salaries are relatively comparable across some Massachusetts cities, Boston seems to lag slightly behind at $51,285 per year.
Factors Impacting Boston Accounting Salaries
Several elements likely impact accounting salaries in Boston:
- Cost of living - Boston has a higher cost of living compared to other parts of Massachusetts, which puts downward pressure on wages. Housing costs are nearly 40% higher than Methuen for example.
- Labor supply & competition - With its vibrant business community and cluster of universities, Boston attracts a significant talent pool creating high competition for accounting roles which moderates salary growth.
- Industry mix - The city's industry makeup, with healthcare, education and technology companies tends to pay accountants slightly less than financial services. Marion Center likely has more financial firms pushing salaries higher.
So in summary, accounting specialists in the Boston area can expect to earn approximately $51,285 per year or $24.66 per hour on average. Salaries remain competitive but economic dynamics put some downward pressure on wage growth compared to other parts of the state.
What is the average salary for a staff accountant in Boston MA?
The estimated total pay for a Staff Accountant is $69,490 per year in the Boston, MA area, with an average salary of $65,959 per year.
Some key points about staff accountant salaries in Boston:
- Entry-level staff accountants in Boston earn an average base pay of $55,000 per year. With 5 years of experience, salaries increase to around $75,000.
- Factors like education, certifications, and specializations impact salaries. Staff accountants with a CPA license tend to earn 10-15% more.
- Demand for accountants is growing rapidly nationwide as well as in Massachusetts. This increased demand puts upward pressure on salaries.
- The cost of living in Boston is 36% higher than the national average, so salaries are adjusted upwards to compensate. $65,959 in Boston is equivalent to around $48,500 in an average US city.
Overall, staff accountant salaries in the Boston area are competitive thanks to high demand, a concentrated business economy, and the above-average cost of living. Entry-level and mid-career accountants are well-compensated compared to national averages in their fields. As major corporations continue to expand their accounting teams locally, compensation will likely continue rising.
How much do accounting associates make in Massachusetts?
The average salary for an accounting associate in Massachusetts is around $48,500 per year. However, salaries can range quite a bit based on factors like location, experience, education, and employer.
Here's a breakdown of some typical accounting associate salary ranges in Massachusetts:
- Entry-level (0-2 years experience): $35,000 - $45,000
- Mid-level (3-5 years experience): $45,000 - $60,000
- Senior-level (5+ years experience): $60,000 - $80,000
- Manager/Supervisor roles: $70,000 - $100,000+
Accounting associate salaries also tend to be higher in the Boston metro area compared to other parts of the state. For example, the average salary for an entry-level accounting associate in Boston is around $42,000.
Some other key things that can impact accounting associate pay in MA include:
- Industry: Those working in banking, finance, tech, and pharmaceuticals tend to earn higher salaries. Government and non-profit roles tend to pay less.
- Education: Having a bachelor's degree or CPA certification typically results in higher pay.
- Company size: Bigger companies and corporations tend to offer higher salaries.
- Overtime eligibility: Some associate roles paying hourly wages qualify for overtime pay.
Overall the accounting job market is quite strong in Massachusetts, especially in metro areas like Boston. With high demand for financial talent, salaries for associates should continue to remain competitive. Understanding these salary ranges can help those exploring accounting careers or looking to transition into the field.
Entry-Level Accounting Salaries in Massachusetts
This section delves into the starting salaries for recent graduates and newcomers to the accounting field in Massachusetts.
Breaking Into the Field: Entry Level Accountant Salary Boston
Entry level accountants in Boston can expect competitive salaries, with the average at around $55,000. This provides a good standard of living in Boston for recent graduates. Key factors that impact salary include:
- Education level - A bachelor's degree is required, with higher degrees boosting pay
- Firm size - Big accounting firms pay more
- Specialization - Tax accountants tend to earn slightly more
Overall the job outlook for entry level accountants is strong in the growing Boston economy.
Accountant I Salaries with a Bachelor's Degree
The average salary for Accountant I positions requiring a bachelor's degree in Massachusetts is approximately $50,000. This varies by firm and industry, with larger firms and those in finance or tech paying higher starting wages. Geographic location also impacts salary ranges.
Salary Boosts: Accountant I with Advanced Degrees
Professionals with advanced degrees tend to earn 5-15% higher starting salaries. Common degrees include:
- Master's in Accounting or Taxation
- MBA
- JD
- PhD
These degrees set candidates apart and qualify them for more advanced roles. In Massachusetts, Accountant I's with master's degrees earn approximately $55,000 on average.
Benefits and Perks for Entry-Level Accountants
Beyond salary, many entry-level accounting positions come with strong benefits packages including:
- Health, dental, and vision insurance
- Retirement planning services
- Bonuses and profit sharing
- Generous paid time off allowances
Higher salaries combined with cushy benefits makes accounting a very desirable career path for new graduates in Massachusetts.
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Senior Accounting Salaries in Massachusetts
Senior accounting roles in Massachusetts offer competitive salaries, driven by high demand for financial expertise and experience. As one of the top states for accounting professionals, factors like a strong economy, abundance of major corporations and thriving small businesses, and complex regulations create ample opportunities for career advancement and earnings potential.
Climbing the Ladder: Senior Accountant Salary Massachusetts
The average salary for a Senior Accountant in Massachusetts is $83,297 per year, ranging from $71,000 on the low end up to $103,000 for top earners. With 5-8 years of experience required for a senior-level role, accountants can expect their compensation to steadily increase as they take on more responsibilities and develop specialized skills.
Many factors impact a Senior Accountant's salary potential, including:
- Industry - Biotech and pharmaceutical companies tend to pay 20-30% higher salaries than other industries
- Company size - Larger corporations have bigger accounting teams and budgets
- Location - The Greater Boston area commands higher salaries than Western MA
As Senior Accountants gain expertise managing month-end close, financial reporting, budget forecasting, and supervising teams, their value rises substantially. This opens up opportunities to advance into managerial and executive positions with average salaries exceeding $120,000.
Leadership Earnings: Senior Accountant Salary Boston
With Boston's thriving finance, tech, healthcare, and education sectors, demand for senior accounting talent fuels competitive salaries. The typical range for Senior Accountants in Boston is $85,000 - $105,000.
Higher pay rates result from the concentration of Fortune 500 companies and high costs of living. For example, Liberty Mutual's Senior Accountants earn $97,500 on average. At tech giant Hubspot in Cambridge, Senior Accountants make around $100,000 per year.
The abundance of startups also creates lucrative roles for Senior Accountants with experience guiding financial strategy for fast-growing companies. Boston's startup ecosystem continues expanding rapidly, further driving demand.
Pay Equity and Senior Accounting Roles
Massachusetts laws mandate equal pay for comparable work, aiming to eliminate gender wage gaps. The state also requires equal pay audits for companies with 100+ employees. These regulations help ensure pay equity for Senior Accountants based on merit and experience rather than demographic factors.
Within accounting, proactive efforts by major firms also work to promote unbiased compensation. For example, PwC publicly reports progress towards pay parity across genders and ethnicities for all levels, including seniors. Such initiatives uphold fair pay standards.
Senior Accountant Job Description and Value
Senior Accountants occupy critical finance positions, directing key accounting functions. Typical responsibilities include:
- Overseeing the month-end and year-end close process
- Preparing consolidated financial statements
- Leading audits and managing audit schedules
- Establishing internal controls and accounting policies
- Supervising and mentoring junior staff
- Presenting financial reports to management
Their specialized expertise and oversight of critical areas like financial reporting and budgeting provide tremendous value. Senior Accountants enable vital business decisions, ensuring regulatory compliance, minimizing tax burdens, and identifying growth opportunities. Their compensation levels clearly reflect their integral contributions.
Massachusetts' Accounting Landscape: Roles and Responsibilities
Massachusetts has a rich history of accounting excellence dating back to the colonial era. Today, the state is home to a thriving accounting industry offering diverse career paths.
Financial Reporting Accountant I: A Role in Focus
A Financial Reporting Accountant I in Massachusetts earns an average salary of $55,000. Primary duties include preparing financial statements, maintaining general ledgers, analyzing account information, and supporting external audits. Strong attention to detail and communication skills are required. Opportunities exist at companies across industries like finance, healthcare, technology, and more.
The Versatile Bookkeeping Manager: Duties and Earnings
As a hub of innovation and industry, Massachusetts employs Bookkeeping Managers across sectors. With average salaries around $65,000, Bookkeeping Managers maintain general ledgers, ensure entries comply with GAAP standards, and oversee teams. Adaptability and managerial skills are key for success in this role.
Specialized Accounting Roles: From Grants to Pharmacy Accountants
Niche accounting roles also thrive in Massachusetts. Grants Accountants, who manage financial reporting and compliance for government and nonprofit grants, earn approximately $62,000 on average. Meanwhile, Pharmacy Accountants who analyze medication dispensing patterns and reconcile inventories command salaries averaging $70,000. Opportunities exist at hospitals, pharmacies, and pharmaceutical companies.
Corporate Staff Accountant and Small Business Accountant: Salary Insights
From major corporations to small businesses, accountants are indispensable across Massachusetts companies. Corporate Staff Accountants earn an average of $68,000 supporting controllers and CFOs with activities like financial reporting and budgeting. Small Business Accountants, who handle all accounting functions for local companies, make approximately $55,000 on average. Both roles require sharp analytical abilities.
Accounting Certifications and Salaries in Massachusetts
Accounting certifications can have a significant impact on salaries for professionals in Massachusetts. Obtaining credentials like Certified Public Accountant (CPA), Certified Management Accountant (CMA), and Certified Fraud Examiner (CFE) requires dedication but offers financial rewards.
Certified Public Accountant (CPA): The Salary Advantage
Becoming a licensed CPA allows accountants to perform higher-level accounting tasks like auditing and financial statement preparation. It also confers credibility and signals competence to employers. According to the Bureau of Labor Statistics, the average salary for CPAs in Massachusetts is $120,930 per year, nearly double the average for accountants and auditors overall. The rigorous CPA exam and experience requirements pay off in earnings potential.
Certified Management Accountant (CMA) and Certified Government Financial Manager (CGFM): Financial Rewards
Accountants who obtain the CMA or CGFM certification can expect a boost in salary compared to uncertified peers. CMAs specialize in financial planning and analysis for business decisions. CGFMs are public sector financial management experts. While less widely recognized than the CPA, these designations still increase marketability. One survey found CMA certification is associated with a 12-30% rise in total compensation. Government accountants with a CGFM averaged nearly $10,000 higher salaries according to research.
The Earnings Impact of Specialized Certifications: CISA, CFE, and CIA
Certified Information Systems Auditor (CISA), Certified Fraud Examiner (CFE), and Certified Internal Auditor (CIA) credentials also pay off. CISA-certified IT auditors earn over $20,000 more on average than those without. CFEs specialize in detecting fraud and white-collar crime. Nationally they average $30,000+ higher compensation than non-CFEs as per the ACFE. Obtaining the CIA boosts expertise in governance, risk management, and control. Surveys report certified internal auditors make about $30,000 more annually.
Commonwealth of Massachusetts Salaries for Certified Professionals
The state government offers competitive salaries for credentialed accounting and audit professionals according to transparency website Mass.gov. An Accountant I requires a bachelor's degree with a CPA license preferred. The role pays $58,694-$81,447. Audit Manager jobs ask for a CPA/CIA/CISA plus 5 years auditing experience and pay $96,553-$120,398. Clearly the Commonwealth values certified accountants, evidenced by higher pay.
Accounting Technology and Software Proficiency in Massachusetts
Understanding the importance of technology in accounting and how it influences salaries in Massachusetts.
Accounting Software Mastery: A Salary Booster
Expertise in accounting software is highly valued in Massachusetts and can lead to higher salaries for accountants. Programs like QuickBooks, Sage 50, Xero, and NetSuite are used by many companies to manage finances and streamline reporting.
Accountants who master these platforms are better equipped to provide actionable insights and support data-driven decision making. They can automate routine tasks, freeing up time for more strategic initiatives. As technology continues evolving, software proficiency will likely become even more critical.
According to PayScale data, accountants in Massachusetts with accounting software skills earn a median salary of $73,042 per year, compared to $67,479 without these skills - an 8% boost. Certifications in specific programs also carry weight. For example, QuickBooks-certified accountants make a reported median salary of $77,500 in Massachusetts.
The Role of Accounting Information Systems Analysts
Accounting Information Systems (AIS) Analysts play a key role in managing the technology infrastructure that powers modern accounting. Their job involves implementing, customizing, and updating accounting software applications.
AIS Analysts ensure these complex systems integrate properly with other platforms to support essential financial processes like general ledger accounting, payroll, billing, budgeting, and more. They are also responsible for data security and access controls.
The average salary for an AIS Analyst in Massachusetts is $77,274 per year, per recent PayScale data. Those working in the Boston metro area earn slightly more at $80,750 on average. The increased adoption of accounting technology and rising data volumes signal strong job prospects.
Accounting Data Analysts: Turning Numbers into Insights and Income
Accounting Data Analysts leverage raw financial data to uncover trends, insights, and performance drivers. Their specialized analytics skills allow businesses to optimize decisions and strategy.
These analysts build financial models, create interactive dashboards and visualizations, monitor KPIs, highlight variances, predict outcomes based on historical data, and translate complex numerical information into actionable business intelligence.
The average salary for an Accounting Data Analyst in Massachusetts is $68,274 per year, with those in senior or managerial roles earning up to $117,000 according to recent PayScale figures. There is high demand for number crunching and quantitative abilities in modern money management.
Accounting Systems Manager: Leading Technology for Modern Money
Accounting Systems Managers occupy an executive position, directing all aspects of financial information systems. This involves planning, budgeting, development, implementation, security, maintenance, upgrades, integration, and staff training.
These managers liaise between the IT and accounting departments to guarantee that core systems meet the evolving needs of the business. They lead a team of analysts and specialists, coordinating major tech projects and digital transformation initiatives.
The average salary for an Accounting Systems Manager in Massachusetts is $122,914 per year, per PayScale's salary data. Their strategic oversight of accounting infrastructure and critical systems justifies the senior level pay grade.
The Annual Cycle: Year-End Close and Its Impact on Salaries
Year-end close is a critical period in the accounting cycle that can significantly impact salaries in Massachusetts. This intense period involves closing the books, finalizing financial statements, and preparing for audits.
Year-End Close Specialists: Demand and Compensation
Accountants skilled in managing year-end close processes are in high demand in Massachusetts. Their specialized expertise commands premium compensation compared to entry-level roles. Factors driving salaries include:
- Specialized technical skills in balance sheet analysis, financial reporting, audit preparation
- Capacity to handle high pressure and tight deadlines
- Strong attention to detail and accuracy
- 5-10 years experience successfully managing year-end close
Salaries for year-end close accountants range from $95,000 to $125,000 in Massachusetts, with senior managers earning up to $150,000. Bonuses are also common.
Balance Sheet Analysis Expertise: A Financial Lever
Expertise in balance sheet analysis is highly valued in Massachusetts, enabling accountants to identify financial risks, growth opportunities, and optimize capital allocation. Key skills include financial modeling, data analysis, and communicating insights to guide executive decisions.
Accountants skilled in balance sheet analysis can earn $10,000 to $30,000 above median salaries. This expertise is a key differentiator, elevating accountants into financial leadership roles overseeing vital capital decisions.
The Bonus Season: Year-End Financial Rewards
In accounting, year-end is bonus season in Massachusetts. Strong financial performance, meeting key metrics, and surpassing targets can all unlock bonus payouts up to 20% of base salaries at some firms.
Bonuses reward the long hours and high performance during year-end close. They also incentivize accountants to take initiative improving processes and financial controls for future periods. High performers may also leverage bonuses to negotiate salary increases.
The Role of FASB and Regulatory Bodies in Salary Determination
Regulatory bodies like FASB, IRS, GASB, and FASAB issue updated reporting standards and guidelines that Massachusetts accountants must adopt. Keeping current with new regulations requires ongoing training and specialization.
Firms invest substantially in accountants with up-to-date regulatory expertise in financial reporting, taxation, auditing, and other domains. These specialized skillsets enable firms to remain compliant and provide higher value services to clients. This results in increased demand and higher salaries for accountants specializing in evolving regulatory frameworks.
Future Outlook for Accounting Careers in Massachusetts
The future looks bright for accounting professionals in Massachusetts. The state has a strong financial services sector and a growing technology industry, both of which require skilled accountants.
Strong Job Growth Projected for Accountants in Massachusetts
According to the Bureau of Labor Statistics, employment for accountants and auditors in Massachusetts is projected to grow 9% from 2020 to 2030, faster than the national average. Several factors are driving this demand:
- Economic growth in key industries like technology, life sciences, financial services, and healthcare
- Increasing complexity of tax laws and regulations
- Need for more financial transparency and reporting
As businesses in Massachusetts expand, the demand for accounting expertise to manage finances and ensure compliance will continue rising.
Higher Demand for Specialized Accounting Services
Beyond general accounting roles, specialized services like forensic accounting, business advisory, wealth management, and cybersecurity auditing are seeing increased demand in Massachusetts.
Top employers like financial institutions, tech companies, hospitals, and universities are seeking accountants with niche expertise to support growth and mitigate risk. Certifications like CFE, CISA, and PFS credentials are invaluable for seizing these lucrative opportunities.
Salaries Expected to Continue Rising Across Experience Levels
Driven by robust job growth and the war for talent, accounting salaries in Massachusetts are likely to climb over the next decade.
Entry-level accountant salaries already average nearly $10,000 above national levels according to PayScale data. This premium will likely persist as demand outpaces supply of newly licensed CPAs.
For experienced accountants, rising salaries will make Massachusetts' thriving job market even more appealing. Continued growth in key industries ensures high demand for specialized talent in audit, tax, compliance, forecasting, and advisory services.
