Finding accurate data on accounting salaries can be frustratingly difficult.
But having a clear picture of earnings potential is critical for choosing the right career path or negotiating your compensation. This guide provides comprehensive benchmarks on accountant salaries across all experience levels in Michigan.
You'll see detailed breakdowns of pay for roles like staff accountant, controller, CPA, and more. We'll also explore key factors impacting accountant earnings - from education and certifications to specializations and geographic regions.
Introduction to Accounting Salaries in Michigan
This section provides an introduction to accounting salaries in Michigan, offering insights into entry-level to senior accountant compensation, key employers, and the overall health of the accounting profession across the Great Lakes State.
Laying the Financial Groundwork: Understanding Accountant Salaries in Michigan
The average salary for an accountant in Michigan is $66,930 per year, which aligns closely with the national average. Entry-level accountants in Michigan earn approximately $45,000 annually, while senior-level accountants can make upwards of $90,000 per year. Key factors impacting Michigan accountant salaries include location, firm size, specialty, and credentials like the CPA designation. Detroit and its surrounding suburbs tend to offer higher accounting salaries given the concentration of large multinational firms and Fortune 500 company headquarters. Smaller firms across Michigan tend to pay below the state average.
Navigating the Waters: Top Accounting Employers in the Great Lakes State
Major employers of accountants in Michigan include both global names and well-established regional firms:
- UHY LLP - National accounting firm with a strong Michigan presence providing audit and tax services. Reported average salary of $77,000.
- Plante Moran - Regional powerhouse headquartered in Michigan. Offers competitive salaries with abundant growth opportunities.
- Yeo & Yeo - Top regional firm offering services from tax preparation to business valuation. Great culture with good work-life balance.
- Ally Financial - Michigan-based leader in digital financial services pays accountants 10-20% above market rates.
These firms offer robust compensation and benefit packages along with avenues for career advancement in the Michigan market.
Charting the Course: How to Become a CPA in Michigan
Earning the Certified Public Accountant (CPA) credential can significantly boost earning potential for accountants in Michigan. Key steps include:
- Obtain a bachelor's degree in accounting or related field with at least 150 credit hours
- Pass the Uniform CPA Exam administered by the AICPA
- Gain relevant work experience under a licensed CPA for at least 2 years
- Apply for a CPA license with the Michigan State Board of Accountancy
With strong demand for skilled accounting professionals across the state, the CPA path offers financial stability and abundant career opportunities within Michigan's stable, business-friendly economy.
Do accountants make good money in Michigan?
Accountants in Michigan generally earn competitive salaries, with the average at around $65,400 per year. However, salaries can vary significantly depending on factors like:
Experience and Qualifications
-
Entry-level accountants in Michigan earn around $45,000, while senior-level accountants can make over $100,000. Becoming a licensed CPA boosts salaries.
-
On average, accountants with 1-4 years of experience make around $55,000 in Michigan. With 5-9 years, it's closer to $70,000.
Location Within Michigan
-
Accountants in major metropolitan areas like Detroit and Grand Rapids tend to have higher salaries closer to the national average. Smaller towns may pay below the state average.
-
Working for a larger, high-revenue company rather than a small business also usually results in higher pay.
So in summary, while the average accountant in Michigan makes a decent living, there is significant variation based on qualifications, experience, location, company size, and other factors. Overall, accounting is considered a stable, well-compensated profession in the state.
What is the salary range for a staff accountant in Michigan?
The salary range for a staff accountant in Michigan can vary depending on experience, education, certifications, and geographic location. Here is a breakdown of common salary ranges:
Annual Salary
- Top Earners (75th Percentile) - $76,700 per year
- Average - $52,627 per year
- 25th Percentile - $47,900 per year
Weekly Pay
- 75th Percentile - $1,475 per week
- Average - $1,012 per week
- 25th Percentile - $921 per week
Staff accountants in Michigan generally fall in the range of $47,900 to $76,700 in total compensation. Those at the higher end likely have more years of experience, specialized expertise, advanced certifications like a CPA license, and work in major metropolitan areas. Entry-level staff accountants tend to start at the lower end of the range.
Factors that influence salary variation include:
- Location - Accountants in larger cities like Detroit and Grand Rapids earn 10-15% more on average.
- Firm Size - Larger firms pay higher base salaries.
- Certifications - CPAs earn 20-30% more than non-certified accountants.
- Industry - Certain industries like tech and finance pay a premium.
Overall the accounting job market remains strong in Michigan, with competitive salaries that rise each year. There is high demand for talent as businesses grow across the state.
What is considered a good salary in Michigan?
The average salary in Michigan is $41,650 per year or $20.02 per hour. However, salaries can vary significantly depending on factors like location, industry, experience level, and job role.
Here's a breakdown of common accounting salaries in Michigan:
- Entry Level Accountant - $31,109 per year
- Staff Accountant - $43,000 to $61,000 per year
- Senior Accountant - $55,000 to $78,000 per year
- Accounting Manager - $68,000 to $118,000 per year
- Controller - $85,000 to $170,000 per year
- CFO - $120,000 to $250,000 per year
As you can see, there is a wide range based on position and experience level. Generally anything above $55,000 would be considered a good salary for an accountant in Michigan. Those with CPA licenses also command higher compensation.
The metro Detroit and Grand Rapids areas tend to have the highest salaries given the concentration of companies and opportunities. Rural areas or smaller towns will be on the lower end of the ranges above.
Some of the top paying accounting firms and companies in Michigan include:
- Plante Moran
- PricewaterhouseCoopers (PwC)
- Deloitte
- Ernst & Young (EY)
- KPMG
- General Motors
- Ford Motor Company
- Fiat Chrysler Automobiles
So in summary, a "good salary" is highly dependent on your location, qualifications, experience level and employer. But for accountants in Michigan, exceeding $55,000 would put you above state average with room to advance further over your career.
Which field of accounting makes the most money?
Some of the highest paying accounting jobs include:
-
Accounting Professor: Professors with accounting expertise can earn an average salary of $77,400 per year. They work in universities teaching accounting concepts and best practices to students.
-
Corporate Controller: Corporate controllers oversee all accounting operations and financial reporting within an organization. They earn an average salary of $95,600 annually.
-
Investment Banker: Investment bankers provide financial advisory services on large transactions and deals. Those with accounting backgrounds can earn around $100,600 on average.
-
Finance Director: Finance directors plan and direct financial policies, goals, and budgets for companies. Their average salary is $114,200 per year.
-
CFO: As the highest financial executive role, Chief Financial Officers earn some of the highest salaries in accounting. The average CFO makes approximately $136,100 annually.
The highest salaries often go to CPAs with extensive experience managing money, risk, investments, and strategic financial planning for large corporations. Roles like controllers, directors, VPs of finance, and CFOs require proven expertise guiding financial decisions and operations. Public accounting also offers partners the potential for over $500k+ in annual earnings. Overall, accounting is a stable, lucrative field with multiple potential career pathways at the higher end of the pay scale.
sbb-itb-be9f1e0
sbb-itb-beb59a9
sbb-itb-beb59a9
Diving into Entry-Level Accountant Salaries in Michigan
Entry-level accountants in Michigan can expect competitive salaries, thanks in part to a robust economy and business environment. However, salaries vary depending on factors like location, company size, industry, and job responsibilities.
Breaking Down the Entry-Level Staff Accountant Salary in Michigan
Entry-level staff accountants in Michigan earn an average salary of $45,000 to $55,000 per year. Those working in major metropolitan areas like Detroit and Grand Rapids tend to fall on the higher end of the range. Smaller companies generally pay less, while large corporations can offer upwards of $60,000 for entry-level staff accountant roles.
As staff accountants gain more experience, their salaries also increase. Within 5 years, average earnings often exceed $65,000 per year. Certifications like the CPA also boost pay potential.
Accounting Assistant and Bookkeeper/Accountant Compensation
Accounting assistants in Michigan make approximately $35,000 to $45,000 per year on average. Bookkeeper/accountants earn slightly more at $40,000 to $50,000 annually. Location has less impact on salary ranges for these roles.
Duties are more routine for accounting assistants and bookkeepers compared to accountants. Tasks include accounts payable/receivable, payroll, financial reporting, and general ledger maintenance. Strong attention to detail is critical.
The Financial Launchpad: Recent Graduate Starting Salaries
Accounting graduates from Michigan universities generally earn $50,000 to $60,000 per year for their first jobs. Internship experience and CPA exam progress can help secure positions at the higher end.
Top starting salaries are found in Detroit, Ann Arbor, and Grand Rapids where major accounting firms and corporations are concentrated. Graduates who are willing to relocate nationally can also boost earnings potential.
Overall the accounting job market remains strong in Michigan, creating ample opportunities for new graduates to launch their careers with competitive salaries. Gaining a few years of experience allows professionals to quickly command above average earnings in the state.
Senior Accountant Earnings: A Look at Salary Progression in Michigan
Climbing the Ledger Lines: Accounting Manager Salary Trends
Accounting managers in Michigan earn an average salary of $97,930 per year. With 5-9 years of experience, managers can expect to earn around $85,000 annually. As they take on more responsibilities and gain expertise, their compensation typically increases. Those with 10-19 years under their belt usually make about $105,000 per year. High performers with 20+ years of experience can earn over $130,000.
Several factors impact accounting manager salaries:
- Industry - Those in finance and insurance tend to earn the highest wages. Healthcare, tech, and manufacturing managers also fare well.
- Company size - Managers at large corporations and enterprises generally have higher salaries.
- Certifications - Earning an MBA or CPA can boost salary potential.
- Skills mastered - Expertise in financial reporting, budgeting, Forex, and systems implementation is valuable.
To maximize salaries, managers should gain well-rounded experience, specialize in high-demand skills, take on leadership roles, and consider supplemental certifications.
Navigating to the Top: Finance Director and Controller Salaries
Finance directors and controllers in Michigan earn average salaries between $135,000 to $160,000. With 5-9 years under their belt, they can expect around $110,000 annually. Those with 10-19 years of experience average approximately $150,000 per year. High performers at the peak of their careers with 20+ years behind them can make over $200,000.
As with managers, several variables impact their compensation:
- Industry - Tech and manufacturing directors make the highest wages. Healthcare and finance also pay well.
- Company size - Large enterprises have bigger budgets to compensate directors.
- Location - Directors in Detroit and Grand Rapids tend to have higher salaries than other regions.
- Skills and expertise - Strategic planning, financial modeling, fundraising, and mergers and acquisitions knowledge drives higher salaries.
To maximize earning potential, directors should gain expertise in niche disciplines, take on high-level strategic roles, and consider supplemental business degrees.
The Peak of the Profession: Senior Accountant Salary Benchmarks
Senior accountants represent the apex of the accounting profession before moving into specialized management roles. In Michigan, senior accountants earn average salaries between $75,000 to $95,000 annually. With 5-9 years of experience, they can expect around $65,000 per year. Those with 10-19 years make approximately $85,000 on average. High performers at the pinnacle of their career with 20+ years of expertise can earn over $120,000.
As with other roles, several aspects impact their compensation potential:
- Industry - Senior accountants in tech, finance, and manufacturing make the highest wages.
- Company size - Major corporations have larger budgets to compensate accountants.
- Certifications - Earning a CPA can boost salaries by $10,000 or more.
- Specializations - Expertise in financial reporting, auditing, Forex, and budgeting is valuable.
To maximize salaries, senior accountants should earn specialized credentials like a CPA, gain expertise in niche disciplines, and strive for promotions into management.
Comparing Accounting Salaries Across Michigan's Diverse Industries
Michigan's economy features a diverse range of industries, each with their own accounting salary ranges. By examining average compensation across key sectors, businesses can benchmark salaries and remain competitive.
The Engine of Growth: Manufacturing Industry Accountant Salaries
The manufacturing industry is a cornerstone of Michigan's economy. Major automotive and industrial manufacturers like Ford, GM, and Whirlpool employ accountants across functions:
- Staff Accountants earn average salaries of $55,000. Experience and additional credentials can boost pay to $75,000.
- Cost Accountants average $70,000, with senior roles reaching $90,000.
- Accounting Managers make $90,000 on average, topping out near $120,000.
Other manufacturing sectors also offer strong accounting pay:
- Aerospace/Defense - $65,000 average
- Chemical/Petroleum - $70,000 average
The manufacturing sector offers accountants stable compensation, driven by continuous innovation and steady production volumes.
Financial Health Check: Healthcare Industry Accounting Compensation
Major health systems and insurance providers also employ accountants across Michigan:
- Staff Accountant - $50,000 average
- Senior Accountant - $68,000 average
- Accounting Manager - $85,000 average
Larger hospitals and clinics may pay 10-15% above average. Top performers can also advance more rapidly into manager and director roles compared to other industries.
While base pay lags manufacturing, healthcare offers strong benefits and bonus incentives tied to organizational performance and profitability.
Balancing the Books: Financial Services Industry Salaries
From banks to investment firms, Michigan's finance sector offers lucrative accounting salaries:
- Entry-Level Accountant - $55,000 average
- Senior Accountant - $75,000 average
- Accounting Manager - $95,000 average
Bonuses are also more prevalent, averaging 10-20% of base pay. However, hours tend to be longer compared to other industries.
Boutique financial firms and trusts may pay 5-10% above average to attract top talent in a competitive landscape. Geographic location also impacts pay bands, with Detroit and Grand Rapids at the top end.
Forecasting the Future: Accounting Salary Growth Outlook in Michigan
Calculating the Numbers: Projected Job Growth for Michigan Accountants
The job outlook for accountants and auditors in Michigan is strong. According to projections from the Bureau of Labor Statistics, employment for accountants and auditors in Michigan is expected to grow by 7.1% from 2020 to 2030, adding around 3,800 new jobs. This growth is driven by expansion of the finance and insurance industries within the state. As businesses grow, the need for accounting and assurance services rises as well.
New accountants entering the job market can expect to find open positions, especially if they have specialized expertise such as forensic accounting, international reporting standards, or data analytics skills. However, growth by region varies, with more opportunities likely in urban areas.
The Digital Ledger: Impact of Technology and AI on Accounting Jobs
While job growth is expected in the accounting sector, the scope and responsibilities of many roles are likely to change due to automation and AI. Technologies for automated data entry, report generation, and even audit testing will reshape jobs.
This could create more advisory-focused roles for accountants as software handles routine tasks. Understanding analytics tools and communicating insights will become vital skills. However, lower-level bookkeeping roles may decline.
Overall technology will bring productivity improvements but will require proactive skills development by accounting professionals to remain relevant. Those able to utilize new innovations will be better positioned for higher salaries.
Geographical Pay Scales: Regional Salary Projections for Accountants
Accounting salaries within Michigan can diverge by region. Pay scales tend to be higher in metropolitan areas such as Detroit, Grand Rapids, and Ann Arbor compared to rural locations.
For example, the BLS reports average salaries of $77,430 in the Detroit metropolitan area versus $62,910 in the northeast region of Michigan as of 2021. Disparities are largely attributable to concentrations of large corporations and specialized industries in urban zones.
Going forward, competitive salaries will still be found in Michigan's major cities. However, remote work could enable accounting professionals to access opportunities in high-paying industries without geographic restriction. Those open to telecommuting may see expanded salary prospects.
Conclusion: Summarizing the State of Accounting Salaries in Michigan
Accounting is a stable and lucrative career path in Michigan. With a competitive job market and strong presence of major corporations, salaries for accountants tend to exceed national averages across experience levels. However, specialized skills, certifications, and geographic location can have a notable impact.
Recapping the Average Accountant Salary in Michigan
The average salary for an accountant in Michigan is $73,930 per year. Entry-level accountants earn approximately $48,000, while senior-level accountants make around $95,000 annually. Those with advanced certifications like a CPA can earn well into six figures.
Identifying Top Growth Areas for Accounting Jobs
Major metropolitan regions like Detroit and Grand Rapids offer abundant job opportunities and above-average salaries for accountants. Industries projecting strong growth include manufacturing, healthcare, technology, and finance.
Maximizing Earnings: The Value of Specialization in Accounting
Pursuing a specialty like tax accounting, auditing, or financial analysis can boost earning potential. Gaining advanced credentials like a CPA or CMA certification also leads to higher wages. Overall, the Michigan job market rewards accountants who continue honing their skills.
