Finding reliable data on accountant salaries can be challenging for professionals considering a move to Minnesota.
In this post, you'll get a detailed breakdown of accountant pay in Minnesota's lucrative job market, including average salaries by experience level, field, and location.
You'll see how much accountants in this land of 10,000 lakes typically earn at each career stage, from entry level to senior and manager roles. We'll also explore impacts of credentials, specialized accounting niches, the urban/suburban divide, and future outlook.
Introduction
The state of Minnesota, with its vast natural beauty and thriving business community, offers lucrative opportunities for accountants. Known as the "Land of 10,000 Lakes", Minnesota boasts a diversified economy spanning industries like healthcare, retail, manufacturing, and technology. This economic landscape drives demand for accounting expertise to support financial operations and strategic decision-making.
This article analyzes accounting salaries in Minnesota, focusing specifically on median compensation levels for roles like Staff Accountant, Senior Accountant, and CPA. We'll examine how factors like location, education, certifications, and experience impact earnings potential for finance professionals. Understanding prevailing salary ranges can empower both job seekers and employers to make informed decisions during recruitment and hiring.
By benchmarking salaries for various accounting positions across Minnesota, readers can gain valuable insight into the earning potential within this critical function. The data and analysis provided aims to shed light on the correlation between role, responsibility, and compensation for accountants based on real-world evidence.
What is the average salary for an accountant in Minnesota?
Accountants in Minnesota earn competitive salaries, thanks to a strong economy and abundant job opportunities. Here's a breakdown of average accountant salaries in the state:
Annual Salary
- $75,904 - 75th Percentile
- $60,200 - Average
- $50,198 - 25th Percentile
Hourly Wage
- $36 - 75th Percentile
- $29 - Average
- $21 - 25th Percentile
The average salary for an accountant in Minnesota is $60,200 per year or $29 per hour. However, salaries can vary significantly depending on factors like:
- Experience level (entry-level vs senior)
- Job title and responsibilities
- Education credentials (bachelor's vs master's degree)
- Location within Minnesota (e.g. Minneapolis vs rural areas)
- Company size and industry
For example, a Senior Accountant role or an Accountant position at a major corporation like Land O'Lakes may pay upwards of $75,000 annually. Whereas an Entry Level Accountant or Accountant I role may start below $50,000.
Overall, accounting is a stable, well-compensated profession in Minnesota. Factors like the state's business-friendly tax climate, low unemployment rate, and abundance of large companies help create strong demand and lucrative salaries for qualified accountants.
Which field of accounting makes the most money?
Some of the highest paying accounting jobs include:
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Accounting Professor: Average salary of $77,400. Accounting professors work in universities teaching accounting concepts and best practices to students. They conduct research, publish academic papers, and advise graduate students.
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Corporate Controller: Average salary of $95,600. Corporate controllers oversee all accounting operations and financial reporting within an organization. They manage a team of accountants and ensure compliance with accounting regulations.
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Investment Banker: Average salary of $100,600. Investment bankers provide financial advisory services on large transactions and investments. They analyze financial data, structure deals, and connect investors to opportunities.
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Finance Director: Average salary of $114,200. Finance directors plan and direct all financial activities within a company. They oversee the preparation of financial reports, manage investments, and develop financial strategies aligned with business goals.
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CFO (Chief Financial Officer): Average salary of $136,100. As the highest ranking financial executive, CFOs oversee all financial operations and strategy for an organization. They communicate financial performance to stakeholders and influence key business decisions.
The highest salaries come with extensive experience and credentials like a CPA license or Master's degree. Roles in corporate finance, banking, and upper management provide the highest earning potential for accountants.
How much does an accounting specialist make in Minnesota?
According to recent data, the average salary for an accounting specialist in Minnesota is approximately $43,000 per year. However, salaries can vary depending on factors like location, experience, education level, and specific job responsibilities.
Here is a breakdown of accounting specialist salaries in Minnesota:
- Entry-level accounting specialists with 0-2 years of experience typically earn between $35,000 and $45,000 annually. Those working in the Minneapolis/St. Paul metro area tend to be on the higher end.
- Mid-career accounting specialists with 3-7 years of under their belts average around $48,000 per year. Specialists with specialized expertise or certifications can earn up to $55,000.
- Experienced accounting specialists with 8+ years of experience make approximately $60,000 on average. Those in senior or management roles may earn over $70,000.
In addition to base salary, many accounting specialists receive bonuses, commissions, and profit sharing which can add $5,000 - $15,000 or more per year. Full-time positions also often come with medical/dental insurance, 401k matching, paid vacation and sick days, and other valuable benefits.
Overall, accounting specialists in Minnesota enjoy strong compensation compared to national averages, especially those based in finance hubs like Minneapolis. The state's low unemployment rate and high number of large corporations also create ample job opportunities for those looking to enter the field.
What is the highest paid cost accountant?
The highest reported salary offered to a Cost Accountant in Minnesota is $120,000 per year. This salary is typically earned by Cost Accountants who have an advanced degree such as a Master's degree and 8+ years of experience.
Some key factors that impact Cost Accountant salaries in Minnesota include:
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Education Level: Cost Accountants with a Bachelor's degree earn an average salary of $65,000 per year, while those with a Master's degree average around $85,000 per year. Advanced certifications can also boost salary potential.
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Years of Experience: Entry-level Cost Accountants with 0-2 years of experience have an average salary of $55,000. Mid-career professionals with 5-10 years under their belt average around $80,000, while highly experienced Cost Accountants with 10+ years earn over $100,000 on average.
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Industry: Cost Accountants working in certain high-paying industries like banking, finance, technology, and pharmaceuticals tend to earn higher salaries than those in other sectors.
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Company Size: Professionals at large corporations and multinational companies are typically offered higher salaries compared to those at small or mid-sized businesses.
In summary, the highest paid Cost Accountants in Minnesota are those with advanced education, extensive experience, specialized expertise, and roles in high-paying industries or large, established companies. The top 10% of Cost Accountants exceed $100,000 per year in total compensation.
Accounting Job Market in Minnesota
Minnesota's economy is thriving, with low unemployment rates and high demand for accountants across various industries. This section explores the current job landscape and growing opportunities for accounting professionals.
Accountant Jobs Minnesota: A Landscape of Opportunity
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Minnesota has over 8,100 open accounting and finance job positions as of Q1 2023 according to the Minnesota Department of Employment and Economic Development. This indicates a strong demand for talent.
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Opportunities span corporate roles, public accounting firms, small businesses, nonprofits, government agencies, and more. From staff accountant to controller, there's high demand for financial talent.
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Both entry-level and experienced candidates have solid prospects, especially those with CPA licensure. However, even non-CPA accountants are finding abundant openings.
Minnesota's Economic Drivers and Accounting Demand
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Major industries fueling Minnesota's economic growth include healthcare, manufacturing, finance and insurance, professional services, and retail. These sectors require extensive accounting support.
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For example, the thriving medical device sector is concentrated in Minnesota and leads to substantial accounting hiring among device firms. Other manufacturing industries also drive demand.
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The banking and insurance industry is similarly strong in the state, powering demand for accountants well-versed in finance and investments.
Low Accountant Unemployment Rate
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Minnesota's accountant unemployment rate stood at just 1.5% at the end of 2022 according to the Bureau of Labor Statistics. This is over 3x lower than the overall state unemployment rate of 4.4%.
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Nationally, the accountant unemployment rate is 2.1%, still higher than Minnesota's exceptionally low rate indicating high demand for talent.
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Opportunities span roles like staff accountant, senior accountant, controller, accounts payable/receivable, payroll, tax accountant, auditor, and more. Both industry and public accounting firms are hiring.
With Minnesota's thriving industries seeking financial expertise coupled with low accountant unemployment rates, the state presents a landscape of opportunity for accounting professionals across experience levels.
Average Accounting Salaries in Minnesota
This section provides an overview of average salaries for various accounting roles across Minnesota. It aims to give job seekers and employers a sense of typical earning ranges.
Entry-Level Accountant Salary MN: Starting Your Career
The average salary for entry-level accountants in Minnesota typically ranges from $45,000 to $60,000 per year. This depends on the specific role, credentials, company, location, and other factors. Those just starting out can expect compensation in this ballpark.
Key points about entry-level accountant salaries in MN:
- Entry-level accountants with a bachelor's degree tend to earn $45,000 - $55,000 on average
- Those with internship experience or advanced credentials may start closer to $50,000 - $60,000
- Major metro areas like Minneapolis and St. Paul offer higher salaries, while rural areas tend to be lower
- Industries like tech, finance, and manufacturing tend to pay more than nonprofit and government
Overall the outlook is strong for those launching an accounting career in Minnesota, with abundant openings and salaries on par with national averages.
Senior Accountant Salary MN: The Earnings Escalation
For experienced accountants, average salaries in Minnesota range from $65,000 up to $85,000 per year. Those in specialized roles or managerial positions can earn even more.
Key factors impacting senior accountant pay:
- 5+ years of experience can boost earnings potential to $70,000 - $85,000
- Obtaining a CPA license adds $5,000 - $10,000 typically
- Management roles like Controller average around $100,000
- Specialized expertise in areas like auditing or financial reporting command higher compensation
So with the right credentials and experience, accountants can more than double their salaries over a career in Minnesota.
Average CPA Salary Minnesota: The Credential Boost
Earning the Certified Public Accountant (CPA) credential can significantly impact earning potential for accountants in Minnesota. Specifically:
- Having an active CPA license typically adds $5,000 - $10,000 per year
- CPAs often qualify for senior and managerial roles faster, boosting pay
- Many employers offer bonuses to those passing the CPA exam
- Opens up additional job opportunities in public accounting and consulting
So while the CPA exam requires dedication, it pays dividends throughout an accounting career. Minnesota offers strong CPA salary premiums comparable to national trends.
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Accounting Salaries by City
This section will compare average accounting salaries across major Minnesota metro areas like Minneapolis, St. Paul, Rochester, Duluth, and more.
Minneapolis, MN Accountant I: Urban Salary Standards
The city of Minneapolis offers competitive salaries for Accountant I roles. As a major metropolitan area and business hub of Minnesota, there is high demand for qualified accounting professionals.
The average salary for an Accountant I in Minneapolis ranges from $55,000 to $65,000 annually. However, salaries can vary depending on:
- Years of experience
- Education level
- Firm size and industry
- Specific job responsibilities
For example, an Accountant I with 3-5 years of experience and a bachelor's degree could earn around $60,000 at a large corporation. Whereas a newly graduated Accountant I at a small accounting firm may start around $50,000.
Benefits also add significant value beyond base salary. Many Minneapolis firms offer retirement plans with employer matches, health/dental insurance, paid time off, professional development stipends, and more. When factoring in the full compensation package, the total value for an Accountant I role often exceeds $70,000.
Lakeville and Minnetonka: Suburban Salary Insights
In the affluent suburbs of Lakeville and Minnetonka, salaries for Accountant I positions tend to be on par or slightly lower than Minneapolis averages. Suburban firms compete aggressively for talent but have lower costs of living.
For Lakeville specifically, Accountant I salaries range from $50,000 to $62,000 annually. In Minnetonka, a similar range of $52,000 to $65,000 can be expected. Much like Minneapolis, factors like education and experience significantly impact salary offers.
Although base salaries may be lower than Minneapolis, suburban accounting professionals often cite better work/life balance and sense of community as key advantages. With traffic and housing costs lower than the city, suburban living can be very appealing - especially for those raising a family. Many professionals are willing to trade some salary for these lifestyle perks.
Impact of Credentials on Salary
Earning advanced credentials like a CPA license can significantly boost accountant salaries in Minnesota. On average, accountants with a CPA license earn 5-15% more than those without.
Accountant Salaries with Advanced Degrees
The impact of education level on salary is clear when comparing Accountant I roles.
Accountant I Salaries with a Bachelor's Degree
The average salary for an Accountant I with a Bachelor's degree in Minnesota is approximately $55,000 per year. This assumes 3-5 years of experience.
Accountant I Salaries with a Master's Degree or MBA
Accountants who invest in a Master's degree or MBA typically see their salaries increase to an average of $65,000 per year for an Accountant I role. This is an 18% boost over those with just a Bachelor's.
Advanced degrees signal greater expertise and knowledge to employers. They also indicate ambition and drive, making candidates more competitive. The coursework develops critical accounting skills like financial analysis, reporting, budgeting, and internal controls.
Ultimately, the advanced credentials lead to increased responsibility, complex assignments, and higher salaries. Businesses value accountants who can enhance financial operations and strategy.
Benefits Packages for Accountants
This section will highlight the strong benefits packages commonly included with accounting positions in Minnesota, including health/dental insurance, 401(k) plans, profit sharing, and more.
Health Insurance and 401K Plan: The Added Value
Accounting professionals in Minnesota tend to receive robust benefits packages as part of their total compensation. Two of the most valuable elements are typically health insurance and 401(k) matching contributions from employers.
Health insurance is a critical benefit for employees. Top firms in Minnesota often cover 70-100% of health insurance premiums for individuals and families. Some companies offer multiple plan options - for example, a high-deductible health plan paired with a health savings account (HSA). Coverage for dental, vision, disability, and life insurance may also be included.
401(k) matching is another area where Minnesota accounting firms aim to lead. Many companies offer 401(k) matches up to 5% of an employee's salary. Others provide discretionary profit-sharing contributions or matches averaging 3-8% of pay. These retirement benefits can significantly increase an accountant's total compensation over time.
The combination of strong health insurance and 401(k) contributions creates notable value on top of base salaries for accounting roles in Minnesota. Given the state's high standard of living, these perks make positions more financially attractive. In industries like public accounting, benefits can account for 30-40% of total compensation.
For job seekers and employers alike, it's important to factor in the full benefits picture when evaluating roles. Health/dental coverage, retirement plans, paid time off, work-life balance programs, and other perks all sweeten the deal for accountants in the Land of 10,000 Lakes. With the right benefits package, professionals can thrive in their careers while leading a high quality of life.
Cost of Living and Pay Equity in Minnesota
Navigating Cost of Living in Minnesota
The cost of living in Minnesota can vary widely depending on the region. Major metropolitan areas like Minneapolis and St. Paul tend to have higher costs of living compared to smaller towns and rural areas. However, Minnesota does have a relatively low cost of living compared to other states with major cities.
When evaluating accounting salaries in Minnesota, it's important to factor in cost of living differences to determine real pay equity. For example, while an accountant in Minneapolis may nominally make more than one in rural Lakeville, the higher urban costs could offset some of that pay differential in real terms.
Understanding these regional cost of living differences allows both employers and employees to set fair and realistic salary expectations. Online cost of living calculators can provide helpful benchmarks. As examples:
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Housing costs in Minneapolis are about 25% higher than the state average. So an accountant would need to earn 10-15% more salary there to maintain parity.
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Daily expenses in the smaller town of Lakeville are much closer to the state average. So salaries could be lower than a major metro while still offering a comparable standard of living.
In summary, Minnesota offers accountants a range of destinations with varying cost profiles. Carefully evaluating salaries alongside expenses is crucial to determine true pay equity across different regions of the state.
Ensuring Pay Equity for Accountants
Maintaining fair and equitable pay for accountants is crucial, regardless of gender, race, age, or geographic location within Minnesota. Unfortunately, pay inequity still persists in some areas.
For example, research shows that female accountants in Minnesota make about 80 cents for every dollar earned by male accountants performing similar jobs. And accountants of color face an even wider gap.
These imbalances underscore the need for stronger pay transparency and parity initiatives statewide:
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Annual audits should compare compensation levels across employee demographics to ensure parity. Imbalances can be addressed through policy changes.
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Salary bands should be established for major accounting roles based on clear, impartial criteria - not negotiation ability. This structures consistent pay.
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Flexible work options give all employees, regardless of life circumstances, viable ways to grow their careers while balancing priorities. This enhances retention and advancement.
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Unbiased hiring and promotions must be consciously structured through standardized criteria, diverse panels, and controlled evaluations. This expands opportunities.
By implementing controls around impartial compensation setting and advancement policies, Minnesota can lead the way in building an equitable accounting profession. This both retains top talent and demonstrates an ethical business environment attractive to clients and partners.
Specialized Accounting Roles and Salaries
Accounting is a broad field with opportunities in many industries and specializations. Two key roles in Minnesota are Plant Accountant and Plant Controller, which offer competitive salaries in the manufacturing sector.
Plant Accountant and Plant Controller: Industry-Specific Salaries
Plant Accountants and Controllers have critical financial responsibilities in manufacturing companies.
Plant Accountants oversee day-to-day accounting and financial reporting specifically for a manufacturing plant or factory. Key duties include:
- Analyzing manufacturing costs and preparing financial statements
- Assisting with budgeting, forecasting, and decision making
- Ensuring compliance with accounting principles and company policies
The average Plant Accountant salary in Minnesota is $73,000, with top earners making over $90,000.
Plant Controllers manage all financial operations of a manufacturing plant. Responsibilities include:
- Overseeing all accounting functions and financial reporting
- Managing Plant Accountants and other finance staff
- Providing analysis and recommendations to senior management
Plant Controllers in Minnesota earn an average of $117,000 per year. Those with CPAs or advanced degrees can make $140,000 or more.
The Role of Investment and Grants Accountants
As a major banking and business hub, Minnesota offers lucrative opportunities for Investment Accountants and Grants Accountants.
Investment Accountants record, analyze, and report on investments for individuals, corporations, nonprofits, pension funds, and other institutions. Average salary is $83,000 in Minnesota.
Grants Accountants oversee financial operations and reporting for government, nonprofit, research, and other grant programs. The average Grants Accountant makes $77,000 in Minnesota, with top earners above $95,000.
Future Outlook for Accounting Salaries
The future looks bright for accounting salaries in Minnesota. Several key factors point towards continued salary growth and job opportunities in the coming years.
Salary Projections for Senior Accountants
Senior accountants can expect strong salary growth in Minnesota through 2026. The BLS projects a 10% increase in employment for accountants and auditors during this period. With high demand from industries like healthcare, finance, and professional services, senior accountants should see competitive salaries.
Specific projections include:
- Average salary for senior accountants to reach $80,000 by 2026, a 12% increase from current levels
- Strong growth in high-paying industries like tech and banking to push salaries above state average
- Shortage of CPAs as baby boomers retire, driving up wages to attract talent
In summary, senior accountants are poised for salary growth in pace with high market demand. Experience, credentials, and specialization will be key differentiators.
The Evolving Landscape for Accountant Salaries
Several trends will shape accountant salaries in coming years:
- Automation - While automating transactional tasks, demand grows for strategic analysis skills. Salaries will polarize between entry and senior levels.
- Specialization - Accountants with expertise in niche areas like analytics, planning, or cybersecurity will command higher pay.
- CPA Shortage - As current CPAs retire, newly certified accountants will see major salary increases due to high demand.
- Remote Work - Location matters less, widening talent pools. Salary variance could decline between Minneapolis and outstate.
In summary, accountants must stay updated on new technologies and high-value skills to remain competitive salary-wise. Overall industry growth points toward a bright outlook.
Conclusion and Key Takeaways
The job market for accountants in Minnesota is strong, with salaries that are competitive nationally and ample opportunities for career advancement. Some key takeaways:
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The average salary for an Accountant I in Minnesota is $55,170, which is on par with national averages. Experienced Senior Accountants can earn over $80,000 on average.
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Accounting salaries in major Minnesota metro areas like Minneapolis and St. Paul tend to be higher than statewide averages.
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There is high demand for specialized accounting roles like CPAs, financial analysts, auditors, and controllers. These positions pay above-average salaries.
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Minnesota's low unemployment rate and business-friendly tax policies contribute to solid accounting job growth and competitive wages.
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Excellent firms like Land O' Lakes and large corporations have headquarters in Minnesota, offering stable accounting jobs with good benefits.
In summary, Minnesota presents a lucrative job market for qualified accountants at all stages of their career. The state offers a strong economy, abundant job opportunities, and salaries that keep pace with the national accounting field.
