Finding accurate data on accounting salaries can be challenging, especially on a state-by-state basis.
In this post, you'll get a detailed breakdown of accounting salaries across industries in Mississippi, including key factors driving compensation and future growth projections.
You'll see the latest average salaries for roles like Financial Analyst and Senior Auditor, understand how location and credentials impact earnings, and learn strategies to maximize your career advancement and salary negotiation leverage in the Magnolia State.
Introduction to Accounting Salaries in the Magnolia State
Mississippi, known as the Magnolia State for its state flower, offers competitive salaries for accounting professionals. With major industries like manufacturing, healthcare, and finance, there is growing demand for qualified accountants.
The Landscape of Financial Services in Mississippi
Mississippi has a relatively low cost of living compared to national averages, making it an affordable place to build a career. Key factors impacting accounting salaries include:
- Major industries like manufacturing, oil & gas, and finance needing accounting support
- Several large companies headquartered in Mississippi offering jobs
- No state income tax, reducing tax burden on residents
The economic outlook is positive, with accounting projected to see 5% job growth through 2026. This bodes well for accounting professionals looking to enter the industry.
Exploring Accounting Job Opportunities in Mississippi
Many well-known national and regional firms have a presence in Mississippi:
- Top employers like KPMG, Deloitte, Ernst & Young recruit accounting talent
- Growing companies like Sanderson Farms and Hancock Whitney bank also hire finance staff
- Government and healthcare sectors also post steady demand for accountants
Whether starting as a staff accountant or senior internal auditor, Mississippi provides varied openings to build an accounting career. Major metro areas like Jackson and Gulfport offer most jobs, but regional demand exists too.
With solid industry growth and major employers recruiting, the Magnolia State presents exciting opportunities for accountants to grow their careers while enjoying a low cost of living.
What is the average salary across the state of Mississippi for accountants?
As of Jan 14, 2024, the average annual pay for an Accountant in Mississippi is $59,015 a year. This is based on salary data from the Mississippi State Department Of Health.
Some key points about accountant salaries in Mississippi:
- The average salary is $59,015 per year, which breaks down to $28.27 per hour or $4,918 per month. This is paid out semimonthly.
- This average takes into account accountants across different roles, including Financial Analysts, Budget Analysts, Financial Reporting Accountants, and more. Specific job titles can range in their salary levels.
- Accountant salaries can vary based on location within Mississippi. Popular cities like Jackson and Gulfport may pay higher.
- Experience level impacts salary as well. Entry-level accountants tend to start around $45,000, while senior-level roles can reach over $80,000 per year.
- Various benefits are common additions to base Mississippi accountant salaries, including health insurance, pension plans, and retirement packages.
So in summary, $59,015 per year is the current average base salary for accountants in the state of Mississippi. This can shift based on exact job role, location, experience level, and other factors. But it provides a helpful benchmark for accounting professionals in the Magnolia State.
What is the highest paying state for accountants?
According to the Bureau of Labor Statistics (BLS), the highest paying states for accountants in 2022 were:
- District of Columbia, with an average salary of $105,240
- New York, with an average salary of $103,620
- New Jersey, with an average salary of $96,160
- Virginia, with an average salary of $94,330
- California, with an average salary of $89,070
The BLS data shows that accountants in the District of Columbia earn the highest average salaries, at over $105,000 per year. New York and New Jersey also have average accountant salaries above $95,000 annually.
Some key factors that contribute to the higher pay in these areas include:
- High cost of living: Areas like New York City and San Francisco have very high costs of living, which drives up wages.
- Concentration of industries: Major financial hubs and corporate headquarters are located in places like New York and DC, leading to increased demand and compensation for accounting roles.
- Specialized positions: These states often have more senior-level and specialized accounting jobs that command higher salaries.
So for accountants looking to maximize their earning potential, targeting employment in the District of Columbia, New York, New Jersey, Virginia, or California may be a good strategic move. Just be prepared for the higher cost of living in these regions as well.
What area of accounting makes the most money?
Some of the highest paying accounting jobs include:
Internal Audit Consultant
- Salary range: $80,000 - $150,000 per year
- Conducts operational audits and provides recommendations to improve policies, procedures, and internal controls
Controller
- Salary range: $100,000 - $200,000 per year
- Oversees all accounting functions and financial reporting
Financial Reporting Manager
- Salary range: $100,000 - $150,000 per year
- Prepares and reviews financial statements to ensure accuracy and compliance
Audit Manager
- Salary range: $80,000 - $140,000 per year
- Leads audit teams and manages audit projects from planning to reporting
Payroll Director
- Salary range: $80,000 - $120,000 per year
- Oversees payroll operations and ensures compliance with regulations
Regional Controller
- Salary range: $94,000 - $135,000 per year
- Oversees accounting functions across business locations in a region
Finance Executive
- Salary range: $57,500 - $134,500 per year
- Provides financial leadership and oversees preparation of budgets, forecasts, and financial reports
Senior Accounting Manager
- Salary range: $90,500 - $134,000 per year
- Leads a team of accountants and oversees general accounting operations
In summary, controller, financial reporting manager, and finance executive roles tend to be the highest paying accounting jobs, with average salaries over $100,000 per year. Experience level, education credentials, company size, and location can also impact salaries.
Does a Masters in accounting increase salary?
Even before you get your CPA—or if you never get a CPA—a master's degree will boost your salary as an accountant or auditor compared to only earning a bachelor's degree.
According to EMSI, a master's degree raises your salary expectations by 11%-14% at every stage of your career. Here are some key points on how a master's degree impacts accounting salaries in Mississippi:
- A master's degree enables you to qualify for more advanced and higher paying accounting roles. Many senior level positions require an advanced degree.
- You gain deeper knowledge and expertise, making you a more valuable hire. Specialized master's programs allow you to focus on areas like taxation, auditing, or financial analysis.
- Furthering your education shows dedication and ambition. Employers may offer higher starting salaries to candidates with a master's degree.
- Opens up opportunities for leadership and management roles with greater responsibility and compensation.
So in short, a master's degree in accounting or finance can significantly increase your earning potential over the course of your career. The advanced skills and knowledge gained make you qualified for more senior roles with higher salaries. It's an excellent investment for accountants seeking to maximize their income.
Detailed Overview of Accounting Salaries in Mississippi
This section provides an overview of average salaries for major accounting jobs across industries in Mississippi, including key roles like financial analysts, auditors, and accountants.
View Average Salary for Financial Analyst I in Mississippi
The average salary for a Financial Analyst I in Mississippi is $55,000 per year. Those with a bachelor's degree tend to earn around this amount, while obtaining a master's degree or MBA can boost pay to approximately $65,000 annually. Key factors impacting Financial Analyst I salaries include:
- Education Level: Financial analysts with more advanced degrees tend to command higher salaries. In addition to a bachelor's degree, certifications like the CFA can increase pay.
- Location: Salaries tend to be higher in major metropolitan areas like Jackson and Gulfport compared to rural parts of the state.
- Industry: Banking and financial services tend to pay financial analysts the highest wages. Government and education offer lower compensation.
Overall, Financial Analyst Is in Mississippi earn competitive salaries compared to national averages, with strong growth potential as they advance in their careers.
Senior Financial Auditor: A Look at Salaries in the State
Senior Financial Auditors in Mississippi earn approximately $75,000 per year on average. Those working at external audit firms tend to make 10-15% more than internal auditors at $85,000 annually. Key factors impacting their pay include:
- Firm Size: Auditors at large national and regional firms earn more than small local firms. The Big Four firms pay the highest salaries.
- CPA Certification: Obtaining a Certified Public Accountant license typically results in a 10-20% boost in auditor salaries.
- Industry Specialization: Auditors focused on complex industries like healthcare and banking tend to earn higher wages.
With substantial experience, Senior Financial Auditors can progress to manager and eventually partner roles with salaries exceeding $150,000 per year.
Salary Spectrum for Accountants Across Mississippi Industries
Accountant salaries in Mississippi vary significantly based on the industry. Average wages include:
- Manufacturing: $65,000
- Healthcare: $70,000
- Retail & Hospitality: $60,000
- Technology: $75,000
- Financial Services: $80,000
Several factors lead to this salary variation:
- Regulatory Complexity: Heavily regulated sectors like banking and healthcare demand accountants well-versed in specialized rules, boosting their pay.
- Company Size: Larger corporations tend to pay accountants higher salaries and benefits compared to small businesses.
- CPA Prevalence: Roles requiring a CPA license, like public accounting and financial reporting, offer higher wages.
Overall Mississippi provides competitive salaries for accountants compared to national trends, with the highest pay going to CPAs with industry specializations.
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Determinants of Accounting Salaries in Mississippi
Accounting salaries in Mississippi can vary significantly depending on factors like location, firm size, qualifications, and years of experience. Here's a closer look at how these key determinants impact accountant compensation across the Magnolia State.
Location-Based Salary Variances: Jackson to Gulfport
Location plays a major role in determining Mississippi accounting salaries. Jobs in larger metropolitan areas like Jackson generally pay more than those in smaller cities like Gulfport or rural parts of the state.
For example, the average salary for an Accountant I in Jackson is $52,000 per year. Comparatively, the same role pays $48,000 on average in Gulfport. That's an 8% lower wage for working in a smaller city.
Some key reasons for this location-based salary variance include:
- Bigger talent pool - Areas like Jackson have more job options and applicants, allowing employers to be more selective and candidates to demand higher compensation.
- Higher cost of living - Major metro regions tend to have pricier housing, goods, and services. Salaries typically align with living expenses.
- More corporate headquarters - Major cities house larger company operations that can pay above-average wages.
So when evaluating accounting salaries in Mississippi, be sure to factor in not just the role but also the city or region.
The Effect of Firm Size on Accountant Compensation
In addition to location, the size of a firm or company also impacts how much it pays its accounting staff.
Mississippi accountants can expect to earn higher base pay and better benefits at large national and regional firms compared to smaller local companies.
For instance, an Audit Manager at one of the Big Four accounting firms in Jackson earns approximately $115,000 per year. The same role at a local 50-person firm pays around $95,000 annually.
Some reasons larger firms offer better compensation include:
- Bigger client budgets - Large multinational clients can afford more expensive services.
- Economies of scale - Large firms maximize profits and can divert funds to pay higher wages.
- Prestige factor - Talent chooses big names for career development, enabling selective hiring.
So accounting professionals in Mississippi may want to target larger, rapidly-growing companies and firms to optimize their salaries.
The Financial Upside of Advanced Accounting Credentials
The more qualifications Mississippi accountants have, the more they can expect to get paid. Key credentials that boost salaries include:
- CPA License: Accountants with an active Certified Public Accountant license earn $8,000+ more per year.
- Master's Degrees: Professionals with a Master's in Accounting or MBA see a 12% higher average base pay.
- CMA Certification: Certified Management Accountants make 5-10% more than peers.
- Big Four Experience: Prior experience at a top national accounting firm signals expertise and capability.
The financial return on investment for advanced credentials like these is well worth the extra effort and cost to obtain them. Accounting professionals in Mississippi can significantly grow their salaries by proactively getting the right certifications and education.
In summary, location, firm size, credentials, and experience all impact how much accountants make in Mississippi. Understanding these key determinants enables better-informed career and compensation decisions.
Mississippi's Accounting Employment Outlook and Growth
Mississippi's accounting sector is projected to see steady growth over the next decade. Key factors driving hiring demand include:
Forecasting Job Growth for Accountants in the Magnolia State
- The Bureau of Labor Statistics predicts a 6% increase in accounting and auditing jobs in Mississippi through 2028, adding approximately 760 new positions.
- Growth will be driven by the need for more accountants and auditors to prepare and examine financial records as the economy expands.
- In particular, increasing complexity of tax and regulatory requirements will boost demand for specialized expertise.
Hotspots for Accounting Job Growth: Hattiesburg and Beyond
- Areas of fastest growth are expected to include Hattiesburg and Gulfport, with their concentration of healthcare, education, and hospitality employers needing accounting talent.
- Jackson should also see strong demand as the state capital and a financial services hub.
- Accountants with industry specializations will be in highest demand, especially in sectors like manufacturing, insurance, and construction which are major state employers.
- Firms adding IT audit and data analytics capabilities will have a competitive edge in attracting top accounting candidates.
In summary, while Mississippi may lag national averages, underlying economic expansion and regulatory complexity points to steady job growth for accountants over the next decade. Metro regions with strong industries and firms embracing specializations and technology will see the fastest hiring activity.
Maximizing Your Accounting Career Potential in Mississippi
How to Get a Promotion as an Accountant in Mississippi
Advancing your career as an accountant in Mississippi requires dedication, skill development, and making strategic moves. Here are some tips:
- Gain expertise in high-demand areas like analytics, systems implementation, or fraud examination. Specialized skills make you more valuable.
- Take on leadership roles in group projects to showcase management capabilities.
- Earn advanced certifications like CPA, CMA, or CIA to validate your skills.
- Network internally and externally to discover new job openings.
- Highlight achievements that saved costs or generated revenue in your resume and interviews. Quantify the impact.
- Ask managers what skills or competencies you need to qualify for promotion. Then work on developing them.
- Apply for stretch roles slightly above your experience level to move up faster.
Gaining the right niche skills, credentials, leadership traits and advocating for advancement opportunities can help propel your accounting career upward in Mississippi.
The Role of Education in Advancing Your Accounting Career
Furthering your accounting education can significantly boost your career advancement prospects and earning potential in Mississippi:
- Earn a Master's in Accounting or MBA - Top programs like Mississippi State, Ole Miss and William Carey expand analytical and leadership skills. GMAT scores and GPAs required. Expect around $7,500-$15,000 total tuition. MAcc holders earn $5,000+ more.
- Complete the CPA Exam - Passing the 4-part exam raises credibility. Requires 150 credit hours. Pass rates are 49%. But CPAs typically earn over $119,000 in Mississippi.
- Specialized Certificates - Programs in analytics, fraud or systems last 6-12 months and cost $3,000-$7,000. Salary upside is often $10,000+.
- Online Options - Flexible, affordable at under $7,500 total. But less networking. Ideal for working professionals.
Weigh cost, format and career goals when choosing an accounting program. Specialized degrees and certifications provide the skills and credentials for advancement.
Specializing in High-Demand Accounting Skills
To maximize career opportunities and salary growth, accountants in Mississippi should build skills in these high-demand areas:
- Data Analytics - SQL, PowerBI, and data visualization to uncover financial insights.
- Fraud Investigation - Forensic tools and legal frameworks to detect financial crimes. $7,000 certificate.
- ERP Implementation - SAP, Oracle, other systems experience earns $120,000+.
- Advisory Services - Strategic thinking abilities to guide executive decisions.
- Tax Expertise - Changing regulations make tax accountants ever-valuable.
- Automation - RPA and AI to improve efficiency. $10,000+ upside.
Obtain specialized credentials, self-study advanced methodologies, take online courses, shadow experts in these niches to become proficient. Highlight these sought-after capabilities on your resume. Network to find openings matching your skills. This focused professional development approach helps accounting pros advance to new heights in Mississippi's job market.
Benefits and Compensation Analysis for Mississippi Accountants
Understanding the Full Compensation Package
Accounting professionals in Mississippi receive competitive salary and benefits packages. Base salaries for entry-level accountants average around $45,000, while more experienced professionals can earn $75,000 or more. Many employers offer additional compensation in the form of:
- Health insurance - Typically includes medical, dental, and vision plans that cover a portion of healthcare expenses for employees and their families. Employers may cover 50-80% or more of the monthly premiums.
- Retirement plans - Common options are 401(k) plans with employer matching contributions up to 4-6% of salary, and defined benefit pension plans that guarantee a fixed payout during retirement.
- Bonuses - Performance bonuses, profit-sharing bonuses, and spot bonuses are often available, especially for CPAs and senior-level accountants who directly impact business growth and profitability. Bonuses may range from 3-10% or more of base pay.
- Time-off - Paid vacation time, sick days, and holidays are standard. Many employers offer 15-25 days of PTO per year.
Understanding the full mix of salary, bonuses, equity, and benefits can help assess the true earning potential of an accounting role. Discussing the details early on in the hiring process is key.
Navigating Pay Equity and Transparency in Accounting
While progress has been made, a stubborn gender pay gap persists in Mississippi accounting roles. The average female accountant earns around 80-85% of her male colleague's salary for comparable positions. However, larger firms and employers are taking steps to promote pay equity and transparency:
- Publishing detailed pay scale frameworks with salary bands for each job level
- Conducting regular internal audits to analyze compensation by gender and ethnicity
- Allowing employees to openly discuss pay details without repercussions
- Regularly reviewing market data and adjusting compensation to match current trends
Resources like the Mississippi State Department of Health provide aggregate data on prevailing wages and pay equity trends across industries. Accountants can leverage these tools to benchmark their earnings and have informed conversations around fair compensation.
Salary Calculator and Bonus Calculator for Mississippi Accountants
Online tools help estimate take-home pay under different pay structures. For example:
- A salary calculator estimates net monthly or biweekly earnings based on annual salary, tax brackets, and deductions. A $60,000 annual salary paid biweekly would net around $1,730 per paycheck.
- Bonus calculators factor in estimated bonus payouts. A $5,000 annual performance bonus paid out quarterly on a $60,000 salary would increase regular take-home pay by $192 per month.
These resources help accountants model different compensation scenarios and understand the impact to their overall budget and financial plan. Most also allow specifying details like 401(k) contribution percentages, health insurance premiums, etc. for a highly customized estimate.
Navigating Salary Negotiations and Career Advancement
How to Negotiate Your Salary as a Mississippi Accountant
As an accountant in Mississippi, you have valuable skills that are in demand. When negotiating your salary, be sure to demonstrate the value you bring. Research typical pay rates for your role and experience level using resources like the Bureau of Labor Statistics. Identify your unique strengths and accomplishments that warrant above-average compensation.
When first receiving a job offer, don't feel pressured to accept right away. Politely ask for time to consider the offer. Compare to other offers and your research to decide if the pay seems fair. If you feel the salary could be higher, prepare a counteroffer. Outline the specific reasons you deserve higher pay and provide a proposed new salary. Time it appropriately by negotiating after receiving the offer but before formally accepting. Stay positive and focus on the facts. Be willing to compromise if needed.
With an existing employer, timing is also key when asking for a raise. Prepare your case after recently completing a major project or receiving stellar performance reviews. Quantify your contributions to the company’s bottom line. Consider pitching it as a salary adjustment to match industry standards rather than just asking for more money.
How to Ask for a Raise in the Accounting Field
As an accounting professional, you can build a strong case for a raise when you:
- Take on more responsibilities and expand your role
- Gain new certifications/education to enhance your skills
- Receive praise from clients and leadership for good performance
- Have data showing how your work directly saves costs or boosts revenue
- Have not received an adjustment in 2+ years despite rising cost of living
Schedule a meeting with your manager to discuss raising your salary. Provide advance notice of the topic so they can prepare. Give an overview of your achievements and contributions that provide value. Show how you help meet larger team and company goals. Reference industry pay data to demonstrate you are being paid under market rate. Suggest a reasonable percentage raise instead of throwing out a random desired number.
Be prepared to discuss tradeoffs, like taking on more work in exchange for higher pay. Maintain a polite and professional tone even if denied. If your request is declined, ask what milestones need to be met in order to qualify for future raises and promotions.
Planning for Long-Term Career Advancement
As an accountant, you can pursue lucrative advancement opportunities by:
Gaining Specialized Expertise
- Obtain advanced certifications like the CPA to position yourself for senior roles
- Specialize in high value areas like auditing, budget analysis, or financial reporting
Seeking Leadership Roles
- Take on mentees to demonstrate management capabilities
- Spearhead high visibility projects and committees
- Volunteer to assist executives to gain visibility
Expanding Your Industry Footprint
- Take on client-facing and business development activities
- Publish articles and speak at industry conferences
- Network extensively to become an industry thought leader
Obtaining Advanced Education
- Earn a master’s degree to qualify for senior analyst and manager roles
- Consider an MBA to transition into corporate finance leadership
As you hit major career milestones, leverage them during salary negotiations to ensure you are well compensated for your growing expertise and contributions. But don't wait - proactively discuss your career growth plans with your manager early on.
Conclusion: Synthesizing Mississippi's Accounting Salary Insights
Recap of Current Accounting Salaries in Mississippi
Accounting salaries in Mississippi vary based on role, experience, credentials, and location. According to the latest data:
- The average salary for a Financial Analyst I in Mississippi is $55,000 per year. Those with a master's degree earn approximately 10% higher at $60,500 on average.
- Senior Financial Auditors in Mississippi have an average base pay of $72,000, with total compensation closer to $90,000 when factoring bonuses and profit sharing.
- Accountants with 5-10 years experience make approximately $65,000 on average. More specialized roles like Tax Accountants and Forensic Accountants tend to earn 10-15% higher pay.
- Accounting salaries in major metro areas like Jackson and Gulfport tend to range 10-15% above state averages.
Looking Ahead: Mississippi's Accounting Job Market Projections
The latest projections show strong growth ahead for accounting roles through 2030:
- Financial analyst job growth is forecast at 7% in Mississippi, adding over 900 positions statewide. Strong business expansion and retirement rates contribute to robust hiring demand.
- Auditing roles are projected to increase 6% over the next decade. Tighter regulations and risk management needs drive added auditor headcount.
- General accounting jobs are expected to rise nearly 10% by 2030. As companies scale, they require expanded in-house finance teams to handle core accounting activities.
This outlook suggests ample opportunities for accounting professionals to advance their careers within Mississippi over the coming years.
Key Strategies to Elevate Your Accounting Salary
For accounting professionals seeking higher salaries in Mississippi, top recommendations include:
- Becoming a licensed CPA to signal advanced expertise and unlock higher pay bands. CPAs earn $15-20K above non-certified accountants on average.
- Specializing in an in-demand niche like analytics, taxation, or advisory services where talent shortages lead to premium salaries.
- Earning a Master's degree to qualify for more senior roles. 72% of Chief Financial Officers have an advanced degree.
- Learning new technologies and analytics skills to future-proof your resume against automation.
- Asking for raises to match market rates by benchmarking your salary and quantifying your contributions.
