Finding accurate data on accountant salaries can be challenging. Many of us could agree it's difficult to benchmark compensation in New Jersey's dynamic job market.
This guide provides a comprehensive analysis of accounting salaries across industries, experience levels, and locations in New Jersey. You're going to discover clear, up-to-date salary ranges to inform your career.
We'll explore factors shaping accountancy salaries, from economic trends to emerging technologies. You'll get senior accountant and CPA salary benchmarks, data on bonuses and benefits, and salary variation across the state. Whether you're an aspiring or current accounting professional, you'll gain indispensable insights into compensation.
Introduction to Accounting Salaries in the Garden State
Accounting is a stable and lucrative career path in New Jersey. The state has a strong financial services sector and some of the highest salaries for accountants in the country.
The Landscape of Accountant Salaries in New Jersey
- The average salary for an accountant in New Jersey is $83,000 per year. This is nearly 20% higher than the national average.
- Accountants in the finance industry earn the highest salaries at an average of $98,500 per year. Those working for the government also do well, averaging $92,000.
- Entry-level accountants with less than 1 year of experience have an average salary of $55,000 in New Jersey. Those with over 20 years of experience can earn $115,000 or more.
Economic Factors Influencing Finance Salary Trends in New Jersey
New Jersey has a strong economy centered around pharmaceuticals, technology, telecom, and financial services:
- 9 of the world's top 20 pharmaceutical companies are headquartered in New Jersey. This creates steady demand for accountants and financial planning professionals.
- New Jersey's finance industry employs over 250,000 workers. Major employers like JP Morgan, Goldman Sachs, and Prudential rely on skilled accountants and continue to hire.
- Proximity to New York City and a highly educated workforce has made New Jersey a hub for investment firms and hedge funds, further driving demand.
Cost of Living Adjustments and Pay Equity in New Jersey Accountancy
While salaries for accountants are high in New Jersey, so is the cost of living:
- Accounting salaries in New Jersey are 13% higher than the national average when adjusted for cost of living.
- New Jersey per capita income is nearly $43,000 higher than the national average.
- The cities of Hoboken and Jersey City have seen rapid gentrification, with housing costs rising faster than incomes. This puts pressure on employers to adjust salaries accordingly.
Overall, accounting remains a lucrative profession in New Jersey with salaries that can support the state's higher than average cost of living. The industry expects continued strong demand for talent.
What is the average salary for an accountant in New Jersey?
As of Jan 15, 2024, the average annual salary for a Staff Accountant in New Jersey is $64,201 per year. This equates to approximately $30.87 per hour. To break this down further:
- This works out to $1,234 per week
- Or $5,350 per month
To provide additional context around accountant salaries in New Jersey:
- Entry level accountants in New Jersey earn an average of $48,790 per year
- Mid-career accountants average approximately $73,500 annually
- Late-career accountants in NJ make around $99,000 per year on average
Salaries can vary significantly depending on factors like:
- Years of experience
- Specific job title and responsibilities
- Industry
- Company size
- Location within New Jersey
For example, accountants working in the finance industry in Newark earn a median salary of $76,130. While corporate accountants in Jersey City average $69,990 annually.
So in summary, while the statewide average sits at $64,201 per year, salaries fluctuate based on role, experience, industry, company, and exact location within the Garden State. But overall New Jersey presents strong earning potential for accountancy professionals relative to national averages.
What is the highest paying state for accountants?
According to the Bureau of Labor Statistics, the highest paying states for accountants and auditors are:
- District of Columbia - $105,240 average salary
- New York - $98,560
- New Jersey - $89,500
- Virginia - $88,620
- California - $88,290
The high salaries in these areas are likely driven by the concentration of large corporations and financial services firms located in major metropolitan cities like New York City, Washington D.C., San Francisco, and Los Angeles. The intense competition for top accounting talent drives salaries upward.
For example, New Jersey has one of the highest salaries for accountants in the country. As home to many Fortune 500 company headquarters and large pharmaceutical and technology companies, demand for accountants is extremely high.
Entry-level accountants in New Jersey earn an average of $55,000 per year. Within 5 years, salaries typically rise to exceed $75,000.
Senior-level accountants with 5-10 years of experience average around $90,000 in the state, with some earning well over $100k in the NYC metro region.
CPAs tend to earn some of the highest accounting salaries in NJ, ranging from $80,000 to $150,000+ for those in manager, controller, or CFO roles.
Much of the demand is within the northern New Jersey and NYC metro region. Major employers like JP Morgan Chase, Goldman Sachs, and the Big 4 accounting firms have a strong presence and hire actively.
So for accountants looking to maximize their earning potential, targeting roles in the major metro regions of NJ and NY is a wise move. The abundance of large corporations ensures high demand and competitive salaries.
Which field of accounting makes the most money?
When it comes to high salaries in the accounting field, some of the top paying accounting jobs include:
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Accounting Professor: With an average income of $77,400, accounting professors generally require a PhD and often take on research projects and publish academic papers in addition to teaching.
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Corporate Controller: As a senior management role overseeing all accounting operations, corporate controllers earn around $95,600 on average. Extensive experience and accounting expertise is required.
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Investment Banker: Those working specifically in accounting and financial operations at an investment bank average approximately $100,600 per year. This is a high stress environment requiring long hours along with specialized skills.
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Finance Director: Overseeing all financial planning and accounting functions, finance directors take home around $114,200 on average. Leadership abilities and strategic vision is critical in this director-level role.
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CFO: As the top financial executive, Chief Financial Officers earn some of the highest salaries in accounting at approximately $136,100 annually. Decades of progressive accounting experience, leadership talents, and business acumen is needed to reach this pinnacle role.
The highest paying accounting jobs require advanced education, professional certifications, specialized skills, and progressively more responsible positions managing millions and even billions in assets. Those able to demonstrate accounting excellence and leadership abilities are rewarded with salaries exceeding $100,000+ on average. However, even entry-level accounting positions tend to pay above median wages relative to other fields.
Where can a CPA make the most money?
According to the Bureau of Labor Statistics, the top-paying industries for accountants and auditors in the United States include:
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Finance and insurance: The average annual salary for accountants in this industry is $108,190. Major employers include banks, investment firms, and insurance companies.
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Management of companies and enterprises: Accountants in this sector earn an average salary of $106,910 per year. This includes working for the corporate headquarters of large companies.
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Accounting, tax preparation, bookkeeping, and payroll services: Accountants working directly in accounting firms and tax preparation services make an average of $96,530.
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Government: Accountants working at the federal, state, and local government levels earn an average of $95,710 annually.
Geographically, the top-paying metropolitan areas for accountants are:
- Washington-Arlington-Alexandria, DC-VA-MD-WV: $108,550
- New York-Newark-Jersey City, NY-NJ-PA: $98,710
- San Jose-Sunnyvale-Santa Clara, CA: $98,230
- San Francisco-Oakland-Hayward, CA: $95,470
- Boston-Cambridge-Nashua, MA-NH: $93,320
In summary, CPAs and accountants can maximize their earning potential by targeting roles in finance, insurance, management, and government sectors, as well as metropolitan regions like New York, San Francisco, Boston, and Washington D.C. Positions requiring specialized expertise or credentials like a CPA tend to command higher salaries as well.
Exploring Bank and Corporate Accounting Salaries in New Jersey
Bank Accounting Salaries in New Jersey
According to the U.S. Bureau of Labor Statistics, accountants in New Jersey earn an average salary of $83,040 per year. Those working in the banking and finance industries tend to earn salaries on the higher end of the range.
Entry-level bank accountants in New Jersey can expect to earn between $45,000 and $65,000 per year. With 3-5 years of experience, salaries typically range from $65,000 to $85,000. Senior bank accountants with 5+ years of experience average between $80,000 and $110,000 annually.
Factors impacting bank accounting salaries include:
- Location within New Jersey
- Size of the bank
- Years of relevant experience
- Certifications such as CPA
Major employers of bank accountants in New Jersey include large national banks like JPMorgan Chase, Bank of America, and Wells Fargo. Salaries at these large banks tend to exceed smaller regional and local banks.
Corporate Staff Accountant Compensation Analysis
For corporate staff accountants in New Jersey, salaries also vary by experience level:
- Junior Staff Accountant - 1-3 years experience. Average salary: $50,000 - $65,000
- Staff Accountant - 3-5 years experience. Average salary: $65,000 - $80,000
- Senior Staff Accountant - 5+ years experience. Average salary: $75,000 - $95,000
Staff accountants with a CPA certification typically earn 5-15% higher salaries at all levels. Accountants with specialized expertise (e.g. financial reporting, budget analysis) also command higher earning potential.
Multinational corporations tend to pay corporate accountants on the higher end of these ranges due to larger budgets. Small or mid-sized local corporations generally pay slightly less.
Senior Accountant Salary Trends in Corporate New Jersey
Within corporate accounting in New Jersey, senior accountants represent the highest earning potential before reaching executive/leadership levels:
- Staff Accountant (5-7 years experience): $70,000 - $90,000
- Senior Accountant (7-10 years): $90,000 - $115,000
- Accounting Manager (10+ years): $100,000 - $140,000+
In addition to years of experience, factors impacting senior accountant salaries include industry specialization, technical capabilities, and leadership/management experience.
For example, a Senior Accountant specializing in financial reporting or budget analysis may earn 10-15% higher pay compared to more generalized accounting roles. Strong technology skills with ERP systems also drive higher salaries.
The job outlook for all accountants in New Jersey is strong, with a projected 10% growth through 2026. This steady demand makes it an attractive profession with competitive earning potential.
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Entry-Level to Senior Accounting Salaries Across Industries
Compare New Jersey salaries for entry-level and junior accountants to mid-career and senior-level accountants in various industries.
Entry-Level Accountant Salary Insights in New Jersey
Entry-level accountants in New Jersey with 0-2 years of experience typically earn between $45,000 and $65,000 per year. Those just starting out can expect to fall at the lower end of that range, while those with 2 years under their belt may command salaries closer to the higher end.
Key factors that impact entry-level accounting salaries include:
- Education level - Those with a bachelor's degree tend to earn more than those without. Having a CPA boosts pay further.
- Firm size - Bigger companies and firms tend to pay better.
- Industry - Fields like tech and finance tend to pay accountants more than nonprofit or government.
Overall, the average entry-level accountant salary in New Jersey is approximately $55,000 per year.
Senior Accounting Salaries in New Jersey's Diverse Sectors
Senior accountants in New Jersey with 5+ years of experience can expect to earn $75,000 to $120,000 per year on average depending on their industry:
- Public accounting firms - $85,000 to $100,000
- Private companies - $80,000 to $110,000
- Nonprofit organizations - $70,000 to $90,000
- Government - $75,000 to $95,000
The highest salaries for senior accountants tend to be in the financial services, pharmaceutical, and technology sectors. Those with specialized expertise or credentials like CPAs or CGMAs also command higher compensation.
Salary Data for Accountant II and Financial Reporting Accountant I Roles
Accountant II and Financial Reporting Accountant I roles represent mid-level positions between entry-level and senior. Typical salaries in New Jersey fall between $60,000 and $85,000 annually.
Those in Accountant II roles with 3-4 years of experience earn approximately $65,000 on average. Financial Reporting Accountants I with compliance and reporting expertise average closer to $80,000 per year.
As with entry-level and senior positions, salaries vary across industries. But mid-career accountants in New Jersey tend to do quite well compared to national averages.
Advanced Degrees and Certifications: Impact on Accounting Salaries
Accountant Salaries with a Bachelor's Degree vs. Master's or MBA
Accountants in New Jersey with a bachelor's degree earn an average salary of $65,000, while those with a master's degree or MBA earn approximately $75,000. This represents a salary premium of about 15% for obtaining an advanced degree. Some of the factors contributing to higher pay with a graduate degree include:
- Enhanced technical and analytical skills from advanced coursework
- Ability to take on leadership roles and manage complex projects
- Increased credibility and expertise in the field
However, the return on investment for a master's degree depends on the program. An MBA with an accounting concentration often provides the biggest boost in salary potential.
Certified Public Accountant (CPA) Salary Advantages
Obtaining a CPA license can significantly increase an accountant's earning ability in New Jersey. On average, CPAs make 20-30% higher salaries than non-certified accountants. Some examples:
- A staff accountant with a CPA earns approximately $77,000 in New Jersey, compared to $58,000 without certification.
- A senior accountant with a CPA takes home around $98,000, versus $75,000 without a CPA.
- A director of accounting with a CPA license earns about $119,000, while non-CPA directors average $99,000.
The key reasons CPAs command higher salaries include prestige, advanced expertise, and expanded career opportunities. Many senior accounting and financial leadership roles require the CPA credential.
The Financial Rewards of Additional Certifications
While the CPA is the most lucrative, certifications like the CMA and CIA also boost earning potential:
- CMA (Certified Management Accountant): Adds about 7% pay bump
- CIA (Certified Internal Auditor): Brings around 5% higher salary
These specialized certifications open up career growth as subject matter experts. For example, a cost accountant with a CMA could become a budget director or VP of finance. Certifications signal high competence in niche accounting areas to employers.
Ultimately, stacking credentials like a Master's, CPA, CMA or CIA can exponentially increase salary potential within New Jersey's robust and expanding accountancy job market. The more qualifications, the higher paychecks climb.
Accounting Specializations and Their Influence on Salaries
Accounting is a broad field with many specializations that can impact salaries in New Jersey. Here we'll explore how experience level and specific roles within tax, cost, fund, and general ledger accounting can influence compensation.
Tax Accountant and Senior Tax Accountant Salary Benchmarks
Tax accountants in New Jersey earn average salaries of $65,000 to $85,000, with senior tax accountants earning $80,000 to $110,000 on average. Those with 5+ years experience and specialized tax expertise (e.g. partnership taxation) can earn over $100,000.
Key factors impacting tax accountant salaries include:
- Years of tax experience
- CPA certification
- Expertise with complex corporate and individual taxes
- Communication and client service skills
The Earnings of Cost Accountants and Senior Cost Accountants
The average salary for cost accountants ranges from $60,000 to $80,000 in New Jersey. Senior cost accountants enjoy higher earning potential between $80,000 to $100,000 on average.
Several key factors influence cost accountant salaries:
- Budgeting and forecasting ability
- Knowledge of cost accounting methods like activity-based costing
- Manufacturing industry expertise
- Data analytics skills
Salaries for Fund Accountants and General Ledger Accountants
Fund accountants earn approximately $70,000 to $90,000 on average in New Jersey, with senior fund accountants earning up to $100,000. General ledger accountants tend to earn slightly less at $60,000 to $80,000.
Key factors impacting their salaries include:
- Understanding of fund accounting principles
- Bank reconciliation and journal entry skills
- Attention to detail and accuracy
In summary, accounting salaries in New Jersey can vary significantly based on specialization, experience level, industry knowledge, and technical ability. However, the potential for high earnings exists within all accounting career paths.
Geographic Salary Variations for Accountants in New Jersey
Accounting salaries can vary significantly across different regions of New Jersey. Major metropolitan areas like Newark and Jersey City in the north tend to offer higher salaries compared to smaller cities and rural areas. However, cost of living is also substantially higher in these urban regions.
North New Jersey Accounting Salaries: A Closer Look
The northern New Jersey area encompassing Newark, Jersey City, Paterson, and surrounding cities offers some of the highest salaries for accountants in the state:
- Entry-level accountants earn an average of $55,000 per year
- Staff accountants with 3-5 years of experience make around $75,000
- Senior accountants can command $95,000 or more
However, keep in mind that the cost of living in North Jersey is over 25% higher than the national average. So while salaries may seem generous on paper, expenses like housing, transportation, and taxes eat into accountants' real spending power.
Central New Jersey Salaries for Accountants
In the central region of New Jersey surrounding Trenton and New Brunswick, accounting salaries tend to be 10-15% lower than North Jersey:
- Entry-level accountants start around $48,000
- Staff accountants average approximately $65,000
- Senior accountants earn $80,000-90,000 on average
The lower salaries are balanced out by a lower cost of living that is close to the national average. So accountants may enjoy greater purchasing power despite the smaller headline salaries.
The Impact of Location on Finance Salary New Jersey
As a general rule, finance salaries in New Jersey correlate strongly with population density and proximity to major cities like New York and Philadelphia. Opportunities for career advancement, lucrative clients, and specialized roles also increase in larger metro regions.
More rural areas of southern and western New Jersey offer a lower cost of living but fewer high-paying jobs in accounting and finance. The tradeoff is largely one of lifestyle preference and career aspirations. Accountants willing to work in a major city can push their salaries 20-30% higher, but may deal with longer commutes, higher taxes, and increased expenses.
The Future of Accountancy Salaries in the Garden State
Projected Job Growth for Accountants in New Jersey
The Bureau of Labor Statistics projects a 4% growth in accounting and auditing jobs in New Jersey between 2020-2030, adding over 3,000 new positions across industries. This steady growth can be attributed to sustained business expansion and an increasingly complex regulatory environment that drives demand for accounting expertise.
As per the New Jersey Department of Labor, the following sectors are expected to see the highest growth rates for accountants over the next decade:
- Professional, scientific and technical services (+8%)
- Finance and insurance (+7%)
- Healthcare and social assistance (+6%)
This increased hiring activity signals positive trends for accounting salaries in the years ahead.
Emerging Trends in Accountancy and Salary Implications
Certain metro regions and niche specializations are likely to see stronger than average salary growth in the accounting profession:
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Financial hub regions like Jersey City are poised for aggressive hiring given the high concentration of Wall Street firms with back offices in the state. Salaries for investment accounting and fund accounting roles are expected to rise sharply.
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Technology hubs like Hoboken are seeing rapid expansion of startups and mid-sized tech firms driving demand for senior accountants and controllers with stock option expertise.
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Accountants with specialized certifications in areas like fraud examination, forensics accounting, blockchain, and data analytics will be in high demand and can negotiate higher compensation packages.
The Role of Accounting Software and Technology in Salary Trends
Advancements in accounting software and financial reporting tools have significantly improved productivity and accuracy. However, this has raised the bar on the technical competencies required from accounting professionals to fully leverage these technologies.
Firms are willing to pay premium salaries for accountants well-versed in platforms like NetSuite, Workday, and Oracle Cloud. Knowledge of data visualization, Power BI, and SQL also enables accountants to take on more value-added analytics and decision support roles with higher earning potential.
As automation handles a growing share of routine bookkeeping and compliance tasks, the salary structure will continue shifting towards favoring accountants in specialized and strategic roles requiring advanced technological capabilities.
Conclusion: Synthesizing New Jersey's Accountancy Salary Insights
Summary of Accounting Salaries in the Garden State
Accounting salaries in New Jersey vary based on sector, experience level, and credentials. Here are some key takeaways:
- Entry-level accountants with a bachelor's degree earn average salaries of $55,000 to $65,000.
- Accountants with 5-10 years of experience average around $75,000 to $95,000.
- Senior accountants and CPAs with 10+ years of experience can earn $100,000 to $150,000 on average.
- Accounting and finance salaries in the private sector tend to be 10-15% higher than the public sector.
- Positions in the financial services sector tend to pay the highest accounting salaries.
Final Tips for Navigating the New Jersey Accounting Salary Landscape
For employers looking to attract accounting talent:
- Offer competitive salaries benchmarked regularly against industry standards.
- Highlight opportunities for career advancement and salary growth over time.
- Provide strong benefits packages, work-life balance policies, and professional development options.
For accounting professionals considering new job opportunities:
- Continuously expand your skills and pursue higher credentials/degrees to maximize salary potential.
- Research salaries thoroughly and advocate for competitive compensation during interviews/offers.
- Weigh factors like work culture and growth opportunities alongside salary.
- Consider specializing in high demand sectors like financial services for earning potential.
The New Jersey job market offers good salaries for qualified accountants. Both companies and individuals can use the insights provided to make informed decisions.
