Finding accurate data on accounting salaries in New York can be challenging.
This article provides a comprehensive analysis of accounting earnings across various roles and locations in New York state.
You'll see a detailed breakdown of entry-level to senior-level accounting salaries in NYC, upstate regions, and specific industries. We'll also explore how factors like CPA certification and specializations can significantly increase accountants' compensation.
Introduction to Accounting Salaries in New York
Accounting is a stable and lucrative career path in New York, especially within key industries like finance, insurance, real estate, and professional services. As a major economic hub, the state offers competitive salaries to attract top talent.
The Role of Empire State Development in Accounting Careers
Empire State Development (ESD) initiatives aimed at growing targeted industries directly impact hiring demand and compensation for accounting professionals. As emerging sectors expand, new job opportunities open up. ESD also provides tax credits and other incentives to stimulate business growth. This business expansion fuels the need for accountants and financial analysts.
For example, ESD supports the development of the life sciences sector. As more biotech and pharmaceutical companies launch in New York, they require accountants to handle financial operations. These specialized accounting roles within thriving industries enable higher salaries.
Accounting Specializations Driving Salaries in New York
Beyond core accounting and finance duties, certain specializations correlate to higher pay in New York:
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Financial Analyst: Professionals who perform financial modeling, valuation, and data analysis can earn over $100,000. Top performers at elite investment banks or hedge funds can make over $250,000.
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Accounting Manager: Overseeing teams, managing reporting, and strategizing brings salaries over $150,000. At large corporations, total compensation can exceed $200,000.
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Senior Financial Analyst: With 5+ years experience modeling, forecasting and supporting executive decisions, salaries range from $85,000 to $150,000.
Certifications like CPA, CFA, and CIA also boost earning potential for accountants in New York. Overall, the state provides abundant opportunities in accounting across industries.
What is the highest paid area of accounting?
The highest paid areas of accounting are typically director and executive level roles. According to salary data, some of the best paying accounting jobs include:
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Accounting Professor: Professors with accounting expertise earn an average salary of $77,400 per year. They conduct research, teach undergraduate and graduate-level accounting courses, and advise students.
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Director of Finance & Administration: These directors plan and direct financial activities for organizations. With an average salary of $88,900, they oversee accounting, budgeting, payroll, taxes, and more.
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Corporate Controller: As chief accounting officers, corporate controllers manage all accounting operations to ensure financial strength. They earn around $100,000 on average.
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Internal Audit Manager: Overseeing teams of auditors, these managers ensure adherence to policies and procedures. Average pay exceeds $100k.
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Investment Banker: Bankers provide guidance on mergers, acquisitions, and other deals. Those focused on accounting and finance earn $102,000 typically.
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FP&A Manager: Financial planning and analysis managers plan budgets, analyze performance, and advise executives. Average income reaches $108,000 per year.
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Finance Director: Finance directors lead all financial operations from cash flow to investments. With average pay of $130,000, it's one of the highest paid accounting roles.
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Director of Risk Management: These directors identify and mitigate organizational risks with average salaries exceeding $150,000.
In summary, director and executive-level finance positions pay the highest salaries in accounting. Managers of specialized functions like FP&A, audit, and risk also rank among the top paying accounting jobs.
What are the best salaries for accountants?
Accounting is a stable and lucrative career path, especially in a major financial hub like New York. Some of the highest paying accounting jobs in the Empire State include:
Chief Financial Officer (CFO)
With a salary range of $141,000 to $400,000 per year, the CFO oversees all financial operations and strategy for an organization. They manage accounting, budgeting, reporting, investments, and more. CFOs require extensive experience and credentials like a CPA license.
Audit Partner
Audit partners can earn $215,000 to $360,000 annually. They supervise teams handling audits and financial reviews for major corporations and entities. Strong leadership and communication skills are essential for this role.
Chief Accounting Officer
These professionals earn $131,000 to $278,000 per year. They manage all accounting functions and financial reporting. Chief Accounting Officers ensure statements comply with accounting standards and regulations.
The accounting field offers competitive incomes, especially for those in advanced roles like Controllers, Finance Managers, Tax Directors, and other specialized positions. With the right credentials and experience, accountants can earn well into the six figures in New York's robust financial sector.
How much do staff accountants make in NY?
Staff accountants in New York earn competitive salaries, with the average coming in at $67,514 per year or $32 per hour. However, salaries can vary significantly depending on experience, qualifications, firm size, and geographic location within the state.
Annual Salary
The 25th percentile of accountants in New York earn around $60,200 per year, while the top earners in the 75th percentile make approximately $79,300 annually. Staff accountants with exceptional qualifications or working at major accounting firms can earn over $96,274 per year.
Hourly Wage
When looking at hourly wages, the 25th percentile of accountants in New York make about $29 per hour. The average sits at $32 per hour statewide, while top earners billing over $46 per hour.
Top Earners
The highest paid accountants typically work in and around New York City, especially Manhattan. Other top paying metro areas include Albany, Buffalo, Rochester and Syracuse. Staff accountants with specialized expertise (e.g. SEC reporting, mergers and acquisitions, systems implementation) also command higher than average salaries in New York.
Overall, New York features competitive wages for accountants compared to national averages. Salaries also tend to rise quickly with experience and performance. So while starting salaries may begin around $50,000, mid-career accountants can expect to be making six figures in the Empire State.
Is accounting considered a high paying job?
Accounting is generally considered a stable, respectable career with salaries that are higher than the national average. However, accounting salaries can vary significantly depending on factors like location, certification, experience, and specialty.
The Bureau of Labor Statistics reports that the median salary for accountants and auditors nationwide was $77,250 in 2021. This is nearly 20% higher than the median annual wage across all occupations, which was $45,760 in 2021.
Accounting salaries also tend to increase with experience and credentials. CPAs generally command much higher salaries than accountants without that certification. According to PayScale, CPAs earned an average salary of $86,740 in 2022 while accountants without the CPA earned $51,205 on average.
Location is another key factor driving accounting pay. Accountants working in major metropolitan areas like New York City and San Francisco can expect to earn significantly more than the national median. The cost of living is higher but so are salaries.
So while accounting is considered a relatively high-paying field overall, especially when compared to national wage averages, salaries can still vary widely within the profession itself. The most experienced CPAs working in major metro areas are likely to have the highest accounting salaries.
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Dissecting New York's Accounting Salary Scales
This section analyzes salary scales for various accounting positions in New York, from entry-level to senior roles, and compares them to national averages.
Entry-Level Earnings: Accounting Clerk/Receptionist and Accounting Assistant Positions
Entry-level accounting roles like Accounting Clerk/Receptionist and Accounting Assistant in New York have starting salaries around $35,000-$45,000 per year. These roles assist with basic accounting tasks like data entry, filing, answering phones, etc.
While the pay is modest, these jobs provide a crucial step for those looking to enter the accounting field and gain foundational skills. After 1-2 years experience, accounting assistants and clerks may see salaries rise to $40,000-$50,000.
Mid-Level Mastery: The Earnings of Staff Accountants and Accounting Specialists
Staff Accountants and Accounting Specialists in New York earn approximately $55,000-$75,000 per year. Those with 3-5 years experience may earn on the higher end, around $70,000-$75,000.
Mid-level accountants take on more complex tasks like reconciliations, financial reporting, and supporting management accountants. Specialists focus on specific areas like payroll, accounts receivable/payable, etc.
Leadership Leverage: Accounting Manager and SUPERVISORY ACCOUNTING TECHNICIAN Salaries
Accounting Managers and Supervisory Accounting Technicians in New York see salaries around $90,000-$120,000 due to their leadership roles.
Managers oversee teams of accountants, coordinate audits, ensure financial reporting compliance, and advise senior executives. Supervisory Technicians lead teams handling specific accounting functions.
Their strategic influence and management capabilities enable these advanced roles to earn over $100,000 with 5+ years experience.
The Peak Performers: Senior Financial Analyst and Accountant Bookkeeper Salaries
Senior Financial Analysts analyze investments, forecast earnings, value assets, and guide financial decisions - earning around $100,000-$150,000 in New York.
Meanwhile, experienced Accountant Bookkeepers with 10+ years managing general ledgers, accounts payable/receivable, and daily transactions earn approximately $75,000-$100,000.
These specialized roles at the peak of the accounting field leverage highly-developed expertise to earn salaries 20-50% above national averages.
Accounting Salaries in New York City's Economic Landscape
New York City is a major global financial hub, home to Wall Street and corporations like the New York Stock Exchange. This creates a thriving job market for accounting professionals. The New York City Economic Development Corporation (NYCEDC) actively works to support continued economic growth in the city.
The Financial District Effect: Accounting Earnings Near Wall Street
Given Wall Street's concentration of financial services firms, accountants working in downtown Manhattan tend to command higher salaries. According to the New York State Department of Labor, the average annual salary for an accountant in NYC is $83,410. However, salaries are nearly 15-20% higher for accountants based in the Financial District.
Firms involved in investment banking, asset management, and other capital market activities have significant accounting needs and deep pockets. An accounting manager at a major investment bank can earn well into six figures. The abundance of clients also allows accounting firms concentrated in lower Manhattan to pay higher salaries.
Real Estate and Accounting: Empire State Realty Trust's Impact on Salaries
The Empire State Realty Trust (ESRT) owns and manages over 10 million square feet of office and retail space in Manhattan. As a massive property manager, ESRT employs over 500 people, including accountants earning some of the highest salaries outside of Wall Street.
According to ESRT's public filings, the VP of Accounting earns nearly $250,000 in annual compensation. Such lucrative salaries highlight the intersection of real estate and finance within New York City's economy. Major property developers like ESRT shape the accounting job landscape and compensation norms.
Accounting for the Iconic: Salaries at the Empire State Building
As ESRT's crown jewel, the Empire State Building serves as an iconic emblem of New York City. The skyscraper also houses an array of accounting roles ranging from AP clerks to financial analysts.
While lower-level bookkeeping positions average around $45,000 annually, accountants in managerial roles can earn over $100,000. The building's financial department oversees hundreds of vendor relationships and tenant accounts - complex responsibilities requiring specialized expertise compensated accordingly.
The Empire State Building attracts over 4 million visitors a year, generating significant accounting needs. As an international symbol intertwined with New York City's identity, working in its financial operations also carries a certain prestige that manifests in higher salaries.
Accounting Salaries Beyond the Big Apple: A Statewide Perspective
Contrasting New York City with Upstate Accounting Salaries
Accounting salaries in New York State vary greatly between the high costs of living in New York City compared to more affordable upstate regions. According to the New York State Department of Labor, the average salary for an accountant in New York City is $83,730 per year. However, this does not go as far considering NYC's high cost of living.
Upstate urban regions like Buffalo, Rochester, Syracuse, and Albany offer lower average accounting salaries, but these are balanced by lower costs of living. For example, the average accountant salary in Buffalo is $66,620 but enjoys a cost of living that is 21% lower than NYC. Upstate rural areas tend to have even lower salaries but greater affordability.
So while the numerical accounting salaries decline outside of metro NYC, the relative purchasing power and quality of life value prop can actually improve upstate. Businesses should factor regional economies into their talent location decisions.
The Influence of New York State Department of Civil Service on Accounting Careers
The New York State Department of Civil Service (DCS) oversees hiring and salaries for government agency accounting roles. Standardized job titles like Accountant 1, Senior Account Clerk, and Principal Accountant each have defined responsibilities and compensation ranges per civil service guidelines.
For accountants interested in public sector work, the DCS system offers structured career ladders and job security. Salary growth can be limited compared to the private industry, but government benefits tend to be generous. Businesses should be aware of state pay scales when recruiting accounting talent from agencies.
The DCS also influences the accounting job market by producing regular supply and demand analyses. Openings for tax examiners, auditors, and budget analysts are projected to be abundant in coming years - valuable insights for workforce planning.
Taxation and Accounting Salaries in New York
This section focuses on salaries for tax-related accounting roles in New York, such as those dealing with sales tax, withholding tax, and corporation tax.
The Earnings of Tax Professionals Specializing in Sales and Use Tax
Sales and use tax accountants in New York earn an average salary of $65,000 to $85,000 per year. More experienced professionals managing complex sales tax regimes for large corporations can earn over $100,000 annually. Key factors influencing higher pay include:
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Specialized expertise in New York sales and use tax codes and regulations
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Managing multi-state sales tax compliance for national corporations
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Knowledge of sales tax implications across different industries like retail, ecommerce, manufacturing, etc.
Withholding Tax Compliance and Accountant Compensation
Accountants specializing in withholding tax and payroll compliance in New York have average earnings of $70,000 to $90,000. Leading payroll teams for large employers can result in salaries over $110,000 per year. Specific skills associated with higher incomes include:
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Expertise in federal and New York payroll withholding guidelines
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Experience with payroll systems and tax forms like W-2, 941, 940, etc.
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Managing payroll compliance for global companies with staff in multiple states/countries
Corporation Tax Experts: A Financial Analysis
Corporate accountants with specialized knowledge of New York's corporation tax code are highly valued, with average salaries of $80,000 to $125,000. Those in senior finance roles for major New York-based corporations like banks and hedge funds can earn over $150,000 annually. Key expertise areas tied to top incomes are:
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In-depth understanding of Article 9-A corporation tax laws
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Multi-state corporation tax compliance across the U.S.
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International tax implications for global corporations
In summary, developing specialized expertise in sales, withholding, or corporation tax can boost accountants' earning potential in New York well above average salaries.
Accounting Career Advancement in the Empire State
Advancing one's accounting career in New York can lead to significant salary increases. Two key pathways for progression are obtaining the CPA license and moving into specialized accounting roles.
The CPA License Advantage: Salary Implications in New York
The Certified Public Accountant (CPA) license is the gold standard for accountants. According to the New York State Society of CPAs, CPAs earn 10-15% higher salaries on average compared to non-CPA accountants in the state. Some key benefits of having a CPA in New York include:
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Increased earning potential - On average, CPA salaries in NYC are nearly $20,000 higher compared to other major metro areas in the U.S.
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Career advancement - A CPA license qualifies accountants for leadership roles like Chief Financial Officer, Controller, or Partner.
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Job stability - CPAs are viewed as more valuable long-term assets to employers. The CPA pass rate also signals competence and diligence.
Obtaining a CPA license requires passing the Uniform CPA Exam and meeting experience requirements under supervision of a CPA. While challenging, the long-term financial payoff makes it an advantageous career move in the Empire State.
Specialized Accounting Roles and Their Path to Higher Earnings
Beyond public accounting, there are a variety of specialized accounting roles that offer strong salary growth potential:
Accounting / Office Assistant
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Entry-level role involving administrative tasks and basic bookkeeping.
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With 1-2 years experience, can progress to Staff Accountant role.
Accounting Specialist
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Specializes in specific accounting functions like payroll, billing, or data analysis.
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Can advance to accounting supervisor or manager roles with 5+ years experience.
Moving into such specialized accounting positions builds valuable skills and can propel salary potential higher over the long-term in New York. Gaining niche expertise makes accountants more valuable in larger finance departments.
Overall, New York offers competitive salaries but accountants can maximize their earnings potential by obtaining the CPA license and specializing in key high-demand skill areas during their career.
Conclusion: Summarizing Empire State Earnings in Accounting
This final section will encapsulate the main findings regarding accounting salaries in New York, from entry-level to executive positions, and the factors that contribute to these financial figures.
Key Takeaways on Accounting Salaries and Career Growth in New York
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Entry-level accounting roles like Accounting Clerk/Receptionist and Accounting Assistant in New York tend to pay $35,000 - $45,000 per year. More experienced positions like Staff Accountant average around $60,000 annually.
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Higher-level accounting jobs such as Accounting Manager, Financial Analyst, and Senior Financial Analyst can earn $90,000 - $120,000 in New York, depending on exact responsibilities and qualifications.
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Location greatly impacts salaries. Accounting professionals in the New York City metro generally make 10-15% more than the state average. Experience level also dramatically increases pay.
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Strong growth is projected for accounting roles over the next decade in New York. Opportunities exist with private companies and government agencies like the Department of Taxation and Finance.
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Continuing education, certifications, and specializations allow accounting professionals to boost their salaries. Examples include CPA, CMA, CIA, CFE, and expertise in taxation, auditing, FP&A, etc.
In summary, New York offers competitive salaries for qualified accounting talent, especially in NYC. Professionals can significantly grow their earnings over time through experience, credentials, and niche skills. The state provides a robust job market with advancement potential.
