Finding accurate data on accounting salaries can be challenging, especially for specific regions and industries.
This article provides a detailed analysis of accounting salaries in North Dakota, with a focus on high-growth sectors like oil, agriculture, and corporate accounting.
You'll see average salary ranges across different accounting specializations, understand what's driving demand and compensation growth, and learn which companies offer the highest pay.
Introduction to Accounting Salaries in North Dakota
Accounting is a stable and lucrative career path in North Dakota, driven by key industries like oil, agriculture, and finance. This section provides an overview of accounting salaries and the job market across the state.
Accounting Job Market Overview in North Dakota
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North Dakota has seen steady job growth for accountants over the past decade. The number of accountant and auditor jobs is projected to rise by 7.1% between 2020-2030, according to the North Dakota Labor Market Information Center.
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Strong economic growth in sectors like energy, agriculture, and construction is fueling demand for accounting services. Major employers include oil companies, farms, the state government, and certified public accounting (CPA) firms.
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Accounting salaries in North Dakota tend to be lower than the national median, but there is less competition for jobs compared to more populated states. It's an attractive market for job seekers.
Comparative Analysis of Accounting Salaries in North Dakota
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The average salary for an accountant in North Dakota is $62,920 per year, compared to the national median of $77,250 according to the Bureau of Labor Statistics.
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Higher salaries are attainable for CPAs and accountants in management roles or specialized industries:
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A Certified Public Accountant earns an average of $80,910 in North Dakota
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A Chief Financial Officer earns an average of $131,460
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Salaries also tend to be higher in metro areas like Fargo, Grand Forks, Bismarck, and Minot due to increased demand.
Key Industries Driving Demand for Accountants in North Dakota
The oil and gas industry is the top driver of accounting jobs in North Dakota:
- Rapid expansion of oil production in the Bakken region has increased demand for petroleum accountants to handle royalty payments, joint venture audits, and more. Average salaries exceed $100k.
Agriculture and related manufacturing is another major industry:
- With 30,000 family farms in North Dakota, there is an ongoing need for agricultural accountants well-versed in the latest accounting standards and farm tax codes.
The financial services sector also provides steady accounting employment:
- Major banks and insurance firms with large operations centers in North Dakota regularly hire accountants and auditors for positions like fund accountant, premium auditor, and more.
How much do accountants get paid near North Dakota?
Accountants in North Dakota earn competitive salaries, driven by high demand in key industries like oil, agriculture, and finance.
The average accountant in North Dakota earns $65,747 per year, which equates to $32 per hour. However, salaries can vary significantly depending on factors like location, experience, certification, and industry.
For example, accountants in the state's booming oil industry can earn well above average. The top 25% of accountants make over $83,100 per year ($40 per hour), while the top 10% earn over $100,517 ($48 per hour).
Major companies involved in oil and gas like Hess, Marathon, and Continental Resources need accountants to track costs, manage complex taxes and royalties, and ensure financial reporting compliance. This high demand allows skilled accountants to command top dollar.
Similarly, accountants in agriculture and related manufacturing tend to earn strong wages in North Dakota. With over 30,000 farms and a thriving food production industry, agricultural accountants maintain financial records, optimize profits, manage growth, and ensure regulatory compliance across this vital sector.
Salaries also vary by location, with accountants in major oil industry hubs like Williston, Dickinson, and Minot earning well above state averages. Meanwhile, North Dakota's largest cities like Fargo, Bismarck, and Grand Forks offer more overall job opportunities and competitive wages.
Experience and credentials like a CPA certification also impact salaries. For example, a Staff Accountant role may pay $56,600, while a CPA-certified Senior Accountant role commands over $83,100 per year.
So while $65,747 reflects the overall average, accounting is a promising and lucrative career path in North Dakota, especially for those targeting key industries or obtaining advanced certifications.
How much do oil field jobs pay in North Dakota?
The oil industry in North Dakota has experienced rapid growth in recent years, leading to increased demand and lucrative salaries for oil field jobs. Here are some key points about oil field salaries in North Dakota:
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According to the North Dakota Petroleum Council, the average salary for oil field jobs is around $73,000 per year. This includes jobs like roustabouts, operators, derrickhands, and more.
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Salaries can range widely based on specific roles, experience levels, employers, as well as factors like overtime, bonuses, and tips. Entry-level positions may start around $24,500, while senior management roles can reach $176,500 per year or more.
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Some of the highest paying common oil field jobs in North Dakota include petroleum engineers ($132,000 avg. salary), geoscience managers ($156,000 avg.), and oil well drilling supervisors ($117,000 avg.).
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Williston, ND and other key oil producing regions often have the highest salaries due to high demand. However, cost of living is also higher in these areas.
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Many oil companies provide bonuses, overtime pay at 1.5x rates, holiday pay, 401ks, healthcare benefits, and more, which can significantly increase total compensation.
In summary, oil field salaries in North Dakota tend to be substantially higher than national averages for most states. However, the work also tends to be more demanding. For those with relevant skills and experience, oil fields represent one of the most lucrative industries in the state.
Which field of accounting makes the most money?
Some of the highest paying accounting jobs include:
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Accounting Professor: On average, accounting professors earn approximately $77,400 per year. They conduct research, teach undergraduate and graduate-level accounting courses, and advise students. Most positions require a PhD.
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Corporate Controller: With an average salary of $95,600, corporate controllers oversee the accounting operations and financial reporting for companies. This role generally requires a bachelor's degree and CPA certification.
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Investment Banker: Investment bankers facilitate mergers, acquisitions, IPOs and other financial transactions. Those specializing in accounting may earn around $100,600 annually. Most positions prefer candidates with an MBA.
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Finance Director: Finance directors plan and direct financial activities for organizations. They make roughly $114,200 per year on average. The role typically demands an MBA or other advanced business degree.
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CFO: As the highest-ranking financial executive, CFOs oversee accounting, budgeting, compliance and other areas. Their average compensation is $136,100 annually. Most CFO jobs require an MBA along with substantial experience.
The highest salaries generally come with advanced degrees like a PhD, MBA or JD in addition to professional certifications such as the CPA license. Roles in corporate leadership, banking and academia tend to offer higher accounting wages than entry-level government and nonprofit jobs. But ultimately, compensation depends on your location, qualifications, specialization and employer.
Which company pays highest salary to accountant?
Based on available data, some of the top companies paying high salaries to accountants in India include:
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Godrej Properties - Reported average salary of ₹11.8 lakhs per year for accountants. As a leading real estate developer, they likely have significant accounting needs to manage their financials and projects across the country.
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Cisco - Provides an average salary of ₹12.9 lakhs per year for accountants. As a global technology company, Cisco has complex accounting and reporting requirements that necessitate experienced accounting talent.
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Caterpillar - Known to pay around ₹11 lakhs per year to accountants on average. As a leader in construction and mining equipment, Caterpillar has sizable accounting operations to track finances across global markets.
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Google - Offers accountants an average salary of ₹14.4 lakhs per year. Google's fast-paced innovation and diverse business lines involve substantial accounting work to track spending and manage financial planning.
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India Cements - Gives accountants average pay of ₹9.8 lakhs per year. As a major cement manufacturer in India, they maintain extensive accounting and compliance operations to support manufacturing plants and logistics.
Salaries can vary based on accountant's experience, education, specialized skills, and accounting certifications. But multinational companies and technology/construction leaders tend to pay higher than average.
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Oil Industry Salaries and Hiring Trends for Accountants in North Dakota
Overview of Oil Industry's Impact on North Dakota Economy and Employment
The oil industry has had a major impact on North Dakota's economy and employment opportunities in recent years. With the development of new hydraulic fracturing and horizontal drilling technologies, North Dakota has become one of the largest oil producing states in the US. This oil boom has led to rapid economic and job growth across many sectors, including accounting and finance roles supporting the oil companies operating in the state.
Some key facts about the oil industry's impact in North Dakota:
- Oil production has grown over 10-fold from 2010-2020, with North Dakota now producing over 1 million barrels per day.
- The oil and gas industry contributes around 25% directly to North Dakota's GDP.
- Tens of thousands of jobs have been added in oil production, pipeline construction, transportation, equipment manufacturing and oil field services.
- This job growth has reduced unemployment in North Dakota to under 3% with some of the highest wages in the country.
- Strong economic performance has led to massive budget surpluses for the state in recent years.
As oil production and profits have grown exponentially, demand has skyrocketed for accounting, finance and administrative talent to support operations.
Average Salaries for Oil Industry Accountants in North Dakota
According to recent salary surveys, accountants working in North Dakota's oil industry earn very competitive wages:
- Staff Accountants earn average base salaries between $55,000-$75,000, with additional bonus and overtime pay often bringing total compensation over $90,000.
- Senior Accountants average between $75,000-$95,000 in base pay, with total compensation exceeding $110,000.
- Accounting Managers enjoy base salaries in the $100,000-$130,000 range, with average total compensation around $160,000 including performance incentives.
- Controllers and CFOs at oil companies command $150,000+ base packages and over $200,000 in total annual rewards.
These oil industry salaries tend to run 10-20% higher than accountants in other industries within North Dakota. The combination of urgent demand and profits from high oil prices is enabling these above-average salary levels.
Hiring Demand and Open Accounting Positions in the Oil Industry
Hiring demand has remained very strong for accountants and financial professionals to handle reporting, budgeting, audits and planning for the fast-growing oil companies operating in North Dakota's Bakken region.
Some trends in current hiring demand:
- Most companies are urgently seeking to fill 5-10 openings across roles like Staff Accountant, Senior Accountant, Financial Analyst, AP/AR Clerk and Payroll Administrator.
- Hard-to-fill specialized positions include Tax Accountants, SEC Reporting Analysts, Fixed Asset Accountants and IT Auditors.
- Hiring demand is expected to remain high over the next 5+ years as oil production continues expanding through new discoveries and technology improvements.
- Companies are recruiting from across the country to attract top talent, with many candidates receiving relocation packages on top of salary offers.
In summary, the oil industry is driving above-average salaries and abundant job openings for skilled accounting and finance professionals in North Dakota, a trend expected to continue in coming years.
Agriculture Industry Salaries and Trends for Accountants in North Dakota
Role of Agriculture in North Dakota's Economy
Agriculture is a major economic driver in North Dakota, accounting for over 25% of the state's economy. Key agriculture products include wheat, corn, soybeans, sugar beets, beef cattle, dairy, and more. With over 31,000 farms generating $11 billion in cash receipts annually, agriculture plays an integral role in the financial health and job market across North Dakota.
Average Salaries for Agricultural Accountants in North Dakota
According to recent salary data, accountants working in North Dakota's agriculture industry earn competitive wages:
- Staff Accountant: $45,000 - $65,000
- Senior Accountant: $55,000 - $85,000
- Accounting Manager: $70,000 - $120,000
Salaries vary based on factors like education, certifications (CPA), years of experience, and specific role. But overall, agriculture accounting is a stable, well-compensated field throughout North Dakota.
Hiring Demand for Agriculture Industry Accountants
With steady growth projected for North Dakota's agriculture sector, demand for qualified accountants remains high. Both large corporate farms and independent farming operations alike need financial reporting, analysis, budgeting, and other accounting support. Open roles span staff accountant, financial analyst, controller, CFO, and CPA positions. Companies also seek out accountants knowledgeable in agriculture tax laws and compliance issues. With the right expertise, accountants can find abundant career opportunities with North Dakota's agriculture industry.
Salaries for Other Accounting Specializations in North Dakota
Beyond oil and agriculture, this section explores salaries and hiring demand for other accounting specialties across North Dakota.
Corporate Accounting Salaries in North Dakota Cities
Corporate accountants in North Dakota earn competitive salaries, though pay can vary significantly by location. Here are average salaries for some corporate accounting roles in key cities:
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Fargo - As the largest city in North Dakota, Fargo offers the highest pay for corporate accounting roles. Average salaries:
- Corporate Controller: $122,000
- Senior Accountant: $75,000
- Staff Accountant: $55,000
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Bismarck - With a strong presence of financial services and insurance companies, Bismarck provides solid salaries for corporate accountants such as:
- CFO: $156,000
- Accounting Manager: $102,000
- Financial Analyst: $68,000
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Grand Forks - Major employers like manufacturers and universities create corporate accounting jobs paying around:
- General Ledger Accountant: $62,000
- AP/AR Accountant: $51,000
- Junior Staff Accountant: $47,000
Salaries for Public Accounting Positions
Public accounting firms in North Dakota offer competitive pay compared to national averages. Here are typical salaries at some firms:
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Eide Bailly - As the largest regional public accounting firm in ND, Eide Bailly pays:
- Audit Manager: $80,000
- Tax Senior Associate: $65,000
- Staff Auditor: $55,000
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Widmer Roel - This top 100 US CPA firm offers salaries such as:
- Audit Partner: $185,000
- Business Valuation Manager: $125,000
- Tax Staff: $50,000
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Brady Martz - At this major regional firm, common roles pay around:
- Consulting Manager: $95,000
- Senior Auditor: $70,000
- Associate Accountant: $52,000
Nonprofit Industry Accounting Salaries in North Dakota
While lower than corporate salaries, nonprofits provide accountants meaningful work with decent pay:
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Accountants at ND nonprofits average around $65,000 annually. Larger nonprofits may pay up to $75,000 for controllers.
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Fund accountants at foundations and charities earn approximately $60,000 per year. Grant management experience can increase pay.
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Association accountants make around $70,000-80,000 on average. Larger member-based groups provide higher salaries.
Overall, nonprofit accounting salaries offer stability, purpose, and work-life balance for those not focused solely on compensation. Experience managing budgets, reporting, and audits is key to advancement.
Key Factors Impacting Accountant Salaries in North Dakota
The oil and agriculture industries have an outsized influence on North Dakota's economy and job market. This impacts salaries for accountants in several key ways:
Influence of Oil Industry on Salary Growth Trends
- North Dakota has experienced rapid growth in oil production over the past decade, driving strong economic expansion and demand for accountants to support the industry.
- Average salaries for accountants in North Dakota's oil regions (e.g. Williston, Dickinson, Minot) tend to be 10-15% higher than statewide averages.
- Bonuses and incentives in the oil industry also boost total compensation for accountants. For senior roles, bonuses can exceed $20,000/year.
Impact of Rising Cost of Living on Salaries
- The economic boom has contributed to North Dakota having one of the fastest rising costs of living nationwide over the past 5 years.
- To attract and retain talent, many employers adjust salaries to match pace with inflation and rising living expenses. Annual CoL adjustments of 3-5% are common.
Accounting Labor Shortages Driving Salary Growth
- North Dakota has a shortage of qualified accountants. Coupled with robust economic growth, this creates substantial demand that pushes salaries upward.
- With accounting talent in short supply, employers compete on compensation packages to attract candidates. This dynamic gives accountants leverage to negotiate higher salaries.
- Scarcity of specialized skills (e.g. SEC reporting, analytics) also enables accountants to command premium salaries.
Conclusion and Summary of Key Takeaways
The oil, agriculture, and accounting industries in North Dakota provide strong career opportunities and competitive salaries for qualified professionals. Some key takeaways:
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North Dakota has a robust economy driven by oil and agriculture. This creates high demand for accountants to support these industries.
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Average accounting salaries in North Dakota tend to be higher than national averages. This is especially true for roles supporting the oil industry.
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There is particularly high demand and strong salary growth potential for CPAs and accountants with specialized expertise in taxation, auditing, financial reporting, etc.
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Major employment hubs are located in Fargo, Bismarck, Grand Forks and other areas where the oil and agriculture industries have a strong presence. These regions offer very competitive salaries.
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With new oil wells planned for 2023, industry growth is projected to further drive demand and salaries upward for financial professionals in the coming years.
In summary, accounting is a lucrative and dynamic profession in North Dakota, with the state's oil and agriculture sectors creating ample opportunities for career advancement and salary growth over time. The future remains bright for accountants as the engines of North Dakota's economy continue expanding.
