Finding accurate data on accounting salaries can be challenging, especially for a small state like Rhode Island.
In this article, we break down the latest salary information for accounting roles across experience levels in Rhode Island, providing clarity on compensation ranges.
You'll see a detailed analysis of entry-level, mid-career, and senior accountant salaries, along with insights on key factors like location, industry, certifications, and more.
Introduction to Accounting Salaries in Rhode Island
Rhode Island's Economy and Business Landscape
Rhode Island has a diverse economy, with key industries including healthcare, education, manufacturing, and tourism. Major employers include hospitals, universities, defense contractors, and tourism/hospitality businesses. The state's small size can lead to tight-knit professional circles.
The economic outlook is generally positive, with steady job growth projected in sectors like professional services. However, the cost of living remains relatively high compared to other states.
Accounting Job Market in Rhode Island
Demand for accountants and auditors is strong in Rhode Island. However, the small size of the state means fewer large corporations located here. Most openings are with small and mid-sized companies, non-profits, and public sector roles.
Average salaries for accountants range from $55,000 for entry-level general accountants to $120,000+ for CFOs of major organizations. Specialized industry knowledge tends to command higher pay.
Cost of Living in Rhode Island and Its Influence on Salaries
The cost of living in Rhode Island is 13% higher than the national average, largely due to housing costs. This puts pressure on salaries to match the higher living expenses.
Accounting salaries here tend to be 5-10% above national averages at each experience level. This premium helps offset the increased costs.
Accounting Software and Technology's Role in Rhode Island
Proficiency with accounting software and analytics tools is increasingly mandatory. Rhode Island employers favor experience with major platforms like QuickBooks, Oracle NetSuite, and Microsoft Dynamics.
Accountants who embrace technologies like RPA and AI for tasks like data analysis and reporting can further boost their salaries in Rhode Island's job market.
Which state has highest paying accounting jobs?
The top-paying states and districts for accountants based on average salaries include Washington D.C., New York, New Jersey, California, and Massachusetts. However, when adjusting for cost of living, some smaller states actually offer the highest salaries for accounting professionals.
For example, Rhode Island has experienced strong growth in accounting salaries in recent years while maintaining a relatively low cost of living compared to larger coastal states. The average salary for an Accountant I in Rhode Island is $55,000, which goes much further than the same salary in New York City or San Francisco. Senior accountants in Rhode Island can expect to earn an average of $80,000 per year.
While Washington D.C. and New York dominate in terms of total salary numbers, places like Rhode Island, Delaware, and Maine have seen faster than average growth in accounting wages. So while the big states still pay well, small state accountants shouldn't be overlooked when it comes to lucrative job opportunities. The numbers in Rhode Island may surprise you!
How much does a senior staff accountant make in Rhode Island?
As of Jan 3, 2024, the average annual pay for a Senior Staff Accountant in Rhode Island is $75,029 a year. Just in case you need a simple salary calculator, that works out to be approximately $36.07 an hour. This is the equivalent of $1,442/week or $6,252/month.
Some key points about senior staff accountant salaries in Rhode Island:
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The average salary is slightly above the national average for this role, which is $72,500 per year according to PayScale.
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Salaries can vary depending on factors like location, company size, industry, and years of experience. Senior staff accountants in Providence typically make 5-10% more than those in other parts of the state.
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The job outlook for senior staff accountants in Rhode Island is strong with an expected 8% growth from 2022-2032, according to Bureau of Labor Statistics data. This is driven by steady demand across industries like healthcare, finance, insurance, and manufacturing.
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Top paying industries for senior staff accountants in RI include finance/insurance ($85,000 avg), professional/technical services ($80,000 avg), and information technology ($78,000 avg).
So in summary, senior staff accountants make slightly above average salaries in Rhode Island compared to national levels. Salaries can vary across industries and locations, but the statewide average is approximately $75,000 per year or $36 per hour. With steady growth projected, it remains a well-compensated role relative to the cost of living in most parts of Rhode Island.
How much does an entry level accountant make in Rhode Island?
The average Entry Level Staff Accountant salary in Rhode Island is $64,701 as of December 2022. However, salaries typically range between $58,901 and $71,301.
Some key factors that influence entry level accounting salaries in Rhode Island include:
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Cost of living: Rhode Island has a relatively high cost of living compared to other states, which puts upward pressure on wages. The cost of housing in particular is quite expensive.
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Job market: Demand for accountants tends to be strong in Rhode Island. Many companies are headquartered in the state, especially in Providence, which creates ample job opportunities. This high demand allows entry level accountants to command competitive salaries.
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Experience and qualifications: Those with higher GPAs, internship experience, and CPA eligibility can negotiate higher starting salaries. Specialized experience in areas like taxation and auditing is also well-compensated.
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Company size: Larger corporations and public accounting firms have the resources to offer higher compensation packages to attract top talent out of college. Small businesses tend to pay below average.
In summary, the combination of high living costs and a strong job market for accountants leads to above average entry level accounting wages in Rhode Island. However, there is still a wide range based on individual factors. Those looking to maximize salaries should focus on gaining relevant experience and credentials before entering the workforce.
What is a good salary in Rhode Island?
Salaries in Rhode Island, like much of New England, tend to be higher than the national average. However, there is still significant variability across industries and roles.
For accounting professionals specifically, salaries can vary greatly depending on factors like:
- Years of experience
- Certifications held (CPA, CMA, etc.)
- Type and size of company
- Specific job role and responsibilities
According to recent data from the Bureau of Labor Statistics:
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The average annual salary for an accountant in Rhode Island is $65,977. This translates to weekly pay of around $1,268.
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Those in higher level roles like Financial Managers and Controllers earn even more, with average salaries above $120,000 per year.
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The top 25% of accountants make $84,303 or more per year. This highest paid quartile takes home $1,621 or more per week.
So while Rhode Island salaries are strong overall, there is still a wide range based on role, experience, credentials, company, and other factors. Top performers can make nearly 50% more than entry-level accountants.
Key things to remember:
- Average Salary: $65,977 per year or $1,268 per week
- High Earners (75th percentile): $84,303 per year or $1,621 per week
- Higher salaries for those with more experience, credentials, and in management roles
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Exploring Entry-Level Accounting Salaries in Rhode Island
This section provides an overview of typical salary ranges and hiring demand for entry-level accounting roles across industries in Rhode Island, with a focus on cities like Providence.
Salary Data for Entry Level Staff Accountant Positions
The average salary for an entry level staff accountant in Rhode Island is $45,000 to $55,000 per year. However, salaries can range from $40,000 for those just starting out to over $60,000 for those with a few years of experience.
There is decent demand for entry level accounting talent, as many small and mid-sized companies look to add junior staff to support their finance teams. Key skills sought from entry level candidates include:
- Knowledge of accounting software and MS Excel
- Attention to detail and organizational abilities
- Communication and teamwork
- Analytical thinking
- Relevant internship experience
Junior Staff Accountant: The Starting Point for Most Accounting Careers
The junior staff accountant role is where most people begin their accounting careers after college. In Rhode Island, average base salaries for junior staff generally fall between $45,000 to $55,000 annually. More specialized industry experience or certifications can boost pay to $60,000+.
Day-to-day responsibilities usually consist of assisting with:
- General ledger accounting
- Financial reporting
- Month-end close processes
- Internal audits and controls
- Documenting transactions
- Other administrative accounting duties
This entry-level role allows new accountants to learn the fundamentals while working under the guidance of more experienced team members. Many leverage this experience to advance to senior accountant positions within 2-3 years.
Small Business Accountant: Niche Skills and Pay Scale
Accountants that specialize in supporting Rhode Island’s many small businesses and startups typically earn between $50,000 to $70,000 per year. Niche experience with small business cash flow planning, Quickbooks, and tax preparation is highly valued.
The role requires understanding the unique accounting, finance and operational needs of small business owners. Responsibilities may span:
- Financial reporting and planning
- Budgeting
- Payroll
- Tax compliance
- Identifying growth opportunities
- Advising on business expansion decisions
This niche role provides opportunity to directly impact small business success in Rhode Island’s vibrant local economy.
Financial Reporting Accountant I: Entry-Level Salary Insights
Financial reporting accountants help compile and analyze financial statements for either internal or external use. Entry-level financial reporting accountants in Rhode Island earn between $48,000 to $58,000 annually.
Demand for these roles is growing as companies seek to improve financial transparency and decision making through accurate, timely reporting. Entry-level financial reporting duties often include:
- Gathering data for financial statements
- Conducting account reconciliations
- Researching and documenting transactions
- Performing general ledger accounting
- Assisting with quarterly/annual closings
This position offers a starting point to advance into more advanced corporate accounting or finance roles down the line.
Mid-Level Accounting Salaries in Rhode Island
Accountant II: Advancing the Career Ladder
Accountant II is an intermediate accounting role that typically requires 3-5 years of experience. In Rhode Island, the average salary for an Accountant II is $65,000 per year. Key responsibilities include preparing financial statements, analyzing costs, budgets, and expenditures. To advance to this level, candidates must have strong attention to detail, analytical, and communication skills.
The job outlook for Accountant II roles in Rhode Island is positive, with demand growing due to expansion of companies in sectors like healthcare and technology. However, competition is significant due to the high number of accountants in the state. Candidates with CPA certification and specialized expertise (e.g. auditing, taxation) stand out during the hiring process.
Corporate Staff Accountant: A Closer Look at Compensation
The average salary for a Corporate Staff Accountant in Rhode Island is $72,000 per year. Staff Accountants are involved in activities like general ledger accounting, account reconciliations, and preparing SEC filings. Larger corporations tend to pay higher salaries closer to $80,000 for this role.
Key factors that influence Corporate Staff Accountant salaries include years of experience, CPA certification, and technical capabilities with accounting software and databases. Companies hiring for these positions prefer candidates with bachelor's degrees in accounting or finance fields. Bilingual skills are also highly desirable.
Cost Accountant I: Industry-Specific Salary Trends
Cost Accountant I is an entry-level cost accounting role focused on analyzing product, activity, and process costs for businesses. The average salary for Cost Accountant I in Rhode Island is $62,000 per year. However, salaries can vary significantly based on industry.
For example, Cost Accountant I salaries in the manufacturing sector average $65,500, while the healthcare industry averages only $58,000. This variance is likely driven by differences in cost accounting complexity between industries. Candidates interested in earning higher salaries may want to target roles in manufacturing, technology, and engineering firms.
Grants Accountant: Understanding the Salary Landscape
The average salary for a Grants Accountant in Rhode Island is $68,000 per year. These professionals are responsible for financial operations, reporting, and compliance for grant-funded programs. Major employers include government agencies, non-profits, hospitals, and universities.
While base pay averages $68,000, total compensation can be higher with strong benefits packages. For example, Brown University offers salaries exceeding $75,000 plus generous retirement contributions, tuition assistance, and paid time off for its Grants Accountants. Experience with sponsored programs and advanced Excel skills are key hiring requirements for these roles.
Senior-Level Accounting Salaries in Rhode Island
Senior Accountant: Salary Expectations and Growth
Senior Accountants in Rhode Island earn an average salary of $75,000 per year. Candidates should have 5+ years of experience, a CPA license, and expertise in financial reporting and GAAP standards. Demand for Senior Accountants is growing as companies seek to improve internal controls and financial planning.
Plant Accountant: Industrial Accounting Compensation
Plant Accountants in Rhode Island's manufacturing sector earn approximately $85,000 on average. This role requires 5+ years of relevant experience, knowledge of cost accounting and inventory management, and the ability to streamline production accounting. As local factories invest in automation and process improvements, hiring demand for Plant Accountants with lean manufacturing expertise continues to rise.
Plant Controller: Commanding Salaries in Manufacturing
Plant Controllers in Rhode Island earn some of the highest salaries for accountants, with average compensation of $110,000 per year. This is commensurate with the position's significant responsibilities, which include overseeing all accounting functions for industrial facilities and coordinating with corporate leadership. Candidates should possess 8-10 years of experience, leadership abilities, and expertise in optimizing manufacturing operations.
Investment Accountant: Navigating the Financial Sector's Pay Scale
The average salary for Investment Accountants in Rhode Island's financial services industry is approximately $95,000. Candidates are expected to leverage expertise in securities valuation, portfolio analysis, and risk management to advance business growth. As local investment firms continue expanding, hiring demand for Investment Accountants is projected to increase substantially in coming years.
Accounting Salaries in Rhode Island's Major Cities
Providence Accounting Salaries: A Hub for Finance Professionals
Providence is the capital and most populous city in Rhode Island, serving as a major economic hub for the state. As home to many large corporations, nonprofits, and financial institutions, Providence offers competitive salaries for accounting professionals.
The average base salary for an Accountant I role in Providence is $55,000, with total compensation potentially reaching $65,000 when factoring in bonuses and equity. More experienced Accountant II professionals earn approximately $72,000 on average.
Higher-level accounting roles also command strong salaries in Providence. Plant Controllers take home $120,000 on average, while Financial Reporting Accountants can earn up to $90,000 depending on experience.
Several factors drive Providence's above-average accounting salaries, including high demand from large employers, cost of living, and seasonal needs during year-end closing periods.
Newport Accounting Pay: A Comparison
While smaller in size, Newport also hosts a thriving community of accountants supporting its tourism, sailing, and defense sectors.
Salaries for entry-level Staff Accountant roles average $50,000 in Newport. Mid-career Senior Accountants earn approximately $68,000 on average.
Newport salaries tend to track 10-15% below Providence due to market size, industry mix, and other factors. However, Newport remains an attractive destination for accountants seeking quality of life benefits and competitive pay.
Year-End Close: Salary Implications for Seasonal Accounting Demand
Both Providence and Newport experience surges in accounting labor needs during year-end closing periods in Q4. This seasonal demand allows temporary and project accountants to command premium billing rates.
Short-term contractors assisting with the year-end close often earn hourly pay equivalent to 20-40% above full-time salaries. This creates lucrative opportunities for accountants able to flex their availability.
Accountant IV: Salary Benchmarks in Urban Centers
The most advanced accountants take on strategic Finance roles managing teams, systems, and planning initiatives.
In Providence, Accountant IV professionals earn approximately $105,000 on average. Newport salaries are comparable for those supporting large sailing organizations or naval commands.
Urban centers offer the greatest pay potential for high-level accountants overseeing critical business functions. Rural salaries tend to be 5-15% lower for similar positions.
Conclusion: Summarizing Rhode Island's Accounting Salary Insights
Overview of Accounting Salary Ranges in Rhode Island
Accounting salaries in Rhode Island tend to be higher than national averages across most roles. Entry-level staff accountant positions start around $45,000, mid-career senior accountants earn approximately $75,000, and controllers and directors take home over $100,000. The state's concentration of financial services, insurance, and manufacturing provide strong demand.
Outlook for Accounting Compensation in Rhode Island
As technology automates routine tasks, accountants with specialized expertise in analytics, forecasting, and strategic decision support should see the fastest pay growth. Strengthening regulations and rising audit complexity also signal positive trends for higher salaries.
Maximizing Earnings: Specialized Skills and Certifications
Developing industry specializations, such as nonprofit accounting or financial services reporting, can boost accountants' pay. Earning credentials like the CPA, CMA, or CIA also correlate strongly with higher salaries. Overall, accountants that balance technical and soft skills while aligning with Rhode Island's core industries tend to earn the most over their careers.
