Finding accurate data on accounting salaries in a specific state can be challenging. Most Virginia accountants would likely agree that clear compensation benchmarks are difficult to come by.
In this post, we'll uncover Virginia's accounting salary landscape across roles, cities, and career levels. You'll get insider perspectives on accountant pay at top employers like Old Dominion University plus future outlooks for the profession.
From average wages for staff accountants to six-figure controller salaries, you'll discover real accounting earnings across the Old Dominion. We'll also highlight key factors impacting accountant pay and provide tips to maximize your accounting income in Virginia.
Introduction to Accounting Salaries in Virginia
Accounting is a stable and lucrative career path in Virginia. As businesses and organizations across the state grow, the demand for qualified accounting professionals continues to rise. This article will provide an overview of accounting salaries in Virginia to help businesses make informed hiring and compensation decisions.
Understanding the Salary Trajectory of an Accountant in Virginia
Accounting salaries in Virginia vary based on location, firm size, experience level, and credentials. However, the state's accounting professionals earn competitive wages compared to national averages.
According to the Bureau of Labor Statistics (BLS), the average annual salary for an accountant in Virginia is $77,250. This includes staff accountants, auditors, analysts, and other accounting roles. Virginia's average accounting salary aligns with the national median of $77,250.
Entry-level accountants in Virginia with 0-5 years of experience can expect average starting salaries around $50,000. Mid-career accountants with 5-10 years of experience average approximately $70,000, while senior accountants with 10+ years of experience earn an average of $90,000.
Higher salaries are attainable for accountants who obtain certifications like the CPA, CMA, or CIA credentials. On average, certified accountants earn 20-30% higher wages.
Determinants of Accountant Salaries in the Old Dominion
Several factors impact accounting salaries in Virginia, including:
- Location - Accountants in major metro areas like Northern Virginia and Richmond earn higher average wages than those in rural locations.
- Firm size - Professionals at large national and global accounting firms typically command higher salaries.
- Certifications - As mentioned, credentials like the CPA can boost Virginia accountants' earning potential significantly.
- Industry - Accounting salaries also vary across industries. The highest paying sectors include banking, insurance, and technology.
Understanding these elements allows businesses to develop attractive and competitive accounting salary packages. Firms can also use this insight to provide merit raises, bonuses, and advancement opportunities.
Forecasting Accounting Salary Growth in Virginia
The latest projections show strong continued growth in accounting salaries across Virginia. The BLS predicts a +4% increase in average wages for accountants in the state through 2030.
As technology transforms businesses' financial data and reporting needs, demand for accounting professionals with specialized skill sets will surge. Accountants who master analytics, automation, and advisory services should see above-average salary trajectories over the next decade.
In summary, accounting remains a promising career path in Virginia with salaries on par with national trends and steady growth ahead. Businesses that invest in top accounting talent now can build their finance teams for long-term success.
What is the average salary for an Accountant in Virginia?
The estimated average salary for an Accountant in Virginia is $63,716 per year, with a median total pay of $67,688 per year according to user-submitted salaries.
This midpoint salary indicates that half of Accountants in Virginia earn less than this amount, while the other half earn more. The total pay estimate takes into account various compensation factors like bonuses, profit sharing, tips, commissions, overtime pay, and other forms of cash earnings.
Some key highlights about Accountant salaries in Virginia:
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Entry-level positions start around $48,000 per year while most experienced workers make closer to $78,000.
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Those with additional certifications or higher education like a CPA license or Master's degree tend to earn more.
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Accountants working in certain industries like finance or government tend to be on the higher end of the pay scale.
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Location within Virginia also impacts pay, with Accountants in the DC metro area earning the most.
While the average salary serves as a good guideline, actual compensation depends on multiple aspects. Using resources like salary calculators and pay equity tools can provide greater insight for comparison.
Monitoring job openings and pricing salaries appropriately ensures organizations attract top talent for key finance and accounting roles. Whether it's an Accountant I or Plant Controller, understanding precise pay rates in Virginia is crucial for hiring success.
What is the salary range for a staff Accountant in Virginia?
The salary range for a staff Accountant in Virginia can vary depending on factors like location, experience, education, and type of employer. However, here is a breakdown of typical Accountant salaries in Virginia:
Annual Salary
- Top Earners (75th Percentile): $71,900
- Average: $72,073
- 25th Percentile: $54,500
Hourly Wage
- Top Earners (75th Percentile): $35
- Average: $35
- 25th Percentile: $26
As you can see, the average annual salary for an Accountant in Virginia is $72,073, which breaks down to about $35 per hour. However, top earners in the 75th percentile make approximately $71,900 per year or $35 per hour.
Salaries can vary significantly depending on factors like:
- Location - Accountants in major metropolitan areas like Richmond and Northern Virginia tend to earn higher salaries than those in rural parts of the state.
- Experience level - More experienced Accountants command higher salaries.
- Education - Accountants with advanced certifications (CPA, CMA, CIA) tend to earn more than those without.
- Type of employer - Accountants working for large corporations or public accounting firms generally earn more than those at smaller companies or non-profits.
In summary, a staff Accountant in Virginia can expect to earn approximately $72,073 per year or $35 per hour on average. However, salaries may range from around $54,500 to $71,900+ depending on the above factors. Key things that impact pay levels include location, experience, credentials, and type of employer.
What is the highest pay for accounting?
The highest paying accounting jobs are typically in executive leadership roles or specialized positions requiring extensive experience. Some of the top salaries in accounting include:
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CFO: The Chief Financial Officer oversees all financial operations and strategy for an organization. With 10-20 years of experience, CFO salaries range from $141,000 to $400,000 per year.
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Audit Partner: Partners at major accounting firms manage client relationships and supervise audits. Their specialized expertise and equity stake earns $215,000 to $360,000 annually.
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Paymaster: In unique government positions, Paymasters oversee complex payroll operations for massive workforces. Salaries span $31,000 to $350,000 depending on exact role and location.
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Chief Accounting Officer: As the top accounting executive reporting to the CFO, CAOs manage all general ledger accounting and SEC financial reporting. They earn $131,000 to $278,000 per year.
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Vice President of Finance: Overseeing budgeting, forecasting and reporting for divisions or business units, VPs of Finance are well-compensated with salaries averaging $163,000 per year.
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Fund Controller: Within investment banks and asset management firms, Fund Controllers track performance, risk, and regulatory compliance for investment funds. With specialized financial expertise, salaries range from $117,000 to $367,000.
The highest salaries come with extensive responsibility as financial leaders overseeing strategy, operations, reporting, and decisions for an entire organization. Specialized technical roles also command top dollar. But all accounting careers offer strong compensation potential over time with the right experience.
How much does an Associate VP at ODU make?
The median total pay for an Associate Vice President at Old Dominion University is $132K per year. This breaks down to a base salary of $132K on average, with no additional pay components reported.
This data provides helpful benchmarking to understand the earning potential for Associate VP roles at ODU. When evaluating job offers or negotiating salaries, this can assist with setting appropriate expectations.
Some additional key details on ODU Associate VP pay:
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The salary is likely commensurate with experience level and specific job responsibilities. Newer hires may start below the median while longer-tenured employees exceed it.
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Geographic location, cost of living, budget availability, and other factors also impact actual compensation offers.
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Bonus, stock options, or profit sharing may be offered on top of base pay for certain roles or performance levels. But median additional pay is $0 for this job.
Having a credible sense of expected salaries for positions like Associate VP can empower employees in career negotiations and companies in compensation planning. While the median gives a helpful midpoint, actual offers may vary across a range.
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Accounting Salary Ranges Across Virginia's Cities
Accounting salaries can vary significantly across Virginia's major metro areas. By examining the pay ranges in different cities, businesses can benchmark compensation and make data-driven hiring decisions.
Richmond's Accountant Salaries Landscape
The Richmond metro area offers competitive salaries for accounting professionals. According to recent data:
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The average base salary for an Accountant I role is $45,000 to $65,000 per year. With bonuses and profit sharing, total compensation ranges from $48,000 to $75,000.
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More experienced Accountant II roles average $55,000 to $85,000 in base salary. With additional incentives, total pay is $60,000 to $95,000 per year.
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Higher level Accountant III positions earn around $70,000 to $105,000 in base compensation. After bonuses, salaries range from $75,000 to $120,000 annually.
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Specialized roles like Audit Managers and Controllers have base salaries of $90,000 to $150,000 in the Richmond area. With performance pay, earnings can reach $100,000 to $170,000 per year.
As Richmond's economy grows, demand for accounting talent continues to rise. Competitive salaries help attract top professionals to the area.
Accounting Salaries in Virginia Beach
Virginia Beach accounting salaries are on par with state averages:
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Entry-level Accountant I professionals earn approximately $42,000 to $62,000 in base pay. With extra incentives, total compensation is $45,000 to $68,000 per year.
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Accountant II roles receive around $53,000 to $83,000 in Virginia Beach. Additional bonuses take total pay to $58,000 to $90,000 annually.
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Higher positions like Accountant III and Accounting Managers have base salaries of $67,000 to $107,000. After performance incentives, total pay ranges from $73,000 to $115,000 per year.
Virginia Beach's growing hospitality, healthcare, and defense sectors continue to drive demand for financial talent. Competitive salaries are key for recruitment and retention.
Comparing Arlington's Accounting Pay Scales
As a major suburb of Washington D.C., Arlington offers some of Virginia's highest accounting salaries:
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Entry-level Accountant I professionals earn approximately $50,000 to $70,000 in annual base pay. With bonuses and incentives, total compensation ranges from $55,000 to $80,000 per year.
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More experienced Accountant II roles make $63,000 to $93,000 in base salary. After additional performance pay, total earnings range from $70,000 to $105,000 annually.
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For managerial accounting roles like Controllers and Audit Managers, base pay scales from $100,000 to $160,000 in Arlington. With profit sharing and incentives, total compensation is $110,000 to $180,000 per year.
Arlington's proximity to government agencies and contractors drives strong demand and high salaries for specialized accounting professionals. Competitive offers are crucial for recruitment and retention in the area.
Accounting Employment Trends in Virginia
Virginia's economy is thriving, with strong job growth across many industries. This increasing economic activity is driving demand for accounting professionals to support business operations.
Virginia's Accounting Job Openings and Market Analysis
According to the Bureau of Labor Statistics (BLS), employment for accountants and auditors in Virginia is projected to grow 9.1% from 2020 to 2030, adding over 5,100 new jobs. This growth outpaces the national average for the occupation.
Major factors influencing this increasing demand include:
- Economic expansion across sectors like technology, business services, and healthcare
- Increasing regulatory requirements around accounting and financial reporting
- Businesses seeking to control costs and optimize financial management
As per the BLS, the mean annual wage for accountants and auditors in Virginia is $79,520, which is competitive nationally. Popular specializations like forensic accounting and management accounting also command higher salaries.
Leading employers adding accounting jobs include government agencies, schools, hospitals, professional services firms, and major corporations headquartered in Virginia or with significant operations in the state.
Current Job Openings for Accountants in Virginia
Based on recent job postings compiled by recruitment site ZipRecruiter, over 7,000 open accounting positions are currently available across Virginia.
The most in-demand roles are:
- Staff Accountant
- Senior Accountant
- Financial Analyst
- Accounts Payable/Receivable Specialist
- Payroll Administrator
These openings span industries like technology, business services, healthcare, education, retail, construction, and hospitality. Many are remote-friendly or hybrid opportunities.
With strong growth projections and abundant current demand for accounting professionals, Virginia presents expanding career prospects for those looking to enter the field or take the next step in their accounting career journey.
Navigating the Accounting Career Path in Virginia
Accounting can be a rewarding career path with ample opportunities for advancement in Virginia. This section explores common trajectories for aspiring accountants.
Starting as an Accountant I in Virginia
Entry-level accountants, often titled Accountant I, generally handle day-to-day accounting tasks like:
- Recording financial transactions
- Preparing financial statements
- Reconciling accounts
- Assisting with month-end and year-end close
Accountant I is typically the starting point for recent graduates with a bachelor's degree in accounting or finance. Key skills needed in this role include:
- Attention to detail
- Spreadsheet proficiency
- Time management
- Communication abilities
The average salary for Accountant I roles in Virginia falls between $45,000 to $65,000 annually.
From Accountant to Accounting Supervisor: Career Advancement in Virginia
With 2-5 years of experience, high-performing accountants can progress to Accounting Supervisor or Manager roles. These positions entail:
- Overseeing a team of accountants
- Preparing financial reports and projections
- Assessing processes and internal controls
- Training staff on accounting policies and procedures
To advance, accountants need skills like:
- Leadership abilities
- Critical thinking
- Project management
- Decision making under pressure
The average salary range for first-level accounting managers in Virginia is $75,000 to $95,000 per year.
With 5+ years of managerial experience and an MBA, accountants can reach Director and eventually CFO positions. These senior roles drive major strategic decisions for the finance function and business as a whole.
Specialized Accounting Roles and Their Salaries in Virginia
This section delves into specific accounting positions and their respective salaries within Virginia, offering a detailed look at compensation for specialized roles.
Salary Insights for Accounts Payable and Receivable Coordinators
Accounts Payable & Accounts Receivable Coordinators in Virginia can expect average salaries between $45,000 and $65,000, while Accounts Receivable Supervisors tend to earn $55,000 to $80,000 on average. The specific salary depends on factors like education, certifications, experience, company size and industry. Those working for major corporations or in fields like tech or healthcare can land on the higher end.
Earnings for Business Unit Controllers and Plant Accountants
Higher-level accounting professionals like Business Unit Controllers have average salaries ranging from $120,000 to $180,000 in Virginia. Plant Accountants tend to earn slightly less, with average pay between $90,000 and $140,000. Those with CPA credentials or advanced degrees can command the top salaries. Experience directing teams or managing P&Ls also translates to higher pay.
Compensation for Financial Reporting Managers in Virginia
Financial Reporting Managers in Virginia see average total compensation between $100,000 and $150,000. Professionals specializing in this area, like Financial Reporting Accountant I roles, earn $70,000 to $100,000 on average. Expertise in technical accounting, financial statements, and reporting is highly valued and directly tied to pay.
Pay Scale for Cost Accountants and Grants Accountants
Cost Accountants tend to have average salaries of $65,000 to $95,000 in Virginia, while Grants Accountants fall between $55,000 and $80,000. Experience with budgeting, variance analysis, cost allocation, and grant compliance guidelines can lift pay. Higher salaries go to those with budget ownership or advanced analytical skills.
Conclusion: Summarizing the State of Accounting Salaries in Virginia
Recap of Virginia's Accounting Salary Benchmarks
Accounting salaries in Virginia vary based on factors like location, experience, credentials, and firm size. However, statewide benchmarks provide helpful reference points. For example, the average salary for an Accountant I with 0-1 years of experience is $45,000, while an Accounting Manager with 5-8 years of experience averages around $85,000.
Critical Factors Affecting Accountants' Compensation in Virginia
Several key elements impact accountants' pay in Virginia:
- Location: Accounting salaries tend to be higher in northern Virginia and metro areas than in rural parts of the state.
- Credentials: Accountants with advanced certifications (CPA, CMA, CIA) earn more than those without.
- Experience: More years in accounting correlate to higher pay.
- Firm size: Professionals at large national and global firms make more than those at small local firms.
Understanding these factors helps businesses set competitive accounting pay rates.
Future Outlook for Accounting Careers in the Old Dominion
With Virginia's business growth, accounting hiring demand is projected to rise 6% through 2028. This increase signifies abundant career opportunities for properly qualified accounting talent. Firms that offer competitive compensation and development will attract the best candidates.
