Finding the right accounting job and salary in Washington can seem daunting with its rainy weather and booming tech industry.
But accountants in Washington can unlock lucrative salaries, with the state's robust economy, lack of state income tax, and high demand for accounting skills creating ample opportunities.
This article explores accounting salaries in Washington in detail, covering key questions on pay ranges, top earning roles, impact of degrees, future outlook, and tips for advancing your accounting career in the Evergreen State.
Accounting Salaries Soar in Washington State
Accounting salaries in Washington state, especially around the Seattle metro area, are substantially higher than national averages and continue to rapidly rise. Key statistics show:
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The average salary for an accountant in Washington is $77,010 per year, which is 16% higher than the national average of $66,370.
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In the Seattle-Tacoma-Bellevue metro area specifically, the average accountant salary jumps to $83,730 per year. This is 26% higher than the national figure.
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Over the past 5 years, accounting salaries around Seattle have increased by over 20% as talent demand rises. The city now has the 8th highest salaries for accountants among major US metros.
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Specialized accounting roles like Certified Public Accountants (CPAs), controllers, and chief financial officers (CFOs) make well over $100,000 per year on average in Washington.
Several factors drive the above-average accounting wages across the state:
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Booming Tech Sector: Major tech employers like Amazon and Microsoft, along with thousands of startups, have fueled rapid business growth and heightening demand for accounting talent.
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High Cost of Living: The rising cost of housing, food, and other living expenses make higher salaries necessary, especially in Seattle.
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Competitive Job Market: Low unemployment plus high demand has forced companies to offer premium wages to attract and retain top accounting professionals.
So for those in the accounting field, Washington presents lucrative opportunities, especially as salaries continue trending upwards. The concentration of high-paying jobs around Seattle makes it a magnet for accountants nationwide.
How much does an Accountant make in Washington state?
Accountants in Washington state earn competitive salaries, with plenty of room for growth and specialization. Here's a breakdown of key accounting salary data for the state:
Annual Salary
The average annual salary for an accountant in Washington is $78,769. However, salaries can vary significantly depending on factors like location, experience, certification, and type of accounting role.
Hourly Wage
The average hourly wage for an accountant is Washington is $38. Entry-level accountants tend to start around $29 per hour, while more experienced accountants can earn up to $52 per hour or more.
Top Earners
The top 25% of accountants in Washington earn more than $88,900 per year or $43 per hour. The top 10% of earners make over $107,596 annually. These are typically accountants in senior or management roles, with advanced certifications like a CPA license.
Location also impacts salaries. Accountants in major metro areas like Seattle and Spokane tend to earn 10-15% higher wages than the state average. Experience plays a major role as well - accountants with 5+ years of experience can expect to earn 20-30% more than entry-level salaries.
Overall, accounting remains a stable, lucrative career path in Washington. With the right combination of education, certification, specialization, and experience, accountants can earn very competitive wages while benefiting from high demand across many industries.
What is the highest paying type of Accountant?
The highest paying accounting jobs are typically in managerial or executive roles that require years of experience. According to salary data, some of the best paying accounting jobs include:
Corporate Controller
The corporate controller oversees all accounting operations and financial reporting. With 10+ years experience, controllers can earn $150,000 or more.
Internal Auditing Manager
Internal auditors analyze financial records, processes, and internal controls. Experienced auditing managers can make $120,000 - $180,000.
Investment Banker
Investment bankers facilitate mergers, IPOs, lending deals and other complex financial transactions. Base salaries start around $100,000 plus substantial bonuses.
Financial Planning & Analysis Manager
FP&A managers create budgets, forecasts, and other analyses to inform executive decisions. Salaries range from $100k - $175k.
Finance Director
Finance directors lead all financial operations. With 10-15 years experience, salaries exceed $150,000.
Director of Risk Management
Risk management directors assess risks and ensure regulatory compliance. Salaries range from $120k-$180k.
CFO (Chief Financial Officer)
As the top financial executive, CFOs earn an average salary of $136,100. With substantial experience, salaries can reach $200k+.
Vice President of Finance
Similar to a CFO role, VPs of finance oversee accounting, reporting, budgeting and more, earning around $138,600 on average.
Can you make 6 figures in accounting?
Yes, it is possible to make six figures in the accounting field, especially as you gain more experience and advance to higher positions. Here is some additional information:
Entry-Level Salaries
According to Glassdoor, the typical starting salary for an entry-level accountant is around $49,284 per year. While this is decent pay, especially right out of college, it is below the six-figure threshold.
Career Progression
As you gain skills and progress through different accounting roles, your earning potential increases significantly:
- A Senior Accountant with 5-9 years of experience earns an average salary of $73,256.
- An Accounting Manager with 10-20 years of experience earns around $97,957 per year.
- A Controller with over 20 years of experience can earn $140,172 on average.
- A CFO or Chief Financial Officer can make $208,749 per year or more.
So while entry-level accountants may start below six figures, there is ample room for growth into the six-figure salary range as you advance in your career and take on higher levels of responsibility. Gaining certifications like a CPA license can also boost salaries.
Location Matters
Some regions and cities also tend to pay accountants higher salaries. For example, accountants in major metro areas like New York City and San Francisco can earn 20-30% more than the national averages for their positions.
So in summary, breaking into the six figure salary range is definitely achievable for accountants who progress up the career ladder, specialize in high demand fields like audit or tax, obtain advanced certifications, and work in regions with a high cost of living. The earning potential over an entire career is quite promising.
What is the highest paid accountancy?
The highest paying accounting jobs are typically senior-level roles that require extensive education and experience. According to salary data, some of the top paying accounting positions are:
Economist
Economists analyze economic trends and data to provide financial guidance and strategy. They are generally required to have a master's degree or PhD and can earn well over $100,000 per year.
Chartered Accountant
Chartered accountants provide financial reporting, taxation, auditing, and consulting services. Obtaining the Chartered Accountant designation requires passing a series of rigorous exams. Their specialized expertise commands salaries of $100,000 or more.
Investment Consultant
Investment consultants help individuals and businesses make investment decisions by assessing financial situations and risk. Most positions require a master's degree and several years of experience. Average salaries exceed $100,000.
Portfolio Manager
Portfolio managers supervise investment portfolios for clients to produce returns while minimizing risk. Most portfolio manager roles require an MBA and CFA certification. Salaries can range from $80,000 for junior positions up to $200,000 for senior managers.
Forensic Accountant
Forensic accountants investigate white collar crimes such as fraud and embezzlement. An accounting degree and CPA are typical requirements. Extensive travel may be needed to gather evidence and testify in court. Salaries range from $70,000 to over $150,000.
The highest paying accounting roles require advanced education, professional certifications, and years of specialized experience. Those who achieve senior-level positions are compensated accordingly for their financial oversight and strategy.
Exploring the Landscape of Accounting Salaries in Washington
Accounting is a stable and lucrative career path in Washington, with salaries that can vary depending on location, experience level, and other factors. Here's an overview of accounting salary trends across the state.
Accounting Salaries in Washington: An Overview
The average salary for an accountant in Washington is $73,010 per year, which is slightly above the national average. However, salaries can range from $45,000 for entry-level positions to over $150,000 for CFOs and controllers at large companies.
Key factors that impact Washington accounting salaries include:
- Location - Salaries tend to be higher in urban areas like Seattle where the cost of living is higher
- Experience level - More years on the job generally lead to higher pay
- Industry - Accountants in tech, aerospace, and other large industries tend to earn more
- Credentials like CPA certification - CPAs command higher accounting salaries
Accountant Salary Seattle: Urban vs. Rural Compensation
The average accountant salary in Seattle is $81,550, which is 13% higher than the state average. By comparison, rural areas have lower salaries closer to the statewide median. Reasons for higher urban pay include:
- Higher cost of living in Seattle
- Greater presence of large corporations able to pay more
- High demand for accounting skills in the city
So accounting professionals can usually expect to earn good salaries in Seattle, whereas rural areas may pay 10-15% less for similar roles.
The Impact of Cost of Living in Washington on Accounting Salaries
The cost of living in any given Washington location has a direct impact on accounting salaries in that job market. Areas with higher costs of living have to pay more competitive wages to attract talent.
For example, Seattle is 33% more expensive than the national average, so accounting salaries are 13% higher than the Washington median. By contrast, rural cities with lower costs of living may pay below-average accounting wages.
As candidates evaluate job offers, they should factor in cost of living differences to compare real income potential between locations.
Senior Accountant Salary Washington: Experience Pays Off
As accountants gain more experience in Washington, their salaries rise substantially. Entry-level accountants make around $45,000, while senior accountants with 10+ years of experience can make up to $115,000.
In particular, the senior accountant salary Washington DC tends to be among the highest thanks to the number of government agencies and contractors in the metro area. Senior federal accountants can make $140,000+ with bonuses and benefits.
So over the course of an accounting career, Washington professionals can expect their persistence and hard work to be rewarded with steadily increasing pay.
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Salary Ranges for Accounting Jobs in Washington
Accounting is a stable and lucrative career path in Washington. Salaries vary based on experience level, education, certifications, and specializations. Here are the salary ranges for some common accounting roles:
Accountant Salary Entry Level: The Starting Line
Entry-level accountants in Washington can expect to earn:
- Accountant I - $45,000 to $65,000 per year
- Bookkeeping Manager - $50,000 to $75,000 per year
Those just starting out gain valuable experience to boost their salaries over time. Many enroll in training programs or pursue professional certifications while working.
How Much Does an Accountant Make with a Bachelor Degree
With a bachelor's degree in accounting or finance, typical salaries in Washington are:
- Staff Accountant - $55,000 to $75,000 per year
- Accountant - $60,000 to $85,000 per year
- Senior Accountant - $75,000 to $95,000 per year
Those with degrees from top schools or high GPAs can earn towards the higher ends of these ranges. Relevant internship experience also boosts earning potential.
Senior Accountant Salary Washington: Climbing the Ladder
With 5+ years of experience, accountants can earn:
- Senior Accountant - $80,000 to $110,000 per year
- Plant Accountant - $85,000 to $125,000 per year
- Financial Reporting Accountant - $90,000 to $140,000 per year
Many at this level pursue an MBA or CPA license to further specialize and increase salaries into six figures.
Specialized Accounting Roles: Niche Expertise Equals Higher Pay
CPAs and accountants with niche expertise in Washington can earn:
- Grants Accountant - $70,000 to $115,000 per year
- Investment Accountant - $90,000 to $150,000 per year
- Property Management Accountant - $80,000 to $120,000 per year
At senior levels, specialty accountants earn high five-figure and even low six-figure salaries. With proven expertise, many open their own firms or consulting practices.
Overall, accounting professionals in Washington enjoy competitive salaries at all levels, with abundant job opportunities and career growth potential over the long-term.
Accounting Salaries by Degree: Bachelor's vs. Master's
Accounting is a stable and lucrative career path in Washington, with salaries largely dependent on qualifications and experience. Those considering accounting careers have an advantage in the job market with strong educational credentials. We'll analyze how bachelor's and master's degrees impact Washington accountants' earning potential and advancement opportunities.
Accountant Salaries with Bachelor's Degree: Undergraduate Advantage
A bachelor's degree in accounting, finance, or related business fields is the typical entry point for most accountant roles. New undergraduates can expect Washington salaries between $45,000-$65,000, with variation across industries. Public accounting generally offers the highest starting wages near $65,000, especially at large national/international firms. Entry-level corporate accounting roles often start around $50,000.
With 2-5 years' experience, accountants with bachelor's degrees typically earn $60,000-$85,000 depending on their specialization and employer. For example, an Audit Senior Accountant may average around $75,000 in Washington.
Beyond competitive base pay, bachelor's degree holders also qualify for standard benefits like health insurance, retirement plans, paid time off, professional development stipends, and more with many employers.
Overall, a bachelor's degree combined with professional certifications like the CPA license offers financial stability, abundant job opportunities, and significant earnings potential in Washington accounting careers.
Accountant Salaries with Master's Degree: The Graduate Premium
Pursuing a master's degree, such as a Master of Accountancy (MAcc) or Master of Business Administration (MBA), can provide an extra edge for higher salaries and accelerated career growth.
Entry-level corporate accountants with a master's degree generally earn $55,000-$75,000 in Washington. At public accounting firms, starting salaries often exceed $70,000 with additional signing/performance bonuses.
Within 5 years, accountants with MAcc or MBA credentials can expect Washington salaries in the range of $85,000-$110,000. Some specialized roles like Finance Managers and Controllers average total compensation up to $150,000 with a graduate degree and experience.
Beyond the financial upside, a master's degree qualifies accountants for advanced positions like Chief Financial Officer much faster. The advanced conceptual and analytical skills also help secure leadership roles managing teams and high-priority initiatives.
In summary, a master's degree can be a strategic investment to maximize accountants' career potential in Washington's thriving and dynamic market. The advanced education pays dividends through higher salaries, accelerated promotions, and expanded responsibilities compared to bachelor's degree holders.
Accounting Job Growth and Outlook in Washington
The demand for accountants and auditors is projected to grow faster than average in Washington over the next decade. According to the Washington Employment Security Department, employment of accountants and auditors is expected to grow 14.5% statewide from 2020 to 2030, adding over 8,000 new jobs. This is nearly double the 7.7% projected growth rate for all occupations in Washington during that period.
Several key factors are driving this robust job growth:
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Economic expansion and business growth - As more companies launch or expand operations in Washington, there will be increased need for accounting and finance talent to support financial reporting, budgeting, payroll, tax compliance, and more. Major employers like Amazon, Microsoft, Boeing, Starbucks, and Costco are headquartered in the state.
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Regulatory changes - Evolving regulations around financial reporting, taxation, risk management, and cybersecurity necessitate additional accountants to ensure compliance. Recent laws like the Digital Good and Services Tax have created demand.
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Retiring accountants - As baby boomers retire over the next 10 years, there will be openings that need filled by a new generation. 25% of accountants in Washington are 55 or older currently.
Geographically, most job growth is concentrated around major business hubs, especially the Seattle-Tacoma-Bellevue metro area which accounts for over half of all accountants in Washington. Strong growth is also projected around Spokane, the Tri-Cities, Vancouver, Bellingham, Yakima, and Olympia.
These trends point to an excess of open accounting positions over qualified job seekers in coming years. This is positive news for aspiring accounting professionals entering the field, as it signals abundant opportunities, bargaining power over salary and benefits, job stability, and career advancement potential. It also underscores the necessity for employers seeking to hire and retain top talent in a competitive hiring landscape going forward.
Washington's Accounting Salary Data and Trends
Salary Data: Numbers Tell the Tale
The latest salary data shows that accountants in Washington earn competitive salaries. The average salary for an accountant is $70,940 per year. Entry level positions start around $45,000, while senior level accountants can earn over $100,000 per year.
Factors like education level, certifications, industry, and geographic location impact salaries. Accountants with a bachelor's degree earn approximately $65,000 on average. Those with a master's degree earn $75,000. CPAs tend to command the highest salaries based on their advanced expertise.
Accounting salaries in Seattle tend to be 10-15% higher on average than the state as a whole due to the concentration of large corporations and technology companies.
Pay Equity and Accounting Salaries in Washington
Washington has strong pay equity laws aimed at reducing gender and other biases that lead to pay gaps. These laws require equal pay for substantially similar work, allow open discussion of wages, and prohibit retaliation against employees who inquire about or discuss wages.
Within accounting specifically, data shows that women earn 96 cents for every dollar earned by men in Washington when comparing median salaries. While still a gap, this is better than the national average. Continued focus on equitable hiring and compensation practices can help close this gap entirely.
The Role of Benefits in Total Compensation for Washington Accountants
In addition to competitive base salaries, Washington accounting roles often come with attractive benefits packages. These typically include health insurance, retirement contributions, paid time off, work from home flexibility, professional development stipends, and more.
The value of benefits can make up an additional 15-25% of total compensation. Businesses leverage robust benefits offerings to attract and retain top talent in the competitive accounting job market. Factors like remote work capabilities and professional growth opportunities are popular with accounting professionals.
Navigating the Accounting Career Ladder in Washington
Accounting is a stable and lucrative career path in Washington, with salaries rising steadily from entry-level roles to the executive suite. Here's an overview of the accounting profession's career progression and earning potential in the state.
From Bookkeeper to CFO: A Career Path in Numbers
Bookkeeping Managers in Washington earn around $52,000 on average. With a few years of experience, accountants can progress to Plant Accountant roles averaging $68,000. From there, Financial Reporting Accountants take home $79,000 on average.
With 5-10 years under their belt and a CPA license, accountants can reach Senior Accountant positions with $98,000 salaries. Controllers act as financial leaders within organizations at $123,000 salaries. Ultimately, Chief Financial Officers earn $163,000 on average in Washington.
Senior Accountant to Controller: The Mid-Career Shift
The leap from Senior Accountant to Controller brings major bumps in both salary and responsibility. Controllers earn around $25,000 more on average than Senior Accountants in Washington.
As Controller, you lead the accounting department and oversee all financial operations. Key duties range from preparing budgets to managing accountants and bookkeepers and reporting to executives on company finances. The complex and strategic nature of the Controller role accounts for the significant salary increase.
Finance Director and Vice President of Finance: The Executive Suite
As professionals reach the pinnacle of the accounting career ladder, salaries reflect the increased scope and seniority of Finance Director and VP of Finance roles. On average, Finance Directors in Washington earn $145,000 compared to $98,000 for Senior Accountants focused on specialized tasks.
Like Controllers, Finance Directors and VPs of Finance act as financial leaders and report directly to C-suite executives like the CEO and CFO. They offer deep expertise guiding financial strategy, planning budgets company-wide, mitigating risks, and ensuring regulatory compliance. The substantial salary leap shows how strategic guidance gets rewarded at the highest levels.
Tips for Accounting Professionals Seeking Jobs in Washington
Washington state offers abundant job opportunities for accountants, but the competition can be fierce. By showcasing your specialized skills, networking strategically, and negotiating salaries effectively, you can land a lucrative accounting role.
Research the Job Market
- Use sites like the Bureau of Labor Statistics and Glassdoor to research salaries and openings for various accounting positions in Washington. Compare national averages to local rates.
- Identify growing industries like tech, healthcare, and construction that drive demand for accountants in the state.
- Check listings on sites like Indeed and LinkedIn to find open accounting jobs matching your credentials.
Highlight Specialized Expertise
- Emphasize niche experience in high demand areas like audit, financial reporting, payroll, or Excel wizardry.
- Obtain certificates and credentials like CPA, CMA, CIA to demonstrate advanced skills.
- Brush up on trending areas like RPA, analytics, and cloud-based platforms.
Expand Your Network
- Attend local accounting association meetings and conferences to connect with professionals.
- Join industry-specific groups on LinkedIn and Facebook to stay updated on news and openings.
- Talk to recruiters and headhunters to get insider perspectives on opportunities.
Negotiate Your Worth
- Research typical Washington salaries for your role, years of experience and credentials using sites like Salary.com and PayScale.
- Determine an appropriate salary range based on your specialized value proposition.
- During interviews, emphasize contributions you can make over what you’ll accept.
By developing targeted expertise, expanding your connections, and negotiating strategically, you can capitalize on Washington's strong demand for accounting professionals.
Conclusion and Key Takeaways
Accounting salaries in Washington state continue to grow at an impressive rate, driven by high demand and a competitive hiring environment. Key takeaways include:
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Washington ranks #4 in the nation for accountant salaries, with an average salary of $80,930. Seattle specifically boasts very high wages.
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Strong job growth is projected in the state, with a 12% increase in accounting roles expected through 2028. Openings for specialized positions like forensic accounting and investment analysis will be especially high.
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Factors fueling earnings growth include a hot technology sector, presence of corporate headquarters, sophisticated industries, and high cost of living.
With high pay, plentiful jobs, and excellent long-term prospects, Washington remains one of the top states for building an accounting career. Businesses seeking to attract top talent should prepare to offer competitive compensation packages.
