Most professionals would agree that determining accurate salary information for a career path is challenging yet important.
Well, through an in-depth analysis of key data, this article promises to provide a comprehensive overview of accounting salaries specifically in Wisconsin, including how factors like location, firm size, certifications, and experience level impact compensation.
You'll see a detailed breakdown of accountant pay at both entry-level and senior statuses across the state's major metro areas, along with strategies to maximize earnings potential as an accountant in the Badger State.
Introduction to Accounting Salaries in Wisconsin
Accounting is a stable and lucrative career path in Wisconsin. As the dairy state's economy continues to grow, there is increasing demand for qualified accounting professionals in various industries. This section provides an overview of accounting salaries, job prospects, and cost of living considerations for accountants in Wisconsin.
Exploring the Cheese State's Accountant Salary Landscape
According to the Bureau of Labor Statistics, the average annual salary for an accountant in Wisconsin is $77,430, several thousand dollars above the national average. With over 1,000 open accounting positions listed on job sites, there is strong hiring demand across sectors like manufacturing, healthcare, insurance, and government. Entry-level accountants earn approximately $47,000, while senior-level accountants take home $90,000+ per year on average.
Salaries can vary depending on factors like location, firm size, certification level, and specialty. Accountants in major metropolitan regions like Madison and Milwaukee earn higher wages than those in smaller towns. Public accounting firms and large corporations tend to pay more than small businesses. CPAs command greater compensation than non-certified accountants. And forensic accountants or IT auditors usually make more than general ledger accountants.
Cost of Living and Its Impact on Accountant Compensation
Wisconsin's cost of living is 9% below the national average, allowing accounting salaries to stretch further. While wages are often lower than coastal states, midwestern affordability offsets this gap. As per Payscale's cost of living calculator for Wisconsin accountants:
- A $75,000 salary adjusted for cost of living is worth:
- $102,500 in New York City
- $90,000 in Los Angeles
- $86,250 in Washington, DC
So accounting professionals can enjoy a very comfortable standard of living in Wisconsin compared to other states. This can translate into home ownership, leisure spending, college savings, and retirement planning.
With strong job growth and economic stability, Wisconsin offers accountants competitive salaries and high quality of life for the money. The state provides good opportunities for accounting professionals across various specializations.
How much do accountants make in Wisconsin?
Accountants in Wisconsin earn competitive salaries, with plenty of room for growth and advancement. Here's a breakdown of common accounting wages across the state:
Annual Salary
- Top 25% (75th Percentile): $62,100
- Average: $52,162
- Bottom 25% (25th Percentile): $44,400
Hourly Wage
- Top 25% (75th Percentile): $30
- Average: $25
- Bottom 25% (25th Percentile): $21
As you can see, Wisconsin accountants make a median salary of $52,162 per year or $25 per hour. Those in the top quartile earn upwards of $62,100 annually ($30/hour), while entry-level accountants start around $44,400 per year ($21/hour).
With experience and credentials like a CPA license, accountants can quickly move into higher salary brackets. Directors of accounting services can make over $100k in the state.
Overall, accounting is a stable, well-compensated profession in Wisconsin. The state's low cost of living coupled with competitive wages makes it an attractive place for accountants to launch their careers. Major employers like manufacturing, healthcare, insurance, and tech companies offer ample job opportunities as well.
What is the best accounting pay?
The highest paying accounting jobs are typically in executive leadership roles or specialized technical positions. According to salary data, some of the best accounting pay includes:
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CFO: The Chief Financial Officer is the highest ranking financial executive. CFO salary ranges from $141,000 to $400,000 per year.
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Audit Partner: Partners at major accounting firms oversee audits and manage client relationships. Their average salary is $215,000 to $360,000.
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Paymaster: In unique cases like entertainment studios, paymasters handle payroll and payments. They earn $31,000 to $350,000 per year.
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Chief Accounting Officer: The CAO manages all accounting operations and financial reporting. Average salary is $131,000 to $278,000.
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VP of Finance: The Vice President of Finance oversees the finance department and advises executives. Average pay exceeds $200,000 per year.
Other lucrative accounting roles include Fund Controller, Finance Manager, and Chief Accountant. These positions pay over $100,000 on average.
The highest salaries require extensive experience and credentials like a CPA license. But even entry-level accountants make a respectable median wage of $63,000 per year. With hard work and dedication, an accountant's pay can grow substantially over their career.
What accounting firms pay the most?
The largest accounting firms, often referred to as the "Big 4", typically pay higher salaries than smaller firms. According to salary data, here is how the Big 4 firms compare in terms of compensation:
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Deloitte - Tends to pay the highest salaries for consulting positions. Deloitte consulting offers total compensation packages at the associate level averaging $95k.
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PwC - Offers the highest pay for auditing and tax services. The average base pay for an audit associate at PwC is $68k, going up to $75k for tax associates.
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EY - Competitive salaries but tends to land in the middle of the Big 4. The average first year associate makes $60k in assurance services.
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KPMG - Slightly lower compensation than the other Big 4 on average. For example, first year audit associates earn approximately $55k.
While the Big 4 offer lucrative salaries overall, some specialty firms can compete or even exceed Big 4 pay in certain niches like forensic accounting and restructuring services. Beyond the size of the firm, factors impacting salary include location, years of experience, specific service line, and employee performance. But generally speaking, Big 4 firms pay higher due to their resources, prestige and high revenue. Among them, Deloitte consulting and PwC's audit/tax practices tend to be the most generous.
Who pays accountants the most?
The top-paying industries for accountants based on average salaries include:
- Finance and insurance: $83,000
- Management of companies and enterprises: $81,000
- Accounting, tax preparation, bookkeeping, and payroll services: $79,000
- Government: $77,000
These industries tend to pay accountants higher salaries on average because:
- They handle large amounts of financial data and transactions
- There are complex accounting and compliance requirements
- Accuracy and expertise is highly valued
For example, accountants working in finance and insurance help companies track investments, manage risk, and ensure financial stability. The stakes are high so compensation is greater.
Similarly, accountants in upper management positions at large companies take on significant responsibility planning finances across the organization. Their accounting expertise guides high-level decision making and strategy.
Within accounting firms, CPAs who prepare complex corporate tax returns and audits bill at higher rates due to their specialized skills and designations.
Government accountants manage budgets and regulations for public programs and entities. Their role safeguarding taxpayer funds is critical.
In summary, the industries relying heavily on accounting to manage risks, investments, compliance, budgets, and strategy offer the highest salaries on average. The specialized skills, credentials, oversight, and decision making authority commanded in these roles drive top tier compensation.
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Entry-Level to Senior Accounting Salaries in Wisconsin
Accountant Salary Entry Level: The Starting Line
Entry-level accountants in Wisconsin can expect average starting salaries around $45,000 per year. This figure varies depending on factors like education level, company size, industry, and geographic location within the state. Those with bachelor's degrees tend to earn higher starting wages closer to $50,000, while associate degree holders see lower end offers near $40,000 annually. Bigger companies and firms generally pay more upfront, with smaller businesses averaging around $42,000 for beginners. Entry wages also differ throughout Wisconsin - higher in metropolitan areas like Madison and Milwaukee versus rural regions.
Overall, entry-level accounting salaries range from $38,000 on the low end up to $52,000 for top performers with the right credentials and workplace. New accountants can boost their earnings potential by specializing in high-demand fields like auditing or taxation. Pursuing higher education and professional certifications like the CPA also lead to better compensation offers when starting out.
Climbing the Ladder: Senior Accountant Salary Wisconsin
With several years of experience under their belt, accountants in Wisconsin can progress to senior roles earning over $70,000 per year on average. Those working for major corporations and large accounting firms see some of the top wages - around $85,000 annually for senior positions. At smaller companies, senior accountants make approximately $68,000. Geographic location continues to impact salary at this level, with major urban areas paying nearly $10,000 more than rural parts of the state.
Beyond the base salary, senior accountants often qualify for bonuses, profit sharing, and other monetary incentives not always available to entry-level employees. As they advance into managerial and executive functions, earnings can surpass $100,000 per year. Overall, the career trajectory for accountants in Wisconsin is quite positive thanks to steady demand.
Company Size and Salary Correlation
In accounting, larger companies generally pay higher salaries at all levels compared to small businesses. Entry-level accountants at big corporations earn approximately $48,000 in Wisconsin, while those at small firms make around $41,000 annually. The gap widens for more advanced roles - senior accountants at big companies can see wages of $82,000 versus $63,000 at small businesses.
The increased resources, job complexity, and greater workload placed on accountants at large corporations usually necessitates better compensation overall. Small businesses face more budget constraints and have fewer high-level positions, limiting earning capability. However, accountants may receive more personal growth opportunities at smaller firms.
Geographical Influence on Accountant Salaries
Within Wisconsin, accounting salaries vary significantly based on geographic location and cost of living in different cities and regions. Accountants in major urban areas like Madison and Milwaukee earn 10-15% higher pay across all levels compared to rural parts of the state. More job opportunities also concentrate around these large business hubs.
Specifically, average entry-level salaries in Milwaukee reach $48,000, while rural central Wisconsin sees lower starting wages around $41,000 annually. For senior accountants, this geographical discrepancy widens - with $82,000 as the norm in Madison but just $68,000 in less populated cities. The higher costs of living and working in metropolitan regions contribute to the salary differences witnessed statewide.
Certifications and Their Impact on Accounting Salaries
CPA Certification: A Gateway to Higher Earnings
The CPA (Certified Public Accountant) credential is widely considered the gold standard in accounting certifications. Obtaining a CPA can significantly boost an accountant's salary potential and career advancement opportunities in Wisconsin.
Here are some of the key benefits of earning a CPA for Wisconsin-based accountants:
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CPAs command much higher salaries - According to PayScale data, CPAs in Wisconsin earn median salaries of $73,205, nearly 25% higher than accountants without a CPA ($58,479 median).
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More opportunities for career growth - CPAs are viewed as accounting leaders and experts. This opens up more senior-level job opportunities like CFO, Controller, Audit Partner, etc.
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Increased demand and job stability - CPAs are highly sought-after by public accounting firms and corporations. Passing the CPA exam shows commitment and skill.
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Ability to advance faster - On average, CPAs get promoted quicker than non-CPA accountants. Becoming a CPA is a fast-track for management-level positions.
Overall, the CPA credential enables accounting professionals to maximize their earnings potential and advance their careers much further in Wisconsin's job market. It's an invaluable investment for any accountant seeking higher salaries and leadership roles down the road.
The Value of Additional Accounting Certifications
While the CPA is the most prestigious, other certifications can also boost an accountant's salary and in-demand status in Wisconsin.
Some other popular credentials include:
- CMA (Certified Management Accountant)
- CIA (Certified Internal Auditor)
- CISA (Certified Information Systems Auditor)
- CGMA (Chartered Global Management Accountant)
Here are some benefits these certifications offer:
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Increased niche specialization - Each focuses on a specific accounting field like management accounting, auditing, systems, etc. This specialization makes candidates more hireable.
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Starting salary boost - Entry-level accountants with certifications can earn $5,000+ higher starting salaries on average, according to Robert Half.
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Separates from competition - Certifications help junior candidates stand out from the crowd during the job hunt.
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Qualifies for senior roles - Some advanced accounting jobs require specific certifications as a prerequisite for applying.
So while the CPA remains the gold standard, other accounting credentials also carry significant weight. They enable professionals to develop niche expertise while commanding higher salaries. For accountants in Wisconsin seeking to get ahead, it pays to consider certification beyond just the CPA.
Accounting Salaries Across Wisconsin's Major Cities
Wisconsin features diverse job markets across its major metro areas, leading to some variation in accounting salaries. However, the state provides competitive wages overall thanks to its low cost of living and business-friendly tax policies.
Milwaukee: A Hub for Accountant Salaries
As Wisconsin's largest city, Milwaukee offers a robust job market and above-average salaries for accountants. Average pay exceeds $65,000 for entry-level roles and climbs to over $90,000 for senior and managerial positions. The city provides opportunities across industries like manufacturing, healthcare, finance, and more. However, the higher cost of living compared to other Wisconsin cities should be factored in.
Madison's Market: Accounting Salaries in the State Capital
Madison features a large presence of government agencies along with the University of Wisconsin's accounting programs. This creates strong demand for specialized accountants earning $60,000 to $80,000 on average. Candidates with CPA certifications or advanced credentials can push into the six-figures at consulting firms and tech companies. The education levels and younger demographics also make Madison one of Wisconsin's more expensive areas overall.
Comparing Salaries in Green Bay, Appleton, Racine, and Kenosha
Salaries within these mid-sized metro areas tend to land between Milwaukee and some of Wisconsin's rural markets. Green Bay and Appleton benefit from manufacturing, agriculture, and tourism while Racine and Kenosha lie within metro Chicago's orbit. Entry-level accountants earn around $50,000 on average, with senior managers reaching up to $80,000 at many companies. Factoring in the lower cost of living, these cities provide very comfortable wages relative to the national scale.
How Much Does an Accountant Make with a Bachelor Degree
Accountants with a bachelor's degree can expect competitive starting salaries in Wisconsin, with strong potential for earnings growth over time. While pay varies by factors like location and experience, the median salary for an Accountant I with 0-1 years of experience is approximately $45,000.
Accountant I Salaries with a Bachelor's Degree
Entry-level accountants in Wisconsin holding undergraduate business degrees typically start between $40,000 and $50,000 per year. Those working in major metropolitan areas may earn towards the higher end, while rural accountants tend to fall on the lower end of the range. With 2-4 years of experience, Accountant I salaries usually increase to $50,000 - $60,000 annually.
Beyond starting pay, a bachelor's degree sets up accountants for long-term advancement. Many aim for higher certifications like a CPA license down the road, boosting their expertise and salary potential. Overall, a solid undergraduate foundation creates room to take on more complex accounting work over time.
Advancing with Education: Master's and Beyond
Pursuing a master's degree or MBA can fast-track accountants to higher positions and pay grades. Those with advanced credentials may start between $55,000 and $75,000 depending on their specialization and location. The highest salaries usually go to CPAs or accountants with financial reporting expertise needed for executive-level accounting roles.
Ongoing education shows commitment to the field and prepares accountants for leadership duties. Over a long-term career, advanced degrees commonly translate to $15,000 - $30,000 higher salaries compared to only having a bachelor's. The right mix of education and experience unlocks six-figure earnings potential for high-performing accounting professionals.
Accountant Salary Per Hour: Understanding Hourly Wages
Hourly wages for accountants in Wisconsin can vary significantly depending on factors like education, experience, certification, and role. Here's a breakdown of typical hourly earnings.
Part-Time Versus Full-Time: Hourly Earnings Compared
Part-time accountants in Wisconsin generally earn $15-25 per hour, depending on their skills and background. Those with more experience or specialized expertise may earn up to $35 per hour.
Full-time accountants earn significantly higher hourly wages, typically $25-45 per hour. More senior roles like controllers and CFOs can earn $50-100 per hour and up. The key factors determining full-time accountant hourly pay include:
- Education level - CPAs and those with advanced degrees earn more
- Years of experience
- Specialized skills and certifications
- Size of organization and industry
In general, full-time accountants earn much higher hourly wages than their part-time counterparts. However, overtime pay regulations can influence total compensation.
Overtime Pay and Accountant Salaries
Most full-time accountants in Wisconsin are exempt from overtime pay requirements. However, some junior roles classified as non-exempt may qualify for 1.5x hourly wages for overtime hours worked beyond 40 hours per week.
Overtime policies vary by organization. Some may pay straight hourly wages for extra hours without an overtime premium. Others restrict excessive overtime work altogether.
In general, overtime does not significantly impact salaries for most accountants. However, non-exempt entry-level roles may benefit from extra hourly earnings for taking on additional hours.
Conclusion: Synthesizing Wisconsin's Accounting Salary Insights
Wisconsin Accounting Salaries: A Recap
Accounting salaries in Wisconsin offer competitive compensation, especially in major metropolitan areas like Madison and Milwaukee. Key factors influencing accountant pay include:
- Education level - Accountants with advanced degrees tend to earn higher salaries.
- Certifications - Obtaining the CPA license leads to increased earnings potential.
- Industry - Accountants in certain sectors like tech and finance tend to earn more.
- Experience - Salaries rise with years on the job and responsibility level.
- Firm size - Big accounting firms pay more on average.
Overall, Wisconsin provides a strong job market and earning potential for qualified accounting professionals across experience levels.
Strategies for Accountants to Maximize Earnings
To maximize salaries in Wisconsin's accounting job market, professionals should:
- Obtain CPA certification to showcase advanced skills.
- Pursue continuing education to stay updated on the latest standards and technology.
- Gain specialized experience in high-paying industries like finance and technology.
- Take on progressive responsibility and leadership roles.
- Build expertise in high-demand skills like data analytics.
- Negotiate pay during hiring by researching typical wages.
Following these tips can help accounting professionals advance their careers and reach their full earning potential in Wisconsin's accounting field.
