Finance Salaries in South Carolina

Finding accurate data on finance salaries in South Carolina can be challenging for professionals.

This article provides a comprehensive overview of typical compensation ranges across various roles in the accounting and finance industry within South Carolina, including entry-level salaries, pay for managers and controllers, as well as CFO compensation.

You'll discover average wages in major metro areas like Charleston, Columbia, and Greenville, along with actionable tips to effectively negotiate your salary and understand your true market value.

Introduction

South Carolina offers an attractive environment for accounting and finance professionals. With business-friendly policies, economic growth across key industries, and increasing demand for financial services, the state presents exciting opportunities within the accounting job market. This section provides an overview of South Carolina's economy and highlights the expanding need for accounting talent.

Overview of South Carolina's Economy

• South Carolina has a pro-business environment, with low corporate taxes, right-to-work laws, and incentives for companies. Major industries like manufacturing, tourism, and agriculture are fueling economic expansion.

• The state GDP has grown steadily over the past 5 years. Several large corporations have headquarters or major operations located in South Carolina.

• This business growth is driving demand for financial and accounting services. Companies need expertise in areas like payroll, tax preparation, auditing, and reporting to support their operations.

Accounting Job Market in South Carolina

• According to recent labor statistics, there are over 5,000 open accounting and finance job postings in South Carolina. Common roles include staff accountants, financial analysts, controllers, and CFOs.

• Major employers hiring accounting professionals include large corporations like Boeing, BMW, Volvo, and Michelin. Top accounting firms also have a strong presence.

• Projections estimate a 5-10% increase in accounting salaries over the next 5 years. This outlook combined with South Carolina's low cost of living makes it an appealing destination for accounting talent.

Average Salaries for Accounting Roles

Accounting is a stable and lucrative career path in South Carolina. As businesses and organizations in the state continue to grow, the demand for qualified accounting professionals remains high across various industries. Understanding average salary ranges can help job seekers negotiate fair compensation when exploring new career opportunities.

Entry-Level Accounting Salaries

Entry-level accounting salaries in South Carolina typically range from $35,000 to $55,000 per year. Key roles and corresponding salary ranges include:

• Staff Accountant ($38,000 - $52,000): Supports day-to-day accounting operations like A/R, A/P, journal entries, reconciliations, and financial reporting. Generally requires a bachelor's degree in accounting or finance.

• Accounting Clerk ($35,000 - $43,000): Handles routine tasks like processing invoices, recording transactions, verifying records, and preparing statements. May only need some college coursework or an associate's degree.

• Bookkeeper ($36,000 - $47,000): Oversees accounts payable/receivable, payroll, ledger reconciliations, and fixed asset tracking. Usually necessitates an associate's or bachelor's degree.

• Accounting Associate ($40,000 - $48,000): Assists with month-end close, account analysis, general ledger maintenance, and audit prep. Bachelor's degree preferred but relevant experience may suffice.

Salaries for Accounting Managers and Controllers

With 3-5 years of experience, accountants can progress into managerial roles with average salaries between $65,000 and $115,000:

• Accounting Manager ($65,000 - $95,000): Leads a team handling A/R, A/P, payroll, budgeting, compliance, and reporting for an organization. Requires a CPA license in most cases.

• Controller ($85,000 - $115,000): Oversees all accounting functions including financial statements, forecasting, cash flow, systems, and policy. Generally necessitates an active CPA license and 5+ years of management expertise.

Higher salaries are attainable in fast-growing industries like technology, construction, and manufacturing. For example, a Controller at a mid-sized tech firm can earn $125,000 - $145,000 on average.

CFO Compensation Packages

Chief Financial Officers enjoy lucrative salary and bonus packages commensurate with their vast responsibilities. Base salaries range from $150,000 to over $300,000 based on the size of company revenues and assets:

• CFOs in organizations with <$50 million in revenues earn around $150,000 - $225,000.

• For firms with $50-$500 million in revenues, CFO pay jumps to an average of $240,000 - $325,000.

• CFOs commanding total compensation of $350,000+ typically oversee businesses with billions in assets and complex global operations.

Significant cash bonuses and equity in addition to base pay enables some Fortune 500 CFOs to earn multi-million dollar total compensation. South Carolina's business-friendly environment will continue fueling CFO career opportunities and earning potential.

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Top Paying Metro Areas

Charleston, SC offers attractive salaries for accounting professionals, especially in industries like hospitality and manufacturing. Average pay can reach $70,000-80,000 for roles like Controller and CFO. However, the relatively high cost of living dampens some of the earnings potential.

Charleston, SC Metro Area

Accounting salaries in the Charleston, SC metro area vary by industry. For example:

• Hospitality: $55,000 - $75,000
• Manufacturing: $65,000 - $90,000
• Real Estate: $50,000 - $70,000

Cost of living is about 5% higher than the national average, so adjusted incomes are slightly lower.

Columbia, SC Metro Area

As the state capital, Columbia has many government and university accounting jobs offering competitive pay:

• State Government: $50,000 - $80,000
• University of South Carolina: $55,000 - $95,000

The lower than average cost of living allows salaries to go further compared to other regions.

Greenville, SC Metro Area

Major industries in Greenville like manufacturing, construction, and technology pay accountants well:

• Manufacturing: $70,000 - $100,000
• Construction: $60,000 - $90,000
• Technology: $75,000 - $110,000

The growing region has a cost of living about equal to the national average.

Salary Negotiation Tips

Research Typical Salary Ranges

It is important for accounting and finance professionals to research typical salary ranges for comparable positions in their location before entering into salary negotiations. This provides a benchmark to set reasonable expectations. Resources to determine market salaries include:

• Salary comparison sites like Glassdoor, PayScale, Salary.com
• Checking job listings to see salary ranges
• Networking with professionals in similar roles

By understanding the market rate for their skills, experience, and credentials, professionals can determine an appropriate salary request when negotiating job offers.

Understand Your Value

Beyond market research, accounting and finance candidates should assess their unique value to quantify their worth. Factors to consider include:

• Years of experience in various accounting functions and systems
• Specific credentials like CPA, CMA, CIA certifications
• Advanced expertise in high-demand areas like analytics, planning, taxation
• Leadership roles and management experience

Documenting these tangible assets along with career achievements and impact builds negotiation leverage. Professionals can benchmark their capabilities against salary data to justify higher pay requirements.

Get Multiple Offers

Securing multiple job offers simultaneously enables aggressive salary negotiation tactics. With competing proposals, professionals can convey the best attributes of each offer to elicit counteroffers. This creates bidding tension between employers that tends to drive salaries upward.

Platforms like Vintti simplify the process of identifying and qualifying for multiple job opportunities in parallel. By expanding options, accounting and finance candidates place themselves in an optimal negotiating position to maximize salaries.

Conclusion and Summary

The job market and economy in South Carolina continue to expand, creating ample opportunities for accounting and finance professionals. As highlighted in this article, average salaries for these roles tend to be lower than national averages, but the lower cost of living in South Carolina offsets much of this difference.

Here are some final tips for accounting professionals looking to maximize their career potential in South Carolina:

• Consider specializing in an in-demand niche like auditing, budget analysis, or financial reporting to stand out and command higher compensation.
• Obtain and maintain up-to-date credentials like a CPA license to validate your expertise.
• Be willing to take on leadership roles or manage teams/projects to advance into higher pay brackets.
• Research salaries thoroughly and negotiate firmly, but fairly, to earn strong compensation.
• Continue developing relevant skills and specializations - the accounting field rewards expertise and experience.

With an attractive combination of economic growth, reasonable living costs, and plentiful job opportunities, South Carolina offers a promising environment for accounting and finance professionals to build their careers and earning ability over the long-term.

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