is the salary of an accountant in New York State? //
New York is often called the financial center of the U.S. It attracts accountants who are looking for growth and higher salaries. New York is a great place to start if you are interested in finance. Its dynamic economy, busy metropolitan areas and diverse industries offer many opportunities. New York City is home to the Big Four accounting firms.
New York shines as one of the most lucrative state for accountants. The Bureau of Labor Statistics data shows that in 2022, the average annual salary of accountants in New York was 110,320 dollars. This is well above the national wage of $86,740. Remember that these figures may fluctuate depending on an individual’s level of experience, specialization, and certification.
New York is a state that attracts CPAs because of its attractive salary and many job opportunities.
Accountants and Auditors New York
Salary Average, 2022 $103,320
Source: BLS
Salary according to Experience
The experience of an accountant is a major factor in determining their salary. Professionals gain valuable expertise as they advance in their career. This can increase their earning power. A good performance can lead to a higher base salary, but also bonuses and other benefits.
Tables below illustrate the dramatic increases in compensation that accountants can expect to receive at various career milestones. These data show the financial benefits that come from time and dedication.
| Years of Experience | Average Annual Salary |
|---|---|
| Entry-Level ( | $52,000 |
| Early Career (1 to 4 years) | $61,000 |
| Midcareer (5-9 Years) | $68,000 |
| Experienced (10-19 Years) | $75,000 |
| Later Career (20+ Years) | $84,000 |
Source: Payscale
| Years of Experience | Average Annual Salary |
|---|---|
| Entry-Level ( | $41,000 |
| Early Career (1 to 4 years) | $51,000 |
| Midcareer (5-9 Years) | $61,000 |
| Experienced (10-19 Years) | $56,000 |
| Later Career (20+ Years) | N/A |
Source: Payscale
| Years of Experience | Average Annual Salary |
|---|---|
| Entry-Level ( | $41,000 |
| Early Career (1 to 4 years) | $47,000 |
| Midcareer (5-9 Years) | $51,000 |
| Experienced (10-19 Years) | $52,000 |
| Later Career (20+ Years) | $59,000 |
Source: Payscale
CPA vs. Accountant Salary New York
The education and certifications that an accountant has can have a significant impact on their income. Accountants with a Bachelor’s Degree in Accounting can typically expect to earn a good salary. Earnings can be increased by obtaining a CPA certification or a master’s.
It’s important to note that advancing your education or obtaining certifications are not decisions you should take lightly. Pros include higher earning potential, improved career prospects and specialized knowledge which can open doors into niche sectors. The cons could include the cost and time of additional education, as well as a career path with less flexibility.
| Education Level | Average Annual Salary |
|---|---|
| Accountant |
$63,830 |
| CPA |
$94,870 |
Source: Payscale
| Education Level | Average Annual Salary |
|---|---|
| Accountant |
$55,310 |
| CPA |
$72,660 |
Source: Payscale
| Education Level | Average Annual Salary |
|---|---|
| Accountant |
$59,210 |
| CPA |
$64,800 |
Source: Payscale
Cost of Living in New York
The higher than average cost-of-living in New York impacts the value of the accountant’s salary. Your income could just barely meet or exceed your increased living costs if you have a cost-of-living index score of 125.10. Many people find that the city’s vibrant life, cultural diversity, and professional opportunities are worth the higher cost.
New York Job Opportunities
Projections Central predicts that positions for accountants will grow by 16.5% in New York State between 2020 and 2030. This is much faster than the growth rate in accounts (6%) at national level. New York, with its diverse economy and presence of major corporations, is an excellent state for accountants seeking jobs.
In the next few years, the economic health of New York, the evolution of accounting regulations and the digitization in financial services could all influence the employability of an accountant. The demand for accountants with experience increases as industries change and grow.
| Job Availability | New York |
|---|---|
| Employment in 2020 | 121,960 |
| Average annual openings | 13,510 |
| The Employment Projections for 2030 | 142,070 |
| Employment Growth Projected for 2020-30 | 16.5% |
Source: Projections Central
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