Accounting Job Market and Salary Trends in 2024 - Russ Hadick (2024)

The accounting and finance industry is experiencing a period of robust growth, driven by a strong job market and rising salaries.

As businesses navigate a changing economic landscape, the demand for skilled accounting professionals continues to soar. Here are the latest trends shaping the accounting job market and salary outlook for 2024.

Booming Job Market

Employment prospects for accountants and auditors remain exceptionally bright. According to the U.S. Bureau of Labor Statistics (BLS), employment in this field is projected to grow by 7% from 2020 to 2030, adding 96,000 new jobs.The BLS expects that approximately 135,000 openings for accountants and auditors will emerge each year between now and 2030.

As the U.S. economy continues to expand, businesses require more financial professionals to handle reporting, auditing, and regulatory compliance.Additionally, the increasing globalization of businesses and the rise of public companies are fueling the need for accountants skilled in international transactions and regulatory procedures.

Salary Surge

Amid this high demand, salaries in the accounting industry are experiencing a significant upswing. In recent years, new hires in accounting and finance roles received compensation increases of 10-20%, with some even seeing staggering 50% or higher pay bumps.

The median annual salary for accountants was $80,560 in 2023, substantially higher than the average for all occupations. However, salaries can vary widely based on industry, location, and experience level. For instance, accountants in the finance and insurance sectors earned a median salary of $78,600, while those in management and enterprise roles commanded around $76,230. Public accounting roles, such as Tax Manager ($84,000-$110,000), Audit Manager ($88,000), and experienced staff/seniors ($42,000-$72,000), saw notable salary growth in 2023.Internal audit salaries are also on the rise, with IT Audit Senior positions averaging around $104,000 and Internal Audit Manager roles around $110,000.

Projected Salary Growth

Salary growth in the accounting field is expected to continue its upward trajectory in 2024. Roles like Accounting Manager, Corporate Controller, and Senior Financial Analyst are projected to see further salary increases as employers compete for scarce talent.

Addressing the Accountant Shortage

Despite the promising job market and salary trends, the accounting industry faces a significant challenge: a shortage of qualified professionals. This shortage has been exacerbated by declining numbers of accounting graduates and the tendency for public accounting employees to transition to corporate roles with more manageable workloads.

To attract and retain top talent, employers are offering competitive salaries, flexible work arrangements (including remote and hybrid options), and attractive benefits packages.Firms that fail to adapt to these changing workforce preferences may struggle to fill critical positions.

Conclusion

The accounting job market and salary outlook for 2024 remain highly favorable. As businesses continue to navigate economic complexities, the demand for skilled financial professionals will only intensify.

By staying attuned to these trends and offering competitive compensation and workplace flexibility, employers can position themselves to attract and retain top accounting talent.

Russ Hadick & Associates, Inc. offers expertise and solutions tailored to meet these challenges. Contact us to discover how we can connect you with top talent and innovative solutions to drive your business forward.