What Is an Accountant's Salary in Michigan?
Updated August 9, 2024 · 4 Min Read
Credit: Photo by Mike Kline (notkalvin) / Moment / Getty Images
Michigan, home to a robust economy and metropolitan areas like Detroit and Grand Rapids, offers an encouraging landscape for accountants. With a strong presence of the Big Four accounting firms and thriving automotive, healthcare, and technology industries, the state presents many opportunities for current and prospective accountants.
According to May 2022 Bureau of Labor Statistics (BLS) data, the average annual salary for an accountant in Michigan was $79,830. This figure compares favorably to other states, demonstrating its commitment to attracting and retaining top accounting talent.
Average accountant pay in Michigan is lower than the national average, but these professionals still earn strong salaries in the state. Explore our comprehensive CPA salary hub page for a broader perspective on accountant salaries nationwide.
Whether you're a professional considering a career shift or an aspiring accountant, Michigan offers a great landscape to start or advance your accounting career.
Accountants and Auditors in Michigan
Average Annual Salary, 2022
$79,830
Source: BLS
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Salary by Experience
Experience plays a significant role in an accountant's salary in Michigan and nationwide, with income often increasing over time. According to July 2023 Payscale data, entry-level accountants with less than a year of experience earn an average salary of $50,260.
However, an early career accountant with 1-4 years of experience sees this figure rise to an average of $52,630. This trend continues as accountants gain more experience and take on more responsibilities. As the tables indicate, there can be a stark jump in salaries between different experience levels.
Data from Payscale for three key cities in Michigan further illustrates this trend, highlighting the potential for increased earnings in the accounting field. Note: some of the profiles below relate to data compiled from fewer than 50 respondents.
| Years of Experience | Average Annual Salary |
|---|---|
| Entry-Level (<1 year) | $40,700 |
| Early Career (1-4 years) | $52,860 |
| Midcareer (5-9 years) | $57,950 |
| Experienced (10-19 years) | $56,620 |
| Late Career (20+ years) | $63,250 |
Source: Payscale
| Years of Experience | Average Annual Salary |
|---|---|
| Entry-Level (<1 year) | $40,680 |
| Early Career (1-4 years) | $49,150 |
| Midcareer (5-9 years) | $50,250 |
| Experienced (10-19 years) | $49,500 |
| Late Career (20+ years) | $49,000 |
Source: Payscale
| Years of Experience | Average Annual Salary |
|---|---|
| Entry-Level (<1 year) | N/A |
| Early Career (1-4 years) | $52,650 |
| Midcareer (5-9 years) | $62,740 |
| Experienced (10-19 years) | $65,000 |
| Late Career (20+ years) | $76,302 |
Source: Payscale
CPA vs. Accountant Salary in Michigan
Education level and certification status can substantially influence an accountant's salary in Michigan. Although an accounting degree provides a solid foundation, obtaining certified public accountant (CPA) credentials can lead to higher income. A CPA designation often signals advanced skills and expertise, which employers value and compensate accordingly.
However, you should carefully consider pursuing additional degrees or certifications. It can open up more job opportunities, increase salaries, and provide a competitive edge in the job market. However, education requires a significant investment of time and money.
For instance, becoming a CPA involves passing a rigorous exam, gaining work experience, and meeting state-specific requirements. Although this credential can lead to increased earnings, it requires a considerable commitment. Therefore, it's crucial to weigh these factors and consider your career goals before pursuing additional education or certifications.
| Education Level | Average Annual Salary |
|---|---|
| Accountant | $54,750 |
| Certified Public Accountant | $77,400 |
| Education Level | Average Annual Salary |
|---|---|
| Accountant | $50,160 |
| Certified Public Accountant | $61,800 |
| Education Level | Average Annual Salary |
|---|---|
| Accountant | $54,905 |
| Certified Public Accountant | N/A |
Source: Payscale
Cost of Living in Michigan
Cost of living is an important factor when evaluating an accountant's salary in Michigan. According to May 2022 World Population Review data, Michigan's cost of living index score was 91.3, below the national average of 100, meaning it's generally more affordable to live in Michigan than in many other states.
Though, on average, accountants in Michigan make less than the national average, the state's lower cost of living gives them more purchasing power. However, the cost of living can vary within the state, with larger cities typically being more expensive than smaller towns or rural areas.
Jobs in Michigan
The employment outlook for accountants in Michigan appears to be promising. Projections Central estimates that employment for accountants in the state will grow by 9% from 2020-2030, exceeding national projections for 2021-2031 in this profession.
Several factors may influence this positive trend. Michigan's diverse economy, which includes strong automotive, healthcare, and technology sectors, continually requires accounting services. Additionally, the presence of the Big Four accounting firms in the state's major cities provides opportunities for accountants.
| Job Availability | Michigan |
|---|---|
| 2020 Employment | 37,150 |
| Average Annual Openings | 3,740 |
| 2030 Projected Employment | 40,630 |
| Projected Job Growth, 2020-30 | +9% |
Source: Projections Central
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