What Is an Accountant's Salary in New York?
Updated October 18, 2023 · 4 Min Read
Credit: Walter Bibikow / Getty Images
New York, often referred to as the financial heart of the U.S., is a magnet for accountants seeking growth and high salaries. Thanks to its dynamic economy, bustling metropolitan areas, and diverse industries, New York offers vast opportunities for those ready to delve into the world of finance. The presence of the Big Four accounting firms, especially in New York City, paves the way for rewarding career paths.
New York shines is one of the most lucrative states for accountants. Data from the Bureau of Labor Statistics (BLS) indicates that the average annual salary for accountants in New York ($110,320) was well above the national average annual wage of $86,740 in 2022. Bear in mind, these figures can fluctuate based on factors like an individual's experience, specialty, and level of certification.
The prospect of an attractive salary and numerous job opportunities, makes New York an attractive state for aspiring CPAs.
Accountants and Auditors in New York
Average Annual Salary, 2022
$110,320
Source: BLS
Salary by Experience
Experience plays a critical role in determining an accountant's salary. As professionals progress in their careers, they cultivate invaluable expertise that can substantially increase their earning potential. Good performance can not only lead to higher base pay but also bonuses and additional benefits.
The tables below show the remarkable jumps in compensation at certain milestones in an accountant's career. This data highlights the substantial financial advantages that can come with time and dedication.
| Years of Experience | Average Annual Salary |
|---|---|
| Entry-Level (<1 year) | $52,000 |
| Early Career (1-4 years) | $61,000 |
| Midcareer (5-9 years) | $68,000 |
| Experienced (10-19 years) | $75,000 |
| Late Career (20+ years) | $84,000 |
Source: Payscale
| Years of Experience | Average Annual Salary |
|---|---|
| Entry-Level (<1 year) | $41,000 |
| Early Career (1-4 years) | $51,000 |
| Midcareer (5-9 years) | $61,000 |
| Experienced (10-19 years) | $56,000 |
| Late Career (20+ years) | N/A |
Source: Payscale
| Years of Experience | Average Annual Salary |
|---|---|
| Entry-Level (<1 year) | $41,000 |
| Early Career (1-4 years) | $47,000 |
| Midcareer (5-9 years) | $51,000 |
| Experienced (10-19 years) | $52,000 |
| Late Career (20+ years) | $59,000 |
Source: Payscale
CPA vs. Accountant Salary in New York
The level of education and certifications an accountant acquirs can significantly influence their income. Typically, accountants with a bachelor's degree in accounting can expect a solid salary base. However, pursuing a master's degree or achieving a certified public accountant (CPA) certification can potentially increase earnings.
That said, advancing one's education or earning certifications isn't a decision to make lightly. The pros include potentially higher earnings, enhanced career prospects, and specialized knowledge that can open doors to niche sectors. However, the cons might include the time commitment and costs of further education or certification, and a more focused career path that might offer 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
New York's higher-than-average cost of living impacts the value of an accountant's salary in the state. With a cost of living index score of 125.10 (vs. the national average of 100), your income may just meet or potentially exceed the increased living expenses. Despite these higher costs, many find the cultural richness, professional opportunities, and vibrant city life worth it.
Job Availability in New York
Projections Central projects positions for accountants in New York state to grow 16.5% between 2020 and 2030. This is a much faster than the national growth rate for accounts (6%). With its diverse economy, presence of major corporations and the financial hub of Wall Street, New York is a great state for accountants looking for jobs.
Several factors might influence an accountant's employability in New York in the coming years, including the state's economic health, evolving accounting regulations, and the digitization of financial services. As industries evolve and businesses grow, so too does the demand for experienced accountants who can navigate these changes increase.
| Job Availability | New York |
|---|---|
| 2020 Employment | 121,960 |
| Average Annual Openings | 13,510 |
| 2030 Projected Employment | 142,070 |
| Projected Job Growth, 2020-30 | 16.5% |
Source: Projections Central
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