Being the financial capital of the world, every accountant dreams of working in New York City. The city is home to various powerful financial institutions like the Federal Reserve Bank, New York Stock Exchange, and many others. Citibank and American Express, the world’s biggest credit issuers are also placed there. All these companies and big names fascinate every accountant to work in this city. For this reason, we have prepared this guide to make you aware of how much do accountants make in NYC. So that, you get a clear picture of your designation.
For accountants, New York is heaven because of the huge hub of international accountants. It is the place where the accountant rules like a king. If we talk about some of the powerful companies then all are placed here in this city. IBM, The Hearst Corporation, Sony Corporation of America, Pfizer pharmaceuticals all these big names have also occupied their headquarters in New York. With this vast range of organizations, you can get lots of opportunities to enhance your skills. What could be better than this? You could work on any of the heaviest hitters like Merrill Lynch, American International Group (AIG), and The Dreyfus Corporation, etc.
Rather than these, you will find lots of other big opportunities in this dynamic city. There is no limitation to variance in this particular field. If you are a student of Accountancy and want to get your dream job in New York then you must have a bachelor’s or master’s degree with 150 semester hours of college credit. Along with that, you need to qualify for the Uniform CPA exam and get one year of experience as a Certified Public Accountant.
How much do Accountants Make in NYC?
After getting a quick glimpse of all the opportunities that you will get in NYC as an accountant, it’s time to learn about employment and salary status. If you are connected with forensic accounting then you must need not be worried. As your value will not be diminished and you will continue to be in high demand.
If we take the data from the Bureau of Labor Statistics (BLS) then, accountants can earn around a median salary of $89,210. Which makes it the second-highest-paid profession as of May 2020. Moreover, the city is the second-highest concentration of accountant jobs in the nation.
New York will offer new openings for about 13,350 accountants. So, if you want to include it in that list of accountants then check out the admission process and get your dream job. Well, this is just a figure-based fact that we will present to you. You can get in detail about services, and the earning in the next section. We have included there all types of accountants with their salaries in different positions. So, keep reading.
Salaries of Various Accountants in NYC
As of now, we have tried to provide a door of opportunities opened for you in New York. with different specialized roles in different firms, you can establish your career here. In order to motivate you in creating your world, we have included this section. From there, you will familiarize yourself with salaries given to an accountant for a particular field. So, let’s continue.
Corporate Staff Accountants, Accounting Clerks, and Bookkeepers
Companies in New York have accountants from entry-level staff to senior level. Also, you can earn around $36,940 which equals to 25th percentile. If you gain some more experience in this field then you can earn upto $47,350. The accountant occupying senior-level positions can take up the salary at the pay scale of 75th to 90th percentile which means $59,510 to $71,340.
Controller and Financial Managers
You can have the earning of around $201,920. If you are at a median level of Controller Managers. Not only that, the BLS has articulated that an accountant can earn more than $208,800 if he/she falls into the 75th percentile.
Well, Controllers are the experts in this field. They can manage regulatory compliance and fiscal responsibility in the corporate environment. Moreover, their salaries can still be the same at $199,230 as stated
Forensic Accountants have the capability to do the skill set to the financial services industry. That will help in investigating and discovering fraud claims. That in turn brings a clear picture of the financial statement. Consequently, they can earn around $123,670 and $128,100 in the NYC metro area. You can become forensic accountants and take this amount to your home.
Accountants in Executive Roles
There is no denying that New York provides the highest salaries among auditors and accountants. BLS articulates that $218,720 is the average salary of accounting executives. However, if we talk about the different regions then $182,590 is given at the median level in the Buffalo region and $208,000 at the median level in metro areas.
CPAs and Auditors
CPAs perform various functions in this accounting industry. They are called the stars of the industry. The services that they provide include tax consulting, external audits, assurance services, and many other. The report of BLS shows that 10% of auditors and accountants can earn around $162,900. You must need to know that the average salary for auditors and CPA is somehow better at $165,410.
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Accountants’ Salaries in NYC and Non-Metro Areas
You must know that the Jersey City of New York comes first among the metro areas in providing employment to the level of auditors and accounts. Also, it appears second when it comes to paying accountants.
You can check out the table below to see the wages of different accounts in different areas.
|Area Name||Employment||Annual Median Wage|
|Central East New York nonmetropolitan area||890||63190|
|Capital/Northern New York nonmetropolitan area||700||64180|
|Southwest New York nonmetropolitan area||1180||65830|
|New York-Newark-Jersey City||119910||94380|
Salary of Tax Accountants in NYC
The tax preparers have some variation of around $30,000 salary from one metro area to the next. Look at the table below to know more about their earning figures.
|Area Name||Employment||Annual Median Wage|
|New York-Newark-Jersey City||4010||70170|
From this post, you may have an idea about the salary of different accountants in New York City. We hope that the article has helped and resolved all of your queries. However, if you need some more information regarding the role of accountants then make sure to read the post. Also, don’t forget to bookmark the site if you want to read more about the accounting world.