Tax accountant salaries are soaring, and that’s making potential job candidates take notice.
Current compensation trends for the highly sought-after skills in tax accounting, even for novices, offer lucrative opportunities to those interested in various accounting roles. That hasn’t always been the case, however.
Why tax accountant salaries are on the rise
Before the pandemic and the Great resignation, tax accountants suffered lackluster salaries that did little to inspire dedication to a career path in finance. Today, however, specialist skills in tax accounting are in demand more than ever, and tax accountant salaries have increased an eye-popping 25% for some positions in the industry.
Here are some numbers that reveal compensation in corporate and public accounting roles:
- Entry-level tax accountant: $56,500
- Tax accountant (1-3 years of experience): $76,000
- Senior tax accountant: $93,250
- Tax manager: $119,000
- Entry-level tax accountant: $50,250
- Tax accountant (1-3 years of experience): $61,500
- Senior tax accountant: $75,500
- Manager of tax services: $110,000
These numbers vary according to experience and geographic location. For example, an entry level corporate tax accountant in Austin, TX, has a midpoint salary of $62,715. In Columbus, OH, the midpoint salary is $55,370, and in New York City, it’s $79,383.
By comparison, a senior tax accountant midpoint salary is $103,508, $91,385,and $131,016, respectively in each of the above locations.
Salaries aren’t the only benefits tax accountants are reaping. Hiring firms are sweetening their offers with options for flexible scheduling, bonuses, remote work options, expanded paid leave benefits, and a host of other incentives to make candidates look long and hard at potential positions.
Supply and demand drives the impetus
A decade ago, hiring companies witnessed a peak in available accountants. Universities just graduated enormous numbers of tax experts, and the workforce burgeoned with tax professionals. Since then, many of these tax professionals have taken retirement or switched careers to pursue better opportunities.
With fewer available accountants, companies have been willing to pay more to attract and retain the best professionals in the industry.
Specialization has also created a need for tax accountants and CPAs in areas such as:
- Internal auditing
- Forensic audits
- Public accounting
- Corporate accounting
- Tax management
- Enterprise resource planning management
Meeting candidates’ requests for higher salaries and greater perks can’t last forever. Eventually, the bubble will burst, so there’s never been a better time to make your move as a tax accountant.
If increased tax accountant salaries have made you curious, or you’re considering a career change, there’s never been a better time to work with a professional tax accountant recruiter.
Contact Russ Hadick and Associates
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