Accounting professionals in the public accounting space should feel good entering the New Year, as average salaries have once again increased due to stiff hiring competition among firms.
According to staffing firm Robert Half and its 2019 "Salary Guide for Accounting and Finance Professionals," salary ranges have increased to attract and retain top professionals.
"The candidate market for public accounting has always been tight, and the competition among companies for top talent has only become tougher in the past year," the guide noted. "Firms are taking greater measures to retain their best performers and recruit new employees. They're offering higher salaries than their competitors, giving employees bonuses and more time off, and providing perks like flextime and assistance with day care costs."
Median salaries, in the 50th percentile, for those working in tax services all increased over the figures found in Robert Half's 2018 Salary Guide. Senior managers and directors are expected to have an average salary of $134,000 in 2019; up from $132,000 last year. Managers received a similar boost, expected to have an average salary of $104,000 compared to $102,000 in 2018.
Younger professionals also saw an increase in compensation. For those with one to three years of experience, 2019 offers an average salary of $57,500, an increase of $1,000 from 2018. New professionals with just up to one year of experience have an average salary of $47,000 this year, another $1,000 increase over last year.
"The best candidates won't wait around for a firm to make a decision," according to the guide. "Companies that move quickly to make a job offer can beat the competition when it comes to landing skilled professionals. At a time when talented financial professionals are hard to find, companies can't afford to lose a top performer. To ensure this doesn't happen, more firms are continuously benchmarking and adjusting salaries, doing more to prepare employees for advancement, and aiming to enhance work-life balance by offering flextime and remote work arrangements."
For the full salary guide, head to Robert Half's
