Accounting salaries, hiring on the rise in 2019
Staffing company Randstad USA has released its 2019 Salary Guide for accounting and finance professionals, detailing a wide range of salaries and hiring trends for professionals across the country.
The report noted that the accounting and finance industry will see a job growth rate of 10 percent this year, a "higher rate than the combined average of all other occupations" covered in the guide. But with the accounting unemployment rate (2.5 percent) lower than the national average (3.7 percent), employers will have to work twice as hard to land top talent.
"With so much competition over the same shrinking pool of talent, employers will need to act fast if they want to secure the market’s most sought-after candidates," the guide stated. "Yet, lengthy time-to-fill rates continue to impede that goal. Sixty percent of respondents to the Randstad Professionals survey reported that it takes between two to three months to fill a direct hire vacancy — and that’s much too long. Top finance and accounting talent is in high demand, and skilled candidates in these fields will have no shortage of options in 2019. To remain competitive this year, businesses should look to accelerate their hiring cycles as much as possible."
The salary guide breaks down compensation to entry-level, mid-level and senior-level categories for non-executive job titles, with each category representing one, five and 10 years of professional experience, respectively. For executive job titles, salaries are separated by small ($50 million in company revenue), medium ($100 million in revenue) and large ($250 million in revenue) companies.
According to the salary guide, an entry-level staff accountant is expected to make at least $57,074 this year, with mid-level and senior-level staff accountants expected to make at least $61,383 and $67,404, respectively. Associates in the public accounting space are expected to have a minimum salary of at least $56,665 as entry-level professionals and $78,647 at the senior level.
At the executive level, chief financial officers are expected to earn at least $170,990 at small companies and $228,874 at large companies.
"Organizations in search of finance and accounting talent need to prioritize the overall candidate hiring experience in order to attract and retain in-demand candidates," according to the guide. "Offering compelling benefits and competitive compensation will be necessary to stand out and secure skilled personnel in today’s tight talent market."
To download the salary guide, head to Randstad's site here.