Accountants can earn a lucrative salary, especially if they work in the sub-sectors or cities or areas listed below.

On average, accountants and auditors earned a mean annual wage of $70,500, as of May 2018, according to the U.S. Bureau of Labor Statistics (BLS) report. Actual wages might be higher or lower, depending on industry and location, but they are well above the national median average for occupations.

Why Are Accountants Always in High Demand?

The lucrative salary is based on demand and makes accounting one of the best business jobs. “Few fields are as fertile as the domain of accounting,” said Robert Valli, Dean of the LIU Post College of Management in Old Westbury, N.Y., who added that accounting is, in his opinion, recession-proof.

“Companies need an audit if the economy is growing, and companies need an audit in a recession," Valli said. "Everyone needs to do their taxes. Accounting offers great all-weather positions, and regulatory events in Washington have made this even more pronounced. The Dodd-Frank Act, for example, is still being parsed and understood, and accountants will be doing work on that for years.”

In addition, accounting firms are excellent employers. “The ‘Big Four’ accounting firms are always listed among the top 100 companies to work for in America, which speaks to the salary and benefits that they’re able to offer, along with opportunities for growth,” Valli said.

Stuart Mease, executive director of Virginia Tech's undergraduate business program, also feels that accounting is a promising field. “Federal regulation has secured the demand for individuals with mathematical and analytical skills," he said. "They are billable, and therefore firms need these people because their clients need people with these skill sets. This is why the public accounting firms are so active on college campuses. There is a race to acquire the talent because of the huge financial upside."

The Journal of Accountancy noted that hiring at public accounting firms is at an all-time high. Many students are offered jobs before they graduate, and many are also offered signing bonuses. An impressive 91% of employers plan to hire as many or even more accountants as in previous years.

But where do accountants earn the most money? According to data from the BLS, these are the highest-paying industries and locations:

Top-Paying Industries

Accountants earn the highest median annual wage in the following four industries and sub-sectors:

 

 Industry

 

Annual Mean Wage

Finance and Insurance

$74,690

 Management of Companies and Enterprises  

$73,180

Accounting, Tax Preparation, Bookkeeping, and Payroll Services  

$70,640

Government  

$68,420

Top-Paying States

The states that pay the highest salaries for accountants are mostly concentrated on the East Coast:

 

 State

 

Annual Mean Wage

 

 District of Columbia

$98,130

 

 New York

$96,300

 

 New Jersey

$90,400

 

 Virginia

$85,640

 

 Connecticut

 

 $84,890

Top-Paying Metropolitan Areas

The top-paying metropolitan areas for accountants are as follows:

 

 Metropolitan Areas

 

Annual Mean Wage

New York-Newark-Jersey City, NY-NJ-PA

$99,900

Salinas, CA

 

$94,710
Bridgeport-Stamford-Norwalk, CT $94,390
Washington-Arlington-Alexandria, DC-VA-MD-WV $93,180
San Francisco-Oakland-Hayward, CA $92,630

Top-Paying Non-Metropolitan Areas

The top-paying rural areas for accountants are as follows:

 

 Area

 

Annual Mean Wage

Northwest Virginia

 $87,140

Alaska $83,210
South Central Tennessee $81,540
West Texas $81,320
Northeast Oklahoma $79,210

According to the Journal of Accountancy, students who earn the Certified Public Accountancy designation have a competitive edge. There’s also a demand for accountants who earn a master’s degree, and so some schools offer an accelerated bachelor’s degree/master’s degree program.

Accountants are in high demand, as reflected by their high salaries. For accountants who want to make the most money, knowing the top-paying industries or sub-sectors and locations can help them plan their career paths accordingly.