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introduction

The finance and accounting functions were hit by a wave of resignations in 2022. Will that continue throughout 2023, or are there signs that the job market might finally stabilize? Meanwhile, how are automation, AI and other technologies impacting the way finance and accounting professionals work? And are salaries for in-demand talent in these functions really rising as fast as they seem to be? Find out all this and more — and see finance and accounting salaries for dozens of today's most in-demand roles — in this chapter of Randstad's 2023 Salary Guide.

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After another turbulent year of trends like quiet quitting and quick quitting, the year ahead will continue to be dynamic in new ways. While employers are facing further economic uncertainty, we expect significant growth for at least two industries: healthcare and manufacturing. With the potential impact of the CHIPS bill, the manufacturing industry will continue to grow, and there will likely be some near term slowing in logistics before it normalizes.

The balance between employers and workers continues to be a point of serious discord. In 2022, workers found themselves in the unique position of commanding more authority in negotiating new and existing positions leading to significant wage growth. Now a shift in the economy is placing more of that power in companies’ hands. It’s important to remember that the labor market is essentially a two-sided relationship. Workers can expect that pendulum to swing back to some degree in 2023.

Companies are also facing an ongoing talent shortage. However, the demand for workers remains high despite already low unemployment. As a result, employers must be creative in their approach to talent engagement. That means looking beyond the trends. Best practices for attracting and retaining top talent will vary based on the type of work people do and their organization’s needs.

Organizations should be mindful of how much the workplace has changed in the past few years. They must consider other ways to meet workers' needs in relation to flexibility, belonging, and autonomy. The focus should be on creating a dynamic workplace that addresses the needs of employees beyond salary and benefits.

Returning to the office is another topic that doesn’t have a one size fits all answer. There are benefits and drawbacks to working remotely, returning to the office and implementing a hybrid model. Flexibility will be essential while ensuring engagement and the synergies of working together with teams in the office when necessary.

Greg Dyer
SPE, Chief Commercial Officer

job seekers control the state of hiring today

The average number of quits for 2022 for those in financial activities was roughly 150,000 per month, though it reached a year-wide high of 193,000 in April. However, quits in professional services — which includes accountants, tax preparers, bookkeepers and payroll professionals — were far higher, averaging around 750,000 quits per month. This amount of quits was exceeded only by the trade, transportation and utilities and leisure and hospitality industries.

For employers, this means that talent remains in the driver’s seat, and every effort to focus on retention and attraction — including attractive salary and benefits — will need to be brought to bear in order to find and keep top talent in the year ahead. In addition to flexible working arrangements and other work-life balance perks, career development has emerged as a new area of opportunity for employers. Personal career growth is considered important by 71 percent of the workforce, with preferences stretching beyond just training: Fifty percent of workers said they’d be interested in speaking to a professional career coach if offered the chance, with interest in topics like pay, work-life balance and pathways to advancement topping the list.

automation is here to stay, but it’s empowering — not replacing — great people

Finance and accounting is rapidly adopting technologies like AI and machine learning, from predictive modeling to even helping consumers manage their finances. AI tools, like AI-powered accounting and bookkeeping software solutions, Bank of America’s Erica and Wells Fargo’s many AI and machine learning tools, are fast becoming the norm, and financial professionals — especially those who are customer facing — will have to learn how to work alongside these technologies in order to reap their fullest benefits.

This means employers will need to double down on technology-focused upskilling and reskilling in order to get the best out of both their talent and their tech investments. What’s more, 72 percent of employees said that they were (very) likely to stay by their employers should reskilling/upskilling opportunities be offered. With training and development now a top job seeker preference, employers can fill critical roles with talent from the inside while simultaneously improving engagement and retention.

salaries increase across the board

Salaries in finance and accounting typically rise slightly year over year, but this year, we saw noteworthy increases for roles like financial analysts and staff accountants. With demand for these roles being most acute in states like California, Texas, New York, Florida, Illinois, North Carolina, Ohio and Georgia, employers will need to offer competitive compensation that’s equal to or above market average to attract top talent.

In addition, benefits like flexible or remote work or those that assist with work-life balance will be key in helping employers find the finance and accounting talent they need. In fact, Monster.com found that four in 10 employers said they’ve found that offering flexible work helps them retain talent, and Randstad’s Workmonitor report found that flexible work was important to 83 percent of employees surveyed. For even more insights into finance and accounting salaries, access your copy of the 2023 Finance & Accounting Salary Guide today.

lengthy hiring processes often lead to no hires at all

Every organization has to balance speed with quality when it comes to hiring, and finance and accounting is no different. But our talent experts in the field have witnessed the same thing over and over in recent months: In a talent market this hot, speed — or the lack thereof — kills. Organizations that wait too long for the “perfect” hire, someone who checks all the boxes — rather than just the “must haves” — are losing quality talent to the competition left and right.

In fact, Monster.com’s 2022 The Future of Work report found that 93 percent of surveyed employers are actively hiring, compared to just 82 percent who said the same in 2021. Meanwhile, employers’ confidence in their abilities to find the right candidates is slipping, from 95 percent who believed they could find the right talent in 2020 to 91 percent in 2022. This inability to find the talent they’re looking for amid stiff competition can be blamed, among other factors, on organizations’ lengthy hiring processes. If your organization suffers from the same problem, you may find yourself being repeatedly “ghosted” by quality candidates — who may have accepted offers from competitors whose hiring processes moved much more quickly.

national salaries

Let's review the national averages for salaries across the country.

accounting
accounting low mid high
accounting clerk $41,503 - $45,872 $45,879 - $50,708 $53,855 - $59,523
accounting manager $108,388 - $119,797 $121,859 - $134,686 $134,124 - $148,243
accounts payable clerk $43,926 - $48,551 $48,277 - $53,360 $55,456 - $61,293
accounts payable manager $90,652 - $100,195 $103,936 - $114,877 $116,030 - $128,243
accounts payable supervisor $63,024 - $69,658 $75,131 - $83,040 $87,187 - $96,364
accounts receivable clerk $41,674 - $46,061 $45,906 - $50,738 $52,975 - $58,552
accounts receivable manager $95,190 - $105,210 $118,436 - $130,903 $152,036 - $168,040
accounts receivable supervisor $60,963 - $67,381 $71,135 - $78,623 $84,345 - $93,224
assistant controller $109,926 - $121,497 $131,697 - $145,560 $155,630 - $172,012
bookkeeper $43,487 - $48,064 $48,412 - $53,508 $59,295 - $65,536
collections clerk $36,580 - $40,431 $42,687 - $47,180 $50,132 - $55,409
controller $125,120 - $138,291 $182,266 - $201,451 $257,278 - $284,359
cost accountant/analyst $79,486 - $87,853 $90,296 - $99,801 $104,968 - $116,018
cost accounting manager $96,006 - $106,112 $109,663 - $121,206 $126,927 - $140,287
credit and collections manager $105,755 - $116,887 $131,797 - $145,670 $182,803 - $202,046
junior accountant $55,825 - $61,701 $61,477 - $67,948 $66,606 - $73,617
payroll coordinator/clerk $43,205 - $47,754 $51,728 - $57,173 $59,552 - $65,821
payroll specialist $50,129 - $55,406 $59,388 - $65,639 $67,882 - $75,027
payroll supervisor $80,970 - $89,493 $95,500 - $105,553 $106,266 - $117,451
project accountant $79,275 - $87,620 $96,906 - $107,106 $117,068 - $129,391
SEC reporting manager $123,792 - $136,822 $160,539 - $177,438 $205,488 - $227,118
senior accountant $82,759 - $91,470 $99,398 - $109,860 $119,274 - $131,829
staff accountant $64,885 - $71,715 $71,725 - $79,275 $77,952 - $86,157
banking
banking low mid high
branch manager $80,909 - $89,425 $110,465 - $122,093 $140,828 - $155,653
commercial credit analyst $61,307 - $67,760 $75,903 - $83,894 $103,742 - $114,661
commercial credit manager $92,169 - $101,870 $125,495 - $138,706 $167,330 - $184,943
commercial lender $111,625 - $123,375 $133,000 - $147,000 $163,875 - $181,125
commercial loan administrator $50,602 - $55,928 $69,822 - $77,173 $91,381 - $101,000
commercial portfolio manager $119,515 - $132,095 $154,788 - $171,081 $223,096 - $246,580
compliance analyst $74,835 - $82,712 $95,187 - $105,206 $118,807 - $131,313
loan processor $40,763 - $45,053 $44,580 - $49,273 $52,243 - $57,742
loan servicing manager $91,987 - $101,669 $126,599 - $139,925 $169,604 - $187,457
retail lending manager $107,565 - $118,888 $143,291 - $158,374 $187,309 - $207,026
senior mortgage underwriter $90,111 - $99,596 $106,814 - $118,057 $116,214 - $128,448
underwriter $83,986 - $92,827 $95,606 - $105,669 $106,184 - $117,361
executive
executive low mid high
chief accounting officer $195,807 - $216,418 $269,395 - $297,752 $335,098 - $370,371
chief financial officer $214,522 - $237,103 $300,916 - $332,591 $395,808 - $437,473
credit risk officer $92,014 - $101,700 $130,804 - $144,572 $137,059 - $151,486
vice president of accounting and finance $183,301 - $202,595 $237,761 - $262,788 $298,836 - $330,292
vice president of finance $169,711 - $187,575 $216,262 - $239,027 $270,137 - $298,572
vice president of financial planning and analysis $181,021 - $200,075 $232,488 - $256,961 $290,839 - $321,454
vice president of internal audit $178,604 - $197,403 $216,374 - $239,151 $261,679 - $289,224
vice president of tax $183,871 - $203,225 $235,623 - $260,426 $294,234 - $325,206
finance
finance low mid high
business systems analyst $82,949 - $91,680 $96,383 - $106,529 $112,919 - $124,806
director of finance $150,842 - $166,720 $196,140 - $216,787 $248,874 - $275,071
director of financial planning and analysis $154,639 - $170,917 $192,941 - $213,250 $239,669 - $264,897
finance manager $121,522 - $134,313 $157,931 - $174,556 $202,572 - $223,896
financial analyst $73,952 - $81,737 $87,002 - $96,161 $100,053 - $110,584
manager of financial planning and analysis $106,856 - $118,104 $141,147 - $156,004 $190,030 - $210,033
senior financial analyst $79,007 - $87,323 $98,935 - $109,350 $122,723 - $135,640
senior financial planning and analysis analyst $103,659 - $114,570 $127,284 - $140,682 $155,282 - $171,627
internal audit
internal audit low mid high
compliance specialist $57,574 - $63,634 $73,761 - $81,525 $87,585 - $96,805
director of internal audit $144,532 - $159,746 $171,760 - $189,840 $207,465 - $229,304
internal audit manager $127,714 - $141,157 $154,514 - $170,779 $189,830 - $209,813
internal auditor $83,869 - $92,697 $104,761 - $115,789 $115,470 - $127,624
procurement/purchasing
procurement/purchasing low mid high
procurement specialist $61,929 - $68,448 $68,770 - $76,009 $78,820 - $87,117
purchasing manager $118,088 - $130,518 $142,627 - $157,640 $170,479 - $188,424
tax
tax low mid high
director of tax $150,738 - $166,604 $190,641 - $210,709 $238,464 - $263,566
tax accountant $66,871 - $73,910 $80,896 - $89,412 $94,560 - $104,514
tax manager $123,884 - $136,924 $144,120 - $159,290 $170,616 - $188,575
treasury
treasury low mid high
treasury analyst $99,789 - $110,293 $113,844 - $125,827 $126,640 - $139,970
treasury associate $76,298 - $84,329 $86,792 - $95,928 $96,347 - $106,488

regional variance

The variance percentages can be applied to the national averages to calculate the salaries in your area.

city variance to national AVG
AR: Little Rock -8.0%
AZ: Phoenix 7.0%
CA: Los Angeles 57.6%
CA: San Diego 42.2%
CA: San Francisco 64.8%
CO: Denver 15.3%
CT: Hartford 25.8%
CT: Stamford 45.0%
DC: Washington, D.C. 31.3%
DE: Wilmington 17.0%
FL: Jacksonville 4.1%
FL: Miami/Fort Lauderdale 10.8%
FL: Orlando 0.9%
FL: Tampa 3.0%
GA: Atlanta -4.1%
IL: Chicago 2.5%
IN: Indianapolis -1.9%
KY: Louisville -2.9%
LA: New Orleans 0.6%
MA: Boston 34.5%
MD: Baltimore 17.4%
MN: Minneapolis 4.5%
MO: Kansas City -6.1%
MO: St. Louis -2.1%
NC: Charlotte -1.7%
NC: Raleigh -2.9%
NV: Las Vegas 9.5%
NY: New York City 37.2%
NY: Rochester 5.3%
NY: Syracuse 3.8%
OH: Cincinnati -3.2%
OH: Cleveland -3.1%
OH: Columbus -5.1%
OH: Toledo -5.8%
OR: Portland 21.1%
PA: Harrisburg 3.8%
PA: Philadelphia 17.0%
PA: Pittsburgh 3.0%
RI: Providence 27.7%
TN: Nashville -4.1%
TX: Austin -3.4%
TX: Dallas -1.2%
TX: Houston -3.1%
TX: San Antonio -2.2%
UT: Salt Lake City 4.4%
VA: Richmond 3.9%
WA: Seattle 22.6%
WI: Milwaukee 7.4%
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