According to national compensation data collected by the salary survey database,PayScale, the average salary for accountants with a Master’s in Accounting is approximately$68,000.* Annual salaries for employees who hold a Master’s in Accounting vary widely by location, years of experience, and job title, but most annual salaries fall somewhere in the range of $52,000 to $135,000.
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Average Accounting Salaries by Location
Cost of living is one of the largest factors to determine the salary of accountants who hold a Master’s in Accounting. Accountants who hold a Master’s in Accounting and work in large cities tend to be compensated at higher rates than accountants who work in small towns, simply because higher salaries are necessary to meet the higher cost of living that comes with residing in an urban area. Similarly, average accounting salaries vary by state, as states that support larger populations, and usually more urban areas, tend to have higher average salaries for accountants with a Master’s in Accounting than states that support smaller populations.
Salaries Ranked by Location (per State)
- California: $78,265
- Texas: $68,158
- New York: $66,485
- Georgia: $65,537
- North Carolina: $65,387
- Florida: $62,978
- Illinois: $62,679
Salaries Ranked by Location (per City)
Average Accounting Salaries by Years of Experience
Years of experience is another one of the biggest factors to determine the salary of accountants who hold a Master’s in Accounting. Accountants who hold a Master’s in Accounting and have worked consistently for longer periods of times tend to be compensated at higher rates than accountants who haven’t worked as consistently, simply because employers tend to award more skills and experience with higher salaries. Similarly, average accounting salaries vary widely by educational attainment, as employers tend to hire accountants with both education and experience, which is why it’s important to also consider the average salary for accountants with a Master’s degree when deciding on a degree.
Salaries Ranked by Years of Experience
- 20 or more years: $94,634
- 10-19 years: $91,443
- 5-9 years: $75,597
- 1-4 years: $56,727
- 1 or less years: $51,433
Average Accounting Salaries by Job Title
Job title is another one of the biggest factors to determine the salary of accountants who hold a Master’s in Accounting. Accountants who hold a Master’s in Accounting and work in a supervisory or managerial capacity tend to be compensated at higher rates than accountants hold an Associate’s of Bachelor’s in Accounting and work in a staff capacity, simply because employers tend to award those who take on job titles with leadership responsibilities and come with higher salaries. Similarly, average accounting salaries vary by level of fiduciary responsibility, as employees that are entrusted with a greater proportion of their organization’s finances tend to be awarded by their employers with higher salaries.
Salaries Ranked by Job Title
- Corporate Controller: $97,511
- Financial Controller: $78,959
- Accounting Manager: $73,850
- Senior Accountant: $63,841
- Certified Public Accountant (CPA): $60,100
- Accountant: $51,920
- Staff Accountant: $49,540
*Salary data for employees reporting a Master’s in Accounting are more bountiful than salary data for employees reporting a Bachelor’s in Accounting. This reporting discrepancy likely explains why the average salary for employees with a Master’s in Accounting appears lower than the average salary for employees with a Bachelor’s in Accounting—there is simply a larger sample of employees who report their salaries with a Master’s degree. This is an issue with sample size, which may suggest that PayScale’s data for employees who report a Master’s in Accounting is more representative than its data for employees who report a Bachelor’s in Accounting.