Auditors and tax accountants have similar high-earning potential, but studies indicate that auditors often have slightly higher average salaries across all experience levels, notes this Forage article. While tax accountants may command higher pay due to specialized knowledge, auditors often earn more, especially in Big 4 firms, due to high demand and, in some cases, lower, notes Indeed and EdZeb.
Industry data indicates a steady growth of 6% in job opportunities for both accountants and auditors from 2023 to 2033. Salaries for these positions are comparable, averaging between $86,000 and $89,000 annually, with higher compensation for those with specialized credentials and experience.
Tax careers are predominantly found within public accounting firms, and while the exit opportunities might seem more limited compared to audit, they are by no means nonexistent. In fact, tax accountants often enjoy higher salaries right out of the gate, not to mention the field is less competitive at the entry level.
Auditors, especially those working in Big 4 firms, often earn more due to the demanding nature of audit work, tight deadlines, and exposure to multiple industries. Accountants working in corporate roles also see steady growth, especially those in management accounting or financial analysis.
Although these two career paths are closely related, their specialized skills result in salary differences — auditors tend to make slightly more than accountants from early career through experienced professionals. >>MORE: Explore some of the highest-paying jobs in finance.
Top 15 Highest Paying Accounting Jobs (Inc Salaries)
Some of the top 10 states with the highest costs of living, including California, the District of Columbia, Massachusetts, and New York, also rank among the highest-paying for accountants and auditors, as illustrated in the following tables.
Earnings vary greatly depending on career position and geographic location. However, national averages of tax vs audit positions are very similar. While the expanding nature of the audit industry offers more job prospects, tax positions may pay higher because they require such specialized knowledge.
Accountants are one of the least happy careers in the United States. At CareerExplorer, we conduct an ongoing survey with millions of people and ask them how satisfied they are with their careers. As it turns out, accountants rate their career happiness 2.6 out of 5 stars which puts them in the bottom 6% of careers.
Many students say intermediate and advanced financial accounting are the hardest because they combine theory, analysis, and detailed reporting standards like GAAP and IFRS.
Will AI replace accountants? Not entirely—but it will change accounting. Firms that embrace AI and technology will attract forward-thinking clients and top talent. Accountants who pair their expertise with AI tools will stay ahead of the curve.
Top-paid auditors typically serve in the finance and insurance industries or take on management roles. Those auditors with skills in risk management, financial analysis and financial reporting can expect to earn higher-than-average pay, according to Payscale.
An 800K salary job typically refers to high-paying executive, specialist, or entrepreneurial roles in industries like finance, medicine, technology, or law. These positions often require significant experience, advanced degrees, or exceptional expertise in a niche field.
Job Outlook
Employment of accountants and auditors is projected to grow 5 percent from 2024 to 2034, faster than the average for all occupations.
According to the BLS, accountants and auditors earn an average annual salary of $90,780 as of May 2023. However, the salary range is wide: accountants and auditors in the lowest 10% earn less than $50,440 per year, while those in the top 10% earn more than $137,280 per year, according to the BLS.
A career in audit often involves more variety than a career in tax. A career in audit for an accountant offers a diverse range of responsibilities, from examining financial statements, assessing internal controls, and ensuring compliance with regulatory standards.
Fewer students are choosing accounting as a major, and the pipeline of future CPAs has been shrinking for years. Enrollment declines today translate directly into fewer entry-level hires now and a smaller pool of experienced accountants down the line.
Anyone can call themselves an Accountant, even though they may have no qualifications or experience, although most accountant and auditor posts will require applicants to be either ACCA, ACA, AIA,CIMA, CIFPA, CPA, IIA, ICAS, ICAEW or CCAB registered.