Finance & Accounting Salaries by Role, Plus Industry Trends for 2023
The world of finance and accounting (F&A) has always been fast paced and rigorous. Long hours can trigger employee burnout, which leads to dissatisfaction and exhaustion.
Sometimes, stress levels cause people to exit the industry, leaving companies to reevaluate how to retain talent.
No brilliant calculations are needed to solve this challenge.
Simply look at the F&A employment trends from our 2023 Workforce Planning & Salary Guide to understand what employees value most, plus average national salaries across the finance and accounting industry.
Highest-Paid Finance & Accounting Jobs
|Role||National Avg. Salary|
|Head of Financial Reporting||$165,966|
|Financial Reporting Executive||$133,312|
|Mergers and Acquisitions Manager||$130,000|
|Finance Planning Analyst||$110,011|
|Business Process Improvement Analyst||$105,172|
|Accounts Payable Specialist||$46,557|
|Accounts Receivable Specialist||$41,843|
|Data Entry Specialist||$38,377|
Employees are counting on workplace autonomy
Companies must up their game on greater schedule and location flexibility, as firms that don’t are seeing 25% of finance and accounting workers leave.
The traditional 9-to-5 workday is well on its way out the door, as 52% of CFO’s plan to shift 5-105% of their workforce to permanently remote.
Employee retention rates fall as wage inflation soars
The industry is experiencing enormous bumps in compensation for many roles — and companies are complying with salary requests due to the pressing need for talent.
However, companies are remaining cautious about internal equity, making sure their employees are paid fairly across the board. To win over top-notch candidates, competitive salaries and attractive benefits are a must.
Finance & accounting: smaller candidate pool than years past
Fewer college students are majoring in finance and accounting than ever, resulting in a smaller candidate pool. To address this shortfall, companies need to improve training and offer reimbursement for continuing education programs and professional certifications, including CPA, CFA, and CFP.
Employees who obtain these expert certifications expect higher salaries, and firms should plan to match their requests
Importance of gender equity in finance & accounting industry
The finance and accounting industry must become more inclusive to better serve its workforce. While more women are entering the field, they still lag in senior finance roles and pay equity.
Employees are also becoming increasingly interested in companies’ DE&I initiatives. Firms that candidly address and prioritize DE&I attract more applicants, especially since it has become a value across generations.
This article feature trends from Addison Group’s 2023 Workforce Planning & Salary Guide.
For more valuable insights and national averages of salaries across hundreds of roles in administration, digital marketing, finance, accounting, healthcare, human resources, and information technology, download your free copy today.