Base pay for 11 positions in public accounting is projected to rise by 4.9 percent next year, CPA Practice Advisor reported, based on its analysis of data provided by LHH Recruitment Solutions in its 2024 Salary Guide.
“Heading into 2023, many were bracing for an almost certain recession,” the guide said. “However, despite these concerns, the labor market simply maintained a slow, but steady pace of growth. This resilience has led to a more cautiously optimistic outlook: hope for a possible ‘soft landing’ of reduced inflation without a recession and massive unemployment.”
The employment of accountants and auditors is projected to grow by 4 percent from 2022 to 2032, with about 126,000 openings projected each year, on average, according to the Bureau of Labor Statistics (BLS). The employment of financial analysts is projected to grow by 8 percent in the same period, with 27,400 openings projected each year on average, according to the BLS.
The 2024 projected average base salaries next year range from $52,930 for a tax services associate with low experience to $329,909 for a CPA firm parter with high experience. For professionals with medium experience, projected salaries include $77,489 to $81,271 for accounting services associates; $125,492 to $131,617 for audit/assurances service managers; and $125,296 to $130,433for tax services senior managers.
The guide also highlighted three trends affecting accounting and finance jobs:
● Automation streamlining processes, increasing productivity, and ensuring greater data integrity mean that skills such as critical thinking, problem-solving, and relationship-building are in high demand at both firms and in-house departments;
● As organizations pilot generative artificial intelligence (AI) programs to support and augment finance and accounting functions, there is increasing importance for finance employees to possess the skills to optimize AI, such as obtaining the desired results, identifying potential bias and qualifying and validating the output and performance of their AI partners; and
● To attract professionals with modern skill sets, CFOs are increasingly willing to spend on talent engagement, attraction, development and retention.