Where do accountants make the most money?

More than a million accountants are employed in the United States. They help small businesses manage their finances.

The average annual salary of an accountant is $79,250. With the salary of accountants fluctuating quite significantly depending on geographical location, Business.org., researchers of the best business products and services to cater for small business needs, carried out research into the best and worst states for accountants in 2021

Business.org used data from the US Bureau of Labor’s annual occupational employment stats to find the average state salary for accountants. To determine the rankings, the researchers compared the average state accounting salary with the state’s total salary.

Best States for Accountants to Make Money

Mississippi ranked highest on the list, with accountants making 63% more than the average worker in the state. The average salary for an accountant in Mississippi is $65,420 and the median salary of all occupants in $40,090.

Oklahoma is the second highest paying state for accountants compared to the average salary of all occupations. Earning an average $74,130 a year, accountants get paid 62% more than the average occupant salary of $45,620.

Accountants Paid the Most in DC, But …

Washington DC pays accountants the highest salary in the whole of the United States. However, accountants in Washington DC only make 15.7% more than the average salary. Washington DC is considered the worst area for accountants due to its high living expenses.

Eight states that make up the top ten in Business.org’s Top Ten States are located in the South. There, the cost of living in South is lower than the national average, which means accountants’ money will be more flexible.

Business.org’s research is valuable for accountants looking to move or those who are interested in starting a business as an accountant. The report’s authors note that

“As an accountant, it is a rewarding job no matter where you live. But if you want to up your earnings a bit (or if you’re willing to take a pay cut in a state where each dollar goes a lot farther), relocating to one of our top ten states could be your best career move yet.”

Another key finding of the report is that while South Dakota is in the top ten best states for accountants making the most money, North Dakota is the third-worse. In North Dakota, an accountant earns an average $64,260 a year, just 20% more than the average occupant’s salary of $54,930.

District of Columbia Ranks the Worst for Accountants Making Money

The District of Columbia ranks in last place on Business.org’s list where despite earning an impressive average salary of $103,930, the average salary of occupants is $89,800, meaning accountants only earn 16% higher than the average wage. The ‘Best Paying State for Accountants’ report offers an interesting snapshot of the best places to settle in order to maximize your income as an accountant.

Image: Depositphotos

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