Accounting Salaries in Illinois: The Financial Heart of the Midwest

Finding accurate data on accounting salaries can be challenging, especially when looking at specific locations like Illinois.

In this post, you'll get a detailed breakdown of accounting salaries across all roles in Illinois, from entry-level accountants to CFOs at top companies.

You'll see median salaries, salary ranges, top paying cities, and how certification and specialization impacts earnings. Whether you're an aspiring accountant looking to launch your career in Illinois or an employer wanting to offer competitive salaries, this guide has the compensation intelligence you need.

Unveiling the Landscape of Accounting Salaries in Illinois

Illinois is a major economic force in the Midwest and home to a thriving financial services industry centered in Chicago. As the backbone supporting businesses and organizations, accountants play a vital role across sectors. Understanding accounting salary ranges provides helpful insight into building an accounting career in Illinois.

The Economic Pulse of Illinois and the Role of Accounting Professionals

With its diverse economy spanning manufacturing, healthcare, education, finance, transportation and more, Illinois drives growth and opportunity. Accounting professionals enable this success by managing finances, ensuring regulatory compliance, providing business insights through financial analysis, and more. Whether helping small businesses or large corporations, accountants of all levels are indispensable.

Accounting: A Pillar of the Illinois Economy

The accounting industry directly contributes billions to the state's GDP. Major public accounting firms like Deloitte, PwC and KPMG have established headquarters in Chicago alongside companies like Boeing, McDonald's and others that employ sizable accounting teams. Demand remains robust for qualified accountants and financial talent as organizations rely on their expertise.

Navigating the Accounting Profession in the Midwest

Salaries for accountants in Illinois reflect national trends, with average wages of $60,000 to $120,000 based on experience and credentials. More specialized roles like CFOs or CPAs can earn even higher. Top paying industries include finance, tech and manufacturing. While the Chicago area leads hiring, opportunities exist statewide. Overall, Illinois provides accountants a resilient job market with competitive salaries.

What is the median salary for an accountant in Illinois?

The median salary for an accountant in Illinois is $81,578 per year, which works out to $6,798 per month. This is the midpoint salary in the state, meaning half of accountants earn more and half earn less.

Here is a breakdown of accounting salaries in Illinois by percentile:

• Top 25% - $72,700 per year ($6,058 per month)
• Average - $81,578 per year ($6,798 per month)
• Top 75% (High) - $99,800 per year ($8,316 per month)
• Top 90% (Very High) - $121,128 per year ($10,094 per month)

As you can see, there is a wide range of incomes for accountants in the state. Those in the top percentiles tend to have more years of experience, specialized expertise, and roles in larger companies or firms.

Some factors that impact salaries include:

• Years of experience
• Specific accounting focus (tax, audit, FP&A)
• Certifications like CPA or CMA
• Company size and industry
• Location within Illinois (Chicago salaries tend to be higher)

So while the median salary is $81,578, individual incomes can vary greatly based on qualifications, demand for specialty, and employer. Those looking to maximize salaries may want to consider obtaining advanced certifications, specializing, and working for larger corporations based in Chicago.

What is the highest paid area of accounting?

The highest paid area of accounting is typically investment banking. According to the Bureau of Labor Statistics, the average salary for an investment banker is $99,370 per year. However, salaries can range from $59,800 for entry-level positions to over $500,000 per year for senior investment bankers.

Some of the other highest paying accounting jobs include:

• Accounting Professor: $77,400 average salary
• Director of Finance & Administration: $88,900 average salary
• Corporate Controller: $117,000 average salary
• Internal Auditing Manager: $94,500 average salary
• Financial Planning & Analysis Manager: $108,000 average salary
• Finance Director: $129,500 average salary
• Director of Risk Management: $122,000 average salary

The highest salaries tend to be in managerial or executive level roles in major corporations and top firms. Geographic location also plays a role, with accounting salaries in major metro areas like Chicago tending to be higher than the national average.

Within public accounting firms, partners at the biggest companies like Deloitte, PwC, and KPMG can earn over $500,000 per year. Salaries at mid-size accounting firms like Baker Tilly and Crowe LLP tend to range from $150,000 to $200,000 for partners.

So in summary, investment banking and executive/partner roles at major corporations and accounting firms offer the highest accounting salaries. But even entry-level accounting jobs tend to pay above average.

Which state has the highest paid accountants?

According to the Bureau of Labor Statistics, the highest paying states for accountants and auditors are:

1. District of Columbia - Average Annual Salary: $105,680
2. New York - Average Annual Salary: $98,560
3. New Jersey - Average Annual Salary: $92,900
4. Virginia - Average Annual Salary: $91,980
5. California - Average Annual Salary: $89,970

The high salaries in these areas are likely driven by the concentration of large corporations and financial services firms that demand highly skilled accounting professionals. Major metro areas like New York City and Washington D.C. have a high cost of living that commands higher wages across occupations.

California's Silicon Valley also drives demand with its concentration of technology and startup companies needing financial expertise. New Jersey has many pharmaceutical and healthcare companies needing strong accounting teams.

So for accountants looking to maximize their earning potential, targeting employment in these high-paying states, especially in their major metro regions, is a good strategic move early in your career. Gaining experience at top firms or Fortune 500 companies can set you up for higher salaries down the road.

What are top accountant salaries?

Here is a breakdown of some of the top accountant salaries in Illinois:

As you can see, SAP CPAs top the list with an average annual salary of over $136,000 in Illinois. This is likely due to the high demand for accountants with specialized SAP knowledge and experience.

Principal accountants and chartered accountants also command high salaries, earning over $100,000 per year on average. Even at the entry level, accountant CPAs still make nearly $100,000 annually.

Accounting salaries in Illinois tend to be higher than national averages due to the concentration of major companies and financial institutions in the Chicago area. Top employers like Deloitte, PwC, KPMG, and many Fortune 500 corporations have headquarters or major regional offices located in the state.

The strong presence of the financial, accounting, and professional services industries helps drive demand and compensation for skilled accountants in Illinois. Factors like education, certifications, specialized expertise, and years of experience also impact salaries significantly.

So for accountants looking to maximize their earning potential, focusing on fields like SAP accounting and developing specialized skills can pay dividends in a state like Illinois with a thriving finance and accounting job market.

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Accounting Salaries in Illinois: A Comparative Analysis

Illinois is a major financial hub and home to accounting professionals across industries. As the Midwest's economic engine, compensation in the state reflects the high demand for financial talent. This section analyzes accounting salaries in Illinois, benchmarking pay across roles and specializations.

Senior Accountant Salaries in the Heart of the Midwest

Senior accountants in Illinois earn competitive salaries, with average pay exceeding national levels. According to the Bureau of Labor Statistics, the mean annual wage for accountants and auditors in Illinois is $80,930 compared to the national average of $77,250. Within the state, senior accountants at large public accounting firms earn:

• Deloitte - $95,000 base pay
• PwC - $91,000 base pay
• KPMG - $88,000 base pay

Senior accountants in industry also secure strong compensation packages due to high demand. For example, technology giant Google offers $90,000 base pay for senior accountants at its Chicago office.

Across industries, senior accountant pay surpasses national averages by 5-10%, reflecting Illinois' strong financial sector. Compensation also grows with experience and credentials like the CPA license.

Accountant/Financial Analyst Salaries: Entry-Level to Experienced

Illinois provides competitive salaries for accountants and financial analysts at every career stage. Entry-level accountants earn approximately $55,000 on average. Within five years, pay typically rises to $75,000-85,000. High performers can secure six-figure salaries in under a decade.

For example, junior staff accountants at professional services giant Deloitte earn approximately $60,000. Within 6 years, seasoned staff accountants make over $100,000 in total compensation.

The state is also home to over 1,300 corporate headquarters spanning industries like financial services, healthcare, real estate, and more. Rising demand for analytical talent drives competitive salaries for financial analysts. Entry-level analysts earn $60,000 on average while experienced analysts secure $90,000-$130,000.

Specialized Roles: From Cost Accountant I to Financial Reporting Accountant I

Niche accounting roles allow professionals to combine specialized expertise with strong compensation. For example, Cost Accountant I's in Illinois earn approximately $68,000 on average. Plant accountants average $73,000 with 5+ years of experience.

Niche financial reporting roles also provide strong salaries given increasing compliance complexity. At Northern Trust, Financial Reporting Accountant I's earn up to $80,000 depending on credentials and experience.

In summary, Illinois provides very competitive pay for specialized accounting roles. Professionals can tailor their career path while securing above-average compensation.

The Financial Rewards of a Certified Public Accountant in Illinois

Earning the Certified Public Accountant (CPA) credential provides the most lucrative path for accountants. On average, CPA accountants earn 10-15% higher salaries than non-certified peers.

Within public accounting, CPAs secure much higher pay at senior levels. For example:

• Senior Audit Associates without CPA: $70,000 base pay
• Senior Audit Associates with CPA: $95,000 base pay

Much of this premium reflects the high demand for CPAs among large corporations. Publicly traded companies require rigorous and independent audits per SEC regulations.

In summary, the CPA license offers the most financially rewarding career path for accountants in Illinois. Given sustained talent demand, this premium pay is expected to continue long-term.

The Future of Accounting Salaries in Illinois: Trends and Predictions

Illinois' Booming Industries: A Catalyst for Accounting Employment

Illinois has several booming industries that will drive demand for accounting professionals in the coming years. Key sectors include:

• Healthcare: With major hospitals and health systems like Northwestern Medicine, Rush University Medical Center, and Advocate Health Care, healthcare is a major industry in Illinois employing thousands. As these systems grow, so will the need for talented accountants and financial analysts.

• Technology & Business Services: Illinois is home to major corporate headquarters and large concentrations of professional service firms needing accounting expertise, including companies like Boeing, McDonald's, Baxter International, Walgreens Boots Alliance, and more.

• Transportation & Logistics: With Chicago's massive airports, railway hubs, and location as a national transportation nexus, supply chain and transportation companies like UPS, FedEx, Union Pacific Railroad, and more have major operational centers in the state needing financial talent.

As these industries thrive, salaries for accounting professionals with specialized expertise are likely to rise. Companies will compete for top talent to support growth.

Anticipating the Surge in Finance/Accounting Salaries

With economic expansion underway in key Illinois industries, salaries for accounting and finance talent are expected to substantially increase by 2026.

• According to Illinois' Department of Employment Security, accountant and auditor salaries are predicted to rise nearly 16% by 2026. Financial analyst wages could surge over 20%.

• Large consulting firms like Deloitte, PwC, and KPMG will likely boost starting salaries for CPAs and accounting associates to attract top graduates from programs like University of Illinois and Northwestern.

• As more Baby Boomers retire, shortages of experience financial professionals will place upward pressure on salaries to retain tenured talent.

In-demand specializations like SEC reporting, technical accounting, Big Data analysis, and more could see even larger salary bumps to secure skills.

Cultivating Illinois' Accounting Talent Pipeline for the Future

To meet demand, Illinois needs to expand and strengthen its accounting talent pipeline.

• Top universities like the University of Chicago, Northwestern, DePaul, and University of Illinois must continue building high-caliber accounting programs to supply graduates.

• Partnerships between educators and major public/private accounting firms can create pipelines for internships and jobs to retain Illinois graduates.

• State policymakers can fund programs to increase access and affordability of accounting degrees.

With coordinated efforts between employers, universities, and policymakers, Illinois can satisfy its appetite for financial talent for decades to come.

Illinois' Accounting Employers: A Glimpse into the Industry Giants

Profiling the major players in Illinois' accounting employment scene, from global firms to local powerhouses, and their impact on salary standards.

The Big Four and Beyond: Deloitte, PwC, KPMG, and EY Staff Accountant Salaries

The "Big Four" accounting firms of Deloitte, PwC, KPMG, and EY dominate the Illinois accounting landscape, offering competitive salaries to attract top talent. As industry leaders, their salary structures influence standards across the state.

• Deloitte starts Staff Accountants at approximately $55,000 in Chicago. With bonuses and overtime, total compensation can reach $75,000.
• PwC offers a starting base pay of $60,000 for Staff Accountants, with performance bonuses bringing total comp to $70,000+.
• KPMG provides a salary range of $55,000 to $61,000 for entry-level Staff Accountants. With overtime, salaries can eclipse $70,000.
• EY offers $60,000 base pay for Staff Accountants. With bonuses and overtime, total earnings hit the $75,000 range.

Beyond the "Big Four," large national/regional firms like Baker Tilly and Crowe LLP also offer competitive salaries to attract top talent:

• Baker Tilly provides starting salaries around $55,000 for Staff Accountants. Total comp with overtime approaches $70,000.
• Crowe LLP starts Staff Accountants at approximately $60,000. With performance pay, earnings reach the high $60,000s.

The large firms set the pace for accounting salaries in Illinois, forcing smaller firms to keep up to retain talent.

Corporate Accounting Salaries: Boeing, McDonald's, and JPMorgan Chase & Co

Prominent Illinois corporations like Boeing, McDonald's and JPMorgan Chase also influence local accounting salary standards with their competitive offers.

• Boeing provides starting salaries averaging $65,000 for Staff Accountants, with total compensation reaching $75,000.
• McDonald's offers $60,000 base salary for entry-level Corporate Accountants, pushing total comp into the low $70,000s with bonuses.
• JPMorgan Chase starts Accountants at $65,000 with performance incentives bringing total earnings to $75,000+.

Large corporations attract top talent with salary offers that raise the bar for local firms.

Chicago's Accounting Landscape: From Baker Tilly US to Crowe LLP

Beyond the major players, Chicago hosts a diverse accounting ecosystem with many mid-sized firms offering competitive salaries:

• Firms like Baker Tilly, Wipfli, and Crowe LLP provide starting salaries in the $55,000 to $60,000 range.
• Specialized firms like EC Ortiz & Co., focused on the Hispanic business community, offer salaries aligned with industry averages.
• Boutique firms Shepard, Schwartz, & Harris provide lower base salaries but opportunity for quicker advancement and profit sharing.

The breadth of Chicago's accounting firms provides options for accountants to find the right cultural fit while earning strong salaries built on industry standards. Firms must remain competitive to attract the city's deep pool of accounting talent.

Accounting Career Advancement in Illinois: Skills, Certifications, and Salaries

Mastering the Essentials: Skills that Elevate Accounting Salaries in Illinois

Accountants in Illinois can increase their salaries by developing expertise in several key areas, including:

• Financial reporting and analysis: Preparing financial statements, performing variance analysis, analyzing trends, and providing insights to guide business decisions. Proficiency in tools like Excel is key.

• Budgeting and forecasting: Building business budgets, financial models, and developing accurate forecasts. Demand is high for these forward-looking skills.

• Auditing: Conducting internal and external audits to assess financial processes and identify weaknesses. Strong attention to detail is vital.

• Tax planning and compliance: Understanding tax codes and filings. Ability to uncover tax savings opportunities.

• Communication and presentation: Conveying financial data clearly to non-finance stakeholders. Comfort with public speaking allows effective report delivery.

• Technology and analytics: Leveraging data to derive financial insights. Familiarity with ERP systems and data visualization tools is advantageous.

Developing specialized expertise in these areas can enable Illinois accountants to qualify for higher-level roles and increased compensation.

The CPA Advantage: How Certification Influences Salaries in Illinois

Earning the Certified Public Accountant (CPA) designation substantially boosts salary potential for Illinois accounting professionals.

CPAs make 10-15% higher starting salaries on average and the gap widens further with experience. Senior CPAs can expect 20-30% greater pay compared to non-certified peers.

This premium reflects the advanced expertise, specialized knowledge, and professional credibility that comes with CPA licensure. The designation is globally recognized and signals competence across all areas of accounting.

Illinois employs the 5th most CPAs in the US - over 29,000. Major employers like Deloitte, PwC, and KPMG express strong preference for certified talent. For ambitious accountants, becoming a CPA is pivotal for advancing one's career and earnings.

From Tax Accountant to Senior Staff Accountant: Specializations that Pay

Beyond the CPA, further specialization also boosts Illinois accounting salaries:

• Tax Accountants leverage intricate knowledge of tax codes and filings to minimize client tax liabilities. Their strategic advisory earns 10-20% higher compensation than general Accountant roles.

• Senior Staff Accountants are vastly experienced professionals managing month-end close, financial reporting, and key audits. Their specialized expertise and oversight of critical processes commands 15-25% richer salaries.

• Cost Accountants specialize in manufacturing/production cost analysis and savings. Their niche value-add allows them to realize 10-15% better pay rates.

• Forensic Accountants conduct focused audits to uncover financial irregularities or fraud. Their highly specialized skills fetch 15-30% higher earnings potential.

These premiums illustrate how niche specialization allows Illinois accountants to differentiate themselves and realize greater high-end earning capacity over time.

Analytics and Intelligence: The New Frontier for Accounting Salaries

Business intelligence and data analytics are emerging as pivotal skills for next-generation accounting. Illinois employers are prioritizing technology-adept talent that can:

• Derive actionable insights from financial/operational data using statistical techniques
• Automate reporting through AI and advanced analytics
• Visualize data patterns to inform strategic decisions
• Continually optimize costs and performance via analytics

Accountants equipped with these cutting-edge capabilities can qualify for some of Illinois' most lucrative salaries and opportunities. Analytics-focused roles like Data Science Accountants, Analytics Managers, and Business Intelligence Leads offer 20-40% higher compensation versus conventional accounting positions.

As data permeates every business function, accountants with analytics and IT fluency will be well-poised to capitalize on this fast-growing domain.

Conclusion: Synthesizing the Financial Future of Illinois' Accountants

Recap of Accounting Salary Landscapes in Illinois

Accounting salaries in Illinois vary depending on factors like location, experience, certification, and industry. For example, Junior Staff Accountants in Chicago earn average salaries of $45,000, while Plant Controllers with 10+ years of experience can earn over $150,000. Major companies like Deloitte, PwC, and KPMG tend to pay higher salaries, while smaller firms offer lower base compensation. Obtaining a CPA license can boost salaries by 20% or more across most accounting roles. Overall, Illinois provides strong earning potential compared to national averages.

Identifying Growth Opportunities in Illinois' Accounting Sector

Several high-growth industries in Illinois present major opportunities for accountants, including:

• Healthcare: With major providers like Health Care Service Corporation and rising demand, healthcare accounting roles are increasing rapidly. Salaries for Senior Accountants can reach up to $90,000.

• Tech: Chicago's growing tech scene, with companies like Google, Groupon, and Guaranteed Rate, needs accounting talent. Fintech disruption also spurs demand.

• Financial Services: Major banks like JPMorgan Chase and Northern Trust offer lucrative salaries upwards of $100,000 for specialized accounting roles.

Strategic Moves for Aspiring Accountants in the Midwest

For those looking to maximize salaries in Illinois accounting:

• Specialize in high-demand areas like auditing, taxation, or forensic accounting. Become an expert in specific industries as well.

• Obtain credentials like a CPA license, CMA, or MBA to increase earning power significantly.

• Develop technical skills in data analysis, AI/ML, and automation to future-proof your career.

• Network extensively in Chicago and beyond to open up more high-paying job opportunities.

The Roadmap to Success: Skills and Certifications that Pay Off

Ongoing learning is key for Illinois accountants to grow salaries over time:

• Advanced Excel, Power BI, and SQL skills can increase salaries $10k or more
• CPA certification adds ~20% or more to base pay
• Communication and strategic thinking allow progression to higher roles
• Automation and AI knowledge prepares for the future

With the right strategy, the accounting profession in Illinois provides a bright and lucrative financial future.

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