Finding accurate data on accounting salaries can be challenging, especially when looking at specific locations like Missouri.
In this post, you'll get a detailed overview of accounting wages across Missouri, including a breakdown by city and role to help optimize your career.
You'll see how factors like location, experience level, credentials, and more impact accountant pay in the "Gateway to the West."
Introduction to Accounting Salaries in Missouri: A Comprehensive Overview
Missouri, known as the "Gateway to the West," has a diverse economy spanning industries like aerospace, transportation equipment, food processing, chemicals, printing, electrical equipment, and tourism. As business and industry continue growing in the state, the demand for accounting professionals is increasing as well.
Accounting is a critical function across all organizations. As Missouri sees economic expansion, accountants help set budgets, manage finances, prepare taxes, and provide vital insight into strategic decisions. They offer essential support in nearly every industry.
This section will overview accounting salaries, job growth, and cost of living considerations in Missouri. It sets the foundation to better understand this vital profession's role in the state's economic landscape.
Exploring the Gateway to the West: Missouri's Economic Landscape
Missouri has a steadily growing economy, adding over 52,000 new jobs in 2021 alone. Major industries like manufacturing, healthcare, retail, accommodation and food services, and construction are significant drivers of employment. This business growth fuels demand for skilled accounting professionals.
Accounting roles exist across all industries and organizations. As Missouri continues expanding its aerospace and advanced manufacturing capabilities, accountants will be integral to managing finances and guiding strategic decisions in these vital sectors.
With major employers like Cerner Corporation, Emerson Electric Co., and Edward Jones Investments, Missouri offers a strong job market in accounting and finance. Top industries hiring accounting professionals include:
- Financial services
- Government
- Healthcare
- Manufacturing
- Technology
Major metro areas like Kansas City, St. Louis, and Springfield also see strong accounting job growth as business and services concentrate in urban centers.
The Role of Accountants in Missouri's Economy
From small businesses to Fortune 500 companies, accountants play a critical role in organizations across Missouri. As key strategic advisors, accountants provide vital expertise spanning:
- Budgeting and Forecasting: Preparing financial statements and plans to guide business decisions
- Compliance and Reporting: Ensuring adherence to accounting standards and tax codes
- Analytics and Business Insights: Identifying trends and providing data to drive growth
For example, as manufacturing expands, accountants help firms analyze costs, maintain quality standards, and improve productivity. In healthcare, accountants manage complex reimbursement rules and revenue cycle management processes.
Accountants are essential to Missouri’s economic engine across sectors. As industries grow and regulations evolve, demand for accounting skills will continue rising.
Understanding Pay Equity and Wage Trends in Missouri Accounting
According to the Bureau of Labor Statistics (BLS), the average salary for an accountant in Missouri is $77,920 annually or $37.47 per hour. This aligns with national trends.
However, significant wage gaps exist across genders and ethnicities:
- Women earn 79.2% of what men earn in accounting
- Black or African American accountants earn just 66.4% of their white peers
- Hispanic or Latino professionals earn 68.9% compared to non-Hispanic accountants
Addressing these discrepancies in pay equity remains an urgent priority for accounting leaders. Focused efforts on diversity, inclusion, and advancement opportunities provide paths to close wage gaps based on gender, ethnicity, and other demographics.
As Missouri grapples with larger equality issues, the accounting profession must similarly tackle representation and pay discrepancies head-on through transparent compensation data, unbiased hiring practices, inclusive workplace cultures, and support for marginalized groups.
Viewing the Average Salary for Accountants in the United States vs. Missouri
Nationwide, the average salary for an accountant is $77,250 annually or $37.15 hourly according to BLS data. Comparing this to average Missouri wages of $77,920 annually or $37.47 hourly, the state aligns closely with national trends.
However, average pay can vary significantly based on specific roles, experience levels, firm sizes, industries, and locations. For example, a Chief Financial Officer at a large St. Louis corporation will earn far greater compensation than an entry-level accountant in a small Springfield business.
Understanding nuances in accounting pay is critical when assessing salaries, especially when considering a career move or job offer. Look beyond statewide averages to compare wages for specific positions in target industries and firms. Evaluate not just base pay but also bonus potential, retirement contributions, healthcare packages and other benefits that factor into total compensation.
While helpful as a baseline, average salary statistics have limitations. Make sure to analyze compensation at a detailed level before making career or hiring decisions.
How much do staff accountants make in Missouri?
Staff accountants in Missouri earn an average annual salary of $56,570, which works out to $27 per hour. However, salaries can vary significantly depending on experience and credentials.
Here is a breakdown of common staff accountant salary ranges in Missouri:
- Top Earners (75th Percentile) - $68,000 per year or $33 per hour
- Average Salary - $56,570 per year or $27 per hour
- 25th Percentile - $51,600 per year or $25 per hour
Some factors that can affect staff accountant salaries in Missouri include:
- Location - Salaries tend to be higher in major metropolitan areas like Kansas City and St. Louis
- Experience Level - More experienced accountants generally earn higher salaries
- Education and Certifications - CPAs and accountants with advanced degrees tend to earn more
Overall, staff accountants in Missouri earn competitive salaries compared to national averages. The cost of living in Missouri is also lower than many other parts of the country, meaning salaries stretch further.
There are good job prospects for accountants in Missouri as well. Major employers include large corporations, accounting firms, healthcare organizations, government agencies, and more. With solid accounting skills and credentials, staff accountants can build rewarding, lucrative careers in the Show Me State.
What branch of accounting makes the most money?
The highest paying accounting careers typically require professional certifications beyond a bachelor's degree. According to the context provided, the top 3 highest paying accounting careers are:
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Financial Controller - Financial controllers oversee the financial operations of a company and ensure financial reports are accurate and regulations are followed. This role requires substantial experience and accounting expertise.
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CMA (Certified Management Accountant) - CMAs analyze financial information to guide business strategy and decision making. Achieving the CMA certification provides accounting professionals with greater career advancement opportunities.
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Chartered Accountant - Chartered accountants audit financial documents, prepare taxes, and provide financial advisory services. Earning the Chartered Accountant designation requires passing a series of rigorous exams.
Other high paying accounting careers that require professional certification and seniority include Certified General Accountants (CGAs), credit supervisors, financial analysts, and vice presidents of finance. Those looking to maximize their accounting salaries can specialize in high demand fields like budget analysis, cost accounting, financial reporting, and revenue recognition. Gaining additional qualifications and seeking senior roles are key to unlocking top tier accounting wages.
Overall, certified accounting roles that demonstrate financial leadership, like controllers and directors, or quantitative advisory positions, like analysts and certified management accountants, tend to offer the highest salaries. Standing out in these competitive fields requires substantial expertise, credentials, and proven ability to support major business decisions.
What is the highest paid area of accounting?
Some of the highest paid accounting roles include:
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Accounting Professor: Professors with accounting expertise can earn an average salary of $77,400 per year. They work in university settings educating the next generation of accounting professionals.
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Director of Finance & Administration: These directors manage the financial and administrative operations of companies or organizations. Their average salary is $88,900 per year.
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Corporate Controller: Corporate controllers oversee all accounting functions and financial reporting within a company. They earn salaries averaging six figures.
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Internal Auditing Manager: These managers lead teams that provide independent, objective assurance services within companies. Average salaries exceed $100,000.
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Investment Banker: Investment bankers facilitate investing and financial transactions, advising organizations on mergers, acquisitions, and more. It is a lucrative field with average salaries of $99,370.
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Financial Planning & Analysis Manager: These managers prepare financial reports, oversee budgets, and advise senior executives on financial strategy. Average salaries reach up to $97,000.
In summary, managerial and executive-level accounting roles tend to provide the highest salaries. Getting an advanced degree and certification (e.g. MBA, CPA) can also boost earning potential over the course of an accounting career.
Which state has the highest paid accountants?
According to the Bureau of Labor Statistics, the highest paying states for accountants and auditors in 2022 were:
- District of Columbia - With an average annual salary of $105,240
- New York - $89,500
- New Jersey - $88,410
- Virginia - $87,610
- California - $87,250
The high salaries in these areas are likely driven by the concentration of large corporations and financial services firms willing to pay top dollar for accounting talent. The cost of living in these places is also relatively high.
Other factors that can increase pay for accountants include:
- Specialized credentials like CPA or CMA certifications
- Years of experience
- Specific expertise such as taxation or auditing
- Leadership roles like Controller or CFO
So while location matters, an accountant's skillset and qualifications impact salary significantly as well. With the right combination, six-figure accounting salaries are possible even in lower-paying parts of the country.
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Average Accounting Salaries in Missouri by Role
Missouri offers competitive salaries for accounting professionals across various roles and experience levels. As the "Gateway to the West", Missouri features a low cost of living coupled with strong economic opportunity. This makes it an attractive destination for accountants looking to launch or advance their careers.
Accountant Salary Entry Level: Starting Wages for Missouri Graduates
Entry-level accountants in Missouri with 0-2 years of experience can expect average starting salaries between $45,000 and $55,000. Recent graduates generally begin their careers in roles like Staff Accountant, Accounts Payable/Receivable Clerk, and Junior Auditor. Key factors impacting salary offers include:
- Education level - Bachelor's vs Master's degree
- Internship experience
- Technical skills and software proficiency
With 2+ years of experience, salaries typically rise to $55,000 - $65,000 annually. Missouri features a growing economy and many options to gain experience across industries like manufacturing, healthcare, finance, and technology.
Average Accountant Salary: Mid-Career Earnings in Missouri
The average salary for mid-career accountants in Missouri with 3-6 years of experience typically ranges from $65,000 to $85,000 annually. Common roles at this stage include Senior Accountant, Cost Accountant, Financial Analyst, Accounting Manager, and Auditor.
Key drivers of compensation include:
- Specialization - audit, financial reporting, analytics, etc.
- Leadership capabilities and team management
- Industry knowledge
Obtaining a CPA license can boost salaries +$5,000 to $10,000 as it enables more senior-level responsibilities. Missouri's main metro areas also pay higher wages.
Senior Accountant and Management Level Salaries in Missouri
Senior accountants and accounting managers in Missouri with 6-10 years of experience can earn $85,000 to $120,000 annually. Common roles include Controller, Accounting Manager, Senior Internal Auditor, and Tax Manager.
At the executive level, Missouri Chief Financial Officers and Finance Directors take home $150,000 to $250,000 in total compensation. Bonuses, stock options, and profit sharing may account for 10-30% of total pay at this stage.
Key factors influencing senior and executive salaries include:
- Company size and industry
- Budget and team oversight
- Strategic finance decisions and ROI delivery
Obtaining an MBA or CPA can help position accountants for senior and executive advancement earlier in their careers.
How Much Does an Accountant Make with a Bachelor Degree in Missouri
The average salary for accountants in Missouri with a bachelor's degree falls between $60,000 and $80,000 annually. Starting wages typically begin around $45,000 for entry-level roles. With each year of experience, accountants can expect to earn incremental pay increases.
Within 6 years, most accountants with a bachelor's degree rise to Senior Accountant or Manager positions earning over $80,000. Obtaining a CPA license can accelerate this timeline by 2-3 years. Missouri's strong manufacturing, logistics, healthcare, and financial services sectors also provide good opportunities for accountants to maximize their earnings potential over the course of their careers.
Accounting Salary Variations by Missouri City
Accounting salaries can vary significantly between Missouri's major metro areas. Factors like cost of living, industry concentration, and demand for talent influence wages.
Kansas City: A Closer Look at Accounting Wages and Opportunities
Kansas City offers competitive salaries for accountants. The average is $62,010 per year. Major employers like Cerner Corporation and H&R Block headquarters drive demand. Job growth is projected to be over 5% in the next decade. The low cost of living stretches salaries. Overall Kansas City provides good compensation and opportunities for accountants.
Cost of Living and Accounting Salaries in Saint Louis, Missouri
St. Louis salaries average slightly higher at $66,460 annually. Large companies like Edward Jones, Express Scripts and Anheuser Busch employ many accountants. The cost of living is 7% below national average so wages go further. St. Louis provides growing options for accounting professionals.
Accounting Salaries in Springfield: A Market Analysis
Springfield has average accounting wages of $60,930 per year. Top employers are Bass Pro Shops and O'Reilly Auto Parts. Job growth projections are over 10% next decade, presenting expanding possibilities. Cost of living is 12% below national average. Springfield delivers solid accounting salaries given low living expenses.
Independence and Beyond: Regional Salary Insights for Missouri Accountants
Smaller metro areas have mixed outlooks. Independence specifically averages $57,000 for accountants. Rural areas generally pay below state/national levels. However some cities like Joplin and Jefferson City match or exceed state accounting salaries. Factors like industry concentration and local cost of living contribute to pay variation.
Factors Influencing Accountant Compensation in Missouri
Accounting salaries in Missouri can vary significantly depending on factors like certification, skills, industry, company size, and more. Understanding these key elements can help professionals evaluate job offers and negotiate better pay.
The Value of CPA Licensure on Missouri Accounting Salaries
Pursuing a Certified Public Accountant (CPA) license can have a major impact on potential earnings for accountants in Missouri:
- CPAs earn $20,000+ more on average than non-certified accountants in the state
- Passing the CPA exam signals advanced expertise and opens up senior-level job opportunities
- Many top accounting and financial leadership roles require active CPA licensure
Overall, the time and effort to get a CPA is well worth the long-term gains in salary and career advancement it enables.
How Specialized Skills in Account Reconciliation and Financial Reporting Affect Pay
Developing specialized skills in high demand areas also boosts accountant pay in Missouri:
- Proficiency in account reconciliation, financial reporting, revenue recognition, and other core competencies can increase base pay by 5-10%
- Expertise in trending skills like FP&A, Big Data analytics, and cloud software also command higher salaries
- Learning niche skills like cryptocurrency accounting differentiates candidates when applying for jobs
Keeping skills sharp and expanding into new disciplines gives accountants leverage when negotiating compensation.
The Influence of Company Size on Accountant Salaries in Missouri
Bigger companies tend to pay higher accounting salaries in Missouri:
- Large corporations have larger accounting budgets, so they offer average salaries 15-20% above small or midsize businesses
- Publicly traded companies must pay more to attract top talent for SEC compliance and financial reporting needs
- However, smaller firms provide faster advancement and more diversity of job duties
Weighing company size and career growth opportunities is key when evaluating Missouri accounting job offers.
Understanding Pay Structures: Paid Annually, Monthly, and Hourly Rates for Accountants
Missouri accountants should also understand the pay structure when comparing job offers:
- Salaried positions pay an annual salary divided into semi-monthly or bi-weekly paychecks
- Hourly accounting roles pay based on billed hours, normally with overtime pay options
- Knowing the base salary, bonus potential, benefits offered, and pay frequency is essential to compare job offers
Evaluating the full compensation package by pay structure enables accountants to make an informed career decision.
In summary, factors like credentials, expertise, company characteristics, and pay models all impact how much accountants earn in Missouri. Understanding these elements allows accounting professionals to effectively progress their careers.
Job Outlook and Growth Trajectories for Missouri Accountants
Forecasting the Demand: Projected Job Growth for Accountants in Missouri
The job outlook for accountants in Missouri is strong. According to the U.S. Bureau of Labor Statistics, employment of accountants and auditors is projected to grow by 7% from 2020 to 2030 in Missouri, faster than the average across all occupations. Several key industries are driving demand, including:
- Finance and insurance: As major industry hubs like St. Louis continue to expand in areas like financial services, more accountants will be needed to track finances and ensure compliance.
- Government: With steady hiring across local, state, and federal agencies, government is a major source of accounting jobs in Missouri. Positions may involve auditing, budget analysis, financial reporting, and more.
- Management of companies: Major employers rely on accountants for tasks like financial planning and analysis to guide strategic decisions.
Overall, Missouri's business-friendly environment and diverse industry base bodes well for continued growth in accounting roles across the state.
Career Advancements: From Accountant to Vice President of Finance
Ambitious accountants in Missouri have clear paths to advance to high-level corporate finance roles. Common trajectories include:
- Senior Accountant > Controller > Finance Director > VP of Finance or CFO: At larger companies, accountants can progress to oversee entire departments and drive key strategic decisions. Advancement is based on strong technical skills, leadership capabilities, and business acumen.
- Senior Financial Analyst > Finance Manager > Director of FP&A > CFO: For accountants interested in corporate budgeting and planning, this path focuses on developing financial analysis expertise before managing others and advising executives.
- Audit Manager > Director of Internal Audit > Chief Audit Executive > CFO: Accountants with audit experience can leverage their risk management knowledge while overseeing vital governance functions.
No matter the specific route, Missouri offers accountants the chance to take on significant responsibility and influence business outcomes at the highest levels. The state is home to over 20 Fortune 1000 company headquarters providing these opportunities.
Diverse Accounting Roles in Missouri: From Budget Analyst to Controller
Beyond standard accounting positions, professionals in Missouri can explore roles like:
Budget Analyst
- Prepares budget reports and monitors organizational spending
- Entry-level role for accountants in government agencies
Account Reconciliation Analyst
- Compares accounting records to ensure numbers match up
- Vital for accuracy in high-volume financial transactions
Controller
- Leads accounting strategy as head of the department
- Requires extensive experience managing workflows and staff
Revenue Recognition Accountant
- Ensures revenue transactions comply with accounting standards
- Important for public companies or pre-IPO startups
This range of options allows accountants to find the right niche based on their skills and interests. Roles may also concentrate on specific industries like healthcare, education, or manufacturing.
Missouri's Accounting Sector: Opportunities for Cost Accountants and Job Cost Analysts
For accountants interested in tracking and optimizing business expenses, Missouri offers openings like:
Cost Accountant
- Monitors manufacturing and operations costs for management decision-making
- Supports product pricing and budgets to maximize profitability
Job Cost Accountant
- Analyzes costs and revenues by individual projects and assignments
- Helps compare profitability across jobs and customers
Job Cost Analyst
- Compiles data on resource utilization per project using ERP systems
- Identifies ways to reduce expenses through process improvements
These roles thrive with Missouri's strong manufacturing, construction, and professional services sectors, which require detailed cost analysis. Major hubs like St. Louis and Kansas City provide openings across industries.
Overall, the outlook for cost and management accountants remains strong as businesses demand expert help monitoring and minimizing expenses.
How to Become an Accountant in Missouri: Education and Certification
Educational Requirements: Degrees and Coursework
To become an accountant in Missouri, a bachelor's degree in accounting, finance, or a related field is typically required. Relevant coursework usually includes financial accounting, managerial accounting, auditing, taxation, business law, statistics, economics, and finance. Many employers prefer candidates with a master's degree in accounting or business administration (MBA). Top schools in Missouri for accounting include the University of Missouri, Saint Louis University, Missouri State University, and Washington University in St. Louis.
Certification Pathways: CPA and Beyond
Obtaining the Certified Public Accountant (CPA) credential significantly boosts job prospects and earning potential for accountants in Missouri. Candidates must complete 150 credit hours of education, pass the Uniform CPA Exam, and meet experience requirements under supervision of a CPA. Other helpful certifications include Certified Management Accountant (CMA), Certified Internal Auditor (CIA), and Chartered Financial Analyst (CFA).
Continuing Education and Professional Development for Accountants
Missouri CPAs must complete 120 hours of continuing professional education (CPE) every 3 years covering accounting, auditing, taxation, and ethics. Non-CPAs can benefit from CPE to stay updated on best practices. Participating in professional accounting associations also aids development.
Entry Points: Internships and Junior Roles in Missouri Accounting Firms
Internships allow students to gain practical experience at Missouri accounting firms. Entry-level roles like accounts receivable/payable clerks or junior tax associates help transition into professional accounting positions. Both options let candidates network and learn on the job.
Conclusion: Navigating the Accountancy Landscape in Missouri
Recap of Accounting Salaries and Career Opportunities in Missouri
Accounting is a stable, well-compensated field in Missouri. The average salary for an accountant in Missouri is $62,000, with experienced controllers and CFOs earning over $150,000. Growth is projected to be over 5% in the next decade as businesses expand in the state. There are abundant job opportunities statewide for qualified accounting professionals.
Missouri's Top Employers for Accounting Professionals
Major employers like BKD, LLP, RubinBrown LLP, and KPMG hire hundreds of accountants every year to support local businesses and national clients. Top industries include manufacturing, healthcare, retail, and technology. The major metropolitan hubs of Kansas City, St. Louis, and Springfield offer the greatest concentration of accounting jobs.
Strategizing for Success: Enhancing Your Accounting Career in Missouri
Pursuing a CPA license and specialized certifications can boost your earning potential. Developing expertise in niche areas like cost accounting and budget analysis is also advantageous. Honing soft skills in communication, analytics, and leadership paves the way for management roles. Overall, accountants in Missouri enjoy excellent job security, competitive wages, and abundant opportunities to advance their careers over the long-term.
