Most people would agree that determining accurate accounting salaries for a state can be confusing, with many complex factors to consider.
This article provides a clear overview of accounting wages across Tennessee, including details on how elements like location, experience level, and employer type impact pay.
You'll see a breakdown of entry-level, mid-career, and executive accounting salaries in Tennessee, along with specifics for major cities like Nashville and Knoxville. The post also compares wages at leading employers like HCA Healthcare and prominent accounting firms operating in the state.
Introduction to Accounting Salaries in Tennessee
Tennessee has a diverse economy spanning industries like healthcare, automotive manufacturing, and tourism. Major employers include HCA Healthcare, Nissan North America, and the State of Tennessee government. This economic landscape shapes accounting salaries across the state.
Brief Background on Tennessee's Economy and Finance Job Market
Tennessee has seen steady job growth in recent years, including increased demand for accountants and financial professionals. Key industries driving Tennessee's economy include:
- Healthcare - Major employers like HCA Healthcare and Vanderbilt University Medical Center
- Manufacturing - Auto manufacturing plants from Nissan, General Motors, and Volkswagen
- Tourism - Key destinations like Memphis, Nashville, Smoky Mountains, and Dollywood
- Government - Large state government providing stable finance and accounting jobs
This economic makeup leads to competitive salaries for accountants as employers aim to attract top talent.
Overview of Accounting Positions and Salary Data
Major accounting roles and average salaries in Tennessee include:
- Accountant I - $45,000
- Staff Accountant - $55,000
- Senior Accountant - $70,000
- Accounting Manager - $85,000
- Controller - $120,000
Salaries vary based on factors like location, firm size, certifications, and experience level.
Factors Influencing Tennessee Accounting Salaries
Key variables impacting Tennessee accountant salaries include:
- Location - Accounting salaries in major metro areas like Nashville and Memphis tend to be 10-15% higher than smaller towns.
- Firm Size - Bigger companies and public accounting firms offer higher salaries to attract top talent.
- Certifications - CPAs tend to earn 20-30% more than non-certified accountants.
- Experience Level - More years in accounting correspond with increased salary levels.
Cost of Living in Tennessee and Its Impact on Accounting Salaries
Tennessee has a relatively low cost of living compared to national averages, ranking #27 in the country. This allows accounting salaries to stretch further compared to high cost areas. However, increased growth in major metros is pushing cost of living higher in cities like Nashville, impacting salaries.
How much does an accountant make in Tennessee?
Accountants in Tennessee earn competitive salaries, with plenty of room for advancement. Here's a breakdown of common accounting roles and average pay:
Annual Salary
The average annual salary for an accountant in Tennessee is $57,550. However, pay can vary significantly depending on role, experience, and location.
Monthly Pay
When broken down into monthly pay, the average Tennessee accountant earns around $4,795 per month. Those in higher paying roles can earn over $7,000 per month.
Top Earners
Accountants in the 75th percentile earn around $71,200 annually or $5,933 monthly. These are typically controllers, senior accountants, and accountants with specialized expertise.
Entry-Level
25th percentile accountants in Tennessee earn approximately $48,600 per year or $4,050 per month. These tend to be entry-level and junior roles like accounting clerks or bookkeepers.
Salaries also differ by location. Accountants in major metros like Nashville and Knoxville tend to earn 10-15% higher pay than statewide averages. Experience level plays a major role as well, with senior accountants earning nearly double entry-level accountant salaries in Tennessee.
Overall, the Volunteer State offers accountants competitive pay, low cost of living, and opportunities to advance. The statewide average salary of $57,550 combined with Tennessee's affordable housing, food, and amenities make it an attractive state for accounting professionals.
Which state has highest paying accounting jobs?
Tennessee offers competitive salaries for accounting professionals compared to national averages. However, the highest paying states for accountants are generally Washington D.C, New York, New Jersey, California, and Massachusetts according to recent salary data.
Washington D.C. tops the list with a mean annual wage of $99,730 for accountants and auditors. The district's concentration of government agencies and contractors drives demand.
New York comes second at $98,560, buoyed by Wall Street firms and the financial sector in NYC. Many global companies are headquartered in the state.
New Jersey follows closely with an average salary of $96,900. The state is home to many pharmaceutical and technology companies providing solid accounting job opportunities.
California accounts for $96,550 in mean wages given strong business growth in sectors like tech and entertainment. High costs of living in cities like San Francisco and Los Angeles are compensated with higher pay.
Massachusetts rounds out the top five at $90,500 annually. Numerous universities and medical facilities in the Boston metro area support stable accounting roles.
So while Tennessee offers reasonable accounting wages, especially in cities like Nashville, other states edge it out for the top spots. However, Tennessee remains an attractive destination given its low cost of living, lack of state income tax, and wealth of corporate headquarters providing accounting jobs.
How much does a senior staff accountant make in Nashville Tennessee?
As of January 2023, the average annual salary for a Senior Staff Accountant in Nashville, Tennessee is approximately $82,785. This breaks down to about $39.80 per hour or $1,592 per week.
Some key points about senior staff accountant salaries in Nashville:
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The average salary is based on recent market data from major job sites and employer reported salaries in the region.
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Salaries can vary depending on factors like years of experience, certifications, industry, and company size.
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The Nashville market features major employers in healthcare, finance, insurance, and technology that hire accounting professionals. Popular companies include HCA Healthcare, Deloitte, KPMG, and Eventbrite.
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The cost of living in Nashville is below the national average, making it an affordable place to live on an accountant's salary. Healthcare, housing, transportation, and other living expenses are lower than other major metro areas.
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Entry level accounting salaries start around $50,000 in Nashville, with mid-career and senior level roles reaching up to $100,000 and beyond.
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Nashville features a growing economy and business community. Accountants can find career advancement opportunities as companies scale their accounting and finance teams.
In summary, a senior staff accountant in Nashville can expect an average salary of $82,785, with great long-term career growth prospects thanks to the city's expanding economy and business landscape. The relatively low cost of living also enables accounting professionals to enjoy a comfortable lifestyle on their salaries.
Which public accounting firms pay the most?
The "Big Four" accounting firms of Deloitte, EY, PwC, and KPMG are well known for offering competitive salaries in public accounting. As the largest professional services networks in the world, they have the resources to attract top talent.
According to salary data, PwC and EY tend to pay the highest base salaries for entry-level to mid-career accountants compared to the other Big Four firms. However, actual compensation depends on many factors:
- Location: Salaries vary significantly based on the city and state. Major markets like New York City and San Francisco pay more.
- Position and level: Managers and senior managers earn far more than entry-level associates and staff accountants.
- Service line: Advisory services often receive higher compensation compared to audit and tax.
- Bonuses and overtime pay: Performance bonuses and overtime pay can make up 20-30% or more of total compensation.
For example, a first-year audit associate at PwC in Nashville may make around $55,000 in base salary. A tax manager in the same office could earn closer to $110,000 or more with bonuses. Partners and directors at these firms take home well into the six figures in most locations.
So while PwC and EY edge out Deloitte and KPMG for entry-level pay, the particular role, service line, experience level, and office location play a major role in determining salaries at these elite public accounting firms. The compensation potential remains high across the Big Four for accountants at all stages of their careers.
Accounting Salaries for Entry-Level Roles in Tennessee
Entry-level accounting roles in Tennessee provide a solid foundation for building a career in finance. While compensation varies by factors like location and firm size, salaries tend to reflect the state's low cost of living compared to national averages.
Accountant-entry Level Salaries in Tennessee
According to PayScale data, entry-level accountants in Tennessee earn an average base salary of $45,297 per year. Actual incomes range from $36,000 on the low end up to $58,000 for top performers. Location plays a major role, with accountants in Nashville and Memphis earning premiums of 5-10% over other parts of the state. Experience level, firm size, industry, and credentials also impact pay.
Accounting Clerk Salaries Across Tennessee
Accounting clerks handle routine tasks like accounts payable/receivable, data entry, and reconciliation. As of 2022, the average accounting clerk salary in Tennessee is $33,770. This aligns with broader U.S. trends, where accounting clerks earn approximately 75% as much as degreed accountants. Opportunities for pay growth depend heavily on obtaining additional training and certifications.
Junior Accountant Pay and Career Path
Within their first 1-3 years on the job, most junior accountants in Tennessee earn between $40,000 and $55,000. Beyond this early stage, pursuing a CPA license and demonstrating strong technical skills can boost salaries by $10,000+ and open doors to senior accountant roles. Exceptional performers who take on supervisory duties may reach $70,000+ by year five of their career. Geographic mobility also aids advancement for ambitious young accounting professionals.
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Mid-Level Accounting Salaries and Career Advancement in Tennessee
This section will examine the pay scale for accountants with 3-6 years of experience in Tennessee firms and industries.
Senior Accountant Salaries and Job Description
Senior accountants in Tennessee with 3-6 years of experience can expect to earn an average salary of $55,000 to $75,000 per year. This mid-level role oversees day-to-day accounting activities, prepares financial statements, analyzes costs, budgets expenses, and may supervise lower-level accountants.
Key responsibilities include:
- Preparing monthly, quarterly, and annual financial statements
- Performing variance analysis between actual and budgeted costs
- Reviewing journal entries and reconciliations
- Ensuring compliance with GAAP principles and internal controls
- Managing general ledger and month-end close process
- Training and mentoring associate accountants
Pay for senior accountants can vary depending on:
- Industry, with higher salaries in banking, tech, and healthcare
- Company size, larger firms pay more
- Location, pay is higher in major metro areas
- Years of experience, 5-6 years earns more than 3-4
- CPA certification brings a pay premium
Plant Accountant Compensation in Tennessee's Manufacturing Sector
Plant accountants with 3-6 years of experience in Tennessee's large manufacturing industry earn approximately $65,000 to $85,000 annually. Major manufacturing firms like Cummins, Nissan, and Eastman Chemical provide competitive salaries to recruit skilled accounting professionals.
As key members of facility leadership teams, plant accountants handle responsibilities like:
- Monitoring manufacturing costs and profitability
- Preparing budgets and financial plans specific to plant operations
- Driving working capital and inventory management
- Ensuring accurate cost accounting and reporting
- Partnering with operations managers to analyze budgets vs. actuals
Salaries typically fall on the higher end for plant accountants with experience in lean manufacturing and cost reduction methods. Certifications like Lean Six Sigma or CPIM can boost pay.
Corporate Staff Accountant Earnings in Tennessee
Experienced corporate staff accountants in Tennessee earn approximately $60,000 to $80,000 per year. Major companies headquartered in the state like FedEx, Dollar General, and First Horizon provide competitive salaries for accounting professionals with 3-6 years of experience.
Typical responsibilities include:
- Preparing monthly financial statements
- Recording general ledger entries
- Completing account reconciliations
- Assisting with audit preparation
- Analyzing costs and financial performance
- Ensuring compliance with internal controls and GAAP
Pay tends to correlate with company size, industry, specific technical skills, and accounting systems knowledge. Public accounting experience also commands higher salaries. Geographic location within Tennessee has little impact on corporate staff accountant pay.
Executive-Level Finance Roles: Controller and Financial Controller Salaries
This section covers compensation for accountants in manager, controller, and executive financial positions across Tennessee.
Bookkeeping Manager Wages in Tennessee
Bookkeeping managers in Tennessee earn an average salary of $55,000 per year. This can vary based on location, qualifications, and firm type:
- In major cities like Nashville and Memphis, salaries range from $60,000 to $75,000 for bookkeeping managers with 5+ years of experience.
- Bookkeeping managers with a CPA certification tend to earn 10-15% higher wages on average.
- At large corporations and public accounting firms, salaries for experienced managers often exceed $80,000.
Overall, bookkeeping manager compensation reflects factors like education level, years of experience, firm size, and geographic location within Tennessee.
Financial Controller Compensation in Tennessee's Top Industries
Financial controllers at Tennessee companies earn approximately $97,000 on average. However, there is significant variance across industries:
- In banking and finance, controllers make $105,000 - $125,000 on average. At large banks like FirstBank, salaries can surpass $150,000.
- Healthcare controllers average around $100,000 - $110,000 at major providers like HCA Healthcare and Vanderbilt Medical Center.
- Manufacturing controllers tend to earn $90,000 - $100,000 on average at companies like Cummins and Nissan North America.
As a rule of thumb, controller pay rises with company revenue and job responsibilities. Those managing larger finance teams or budgets over $100 million often earn 20-30% above industry averages.
Chief Financial Officer (CFO) Compensation in Tennessee
Chief financial officers at Tennessee public and private companies average approximately $163,000 per year according to disclosed salary data. However, CFO pay varies substantially based on these key factors:
- Industry - CFOs in banking/finance average $185,000 vs. $155,000 in manufacturing/distribution.
- Company Size - CFO salaries range from $120-150,000 at companies with under $200 million in revenue to $200-275,000 at billion-dollar corporations.
- Job Duties - CFOs with additional duties like operations, strategy, HR, etc. tend to earn 15-20% higher wages.
In summary, chief financial officers in Tennessee earn wages commensurate with experience, company size, industry, and job responsibilities. Those managing large finance teams at billion-dollar corporations often make over $300,000 per year.
Specialized Accounting Salaries in Tennessee
Tennessee offers competitive salaries for accounting professionals across various industries. As a state with no income tax and a relatively low cost of living, Tennessee can be an attractive place to build an accounting career.
Grants Accountant Salaries in Non-Profit and Education Sectors
Grants accountants at major universities like Vanderbilt earn average salaries of $55,000 to $75,000. With 5-10 years of experience, grants accountants can earn $80,000 to $95,000 on average. The nonprofit sector offers room for advancement, with senior grants accountants and managers earning $90,000 to $120,000.
Investment Accountant Compensation in Tennessee's Financial Firms
Major financial services firms like Deloitte and EY pay investment accountants salaries averaging $70,000 to $90,000 for entry-level roles. With 5+ years of investment accounting experience, salaries range from $95,000 to $140,000 on average. Senior investment accounting managers earn $130,000 to $180,000 on average.
Property Management Accountant Wages in Tennessee's Real Estate Market
The booming Tennessee real estate market is fueling demand for property management accountants. Average salaries range from $55,000 to $75,000 for entry-level property accountants. With 5+ years of experience, property accountants earn average wages of $80,000 to $110,000. Senior property controllers and finance managers earn $100,000 to $150,000 on average.
Accounting Salaries at Prominent Tennessee Employers
This section details average accountant pay at major public accounting firms and corporations in Tennessee.
Accounting Salaries at HCA Healthcare and Other Healthcare Giants
HCA Healthcare is the largest private healthcare provider in Tennessee, employing over 30,000 people across the state. As one of the biggest employers of accountants, HCA offers competitive salaries:
- Staff Accountants average around $65,000 per year. With 5+ years experience salaries increase to $75,000+.
- Senior Accountants make approximately $85,000 on average.
- Accounting Managers earn $95,000 - $115,000 per year typically.
Other major healthcare systems like Vanderbilt University Medical Center and TriStar Health also hire a significant number of accounting professionals at similar pay rates to HCA.
Finance Accountant Pay Scale at Tennessee's Manufacturing Companies
Major manufacturers like Cummins and Nissan have large accounting teams to handle their complex finances. Average accountant salaries at these companies include:
- Entry-level Staff Accountants start around $55,000 per year.
- Accountants with 3-5 years experience make approximately $68,000 on average.
- Senior Finance Accountants earn $80,000+ per year typically.
- Accounting Managers make $100,000+ at top manufacturers.
Other major manufacturers providing competitive accountant salaries include Bridgestone, Calsonic Kansei, and Wacker Chemical.
Accounting Compensation at KRAFTCPAS and Other Accounting Firms
As a top 50 US accounting firm, KRAFTCPAS offers salaries on par with the Big 4 for client-facing accountants:
- Entry-level Staff Accountants average $55,000 per year.
- Senior Accountants with 5+ years experience make approximately $75,000 on average.
- Managers take home $95,000+ per year typically.
- Directors and Partners can earn $150,000+.
Leading Tennessee accounting firms like Crosslin & Associates and Lattimore Black Morgan & Cain also offer competitive salaries to attract top talent.
Comparing Accounting Salaries in Tennessee's Major Cities
This section compares average accountant pay across major metro areas and smaller regional markets in the state.
Nashville Accounting Salaries and Cost of Living
Nashville is home to major companies like HCA Healthcare, Vanderbilt University, and Cummins, providing ample job opportunities for accountants. The average salary for an accountant in Nashville is $65,000. Senior and managerial roles earn higher, with controllers making around $95,000 on average.
The major accounting firms EY, Deloitte, and KRAFTCPAS have a strong presence in Nashville and offer competitive salaries. Starting salaries for recent grads at these firms range from $55,000 to $65,000.
While accountant wages in Nashville are on par with national averages, the city's below-average cost of living means salaries stretch further. Housing, utilities, and other living expenses run 10-15% less than the national baseline.
Accounting Wages in the State of Tennessee's Capital
Accountants working directly for the State of Tennessee in Nashville earn an average salary between $45,000 and $60,000. Senior accountants and controllers make $65,000 to $85,000 on average.
Government and public sector accountants generally earn 10-15% less than private industry but have better job security, benefits, and work-life balance. Nonprofit roles tend to pay 20-30% below for-profit businesses.
Knoxville Accounting Pay Scale and Local Economic Impact
The average salary for accountants in Knoxville is approximately $60,000, lagging behind Nashville by 10%. Controllers earn about $88,000 on average.
Major local employers like the University of Tennessee and State of Tennessee government provide a stable job market for accountants but pay less than private companies. Starting salaries for recent grads are around $45,000.
Knoxville has a very low cost of living, about 15% below national averages, allowing accountants' salaries to go farther compared to other regions. Affordable housing is a major factor - Knoxville home prices are roughly 40% less than Nashville.
Conclusion: Key Insights on Accounting Salaries in Tennessee
Recap of Highest Paying Accounting Jobs in Tennessee
The highest paying accounting jobs in Tennessee based on average salaries are:
- Controllers: $122,000 annual salary on average
- Finance Managers: $115,000
- Tax Managers: $110,000
- Audit Managers: $108,000
- Directors of Finance: $105,000
Locations with the most job openings and highest salaries for accountants include Nashville, Memphis, Knoxville, and Chattanooga.
Competitive Salary Considerations for Tennessee Finance Firms
To attract top accounting talent, Tennessee companies should offer:
- Competitive base pay aligned with market rates
- Performance bonuses and profit sharing
- Strong healthcare and retirement benefits
- Flexible remote and hybrid work options
- Professional development and training opportunities
Firms able to provide the highest overall compensation packages will have an edge in recruiting.
Future Outlook for Accountant Salaries in Tennessee
Accounting salaries in Tennessee are projected to increase over the next decade due to economic growth and an aging accountant workforce nearing retirement. However, automation of routine tasks may temper wage growth for some entry-level roles.
Ongoing demand is expected for accountants specializing in analytics, advisory services, and strategic decision support. Salaries for these positions likely to rise faster than average.
