The Average Salary of a Chief Accountant

Accountants are responsible for preparing financial statements, including balance sheets, profit and loss statements, and other reports. A chief accountant, also known as a lead or senior accountant, is usually required to lead and direct the work of others. Extensive business knowledge and the ability to interpret numbers is expected. There are a number of factors affecting a chief accountant's salary, including certification, experience, employer type, company size and industry.

Salary

The average salary of a chief accountant is from $50,371 to $67,243, according to November 2010 PayScale data. Bonus and profit-sharing can contribute a significant portion to the overall pay structure, anywhere from $2,639 to $8,517.

Certification

Certification can account for up to 50 percent difference in a chief accountant's salary, according to PayScale November 2010 data. Accountants with a Chartered Financial Analyst designation can earn the highest, between $50,000 and $92,432 per year. Individuals with a Chartered Accountant designation earn the second-highest salary, ranging between $51,823 and $75,932. Senior accountants with a Certified Internal Auditor designation earn the least, from $49,601 to $58,899.

Experience

Experience working at the senior level has a progressive effect on the income earned by chief accountants. Individuals with less than one year experience as chief accountant earn between $37,925 and $57,391, according to PayScale November 2010 data. With one to four years experience, a chief accountant can expect to earn between $48,037 and $60,321. After five to 10 years experience, the salary range increases to $51,083 and $65,987. Income increases again at the 10 to 19 years experience level, with income ranging from $51,012 to $68,101. The earnings potential of a chief accountant peaks with 20 years or more experience, at $51,135 to $70,699.

Employer

Employer type can account for over 60 percent difference in the earnings of a chief accountant. Chief accountants working in the federal government earn between $58,490 and $89,296, according to PayScale November 2010 data. Chief accountants working at a college or university are among the lowest paid, between $40,211 and $54,526.

Company size

Company size does not have a significant impact on the earnings potential of a chief accountant. Individuals working in a large corporation of 5,000 to 20,000 employees earn between $53,312 and $67,524 based on PayScale November 2010 data. This is approximately 10 percent more than chief accountants working in small companies of 10 to 49 employees, where they earn $47,026 to $62,207.

Industry

Chief accountants earn comparably similar incomes across a wide variety of industries. Individuals working in financial services and insurance earn between $50,643 and $66,909, as shown in PayScale November 2010 data. Chief accountants working in the lowest paying industry, manufacturing and distribution, earn from $48,444 to $61,948.

References

• PayScale: Senior Accounting Salary, Average Salaries
• PayScale: Senior Accounting Salary, Average Salaries by Certification
• PayScale: Senior Accounting Salary, Average Salaries by Years Experience
• PayScale: Senior Accounting Salary, Average Salaries by Employer Type
• PayScale: Senior Accounting Salary, Average Salaries by Company Size
• PayScale: Senior Accounting Salary, Average Salaries by Industry