By an AccountingEdu contributing writer
Updated August 2015
According to Occupational Employment Projections provided by the Illinois Department of Employment Security Economic Information & Analysis Division in 2014, employment of accountants is expected to grow by 12 percent in the state between 2012 and 2022. This strong growth is spurred on by an increase in the number of businesses operating in Illinois, changes in laws that affect the financial services industry, as well as the increased attention being given to organizational accounting integrity. According to the U.S. Bureau of Labor Statistics, rapid growth will occur in the specialized areas of international business and information systems auditing.Big four accounting firms Deloitte & Touche, PricewaterhouseCoopers, Ernst & Young, and KPMG all have sizeable offices in Chicago. Although some accountants start as bookkeepers, tax preparers, or enrolled agents and have minimal formal education, positions within corporations and accounting firms are held by those with bachelor’s or grad degrees in accounting, or business degrees that include an accounting concentration.
The city of Chicago alone is home to hundreds of diverse businesses and Fortune 500 corporations recognized as the leading employers of management accountants, financial controllers, internal auditors, cost, and capital accountants. Among these are aerospace and defense contractor, Boeing; commercial airliner, United; electricity-generating and distribution company, Exelon and multimedia publisher, Tribune Company. Other significant companies and major employers of accountants in Illinois include U.S. Cellular; the seventh largest wireless telecommunications company in the United States, the Wm. Wrigley Jr. Company, Wilson Sporting Goods, and pharmaceutical company, Abbott Laboratories. State Farm Insurance and Country Financial both have corporate offices in Bloomington and construction machinery manufacturer Caterpillar is based in Peoria. Decatur is home to A.E. Staley and Archer Daniels Midland companies, which both produce agriculturally based products used worldwide. Within all these thriving businesses in the windy city and throughout Illinois are accountants and auditors working to maximize efficient business operation and maintain internal controls.In 2014, the US Bureah of Labor Statistics named Lake County as having the highest salary for accountants at $75,000, followed by the greater Chicago area (including the city and suburbs) at $83,310. The average salary for accountants and auditors statewide was $66,000 that year, which was higher than the national average of $65,900.
One of the most controversial tax laws to be passed in the state of Illinois recently has to do with sales tax for online purchases. The law requires that online retailers with in-state affiliates collect sales tax on purchases made in Illinois. The reason given by lawmakers was that the law would help small businesses compete with online stores by creating a “level playing field” and would also generate $150 million in tax revenue each year.
Critics fear the plan will backfire as online retailers such as Amazon.com and Overstock.com will terminate their in-state affiliates in order to avoid charging the sales tax, creating a worse situation for these small business affiliates. According to FTC Beat, a blog written by the Washington, D.C.-based Ifrah Law Firm, other states that have enacted similar laws, thereby causing Amazon.com and other online retailers to pull their in-state affiliates, have actually generated very little in the way of sales tax revenue through online purchases.