The Virginia Employment Commission reported in 2012 that there were 42,020 accountants and auditors employed in the state. By 2022, the Commission predicts that number will rise to 48,790, representing an increase of 16% over the current ten-year. This equates to an additional 1,920 accounting jobs created on average each year.
Qualified applicants can become certified public accountants when licensed by the Virginia Board of Accountancy. This requires a bachelor’s degree or higher, 150 total semester hours of college-level education, one year of experience in the field, and passing scores on the Uniform CPA Exam. With most bachelor’s programs consisting of just 120 semester hours of college credit, earning a master’s in accounting serves as the standard way to earn the additional credit hours in advanced accounting coursework required for a CPA license in Virginia.
CPAs in Virginia often join small local partnerships or regional firms, establish independent practices of their own, or work for large accounting and professional services firms that have a presence in that state. Among these larger organizations are “Big Four” international CPA firm PricewaterhouseCoopers, which has a location in Maclean and national CPA firm Kearney & Company, which has an office in Alexandria.
The tax and payroll services that public accountants provide are essential to all organizations, from businesses to non-profits. Employment settings in Virginia are diverse and can include everything from the payroll department of Chesterfield County Public School District, to the headquarters of tobacco giant General Cigar Holdings Inc. in Richmond.
The Virginia Employment Commission expects the number of jobs for accountants in the state to increase by 15% in the ten-year period ending in 2022. The agency projects that 1,921 jobs for accountants will become available during this period.
The median salary for accountants in Virginia was 8% higher than the national median for this occupation at $71,120 in 2014. Experienced accountants in Virginia earned an average salary of $91,020.
Accountants with less than one year of experience at large corporate accounting firms in Richmond earned between $44,345 and $54,145 according to the 2015 Robert Half Salary Guide. In contrast, accountants with more than five years of experience at large accounting firms in this city earned salaries that ranged between $67,375 and $85,995.
The salaries of accounting professionals increases as they gain specialized experience. For example, forensic accountants in Norfolk/Hampton Roads earned between $67,568 and $105,368 according to the 2015 Robert Half Salary Guide. Controllers at large financial services firms in Norfolk/Hampton Roads had salaries in the range of $143,168 to $182,385.
The highest salaries were reserved for CFOs who typically have a CPA license. CFOs for financial services firms in Tysons Corner earned between $204,600 and $363,000 a year according to the 2015 Robert Half Salary Guide.
Accountant and Auditor Salaries Throughout Virginia
General accountants and auditors in Winchester and Charlottesville earned the highest average salaries among all accounting professionals in Virginia in 2014 according to the US Department of Labor.
The 90th percentile in each area is representative of salaries for experienced accountants with CPA licenses.
Tax Preparer Salaries in Virginia’s Cities and Rural Areas
According to the US Department of Labor, tax preparers in Richmond had the highest average salary in 2015:
In other news, Virginia recently made headlines when Governor McDonnell established a new financial literacy graduation requirement for high school seniors. In order to graduate, all seniors in Virginia must now take a one-credit course in economics and personal finance. This requirement was supported and advocated by the Virginia Society of Certified Public Accountants (VSCPA). VSCPA is also sponsoring free training programs for high school teachers interested in teaching these personal finance courses.