Steps to Becoming an Accountant in Virginia
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.
Government accountants and auditors, who usually hold a bachelor’s degree and specialized credentials, work in all strata of local and federal government in Virginia. They’re found working for regional agencies like the Upper Occoquan Service Authority in Centreville, as well as Federal agencies like the Defense Contract Audit Agency in Fairfax and the US Attorney’s Executive Office located in Falls Church.
Accounting information systems specialists work for organizations as diverse as media company BIAP, with their research and development department in Dulles, and the non-profit business technology advocacy group, New Virginia Corridor Technology Council, with regional offices in Blacksburg and Roanoke.
Salary and Employment Facts about Accountants in Virginia
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.
Area name
Employment
Hourly mean wage
Annual mean wage
Hourly median wage
Hourly 75th percentile wage
Hourly 90th percentile wage
Annual median wage
Annual 75th percentile wage
Annual 90th percentile wage
Blacksburg-Christiansburg-Radford VA
390
30.88
64230
28.34
37.60
45.70
58940
78200
95050
Charlottesville VA
890
36.33
75570
31.96
42.65
59.22
66470
88710
123180
Danville VA
160
30.54
63520
27.39
35.35
45.51
56980
73520
94670
Harrisonburg VA
360
30.50
63440
29.76
36.47
44.53
61900
75850
92620
Lynchburg VA
540
31.79
66120
30.32
38.52
48.70
63070
80120
101300
Richmond VA
6810
35.28
73390
32.15
41.99
53.92
66880
87350
112150
Roanoke VA
1030
32.34
67280
30.05
38.04
47.74
62500
79130
99300
Virginia Beach-Norfolk-Newport News VA-NC
6410
34.29
71320
31.69
41.52
53.18
65910
86350
110610
Winchester VA-WV
410
36.50
75910
34.11
45.50
53.41
70950
94640
111100
Southwestern Virginia nonmetropolitan area
560
27.14
56450
24.99
32.98
43.73
51980
68600
90950
Southside Virginia nonmetropolitan area
210
27.10
56360
24.18
34.37
45.09
50300
71480
93790
Northeastern Virginia nonmetropolitan area
250
28.86
60030
26.40
34.35
45.30
54910
71450
94230
Northwestern Virginia nonmetropolitan area
700
32.33
67250
29.11
39.02
47.70
60550
81150
99220
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:
Area name
Employment
Hourly mean wage
Annual mean wage
Hourly median wage
Hourly 75th percentile wage
Hourly 90th percentile wage
Annual median wage
Annual 75th percentile wage
Annual 90th percentile wage
Charlottesville VA
Estimate not released
18.62
38730
18.92
24.43
28.38
39350
50820
59030
Lynchburg VA
60
17.86
37140
17.58
20.51
23.01
36570
42670
47870
Richmond VA
350
19.39
40330
13.82
27.05
34.35
28750
56270
71450
Roanoke VA
210
19.04
39600
16.61
23.87
35.46
34550
49660
73760
Virginia Beach-Norfolk-Newport News VA-NC
300
18.60
38690
16.89
23.48
33.01
35130
48840
68660
Southwestern Virginia nonmetropolitan area
120
12.81
26640
12.10
13.64
14.56
25160
28360
30280
Northeastern Virginia nonmetropolitan area
40
18.61
38710
17.72
24.48
27.89
36860
50920
58010
Northwestern Virginia nonmetropolitan area
80
14.09
29300
11.50
19.80
24.30
23920
41170
50530
Salary and employment data compiled by the United States Department of Labor’s Bureau of Labor Statistics in May of 2014. Figures represent accumulated data for all areas of specialty within the field of accounting and auditing
Virginia Accountancy and Tax Laws in the News
There have been significant changes made to Virginia’s tax laws recently that include the creation of the Livable Home Credit. This new tax credit allows resident taxpayers to be reimbursed up to $2,000 for making renovations to homes that include adding features that make the domicile more accessible to disabled individuals. This applies to new residences as well as older residences that have been retrofitted.
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.
