Average Accountants and Auditors Salary in Richmond, VA
Accountants and Auditors in Richmond, VA, earn an average annual salary of $88,120. This figure is slightly below the national average of $94,430, suggesting that while Richmond offers a competitive market, certain economic factors or industry concentrations may influence pay scales compared to broader national trends. The local economic landscape and demand for financial expertise play a crucial role in shaping these compensation packages.
Executive Summary
- Average Salary: $88,120 per year.
- Growth Trend: Salaries have shifted 6.2% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $129,200.
- Outlook: With a local workforce of 7,920 Accountants and Auditors, Richmond, VA, demonstrates a significant presence in this profession. The Location Quotient of 1.29 indicates a higher concentration of these roles compared to the national average, suggesting a robust and potentially growing demand for accounting and auditing services within the region. This concentration points to a healthy job market for professionals in this field.
Salary Overview
The average Accountants and Auditors in Richmond, VA earns-6.7%below the national average.
$42.4
$1,695
$7,343
Accountants and Auditors Salary Trends (2020-2024)
While specific historical data isn't provided, it's reasonable to assume that salaries for Accountants and Auditors in Richmond, VA, have seen consistent growth over the past four years, mirroring national trends. Factors such as inflation, increasing demand for specialized financial services, and the evolving regulatory landscape likely contribute to upward pressure on wages, ensuring that compensation keeps pace with the value these professionals bring.
Accountants and Auditors Salary Distribution in Richmond, VA
The career trajectory for Accountants and Auditors in Richmond, VA, typically involves significant salary increases with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with specialized skills and extensive experience can command salaries in the upper percentiles. The widening gap between entry-level and senior roles signifies clear opportunities for career advancement and increased earning potential within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $57,050 | $27.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $66,090 | $31.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $79,620 | $38.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $110,150 | $53 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $129,200 | $62.1 |
Detailed Accountants and Auditors Market Analysis
Relocation Context
Nominal Salary
$88,120
Gross Pay
Real Wage (Purchasing Power)
$88,120
Adjusted for COL (100)
The average annual salary of $88,120 in Richmond, VA, aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of an Accountant's salary in Richmond is equivalent to the national average, offering a stable financial environment where take-home pay effectively covers typical living expenses without significant strain or surplus compared to the rest of the country.
Job Market Context
7,920
Total Jobs
12.135
Per 1K Jobs
1.29
Location Quotient
With a location quotient of 1.29, Richmond, VA has a slightly higher-than-average concentration of Accountants and Auditors roles compared to the national norm.
Richmond, VA, boasts a Location Quotient of 1.29 for Accountants and Auditors, indicating a job market that is 29% more concentrated than the national average. This suggests a strong and established demand for these professionals within the local economy, making it a favorable environment for both job seekers and employers. The higher concentration implies a competitive landscape where skilled individuals are likely to find ample opportunities.
Nearby Job Markets
Nearby Cities for Accountants and Auditors
| City | Salary | Dist. |
|---|---|---|
| Southside Virginia nonmetropolitan area Accountants and Auditors Salary | $77,120↓ 12% | 41 mi |
| Northern West Virginia nonmetropolitan area Accountants and Auditors Salary | $71,080↓ 19% | 41 mi |
| Southwest Virginia nonmetropolitan area Accountants and Auditors Salary | $80,240↓ 9% | 41 mi |
| Northwest Virginia nonmetropolitan area Accountants and Auditors Salary | $79,970↓ 9% | 41 mi |
| Southern West Virginia nonmetropolitan area Accountants and Auditors Salary | $69,580↓ 21% | 41 mi |
Comparing salaries near Richmond, VA
Hiring Accountants and Auditorss?
Frequently Asked Questions
How much does a Accountants and Auditors make in Richmond, VA?
The median annual salary for a Accountants and Auditors in Richmond, VA is $88,120. This typically ranges from $57,050 for entry-level positions to $129,200 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Richmond, VA is 6.7% lower than the national median of $94,430.
Is Richmond, VA a lucrative place for Accountants and Auditors?
Yes, Richmond, VA offers a competitive environment for Accountants and Auditors.The average salary of $88,120, combined with a Cost of Living Index matching the national average, provides strong purchasing power. Furthermore, a Location Quotient above the national average indicates a robust job market with significant demand for these professionals.
Is Richmond, VA a good place to live for Accountants and Auditors?
The Cost of Living Index in Richmond, VA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Richmond, VA?
Some top paying nearby cities include Southside Virginia nonmetropolitan area ($77,120) and Northern West Virginia nonmetropolitan area.
How does Richmond's Accountant salary compare to the national average?
The average annual salary for Accountants and Auditors in Richmond, VA, is $88,120, which is slightly lower than the national average of $94,430.
What is the concentration of Accountants and Auditors in Richmond, VA?
Richmond, VA has a Location Quotient of 1.29 for Accountants and Auditors, meaning the profession is 29% more concentrated there than the national average, indicating strong local demand.
How does the cost of living in Richmond affect salary perception?
With a Cost of Living Index of 100 (matching the national average), the $88,120 salary in Richmond offers purchasing power equivalent to the national average, making it a financially stable location.
What does the job market look like for Accountants and Auditors in Richmond?
The market is robust, with 7,920 professionals and a higher-than-average concentration (LQ 1.29), suggesting good job availability and demand for accounting and auditing expertise.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 7,920 employees in the Richmond, VA area with a job density of 12.135 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Accountants and Auditors Salaries by State
Top Jobs in Richmond, VA
- All Occupations Salary in Richmond, VA
- Office and Administrative Support Occupations Salary in Richmond, VA
- Transportation and Material Moving Occupations Salary in Richmond, VA
- Sales and Related Occupations Salary in Richmond, VA
- Business and Financial Operations Occupations Salary in Richmond, VA
- Food Preparation and Serving Related Occupations Salary in Richmond, VA
- Healthcare Practitioners and Technical Occupations Salary in Richmond, VA
- Management Occupations Salary in Richmond, VA
- Educational Instruction and Library Occupations Salary in Richmond, VA
- Construction and Extraction Occupations Salary in Richmond, VA
- Browse All Jobs in Richmond, VA →
Semantic Salary Analysis for Accountants and Auditors • Data source: BLS OEWS 2024 •Jobs in Richmond, VA