Accountant vs cost accountant

The differences between accountants and cost accountants can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both an accountant and a cost accountant. Additionally, a cost accountant has an average salary of $60,528, which is higher than the $54,890 average annual salary of an accountant.

The top three skills for an accountant include reconciliations, general ledger accounts and account reconciliations. The most important skills for a cost accountant are reconciliations, variance analysis, and GAAP.

Accountant vs cost accountant overview

	Accountant	Cost Accountant
Yearly salary	$54,890	$60,528
Hourly rate	$26.39	$29.10
Growth rate	6%	6%
Number of jobs	60,073	39,925
Job satisfaction	3	-
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 77%
Average age	44	44
Years of experience	4	4

What does an accountant do?

An accountant is an individual whose primary task is to prepare, keep, examine, and interpret financial records. Most accountants are in charge of a wide scope of finance-related tasks, either for private individuals or for large-scale businesses and organizations they are employed with. They make sure that financial statements and records are accurate and comply with laws and regulations. They also compute for taxes, prepare tax returns, and ensure being paid properly and on time. As they keep track and record the flow of money, they can offer guidance on how to reduce costs, enhance revenue, and help in profit maximization.

What does a cost accountant do?

A cost accountant specializes in determining the total cost incurred by a company from producing goods and services. Through the various financial data they collect, the cost accountant will devise plans and strategies that will be a vital factor in the next budget and marketing preparations of a company. Aside from this, a cost accountant is responsible for various tasks such as conducting research and analysis in different areas, keeping financial records and inventory, producing financial reports involving profitability and expenditures, and proposing a budget and other financial plans.

Accountant vs cost accountant salary

Accountants and cost accountants have different pay scales, as shown below.

	Accountant	Cost Accountant
Average salary	$54,890	$60,528
Salary range	Between $41,000 And $72,000	Between $45,000 And $81,000
Highest paying City	Washington, DC	Edison, NJ
Highest paying state	New York	New Jersey
Best paying company	Meta	Google
Best paying industry	Technology	Energy

Differences between accountant and cost accountant education

There are a few differences between an accountant and a cost accountant in terms of educational background:

	Accountant	Cost Accountant
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 77%
Most common major	Accounting	Accounting
Most common college	University of Pennsylvania	University of Pennsylvania

Accountant vs cost accountant demographics

Here are the differences between accountants' and cost accountants' demographics:

	Accountant	Cost Accountant
Average age	44	44
Gender ratio	Male, 38.2% Female, 61.8%	Male, 52.6% Female, 47.4%
Race ratio	Black or African American, 8.6% Unknown, 4.0% Hispanic or Latino, 10.9% Asian, 15.0% White, 61.1% American Indian and Alaska Native, 0.5%	Black or African American, 8.7% Unknown, 4.0% Hispanic or Latino, 11.0% Asian, 12.2% White, 63.7% American Indian and Alaska Native, 0.5%
LGBT Percentage	7%	7%

Differences between accountant and cost accountant duties and responsibilities

Accountant example responsibilities.

Manage preparation of the statutory financial statements and financial aggregates in compliance with IFRS and local applicable norms.
Manage personnel financial matters including salaries, taxation procedures and other relate issues.
Manage and monitor accounting procedures for compliance with Sarbanes-Oxley and coordinate and facilitate external audit requirements.
Reconstruct and improve many balance sheet account reconciliations for easier reading and interpretation by senior level management.
Perform complex general accounting functions, including preparation of journal entries, account analysis and balance sheet reconciliations.
Maintain general ledgers and preparation of monthly and other periodic financial reports in accordance with GAAP and international accounting standards.

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Cost accountant example responsibilities.

Manage ledgers and perform month end journal entries.
Manage the payroll with ADP system and account receivable.
Manage costing control as well as accounts payable (A/P) and accounts receivable (A/R).
Prepare internal financial reports for treasury manage accounts include in external compliance reports.
Prepare raw material and WIP inventory reconciliations.
Develop tracking of GAAP inventory valuation for all inventory inherit from the bankrupt former company.

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Accountant vs cost accountant skills

Common accountant skills

Reconciliations, 14%
General Ledger Accounts, 6%
Account Reconciliations, 6%
GAAP, 5%
Payroll Tax Returns, 5%
Customer Service, 5%

Common cost accountant skills

Reconciliations, 9%
Variance Analysis, 6%
GAAP, 4%
Account Reconciliations, 3%
Cost Analysis, 3%
Financial Analysis, 3%

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Updated January 8, 2025

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