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Chief accountant vs cost accountant

The differences between chief 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 a chief accountant and a cost accountant. Additionally, a chief accountant has an average salary of $61,481, which is higher than the $60,528 average annual salary of a cost accountant.

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

Chief accountant vs cost accountant overview

Chief AccountantCost Accountant
Yearly salary$61,481$60,528
Hourly rate$29.56$29.10
Growth rate6%6%
Number of jobs52,28739,925
Job satisfaction4-
Most common degreeBachelor's Degree, 69%Bachelor's Degree, 77%
Average age4444
Years of experience44

What does a chief accountant do?

Chief accountants develop financial strategies, oversee the accounting department, make investment decisions, and develop financial strategies. They provide assistance to departments with their reviews and budgets, tax studies, and internal control. It is part of their job to respond to the accounting questions from time management. They take charge of monitoring and recording financial transactions based on corporate regulations and policies. Also, they recommend changes to the procedures of accounting.

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.

Chief accountant vs cost accountant salary

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

Chief AccountantCost Accountant
Average salary$61,481$60,528
Salary rangeBetween $43,000 And $87,000Between $45,000 And $81,000
Highest paying CityNew York, NYEdison, NJ
Highest paying stateNew YorkNew Jersey
Best paying companyIBMGoogle
Best paying industryRetailEnergy

Differences between chief accountant and cost accountant education

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

Chief AccountantCost Accountant
Most common degreeBachelor's Degree, 69%Bachelor's Degree, 77%
Most common majorAccountingAccounting
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Chief accountant vs cost accountant demographics

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

Chief AccountantCost Accountant
Average age4444
Gender ratioMale, 57.0% Female, 43.0%Male, 52.6% Female, 47.4%
Race ratioBlack or African American, 8.2% Unknown, 3.9% Hispanic or Latino, 10.5% Asian, 15.3% White, 61.6% 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 Percentage7%7%

Differences between chief accountant and cost accountant duties and responsibilities

Chief accountant example responsibilities.

  • Manage and monitor accounting procedures for compliance with Sarbanes-Oxley and coordinate and facilitate external audit requirements.
  • Prepare monthly trial balance, balance sheets, and profit and loss statements according to GAAP.
  • Prepare monthly account reconciliations (bank reconciliation, accounts receivable reconciliation, accounts payable reconciliation, and general ledger reconciliation).
  • Research, advise and resolve accounting and business issues, ensuring compliance with U.S. GAAP and head office requirements.
  • Monitor deposits and withdrawals of revenue and expenses, review payroll, and ensure accurate processing and timely bank reconciliations.
  • Prepare daily SOX audit documentation, ensuring that bank account activity have been reconcile and to identify any outstanding variances.
    • Show more

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.
    • Show more

Chief accountant vs cost accountant skills

Common chief accountant skills
  • External Auditors, 13%
  • Reconciliations, 10%
  • General Ledger Accounts, 9%
  • Balance Sheet Accounts, 7%
  • Financial Reports, 5%
  • Internal Controls, 4%
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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