Finance reporting accountant vs cost accountant

The differences between finance reporting 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 finance reporting accountant and a cost accountant. Additionally, a finance reporting accountant has an average salary of $67,545, which is higher than the $60,528 average annual salary of a cost accountant.

The top three skills for a finance reporting accountant include GAAP, reconciliations and external auditors. The most important skills for a cost accountant are reconciliations, variance analysis, and GAAP.

Finance reporting accountant vs cost accountant overview

	Finance Reporting Accountant	Cost Accountant
Yearly salary	$67,545	$60,528
Hourly rate	$32.47	$29.10
Growth rate	6%	6%
Number of jobs	112,234	39,925
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 79%	Bachelor's Degree, 77%
Average age	44	44
Years of experience	4	4

What does a finance reporting accountant do?

A finance reporting accountant is responsible for monitoring the efficiency and accuracy of the company's financial reporting procedures. Finance reporting accountants analyze the financial statements of the company, including its expenses, balance sheets, revenues, cash flow, and other related financial information and discuss it to the management. They also provide strategic recommendations to minimize loss through cost-reduction operational processes and identifying business opportunities to increase profits. A finance reporting accountant should have excellent knowledge of the accounting principles and disciplines, evaluating financial forecasts and resolving account discrepancies.

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.

Finance reporting accountant vs cost accountant salary

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

	Finance Reporting Accountant	Cost Accountant
Average salary	$67,545	$60,528
Salary range	Between $50,000 And $90,000	Between $45,000 And $81,000
Highest paying City	Washington, DC	Edison, NJ
Highest paying state	Massachusetts	New Jersey
Best paying company	Western Alliance Bank	Google
Best paying industry	Retail	Energy

Differences between finance reporting accountant and cost accountant education

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

	Finance Reporting Accountant	Cost Accountant
Most common degree	Bachelor's Degree, 79%	Bachelor's Degree, 77%
Most common major	Accounting	Accounting
Most common college	University of Pennsylvania	University of Pennsylvania

Finance reporting accountant vs cost accountant demographics

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

	Finance Reporting Accountant	Cost Accountant
Average age	44	44
Gender ratio	Male, 45.3% Female, 54.7%	Male, 52.6% Female, 47.4%
Race ratio	Black or African American, 8.4% Unknown, 4.0% Hispanic or Latino, 10.8% Asian, 15.6% White, 60.8% 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 finance reporting accountant and cost accountant duties and responsibilities

Finance reporting accountant example responsibilities.

Manage derivative accounting at global level and ensure accounting and economic hedging objectives are align.
Conduct trend analysis and other research to determine accuracy of various payroll accruals.
Prepare and submit budgets and latest estimates into Hyperion Essbase.
Maintain financial reporting system (HFM account mapping/data loads).
Maintain supporting files/binders for all external/ internal reporting (Hyperion- HFM).
Act as primary contact for external financial auditor during financial audit and SOX audit.

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.

Finance reporting accountant vs cost accountant skills

Common finance reporting accountant skills

GAAP, 15%
Reconciliations, 14%
External Auditors, 6%
Account Reconciliations, 4%
Financial Data, 4%
Internal Controls, 3%

Common cost accountant skills

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

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Finance Reporting Accountant vs Cost Accountant

Updated January 8, 2025

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