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The differences between finance reporting accountants and senior 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 senior cost accountant. Additionally, a finance reporting accountant has an average salary of $67,545, which is higher than the $65,824 average annual salary of a senior cost accountant.
The top three skills for a finance reporting accountant include GAAP, reconciliations and external auditors. The most important skills for a senior cost accountant are reconciliations, variance analysis, and GAAP.
| Finance Reporting Accountant | Senior Cost Accountant | |
| Yearly salary | $67,545 | $65,824 |
| Hourly rate | $32.47 | $31.65 |
| Growth rate | 6% | 6% |
| Number of jobs | 112,234 | 45,010 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 79% | Bachelor's Degree, 79% |
| Average age | 44 | 44 |
| Years of experience | 4 | 4 |
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.
A senior cost accountant is an individual who maintains detailed costs in a company's system and provides cost analysis that supports operations and sales. Senior cost accountants are required to review inventory and deal with manufacturing personnel to control and analyze standard costs. They must record cost information to be used in controlling expenditures as well as recommend cost efficiencies in new product layouts. Senior cost accountants must also provide reports that specify and compare factors affecting prices and profitability of products or services to the management.
Finance reporting accountants and senior cost accountants have different pay scales, as shown below.
| Finance Reporting Accountant | Senior Cost Accountant | |
| Average salary | $67,545 | $65,824 |
| Salary range | Between $50,000 And $90,000 | Between $48,000 And $89,000 |
| Highest paying City | Washington, DC | San Francisco, CA |
| Highest paying state | Massachusetts | New Jersey |
| Best paying company | Western Alliance Bank | OraSure Technologies |
| Best paying industry | Retail | Health Care |
There are a few differences between a finance reporting accountant and a senior cost accountant in terms of educational background:
| Finance Reporting Accountant | Senior Cost Accountant | |
| Most common degree | Bachelor's Degree, 79% | Bachelor's Degree, 79% |
| Most common major | Accounting | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance reporting accountants' and senior cost accountants' demographics:
| Finance Reporting Accountant | Senior Cost Accountant | |
| Average age | 44 | 44 |
| Gender ratio | Male, 45.3% Female, 54.7% | Male, 59.7% Female, 40.3% |
| 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, 8.4% Unknown, 4.0% Hispanic or Latino, 10.8% Asian, 12.3% White, 64.1% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 7% |