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Job outlook for senior cost accountants in the United States
Senior cost accountant job growth summary. After extensive research, interviews, and analysis, Zippia's data science team found that:
The projected senior cost accountant job growth rate is 6% from 2018-2028.
About 81,800 new jobs for senior cost accountants are projected over the next decade.
Senior cost accountant salaries have increased 8% for senior cost accountants in the last 5 years.
There are over 151,852 senior cost accountants currently employed in the United States.
There are 45,010 active senior cost accountant job openings in the US.
The average senior cost accountant salary is $65,824.
Are senior cost accountant jobs in demand?
Senior cost accountant job and salary trends over time
Senior cost accountant jobs over time
Senior cost accountant job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 151,852 | 0.05% |
| 2020 | 147,034 | 0.04% |
| 2019 | 147,881 | 0.04% |
| 2018 | 145,501 | 0.04% |
| 2017 | 143,387 | 0.04% |
Average senior cost accountant salary over time
Senior cost accountant salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2026 | $65,824 | $31.65 | +2.8% |
| 2025 | $64,025 | $30.78 | +1.5% |
| 2024 | $63,086 | $30.33 | +1.7% |
| 2023 | $62,057 | $29.83 | +1.8% |
| 2022 | $60,983 | $29.32 | +1.4% |
Senior cost accountant jobs by state
Most common states for senior cost accountants
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 193 | 28% |
| 2 | Massachusetts | 6,859,819 | 620 | 9% |
| 3 | Colorado | 5,607,154 | 496 | 9% |
| 4 | Minnesota | 5,576,606 | 475 | 9% |
| 5 | Montana | 1,050,493 | 92 | 9% |
| 6 | Delaware | 961,939 | 90 | 9% |
| 7 | Illinois | 12,802,023 | 997 | 8% |
| 8 | Maryland | 6,052,177 | 461 | 8% |
| 9 | Rhode Island | 1,059,639 | 83 | 8% |
| 10 | Virginia | 8,470,020 | 558 | 7% |
| 11 | Connecticut | 3,588,184 | 267 | 7% |
| 12 | Iowa | 3,145,711 | 232 | 7% |
| 13 | New Hampshire | 1,342,795 | 93 | 7% |
| 14 | California | 39,536,653 | 2,313 | 6% |
| 15 | Arizona | 7,016,270 | 390 | 6% |
| 16 | Missouri | 6,113,532 | 385 | 6% |
| 17 | Oregon | 4,142,776 | 243 | 6% |
| 18 | Utah | 3,101,833 | 200 | 6% |
| 19 | Nebraska | 1,920,076 | 113 | 6% |
| 20 | Alaska | 739,795 | 42 | 6% |
Most common cities for senior cost accountants
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | Danvers | 6 | 23% | $71,100 |
| 2 | Billerica | 6 | 15% | $71,186 |
| 3 | Belmont | 3 | 12% | $71,620 |
| 4 | Burlington | 3 | 12% | $71,334 |
| 5 | Lexington | 3 | 10% | $71,490 |
| 6 | Andover | 3 | 9% | $70,925 |
| 7 | Chelsea | 3 | 8% | $71,610 |
| 8 | Arlington | 3 | 7% | $71,558 |
| 9 | Everett | 3 | 6% | $71,583 |
| 10 | Cambridge | 4 | 4% | $71,671 |
| 11 | Newton | 4 | 4% | $71,779 |
| 12 | Lawrence | 3 | 4% | $70,767 |
| 13 | Lowell | 3 | 3% | $70,970 |
| 14 | Lynn | 3 | 3% | $71,387 |
| 15 | Boston | 15 | 2% | $71,782 |
Senior Cost Accountant job outlook: Expert opinions
Our panel of senior cost accountant experts
Hunter College of the City University of New York
University of Central Arkansas
Kent State University
Seattle University
University of Memphis
Washington and Lee University
Loyola University Chicago
Virginia Commonwealth University
Pace University
Henderson State University
Minnesota State University - Mankato
Skyline College
Western Kentucky University
Oakland University
What will help Senior Cost Accountants increase their earning potential?
Dr. Dina El Mahdy Ph.D., CFE: Surprisingly, the important and most prevalent skills in the field over the next 3-5 years are soft skills such as an analytical mindset, communication (both orally and in writing), skepticism, independence, ethics, and integrity. Furthermore, familiarity with data analytics tools and software not only improves your work productivity but also helps you build expertise in the field. All these qualities can make a great accountant who can significantly impact the capital market by helping to protect investors and enhancing the usefulness of accounting information for various stakeholders.
Toshi Mitsudome PhD, CFA, CFP, CMA
Director of Accounting ProgramsHunter College of the City University of New York
Accounting And Related Services
What Senior Cost Accountant skills would you recommend for someone trying to advance their career?
Toshi Mitsudome PhD, CFA, CFP, CMA: Beside the technical skills, as in (1), students should work on their communication skills, both verbally and in writing. I see this is one of the areas where our students can substantially improve. Additionally, students should be comfortable with technologies and data analytics, i.e., statistics, advanced Excel skills, various software for data analytics and visualizations (Tableau, Power BI, Python, R, etc.). Accounting students don't have to be coding professionals; they just have to understand the basic functions and syntax of these software, so that they can communicate the results of data analysis with their team members and clients. Also, they can facilitate communications between the IT, programmers and accounting professionals. This technical skill is expected to be increasingly more important in the next 10 years.
What general advice would you give to a Senior Cost Accountant?
Dr. Stephanie Watson PhD, CPA: Distinguish yourself! There are a lot of ways to do this. First is with a professional certification. Earning a certification like a CPA, CMA, etc. is something that you do for yourself; it belongs to you and demonstrates your expertise. Certifications can help with promotions where you are or mobility if you choose to make a move. Another way to distinguish yourself is to make yourself useful and irreplaceable. Don't wait to be asked; volunteer to help. Make it your mission to produce quality work, not minimum acceptable product. Be the employee that your supervisors and clients can depend on and don't want to live without; the promotions and raises will follow.
What will help Senior Cost Accountants increase their earning potential?
Dr. Stephanie Watson PhD, CPA: Skills that are on the rise are those related to automation, data analytics, and artificial intelligence, some used by accountants, some used by our clients. As accountants, we don't need to be computer programmers to be successful, but we do need the ability to understand how tasks are completed without these technologies and with them, and how our role is different with these technologies in place. Because new applications are constantly being developed, accountants need to be open to and comfortable with learning new software. However, no technology in the next decade is going to be able to replace the skills that have always been important for accountants including communication skills (the ability to convey technical concepts and processes to someone who may not be as familiar with them as you are), critical thinking and professional skepticism (being able to think beyond what is presented to see the bigger picture), and Excel skills or related tools for data organization and analysis.
What Senior Cost Accountant skills would you recommend for someone trying to advance their career?
Scott Miller CPA, CIA, CFE, MAcc: Be up-to-date; never out-of-date. As technological advances continue over time, Accountants will be expected to keep pace. The Accounting profession has successfully adapted to change throughout its history, and accountants will need to continue to adapt. It is critical for accountants to remain as trusted business advisors who are capable of understanding and auditing the latest technology that their own firms and clients implement. Traditionally important skills such as critical thinking, empathy, and effective communication are necessary skills today and will remain so in the future.
What will help Senior Cost Accountants increase their earning potential?
Scott Miller CPA, CIA, CFE, MAcc: Recent Accounting graduates should begin building their professional networks right away. Relationships are critical in all fields, but particularly in business. Joining local chapters of professional organizations is a great way to meet others in the industry and develop networking skills. These organizations also serve the purpose of keeping their members current on issues and trends in the industry, so that members can be more effective within their roles.
What general advice would you give to a Senior Cost Accountant?
Gabriel Saucedo PhD, CPA: Maximizing salary potential really does depend on what a young professional wants to do with their career. As such, a new accountant should not forego or overlook the importance of networking and finding a mentor or mentors to help them navigate these waters (sidenote: no young professional should be afraid of networking because most anyone likes to talk about themselves and/or their respective job). First, earning and maintaining a recognized certification in the field (e.g., CPA), while grueling, still carries long-term income potential. However, there are numerous other certifications rising in importance with long-term value (e.g., CFE, CMA, CIA, etc.). Second, some will argue that finding a niche job early on and specializing will maximize earning potential. Third, and conversely, riding the public accounting wave until reaching management-level responsibilities will also have a notable impact on future salaries. The ongoing training and education firms invest in their employees, along with the diverse client base, is something that is hard to price in the short-term but future employers will gladly pay a premium for in the long-term. Fourth, lean into your strengths. For some people this may be in technology. But for others, a recruit that can carefully articulate difficult information to constituents and stakeholders is no doubt executive material.
What will help Senior Cost Accountants increase their earning potential?
Gabriel Saucedo PhD, CPA: Funny enough, the core skills expected and/or desired of an accounting professional in the next 3-5 years are likely the same as today, which are the same as they were 20 years ago when I started at KPMG as an Audit Associate. Firms (i.e., the profession) need someone who can think critically with an analytical mindset, proactively problem-solve, brainstorm and prioritize alternative solutions, and professionally articulate across any number of communication channels to any number of constituents. Accounting firms and companies continue to ask their recruits about their ability to meet deadlines, manage conflict, multi-task, etc. But what has changed and will continue to change are the technologies with which professionals will be asked to do all this, and perhaps where it will be done. In some cases, this may continue to be done remotely (at home) and in some cases there will be the need to work more across borders with constituents in a global business sphere. A little more regarding the evolution of technology. Undoubtedly, Artificial Intelligence and ChatGPT are all the buzz and clearly something the profession needs to be in front of. Some may say these technologies and tools will make accounting absolute. But as history has shown, every time there has been an evolution in technology or tools (e.g., computers, spreadsheet software, data analytics) the demand for accountants has gone up. That is because these technologies have opened venues and processes for more risk, in addition to more informed decision-making. That said, graduates should also have, at minimum, a foundational knowledge of data analytics and technology to make sure they can identify the related risks, but also stay ahead of peers that may be studying other non-accounting degrees (e.g., computer science, data analytics, information technology.
Rita Green Ed.D.
Teaching Associate ProfessorUniversity of Memphis
Accounting And Related Services
What general advice would you give to a Senior Cost Accountant?
Rita Green Ed.D.: Current students should consider anchoring their education with a strong minor, which can be fulfilled with elective courses, which already make up a certain percentage of required credits for an undergraduate degree. It will also be important for accounting students to acquire and maintain competencies in data analytics. Accounting curriculums are being updated to respond to this necessary skillset.
What Senior Cost Accountant skills would you recommend for someone trying to advance their career?
Rita Green Ed.D.: To be competitive for the best opportunities in the field, accounting graduates should consider pursuing certifications, which include the certified public accountant (CPA) and certified management accountant (CMA), amongst several others. Sometimes, certification can be more valuable than a degree. However, accounting certifications already require specific numbers of accounting education credits in order to sit for certification exams.
Colin Reid
Associate Professor of AccountingWashington and Lee University
Accounting And Related Services
What Senior Cost Accountant skills would you recommend for someone trying to advance their career?
Colin Reid: Communication and critical thinking have always been important in accounting, but I believe the importance of these skills will increase. Professionals in accounting spend more time working in groups and with other people than many realize. Currently AI can assist with technical tasks and other repetitive work. I believe there will always be a role for accountants in terms of building relationships with clients, team members, and others with whom they work. Many problems that professionals face will involve multifaceted decisions that can be informed by data analysis but often will still need to be communicated clearly through a relationship built on trust. I believe that balancing a technical accounting education with the traditional liberal arts (e.g. humanities and social sciences) is critically important to help develop these critical thinking and communication skills.
What Senior Cost Accountant skills would you recommend for someone trying to advance their career?
Amir Moeini Chaghervand PhD, CMA: In the next 3-5 years, I believe skills related to data analytics, technology proficiency, and communication will become more important in the accounting field. As technology advances, accountants will need to be proficient in data analysis and interpretation, as well as effective communication to convey complex financial information.
Dr. KC Rakow Ph.D., CPA
Associate Professor of AccountingLoyola University Chicago
Business/Managerial Economics
What Senior Cost Accountant skills would you recommend for someone trying to advance their career?
Dr. KC Rakow Ph.D., CPA: To maximize salary potential when starting a career in Accounting, individuals should focus on obtaining relevant certifications, gaining practical experience through internships or entry-level positions, negotiating their salary based on market research, and continuously improving their skills and knowledge.
Prof James Holland
Professor of AccountingVirginia Commonwealth University
Accounting And Related Services
What will help Senior Cost Accountants increase their earning potential?
Prof James Holland: Listen and learn all you can, focus on improving with a goal toward excellence. Always be willing to help others.
What will help Senior Cost Accountants increase their earning potential?
James Lawson: The ability to leverage AI (artificial intelligence). There is a lot of discussion regarding the impact of AI on society, but AI is another tool that accountants can use to complete their tasks and add value to their client relationships.
What general advice would you give to a Senior Cost Accountant?
Dr. Barbara Farrell CPA: Pass the CPA exam before you start working. That will almost certainly earn you a bonus and put you ahead of your peers.
Get additional certifications such as Microsoft Office certifications, Certified Fraud Examiner, and Certified Internal Auditor to name a few.
Be willing to volunteer for additional assignments.
Network within the firm and join professional organizations such as AICPA, State Society of CPAs etc
What will help Senior Cost Accountants increase their earning potential?
Dr. Barbara Farrell CPA: Technology skills will be important in any area of public accounting. Whatever firm you join will ask you to learn their tax, audit or consulting software. Dive in and learn as much as possible. Be open to taking as many courses as possible. Knowledge of data analytics will be increasingly important going forward. The audit process is becoming more streamlined by the use of technology as is the tax preparation process.
What Senior Cost Accountant skills would you recommend for someone trying to advance their career?
Kirsten Cook:
Ten years ago, I would've said "soft skills" like verbal and written communication. Five years ago, data analytics was all the rage. I don't believe these skills have become any less important; rather, we must continue to layer on new skills to match the changing professional environment. Today, I encourage students to be technologically agile. For example, if you learned to use Alteryx in a class, but your new employer uses PowerBI, recognize the similarities between these programs and build on your existing knowledge to master the new tool. Also, stay abreast of developments in accounting by not only reading the business press but also by connecting with experts on social media like LinkedIn.
What general advice would you give to a Senior Cost Accountant?
Lisa Bell MBA, CPA: Continuously improving on existing skills and learning new skills will set you apart from your counterparts. I used to tell students to pick an area and become a master. Now I tell them to seek certifications in different areas so they can be more well-rounded. I advise them to figure out the knowledge gaps in their organization. Then fill that gap for the organization and ask to be compensated for bringing value
What will help Senior Cost Accountants increase their earning potential?
Lisa Bell MBA, CPA: Artificial Intelligence(AI) isn't changing accounting, but it is changing how accounting is performed. Organizations will need to learn how to leverage AI to decrease redundant data entry and increase data analysis. Effective use of AI can lead to significant increases in efficiencies which allow organizations to have a more competitive edge
Byron Pike Ph.D., CPA
Master of Accounting (MAcc) Program Director, Allen Lenzmeier Accounting Professor of External Partnerships, Professor of AccountingMinnesota State University - Mankato
Accounting And Related Services
What will help Senior Cost Accountants increase their earning potential?
Byron Pike Ph.D., CPA: There is no better time to be joining the accounting profession. However, if this is a career that you are passionate about, you should be on an academic and professional track that leads to Certified Public Accountant (CPA) licensure. There are many certifications available to accountants. The CPA designation is largely considered the top credential for accountants. CPAs have more job prospects, receive higher compensation, and report greater job satisfaction compared to non-CPA accountants. The CPA profession was extremely popular for baby boomers. As these boomers continue to retire at high rates, there is a huge need for CPAs today and into the foreseeable future. If you enter the accounting profession and become a CPA, you will have unlimited opportunities across all functions of the business for the rest of your career. Accounting is the functional language of business, and a background in it will yield dividends throughout your entire career.
What general advice would you give to a Senior Cost Accountant?
Ms. Leah Parker-Roth 15, CPA: One common criticism of accounting is the long hours and the demanding 'busy season.' However, based on my own experience working in public accounting, although there were long hours, I had the opportunity to work with various clients and was able to learn many skills, including sales tax, payroll preparation, financial statement preparation, bookkeeping, and tax return preparation.
What will help Senior Cost Accountants increase their earning potential?
Ms. Leah Parker-Roth 15, CPA: Due to the broad nature of accounting, it is challenging to describe an accountant's typical day-to-day life accurately. However, this is a good thing because there are various specific areas within accounting, such as public accounting and governmental accounting. Accounting professionals generally expect to perform a standard set of tasks and utilize specific skills, including analytical skills and effective communication with colleagues and clients. While anyone can gather and organize data, accountants possess the expertise to analyze and communicate the data. Accountants perform specific tasks, including preparing financial statements and tax returns, payroll processing, maintaining accounting systems, and providing consulting services.
What general advice would you give to a Senior Cost Accountant?
Abbie Daly PhD, CPA: Accounting is often referred to as the "language of business" because accountants communicate financial information. So communication is an integral part of an accountant's day. For example, auditors and tax preparers meet with their clients to understand their financial information, and accountants at organizations prepare and communicate financial information to guide strategic decisions. To facilitate these communications, accountants analyze and interpret many data points. For example, in auditing the revenue recognized by a company, an auditor would examine the underlying transactions, contracts, and supporting documentation.
What will help Senior Cost Accountants increase their earning potential?
Abbie Daly PhD, CPA: Accounting has long been an excellent field to enter for those interested in any aspect of business - understanding a business requires speaking the language. However, now is an especially excellent time to enter the profession, as opportunities are plentiful with more accounting positions available than there are accountants. Further, rapid technological development is affecting the role of the accountant, with routine accounting tasks being automated as platforms such as artificial intelligence and blockchain become more widespread. This will increase accountants' efficiency so that accountants can spend their time on more value-added advisory and analytical tasks. Those entering the accounting profession with these skills will have boundless opportunities available to them. At UW-Whitewater, students acquire these skills by taking classes on accounting analytics, artificial intelligence, and blockchain.
Tony Viertel
Accounting Dept. CoordinatorSkyline College
Accounting And Related Services
What general advice would you give to a Senior Cost Accountant?
Tony Viertel: This answer to this question depends on if an account is
working in public accounting or private industry. Public accountants perform the following
tasks:
a. Client communication: Public accountants frequently communicate with clients,
either in person, via phone calls, or through email. They discuss financial
matters, provide project updates, address client concerns, and gather necessary
information to complete tasks.
b. Auditing: For clients requiring audit services, public accountants conduct audits
to verify the accuracy and completeness of financial records. This involves
examining documents, conducting interviews, testing internal controls, and
assessing compliance with relevant regulations and accounting standards.
c. Tax preparation and planning: Public accountants assist clients with tax planning
strategies to minimize tax liabilities while ensuring compliance with tax laws and
regulations. They prepare and file tax returns for individuals, businesses, and
organizations.
d. Consulting Services: Public accountants offer consulting services to clients
seeking advice on various financial matters, such as budgeting, forecasting,
mergers and acquisitions, risk management, and internal controls improvement.
Accountants in private industry perform the following tasks:
a. Financial reporting: Private industry accountants are responsible for preparing
financial statements such as balance sheets, income statements, and cash flow
statements. These reports provide a snapshot of the company's financial health
and performance over a specific period.
b. Budgeting and forecasting: Accountants collaborate with management to develop
annual budgets and forecasts for revenue, expenses, and cash flow. They
monitor actual performance against budgeted figures, analyze variances, and
recommend adjustments to achieve financial goals.
c. Cost accounting: Accountants in private industry analyze the costs associated
with producing goods or services. They calculate product costs, track inventory
levels, and identify opportunities to reduce costs and improve efficiency.
d. Internal controls: Accountants design, implement, and monitor internal control
procedures to safeguard company assets, prevent fraud, and ensure compliance
with regulations and company policies. They may conduct internal audits to
assess control measures' effectiveness and identify improvement areas.
What will help Senior Cost Accountants increase their earning potential?
Tony Viertel: We are looking for insights into what Accounting majors can expect at their jobs.
What Senior Cost Accountant skills would you recommend for someone trying to advance their career?
Tony Viertel: Stability and demand: Accounting is a fundamental function for businesses across
industries. There will always be a demand for skilled accountants to manage financial
records, ensure regulatory compliance, and provide strategic financial advice.
Diverse career opportunities: Accountants can work in various sectors such as public
accounting, corporate accounting, government agencies, non-profit organizations, and
academia. This diversity allows for flexibility and the opportunity to explore different
career paths.
Professional growth: The accounting profession offers numerous opportunities for
advancement, including obtaining certifications such as Certified Public Accountant
(CPA), Certified Management Accountant (CMA), or Chartered Financial Analyst (CFA).
These certifications can open doors to higher-paying positions and increased
responsibilities.
ď‚· Intellectual Challenge: Accounting involves problem-solving, analysis, and interpretation
of financial data. It requires critical thinking skills and attention to detail.
Stacy Bibelhauser Ph.D.
Associate ProfessorWestern Kentucky University
Accounting And Related Services
What Senior Cost Accountant skills would you recommend for someone trying to advance their career?
Stacy Bibelhauser Ph.D.: Do your very best on every task you are asked to do and do not act as if a task is beneath you. You do not know who is watching, and your attitude and work ethic on each and every job will be noticed by those who are around you.
Liang Fu Ph.D.
Associate Professor of Accounting, ChairOakland University
Finance And Financial Management Services
What will help Senior Cost Accountants increase their earning potential?
Liang Fu Ph.D.: Dislike: accounting is not for everyone, degree requirements/licensing requirements can be challenging. And sometimes, long work hours are required.