Tax consultant vs cost accountant

The differences between tax consultants and cost accountants can be seen in a few details. Each job has different responsibilities and duties. Additionally, a tax consultant has an average salary of $66,737, which is higher than the $60,528 average annual salary of a cost accountant.

The top three skills for a tax consultant include CPA, tax planning and tax issues. The most important skills for a cost accountant are reconciliations, variance analysis, and GAAP.

Tax consultant vs cost accountant overview

	Tax Consultant	Cost Accountant
Yearly salary	$66,737	$60,528
Hourly rate	$32.09	$29.10
Growth rate	6%	6%
Number of jobs	39,379	39,925
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 63%	Bachelor's Degree, 77%
Average age	47	44
Years of experience	-	4

What does a tax consultant do?

Tax consultants are experts in providing commercially centered tax advice and tax services to wide-ranging clients who function in all sectors of the economy. The work they do involves devising tax-efficient strategies for international and domestic-based clients in various business situations, including takeovers, company merges, and corporate reconstructions. They work continually to help clients ensure that the best business decisions are met. They also monitor and get ahead of possible changes concerning tax legislation and responding fast with guidance specific to their clients' tax requirements.

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.

Tax consultant vs cost accountant salary

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

	Tax Consultant	Cost Accountant
Average salary	$66,737	$60,528
Salary range	Between $47,000 And $93,000	Between $45,000 And $81,000
Highest paying City	Hartford, CT	Edison, NJ
Highest paying state	Rhode Island	New Jersey
Best paying company	Cargill	Google
Best paying industry	Finance	Energy

Differences between tax consultant and cost accountant education

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

	Tax Consultant	Cost Accountant
Most common degree	Bachelor's Degree, 63%	Bachelor's Degree, 77%
Most common major	Accounting	Accounting
Most common college	University of Southern California	University of Pennsylvania

Tax consultant vs cost accountant demographics

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

	Tax Consultant	Cost Accountant
Average age	47	44
Gender ratio	Male, 52.7% Female, 47.3%	Male, 52.6% Female, 47.4%
Race ratio	Black or African American, 10.5% Unknown, 4.1% Hispanic or Latino, 17.0% Asian, 10.4% White, 57.6% American Indian and Alaska Native, 0.6%	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	8%	7%

Differences between tax consultant and cost accountant duties and responsibilities

Tax consultant example responsibilities.

Manage the training and use of new FactSet products and enhancements with various client bases including portfolio management and performance teams.
Maintain and generate the process of structuring and conducting business transactions to ensure that GAAP procedures are followed.
Develop, maintain, and ensure accounting policies and procedures are in accordance with company member agreements & GAAP.
Prepare returns and consult on tax and accounting issues for own clients as well as contract work for other CPA firms.
Work closely with CPA on data verification and documentations processing.
Save customers thousands of dollars on Mexico-U.S. cross-border taxation advisory.

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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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Tax consultant vs cost accountant skills

Common tax consultant skills

CPA, 13%
Tax Planning, 7%
Tax Issues, 6%
Taxation, 6%
Tax Research, 5%
Income Tax Returns, 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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