Accountant Average Salary in Chicago 2024
How much money does a person working as Accountant make in Chicago?
LOW
37,000
USD AVERAGE
80,500
USD HIGH
128,000
USD
A person working as Accountant in Chicago typically earns around 80,500 USD. Salaries range from 37,000 USD (lowest) to 128,000 USD (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Accountant salaries in Chicago vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Accountant Pay Scale and Salaries in Chicago
Salary Structure and Pay Scale Comparison
76,400 USD or more
66,900 to 76,400 USD
46,100 USD or less
46,100 to 66,900 USD
 37,000 USD |
76,900 USD |
128,000 USD |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Accountant in Chicago range from 37,000 USD (starting salary) to 128,000 USD (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 76,900 USD, half of the professionals who work as Accountant in Chicago earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Accountant in Chicago earn less than 62,000 USD, while 75% earn more. Similarly, the chart shows that 75% earn less than 88,700 USD while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Accountant in Chicago compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 46,100 USD to 66,900 USD. About 20% of salaries are below the 46,100 USD mark, while 10% fall within the range of 66,900 USD to 76,400 USD. Only 5% of individuals have salaries exceeding 76,400 USD.
Salary Comparison by Years of Experience / Accountant / Chicago
How do experience and age affect pay?
| 0 - 2 Years | 42,000 USD | |
| 2 - 5 Years | +34% | 56,100 USD |
| 5 - 10 Years | +48% | 83,000 USD |
| 10 - 15 Years | +22% | 101,000 USD |
| 15 - 20 Years | +9% | 110,000 USD |
| 20+ Years | +8% | 119,000 USD |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Accountant and this is what we found.
Employees with less than two years of experience earn approximately 42,000 USD.
While someone with an experience level between two and five years is expected to earn 56,100 USD, 34% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 83,000 USD, 48% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 101,000 USD, 22% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 110,000 USD, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 119,000 USD, 8% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Accountant / Chicago
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Accountant.
| High School | 51,600 USD | |
| Certificate or Diploma | +18% | 60,700 USD |
| Bachelor's Degree | +45% | 88,000 USD |
| Master's Degree | +31% | 115,000 USD |
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Accountant in order to make a comparison.
Level 1: High School
Employees at this education level have an average salary of 51,600 USD.
Level 2: Certificate or Diploma
At this level, the average salary becomes 60,700 USD, 18% more than the previous level.
Level 3: Bachelor's Degree
At this level, the average salary becomes 88,000 USD, 45% more than the previous level.
Level 4: Master's Degree
At this level, the average salary becomes 115,000 USD, 31% more than the previous level.
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in United States costs anywhere from 39,600 USD to 119,000 USD and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Typical Salary Difference by Education for Most Careers
Salary and Compensation Comparison By Gender / Accountant / Chicago
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Accountant in United States, the average difference between the salary of male and female employees is 4%.
| Male | 67,100 USD | |
| Female | -4% | 64,200 USD |
Salary Comparison By Gender in United States for all Careers
Average Annual Salary Increment Percentage / Accountant / Chicago
How much are annual salary increments in Chicago for individuals working as Accountant? How often do employees get salary raises?
Individuals working as Accountant in United States are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.
United States / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Bonus and Incentive Rates / Accountant / United States
How much and how often are bonuses being awarded?
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100% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from % to % of their annual salary.
| Received Bonus | % | |
| No Bonus | 100% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Average Hourly Wage / Accountant / Chicago
39 USD per hourThe average hourly wage (pay per hour) for individuals working as Accountant in Chicago is 39 USD.This is the rate they get paid for every worked hour.
About The Hourly Pay Rate
The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for people working as Accountant in Chicago is 18 USD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Accounting and Finance |  -100% | |
| Account Examiner | 57,700 USD | -28% |
| Account Executive | 104,000 USD |  +29% |
| Accountant | 80,500 USD | -0% |
| Accounting Analyst | 101,000 USD | +25% |
| Accounting Assistant | 63,600 USD | -21% |
| Accounting Associate | 58,400 USD | -27% |
| Accounting Clerk | 48,400 USD | -40% |
| Accounting Coordinator | 69,200 USD | -14% |
| Accounting Head | 165,000 USD | +100% |
| Accounting Manager | 163,000 USD | +100% |
| Accounting Officer | 61,300 USD | -24% |
| Accounting Specialist | 113,000 USD | +40% |
| Accounting Supervisor | 114,000 USD | +42% |
| Accounting Technician | 56,600 USD | -30% |
| Accounting Unit Controller | 138,000 USD | +71% |
| Accounts Executive | 97,900 USD | +22% |
| Accounts Officer | 59,700 USD | -26% |
| Accounts Payable and Receivable Specialist | 77,500 USD | -4% |
| Accounts Payable Assistant | 61,300 USD | -24% |
| Accounts Payable Associate | 74,500 USD | -7% |
| Accounts Payable Clerk | 57,700 USD | -28% |
| Accounts Payable Manager | 155,000 USD | +93% |
| Accounts Receivable Administrator | 122,000 USD | +52% |
| Accounts Receivable Clerk | 58,900 USD | -27% |
| Accounts Receivable Financial Analyst | 110,000 USD | +37% |
| Accounts Receivable Manager | 155,000 USD | +93% |
| Accounts Receivable Team Leader | 116,000 USD | +44% |
| Algorithmic Trading Specialist | 134,000 USD | +66% |
| Assistant Accountant | 60,000 USD | -25% |
| Assistant Accounting Manager | 145,000 USD | +80% |
| Assistant Auditor | 82,300 USD | +2% |
| Assistant Corporate Controller | 113,000 USD | +40% |
| Assistant Finance Manager | 163,000 USD | +100% |
| Assistant Financial Controller | 112,000 USD | +39% |
| Audit Director | 191,000 USD | +140% |
| Audit Supervisor | 139,000 USD | +73% |
| Auditing Clerk | 59,700 USD | -26% |
| Auditing Manager | 165,000 USD | +100% |
| Billing Clerk | 63,600 USD | -21% |
| Billing Coordinator | 69,400 USD | -14% |
| Billing Specialist | 86,700 USD | +8% |
| Billing Supervisor | 125,000 USD | +55% |
| Bookkeeper | 54,300 USD | -33% |
| Bookkeeping Specialist | 77,200 USD | -4% |
| Budget Analyst | 143,000 USD | +78% |
| Budget Manager | 157,000 USD | +95% |
| Business Support Analyst | 92,800 USD | +15% |
| Capital Markets Associate | 117,000 USD | +45% |
| Cash Flow Analyst | 116,000 USD | +44% |
| Cash Management Manager | 153,000 USD | +90% |
| Cash Management Officer | 89,900 USD | +12% |
| Cashbook Clerk | 54,900 USD | -32% |
| Chartered Accountant | 101,000 USD | +25% |
| Chief Accountant | 118,000 USD | +47% |
| Chief Financial Technology Officer | 158,000 USD | +96% |
| Collections Clerk | 47,800 USD | -41% |
| Collections Representative | 71,100 USD | -12% |
| Collections Specialist | 84,800 USD | +5% |
| Corporate Controller | 127,000 USD | +58% |
| Corporate Treasurer | 159,000 USD | +97% |
| Cost Accountant | 76,700 USD | -5% |
| Cost Accounting Manager | 151,000 USD | +88% |
| Cost Accounting Supervisor | 129,000 USD | +60% |
| Cost Analyst | 122,000 USD | +52% |
| Credit and Collection Manager | 152,000 USD | +89% |
| Credit and Collection Staff | 60,600 USD | -25% |
| Credit and Loans Officer | 56,000 USD | -30% |
| Credit Controller | 108,000 USD | +34% |
| Credit Manager | 163,000 USD | +100% |
| Debt Adviser | 134,000 USD | +66% |
| Debt Collector | 65,900 USD | -18% |
| Debtors Clerk | 57,400 USD | -29% |
| Debtors Controller | 61,300 USD | -24% |
| Deputy CFO | 213,000 USD | +160% |
| Deputy Head of Finance | 217,000 USD | +170% |
| Derivative Trader | 142,000 USD | +76% |
| Director of Finance | 231,000 USD | +190% |
| E-commerce Accountant | 82,400 USD | +2% |
| Economist | 179,000 USD | +120% |
| Equity Analyst | 143,000 USD | +78% |
| Escrow Assistant | 70,700 USD | -12% |
| Executive Accountant | 87,400 USD | +9% |
| External Auditor | 112,000 USD | +39% |
| Finance Administrator | 94,400 USD | +17% |
| Finance Analyst | 144,000 USD | +79% |
| Finance Associate | 71,100 USD | -12% |
| Finance Data Analyst | 128,000 USD | +59% |
| Finance Director | 243,000 USD | +200% |
| Finance Executive | 170,000 USD | +110% |
| Finance Licensing Clerk | 56,000 USD | -30% |
| Finance Licensing Manager | 150,000 USD | +86% |
| Finance Licensing Specialist | 85,800 USD | +7% |
| Finance Manager | 233,000 USD | +190% |
| Finance Officer | 74,900 USD | -7% |
| Finance President | 231,000 USD | +190% |
| Finance Relationship Manager | 178,000 USD | +120% |
| Finance Release Analyst | 94,500 USD | +17% |
| Finance Specialist | 126,000 USD | +57% |
| Finance Team Leader | 173,000 USD | +110% |
| Financial Accountant | 82,300 USD | +2% |
| Financial Actuary | 121,000 USD | +50% |
| Financial Administrator | 127,000 USD | +58% |
| Financial Advisor | 139,000 USD | +73% |
| Financial Analyst | 142,000 USD | +76% |
| Financial Applications Specialist | 104,000 USD | +29% |
| Financial Assistant | 61,300 USD | -24% |
| Financial Associate | 74,200 USD | -8% |
| Financial Claims Analyst | 108,000 USD | +34% |
| Financial Claims Manager | 144,000 USD | +79% |
| Financial Claims Supervisor | 135,000 USD | +68% |
| Financial Clerk | 62,400 USD | -22% |
| Financial Commercial Analyst | 119,000 USD | +48% |
| Financial Compliance Analyst | 123,000 USD | +53% |
| Financial Compliance Officer | 127,000 USD | +58% |
| Financial Consultant | 106,000 USD | +32% |
| Financial Controller | 122,000 USD | +52% |
| Financial Coordinator | 70,500 USD | -12% |
| Financial Customer Service Manager | 145,000 USD | +80% |
| Financial Data Scientist | 150,000 USD | +86% |
| Financial Dealer and Broker | 84,100 USD | +4% |
| Financial Director | 224,000 USD | +180% |
| Financial Encoder | 70,000 USD | -13% |
| Financial Manager | 213,000 USD | +160% |
| Financial Modelling Analyst | 146,000 USD | +81% |
| Financial Operations Manager | 210,000 USD | +160% |
| Financial Policy Analyst | 129,000 USD | +60% |
| Financial Project Manager | 157,000 USD | +95% |
| Financial Quantitative Analyst | 142,000 USD | +76% |
| Financial Reporting Consultant | 119,000 USD | +48% |
| Financial Reporting Manager | 159,000 USD | +97% |
| Financial Section Head | 151,000 USD | +88% |
| Financial Services Manager | 210,000 USD | +160% |
| Financial Services Sales Agent | 83,900 USD | +4% |
| Financial Technology Consultant | 130,000 USD | +61% |
| Financial Wellness Coach | 171,000 USD | +110% |
| FinTech Analyst | 131,000 USD | +63% |
| Fixed Assets Administrator | 85,800 USD | +7% |
| Forensic Accountant | 89,700 USD | +11% |
| Fraud Detection Supervisor | 98,600 USD | +22% |
| Fraud Prevention Manager | 165,000 USD | +100% |
| Fund Accountant | 78,000 USD | -3% |
| Grants Coordinator | 60,100 USD | -25% |
| Green Finance Analyst | 117,000 USD | +45% |
| Group Financial Manager | 225,000 USD | +180% |
| Internal Auditor | 108,000 USD | +34% |
| Internal Control Adviser | 126,000 USD | +57% |
| Internal Control Officer | 70,400 USD | -13% |
| International Tax Director | 184,000 USD | +130% |
| Inventory Accountant | 81,600 USD | +1% |
| Investment Advisor | 221,000 USD | +170% |
| Investment Analyst | 164,000 USD | +100% |
| Investment Associate | 133,000 USD | +65% |
| Investment Broker | 128,000 USD | +59% |
| Investment Fund Manager | 178,000 USD | +120% |
| Investment Operations Manager | 171,000 USD | +110% |
| Investment Underwriter | 68,700 USD | -15% |
| Investor | 108,000 USD | +34% |
| Investor Relations Manager | 153,000 USD | +90% |
| KYC Team Leader | 161,000 USD | +100% |
| Loan Processor | 63,000 USD | -22% |
| Management Accountant | 91,900 USD | +14% |
| Management Economist | 178,000 USD | +120% |
| Paymaster | 66,500 USD | -17% |
| Payroll Administrator | 105,000 USD | +30% |
| Payroll Benefits Coordinator | 84,800 USD | +5% |
| Payroll Billing Manager | 142,000 USD | +76% |
| Payroll Clerk | 70,400 USD | -13% |
| Payroll Manager | 149,000 USD | +85% |
| Payroll Officer | 68,300 USD | -15% |
| Payroll Specialist | 82,400 USD | +2% |
| Payroll Supervisor | 105,000 USD | +30% |
| Pensions Administrator | 80,700 USD | +0% |
| Personal Financial Advisor | 115,000 USD | +43% |
| Pricing Analyst | 135,000 USD | +68% |
| Private Equity Analyst | 139,000 USD | +73% |
| Project Accountant | 88,400 USD | +10% |
| Proposal Development Coordinator | 67,800 USD | -16% |
| Quantitative Trader | 114,000 USD | +42% |
| Receivables Accountant | 71,700 USD | -11% |
| Regulatory Accountant | 85,800 USD | +7% |
| Retirement Plan Analyst | 127,000 USD | +58% |
| Revenue Management Specialist | 134,000 USD | +66% |
| Revenue Recognition Analyst | 145,000 USD | +80% |
| Risk Management Director | 186,000 USD | +130% |
| Risk Management Supervisor | 155,000 USD | +93% |
| Staff Accountant | 75,700 USD | -6% |
| Tax Accountant | 77,100 USD | -4% |
| Tax Administrator | 84,900 USD | +5% |
| Tax Advisor | 121,000 USD | +50% |
| Tax Analyst | 122,000 USD | +52% |
| Tax Associate | 70,000 USD | -13% |
| Tax Consultant | 129,000 USD | +60% |
| Tax Director | 189,000 USD | +130% |
| Tax Examiner | 85,800 USD | +7% |
| Tax Manager | 161,000 USD | +100% |
| Tax Research Manager | 163,000 USD | +100% |
| Teller | 48,000 USD | -40% |
| Treasury Accountant | 83,500 USD | +4% |
| Treasury Analyst | 133,000 USD | +65% |
| Underwriter | 53,300 USD | -34% |
| Underwriting Assistant | 50,600 USD | -37% |
| Vice President of Finance | 219,000 USD | +170% |
Salary Comparison By City
| City | Average Salary |
| Chicago | 80,500 USD |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in United States is 5% on average across all career fields.
| Private Sector | 92,800 USD | |
| Public Sector | +5% | 97,500 USD |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Accountant in Chicago?
A good and competitive compensation would range anywhere between 76,900 USD and 88,700 USD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Accountant in Chicago ranges from 37,000 USD to 62,000 USD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
