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Accountant Average Salary in Chicago 2024

How much money does a person working as Accountant make in Chicago?


Average Yearly Salary
80,500 USD
( 6,710 USD monthly)

LOW
37,000
USD
AVERAGE
80,500
USD
HIGH
128,000
USD
All salary figures displayed here are per year except when noted otherwise.
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.

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

Median and salary distribution Chicago Accountant yearly
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Salary Structure and Pay Scale Comparison

5% of people earn
76,400 USD or more
10% of people earn
66,900 to 76,400 USD
20% of people earn
46,100 USD or less
65% of people earn
46,100 to 66,900 USD
Minimum Salary
37,000 USD
Median
76,900 USD
Maximum
128,000 USD




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per year except when noted otherwise.
  • 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
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience yearly Chicago Accountant
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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.


All salary figures displayed here are per year except when noted otherwise.

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.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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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
Percentage increase and decrease are relative to the previous value
Salary comparison by education level yearly Chicago Accountant
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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 Comparison By Education Level
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Salary and Compensation Comparison By Gender / Accountant / Chicago

Salary comparison by gender United States Accountant yearly
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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
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in United States for all Careers

Salary comparison by gender yearly United States
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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.

Annual Salary Increment Rate United States Accountant
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

United States / All Professions

Annual Salary Increment Rate United States
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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

The average salary increase in one year (12 months) in United States is 6%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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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?Annual Salary Bonus Rate United States Accountant
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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 Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, 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 Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These 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 GeneratorsSupporting 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:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

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 hour

The 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.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

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 TitleAverage Salary
Accounting and Finance-100%
Account Examiner57,700 USD-28%
Account Executive104,000 USD+29%
Accountant80,500 USD-0%
Accounting Analyst101,000 USD+25%
Accounting Assistant63,600 USD-21%
Accounting Associate58,400 USD-27%
Accounting Clerk48,400 USD-40%
Accounting Coordinator69,200 USD-14%
Accounting Head165,000 USD+100%
Accounting Manager163,000 USD+100%
Accounting Officer61,300 USD-24%
Accounting Specialist113,000 USD+40%
Accounting Supervisor114,000 USD+42%
Accounting Technician56,600 USD-30%
Accounting Unit Controller138,000 USD+71%
Accounts Executive97,900 USD+22%
Accounts Officer59,700 USD-26%
Accounts Payable and Receivable Specialist77,500 USD-4%
Accounts Payable Assistant61,300 USD-24%
Accounts Payable Associate74,500 USD-7%
Accounts Payable Clerk57,700 USD-28%
Accounts Payable Manager155,000 USD+93%
Accounts Receivable Administrator122,000 USD+52%
Accounts Receivable Clerk58,900 USD-27%
Accounts Receivable Financial Analyst110,000 USD+37%
Accounts Receivable Manager155,000 USD+93%
Accounts Receivable Team Leader116,000 USD+44%
Algorithmic Trading Specialist134,000 USD+66%
Assistant Accountant60,000 USD-25%
Assistant Accounting Manager145,000 USD+80%
Assistant Auditor82,300 USD+2%
Assistant Corporate Controller113,000 USD+40%
Assistant Finance Manager163,000 USD+100%
Assistant Financial Controller112,000 USD+39%
Audit Director191,000 USD+140%
Audit Supervisor139,000 USD+73%
Auditing Clerk59,700 USD-26%
Auditing Manager165,000 USD+100%
Billing Clerk63,600 USD-21%
Billing Coordinator69,400 USD-14%
Billing Specialist86,700 USD+8%
Billing Supervisor125,000 USD+55%
Bookkeeper54,300 USD-33%
Bookkeeping Specialist77,200 USD-4%
Budget Analyst143,000 USD+78%
Budget Manager157,000 USD+95%
Business Support Analyst92,800 USD+15%
Capital Markets Associate117,000 USD+45%
Cash Flow Analyst116,000 USD+44%
Cash Management Manager153,000 USD+90%
Cash Management Officer89,900 USD+12%
Cashbook Clerk54,900 USD-32%
Chartered Accountant101,000 USD+25%
Chief Accountant118,000 USD+47%
Chief Financial Technology Officer158,000 USD+96%
Collections Clerk47,800 USD-41%
Collections Representative71,100 USD-12%
Collections Specialist84,800 USD+5%
Corporate Controller127,000 USD+58%
Corporate Treasurer159,000 USD+97%
Cost Accountant76,700 USD-5%
Cost Accounting Manager151,000 USD+88%
Cost Accounting Supervisor129,000 USD+60%
Cost Analyst122,000 USD+52%
Credit and Collection Manager152,000 USD+89%
Credit and Collection Staff60,600 USD-25%
Credit and Loans Officer56,000 USD-30%
Credit Controller108,000 USD+34%
Credit Manager163,000 USD+100%
Debt Adviser134,000 USD+66%
Debt Collector65,900 USD-18%
Debtors Clerk57,400 USD-29%
Debtors Controller61,300 USD-24%
Deputy CFO213,000 USD+160%
Deputy Head of Finance217,000 USD+170%
Derivative Trader142,000 USD+76%
Director of Finance231,000 USD+190%
E-commerce Accountant82,400 USD+2%
Economist179,000 USD+120%
Equity Analyst143,000 USD+78%
Escrow Assistant70,700 USD-12%
Executive Accountant87,400 USD+9%
External Auditor112,000 USD+39%
Finance Administrator94,400 USD+17%
Finance Analyst144,000 USD+79%
Finance Associate71,100 USD-12%
Finance Data Analyst128,000 USD+59%
Finance Director243,000 USD+200%
Finance Executive170,000 USD+110%
Finance Licensing Clerk56,000 USD-30%
Finance Licensing Manager150,000 USD+86%
Finance Licensing Specialist85,800 USD+7%
Finance Manager233,000 USD+190%
Finance Officer74,900 USD-7%
Finance President231,000 USD+190%
Finance Relationship Manager178,000 USD+120%
Finance Release Analyst94,500 USD+17%
Finance Specialist126,000 USD+57%
Finance Team Leader 173,000 USD+110%
Financial Accountant82,300 USD+2%
Financial Actuary121,000 USD+50%
Financial Administrator127,000 USD+58%
Financial Advisor139,000 USD+73%
Financial Analyst142,000 USD+76%
Financial Applications Specialist104,000 USD+29%
Financial Assistant61,300 USD-24%
Financial Associate74,200 USD-8%
Financial Claims Analyst108,000 USD+34%
Financial Claims Manager144,000 USD+79%
Financial Claims Supervisor135,000 USD+68%
Financial Clerk62,400 USD-22%
Financial Commercial Analyst119,000 USD+48%
Financial Compliance Analyst123,000 USD+53%
Financial Compliance Officer127,000 USD+58%
Financial Consultant106,000 USD+32%
Financial Controller133,000 USD+65%
Financial Coordinator70,500 USD-12%
Financial Customer Service Manager145,000 USD+80%
Financial Data Scientist150,000 USD+86%
Financial Dealer and Broker84,100 USD+4%
Financial Director224,000 USD+180%
Financial Encoder70,000 USD-13%
Financial Manager229,000 USD+180%
Financial Modelling Analyst146,000 USD+81%
Financial Operations Manager210,000 USD+160%
Financial Policy Analyst129,000 USD+60%
Financial Project Manager157,000 USD+95%
Financial Quantitative Analyst142,000 USD+76%
Financial Reporting Consultant119,000 USD+48%
Financial Reporting Manager159,000 USD+97%
Financial Section Head151,000 USD+88%
Financial Services Manager210,000 USD+160%
Financial Services Sales Agent83,900 USD+4%
Financial Technology Consultant130,000 USD+61%
Financial Wellness Coach171,000 USD+110%
FinTech Analyst131,000 USD+63%
Fixed Assets Administrator85,800 USD+7%
Forensic Accountant89,700 USD+11%
Fraud Detection Supervisor98,600 USD+22%
Fraud Prevention Manager165,000 USD+100%
Fund Accountant78,000 USD-3%
Grants Coordinator60,100 USD-25%
Green Finance Analyst117,000 USD+45%
Group Financial Manager225,000 USD+180%
Internal Auditor108,000 USD+34%
Internal Control Adviser126,000 USD+57%
Internal Control Officer70,400 USD-13%
International Tax Director184,000 USD+130%
Inventory Accountant81,600 USD+1%
Investment Advisor221,000 USD+170%
Investment Analyst164,000 USD+100%
Investment Associate133,000 USD+65%
Investment Broker128,000 USD+59%
Investment Fund Manager178,000 USD+120%
Investment Operations Manager171,000 USD+110%
Investment Underwriter68,700 USD-15%
Investor108,000 USD+34%
Investor Relations Manager153,000 USD+90%
KYC Team Leader161,000 USD+100%
Loan Processor63,000 USD-22%
Management Accountant91,900 USD+14%
Management Economist178,000 USD+120%
Paymaster66,500 USD-17%
Payroll Administrator105,000 USD+30%
Payroll Benefits Coordinator84,800 USD+5%
Payroll Billing Manager142,000 USD+76%
Payroll Clerk70,400 USD-13%
Payroll Manager149,000 USD+85%
Payroll Officer68,300 USD-15%
Payroll Specialist82,400 USD+2%
Payroll Supervisor105,000 USD+30%
Pensions Administrator80,700 USD+0%
Personal Financial Advisor115,000 USD+43%
Pricing Analyst135,000 USD+68%
Private Equity Analyst139,000 USD+73%
Project Accountant88,400 USD+10%
Proposal Development Coordinator67,800 USD-16%
Quantitative Trader114,000 USD+42%
Receivables Accountant71,700 USD-11%
Regulatory Accountant85,800 USD+7%
Retirement Plan Analyst127,000 USD+58%
Revenue Management Specialist134,000 USD+66%
Revenue Recognition Analyst145,000 USD+80%
Risk Management Director186,000 USD+130%
Risk Management Supervisor155,000 USD+93%
Staff Accountant75,700 USD-6%
Tax Accountant77,100 USD-4%
Tax Administrator84,900 USD+5%
Tax Advisor121,000 USD+50%
Tax Analyst122,000 USD+52%
Tax Associate70,000 USD-13%
Tax Consultant129,000 USD+60%
Tax Director189,000 USD+130%
Tax Examiner85,800 USD+7%
Tax Manager161,000 USD+100%
Tax Research Manager163,000 USD+100%
Teller48,000 USD-40%
Treasury Accountant83,500 USD+4%
Treasury Analyst133,000 USD+65%
Underwriter53,300 USD-34%
Underwriting Assistant50,600 USD-37%
Vice President of Finance219,000 USD+170%

Salary Comparison By City

CityAverage Salary
Chicago80,500 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
Percentage increase and decrease are relative to the previous value

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


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