Cost accountants specialize in identifying costs in the supply chain of the product or service of their company. They also handle costs in a variety of areas, such as human resources, administration, shipping, and production. In general, accountants work to find ways to reduce costs and boost revenues, according to the Bureau of Labor Statistics.
The BLS categorizes cost accountants as “management accountants” and state that they “record and analyze the financial information of the organizations for which they work” and provide that information to business managers.
Salary at the National Level
If you work as a cost accountant, your average annual salary, if it is in line with the national average, will be $77,920, or $37.46 per hour, according to the BLS, as of May 2017. The median annual income is $69,350, or $33.34 per hour. Those in the 10th percentile earn $43,020 per year, or $20.68 per hour. The 90th percentile earns $122,220 per year, or $58.76 per hour.
Salary by Industry
Other Pipeline Transportation pays an average of $47.31 per hour, or $98,400 per year, on average. The Federal Executive Branch pays an hourly mean wage of $47.26 per hour, or $98,300 per year, on average. Securities, Commodity Contracts, and Other Financial Investments and Related Activities pays an hourly mean wage of $45.47, or $94,570 per year, and Pipeline Transportation of Crude Oil pays an average hourly wage of $43.83, or $91,170. Natural gas distribution pays an annual average salary of $90,980, or $43.74 per hour.
Salary by State
The District of Columbia is the highest-paying state at $96,880 on average, or $46.58 per hour, on average. New York comes in next at $95,430 per year, on average, or $45.88 per hour. New Jersey has an average mean salary of $91,400 per year, or $43.94 per hour. Virginia cost accountant employers pay an annual mean wage of $84,740 per year, or $40.74 per hour. California has an hourly mean wage of $40.16, or $83,540 annually.
Salary by Metro Area
Head to San Rafael, CA to live in the highest-paying metropolitan division in the U.S. The hourly mean wage there is $50.99, and the annual mean wage is $106,050. The New York-Jersey City-White Plains, NY-NJ metro division comes in second place at $101,520 per year, on average, or $48.81 per hour. San Jose-Sunnyvale-Santa Clara, CA pays an average of $97,910 per year, on average, or $47.07 per hour. If you are more into cold climates, try Fairbanks, AK, where the annual average salary is $94,680, or $45.52 per hour.
Salary by Non-Metro Area
The Northwest Virginia non-metro area is $106,460 per year on average, or $51.18 per hour. The Southeast Alaska non-metro area pays an average annual salary of $84,700, or $40.72 per hour. The East Central New York non-metro area has an average annual salary of $82,590, or $39.71 per hour. The non-metro area in Los Alamos County, New Mexico pays an average annual salary of $81,450, or $39.16 per hour.