Public accounting firms in New Jersey and in surrounding areas now have a new tool to determine compensation.
The New Jersey Society of CPAs (NJSCPA) just released its 2013/14 NJSCPA Compensation & Benefits Study of Public Accounting Firms in New Jersey. Not limited to just salary, the report also covers such topics as incentive plans, health insurance, and training/development. The study focuses entirely on New Jersey, drilling down by regions within the Garden State: northern (including New York City), central, and southern (including Philadelphia).
Data include all levels of accountants – from entry level through partner – plus support personnel, such as IT and administrative staff.
Some notable data in the new study includes:
- An A&A senior manager in central New Jersey has a median salary of $137,608.
- Sixty-seven percent of accounting firms in southern New Jersey provide reimbursement for the CPA Exam.
- Northern New Jersey firms with a Savings/401(k) total 81 percent.
“To have an internally equitable and externally competitive compensation strategy, firms must consider both employee performance and external pay and benefits practices,” Hayes MacArthur, principal and director of human resources for New York City-based CPA and consulting firm EisnerAmper LLP, said in a written statement. “Third-party compensation and benefits studies are valuable tools for benchmarking the competitiveness of their compensation practices. The NJSCPA study is both valuable and unique because it focuses on the local market.”
The study was performed in conjunction with Merces Consulting, a market leader in compensation and benefits studies for not-for-profit organizations. A total of seventy-eight firms, covering several thousand employees, participated in the survey, which ran from September through December 2013.