Accounting, tax preparation, bookkeeping & payroll services

Industry Group

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Workforce

1.03M

2019 BLS Estimate

Average Employee Age

43.6

Estimated Job Growth

1.72%

10-Year Projection

Average Salary

$73,813

Average Male Salary

$101,400

Average Female Salary

$99,197

About

The top three occupations in the Accounting, tax preparation, bookkeeping & payroll services Industry Group are Accountants & auditors, Bookkeeping, accounting, & auditing clerks, Tax preparers, Billing & posting clerks, and Other managers. On average, full-time employees in the Accounting, tax preparation, bookkeeping & payroll services Industry Group work 44.1 hours per week and have an average annual salary of $83,541. Part-time employees in the same industry work 22 hours and earn an average annual salary of $27,292.

The locations with the highest concentration of employees in the Accounting, tax preparation, bookkeeping & payroll services Industry Group are North of I-30 PUMA, TX (79500US4802313), South of I-10 & Inside Loop I-610 PUMA, TX, and Lake View & Lincoln Park PUMA, IL. The industry that purchases the most products or services from the Hospitals Industry Group is Accounting, tax preparation, bookkeeping & payroll services.

Professional, Scientific & Technical Services Professional, Scientific & Management, and Administrative & Waste Management Services

Workforce

A snapshot of jobs, wages, and opportunities in the Accounting, tax preparation, bookkeeping & payroll services Industry Group. Accountants & auditors are the most common position, but the Accounting, tax preparation, bookkeeping & payroll services Industry Group employs a relatively high number of Tax preparers, compared to other industries.

The highest average salary in Accounting, tax preparation, bookkeeping & payroll services goes to Actuaries.

Monthly Employment

Start Year

Y-Axis

6.49%

Year-over-year growth

Employment change between May 2020 and May 2021

As of May 2021, there are 770k people employed in the Accounting, Tax Preparation, Bookkeeping, and Payroll Services industry. This represents a 6.49% increase in employment when compared to May 2020.

This chart shows monthly employment numbers for Accounting, Tax Preparation, Bookkeeping, and Payroll Services over time (non-seasonally adjusted).

Occupations

Occupations by Share

1.03M

Workforce (BLS Estimate)

ACS Estimate: 1.01M

3.12%

1 Year Growth

± 3.37%

The Bureau of Labor Statistics estimates that there were 1.03M people employed in the Accounting, tax preparation, bookkeeping & payroll services Industry Group in 2019.

According to ACS estimates, the number of people employed in the Accounting, tax preparation, bookkeeping & payroll services Industry Group has been growing at a rate of 3.12%, , from 977k people in 2019 to 1.01M people in 2020.

The following graphic shows the share of employment in Accounting, tax preparation, bookkeeping & payroll services by various occupations according to ACS estimates. Accountants & auditors represent the largest share of positions held in Accounting, tax preparation, bookkeeping & payroll services at 43.5%, followed by Bookkeeping, accounting, & auditing clerks with 9.14% and Tax preparers with 7.16%.

Most Common

The most common occupations in the Accounting, tax preparation, bookkeeping & payroll services Industry Group, by number of employees, are Accountants & auditors, Bookkeeping, accounting, & auditing clerks, Tax preparers, Billing & posting clerks, and Other managers.

Most Specialized

Compared to other Industry Groups, Accounting, tax preparation, bookkeeping & payroll services employs an unusually high number of Tax preparers, Accountants & auditors, and Billing & posting clerks.

Highest Paid

The highest paid occupations in Accounting, tax preparation, bookkeeping & payroll services, by average wage, are Actuaries, Education administrators, and Advertising & promotions managers.

Wages

Average Salary

$73,813

AVERAGE WAGE

± $2,106

On average, employees in the Accounting, tax preparation, bookkeeping & payroll services Industry Group make $73,813 per year. This number makes Accounting, tax preparation, bookkeeping & payroll services the 55 highest paying Industry Group in the United States out of a total of 269 Industry Groups.

Wage by Location

HIGHEST PAYING PUBLIC USE MICRODATA AREA

HIGHEST PAYING PUMAS

This map shows which public use microdata areas (PUMAs) pay the highest average salary to employees in the Accounting, tax preparation, bookkeeping & payroll services Industry Group.

Wage Distribution

0.471

WAGE GINI

Accounting, tax preparation, bookkeeping & payroll services has a wage GINI of 0.471, which is less than than the national average of 0.478. In other words, wages are distributed more evenly in Accounting, tax preparation, bookkeeping & payroll services (shown in red) in comparison to the national average for those wage buckets (shown in gray).

Opportunities

Spatial Concentration

Public Use Microdata Areas with RCA

This map shows the PUMAs in the United States that have revealed comparative advantage in the Accounting, tax preparation, bookkeeping & payroll services Industry Group.

These are locations that employ more people in the Accounting, tax preparation, bookkeeping & payroll services Industry Group than expected given both the size of that location's overall labor pool and the national size of the Accounting, tax preparation, bookkeeping & payroll services Industry Group.

Diversity

Demographic information on the Accounting, tax preparation, bookkeeping & payroll services Industry Group in the US. Male employees tend to earn more than Female employees, with average respective salaries of $101,400 and $99,197. So too tend to earn more than other races and ethnicities in this industry.

Composition by Sex

631k

FEMALE WORKFORCE

±19.5k

377k

MALE WORKFORCE

±15.1k

62.6% of workers in the Accounting, tax preparation, bookkeeping & payroll services Industry Group are Female, making them the more common sex in the workforce. This chart shows the sex breakdown of the Accounting, tax preparation, bookkeeping & payroll services Industry Group.

Wage by Sex in Common Jobs

$101,400

AVERAGE MALE SALARY

±$4,487

$99,197

AVERAGE FEMALE SALARY

±$4,518

On average, Male workers in the Accounting, tax preparation, bookkeeping & payroll services Industry Group make 1.02 times more than their Female counterparts. This chart shows the sex-based wage disparity in the 5 most common occupations in the Accounting, tax preparation, bookkeeping & payroll services Industry Group.

Wage by Race & Ethnicity in Common Jobs

RACE OR ETHNICITY WITH THE HIGHEST AVERAGE SALARY

Native Hawaiian and Other Pacific Islander
White
Asian

On average, Native Hawaiian and Other Pacific Islander employees in the Accounting, tax preparation, bookkeeping & payroll services Industry Group earn 1.13 times more than other races and ethnicities. This chart shows the race and ethnicity-based wage disparities in the 5 most common occupations in the Accounting, tax preparation, bookkeeping & payroll services Industry Group.

Input/Output

Estimates of the sources of the costs and the purchasers of the products in the Accounting, tax preparation, bookkeeping & payroll services Industry Group. Based on estimates from the Bureau of Economic Analysis, this section indicates the amount of money spent by a specific industry in other industries. Professional and business services has the highest single input, by dollars, to the Accounting, tax preparation, bookkeeping & payroll services Industry Group, and the largest industry purchasing services from the Accounting, tax preparation, bookkeeping & payroll services Industry Group is Professional and business services.

In this flow diagram, all of the industries listed to the left are those places from which the highlighted industry has made purchases. They are the intermediate inputs to the highlighted industry. All those industries listed on the right side are those industries that have made purchases from the highlighted industry. They are the use of outputs of the highlighted industry. The visualizations below offer alternative ways to see and understand this data.

Industrial Flow

The closest comparable data for Accounting, tax preparation, bookkeeping & payroll services is from Professional, Scientific & Management, and Administrative & Waste Management Services.

Intermediate Inputs

The closest comparable data for Accounting, tax preparation, bookkeeping & payroll services is from Professional, Scientific & Management, and Administrative & Waste Management Services.

HIGHEST INPUT INDUSTRY

The Accounting, tax preparation, bookkeeping & payroll services Industry Group gets the most input, by its share of the cost of all intermediate inputs, from the Professional and business services Industry. This visualization does not include labor and capital costs.

Use of Output by Other Industries

The closest comparable data for Accounting, tax preparation, bookkeeping & payroll services is from Professional, Scientific & Management, and Administrative & Waste Management Services.

LARGEST PURCHASING INDUSTRY

The Professional and business services Industry purchases the greatest share of products and services from the Accounting, tax preparation, bookkeeping & payroll services Industry Group in order to produce other goods and services. Purchases of the Accounting, tax preparation, bookkeeping & payroll services Industry Group for final consumption by consumers, businesses, or government are not included here.

Projections

Growth projections of the Accounting and bookkeeping services industry, both by number of employees and output, from the Bureau of Labor and Statistics. The national workforce is projected to grow 7.66% in the next ten years. The Accounting and bookkeeping services industry has a lower projected workforce growth at 1.72%. Its projected 10-year growth in output (22.6%) is lower than the projected national growth in output (24.2%).

Job Growth

For growth projections, the closest comparible industry reported by the Bureau of Labor Statistics is Accounting and bookkeeping services.

1.72%

Estimated Job Growth

10-year Projection

7.66%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Accounting and bookkeeping services. This industry is expected to grow less than than 7.66%, the average rate of national job growth.