Credit: Deepak Sethi / E+ / Getty Images
Comptrollers typically work for government and nonprofit organizations, overseeing their financial reporting, departmental spending, and adherence to regulations. These professionals are similar to financial controllers, though comptrollers are typically senior-level employees.
According to October 2021 data from PayScale, comptrollers earn an average salary of $71,550. The U.S. Bureau of Labor Statistics (BLS) projects careers in financial management, including comptrollers, will grow 17% from 2020 to 2030, much faster than other professions.
Comptrollers and financial managers take on similar roles, with a few key differences in responsibilities. Comptrollers usually focus on financial accounting and reporting, while financial managers work with a company's finances.
Keep reading to learn more about salary expectations for comptrollers.
How Much Does a Comptroller Make?
PayScale data indicates the average annual salary for comptrollers is $71,550 as of October 2021. However, factors like location, industry, and experience can impact earnings. Comptrollers often work in the public sector rather than the private sector, which also affects wages.
Typically, more experience and education can increase earning potential for comptrollers. Experienced comptrollers can earn about $20,000 more on average than early-career professionals, according to PayScale.
Salary by Education
Becoming a comptroller involves obtaining degrees in business, finance, accounting, or economics. These fields provide the foundational knowledge necessary to oversee the spending and financial reporting of an organization.
Education level can significantly impact earning potential. For instance, those with a master's may earn more than those with a bachelor's degree. The table below explores the various credentials a comptroller may hold and the average salaries for those degree levels.
As the table demonstrates, earning a master's degree may lead to a higher earning potential than a bachelor's alone. However, prospective students should consider the overall cost of a graduate degree — in terms of both financial and time investment — before pursuing these advanced credentials.
Salary by Experience
Another factor impacting comptroller earning potential is experience. The longer comptrollers work, the higher their salaries tend to be. The table below outlines the earning trajectory for comptrollers over 20 years, demonstrating the increase in salary over time.
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Salary by Location
Where a comptroller lives and works can also impact their earning potential. Areas with higher population density often have higher demand for the services comptrollers provide. Therefore, comptrollers in urban areas typically make more money than professionals in more rural areas. However, students should also consider that cities have higher costs of living.
According to data from PayScale, comptrollers in New York City and Washington, D.C. earn significantly more than the national average for this role. In contrast, comptrollers in cities like Phoenix, Arizona and San Antonio, Texas earn slightly less than the national average.
Top-Paying States for Financial Managers, 2020
| State | Number of Financial Managers Employed | Average Annual Salary |
|---|---|---|
| New York | 45,390 | $215,640 |
| New Jersey | 22,900 | $184,130 |
| District of Columbia | 7,060 | $177,920 |
| Delaware | 2,310 | $176,630 |
| Colorado | 7,450 | $172,400 |
Top-Paying Metropolitan Areas for Financial Managers, 2020
| Metropolitan Area | Number of Financial Managers Employed | Average Annual Salary |
|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA | 56,680 | $214,670 |
| Bridgeport-Stamford-Norwalk, CT | 6,560 | $210,180 |
| San Jose-Sunnyvale-Santa Clara, CA | 8,790 | $192,310 |
| San Francisco-Oakland-Hayward, CA | 19,310 | $191,380 |
| Boulder, CO | 610 | $187,940 |
Where Should I Work as a Comptroller?
The BLS projects jobs for financial managers, including comptrollers, to grow 17% from 2020 to 2030, much faster than other professions. Comptrollers often work for government and nonprofit organizations, and in some cases, local government elections determine comptroller positions. So, it can be difficult to determine job outlook for comptrollers specifically.
Prospective comptrollers should keep in mind that role requirements vary, so they should check with their state government office or view open positions in the area.
Best Areas
According to PayScale, New York City and Washington, D.C. offer some of the highest salaries for comptrollers. In New York, comptrollers earn around 63% more than the national average for this career. Similarly, the average salary in Washington, D.C. is around 54% higher than the national average salary.
Prospective comptrollers should also consider regional job availability. Data from the BLS shows the states with the highest concentration of financial managers include Connecticut, Massachusetts, Illinois, and New Hampshire.
Nonmetropolitan areas with the highest concentration of jobs for financial managers include parts of Kansas, northeastern Ohio, southeast Iowa, west central Illinois, and the lower peninsula of Michigan. Though these areas offer higher concentrations than other nonmetro areas, urban areas offer higher numbers of jobs for financial managers overall.
The tables below detail employment trends for financial managers across states.
Top-Employing States for Financial Managers, 2020
| State | Number of Financial Managers Employed | Average Annual Salary |
|---|---|---|
| California | 92,670 | $162,650 |
| Texas | 46,340 | $148,860 |
| New York | 45,390 | $215,640 |
| Illinois | 41,460 | $148,620 |
| Massachusetts | 33,320 | $158,990 |
States With the Greatest Projected Increase in Employment for Financial Managers, 2018-28
| State | Percent Projected Change, 2018-28 | Average Annual Openings |
|---|---|---|
| Greatest Projected Percentage Increase | ||
| Utah | 44.4% | 1,180 |
| Nevada | 30.3% | 730 |
| Colorado | 30.1 | 950 |
| Texas | 30 | 4,290 |
| Arizona | 28.8 | 580 |
| Most Projected Average Annual Openings | ||
| California | 18.6% | 10,220 |
| Texas | 30% | 4,920 |
| New York | 21.7% | 4,810 |
| Illinois | 14.5% | 3,970 |
| Massachusetts | 13.1% | 3,420 |
Top-Employing Metropolitan Areas for Financial Managers, 2020
| Metropolitan Area | Number of Financial Managers Employed | Average Annual Salary |
| New York-Newark-Jersey City, NY-NJ-PA | 56,680 | $214,670 |
| Los Angeles-Long Beach-Anaheim, CA | 35,700 | $158,070 |
| Chicago-Naperville-Elgin, IL-IN-WI | 34,420 | $156,490 |
| Boston-Cambridge-Nashua, MA-NH | 29,200 | $164,500 |
| Washington-Arlington-Alexandria, D.C.-VA-MD-WV | 21,120 | $177,140 |
Best Industries
Comptrollers often work in government and nonprofit jobs, limiting the diversity of the industries and workplaces where these professionals work. Generally, financial managers can find work in a wider number of industries. Prospective comptrollers may consider jobs in financial controlling and management to find more employment opportunities.
Explore the tables below for more information on the top-employing and top-paying industries for professionals in the financial management field.
Top-Paying Industries for Financial Managers, 2020
| Industry | Number of Financial Managers Employed | Average Annual Salary |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 41,920 | $206,050 |
| Other Information Services | 3,130 | $204,410 |
| Monetary Information Services | 630 | $200,780 |
| Cable and Other Subscription Programming | 310 | $196,520 |
| Computer and Peripheral Equipment Manufacturing | 990 | $195,340 |
Top-Employing Industries for Financial Managers, 2020
| Industry | Number of Financial Managers Employed | Average Annual Salary |
|---|---|---|
| Credit Intermediation and Related Activities | 98,570 | $124,040 |
| Management of Companies and Enterprises | 74,260 | $165,480 |
| Accounting, Tax Preparation, Bookkeeping, and Payroll Services | 42,750 | $175,200 |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 41,920 | $206,050 |
| Insurance Carriers | 26,990 | $170,850 |
Questions About Comptroller Income
What is an assistant comptroller's salary?
With little data to report for assistant comptroller salaries, the role with the most similar job duties is the assistant financial controller. These professionals earn an average salary of $77,790, according to October 2021 data from PayScale.
What are the highest-paying comptroller jobs?
According to PayScale, comptrollers earn an average annual salary of $71,550 as of October 2021. Some of the roles within this field that pay higher than that average include financial analysis ($75,540) and financial reporting ($71,780).
Where is the best state to work as a comptroller?
According to BLS data for financial managers, the states with the highest levels of employment include California, Texas, and New York. The top-paying states for this field include New York, New Jersey, and Washington, D.C.
What is the best industry to work in as a comptroller?
Comptrollers typically work for government and nonprofit agencies. Other financial management professionals work in top-paying industries like securities and commodities, information services, and monetary authorities/banking.
Featured Image: Deepak Sethi / E+ / Getty Images
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