Tax Consultant Salary Guide
| Accounting.com Staff
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Tax consultants help individuals navigate complicated tax codes and file their tax returns annually. These professionals must know what information to collect, what laws apply, and the best strategies to use for each client. According to PayScale, tax consultants who demonstrate skills in legal research can earn 16% more than their peers. The resource below helps prospective tax consultants understand how much they can make in these positions. Readers learn about the average tax consultant salary, factors that affect pay rates, and job growth projections. Read on to explore potential career paths for tax consultants and resources for conducting more research.
HOW MUCH DO TAX CONSULTANTS MAKE?
How much does a tax consultant make and what is the average salary of a tax consultant? The Bureau of Labor Statistics (BLS) collects salary data throughout the country. This data combines tax consultants and tax preparers. According to the BLS, tax consultants earned a median salary of $38,730 in 2017. The profession maintains a mean salary of $47,090 annually.
Salary by Experience
An individual's relevant experience can impact salary. For example, tax consultants with 5-9 years of experience earn an average of $71,000 per year, according to PayScale. The chart below shows the average wages for tax consultants with different experience levels.
|Entry Level (0-12 Months)||$58,000|
|Early Career (1-4 Years)||$59,000|
|Mid Career (5-9 Years)||$71,000|
|Experienced (10-19 Years)||$80,000|
Salary by Degree
Higher education can change the average tax consultant salary. Several types of degrees can help candidates work as tax consultants, but accounting degrees often offer the most direct route. The chart below highlights the salary ranges for tax consultants with different levels of accounting degrees.
Accounting Degree Salaries
Median Salary: $69,000
Median Salary: $91,000
Career Path Salaries
Tax consultants who complete several successful years in their roles often move into other positions. They may earn their certified public accountant credentials, manage teams of tax consultants, or analyze tax data. See below for some common next steps for tax consultants and the average salaries for these positions.
|POTENTIAL NEXT STEP||SALARY|
|Certified Public Accountant||$65,194|
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What Are the Top States for Tax Consultant Pay?
Average tax consultant salaries differ by state. Increased demand and cost of living can cause employers in some areas to pay tax consultants more than others. For example, tax consultants in the District of Columbia earn an average of $107,880 annually. See below for some of the top locations for tax consultants based on average salaries.
- DISTRICT OF COLUMBIA
Annual Mean Wage: $107,880
Annual Mean Wage: $73,740
Annual Mean Wage: $62,300
Annual Mean Wage: $61,970
Annual Mean Wage: $57,720
What Are the Top Industries for Tax Consultant Pay?
Employers in different sectors offer varying salaries for tax consultants. For example, business management organizations pay nearly $20,000 more per year on average than companies in the computer services industry. Read on to view the top industries for tax consultants based on average pay.
|INDUSTRY||ANNUAL MEAN WAGE|
|Management of Companies and Enterprises||$64,730|
|Securities, Commodity Contracts, and Other Financial Investments and Related Activities||$55,840|
|Accounting, Tax Preparation, Bookkeeping, and Payroll Services||$47,160|
|Computer Systems Design and Related Services||$45,490|
ARE TAX CONSULTANTS IN-DEMAND?
HISTORICAL CAREER GROWTH
Ever since the invention of taxes, individuals and businesses have needed tax professionals to help them navigate these systems. As the population grew and tax laws became more complicated, the demand for tax consultants has grown. Sector growth may continue to increase based on these trends, though state data may differ.
FUTURE CAREER GROWTH
Projections Central projects that the demand for tax preparers and consultants will grow by 10% from 2016-2026. This expansion represents the growth from 95,900 of these positions to 106,200 by the end of 2026.
Top States for Job Growth
As is the case with average salaries, the growth rate for tax preparers and tax consultants varies by state. Experts project extraordinary growth for these professionals in certain states. The chart below highlights the top states for tax consultants based on projected job growth.
40.5% Change from 2016-2026
36.1% Change from 2016-2026
25.4% Change from 2016-2026
22.2% Change from 2016-2026
20.4% Change from 2016-2026
HOW DO TAX CONSULTANTS COMPARE TO OTHER ACCOUNTING CAREERS?
Tax consulting is just one of the many accounting careers that candidates can pursue. Before deciding on a career path, individuals should weigh the pros and cons of each possible option. See below for some average salaries for several of the top accounting careers:
- Personal Financial Advisor: $60,712
- Bookkeeper: $41,929
- Forensic Accountant: $65,760
- Auditor: $55,748
- Cost Accountant: $55,710
Candidates should consider job growth, state data, and personal interests before deciding on accounting career paths.
TAKE THE FIRST STEP IN YOUR CAREER TODAY
LEARN MORE ABOUT TAX CONSULTANT SALARIES AND JOB GROWTH
- Bureau of Labor Statistics
This segment of the Department of Labor collects data on salary, job growth, and employment throughout the country. Users can find all of this information in easy-to-read formats.
- Georgetown University Center on Education and the Workforce
Users can find information on average pay based on education. Readers can also use the interactive state map and read the institution's latest reports.
- Projections Central
Users can find salary and job growth data by state or the whole country. Readers may also choose between short-term and long-term employment data projections.
This company breaks down salary data based on factors such as experience, degrees, and skills. Candidates can also find career path information and descriptions of different positions.
- O*NET OnLine
Users can search for career options based on their military experience, technological abilities, skills, and industries. The site also offers apprenticeship opportunities and detailed job descriptions.
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