News Release Information

14–1250–NEW
July 01, 2014

Contacts

Technical information:
Media contact:
  • (646) 264-3620

Occupational Employment and Wages for Selected Financial Occupations in New York’s Metropolitan Areas – May 2013

Among the 12 metropolitan areas in New York, 5 had annual wages that were significantly below the national average for accountants and auditors. Five areas had below-average wages for financial analysts, and 6 had below-average wages for bookkeeping, accounting, and auditing clerks, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli noted that New York-Northern New Jersey-Long Island was the only metropolitan area to have an average wage significantly above the U.S. average for each of the three selected occupations. Nationwide, the average (mean) wage for accountants and auditors was $72,500, for financial analysts, $91,620, and for bookkeeping, accounting, and auditing clerks, $37,250. (See table A. For comprehensive definitions of metropolitan areas in New York, please see Technical Note.)

Table A. Average (mean) annual wages for selected financial occupations in the United States and metropolitan areas in New York, May 2013
Area Accountants and auditors   Financial analysts   Bookkeeping, accounting, and auditing clerks  

United States

$72,500   $91,620   $37,250  

New York

87,260 * 120,060 * 40,850 *

Albany-Schenectady-Troy

70,080   75,240 * 38,660 *

Binghamton

63,700 * 91,020   33,980 *

Buffalo-Niagara Falls

67,140 * 73,990 * 35,950 *

Elmira

67,900 * --   36,230  

Glens Falls

64,210 * --   32,950  

Ithaca

62,580 * 88,690   35,780 *

Kingston

70,790   --   37,480  

New York-Northern New Jersey-Long Island

90,680 * 119,050 * 43,330 *

Nassau-Suffolk

84,050 * 81,700 * 43,150 *

New York-White Plains-Wayne

93,480 * 125,140 * 43,580 *

Poughkeepsie-Newburgh-Middletown

79,800 * 90,000   38,250 *

Rochester

72,910   76,110 * 36,890  

Syracuse

70,160   79,810 * 36,220 *

Utica-Rome

72,240   64,770 * 34,640 *

* The mean annual wage for this area is significantly different from the national average of all areas at the 90-percent confidence level.
 

-- Data not available.
 

Of the 12 metropolitan areas located entirely or partially in the state, the New York-Northern New Jersey-Long Island area had the largest numbers of accountants and auditors, financial analysts, and bookkeeping, accounting, and auditing clerks, with employment of 246,930 in the three financial occupations combined. Over two-thirds (166,910) of those positions were located in one of the area’s four divisions, New York-White Plains-Wayne. Another division, Nassau-Suffolk, had 32,990 jobs in the selected financial occupations. Employment in these three occupations combined was less than 13,000 in each of the remaining metropolitan areas in New York. (See table B. The New York-Northern New Jersey-Long Island area’s other divisions, Newark-Union and Edison, contain no counties in New York, and their data have not been presented in this release.)

Table B. Employment of selected financial occupations in the United States and metropolitan areas in New York, May 2013
Area Accountants and auditors Financial analysts Bookkeeping, accounting, and auditing clerks

United States

1,168,330 250,670 1,586,380

New York

99,750 34,850 112,440

Albany-Schenectady-Troy

4,720 580 5,790

Binghamton

820 230 1,500

Buffalo-Niagara Falls

5,030 780 6,920

Elmira

190 -- 440

Glens Falls

260 -- 920

Ithaca

180 40 700

Kingston

360 -- 980

New York-Northern New Jersey-Long Island

102,530 38,530 105,870

Nassau-Suffolk

12,040 1,250 19,700

New York-White Plains-Wayne

71,070 32,630 63,210

Poughkeepsie-Newburgh-Middletown

1,730 250 3,400

Rochester

5,350 1,050 5,820

Syracuse

2,310 350 3,740

Utica-Rome

790 90 2,350
-- Data not available.

 

Wages for accountants and auditors in metropolitan areas in New York

Accountants and auditors in the New York-Northern New Jersey-Long Island metropolitan area earned $90,680 per year, measurably above the U.S. average of $72,500. Poughkeepsie-Newburgh-Middletown was the only other metropolitan area in New York with a mean wage significantly above the U.S. average. Wages were significantly below the national average for this occupation in 5 of the 12 areas in New York: Ithaca ($62,580), Binghamton ($63,700), Glens Falls ($64,210), Buffalo-Niagara Falls ($67,140), and Elmira ($67,900). Five other areas had wages that were not measurably different from the national average. (See chart 1.)

 Chart 1. Mean annual wages for accountants and auditors, by area, New York, May 2013

Wages for financial analysts in metropolitan areas in New York

The New York-Northern New Jersey-Long Island area had a mean annual wage of $119,050 for financial analysts, significantly above the U.S. average of $91,620. Five metropolitan areas had wages significantly below the national average for financial analysts: Utica-Rome ($64,770), Buffalo-Niagara Falls ($73,990), Albany-Schenectady-Troy ($75,240), Rochester ($76,110), and Syracuse ($79,810). Financial analysts in the remaining areas for which data were available in New York earned wages that were not measurably different from the national average for this occupation. (See chart 2.)

 Chart 2. Mean annual wages for financial analysts, by area, New York, May 2013

Wages for bookkeeping, accounting, and auditing clerks in metropolitan areas in New York

Three metropolitan areas posted average wages for bookkeeping, accounting, and auditing clerks that were significantly higher than the $37,250 national average: New York-Northern New Jersey-Long Island ($43,330), Albany-Schenectady-Troy ($38,660), and Poughkeepsie-Newburgh-Middletown ($38,250). Six localities had wages for these clerical financial jobs that were measurably below the national average: Glens Falls ($32,950), Binghamton ($33,980), Utica-Rome ($34,640), Ithaca ($35,780), Buffalo-Niagara Falls ($35,950), and Syracuse ($36,220). Bookkeeping, accounting, and auditing clerks in the remaining three areas in New York earned wages that were not measurably different from the U.S. average. (See chart 3.)

 Chart 3. Mean annual wages for bookkeeping, accounting, and auditing clerks, by area, New York, May 2013

These statistics are from the Occupational Employment Statistics (OES) survey, a federal-state cooperative program between BLS and State Workforce Agencies, in this case, the New York State Department of Labor and the New Jersey Department of Labor and Workforce Development.

The OES wage data for the three selected financial occupations in states and metropolitan areas were compared to their respective national averages based on statistical significance testing. Only those occupations with wages or employment shares above or below the national wage or share after testing for significance at the 90-percent confidence level meet the criteria. 

NOTE: A value that is statistically different from another does not necessarily mean that the difference has economic or practical significance. Statistical significance is concerned with the ability to make confident statements about a universe based on a sample. It is entirely possible that a large difference between two values is not significantly different statistically, while a small difference is, since both the size and heterogeneity of the sample affect the relative error of the data being tested.


Technical Note

The Occupational Employment Statistics (OES) survey is a semiannual mail survey measuring occupational employment and wage rates for wage and salary workers in nonfarm establishments in the United States. Guam, Puerto Rico, and the Virgin Islands are also surveyed, but their data are not included in the national estimates. OES estimates are constructed from a sample of about 1.2 million establishments. Forms are mailed to approximately 200,000 establishments in May and  November of each year for a 3-year period. May 2013 estimates are based on responses from six semiannual panels collected in May 2013, November 2012, May 2012, November 2011, May 2011, and November 2010. The overall national response rate for the six panels is 75.3 percent based on establishments and 71.6 percent based on employment. For more information about OES concepts and methodology, go to www.bls.gov/news.release/ocwage.tn.htm.

The OES survey provides estimates of employment and hourly and annual wages for wage and salary workers in 22 major occupational groups and 821 detailed occupations for the nation, states, metropolitan statistical areas, metropolitan divisions, and nonmetropolitan areas. In addition, employment and wage estimates for 94 minor groups and 458 broad occupations are available in the national data.

The May 2013 OES estimates are based on the 2010 Standard Occupational Classification (SOC) system and the 2012 North American Industry Classification System (NAICS). Information about the 2010 SOC is available on the BLS website at www.bls.gov/soc and information about the 2012 NAICS is available at www.bls.gov/bls/naics.htm.

Information in this release will be made available to sensory impaired individuals upon request.  Voice phone:  202-691-5200; TDD message referral phone number:  800-877-8339.

 

Last Modified Date: Tuesday, July 01, 2014