Accountant in Lakeville, MN

The Salary Picture: Where Lakeville Stands

Lakeville sits in the southern Twin Cities metro, a sprawling suburban community that’s more than just a bedroom community for Minneapolis. For accountants, this means you’re competing in the broader Minneapolis-St. Paul-Bloomington metropolitan statistical area, but with a distinct local market. The median salary for accountants here is $87,242/year, which translates to an hourly rate of $41.94/hour. This is slightly above the national average of $86,080/year, a modest but meaningful premium that reflects the strong demand for financial professionals in the Twin Cities region. However, it’s crucial to understand that this median figure masks significant variation based on experience, industry, and firm size.

The local job market is competitive but stable. There are approximately 152 accounting jobs available in the metro area at any given time, according to recent data, with a 10-year job growth projection of 4%. This growth is slower than the national average for accountants (which is around 7%), indicating a mature market where opportunities are more about replacement and specialization than explosive expansion. The key is targeting high-growth sectors like healthcare, manufacturing, and professional services, which have a strong presence in the South Metro.

To give you a clearer picture of where you might fit, here’s an experience-level breakdown. Note that these are estimates based on the median and local market trends, derived from BLS and local salary survey data.

Experience Level	Typical Years of Experience	Estimated Salary Range (Lakeville Metro)
Entry-Level	0-2	$58,000 - $72,000
Mid-Career	3-7	$72,000 - $95,000
Senior-Level	8-15	$95,000 - $125,000
Expert/Managerial	15+	$125,000+

Insider Tip: Don't just look at the job title. A "Staff Accountant" at a large corporation in Bloomington (just north of Lakeville) might earn closer to the mid-career range, while a "Senior Accountant" at a mid-sized firm in Lakeville itself could be at the higher end of the mid-career bracket. Always research the specific company and industry.

Comparisons to Other Minnesota Cities:

• Minneapolis/St. Paul: Salaries are generally 5-10% higher due to the concentration of Fortune 500 headquarters (Target, Best Buy, 3M). However, commutes are longer and cost of living, especially downtown housing, is significantly higher.
• Rochester (Home of Mayo Clinic): Salaries are competitive, especially in healthcare accounting, but the job market is smaller and more dominated by one major employer.
• St. Cloud: Salaries are typically 5-8% lower than the Lakeville area, and the job market is smaller, with less diversity in industries.
• Lakeville's Advantage: You get a strong salary relative to the national average, without the extreme cost of living pressure of downtown Minneapolis. The commute to downtown Minneapolis is reasonable (30-45 minutes), but many accountants find ample opportunities in the southern suburbs like Eagan, Apple Valley, and Burnsville, minimizing the need for a downtown commute.

The Real Take-Home: After Taxes and Rent

Let’s break down the monthly budget for an accountant earning the Lakeville median salary of $87,242/year. This is a realistic starting point for a mid-career professional. We’ll use 2024 federal tax estimates (single filer, standard deduction) and Minnesota state tax rates for a preliminary view.

• Gross Annual Salary: $87,242
• Gross Monthly Salary: $7,270
• Estimated Monthly Take-Home (After Taxes & FICA): ~$5,200 - $5,400 (This can vary based on 401(k) contributions, health insurance premiums, and other pre-tax deductions).

Now, let’s layer in the key local expense: housing. The average 1-bedroom rent in Lakeville is $1,201/month. This is your baseline.

Monthly Budget Breakdown (Estimated):

• Take-Home Pay: $5,300
• Rent (1BR): $1,201
• Utilities (Electric, Gas, Internet): $200
• Groceries: $400
• Car Payment/Insurance/Gas: $500 (Lakeville is car-dependent; public transit is limited to bus routes connecting to the METRO Red Line to Minneapolis).
• Health Insurance (Employer-Portion): $150
• Student Loans/Other Debt: $300
• Food/Entertainment: $300
• Savings/Investments: $2,249 (Remaining)

Can you afford to buy a home? This is the big question. Lakeville’s Cost of Living Index is 104.5 (US avg = 100), meaning it’s 4.5% more expensive than the national average, largely driven by housing. The median home price in Lakeville hovers around $400,000 - $450,000. For a 20% down payment ($80,000 - $90,000), you’d need significant savings. A mortgage on a $400,000 home (with 20% down) would be roughly $1,800/month, not including property taxes, insurance, or maintenance. On a $87,242 salary, this is tight but possible, especially if you have a partner with income or are willing to start with a townhome or condo in the $250,000 - $300,000 range. Many local accountants in their 30s and 40s live in adjacent areas like Farmington or Hastings for more affordable homeownership, accepting a 20-30 minute commute.

Insider Tip: Lakeville’s property taxes are moderate compared to some inner-ring suburbs, but always check the specific city and school district levies for a potential home. The Lakeville South High School district, for example, has specific funding measures that can impact your annual tax bill.

Where the Jobs Are: Lakeville's Major Employers

Lakeville’s economy is diverse, anchored by manufacturing, healthcare, and a robust network of mid-market companies. As an accountant, you’re not just looking for a job; you’re looking for an industry with stability and growth.

Here are 5-7 specific local employers where accountants frequently find roles:

1. Lakeville Area Public Schools (ISD 194): A major public sector employer. They have in-house finance teams for budgeting, payroll, and facilities management. Hiring is usually stable, with openings often posted on the district’s HR site. The work-life balance is typically excellent.
2. Fairview Health Services (Southdale Hospital & Clinics): While the main hospital is in Edina, Fairview has a massive footprint in the South Metro, including clinics in Lakeville. Healthcare accounting is a huge specialty, involving complex revenue cycle management and compliance (HIPAA, etc.). Demand is high for accountants with healthcare experience.
3. Schwan’s Company (Home Service Business): Headquartered in nearby Marshall, MN, but with significant operations and logistics in the South Metro. They have corporate finance roles that serve the broader region, often based in their Bloomington or Eagan offices, which are an easy commute from Lakeville.
4. Twin Cities Orthopedics (TCO): A large, growing orthopedic practice with a major clinic in Lakeville. Private healthcare practices need accountants for medical billing, practice management, and financial reporting. This is a great niche for those who want to move away from large corporate accounting.
5. Kohler Co. (Manufacturing): While the headquarters are in Wisconsin, Kohler has a significant manufacturing facility in nearby Burnsville. They employ accountants for cost accounting, inventory management, and plant finance. Manufacturing accounting is a valuable, transferable skill.
6. Local CPA Firms (e.g., Schlenner, Abdo, PCL): The South Metro has several mid-sized accounting firms that serve the local business community. These firms offer a path to partnership and a wider variety of client work, from small businesses to larger local entities. They are a primary source of hiring for new CPAs.
7. City of Lakeville Government: The city itself employs finance staff for municipal accounting, budgeting, and public fund management. These are public sector jobs with excellent benefits and job security.

Hiring Trends: The hottest area is in financial analysis and business partnering. Companies are looking for accountants who can do more than close the books—they want professionals who can analyze data, support operational decisions, and help with strategic planning. If you have Excel modeling skills (Power Pivot, DAX), you’ll be in high demand.

Getting Licensed in MN

To practice as a Certified Public Accountant (CPA) in Minnesota, you must be licensed by the Minnesota Board of Accountancy. This is the gold standard and often required for senior roles.

State-Specific Requirements:

1. Education: A bachelor’s degree (120 semester credits) with a concentration in accounting (24 semester credits in upper-level accounting courses). To sit for the exam, you typically need 150 credits, but you can take the exam with 120 credits if you meet other criteria. Most candidates complete a master’s in accounting or a 5th year of study to hit the 150-credit requirement.
2. Exam: Pass all four sections of the Uniform CPA Examination (AUD, BEC, FAR, REG). The exam is administered by NASBA and the AICPA.
3. Experience: 2,000 hours of qualifying accounting experience under a licensed CPA is required. This can be in public accounting, industry, or government.
4. Ethics Exam: Pass the Minnesota Professional Ethics Exam for CPAs.

Costs (Estimate):

• CPA Exam Fees: ~$1,500 - $2,000 (for all four sections, including application fees). This does not include review courses, which can cost $1,500 - $3,000.
• Licensing Fee: $150 (initial license fee).
• Education: The cost varies wildly. A master’s program at a Minnesota university (e.g., University of Minnesota, St. Thomas, Augsburg) can range from $25,000 to $50,000+.

Timeline to Get Started:

• If you have a bachelor’s degree (120 credits): Plan for 1-2 years to complete the 150 credits (via a master’s or additional courses), pass the exam, and gain the required experience. You can work during this time, but the experience must be under a CPA.
• If you already have 150 credits: You can begin studying for the exam immediately. The typical timeline to pass all four sections is 6-18 months, depending on your study schedule and work commitments.

Insider Tip: Minnesota does not require work experience to sit for the CPA exam, which is a huge advantage. You can pass the exam first and then fulfill the experience requirement, making it easier to transition into higher-paying roles that require a CPA license.

Best Neighborhoods for Accountants

Lakeville is a city of distinct neighborhoods, each with a different vibe. Your choice will depend on your commute, lifestyle, and budget.

1. Central Lakeville (55044): The heart of the city. You’re minutes from the Lakeville Area Public Schools, the Lakeville North High School campus, and the main shopping areas (Target, Cub Foods, etc.). Commutes to Eagan or Burnsville are under 15 minutes. It’s family-friendly and convenient. Average 1BR Rent: $1,200 - $1,300/month.
2. The Orchards (South Lakeville): A newer development with townhomes and single-family homes. It’s quieter, with a suburban feel, and has easy access to the I-35W corridor. A great option for those who want a newer apartment complex or a starter home. Commute to downtown Minneapolis is ~35 minutes. Average 1BR Rent: $1,250 - $1,400/month.
3. Near Lake Marion (West Lakeville): This area offers a mix of older, established homes and some newer apartments. It’s close to the recreational Lake Marion, which is great for summer activities. Commute to Apple Valley or Burnsville is very short. Average 1BR Rent: $1,100 - $1,250/month.
4. Antelope Park (North Lakeville): Adjacent to the popular Antelope Park golf course, this neighborhood has a mix of housing. It’s a bit more established and offers good value. You’re close to the border with Eagan, which is a major hub for corporate jobs (see Delta Air Lines, below). Average 1BR Rent: $1,150 - $1,300/month.
5. Livingston Avenue Corridor: This is a more transitional area with older apartments and some new development. It’s affordable and has good access to Highway 5 and 35W. A practical choice for someone who wants to save on rent and prioritize savings or debt payoff. Average 1BR Rent: $1,000 - $1,150/month.

Insider Tip: Traffic on I-35W can be brutal during rush hour, especially southbound in the morning and northbound in the evening. If you work in Bloomington or downtown Minneapolis, living north of Lakeville (in Eagan or Apple Valley) might save you 15-20 minutes on your commute, even if the rent is slightly higher.

The Long Game: Career Growth

In Lakeville and the South Metro, career growth for accountants is less about climbing a single corporate ladder and more about strategic specialization and networking.

Specialty Premiums:

• Healthcare Accounting: Can command a 5-10% premium over general accounting roles due to regulatory complexity.
• Cost/Managerial Accounting (Manufacturing): Highly valued in the local industrial sector. Experience with ERP systems (SAP, Oracle) is a major plus.
• Tax (Corporate or International): Specialists in multi-state tax or transfer pricing can find high-paying roles at larger corporations with a presence in the metro.

Advancement Paths:

1. Public Accounting to Industry: A common path. Start at a local CPA firm (2-5 years), get your CPA license, and then move into a corporate controller or financial analyst role at a local manufacturer or healthcare provider.
2. Corporate Ladder: Staff Accountant -> Senior Accountant -> Accounting Manager -> Controller -> CFO. In smaller companies, this path can be faster. In larger ones (like Target, 3M, Best Buy—though not in Lakeville, they are major employers in the metro), it’s more structured.
3. Government/Non-Profit: A stable path with excellent benefits. You might start as an accountant for a city, school district, or non-profit and move into a finance director role.

10-Year Outlook (4% Growth): The 4% job growth means competition will remain steady. To stay ahead, focus on data analytics and technology integration. Accountants who can use tools like Tableau, Power BI, and advanced Excel to provide business insights will be indispensable. Consider certifications like the CMA (Certified Management Accountant) if you’re in industry, or a specialization in data analytics to future-proof your career.

The Verdict: Is Lakeville Right for You?

Pros	Cons
Salary & Job Stability: Median salary of $87,242 is above the national average, with a stable job market in a diverse metro area.	Slower Growth: 10-year job growth of 4% is below the national average, indicating a mature market.
Affordable Housing (Relative): Average 1BR rent of $1,201 is manageable on the median salary, allowing for savings. Cost of Living Index is 104.5.	Car Dependency: Public transit is limited. A reliable car is a must, adding to transportation costs.
Suburban Quality of Life: Excellent schools, parks, and family-friendly amenities. Low crime rate.	Commute: If your job is in downtown Minneapolis, the commute (30-45 min) can be taxing.
Diverse Employer Base: Opportunities in healthcare, manufacturing, education, and government reduce reliance on a single industry.	Limited "Big City" Culture: If you crave a bustling downtown nightlife, you’ll be driving to Minneapolis or St. Paul.
Strong Professional Network: The South Metro has active chapters of the MN Society of CPAs and other business groups.	Weather: Minnesota winters are long and cold, which can impact daily life and commuting.

Final Recommendation:
Lakeville is an excellent choice for accountants who prioritize a stable career, a high quality of life, and family-friendly suburbs without the extreme cost of living of a major downtown. It’s particularly well-suited for mid-career professionals with 3-8 years of experience who are looking to buy a home or start a family. If you’re an entry-level accountant just starting out, the market is competitive, but the lower cost of living can help you get on your feet. If you’re a specialist in high-demand areas like healthcare or data analytics, you’ll find a welcoming and well-paying market. It’s not a place for those seeking rapid, explosive career growth or a vibrant urban core, but for a balanced, rewarding career, Lakeville is a strong contender.

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