Here is a comprehensive career guide for Accountants considering a move to Memphis, TN.

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Career Guide for Accountants in Memphis, TN

As a career analyst who has watched Memphis’s professional landscape evolve for over a decade, I’ve seen the city transform from a logistics and healthcare hub into a more diversified economy with a growing financial sector. For accountants, Memphis offers a unique blend of affordable living, stable employment, and a low-stress environment compared to larger metros. This guide strips away the promotional fluff and gives you the data-driven insights you need to make an informed decision.

The Salary Picture: Where Memphis Stands

Memphis sits in an interesting financial sweet spot. The accounting profession here is robust, driven by the city’s status as a major logistics hub, its concentration of healthcare systems, and a surprising number of Fortune 500 headquarters and regional offices. The salary data reflects this stability, though it’s important to note that it sits slightly below the national average.

The median salary for an Accountant in Memphis is $84,117/year, which translates to an hourly rate of $88.44/hour. This is marginally lower than the national average of $86,080/year, a gap that is more than offset by the city’s significantly lower cost of living.

Experience-Level Breakdown

Your earning potential in Memphis will be heavily influenced by your experience, specialization, and the size of the firm or corporation you work for. Based on local job postings and BLS data for the region, here’s a realistic breakdown:

Experience Level	Typical Title	Estimated Annual Salary Range	Key Responsibilities
Entry-Level (0-2 years)	Staff Accountant, Junior Auditor	$55,000 - $68,000	General ledger entries, bank reconciliations, AP/AR support, assisting with month-end close.
Mid-Level (3-7 years)	Senior Accountant, Tax Associate, Internal Auditor	$70,000 - $90,000	Full month-end close, financial statement prep, complex reconciliations, tax compliance, audit fieldwork.
Senior-Level (8-12 years)	Accounting Manager, Controller, Senior Tax Consultant	$95,000 - $125,000+	Team management, financial reporting (GAAP/IFRS), strategic planning, systems implementation, client management.
Expert/Leadership (12+ years)	Director of Finance, VP of Finance, Partner (CPA Firm)	$130,000 - $200,000+	P&L ownership, CFO-level strategy, board reporting, firm leadership, high-level tax strategy.

Note: These ranges are estimates based on current market data for the Memphis metro area. Specialized roles in healthcare finance or logistics can command premiums.

Comparison to Other Tennessee Cities

Memphis isn't the highest-paying city in Tennessee, but it's far from the lowest. Nashville and Knoxville, with their booming tech and research sectors, often edge it out for top salaries. However, the value proposition in Memphis is almost always stronger.

• Nashville: Salaries can be 10-15% higher, but the cost of living is disproportionately higher, especially for housing. The competition is also fiercer.
• Knoxville: Similar to Memphis in cost of living, but salaries have been rising with the growth of the University of Tennessee and Oak Ridge National Lab.
• Chattanooga: Salaries are generally lower than in Memphis, and the job market is smaller.

Insider Tip: Don't just chase the nominal salary number. An accountant offered $90,000 in Nashville might have less purchasing power than a Memphis accountant making $84,000. Always run the numbers with a cost-of-living calculator.

The Real Take-Home: After Taxes and Rent

Let’s get down to brass tacks. Your take-home pay is what matters. Using the median salary of $84,117/year, we can build a realistic monthly budget for a single person in Memphis.

Assumptions for Calculation:

• Gross Monthly Income: $84,117 / 12 = $7,009.75
• Taxes: Approximately 25% for federal, state (TN has no income tax on wages, which is a huge plus), FICA. This is an estimate; actual withholdings vary.
• Net Monthly Take-Home: ~$5,257.30 (Calculated)

Monthly Budget Breakdown (Single Person, Mid-Level Accountant)

Category	Estimated Cost	Notes
Housing (1BR Apartment)	$1,146/month	City average. Can be lower or higher based on neighborhood.
Utilities (Electric, Gas, Water, Internet)	$200/month	Memphis has mild winters but hot, humid summers, so AC costs matter.
Car Payment & Insurance	$450/month	Memphis is a car-dependent city. Insurance rates can be higher than average.
Groceries & Household	$400/month
Health Insurance	$300/month	(If employer doesn't cover all)
Student Loans (if applicable)	$300/month	Variable based on individual debt.
Discretionary (Eating Out, Entertainment, Personal)	$1,000/month	Memphis has a vibrant food scene and affordable entertainment.
Savings/Investments	$1,461.30/month	This is the key benefit of Memphis's affordability.

Can They Afford to Buy a Home?
Yes, absolutely. This is one of Memphis's greatest strengths for professionals. As of late 2023, the median home price in the Memphis metro area is approximately $280,000. With a strong down payment (20% = $56,000), a mortgage on a $224,000 loan would be roughly $1,200 - $1,500/month including taxes and insurance. This is often comparable to or only slightly higher than the cost of renting a nice apartment. The city's property taxes are also relatively moderate.

Insider Tip: Many accountants in Memphis work for firms that offer strong 401(k) matches or profit-sharing. Factor these benefits into your total compensation package, as they significantly boost long-term wealth accumulation.

Where the Jobs Are: Memphis's Major Employers

Memphis's job market is anchored by a few key industries, creating steady demand for accountants with specific expertise. You won't find a massive Wall Street presence here, but you will find stable, well-paying roles in these sectors.

1. FedEx Corporation: Headquartered in Memphis, this is the city's largest private employer. Their corporate finance and accounting divisions are massive, handling everything from global logistics costs to revenue recognition. They hire for internal audit, financial planning & analysis (FP&A), and corporate accounting roles. Hiring trends favor candidates with ERP system experience (SAP, Oracle).

2. Regional One Health (formerly Methodist Le Bonheur Healthcare): As one of the largest healthcare systems in the Mid-South, they require a large team of accountants specializing in revenue cycle management, grant accounting, and compliance. The healthcare sector's complexity makes this a great niche for accountants who enjoy regulatory work.

3. AutoZone: Another Memphis-based Fortune 500 company. Their finance department is critical for managing inventory, retail finance, and financial reporting for over 6,000 stores. They have a strong need for cost accountants and financial analysts.

4. International Paper: Headquartered in Memphis, this global paper and packaging company offers robust accounting roles in cost accounting, financial reporting, and audit. Their international operations provide potential for career growth into global finance.

5. Baker Donelson: One of the largest law firms in the South with its headquarters in Memphis. Their accounting and finance department manages firm finances, client trust accounts, and complex billing—a unique environment for a CPA specializing in business accounting.

6. ServiceMaster: The parent company of Terminix and American Home Shield is based in Memphis. They have significant needs for accountants in corporate finance, internal audit, and financial reporting.

7. Local CPA Firms: For those seeking public accounting, Memphis has a strong mid-market. Firms like Dixon Hughes Goodman (now part of FORVIS), KPMG, and PwC have significant offices serving the region's largest companies. There are also many respected local and regional firms that offer a closer-knit culture and direct client interaction.

Getting Licensed in Tennessee

To practice as a CPA in Tennessee, you must be licensed by the Tennessee State Board of Accountancy. The requirements are standard but have specific timelines.

Requirements:

1. Education: A baccalaureate degree with 150 semester hours of college credit. This must include 30 semester hours in upper-level accounting courses.
2. Exam: Pass all four sections of the Uniform CPA Examination (AUD, BEC, FAR, REG).
3. Experience: One year (2,000 hours) of experience in accounting, attestation, management advisory, financial advisory, tax, or consulting services. This must be verified by a licensed CPA.
4. Ethics Exam: Pass the AICPA Professional Ethics Exam for Licensure.

Costs & Timeline:

• CPA Exam Fees: Approximately $1,500 - $2,000 total for all four sections (varies by state).
• Initial Licensure Fee: ~$150.
• Timeline: The process typically takes 12-18 months after completing your education. Most candidates spend 6-12 months studying for the exam while working (the "1-year" experience requirement can be concurrent with the exam period in many cases).

Insider Tip: Tennessee has a "substantial equivalency" rule, so if you're already a licensed CPA in another state, you may be able to apply for reciprocity without re-taking the exam, provided your initial licensure requirements meet Tennessee's standards.

Best Neighborhoods for Accountants

Where you live in Memphis will dictate your commute, lifestyle, and budget. The city is sprawling and car-centric, but certain areas are more popular with professionals.

Neighborhood	Vibe & Commute	1BR Rent Estimate	Best For...
East Memphis (Poplar/Highland)	Professional, established, close to major employers (AutoZone, FedEx). Good restaurants and shopping. Commute to downtown is 15-20 mins.	$1,200 - $1,500	Those who want a central, convenient location with a more suburban feel.
Midtown	Vibrant, artsy, historic. Walkable to cafes, bars, and Overton Park. Home to St. Jude, a major medical research employer. Commute to downtown is 10-15 mins.	$1,100 - $1,400	Younger professionals who value culture and walkability over a sprawling yard.
Downtown	Urban, energetic, high-rise living. Walkable to FedExForum, Beale Street, and the river. Commute to downtown offices is by foot or bike.	$1,400 - $1,800+	Those who want a true urban experience and don't mind paying a premium for it.
Germantown/Collierville	Upscale suburban, highly rated schools, family-oriented. Commute to downtown is 25-35 mins during rush hour.	$1,300 - $1,600	Families or those prioritizing top-tier schools and a quieter, suburban lifestyle.
The Pinch District / North Downtown	Up-and-coming, modern apartment complexes, close to the University of Memphis law school. Commute to central downtown is 10 mins.	$1,100 - $1,300	Budget-conscious professionals who want downtown access without the downtown price tag.

Insider Tip: Traffic is generally manageable compared to cities like Atlanta or Chicago, but rush hour on I-40 and I-240 can add significant time to commutes. When apartment hunting, do a test drive from the property to your potential workplace during rush hour.

The Long Game: Career Growth

The 10-year job growth for accountants in the Memphis metro is projected at 4%. This is slower than the national average, which indicates a mature, stable market rather than a high-growth one. To advance and increase your earnings, consider these paths:

• Specialization Premiums: Generalist accountants are common. Specialists are not. Consider certifications like the CMA (Certified Management Accountant) for industry roles or the CFE (Certified Fraud Examiner) for forensic accounting. These can add a 10-15% premium to your salary.
• Industry Shifts: While healthcare and logistics are staples, Memphis is seeing growth in advanced manufacturing and tech. Moving into a niche like "financial systems implementation" or "data analytics for finance" can open doors to higher-paying roles.
• The CPA Path: In Memphis, a CPA license is the gold standard for reaching senior and executive levels. If you're not a CPA, getting licensed should be your #1 career priority.
• 10-Year Outlook: Automation and software will continue to handle routine tasks (like data entry). The demand will be for accountants who can analyze data, provide strategic insights, and manage complex regulatory environments. Memphis's stable base of large corporations ensures long-term demand for these skilled professionals.

The Verdict: Is Memphis Right for You?

Pros	Cons
High Purchasing Power: Your salary goes far due to low housing and general costs.	Slower Job Growth: Less dynamic than tech hubs; fewer "hot" startups.
No State Income Tax: Tennessee does not tax wages, a significant financial benefit.	Car Dependency: You will need a car; public transit is limited.
Stable, Major Employers: FedEx, AutoZone, and healthcare systems provide job security.	Climate: Hot, humid summers can be a shock; tornado risk exists.
Lower Stress: The pace is generally slower than in NYC or Chicago.	Education Gaps: The public school system in the city proper has challenges.
Rich Culture: World-class music, food, and sports (Grizzlies).	Limited Professional Networking: Smaller scene than major metros.

Final Recommendation:
Memphis is an excellent choice for accountants who prioritize quality of life and financial stability over chasing the highest nominal salary. It's ideal for mid-career professionals, CPAs specializing in corporate accounting or healthcare, and those considering homeownership. The city is less suited for those seeking a high-energy tech or startup scene, or for those who require a robust public transportation system.

FAQs

1. Is the CPA license required to get a good accounting job in Memphis?
Not always for entry-level or staff roles, but it is absolutely essential for advancement to manager, controller, and director levels. Most senior job postings will list "CPA required or preferred." The investment in getting your license will pay off.

2. How competitive is the job market for new accountants in Memphis?
The market is competitive for entry-level roles, given the presence of several university accounting programs (University of Memphis, Christian Brothers). However, the large number of major employers means there are steady openings. Tailoring your resume to specific industries (logistics, healthcare) can give you an edge.

3. What is the main challenge for accountants moving to Memphis?
The biggest adjustment can be the pace and networking. The professional community is tight-knit but smaller. You'll need to be proactive about building relationships through local CPA society events, industry mixers, and alumni networks. The slower pace of business can also frustrate those used to a 24/7 corporate hustle.

4. Can I work remotely for a company outside Memphis?
Yes, this is increasingly common. Many accountants in Memphis work for companies based in other states. This can allow you to earn a salary closer to the national average while enjoying Memphis's low cost of living. However, ensure you understand tax implications (you'll still file a TN state return, though it won't tax your wages).

5. What's the best way to find a job in Memphis?
Start with the career pages of the major employers listed above. Use LinkedIn to connect with recruiters and professionals at those companies. Local job boards like the Memphis Chamber of Commerce site and the Tennessee Society of CPAs career center are also valuable resources. For public accounting, the major firms recruit heavily from local universities but also hire experienced professionals.