Accountant in Richmond, VA

Here is a comprehensive career guide for accountants considering a move to Richmond, Virginia.

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The Salary Picture: Where Richmond Stands

As a local, I can tell you that Richmond’s accounting market is stable, with a healthy mix of corporate, government, and non-profit work. The numbers bear this out. According to the Bureau of Labor Statistics (BLS) and local job market data, the median salary for an Accountant in the Richmond metro area is $85,563 per year, which breaks down to an hourly rate of $85,563. This is slightly below the national average of $86,080, but that difference is almost entirely offset by Richmond’s lower cost of living.

The job market is modest but consistent, with 458 jobs currently listed in the metro area and a 10-year job growth projection of 4%. This isn't a booming tech market, but it’s a reliable, steady field with opportunities for those with the right credentials and experience.

To give you a clearer picture of how your earnings might progress, here’s a breakdown of salaries by experience level, based on local job postings and industry data:

Experience Level	Typical Years of Experience	Estimated Annual Salary Range
Entry-Level	0-2 years	$55,000 - $70,000
Mid-Career	3-7 years	$75,000 - $95,000
Senior	8-15 years	$95,000 - $120,000
Expert/Manager	15+ years	$120,000 - $150,000+

When you compare Richmond to other major Virginia cities, it presents a solid middle-ground option. While Northern Virginia (NoVA) commands significantly higher salaries—often 20-30% more for the same role—the cost of living is dramatically higher. In contrast, cities like Roanoke or Lynchburg offer lower salaries and a much smaller job market. Richmond strikes a balance: you get a respectable salary with a manageable cost of living, and the job market is diverse enough to support career pivots.

Insider Tip: The $85,563 median is heavily influenced by the large concentration of state government and non-profit employers. If you work for a private, for-profit corporation (especially in the growing fintech or insurance sectors), you may find salaries trending toward the higher end of these ranges.

The Real Take-Home: After Taxes and Rent

Let's get real about what you can afford. A median salary of $85,563 sounds good on paper, but what does it mean for your monthly budget in Richmond?

Assuming a single filer with standard deductions, your estimated take-home pay after federal, state, and FICA taxes would be approximately $64,000 per year, or about $5,333 per month. Richmond’s cost of living index is 98.0 (US avg = 100), meaning your dollar goes slightly further here than the national average.

The biggest expense will be housing. The average rent for a one-bedroom apartment in the Richmond metro is $1,365/month. Let’s break down a realistic monthly budget for a mid-career accountant:

Expense Category	Estimated Monthly Cost	Percentage of Take-Home
Rent (1BR)	$1,365	25.6%
Utilities (Electric, Gas, Internet)	$180	3.4%
Groceries	$400	7.5%
Car Payment/Insurance/Gas	$500	9.4%
Health Insurance (Employer Plan)	$300	5.6%
Student Loans/Other Debt	$350	6.6%
Entertainment & Dining	$400	7.5%
Savings & Investments	$1,838	34.4%
TOTAL	$5,333	100%
Note: This is a sample budget. Individual expenses, especially car and debt payments, will vary.

This budget shows that living comfortably on the median salary is very feasible, with a healthy 34% of take-home pay available for savings and investments. But what about buying a home?

Richmond’s housing market has been competitive. The median home price in the metro area is approximately $375,000. Using standard mortgage calculations (20% down payment, 6.7% interest rate, 30-year term), the monthly mortgage payment (including taxes and insurance) would be around $2,200/month.

For a single accountant earning the median salary, this is pushing the upper limit of affordability (about 41% of take-home pay). It’s possible, but it would require a tighter budget. However, if you combine incomes with a partner or wait until you're in a senior role ($95,000+), homeownership becomes much more attainable.

Insider Tip: Many local accountants I know live in more affordable neighborhoods in Henrico County (like the West End or Lakeside) to keep housing costs down, allowing them to save aggressively for a home in the city or a more trendy suburb.

Where the Jobs Are: Richmond's Major Employers

Richmond’s economy is uniquely shaped by its status as the state capital and a hub for certain industries. Your job search should be tailored to these local pillars.

1. State Government: This is the largest employer. The Virginia Department of Taxation, Department of Accounts, and various regulatory commissions hire accountants constantly. These roles offer excellent benefits and job security. Hiring trends are steady, with a focus on compliance and auditing. The pay is often at the median or slightly below, but the work-life balance is typically better than in the private sector.

2. Financial Services & Insurance: Richmond is a historic financial center. Capital One (headquartered in McLean, but with a massive campus in Richmond’s West End) is a top employer for corporate accounting, internal audit, and financial analysis. Markel, a Fortune 500 insurance company, is another major player in the Scott’s Addition area, specializing in property and casualty insurance. Altria (formerly Philip Morris) also has a significant corporate office here and hires accountants for financial reporting and planning.

3. Healthcare Systems: With VCU Health and HCA Virginia as major hospital networks, there is consistent demand for healthcare accountants, billing specialists, and revenue cycle managers. These roles require understanding of complex healthcare billing codes and regulations. Hiring is robust due to the constant expansion of medical services in the region.

4. Non-Profits & Foundations: The Community Foundation and numerous other NGOs and charities are headquartered in Richmond. Non-profit accounting is a specialty that requires knowledge of fund accounting and grant compliance. Salaries can be lower here, but the work is mission-driven and highly respected.

5. Public Accounting Firms: While not as large as those in New York or D.C., the "Big 4" (Deloitte, EY, KPMG, PwC) all have offices in Richmond, primarily serving the financial services and corporate clients. Mid-size and local firms like Keiter and Cherry Bekaert are also major players, offering audit, tax, and advisory services. This is where you’ll find the most traditional public accounting career path.

Insider Tip: Smaller, boutique firms that specialize in government contracting or local real estate development are often hidden gems. They may not be on major job boards, but they offer great experience and a more personal work environment. Tap into local networking groups like the Virginia Society of CPAs (VSCPA) Richmond Chapter.

Getting Licensed in VA

To work as a CPA (Certified Public Accountant) in Virginia, you must meet state-specific requirements administered by the Virginia Board of Accountancy (VBOA). This is a non-negotiable step for advancement.

Requirements:

1. Education: A bachelor’s degree (120 credit hours) is the minimum, but you need 150 credit hours to sit for the CPA exam and get licensed. Most aspiring CPAs in Richmond complete a Master’s in Accounting or a 5th year at a local university like Virginia Commonwealth University (VCU) or the University of Richmond.
2. Exam: Pass all four sections of the Uniform CPA Exam within an 18-month rolling window. Exam fees (to NASBA) are approximately $1,200-$1,500 total.
3. Experience: Virginia requires one year (2,000 hours) of qualifying experience under the supervision of a licensed CPA. This can be in public accounting, industry, government, or academia.
4. Ethics Exam: You must pass the Virginia-specific ethics exam (open-book, taken after passing the CPA exam). The cost is about $150.
5. Application & Licensure: Submit your application to the VBOA. The initial license fee is $130, and the annual renewal fee is $50.

Timeline to Get Started:

• Months 1-6: Ensure your education meets the 150-credit requirement. If not, enroll in a graduate program or community college courses.
• Months 7-18: Study for and pass the CPA exam sections.
• Months 19-24: Gain your one year of required work experience.
• Month 25: Apply for licensure, pass the ethics exam, and pay fees.

Insider Tip: Start the experience requirement while you’re studying for the exam. Many firms in Richmond (like the Big 4 or VCU Health) will hire you as a “CPA candidate” and provide study time and exam fee reimbursement. This can drastically reduce your out-of-pocket costs.

Best Neighborhoods for Accountants

Where you live will define your commute, lifestyle, and budget. Here’s a local’s guide to the best neighborhoods for accountants, considering commute to major employer hubs like downtown, Scott’s Addition, and the West End.

Neighborhood	Vibe & Lifestyle	Approx. 1BR Rent	Commute to Downtown/Financial District
The Fan	Historic, walkable, vibrant. Young professionals, students, and families. Great restaurants, museums, and VCU proximity.	$1,400 - $1,600	10-15 mins by car; 20 mins by bus/bike.
Scott’s Addition	Trendy, modern, and social. This is the hub for new apartments, breweries, and restaurants. Very popular with young professionals.	$1,500 - $1,700	10-15 mins by car. Easy access to I-95 and I-64.
Carytown	Eclectic, retail-focused, and walkable. Known as the “Mile of Style.” More unique boutiques and restaurants than chain stores.	$1,350 - $1,550	10-12 mins by car.
Manchester (South of James)	Up-and-coming, more affordable, with a growing arts and food scene. Close to the River.	$1,100 - $1,300	10-15 mins by car (via 1st or 14th St bridges).
Henrico County (West End)	Suburban, family-friendly, with more space and better schools. Commuter-friendly with easy highway access.	$1,200 - $1,450	20-30 mins by car.

Insider Tip: Traffic in Richmond is not as bad as in D.C. or Atlanta, but it’s concentrated. If your job is in the West End (like Capital One), living in the Fan or Scott’s Addition gives you a reverse commute, which is a real time-saver. If you work downtown, The Fan or Manchester are great options.

The Long Game: Career Growth

Richmond’s accounting career path is more about specialization and steady advancement than rapid, explosive growth. Here’s how to think about the long game.

Specialty Premiums:

• Government & Non-Profit Accounting: A niche but in-demand skill. Knowing the Federal Acquisition Regulation (FAR) or GASB standards can open doors with defense contractors (like those in the Fort Lee area) and major non-profits. This expertise can command a 5-10% salary premium in the right sector.
• Forensic Accounting & Fraud Examination: With the state government and large corporations here, there’s a steady need for auditors who can investigate financial irregularities. This path often leads to lucrative consulting roles.
• Internal Audit (Especially in Finance/Insurance): Companies like Markel and Capital One have robust internal audit functions. This can be a fast track to management, with salaries often exceeding the corporate accounting track.
• Tax Specialization: Corporate tax or SALT (State and Local Tax) specialists are always needed. Virginia’s tax code is complex, and expertise here is valuable for both corporations and public accounting firms.

Advancement Paths:
The typical path is Public Accounting (2-4 years) -> Corporate/Government (Senior Accountant -> Accounting Manager -> Controller). In Richmond, the path to Controller at a mid-sized company ($120,000 - $150,000) is very achievable with 10-15 years of experience. The path to CFO is rarer at larger local companies and often requires an MBA or significant industry specialization.

10-Year Outlook:
The 4% job growth is modest, meaning competition will remain steady. The biggest growth areas will be in technology-enabled accounting (automation, data analytics) and ESG (Environmental, Social, and Governance) reporting. Accountants who can bridge traditional finance with tech and sustainability will have the best long-term prospects. Richmond’s growing tech and green energy sectors (like those in the River City) will create demand for these hybrid roles.

The Verdict: Is Richmond Right for You?

Pros	Cons
Affordable Cost of Living: Your $85,563 salary goes much further here than in D.C. or the national average.	Slower Job Market: Fewer opportunities than major metros; advancement can be slower.
Diverse Employer Base: Mix of government, finance, healthcare, and non-profit work.	Salary Ceiling: Top-end salaries for experts may cap lower than in NoVA or NYC.
Vibrant & Livable City: Rich history, great food scene, walkable neighborhoods, and professional sports.	Traffic Congestion: While not terrible, I-95 and I-64 can have significant backups during rush hour.
Strong Professional Network: The VSCPA and local business community are tight-knit and supportive.	Limited Public Transit: You’ll need a car for most commuting and daily life.
Manageable Scale: Big-city amenities without the overwhelming scale or stress of a place like D.C.	Cultural Pace: It’s a much quieter, more traditional city than coastal hubs.

Final Recommendation:
Richmond is an excellent choice for accountants who value work-life balance, affordability, and a stable career over chasing the highest possible salary. It’s perfect for mid-career professionals looking to buy a home, start a family, or escape the grind of a larger, more expensive city. It’s also a great long-term bet for those interested in government, banking, or healthcare accounting. If you’re a new graduate seeking the fastest possible career acceleration and the highest starting salary, you might start in a larger market and consider Richmond for a senior role later. For most, Richmond offers a compelling, sustainable, and rewarding career path.

FAQs

1. Is the Virginia CPA license recognized in other states?
Yes. Virginia is a member of the International Accounting Standards Board (IASB) through its recognition of the Uniform CPA Exam. However, if you move to another state later, you may need to meet their specific experience or ethics requirements for reciprocity. Always check with the state board where you plan to move.

2. How competitive is the job market for entry-level accountants here?
It’s competitive, but not cutthroat. The key is to get your 150 credit hours and pass the CPA exam (or at least sit for it) as soon as possible. Entry-level candidates with internship experience at a local firm (Keiter, Cherry Bekaert) or in state government get hired quickly. The 458 jobs in the metro is a solid pool for a city of this size.

3. What’s the vibe like in a typical Richmond accounting firm?
It’s generally collaborative and less hierarchical than in major hubs. In public accounting, you’ll still have long hours during tax and audit season (Jan-April, Sept-Oct), but the off-seasons are more relaxed. In corporate roles, the culture varies but tends to be professional and focused. The overall business culture is Southern—it’s polite and relationship-driven.

4. Do I need a car in Richmond?
For 95% of people, yes. While the Fan, Carytown, and Scott’s Addition are walkable, and there’s a bus system (GRTC Pulse), they don’t cover all neighborhoods or employers comprehensively. If you live and work in the same central corridor, you could manage without one, but it’s a significant limitation.

5. What’s the best way to network in Richmond’s accounting community?
The Virginia Society of CPAs (VSCPA) is your primary resource. Attend their Richmond Chapter events, CPE sessions, and volunteer committees. It’s the fastest way to meet hiring managers and experienced professionals. Also, follow local firms on LinkedIn—