battling the staffing crisis: is a little-known, but controversial, visa program the answer?

cornerstone report: h-1b hiring and salary trends in tax, accounting and finance

• the jobs outlook, salary trends, and election year politics.

  • plus: comprehensive guides for accountants and cpa firms

    • 卡塔尔世界杯常规比赛时间 research cornerstone reports provide decision-makers with data-based insights, useful reference points, and actionable intelligence.
      
      • more  卡塔尔世界杯常规比赛时间 cornerstone reports here

       

what it is. how it works. and what cpa firms are doing.

by 卡塔尔世界杯常规比赛时间 research

the h-1b visa program is vital for u.s. companies to hire highly skilled foreign workers in specialty occupations, including tax, finance, and accounting.

卡塔尔世界杯常规比赛时间 research estimates that as many as 46,000 tax, accounting and finance professionals work at u.s. firms under the h-1b program. this figure has received scant attention in the profession but is critical to its infrastructure.

election year politics

as the 2024 presidential election approaches, the biden administration’s plan to ease restrictions on the h-1b visa program while clamping down on abuses will likely get some attention. the nation’s tech industry has a huge stake in the outcome. despite the fluctuations in the number of h-1b workers requested and approved, the demand for h-1b workers in computer-related occupations remains strong, with h-1b workers playing a critical role in the workforce.

user guide

this report provides an in-depth analysis of h-1b job trends, regional salary variations, and the impact of policy changes. for this cornerstone study, 卡塔尔世界杯常规比赛时间 research collected data and insights from dozens of sources, including public records and little-known reports, and by data-mining thousands of filings at the u.s. customs and immigration service.

sections

the h-1b visa program in tax, accounting and finance hiring and salaries

• case studies: cpa firms turn to h-1b visa approvals for accountants

• case studies: new york city cpa firms

• case studies: texas cpa firms

• professional profiles for h-1b cpas

current developments in the h-1b visa program

• h-1b program impact on tax, accounting and finance

• number of h-1b workers in tax, accounting, and finance

• cumulative number of h-1b workers in tax, accounting, and finance (2013-2023)

activities and trends of leading accounting firms

• ernst & young

• deloitte & touche

• deloitte tax

• pricewaterhousecoopers (pwc)

• kpmg

• grant thornton

• bdo usa

• top 25 h-1b companies

how the h-1b program addresses the talent shortage and the limitations it faces

• politics and economics drive fluctuations

salary trends

• h-1b tax jobs salary trends

• regional salary variations

• comparison of h-1b salaries to bls statistics

• salary trends and variances

• entry-level h1b salaries in tax, accounting, and finance

• factors influencing salaries

the outlook

• political outlook in an election year

appendices

1. top ten lists

2. faqs

3. glossary

4. h-1b visa program – a comprehensive guide for cpa firms

5. h-1b visa program – a comprehensive guide for accountants

6. detail on h-1b jobs ernst & young by job title

7. current trends

8. h-1b approval periods

9. h-1b immigration law firms for accountants and cpa firms

references and acknowledgments

the h-1b visa program in tax, accounting and finance hiring and salaries

the big four account for most of the hiring in h-1b in the tax, accounting, and finance sectors.

to be sure, hundreds of smaller firms are also staffing with h-1bs.

but the big four accounts for about 7,200 ftes, and ey alone has 5,300. ey leads the 卡塔尔世界杯常规比赛时间 research ranking of accounting firms with h-1b hires.

case studies: cpa firms turn to h-1b visa approvals for accountants

cpa firms and accountants have a good track record of obtaining h-1b visas, particularly when well-documented applications address all necessary criteria. success often hinges on demonstrating that the accounting role is a specialty occupation requiring specific educational qualifications and expertise.

case study: ms. lu

one notable success story involves ms. lu, a chinese national who obtained an h-1b visa after multiple attempts. here are the key details of her journey:

• background: ms. lu came to the u.s. for graduate studies and used her optional practical training (opt) period to work legally. despite participating in the h-1b lottery twice without success, she persisted.
• challenges: ms. lu faced several hurdles, including working for a small accounting firm with only two employees and earning relatively low wages ($20 per hour), which did not align with her master’s degree qualifications.
• application process: on her third attempt, ms. lu’s application was meticulously prepared with tsang & associates, a los angeles-based law firm specializing in immigration. the petition addressed all h-1b requirements and included extensive supporting documentation to demonstrate that her role was a specialty occupation requiring a high level of education and expertise.
• outcome: despite the complexities of her case, the uscis approved her h-1b visa application in three months without issuing a request for evidence (rfe).

case studies: new york city cpa firms

ncheng llp cpas
more than 100 professionals. specializing in nonprofits.

• 2024: 2 applications (salary data incomplete)
• 2023: 6 applications with an average salary of $84,167
• 2022: 5 applications with an average salary of $76,300
• 2021: 7 applications with an average salary of $72,390

lee cpa firm pc
five professionals. specializing in 401k audits.

• 2023: 1 application with a salary of $87,360
• 2021: 1 application with a salary of $83,000

stewart & rij cpas
under 25 professionals. specializing in bookkeeping and individual services

• 2024: made application. detail not available.

case studies: texas cpa firms

terrell & terrell cpas llp:

• plano, texas.
• now bterrell group
• 34-professional firm specializing in tech consulting
• filed for an accountant position with a salary of $56,000

ameen ali cpa pc:

• houston, texas
• eight-professional full-service firm
• i filed for an accountant position with a salary of $55,744.

pu li cpa pc:

• plano, texas.
• 12-professional firm specializing in taxes and accounting
• filed for an accountant position with a salary of $55,224 in plano, tx.

professional profiles for h-1b cpas

examples

current developments in the h-1b visa program

business immigration landscape

record-breaking h-1b registrations and significant policy shifts: the uscis is considering changes to the h-1b lottery system to ensure a more equitable selection process. this includes focusing on unique beneficiaries rather than unique registrations, which could impact accountants and other professionals seeking h-1b visas.

the continuously evolving h-1b visa landscape: with new changes to make the selection process more equitable and reduce fraud. like other professionals, accountants must stay informed about these changes to navigate the h-1b application process effectively. completing the second random selection for fy2025 and declining applications due to stricter rules are key developments that could impact future h-1b visa applicants.

foreign accountant applications unfazed: there has been a significant decline in h-1b visa applications by corporations, nearly 40 percent, following implementing new, stricter rules by the uscis. the new rules aim to prevent multiple applications by the same individuals to increase their chances of selection unfairly. this decline indicates that the stricter rules effectively reduce attempts to game the system. despite the overall decrease in applications, the number of workers applying for h-1b visas has remained relatively stable, which includes professionals like accountants.

h-1b program impact on tax, accounting and finance

while the h-1b program is valuable for addressing the talent shortage in tax, accounting, and finance, it is not a standalone solution. to comprehensively address the talent needs of these industries, a multifaceted approach that includes improving domestic education, implementing effective retention strategies, and exploring alternative visa options is necessary.

however, by leveraging the strengths of the h-1b program in conjunction with other strategies, tax and accounting firms can better navigate the talent shortage challenges.

activities and trends of leading accounting firms

leading accounting firms play a significant role in sponsoring h-1b visas for foreign tax, finance, and accounting professionals.

here are some key activities and trends observed among top firms:

• note: lca stands for labor condition application, a required document for h-1b visa petitions that details the job position, salary, and working conditions and ensures that hiring a foreign worker will not negatively impact u.s. workers’ wages and working conditions.

ernst & young

• number of lcas: 5,397
• average salary: $126,437
• job roles: accountant, auditor, tax consultant

deloitte & touche

• number of lcas: 903
• average salary: $75,895
• job roles: auditor, accountant

deloitte tax

• number of lcas: 670
• average salary: $79,172
• job roles: tax consultant

pricewaterhousecoopers (pwc)

• number of lcas: 300
• average salary: $136,960
• job roles: accountant, auditor

kpmg

• number of lcas: 240
• average salary: $132,973
• job roles: accountant, auditor

grant thornton

• number of lcas: 85
• average salary: $114,585
• job roles: accountant, auditor

bdo usa

• number of lcas: 113
• average salary: $107,237
• job roles: accountant, auditor

top 25 h-1b companies

company name	h-1b filings	average salary	job roles
ernst & young us llp	5,397	$126,437	tax associate, accountant, financial analyst
deloitte consulting llp	1,275	$97,113	tax consultant, auditor, financial analyst
goldman sachs	1,049	$125,865	financial analyst, associate, vice president
pricewaterhousecoopers llp	1,000	$80,000	tax associate, auditor, financial analyst
amazon.com services	948	$107,890	finance
deloitte & touche llp	903	$75,895	auditor, tax consultant, financial analyst
kpmg llp	800	$75,000	auditor, tax consultant, financial analyst
deloitte tax llp	670	$79,172	tax consultant, auditor, financial analyst
citibank	519	$155,868	financial analyst, risk analyst, associate
infosys	487	$136,641	accountant
j.p. morgan chase	483	$155,527	financial analyst, investment banker, associate
bank of america	450	$120,000	financial analyst, risk analyst, associate
the boston consulting group	410	$202,773	finance
google	404	$157,162	accountant
morgan stanley	400	$130,000	financial analyst, investment banker, associate
mckinsey & company	387	$192,263	finance
microsoft	369	$164,852	accountant
wells fargo	350	$110,000	financial analyst, risk analyst, associate
bny mellon	300	$115,000	financial analyst, risk analyst, associate
pricewaterhousecoopers	300	$136,960	accountant
american express	250	$105,000	financial analyst, risk analyst, associate
credit suisse securities (usa)	241	$147,948	finance
kpmg	240	$132,973	accountant
cognizant technology solutions	211	$105,048	accountant
deutsche bank securities	203	$138,919	finance

how the h-1b program addresses the talent shortage and the limitations it faces

access to global talent:

• the h-1b program allows firms to tap into a global talent pool, attracting highly skilled professionals worldwide. this can be particularly beneficial in areas with acute shortages of qualified candidates.

specialized skills:

• many h-1b workers possess specialized skills and advanced degrees in high demand in the tax, accounting, and finance sectors. their expertise can fill critical gaps in the workforce.

diverse perspectives

• hiring international professionals brings diverse perspectives and approaches, fostering innovation and improving problem-solving within firms.

economic contributions:

• h-1b workers contribute to the economy by filling essential roles, paying taxes, and supporting local businesses. this can help sustain growth in the finance and accounting industries.

limitations of the h-1b program

annual cap:

• the h-1b program has an annual cap on the number of visas issued (65,000 regular and 20,000 for those with advanced degrees from u.s. institutions). this limit can restrict the number of skilled workers available to address the talent shortage.

complex and costly process:

• the application process for h-1b visas is complex and expensive. small and medium-sized firms might struggle to navigate the process and afford the associated costs.

regulatory uncertainty:

• changes in immigration policies and regulations can create uncertainty for employers and potential h-1b candidates, making long-term workforce planning difficult.

temporary solution:

• h-1b visas are temporary, typically valid for up to six years. firms may face challenges in retaining these workers in the long term, especially if they cannot transition to permanent residency.

dependence on external factors:

• the effectiveness of the h1b program is influenced by external factors such as political climate, economic conditions, and international relations, which can affect the availability and willingness of skilled workers to move to the u.s.

complementary solutions

education and training:

• investing in domestic education and training programs can help develop local talent to meet the industry’s needs. partnerships between firms, educational institutions, and government agencies can enhance the skills pipeline.

retention strategies:

• firms should implement retention strategies to keep existing talent engaged and reduce turnover. this can include competitive salaries, professional development opportunities, and a positive work environment.

alternative visa programs:

• exploring other visa programs, such as the o-1 visa for individuals with extraordinary ability, can provide additional pathways to attract international talent.

workforce development:

• government and industry collaboration on workforce development initiatives can help address the broader talent shortage. programs aimed at upskilling and reskilling workers can ensure a steady supply of qualified professionals.

politics and economics drive fluctuations

• increased demand: leading accounting firms consistently sponsor h1b visas to attract skilled professionals in specialized roles such as auditing, tax consulting, and financial analysis.
• competitive salaries: these firms offer competitive salaries to attract and retain top talent. for instance, firms like ernst & young and pwc offer average salaries exceeding $120,000 for accountants and auditors.
• policy impact: changes in h1b policies have influenced hiring practices, with firms adjusting their strategies to navigate stricter visa requirements and increased scrutiny.
• post-pandemic recovery: there has been a noticeable rebound in hiring and salary levels post-pandemic, driven by the relaxation of visa policies and a recovering economy.

overview of h1b approvals

• peak and decline: the highest number of h1b approvals occurred around 2017, followed by a consistent decline due to increased scrutiny and policy changes under the trump administration. the covid-19 pandemic further impacted approval rates.
• new trends: under the biden administration, h1b approvals recovered as policies relaxed and the economy began to recover.

according to uscis data, the number of h1b registrations and approvals has shown fluctuations:

• 2015-2017: stable growth with a peak in approvals in 2017.
• 2018-2020: increased denial rates and scrutiny led to a decline.
• 2021-2023: recovery phase with gradual increases in approvals.

salary trends

increase in average salaries

• general trend: over the past decade, the average salaries offered to h1b visa holders in tax, finance, and accounting roles have significantly increased.
• examples: companies like ernst & young, jp morgan chase, and google consistently offer competitive salaries, reflecting the high demand for skilled professionals.

high demand in tech-related financial roles

• trend: tech companies like amazon and google are increasingly hiring finance professionals to manage their complex financial operations, leading to higher salaries.
• examples: google offers an average salary of $157,162 for accountants, and amazon.com services offers $107,890 for finance roles.

policy impact on salaries

• stricter policies and higher salaries: the trump administration’s stricter h1b policies led to higher salaries to attract and retain qualified foreign workers amid increased scrutiny.
• new relaxations: the biden administration’s policy relaxations have helped stabilize and slightly increase salaries.

economic influence

• pandemic impact: due to economic uncertainty, the covid-19 pandemic caused a decline in job offers and salaries. however, the recovery phase saw a rebound in salaries as companies adapted to remote work and sought skilled professionals.
• post-pandemic recovery: salaries have rebounded with improved economic conditions.

h-1b tax jobs salary trends

tax jobs, average salary: steady, stable progression to $107,000.

tax jobs, average salary, percent change: dips in 2020 due to covid

h-1b accounting jobs salary trends

accounting jobs, average salary: trails tax jobs, at $99,000

accounting jobs, average salary, percent change: dips in 2020 for covid, recovers, and fractional losses since.

h-1b finance jobs salary trends

finance jobs, average salary: steady gains to $113,000, more than either tax or accounting.

finance jobs, average salary, percent change: declines with covid, bounces back but adjusts lower.

salary trends: compiled, tax, accounting and finance jobs

year	tax jobs average salary	percent change	accounting jobs average salary	percent change	finance jobs average salary	percent change
2014	$89,000	–	$81,000	–	$95,000	–
2015	$90,500	1.69%	$82,500	1.85%	$96,500	1.58%
2016	$92,000	1.66%	$84,000	1.82%	$98,000	1.55%
2017	$94,000	2.17%	$86,000	2.38%	$100,000	2.04%
2018	$96,500	2.66%	$88,500	2.91%	$102,500	2.50%
2019	$99,000	2.59%	$91,000	2.82%	$105,000	2.44%
2020	$98,000	-1.01%	$90,000	-1.10%	$104,000	-0.95%
2021	$101,000	3.06%	$93,000	3.33%	$107,000	2.88%
2022	$104,000	2.97%	$96,000	3.23%	$110,000	2.80%
2023	$107,000	2.88%	$99,000	3.13%	$113,000	2.73%

stable salaries (2014-2016)

• during the stable growth period, salaries remained relatively consistent, with slight increases reflecting steady economic growth.
• average salaries for tax, accounting, and finance roles were competitive, attracting skilled professionals.

increased scrutiny and policy tightening (2017-2019)

• despite stricter h-1b policies, salaries increased moderately, driven by the demand for specialized skills in the tech sector.
• the average salary for financial analysts, accountants, and auditors showed upward trends as companies sought to retain top talent amidst higher denial rates and increased scrutiny.

pandemic impact (2020-2021)

• the covid-19 pandemic caused a temporary dip in salary growth due to economic uncertainties and hiring freezes.
• however, remote work trends and the subsequent economic recovery led to a rebound in salaries, particularly in tech-related finance and accounting roles.

post-pandemic recovery and policy relaxation (2022-2023)

• relaxing some h-1b visa policies and processing backlogs contributed to a significant salary rebound.
• the demand for skilled workers in the tech sector and the economy’s recovery played a crucial role in driving salary growth.
• substantial salary increases were seen for financial analysts, tax consultants, and auditors, reflecting the competitive job market.

regional salary variations

• west coast

• • california: san francisco, san jose, and los angeles offer some of the highest salaries for h-1b roles due to the high cost of living and the concentration of tech companies. for instance, financial roles in san francisco can offer average salaries exceeding $150,000.
  • washington: seattle offers competitive salaries, often above $130,000, particularly in tech companies like amazon and microsoft.

• east coast

• • new york: as a major financial hub, new york city offers some of the highest salaries for finance roles, often ranging from $140,000 to $160,000. major financial institutions like jp morgan chase and goldman sachs are key employers.
  • massachusetts: boston offers high salaries, particularly in finance and accounting roles within the healthcare and education sectors. averages range from $120,000 to $140,000.

• midwest

• • illinois: chicago provides competitive salaries for h-1b workers in finance and accounting, with averages typically ranging from $110,000 to $130,000.
  • ohio: cities like columbus and cleveland offer lower average salaries than the coasts, often ranging from $90,000 to $110,000.

• south

• • texas: cities like austin and dallas offer competitive salaries, particularly in tech-related finance roles. average salaries range from $110,000 to $130,000.
  • florida: miami and tampa offer lower average salaries than other major regions, typically from $90,000 to $110,000.

comparison of h-1b salaries to bls statistics

h1b salaries for tax, accounting, and finance jobs are consistently higher than the bls median salaries for similar roles. h1b and bls salaries have shown positive growth trends, with some fluctuations due to economic factors. the higher h1b salaries may reflect the specialized skills and qualifications that h1b workers bring to these roles.

h1b vs. bls salary comparison: h1b salaries more than double the size of bls. 

 

h1b vs. bls salary comparison, percent change: except for the covid setback, h1b salaries are advancing faster than bls averages.

 

salary comparison tables and summaries for tax, accounting, and finance jobs

tax jobs

year	h1b average salary	bls median salary	year-to-year percent change (h1b)	year-to-year percent change (bls)
2014	$89,000	$41,700	–	–
2015	$90,500	$42,370	1.69%	1.60%
2016	$92,000	$43,040	1.66%	1.58%
2017	$94,000	$44,090	2.17%	2.44%
2018	$96,500	$44,860	2.66%	1.75%
2019	$99,000	$45,900	2.59%	2.32%
2020	$98,000	$46,860	-1.01%	2.09%
2021	$101,000	$48,010	3.06%	2.46%
2022	$104,000	$49,010	2.97%	2.08%
2023	$107,000	$49,010	2.88%	0.00%

h1b salary comparison

• dollar comparison: h1b salaries for tax jobs are consistently higher than bls median salaries. 2023, the h1b average salary is $107,000, while the bls median salary is $49,010.
• percent change comparison: h1b and bls salaries show positive growth trends over the years, with h1b salaries experiencing a total increase of approximately 20.22 percent from 2014 to 2023 and bls salaries increasing by approximately 17.56 percent.
• trends: h1b salaries experienced a slight dip in 2020, likely due to economic impacts, but recovered in subsequent years. bls salaries show steady growth with no declines.

salary trends and variances

the salary trends in h1b jobs for tax, accounting, and finance sectors have shown resilience and growth despite policy changes and economic challenges. the demand for skilled professionals in these sectors, particularly within the tech industry, has driven consistent salary increases. the post-pandemic recovery and policy relaxations have further contributed to the upward salary trend, making these roles attractive to h1b visa holders.

accounting jobs

year	h1b average salary	bls median salary	year-to-year percent change (h1b)	year-to-year percent change (bls)
2014	$81,000	$65,940	–	–
2015	$82,500	$67,190	1.85%	1.90%
2016	$84,000	$68,150	1.82%	1.43%
2017	$86,000	$69,350	2.38%	1.76%
2018	$88,500	$70,500	2.91%	1.66%
2019	$91,000	$71,550	2.82%	1.49%
2020	$90,000	$73,560	-1.10%	2.81%
2021	$93,000	$77,250	3.33%	5.03%
2022	$96,000	$78,880	3.23%	2.11%
2023	$99,000	$79,880	3.13%	1.27%

• dollar comparison: h1b salaries for accounting jobs are consistently higher than bls median salaries. in 2023, the h1b average salary is $99,000, while the bls median salary is $79,880.
• percent change comparison: h1b salaries increased by approximately 22.22 percent from 2014 to 2023, while bls salaries increased by 21.13 percent.
• trends: h1b and bls salaries show steady growth, with a notable increase in bls salaries in 2021. h1b salaries experienced a slight dip in 2020 but recovered quickly.

finance jobs

year	h1b average salary	bls median salary	year-to-year percent change (h1b)	year-to-year percent change (bls)
2014	$95,000	$78,620	–	–
2015	$96,500	$80,310	1.58%	2.15%
2016	$98,000	$81,760	1.55%	1.81%
2017	$100,000	$84,300	2.04%	3.11%
2018	$102,500	$85,660	2.50%	1.61%
2019	$105,000	$87,850	2.44%	2.56%
2020	$104,000	$89,160	-0.95%	1.49%
2021	$107,000	$94,160	2.88%	5.61%
2022	$110,000	$96,630	2.80%	2.63%
2023	$113,000	$102,540	2.73%	6.11%

• dollar comparison: h1b salaries for finance jobs are consistently higher than bls median salaries. 2023, the h1b average salary is $113,000, while the bls median salary is $102,540.
• percent change comparison: h1b salaries increased by approximately 18.95 percent from 2014 to 2023, while bls salaries increased by approximately 30.43 percent.
• trends: h1b and bls salaries show steady growth, significantly increasing bls salaries in 2023. h1b salaries experienced a slight dip in 2020 but recovered quickly.

when comparing h1b salaries to the u.s. bureau of labor statistics (bls) data for similar positions, the following observations can be made:

• financial analysts: according to the bls, the median annual wage for financial and investment analysts was $99,010 in may 2023. h1b salaries for financial analysts at top companies like jp morgan chase and goldman sachs are significantly higher, often exceeding $150,000.
• accountants and auditors: the bls reports that the median annual wage for accountants and auditors was $79,880 in may 2023. h1b salaries for accountants at firms like ernst & young and pwc are also higher, typically ranging from $120,000 to $150,000.

 

entry-level h1b salaries in tax, accounting, and finance

entry-level h1b salaries in tax, accounting, and finance are generally competitive and can provide a solid foundation for career growth. employers must balance the need to offer attractive salaries to foreign workers with regulatory requirements and market conditions. these positions offer valuable opportunities for skilled professionals to contribute to organizations’ financial health and compliance.

entry-level h1b salaries for positions in tax, accounting, and finance:

position	salary range (per year)	description
tax accountant	$55,000 – $70,000	prepares tax returns, ensures compliance with tax laws, and provides tax advice.
financial analyst	$60,000 – $75,000	evaluates financial data, prepares reports, and provides investment insights.
staff accountant	$50,000 – $65,000	performs bookkeeping, prepares financial statements, and reconciles accounts.
audit associate	$55,000 – $70,000	assists in examining financial records for accuracy and regulatory compliance.
budget analyst	$55,000 – $70,000	prepares budget reports and monitors organizational spending.

 

1. tax accountant:

1. • salary range: $55,000 – $70,000 per year
   • description: tax accountants prepare tax returns, ensure compliance with tax laws, and provide tax planning advice. entry-level positions typically require a bachelor’s degree in accounting or a related field.

2. financial analyst:

1. • salary range: $60,000 – $75,000 per year
   • description: financial analysts evaluate financial data, prepare reports, and provide insights on investment opportunities. these roles require strong analytical skills and a finance, accounting, or economics degree.

3. staff accountant:

1. • salary range: $50,000 – $65,000 per year
   • description: staff accountants perform general accounting tasks, including bookkeeping, preparing financial statements, and reconciling accounts. a bachelor’s degree in accounting is usually required.

4. audit associate:

1. • salary range: $55,000 – $70,000 per year
   • description: audit associates assist in examining financial records to ensure accuracy and compliance with regulations. these roles often require a degree in accounting and attention to detail.

5. budget analyst:

1. • salary range: $55,000 – $70,000 per year
   • description: budget analysts help organizations plan their finances by preparing budget reports and monitoring spending. a degree in finance, accounting, or a related field is typically needed.

factors influencing salaries

1. geographic location:

1. • salaries can vary significantly based on the cost of living and demand for skills in different regions. for instance, positions in major cities like new york, san francisco, or chicago may offer higher salaries than in smaller towns or rural areas.

2. company size and industry:

1. • larger firms or those in high-demand industries (such as tech or finance) might offer higher salaries to attract top talent. conversely, smaller firms or those in less competitive industries may offer lower starting salaries.

3. educational background and certifications:

1. • advanced degrees or certifications, such as cpa (certified public accountant) or cfa (chartered financial analyst), can lead to higher starting salaries, even for entry-level positions.

4. prevailing wage determinations:

1. • the u.s. department of labor sets prevailing wage levels for h1b positions, which can impact the minimum salary that must be offered. employers must comply with these wage requirements to ensure fair compensation.

appendices

appendix: top ten lists

top 10 companies sponsoring h1b visas in tax, finance, and accounting

1. ernst & young: 5,397 lcas, average salary: $126,437
2. goldman sachs: 1,049 lcas, average salary: $125,865
3. amazon.com services: 948 lcas, average salary: $107,890
4. deloitte & touche: 903 lcas, average salary: $75,895
5. deloitte tax: 670 lcas, average salary: $79,172
6. citibank: 519 lcas, average salary: $155,868
7. infosys: 487 lcas, average salary: $136,641
8. jp morgan chase: 483 lcas, average salary: $155,527
9. the boston consulting group: 410 lcas, average salary: $202,773
10. mckinsey & company: 387 lcas, average salary: $192,263

top 10 highest average salaries for h1b roles in tax, finance, and accounting

1. accenture: average salary: $215,897
2. the boston consulting group: average salary: $202,773
3. a.t. kearney: average salary: $202,974
4. alixpartners: average salary: $195,528
5. mckinsey & company: average salary: $192,263
6. bain & company: average salary: $183,566
7. meta platforms: average salary: $183,657
8. barclays capital: average salary: $183,593
9. jp morgan chase: average salary: $155,527
10. google: average salary: $157,162

 

appendix: faqs

what is the h1b visa program?

the h1b visa program is a non-immigrant visa that allows u.s. companies to employ foreign workers in specialty occupations that require theoretical or technical expertise. these occupations typically include i.t., finance, accounting, engineering, and healthcare. the program is designed to help u.s. employers fill positions that require highly specialized knowledge, which may not be readily available in the domestic workforce. h1b visa holders can work in the u.s. for up to six years, possibly extending their stay if they obtain a green card. the h1b visa program has specific requirements and limitations. for instance, employers must attest that hiring a foreign worker will not adversely affect u.s. workers’ wages and working conditions. additionally, there is an annual cap on the number of h1b visas issued, currently set at 85,000, which includes 20,000 visas for workers with a u.s. master’s degree or higher. the program has been subject to various policy changes and reforms, impacting the approval rates and processing times.

 

how has the h1b visa policy changed over the years? 

the h1b visa policy has significantly changed over the years, influenced by different administrations and economic conditions. the policy was relatively stable during the obama administration, with consistent approval rates and fewer restrictions. however, starting in 2017, the trump administration introduced stricter h1b visa policies, leading to higher denial rates and more requests for evidence (rfes). these changes were part of a broader effort to prioritize american workers and reduce immigration fraud. the covid-19 pandemic further complicated the h1b visa landscape, causing a temporary decline in filings due to economic uncertainty and travel restrictions. however, the biden administration has taken steps to relax some stringent policies, resulting in a gradual recovery in h1b approvals. the administration has also focused on addressing processing backlogs and improving the efficiency of the visa application process. these policy shifts have directly impacted the demand for h1b visas and the salaries offered to foreign workers.

 

which sectors have the highest demand for h1b workers?

the tech sector has consistently shown the highest demand for h1b workers, driven by the need for specialized skills in software development, data analysis, and cybersecurity. companies like google, amazon, and microsoft are among the top sponsors of h1b visas, offering competitive salaries to attract top talent. the finance and accounting sectors also have a high demand for h1b workers, particularly in roles such as financial analysts, accountants, and auditors. firms like goldman sachs, jp morgan chase, and ernst & young are prominent employers in these fields. the healthcare sector is another area with significant demand for h1b workers, especially for roles that require advanced medical and scientific expertise. universities and research institutions also frequently sponsor h1b visas for academic and research positions. the demand for h1b workers in these sectors is driven by the need for highly specialized knowledge and the shortage of qualified domestic workers in certain fields. this ongoing demand has contributed to the resilience and growth of h1b job numbers, even amid policy changes and economic challenges.

 

how do h1b salaries compare to u.s. averages?

h1b salaries in finance and accounting roles are generally higher than the median salaries reported by the bureau of labor statistics (bls) for similar positions. for instance, the bls reports that the median annual wage for financial and investment analysts was $99,010 in may 2023. in contrast, h1b salaries for financial analysts at top companies like jp morgan chase and goldman sachs often exceed $150,000. similarly, according to the bls, the median annual wage for accountants and auditors was $79,880, while h1b salaries for accountants at firms like ernst & young and pwc typically range from $120,000 to $150,000.several factors contribute to the higher salaries offered to h1b workers. these include the specialized skills and expertise required for the roles, the competitive job market, and the need for companies to attract and retain top talent amid stringent visa policies. additionally, regional variations in the cost of living and the concentration of tech companies also influence salary levels. for example, cities like san francisco and new york offer some of the highest salaries for h1b roles due to the high cost of living and the presence of major tech and financial institutions.

 

what factors influence h1b salary trends?

several factors influence h1b salary trends, including policy changes, economic conditions, and the demand for skilled professionals. stricter h1b policies, such as those implemented during the trump administration, led to higher salaries as companies sought to attract and retain qualified foreign workers amid increased scrutiny and higher denial rates. conversely, policy relaxations under the biden administration have helped stabilize and slightly increase salaries by improving the efficiency of the visa application process and addressing processing backlogs. economic conditions also play a significant role in shaping h1b salary trends. the covid-19 pandemic caused a temporary decline in job offers and salaries due to economic uncertainty and hiring freezes. however, the subsequent recovery phase saw a rebound in salaries as companies adapted to remote work and sought skilled professionals to navigate the new economic landscape. the ongoing demand for specialized skills in tech-related financial roles has further driven salary growth, making these positions attractive to h1b visa holders. regional variations in salary levels are another important factor. cities with a high cost of living and a concentration of tech companies, such as san francisco, new york, and seattle, tend to offer higher salaries for h1b roles. these regional differences reflect the competitive job market and the need for companies to offer attractive compensation packages to attract top talent.

 

appendix: glossary

h1b visa: a non-immigrant visa that allows u.s. companies to employ foreign workers in specialty occupations that require theoretical or technical expertise.

lca (labor condition application): a required document for h1b visa petitions that details the job position, salary, and working conditions and ensures that hiring a foreign worker will not negatively impact u.s. workers’ wages and working conditions.

specialty occupation: a job that requires specialized knowledge and a bachelor’s degree or higher in a specific field. common fields include i.t., finance, accounting, engineering, and healthcare.

rfe (request for evidence): a request issued by uscis for additional information or documentation to support an h1b visa petition.

denial rate: the percentage of h1b visa petitions that uscis denies.

uscis (u.s. citizenship and immigration services) is the government agency that oversees lawful immigration to the united states, including processing h1b visa petitions.

tech sector: industries involved in the development, production, and distribution of technology products and services, including i.t., software, hardware, and telecommunications.

remote work is an arrangement in which employees perform their duties outside the traditional office environment, often from home.

economic recovery: the phase following a recession or economic downturn where economic activity increases and grows.

prevailing wage: the average wage paid to similarly employed workers in a specific occupation in the area of intended employment. h1b employers must pay the prevailing wage or higher to ensure foreign workers are not underpaid.

appendix: h-1b visa program – a comprehensive guide for cpa firms

while the h1b program offers small cpa firms the opportunity to hire highly skilled foreign workers, it also comes with significant challenges. firms must weigh the benefits of accessing specialized talent against the costs and complexities of the application process. for those with the resources and strategic need, the h1b program can be a valuable tool to enhance their workforce and drive growth.

a small business, such as a local cpa firm, can use the h1b program to hire skilled foreign workers when finding qualified candidates locally is difficult. here’s how they can do so and the potential pros and cons:

1. identify needs:
   • assess the need for specialized skills that are hard to find locally.
   • determine the role that requires an h1b visa holder.
2. eligibility check:
   • ensure the position qualifies as a “specialty occupation,” requiring specialized knowledge and at least a bachelor’s degree or equivalent.
   • verify that the prospective employee meets the educational and experience requirements.
3. wage requirements:
   • determine the prevailing wage for the position based on the department of labor’s guidelines and ensure the offered salary meets or exceeds this wage.
4. file labor condition application (lca):
   • submit an lca outlining the job, salary, and working conditions to the department of labor. the lca ensures that hiring a foreign worker won’t negatively impact u.s. workers’ wages and working conditions.
5. file form i-129:
   • submit form i-129 (petition for a non-immigrant worker) to the u.s. citizenship and immigration services (uscis) with supporting documents, including the approved lca, proof of the job offer, and the employee’s qualifications.
6. pay fees:
   • pay the required fees for filing the petition, including the anti-fraud fee and the american competitiveness and workforce improvement act (acwia) fee.
7. wait for approval:
   • wait for the uscis to process the application. if approved, prospective employees can apply for an h1b visa at a u.s. consulate or embassy.

advantages of using the h-1b program

1. access to specialized skills:
   • h1b employees often bring unique skills and expertise that may not be readily available in the local labor market.
2. diverse talent pool:
   • hiring internationally can introduce diverse perspectives and innovative solutions, benefiting the firm’s services and client offerings.
3. competitive edge:
   • attracting top global talent can enhance the firm’s reputation and competitiveness in the industry.
4. economic growth:
   • employing highly skilled workers can contribute to the firm’s growth and, by extension, the local economy.

challenges and considerations

1. cost:
   • sponsoring an h1b visa can be expensive due to filing fees, legal fees, and associated costs.
2. complexity:
   • the h1b application process is complex and time-consuming, requiring meticulous documentation and compliance with immigration laws.
3. uncertainty:
   • the annual cap on h1b visas creates uncertainty, as obtaining a visa is not guaranteed even after submitting a petition.
4. legal compliance:
   • employers must comply with stringent regulations, including maintaining accurate records and adhering to wage requirements, to avoid legal repercussions.
5. long-term planning:
   • h1b visas are temporary, typically valid for up to six years. firms must plan for the employee’s long-term employment needs and potential transition to permanent residency.

appendix: h-1b visa program – a comprehensive guide for accountants

the h-1b visa program in the united states allows employers to hire foreign workers in specialized occupations, including accounting. while the program is often associated with technology and engineering, accountants can qualify for h-1b visas if they meet certain criteria.

eligibility criteria

to qualify for an h-1b visa as an accountant, the following requirements must be met:

• job offer: you must have a job offer from a u.s. employer that requires a minimum of a bachelor’s degree in accounting or a related field.
• specialty occupation: the position must be considered a specialty occupation, requiring specialized knowledge and a minimum of a bachelor’s degree or equivalent.
• licensing: in most cases, you must be licensed or certified to work as an accountant in the state where you will be employed

documents required

when applying for an h-1b visa as an accountant, you will need to provide the following documents:

• passport: a valid passport for at least six months beyond the intended stay in the u.s.
• educational credentials: copies of your educational degrees, diplomas, and transcripts to establish your qualifications.
• accountant license or certification: proof of your accountant license or certification from the relevant state education authorities.
• job offer letter: a copy of the job offer letter from your u.s. employer detailing the terms and conditions of your employment.
• curriculum vitae (cv): a comprehensive cv highlighting your education, accounting experience, and relevant professional achievements.

h-1b visa cap and exemptions

the h-1b visa program has an annual cap on the number of visas that can be issued. however, certain employers and positions are exempt from this cap:

• institutions of higher education: accountants employed by colleges and universities are generally exempt from the h-1b cap.
• nonprofit or government research organizations: accountants employed by nonprofit or government research organizations are also exempt from the h-1b cap.

sponsorship data and salaries

data on h-1b labor condition application (lca) approvals and salaries for accountants provide insight into the job market:

• salaries: the average salary for h-1b accountants varies by year and employer. for example, in fiscal year 2024, the average salary was $70,101, ranging from $33,000 to $172,000.
• top employers: ernst & young, goldman sachs, and deloitte are some of the top h-1 b sponsors for accountants, and salaries often reflect the high demand for skilled accountants in these firms.

success stories

numerous successful cases of accountants obtaining h-1b visas have been reported. for instance, ms. lu, a chinese national with a master’s degree, successfully obtained an h-1b visa after multiple attempts. despite the challenges, including working for a small firm with low wages, her application was approved due to thorough documentation and a well-prepared petition.

alternative visa options

accountants from canada and mexico may consider the tn visa, which allows them to work in the u.s. for a three-year term under the nafta agreement. this visa has an expedited approval process and includes accounting professionals on its list of eligible occupations.

conclusion

obtaining an h-1b visa as an accountant requires careful preparation and understanding of the specific requirements and documentation needed. consulting with an experienced immigration attorney can help navigate the complexities of the application process and increase the chances of success.

appendix: detail on h-1b jobs ernst & young by job title

ernst & young hires many h1b visa holders in various roles across tax, accounting, and finance sectors. the most common job titles include accountants, auditors, tax consultants, financial analysts, and tax accountants. these roles are critical to ey’s operations and contribute to the firm’s ability to provide high-quality services to its clients.

based on the available data, here is a detailed breakdown of ernst & young’s (ey) h1b job titles, ranked by the number of workers.

ranking of h1b job titles by number of workers at ernst & young

rank	job title	number of workers	description	example locations	salary range
1	accountant	2,500	handle financial record-keeping, prepare financial statements, and ensure compliance with accounting standards.	cleveland, oh; irvine, ca	$60,000 – $180,851
2	auditor	1,800	examine financial records to ensure accuracy and compliance with regulations. conduct internal and external audits.	indianapolis, in; des moines, ia	$57,949 – $153,628
3	tax consultant	1,500	offer expert advice on tax-related matters, assist clients in minimizing tax liabilities, and ensure compliance with tax laws.	new york, ny; san francisco, ca	$80,000 – $160,000
4	financial analyst	1,200	analyze financial data, prepare reports, and provide insights to support decision-making. work on budgeting, forecasting, financial modeling, and investment analysis.	atlanta, ga; new york, ny	$75,000 – $175,000
5	tax accountant	1,000	prepare tax returns, conduct tax research, and provide tax planning services to clients. ensure compliance with tax laws and regulations.	chicago, il; los angeles, ca	$75,000 – $150,000
6	audit senior	800	lead audit engagements, supervise junior staff, and ensure the accuracy and completeness of audit work. communicate findings to clients and provide recommendations for improvements.	new york, ny; san francisco, ca	$90,000 – $160,000
7	financial consultant	600	provide advisory services on financial management, investment strategies, and risk management. help clients optimize their financial performance and achieve their financial goals.	dallas, tx; boston, ma	$100,000 – $200,000
8	tax manager	500	they oversee their teams’ tax compliance and planning activities, manage client relationships, provide strategic tax advice, and ensure that all tax-related activities comply with regulations.	dallas, tx; boston, ma	$120,000 – $200,000
9	finance manager	400	oversee financial planning and analysis activities, manage budgets, and provide strategic financial advice to clients. ensure that financial operations align with business objectives.	chicago, il; los angeles, ca	$130,000 – $220,000

sample salaries at ernst & young for h-1b accountants and auditors

base salary ($)	location
180,851	cleveland, oh
180,851	strongsville, oh
57,949	irvine, ca
57,949	irvine, ca
60,000	jacksonville, fl
60,000	lake charles, la
60,000	buffalo, ny
60,000	allegany, ny
61,000	indianapolis, in
61,000	indianapolis, in
61,000	des moines, ia
61,000	des moines, ia
61,000	des moines, ia
61,000	indianapolis, in
62,000	grandview heights, oh
62,000	cincinnati, oh
62,000	canal winchester, oh
62,000	columbus, oh
62,000	columbus, oh
62,000	cleveland, oh
62,000	cleveland, oh
62,000	milwaukee,, wi
62,000	milwaukee, wi
63,000	st louis, mo
63,000	st. louis, mo
63,000	nashville, tn
63,000	nashville, tn
63,000	tulsa, ok
63,000	tulsa, ok
63,000	oklahoma city, ok
64,000	indianapolis, in
64,000	akron, oh
64,000	indianapolis, in
65,000	richmond, va
65,000	orlando, fl
65,000	orlando, fl
65,000	orlando, fl
65,000	pittsburgh, pa
65,000	orlando, fl
65,000	orlando, fl
65,100	pittsburgh, pa
65,100	munhall, pa
65,100	miami, fl
66,000	dallas, tx
66,001	nashville, tn
66,001	nashville, tn
67,000	charlotte, nc
67,000	charlotte, nc
67,000	minneapolis, mn
67,000	minneapolis, mn

via h1bdata.info

appendix: current trends

 

1. petitions filed and approved:
   • the number of h-1b petitions filed decreased by about 18 percent, from 474,301 in fy 2022 to 386,559 in fy 2023.
   • the number of h-1b petitions approved also decreased by 13 percent, from 442,043 in fy 2022 to 386,318 in fy 2023.
   • the decline in petitions can be attributed to a drop in the number of change of employer petitions, which fell from 123,888 in fy 2022 to 75,843 in fy 2023.
2. demographics:
   • the median age of beneficiaries with approved petitions remained at 33 years old, consistent with fy 2022.
   • thirty-four percent of beneficiaries had a bachelor’s degree, 22 percent had a master’s degree, 8 percent had a doctorate, almost 4 percent had a professional degree, and 32 percent had an unknown education level.
   • seventy-two percent of approved petitions were for beneficiaries from india, followed by china at 12 percent.
3. occupational distribution:
   • sixty-five percent of approved h-1b petitions were for workers in computer-related occupations.
   • other significant occupational categories included architecture, engineering, and surveying (10 percent), education (6 percent), and administrative specializations (5 percent).
4. compensation:
   • the median compensation for beneficiaries with approved petitions remained at $118,000, the same as in fy 2022.
   • occupations in law and jurisprudence had the highest median compensation levels, exceeding $200,000.

detailed findings

petitions filed and approved

• initial vs. continuing employment:
  • petitions for initial employment accounted for 30 percent of the total, while continuing employment comprised 70 percent.
  • the number of petitions for initial employment decreased from 150,363 in fy 2022 to 114,247 in fy 2023.

demographics

• country of birth:
  • india and china dominated the list of countries of birth for h-1b beneficiaries, accounting for 72 percent and 12 percent of approved petitions, respectively.
  • other countries in the top ten included the philippines, canada, south korea, mexico, pakistan, taiwan, brazil, and nepal.
• gender distribution:
  • males accounted for 71 percent of all approved h-1b petitions, while females comprised 29 percent.
  • the gender distribution varied by country, with the philippines having the highest proportion of female beneficiaries (63 percent).

education levels

• highest educational attainment:
  • thirty-four percent of beneficiaries had a bachelor’s degree, 22 percent had a master’s degree, 8 percent had a doctorate, and almost 4 percent had a professional degree.
  • a significant portion (32 percent) had an unknown education level due to reporting limitations.

occupational distribution

• major occupation groups:
  • computer-related occupations were the largest category, accounting for 65 percent of approved petitions.
  • other major groups included architecture, engineering, and surveying (10 percent), education (6 percent), administrative specializations (5 percent), and medicine and health (4 percent).

compensation

• annual compensation:
  • the median annual compensation for all approved h-1b beneficiaries was $118,000.
  • compensation varied significantly by occupation, with the highest median compensation in law and jurisprudence occupations exceeding $200,000.

h-1b petitions, by occupation
(us cis, 2023)

appendix: h-1b approval periods

there is often confusion about the approval and re-approval process for h1b visas. the following details clarify the requirements for h1b petitions, including initial approvals, extensions, and changes in employment conditions.

initial approval and validity period

an h1b visa petition is initially approved for up to three years. this initial approval allows the beneficiary to work for the sponsoring employer in the specified role and location. the employer must first obtain a certified labor condition application (lca) from the department of labor (dol) before filing the h1b petition with u.s. citizenship and immigration services (uscis). the lca ensures that the employer will pay the h1b worker at least the prevailing wage for the occupation in the area of intended employment.

extensions and continuing employment

after the initial period, employers can file petitions to extend the h1b worker’s stay, typically in increments of up to three years, with a maximum limit of six years. extensions are considered “continuing employment” petitions and do not count against the annual h1b cap. these petitions must demonstrate that the employment conditions remain consistent with the original petition or provide details of any changes.

• extension of stay: employers file an extension of stay for h1b workers intending to continue working for the same employer under the same conditions.
• amendments: if the terms of employment change, such as a new job location or a significant change in job duties, the employer must file an amendment to the original petition.
• change of employer: if an h1b worker changes employers, the new employer must file a new h1b petition. this is often called a “transfer” and does not count against the annual cap.

annual re-approval not required

h1b petitions do not need to be re-approved every year. instead, they are approved for the duration specified in the initial petition or any subsequent extensions, typically up to three years at a time. however, if the h1b worker changes employers or if there are significant changes in employment conditions, new petitions or amendments must be filed and approved by uscis.

appendix: h-1b immigration law firms for accountants and cpa firms

卡塔尔世界杯常规比赛时间 research uncovered several law firms particularly active in the tax, accounting and finance profession, including

amlaw group

• miami

dorsey & whitney llp

• minneapolis

law offices of keshab raj seadie, p.c.

• new york

scott legal, p.c.

• they are based in new york and serve nationwide.

fragomen, del rey, bernsen & loewy, llp

• they are based in new york, serving globally.

appendix: references and acknowledgments

1. uscis
2. uscis h-1b characteristics reports
3. ssti h-1b visa program overview
4. american immigration council
5. forbes
6. h1bgrader
7. economic times
8. shrm
9. bls
10. inside public accounting
11. accounting today
12. ernst & young labor condition applications
13. h1bgrader
14. ey careers in tax
15. ey careers in accounting
16. ey careers in financial services
17. myvisajobs.com h1b reports
18. ernst & young h1b salary data

…

posted on july 4, 2024