Finding fulfilling and profitable finance careers can be challenging, especially in remote areas like Alaska.
Yet Alaska's oil, fishing, aviation, and tourism industries offer lucrative salaries for qualified finance professionals who embrace the frontier lifestyle.
From oil field accountants earning over $100K to financial analysts at Alaska Airlines pulling in $90K, this article explores the most profitable finance salaries across the Last Frontier.
Introduction to Finance Salaries in Alaska: Unveiling the Profits in the Last Frontier
Alaska's Economy and Job Market
Alaska has a unique economy centered around natural resources like oil, fishing, mining, and tourism. While volatile commodity prices have impacted the job market over the past decade, opportunities still exist in industries like transportation, healthcare, construction and finance. The state offers high wages to attract talent, with average finance salaries competitive nationally.
Average Finance Salaries in the Last Frontier
According to the U.S. Bureau of Labor Statistics, accountants and auditors in Alaska earn a mean annual wage of $78,010, higher than the national average of $77,250. Financial analysts make $88,300 on average, also exceeding national levels. Salaries are buoyed by the state's use of financial incentives to attract professionals.
The Impact of the Alaska Marine Highway System on Finance Jobs
The Alaska Marine Highway System (AMHS) - the state's ferry service - directly and indirectly supports finance positions by enabling economic activity. Cuts and disruptions to AMHS impact revenue and jobs for related businesses, limiting finance employment opportunities statewide.
Senior Finance Salaries: A Comparison with Average Household Income
The average Alaskan household income is $77,640. Senior finance professionals in managerial roles earn premium salaries, often making $20-30k above this benchmark. The high wages reflect the specialized skills and education required for leadership positions in accounting, analysis and corporate finance.
How much money do they make on Alaska the last frontier?
The stars of the hit Discovery Channel reality show Alaska: The Last Frontier actually make a modest salary per episode, despite the success of the show.
According to reports, the show pays:
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$7,000 to $10,000 per episode to the main family members featured, including patriarch Atz Kilcher and his children. Given that a typical season has around 10 episodes, this puts their annual salary in the range of $70,000 to $100,000.
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Supporting and guest cast members likely make less per episode. Estimates are around $2,000 to $5,000 per episode.
So while the show generates significant revenue through advertising and viewership, the cast themselves live a relatively simple life and are not earning massive Hollywood-sized paychecks. Their salaries are in line with typical wages in Alaska.
This pay structure helps keep the show authentic to its premise of showcasing true Alaskan homestead living. And the family relies on revenue from their farm, home goods business, and other side projects to supplement their income from the show.
In the end, Alaska: The Last Frontier creates an entertaining glimpse into frontier life for viewers, while providing the Kilcher family with a steady salary stream that supports their chosen lifestyle. Their pay is modest for reality TV stars but enables them to keep doing what they love.
What happened to eivin kilcher?
Eivin Kilcher leads an unconventional lifestyle in Alaska that blends traditional subsistence living with modern homesteading. He and his wife rely on hunting, fishing, and small-scale farming to provide food and other basic necessities throughout the year.
Eivin spends much of his time hunting moose, caribou, bear, and other animals to stock up meat for the winter months. This is his biggest gamble, as success is never guaranteed when hunting wild game. He uses both modern and traditional techniques passed down through generations to track and harvest animals.
To supplement hunting, Eivin and his wife also grow a variety of vegetables, herbs, and other plants during the short but intense Alaskan summer. They preserve much of their harvest by canning, pickling, and storing root vegetables in their cellar. While small in scale, these homegrown crops provide valuable variety to their diet.
The combination of subsistence hunting and small-scale farming allows Eivin to live a life centered around providing for his family's needs directly from the Alaskan wilderness. It is challenging but rewarding, keeping alive traditional practices while also using modern tools and knowledge. For Eivin, this hybrid lifestyle represents the best of both old and new.
How much does Alaska Permanent Fund Corporation pay?
The Alaska Permanent Fund Corporation manages Alaska's oil wealth savings account, which pays out an annual dividend to all eligible Alaska residents. According to self-reported salary data on Glassdoor, the average Alaska Permanent Fund Corporation salary ranges from:
- Approximately $54,774 per year for Administrative Specialist roles
- Up to $223,624 per year for Private Equity Associate roles
The specific salary depends on the role, level of experience, education, and other factors. However, Alaska Permanent Fund Corporation appears to offer compensation competitive with similar public and private sector roles focused on investment management and accounting.
As a public corporation managing state assets, Alaska Permanent Fund Corporation must balance offering reasonable and equitable employee compensation with fiscal responsibility and maximizing investment returns. Their published salaries data provides transparency into how they strike this balance across various roles.
For context, Alaska has one of the highest costs of living of any US state, which likely factors into compensation considerations. And the Alaska Permanent Fund itself has seen fluctuating investment returns over the years, impacted by trends like stock market volatility, oil price shocks, and tax policy changes.
So while salaries at Alaska's sovereign wealth fund may exceed national averages, localized economic realities shape those figures. The corporation aims to attract top talent to steward Alaska's financial future, while avoiding exorbitant or inappropriate pay. Their compensation data offers insights into this ongoing effort.
How much do you get paid in the oil field in Alaska?
Oil field salaries in Alaska can vary significantly depending on the specific role, level of experience, education, and employer. Here is a breakdown of typical oil field wages in Alaska:
- Entry-level positions like roustabouts and general laborers usually make between $48,000-$65,000 per year.
- Skilled trade positions like welders, equipment operators, and technicians generally earn $65,000-$85,000 annually.
- Engineering and geoscience roles like petroleum engineers, geologists, and geophysicists average $85,000-$120,000 per year.
- Management and executive positions like drilling managers, operations managers, and company executives can make $120,000-$169,500 per year.
Bonuses are also common in the Alaska oil industry and can add $10,000 or more to total compensation depending on company performance. Overtime pay for working extended shifts is also prevalent.
The highest paying oil jobs are usually found working for major operators like ConocoPhillips Alaska, Hilcorp Alaska, and Oil Search Alaska. However, many oil field service companies and contractors also offer competitive wages to attract skilled talent.
In summary, Alaska oil careers provide some of the industry's top salaries due to the remote working conditions, labor demands, and high cost of living. Workers with in-demand skills and experience can earn well into six figures working in Alaska's oil patch.
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Exploring the Elements Impacting Finance Salaries in Alaska
Oil and Resource Industries' Effect on Finance Salaries
Alaska's economy relies heavily on oil, gas, and resource extraction industries. These capital-intensive sectors have an outsized influence on finance salaries in the state. When oil and commodity prices are high, companies invest more in exploration, drilling, and mining projects. This drives demand for financial analysts, accountants, and other roles to evaluate investments, manage cash flows, comply with regulations, and more.
Conversely, during periods of low oil prices or reduced resource extraction, project investment and finance hiring slows. For example, the 2014-2016 oil price crash caused many layoffs and salary freezes among Alaska energy companies. However, the recent rebound in oil and gas markets has restored higher wages and strong demand for financial professionals.
Overall, Alaska's natural resource dependence results in finance salaries that fluctuate alongside commodity market cycles. Specialized knowledge of industries like oil & gas, mining, and fisheries boosts accountants' and analysts' earning potential.
Remote Location and High Cost of Living: Wage Trends
Alaska's remoteness and extremely high cost of living shape wage expectations. Anchorage residents face living expenses 36% above the national average, while costs in rural areas can be prohibitive. As a result, salaries for finance roles tend to run 15-20% higher than the U.S. median.
For example, a typical Financial Analyst salary is $68,000 nationally, but the Alaska average sits around $80,000. Even higher premiums up to 30-40% are seen for specialized positions like Revenue Managers and Accounting Managers. Firms also advertise remote work options to offset Alaska's challenges for recruitment.
To attract talent, companies supplement base pay with relocation/retention allowances, overtime pay, 401(k) matching, and bonuses tied to performance metrics or tenure milestones. Overall, the pressures of high costs and sparse talent availability prod Alaska finance salaries upward.
Per Capita Personal Incomes and Finance Compensation
Alaska enjoys the highest per capita personal income among U.S. states, averaging over $63,000 annually. Much derives from the concentration of high-paying oil, fishing, mining, and transportation jobs. For finance roles, higher average personal incomes enable firms to set elevated salary ranges to attract qualified talent.
However, Alaska incomes exhibit greater volatility year-over-year than the national average due to reliance on globally traded commodities. For example, per capita incomes declined 2.9% in 2016 amid low oil prices but rebounded 6.2% in 2017 with recovering oil markets. Finance wages follow similar trajectories.
So while healthy personal income levels support above-average accountant and analyst pay, incomes (and by extension salaries) rise and fall sharply with the economic cycle. This fluctuating environment produces uneven gains - while 2018 saw rapid finance salary growth around 4-5%, 2019 gains slowed below 2%.
The Role of Corporate Tax Rate in Executive Salaries
Alaska levies among the highest top marginal corporate tax rates in the U.S., at 9.4% (versus the 21% federal rate). Economists argue high corporate taxes suppress business investment and hiring over the long run. This dynamic may restrain finance salary growth.
However, Alaska offers many firm-specific credits and deductions that reduce effective tax rates below the marginal level. And for large energy companies, taxes represent only a small share of total production costs.
As a result, Alaska's high statutory tax rates have limited impact on executive pay setting, though they may modestly dampen entry of small/mid-sized businesses. Ultimately, corporate taxes play a minor role relative to oil markets and remote access barriers in shaping Alaska finance wages.
Dissecting Salaries for Specific Finance Roles in Alaska
Senior Accountant and Accounting Manager Salaries
Senior Accountants and Accounting Managers in Alaska earn competitive salaries, though pay can vary depending on industry and location. The average salary for a Senior Accountant is $75,000, while Accounting Managers average around $95,000.
Accounting roles in Alaska's oil and gas industry tend to pay the highest, with Senior Accountants earning over $90,000 and Accounting Managers making $120,000 or more. The finance and insurance industries also compensate above average. Opportunities are plentiful in Anchorage but more limited in rural areas.
Overall demand for accounting talent remains steady, as essential back-office functions like financial reporting, auditing, and analysis continue regardless of economic conditions. Experience with US GAAP and Excel is especially valued. Remote work options are also on the rise for some roles.
Financial Analyst and Senior Financial Analyst Earnings
Financial Analysts in Alaska earn approximately $68,000 on average, while Senior Financial Analysts make closer to $88,000. Pay tends to be highest in Anchorage, where major employers are concentrated.
Hiring demand fluctuates with the economy and market conditions but openings exist across sectors like banking, oil and gas, aviation, and government. Commercial fishing, seafood processing, and maritime industries also recruit financial experts regularly.
In addition to analytical and modeling expertise, knowledge of segments like transportation, logistics, and distribution is prized. Certifications such as the CFA or CPA can boost pay. With Alaska’s high cost of living, talented analysts and ripe for poaching by competing employers.
Revenue Management Analyst and Pricing Analyst Pay Scales
Specialty revenue optimization roles like Revenue Management Analyst and Pricing Analyst are most common in Alaska's travel and hospitality sector. Major airlines with significant Alaska presence such as Alaska Airlines, Delta, and United offer some of the highest salaries.
Revenue Management Analysts optimize pricing and inventory to maximize revenue. They earn approximately $73,000 on average in Alaska. Pricing Analysts focus specifically on competitive pricing strategies and average around $68,000.
Hiring demand fluctuates but tends to be steadiest with the larger national carriers. Analysts may be based locally in Anchorage or remote elsewhere. Experience with pricing models, forecasting, and data analysis is key.
Treasury Analyst and Strategic Pricing Analyst: Financial Rewards
Salaries for Treasury Analysts and Strategic Pricing Analysts vary widely but tend to pay above national averages in Alaska. Treasury Analysts optimize cash management and average around $83,000. Strategic Pricing Analysts develop pricing frameworks and earn approximately $78,000.
These roles most often exist within Alaska's banking, finance, aviation, and oil and gas sectors. Major employers include regional banks, airlines, fuel suppliers, and energy companies. Experience managing portfolios, complex transactions, rate analysis, or pricing processes is valued.
While current demand is relatively low, specialized analysts can command generous compensation, especially if certified. However, hiring tends to slow during periods of economic contraction or volatility. Remote options may be available for experienced candidates.
Major Alaska Employers of Finance Talent and Their Salaries
Alaska's economy relies heavily on industries like oil and gas, air transportation, fishing, and tourism. Major employers in these sectors seek out skilled finance professionals to support their operations and strategic growth.
Finance Careers in Alaska's Oil and Gas Sector
Oil and gas companies operating in Alaska offer competitive salaries to attract top finance talent. Key players include:
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ConocoPhillips Alaska: As Alaska's largest oil producer, ConocoPhillips offers finance roles like Financial Analyst and Accounting Manager with average salaries of $85,000 to $120,000.
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Hilcorp Alaska: This leading Alaska oil and gas company hires for positions like Revenue Accountant and Treasury Analyst with typical compensation of $90,000 to $110,000 annually.
Opportunities with Alaska Airlines and Other Carriers
Alaska Airlines is based in Anchorage and offers finance jobs across accounting, pricing, revenue management, and financial planning. Similar roles with other airlines in Alaska range from:
- Pricing Analyst: $65,000 - $90,000
- Revenue Manager: $75,000 - $105,000
- Accounting Manager: $80,000 - $130,000
Regional airlines like SkyWest, ExpressJet, and Allegiant also recruit for Alaska-based finance professionals.
State Government Agencies and Their Finance Salary Offers
Major state departments like transportation, public health, education, and military affairs hire financial staff with competitive wages, including:
- Accounting Associate: $55,000 - $75,000
- Senior Financial Analyst: $85,000 - $120,000
- Corporate Accounting Manager: $95,000 - $140,000
In addition, federal agencies like the IRS, FBI, and Department of Homeland Security offer finance jobs located in Alaska.
Licensed Officers' Compensation in the Alaska Marine Highway System
The Alaska Marine Highway provides essential transport via ocean vessels. Licensed officers overseeing finances on ferries and ships can earn $80,000 - $100,000 in this unique maritime environment.
In summary, Alaska presents exciting and well-compensated opportunities for finance professionals across vital industries. Major employers recognize the need to pay competitively to secure specialized talent.
Job Growth Projections and Salary Trends for Alaska Finance Roles
Projected Hot Jobs and Their Finance Salaries
Over the next 5-10 years, certain accounting and analyst roles in Alaska are forecast to see strong growth. Positions like Revenue Management Analyst, Pricing Analyst, Financial Analyst, and Senior Accountant are expected to be in high demand.
As of 2020, the average salaries for these "hot jobs" were:
- Revenue Management Analyst: $68,000
- Pricing Analyst: $62,000
- Financial Analyst: $75,000
- Senior Accountant: $83,000
With rising demand projected for these occupations, salaries could see healthy growth as well. However, broader economic factors will also play a role.
Economic Outlook and Its Influence on Finance Salaries
Alaska's key industries like oil and gas, fishing, tourism, and transportation shape the state's economic health. Fluctuations in these sectors directly impact hiring demand for financial professionals.
For example, if oil prices decline or the Alaska Marine Highway System continues to face budget cuts, less finance roles may be needed to support these businesses. Slowed growth or declines in core industries could limit salary increases for accountants, analysts, and other finance occupations.
However, if these industries rebound and expand, finance salaries would likely rise more quickly to attract talent. Alaska's corporate tax rate and policies around oil and gas also sway business investment and hiring budgets for financial staff.
Anticipating the Effects of a Tax Cut Bill on Finance Salaries
Potential federal or state tax cut legislation could benefit industries like oil and gas in Alaska. With more after-tax profits, energy companies may hire more financial professionals. This increased demand would allow accounting, analyst, and finance salaries to grow more substantially.
However, tax cuts that primarily favor high earners may do little to improve economic struggles for average Alaskan households. Limited gains in per capita personal incomes could still restrain finance pay growth, despite corporate tax savings.
The impact on finance salaries depends largely on how tax cuts are structured and distributed across industries and income levels.
Stock Market Losses and Negative Returns: The Impact on Senior Finance Salaries
For senior finance executives and corporate leadership in Alaska, stock market performance can be a major influence on compensation. When markets decline sharply or returns turn negative, boards often limit executive salary growth and bonuses.
For example, after major stock market losses in 2008 and 2018, average finance executive salaries saw slower growth the following years. However, the impact was less pronounced for mid-level and entry-level finance roles not tied directly to market returns.
Overall, various macroeconomic factors from oil prices to personal income to tax policy changes all sway the growth trajectory for salaries in Alaska's accounting, analyst, and finance occupations. Projections indicate solid job growth, but actual compensation will depend greatly on the state's core industries and fiscal health.
Strategies for Seeking Top Pay in Alaska's Finance Sector
Leveraging Specialized Skills for Higher Profits
Finance professionals in Alaska can increase their earning potential by developing specialized expertise tailored to the state's key industries. Those with knowledge of oil and gas, fisheries, mining, and tourism can provide significant value and command higher salaries.
For example, a revenue analyst well-versed in the economics, accounting practices, and strategic issues facing Alaska's oil and gas sector would stand out from other candidates. Companies rely on this niche expertise to maximize profits from natural resource development projects.
Professionals should also consider technical specializations like business intelligence analytics, predictive modeling, or data science. These skills are scarce in Alaska but valuable for modeling resource markets and optimizing financial performance.
Overall, the niche ability to apply financial acumen to Alaska's distinctive economic landscape offers a path to higher finance salaries. Both private and public sector employers reward this targeted knowledge.
Seeking Remote Work for Finance Salaries Beyond the Last Frontier
Fully remote positions based outside of Alaska present opportunities for higher pay that exceeds local wage norms. With Alaska's small population and remote location, local finance salaries lag national averages.
By targeting remote roles in more populous and economically vibrant regions, professionals can access compensation levels on par with financial hubs like New York, San Francisco, and Chicago. Top performers could potentially earn over 50% more through this approach.
When negotiating remote salaries, professionals should benchmark pay rates in the employer's geographic region rather than Alaska averages. Highlighting specialized skills and niche expertise also strengthens negotiating leverage regardless of location.
While remote work involves tradeoffs, the dramatic boost in earnings may justify the arrangement for some finance professionals. Alaska will likely continue struggling to match the salaries available in larger markets.
Negotiating Executive Salaries: Tactics for Senior Finance Professionals
Senior finance professionals in director, VP, and C-suite roles must employ savvy negotiation tactics to achieve executive-level salaries in Alaska. Compensation for these lucrative positions often falls below national trends.
Strategies like emphasizing niche expertise, profiling achievements, and leveraging competing offers can prove persuasive. For example, highlighting leadership of key cost reduction initiatives or revenue growth efforts underscores tangible value.
Referencing lucrative offers from employers Outside can also motivate companies to increase proposed executive salaries. Given Alaska's high costs, losing top talent to lower-paying regions remains a risk.
Ultimately, seasoned executives with strong negotiation skills and demonstrated performance are best positioned to earn Alaska's highest finance salaries. A keen understanding of local wage dynamics and economic constraints allows effective positioning.
Career Advancement and Salary Growth in Alaska's Finance Industry
While Alaska struggles with below-average wages, motivated professionals can still achieve salary growth through strategic career development.
Specializing in high-demand skills like business analytics or technical accounting opens doors to promotions and pay increases. Further education credentials such as MBAs or CPA designations also expand opportunities.
Within organizations, high performers willing to take on greater responsibilities tend to see steady salary trajectory. Succession planning for retiring executives creates openings as well.
By mapping a progression of finance roles with growing complexity, professionals can chart a long-term path to higher earnings. Government and public companies generally offer the most structured career ladders and transparent salary frameworks.
Ultimately, finance salaries reward capability, effort, and ambition regardless of location. Alaska offers advancement potential, albeit with salary ceilings below other regions. Strategic planning and demonstrated excellence can still reap rewards over an entire career.
Conclusion: Capturing the Essence of Finance Salaries in Alaska
Summary of Finance Salaries Across the Last Frontier
Finance salaries in Alaska can vary depending on factors like location, experience level, and specific roles. Some typical salary ranges include:
- Accountants: $60,000 - $90,000
- Financial analysts: $65,000 - $95,000
- Accounting managers: $80,000 - $120,000
Salaries tend to be higher in more remote areas of Alaska like the North Slope oil fields. Major employers include oil, gas, mining, fishing, and tourism companies.
Parting Advice for Navigating Alaska's Finance Salary Landscape
For finance professionals considering career opportunities in Alaska, key tips include:
- Research salaries thoroughly based on location and industry
- Prepare for higher costs of living, especially in remote areas
- Highlight relevant skills and ability to handle harsh weather conditions
- Seek opportunities with growing industries like oil, fishing, and tourism
Leveraging Alaska finance experience can open doors to roles in other northern states or cold weather operations.
Reflecting on the Trends and Future of Finance Salaries in 2020 and Beyond
The COVID-19 pandemic and economic shifts have impacted Alaska finance salaries in 2020. Declines in oil prices and tourism led to job losses. However, growth in mining, renewable energy, and infrastructure spending point to future salary rebounds. Remote work trends may also expand access to Alaska's high-paying finance roles. Ongoing monitoring of economic and industry changes will be key to navigating Alaska's finance job market.
