Finding fulfilling and financially rewarding career opportunities can be challenging. Yet for those in the finance sector, Arkansas offers promising pathways with competitive salaries.
In this comprehensive guide, we will explore the financial landscape in Arkansas - from entry-level analyst roles to CFO positions - including salary ranges, growth projections, top employers, and critical skill sets.
You will gain insight into finance salaries at every career stage, projections for industry growth, top employers to target, and key skills and certifications to boost your earnings potential and advancement opportunities within Arkansas's dynamic finance sector.
Embracing Financial Opportunities in The Natural State
Finance careers in Arkansas provide competitive salaries and ample opportunities for professional growth. As a business-friendly state with major corporate headquarters and a growing economy, Arkansas offers financial professionals diverse options to advance their careers.
Exploring Finance Salaries and Financial Gains in Arkansas
The finance sector in Arkansas spans industries like banking, insurance, accounting, and corporate finance. Major employers include Fortune 500 companies like Walmart, Tyson Foods, and J.B. Hunt that offer attractive compensation packages. According to the U.S. Bureau of Labor Statistics, financial managers in Arkansas earn an average salary of $134,250 annually. With business expansions and retirement of baby boomers, financial professionals can expect strong demand for their skills.
The Natural State's Financial Services Landscape
Arkansas provides a robust environment for financial services careers. Professionals can expect competitive salaries, along with opportunities to take on leadership roles and gain specialized expertise. The state offers a relatively low cost of living compared to the national average, allowing financial gains to stretch further. With major investments in high-tech industries, Arkansas' financial sector will continue expanding to support business growth.
What is upper class salary in Arkansas?
The upper class salary range in Arkansas typically includes those earning above the 75th percentile of incomes. According to the provided context, this includes:
Annual Salary
- $76,075
Monthly Pay
- $6,339
This represents the top 25% of earners in Arkansas. The average salary across the state is lower:
Annual Salary
- $59,933
Monthly Pay
- $4,994
So those earning $76,075 per year or $6,339 per month in Arkansas fall into the upper percentile of incomes. This bracket likely includes more senior roles like:
- Finance managers
- Directors of finance
- Chief financial officers
It also indicates a comfortable standard of living in Arkansas, which has a relatively low cost of living compared to other states.
Factors like education, experience, certifications, company size, and specific industries impact salaries. But overall, the data shows that surpassing $76K annually or $6K+ monthly puts Arkansan finance professionals in the top income tier.
Reaching this earning level reflects strong career advancement and financial stability. It allows greater savings, investing, and discretionary spending compared to median wages. So for finance careers in Arkansas, a 6-figure salary represents entrance into upper class status.
What is the salary growth in finance?
The finance industry in Arkansas has seen steady salary growth in recent years. According to industry surveys, the average salary increase for finance professionals in Arkansas was 4.4% between 2021 and 2022. This is higher than the national average of 3.7% for the same period.
Some key highlights on Arkansas finance salary growth:
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Line-level finance staff received the highest average raise at 4.5% in 2022. This includes entry-level roles like financial analysts, accountants, and finance associates.
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Prior to 2021, average annual raises for treasury and accounting professionals in Arkansas were under 4%. The 4.4% increase in 2022 indicates accelerating wage growth.
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By comparison, the average wage growth across all industries in Arkansas was 3.1% in 2022. So finance roles are seeing faster pay increases than other jobs.
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Within finance, corporate accounting and FP&A roles saw slightly higher than average growth at 4.6% in 2022. These areas are seeing high demand.
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Senior finance leadership positions such as Directors and Vice Presidents had lower than average increases. But their base salaries still tend to be higher.
In summary, salaries for finance professionals of all levels in Arkansas are experiencing healthy growth above 4% on average. This trajectory is likely to continue with the competitive hiring environment and rising cost of living in the state. Roles in high demand areas like accounting and financial planning are seeing the highest pay increases.
What is a comfortable salary in Arkansas?
According to the most recent data, a livable salary in Arkansas is around $39,700, which represents the 25th percentile. This means that salaries below this amount are generally considered outliers in the state. The 75th percentile sits at approximately $57,500 - meaning 75% of salaries in Arkansas fall below this benchmark.
When determining what constitutes a "comfortable salary" in Arkansas, it's important to take into account the relatively low cost of living compared to national averages. For example, housing costs in Little Rock are nearly 25% below the national median. This means that salaries tend to stretch further when it comes to covering basic needs.
That said, Arkansas ranks low for average wages nationally. So while the state's affordable cost of living helps offset lower salaries to some degree, pay rates for many professional roles still tend to lag behind other parts of the country.
Some key factors impacting comfortable salaries in Arkansas include:
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Industry - Salaries can vary significantly across different industries. Sectors like technology, engineering, and healthcare tend to pay higher wages.
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Experience Level - More experienced professionals tend to earn higher salaries. For example, the average salary for a financial manager with 5-9 years of experience is $96,907 in Arkansas.
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Location - The highest wages tend to be concentrated in Northwest Arkansas and Little Rock metro regions. Salaries tend to be lower in rural areas.
So while Arkansas' low cost of living allows salaries to go further, pay rates across many roles are still below national levels. Understanding these dynamics is key for professionals evaluating job offers and determining a target income that aligns with their budget and lifestyle needs.
What is the highest paying job in Arkansas?
The highest paying jobs in Arkansas based on average salary are:
- Internists, General - $266,980
- Surgeons - $260,950
- Orthodontists - $259,010
- Obstetricians & Gynecologists - $244,290
These medical specialties top the list for the state's highest average salaries. However, high earnings potential also exists in other fields like finance and technology.
For example, Chief Financial Officers in Arkansas can earn $208,460 on average. Finance Managers make around $137,750 annually. Even early career financial analysts start at $59,000 in base salary.
The finance field presents strong wage growth opportunities in Arkansas:
- Bank finance salaries range from $35k entry-level to $150k for executives
- Senior finance salaries exceed $100k with 5-10 years experience
- Business finance salaries average $85k but some directors earn over $200k
So while medical careers may have the absolute highest salaries, finance still offers attractive pay in Arkansas. Professionals can realize above-average wages compared to national levels because of lower cost of living.
Arkansas' economy continues expanding too, especially in Fayetteville and Little Rock. This fuels demand for financial talent. Companies need skilled finance managers and analysts to guide fiscal decisions.
In summary, medical specialists top Arkansas income charts but other industries also pay well. Finance stands out for high salaries and abundant jobs across the state. Professionals earn elevated wages thanks to rising business growth and low living expenses.
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Compensation Overview: Finance Salaries in Arkansas
Finance professionals in Arkansas can expect competitive salaries, with pay levels largely in line with national averages. Cost of living is approximately 15% below the national average, allowing salaries to stretch further.
Entry-Level Financial Analyst Salaries in Arkansas
Entry-level financial analysts in Arkansas earn average starting salaries of $45,000 to $55,000. Candidates generally need a bachelor's degree in finance, accounting, economics or a related field. Obtaining an MBA can boost pay. Desired skills include financial modeling, data analysis, accounting, and written/verbal communication abilities.
Mid-Level Finance Manager Compensation in Arkansas
The average salary for a Finance Manager in Arkansas is $85,000, with a range of $75,000 to $108,000 depending on company size and industry. Senior Accountants average approximately $65,000. Credit Analysts fall in the range of $50,000 to $75,000. 5-10 years experience is typical for mid-career roles.
Senior Finance Salaries: From Director of Finance to Chief Financial Officer
Director of Finance positions pay between $120,000 to $190,000 on average. Vice Presidents of Finance average $150,000 to $215,000. At the executive level, Chief Financial Officers earn $180,000 to $250,000. Candidates should have 10+ years experience and leadership/strategy skills.
Pay Equity and Benefits in Arkansas's Finance Sector
Salaries tend to be equitable across genders and ethnicities for comparable roles, experience levels and company types. Benefits often include health/dental insurance, 401(k) matching, profit sharing, performance bonuses, professional development stipends and generous vacation time.
Cost of Living Adjustments for Arkansas Finance Roles
Arkansas has one of the lowest costs of living in the U.S., with housing, goods/services and taxes well below national averages. As such, salaries do not require major COL adjustments. Some localized differences exist between urban and rural areas.
Career Pathways: Financial Roles and Salaries Across the Board
This section explores the salary progression and career pathways available to finance professionals in Arkansas.
Assistant Finance Manager to Senior Manager Finance Operation
The career trajectory for finance professionals in Arkansas typically starts with an entry-level role like Assistant Finance Manager. In this role, professionals can expect an average salary of around $45,000.
After 3-5 years of experience, finance professionals may progress to a Finance Manager role with an average salary of $65,000. At the Finance Manager level, responsibilities include overseeing the accounting department, managing a team, and reporting key metrics to executives.
With 8-10 years of experience, top performers can reach the Senior Manager Finance Operations role. This advanced position commands an average salary of $95,000 in Arkansas. Senior Managers take on higher-level duties such as financial planning, budget management, and leading multiple teams.
The career pathway exemplifies the strong salary growth and advancement opportunities available in Arkansas's finance sector. Professionals can more than double their salaries over a decade while taking on greater leadership responsibilities.
Investment-Analyst Salaries and Growth Prospects
The average salary for Investment Analysts in Arkansas is $68,000. With strong financial modeling and data analysis skills, professionals can expect to earn 10-15% higher salaries in this role.
With 3-5 years of experience, Investment Analysts may progress to a Senior Investment Analyst position with an average pay of $88,000. They take on more complex tasks like securities analysis, portfolio optimization, and risk management.
After 5+ years of success, professionals can reach the Vice President of Investments role with an average salary package of $120,000. This apex role involves overseeing a team of analysts, managing key client relationships, and spearheading investment strategies.
The field offers strong earning potential for skilled finance professionals in Arkansas. With expertise in financial analysis software and modeling, salaries can rise quickly in investment-focused roles.
Corporate Finance Salaries and Fiscal Management
Corporate Finance is a broad function encompassing cash flow analysis, capital budgeting, financial reporting, and more. Salaries vary based on the specific role and level of experience.
For example, a Financial Analyst in Arkansas earns approximately $60,000 on average. With 5 years of experience analyzing profitability, planning budgets, and spotting market trends, an analyst can earn up to $90,000.
More senior positions like Finance Director have an average salary of $140,000 in Arkansas. These corporate leaders oversee fiscal management initiatives, ensure financial health, and advise executives on strategy.
Strong fiscal management skills are imperative for career advancement and salary growth in Arkansas's corporate finance sector. Professionals should continually enhance their expertise in financial reporting, variance analysis, forecasting, and data-driven decision making.
Bank Finance Salaries and Financial Analysis Software Proficiency
Professionals working in bank finance earn competitive salaries in Arkansas. For example, the average is $55,000 for a Credit Analyst, $75,000 for a Finance Manager, and $95,000 for a Vice President of Finance.
Banks also highly value expertise in financial analysis software like Tableau, Power BI, and Oracle Hyperion. Job seekers proficient in this type of technology can expect to earn 10-20% higher salaries.
Ongoing specialization in bank-specific financial analysis is key for career growth. Professionals can significantly boost salaries by mastering skills like credit risk modeling, portfolio valuation, and capital optimization techniques.
With diligent skills development focused on banking, finance professionals in Arkansas can advance to high-paying leadership roles like Chief Financial Officer. This executive position has an average salary of $225,000 at mid-size and large banks in the state.
Skillsets and Qualifications: Investing in Your Financial Career
Financial management roles in Arkansas require specialized expertise and credentials to be competitive candidates. Understanding key competencies and pursuing advanced certifications can position job seekers for success.
Financial Management Competencies in Arkansas
Core skills for financial professionals in Arkansas include:
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Financial modeling and analysis: Building models in Excel to forecast performance, analyze data, and provide insights to guide decisions.
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Accounting principles: In-depth knowledge of GAAP, financial reporting, budgeting, and other fundamentals.
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Communication and presentation: Conveying complex financial information clearly to executives and stakeholders.
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Regulatory compliance: Staying updated on legal and regulatory changes impacting operations.
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Critical thinking: Assessing quantitative and qualitative factors to provide recommendations.
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Technology/software proficiency: Leveraging latest tools to automate processes and improve analysis.
Certifications and Advanced Degrees: Boosting Business Finance Salaries
Pursuing credentials like a CPA, CFA, or master's degree can enhance competitiveness and earning potential for finance professionals including:
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Certified Public Accountant (CPA): Considered the gold standard for accounting roles. Rigorous exam requires deep technical expertise.
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Chartered Financial Analyst (CFA): Prestigious credential signaling expertise in investment management and financial analysis.
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Master's in Finance/Accounting: Provides advanced training in financial strategy, data analytics, modeling, and leadership.
The Role of Accounting Software in Finance Careers
Proficiency with accounting systems like QuickBooks, Sage, Oracle Netsuite, and other platforms is increasingly valued by Arkansas finance employers. Software skills allow financial professionals to:
- Streamline processes through automation and integration
- Enhance reporting, planning, and data-driven decision making
- Ensure regulatory compliance and financial controls
- Adopt best practices for security, accuracy, and transparency
Pursuing training in leading accounting software can boost marketability for financial and accounting roles in Arkansas.
Navigating Arkansas's Finance Employment Landscape
Arkansas offers a growing landscape of finance job opportunities across various sectors. Major employers include large banks, insurance providers, manufacturing and retail corporations, as well as accounting and consulting firms.
Banking and Financial Services Firms in Arkansas
Several major banks operate corporate offices and branches statewide, providing finance roles such as:
- Financial analysts
- Credit analysts
- Loan officers
- Finance managers
Top firms include Bank of America, Regions Bank, Arvest Bank, and Simmons Bank. Many national insurers also have regional hubs in Little Rock and Northwest Arkansas.
Corporate Finance Opportunities in Arkansas's Leading Companies
Major Arkansas employers like Tyson Foods, Walmart, J.B. Hunt Transport, and Dillard's have corporate finance needs spanning:
- Financial reporting
- Budgeting and forecasting
- Investor relations
- Audit and tax compliance
These firms seek talent in roles like financial analysts, accounting managers, controllers, and CFOs. Growth opportunities exist as companies expand operations.
Accounting Firms and Financial Consultancies in The Natural State
Many accounting services firms and consultancies have local offices supporting tax, audit, and advisory services for Arkansas businesses. Top regional firms include Frost PLLC, BKD CPAs & Advisors, and Russell Brown CPAs. National firms like Deloitte, KPMG and PwC also maintain Little Rock locations. These firms offer roles such as:
- Staff and senior accountants
- Tax accountants
- External auditors
- Business advisory consultants
The accounting sector presents a steady stream of new openings to support local business growth.
Compensation Planning and Financial Growth in Arkansas
Financial professionals in Arkansas have opportunities to grow their careers and compensation. By negotiating salaries and benefits, understanding cost of living impacts, and planning for long-term success, finance workers can maximize their earnings potential.
Negotiating Salaries and Benefits in Arkansas's Finance Sector
When interviewing for finance roles in Arkansas, research typical salary ranges and know your worth. With finance experience especially in demand, you have leverage to negotiate. Consider these tips:
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Research salaries for your role and experience level on sites like Glassdoor and Payscale. Understand what's competitive in the local market.
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Factor in cost of living differences between regions. A $75k salary goes further in Little Rock than San Francisco.
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Highlight your specialized skills and achievements. Quantify your contributions to justify a higher salary.
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Negotiate beyond just base pay. Seek performance bonuses, retirement contributions, extra vacation days, and work from home flexibility.
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Time negotiations appropriately, ideally after receiving an offer. Be polite and positive, but firm. Follow up negotiations in writing.
Cost of Living Considerations in Compensation Planning
Arkansas has one of the lowest costs of living in the nation, about 10% below average. This allows finance salaries to stretch further:
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Housing costs about 25% less than the typical US city, freeing up more take-home pay.
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Groceries, utilities, and other essentials cost under national averages as well.
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Little Rock, Fayetteville, and other major metros offer urban amenities at small town prices.
Factor in these savings when negotiating pay. A $70k salary in Arkansas equals $93k in Chicago accounting for costs. Understand your real purchasing power.
Long-Term Financial Management for Finance Careers
Finance professionals should take a long-term view towards financial planning and career growth. Consider these tips:
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Build an emergency fund covering 6 months of expenses to weather career transitions.
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Contribute enough to retirement plans to earn employer matches. This instantly doubles your money.
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Gain expertise in high-value skills like analytics, forecasting, and emerging accounting software. This boosts promotion potential.
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Continue learning. Consider an MBA or CPA to unlock senior roles. Some employers offer tuition assistance.
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Expand networks by joining Arkansas finance associations. This leads to new job opportunities.
With careful planning, Arkansas's low costs and growing industries offer finance professionals avenues to maximize earnings over a career.
Outlook and Conclusion: Financial Futures in Arkansas
Projected Financial Services Industry Growth in Arkansas
The financial services industry in Arkansas is projected to see steady growth over the next 5-10 years. Key areas of expansion include:
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Banking and investment services, driven by population and business growth in major metros like Little Rock and Fayetteville. This will create increased demand for roles like financial analysts, accountants, and finance managers.
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Insurance services, especially in health, life, and property insurance. As more people move to Arkansas, the need for insurance products is expected to rise accordingly.
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Fintech services, as Arkansas works to attract more tech talent and entrepreneurship. New fintech companies focusing on payments, investing apps, blockchain, and more could emerge.
Overall, finance career opportunities look promising for those looking to enter or advance in Arkansas' financial sector over the coming decade.
Emphasizing Pay Equity and Career Advancement
As finance sectors grow, it will be important for Arkansas companies to prioritize fair, equitable pay and provide clear paths for career advancement to attract and retain top talent. Some recommendations include:
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Conducting regular pay equity analyses to ensure compensation is fair across roles, levels, and demographics.
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Offering competitive pay benchmarked to wider US averages for financial services roles.
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Providing frequent performance reviews and setting clear expectations for promotions to motivate staff.
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Investing in continued skills training and development programs.
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Highlighting community service initiatives to showcase social responsibility.
Taking these steps can help position Arkansas as an employer of choice for finance talent focused on personal growth and fair pay.
Final Reflections on Financial Gains in The Natural State
In summary, Arkansas provides a robust environment for finance professionals looking for a lower cost of living without sacrificing career opportunities or earning potential. The natural beauty, warm communities, and steady industry growth make it appealing on multiple fronts. While pay equity and advancement prospects should remain priorities for employers, the future looks bright for finance careers in the Natural State.
