Finding fulfilling and financially stable work can be challenging. Most would agree that understanding potential career paths and their earning potential provides helpful guidance.
When it comes to finance careers in Hawaii, there are lucrative opportunities across sectors, companies, and islands. By exploring key jobs, salary ranges, and factors impacting pay, you can make informed decisions.
In this post, we will analyze finance salaries in Hawaii - from entry-level wages to executive compensation. You'll discover average incomes per role, top paying sectors, impact of regulations and certifications, regional variations between islands, and future outlooks. With these insights, you can chart your career in Hawaii's financial industry successfully.
Introduction to Finance Salaries in Hawaii
Understanding the Financial Landscape and Compensation Packages in Hawaii
The financial services industry in Hawaii employs over 15,000 professionals across banking, investments, insurance, and other sectors. Compensation packages often include base salary plus performance incentives or bonuses tied to metrics like client assets under management, loan origination targets, or insurance policies sold. Additional components can include profit sharing, stock options, 401k matching, healthcare, paid time off, professional development budgets, and more.
With Hawaii's high cost of living, salaries tend to exceed national averages, especially in Honolulu. The Financial Industry Regulatory Authority (FINRA) reports the average salary for financial advisors in Hawaii is $123,030 versus $111,340 nationwide.
The Role of Cost of Living in Honolulu on Finance Salaries
As the most populated Hawaiian island, Oahu has the greatest concentration of financial services jobs, primarily in the capital Honolulu. With Honolulu's cost of living 43% higher than the national average, salaries are elevated to match.
For example, an entry level financial analyst role in Honolulu may pay $55,000 annually versus $45,000 in a mainland market. More senior finance managers can expect to earn 15-20% above national benchmarks.
Understanding Honolulu's higher costs for housing, goods, and services allows finance professionals to calibrate salary expectations.
Island Investments and Income: A Snapshot of Hawaii's Financial Sector
While not a primary industry, Hawaii still maintains opportunities in banking, investments, insurance, accounting, budget analysis, and more. Much finance activity supports tourism, real estate, healthcare, and construction - pillars of the islands' economy.
With wealthy enclaves, Hawaii also attracts financial advisors catering to high net worth individuals. Top performers can earn over $300,000 managing money and investments for elite clientele.
Entry Level Finance Salaries: Starting Your Career in Hawaii
For recent graduates, entry level finance salaries in Hawaii generally range from $40,000 to $60,000 depending on role, firm, credentials, and prior internships.
With connections to Asia, candidates fluent in Japanese or Chinese may unlock additional opportunities. Experience using GAAP and SOX compliance is also valued.
Starting salaries allow most young professionals to afford living costs in Hawaii and gain a foothold in their finance career.
What is a good salary in Hawaii?
To live comfortably in Hawaii, experts often recommend an annual income between $70,000 to $100,000 for a single person, or $120,000 to $200,000 for a family. This is due to Hawaii's notoriously high cost of living, driven by factors such as:
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Housing Costs: Hawaii has limited land available for development, making property scarce and driving real estate prices higher. The median home price in Hawaii is over $800,000.
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Groceries: Food prices in Hawaii can be 30-60% higher than the mainland US due to import costs. Items have to be shipped long distances.
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Utilities: Electricity rates in Hawaii are 3 times the national average due to dependency on imported petroleum and oils.
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Transportation: Hawaii's islands are rural and remote. Residents must own cars, pay gas taxes, and high auto insurance rates.
To compensate for the high COL, some key industries in Hawaii pay higher salaries compared to national averages:
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Tourism: Hawaii's top industry. Positions like hotel and resort managers earn a median salary of $98,000 in Hawaii compared to $70,000 nationally.
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Healthcare: In demand due to an aging population. Registered nurses earn a median salary of $104,000 in Hawaii versus $75,000 nationally.
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Finance: Bank branch managers earn a median salary of $132,000 in Hawaii compared to $116,000 nationally.
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Technology: Software developers earn a median salary of $93,000 in Hawaii compared to $110,000 nationally.
In summary, to maintain a comfortable standard of living in Hawaii, target an annual salary between $70-$200k based on your household size. Key industries tend to pay 10-30% higher salaries compared to national rates to offset Hawaii's steep cost of living.
What is the highest paying job in Hawaii?
According to the Bureau of Labor Statistics, the highest paying job in Hawaii is dermatologist, with an average annual salary of $366,600. This is significantly higher than Hawaii's overall average annual wage of $59,760.
There are a few key reasons why dermatologists command such high compensation in Hawaii:
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Specialized skills and training: Becoming a dermatologist requires an enormous amount of training, including 4 years of medical school and 3-4 years of residency. This specialized expertise allows dermatologists to diagnose and treat a wide range of skin conditions.
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High demand: Hawaii has nearly double the national average of skin cancer rates. With intense sun exposure and an older population, there is very high demand for qualified dermatologists in the state.
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Limited supply: There are fewer than 150 licensed dermatologists actively practicing in Hawaii today. This supply/demand imbalance enables those who do practice in Hawaii to charge higher rates.
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High cost of living: According to the Council for Community and Economic Research, Honolulu has the 5th highest cost of living in the US. Higher salaries help offset the steep costs of living in Hawaii.
While the road is long, those willing to invest the time to become dermatologists are richly rewarded in Hawaii. Of course, physicians in other specialties like orthopedics, plastic surgery, and cardiology also earn well above the state’s average. But none approach the earning potential of Hawaii’s dermatologists.
How much does a financial analyst make at Bank of Hawaii?
According to publicly available data, the estimated total annual compensation for a Financial Analyst at Bank of Hawaii is approximately $94,513. This median pay estimate is based on self-reported salary information collected from Bank of Hawaii employees and users.
The estimated base salary for a Financial Analyst role at Bank of Hawaii is $82,788 per year. With additional compensation such as bonuses, profit-sharing, and commissions, the total pay can reach $94,513 annually.
Some key details on Financial Analyst salary information for Bank of Hawaii:
- Entry-level Analysts may start between $55,000 - $75,000 in base salary
- Mid-career Analysts with 5-10 years of experience average around $90,000 - $110,000 in total pay
- Late-career Analysts can earn $120,000+ in total compensation
As a comparison, the average Financial Analyst salary in Hawaii is $83,023 according to the U.S. Bureau of Labor Statistics. So Bank of Hawaii appears to pay competitively for this role.
Other factors that can impact an Analyst's pay at Bank of Hawaii include:
- Education level and relevant certifications
- Specific experience in banking, investments, budget analysis
- Performance ratings and tenure at the bank
Overall, a Financial Analyst position at Bank of Hawaii offers the potential to earn an attractive salary and compensation package on par with industry averages across the state. The role provides opportunities to grow pay and responsibilities over time through expanded skills and expertise.
What is the average starting salary of a business major in Hawaii?
The average starting salary for a business major in Hawaii ranges from $49,400 to $86,800, with top earners making around $107,012 per year according to recent data.
Here is a breakdown of typical business major salaries in Hawaii:
- Entry Level (25th percentile): $49,400
- Median Salary (50th percentile): $68,100
- Experienced (75th percentile): $86,800
- Top Earners (90th percentile): $107,012
Salaries can vary based on factors like:
- Specific role (marketing, finance, HR, etc.)
- Industry (technology, healthcare, tourism, etc.)
- Company size and type (startups vs established)
- Location in Hawaii (Honolulu vs neighbor islands)
- Years of experience
The cost of living is relatively high in Hawaii, especially in Honolulu. So while salaries may seem high, expenses like housing, food, and utilities can significantly impact take-home pay.
Many local Hawaii companies structure compensation packages with cost of living adjustments to help offset these expenses for employees. Top talent from the mainland may also negotiate relocation stipends and assistance as part of job offers.
Overall the median salary of $68,100 provides a reasonable standard of living in Hawaii. But earning at the higher percentiles allows greater flexibility and comfort when accounting for the state's high prices.
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Key Finance Jobs and Salary Ranges in Hawaii
Hawaii offers attractive salaries across a range of finance roles. The high cost of living on the islands means compensation is adjusted upwards. We'll analyze the key jobs and salary ranges.
Senior Finance Salaries: The Earnings of Top Executives
Senior finance executives in Hawaii can earn $200,000 or more in total compensation. According to salary data, Chief Financial Officers (CFOs) earn an average of $210,000. Vice presidents of finance average around $195,000. Directors take home $180,000 typically.
With bonuses and stock options added in, senior leaders can make over $300,000 at the largest corporations in Hawaii. Financial services and banking offer some of the top paying executive finance roles.
Financial Analysts and Finance Managers: A Comparative Analysis
Financial analysts in Hawaii have average base salaries around $68,000. With 5+ years of experience, analyst salaries rise to $85,000 typically.
Finance managers earn more with average pay of $102,000 in Hawaii. They take on more responsibilities than analysts for budgeting, reporting, forecasting and team leadership.
The increased earnings for finance managers comes with longer hours and more workplace pressures. However, managers have greater upward mobility to advance to director and executive level roles.
The Highest Finance Salaries: Roles and Sectors Leading the Way
The highest paying finance jobs in Hawaii are in investment banking and hedge funds. Investment banking VPs can earn over $250,000. Fund managers at top firms take home $300,000 or more.
Within corporate finance, FP&A directors and treasury VPs at large enterprises earn between $200-250,000 in total comp. Sales finance directors at tech firms also reach this top pay range.
The sectors offering the highest finance pay in Hawaii are banking/financial services, tech, and tourism/hospitality due to the revenues they generate.
Finance Salaries Per Month: Breaking Down Monthly Earnings
We can estimate monthly earnings for finance professionals by taking annual salaries and dividing by 12 months.
For example, a financial analyst earning $68,000 would make around $5,667 per month. A finance manager making $102,000 averages $8,500 monthly.
At executive levels, a Chief Financial Officer making $210,000 earns approximately $17,500 per month.
Understanding monthly take home pay allows finance professionals to effectively budget within Hawaii's high cost of living.
Factors Impacting Finance Salaries in Hawaii
Finance salaries in Hawaii can vary significantly depending on factors like industry, experience, certifications, and geographic location.
The Impact of the Financial Industry Regulatory Authority (FINRA) on Salaries
The Financial Industry Regulatory Authority (FINRA) sets standards and regulations for financial advisors, analysts, and firms. Adhering to FINRA requirements can increase administrative workloads, so firms may offer higher base salaries to compensate. Firms may also reward FINRA registrations and continuing education with bonuses or raises.
Certifications and Pay Equity: CFA, CPA, and Beyond
Professional certifications like the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations typically correspond with higher salaries. According to PayScale data, CPAs earn median salaries of $97,000 in Honolulu. Specialized financial certifications can also enable professionals to qualify for senior or management roles with higher earning potential.
Compensation Analysis: How Experience and Education Weigh In
General work experience strongly correlates with higher finance wages. However, specialized experience in niches like wealth management and investment banking is particularly well-compensated in Hawaii. Firms also tend to offer higher salaries for advanced educational credentials like MBAs from prestigious institutions.
Wealth Management and Investment Banking: A Look at Lucrative Niches
Wealth managers and investment bankers are among the highest earners in Hawaii's finance scene. Top wealth managers can make over $250,000, while investment bankers average around $115,000. The high income potential makes these competitive fields desirable for experienced financial professionals.
Regional Variations Across the Hawaiian Islands
While most finance jobs are concentrated on Oahu, we'll examine pay and job availability on the Neighbor Islands and how they compare.
Island by Island: Comparing Finance Salaries Across the Hawaiian Islands
There are notable differences in finance salaries and cost of living between the main Hawaiian Islands. Here is an overview:
- Oahu - As the most populous island, Oahu offers the widest range and highest number of finance jobs. However, the cost of living in Honolulu is 36% higher than the national average.
- Maui - Professional salaries on Maui tend to be 15-20% lower than Oahu, but the cost of living is also lower. The finance job market is smaller but steady.
- Kauai - Finance salaries on Kauai can be 10-15% lower than Maui, owing to its more rural economy. Cost of living is cheaper but job options are fewer.
- Hawaii Island - Hawaii Island has the lowest salaries, about 20% below Maui. Very few specialized finance roles exist, but cost of living other than housing is affordable.
So while higher pay comes with higher costs on Oahu, the other islands offer a more relaxed lifestyle at a lower price point.
The Demand for Financial Planners and Advisors in Rural Hawaii
There is growing demand for financial planners and advisors on the rural islands of Hawaii. With an influx of retirees and remote workers, Neighbor Islands are seeing increasing need for expertise in:
- Retirement planning
- Investment portfolio allocation
- Tax optimization
- Estate planning
However, the job market is still relatively small. Most local financial advisory firms are boutique in size. Competition is high for open positions. Candidates willing to take lower base salaries can realize substantial bonuses from commission-based compensation. Overall, financial advisory careers remain viable across Hawaii but highest potential still lies on Oahu.
Corporate Finance and Financial Analysis: Opportunities Beyond Honolulu
Corporate finance and financial analysis roles do exist outside of Oahu but are largely limited to hotels, healthcare providers, utilities, and county governments on the Neighbor Islands. Openings don't occur frequently but possible positions include:
- Financial analysts supporting corporate strategy and budgeting
- FP&A analysts for cost and operations analysis
- Accounting managers overseeing systems and reporting
Salaries can be 20-30% lower than comparable Honolulu corporate finance jobs. However, many find the trade-off acceptable given Hawaii's tropical lifestyle and lower cost of living.
Budget Analysts and Financial Representatives: Island Income Insights
With growing county budgets from rising populations and tourism, demand exists for qualified budget analysts across Hawaii's islands. However, due to lower salaries compared to Honolulu, securing and retaining talent remains an issue, especially on Hawaii Island.
The situation differs when looking at financial representative roles in rural island branches of larger financial institutions. Base pay meets statewide industry standards but lower costs of living increase job appeal. Additionally, many earn substantial bonuses through commission-based pay in serving the islands' high-net-worth residents.
Future Outlook for Finance Jobs in Hawaii
Emerging Trends in the Financial Services Sector
The financial services sector in Hawaii is evolving to meet the changing needs of local businesses and residents. Key trends include:
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Growth in financial technology (fintech) companies offering mobile payment solutions, peer-to-peer lending platforms, robo-advisors, and other innovations. This is creating demand for tech-savvy financial professionals.
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Increasing wealth and assets among high net worth individuals in Hawaii, driving demand for wealth management advisors and private bankers catering to VIP clients.
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Rising focus on sustainable finance and investments aligned with environmental, social, and governance (ESG) goals. Financial firms are seeking experts to help clients navigate this space.
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Continued need for compliance and risk management roles to ensure financial institutions adhere to evolving regulations and best practices.
As the sector transforms, skilled finance professionals who stay updated on the latest developments will be well-poised for career success.
Financial Management Association International: Guiding Career Paths
The Financial Management Association International (FMA) has a growing Hawaii chapter focused on advancing the finance profession. They offer:
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Networking events connecting local finance talent with industry leaders. These are excellent opportunities to learn about open positions.
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Educational resources like webinars and publications to help members skill up on the newest methods and competencies needed in Hawaii's job market.
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Certification programs such as the Certified Financial Manager (CFM) credential, which signals expertise to employers.
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Career guidance through mentorships and coaching on navigating Hawaii's unique financial sector.
Leveraging FMA's offerings can give an edge to finance professionals seeking to boost their salaries and reach senior roles in Hawaii.
The Role of Education and Continuous Learning in Finance Careers
Ongoing learning is key for climbing the career ladder and boosting salaries in Hawaii's finance field, with a few top options:
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MBA programs offer management skills tailored to finance executives overseeing teams and key business functions.
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Technical certifications like the Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA) validate specialized expertise.
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Conferences and seminars offer cutting edge insights from the world's leading finance experts that translate to local applications.
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Online courses through providers like Udemy allow professionals to learn in-demand skills like Python programming and data analytics on a flexible timeline.
Finance pros who continually update their knowledge will have their pick of the highest paying jobs Hawaii has to offer.
Anticipating Changes in the Hawaiian Economic Climate and Finance Salaries
Economic shifts in Hawaii's job market, tourism sector, real estate, and other industries will impact hiring demand and compensation for finance roles. Professionals should stay updated on:
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Industry growth rates to identify expanding sectors with talent needs.
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Labor market reports tracking finance salary trends and benchmarks.
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Hiring demand for specific financial specialties based on business priorities.
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Cost of living adjustments to salaries as prices fluctuate.
Proactively positioning yourself based on economic insights will allow navigation towards the most promising and highest paying finance jobs.
Conclusion and Key Takeaways on Finance Salaries in Hawaii
In closing, we'll summarize the key points on compensation and careers for finance professionals in Hawaii, including highest-paying roles, sector variations, cost of living impacts, and future outlook.
Recap of Finance Salaries and Income Trends in Hawaii
- The average salary for a financial analyst in Hawaii is $68,730 per year. Senior and specialized roles can earn over $100,000 annually.
- Salaries in Honolulu tend to be 10-15% higher than neighbor island locations like Maui and Kona.
- Finance salaries in Hawaii lag behind major mainland metro areas, but the lower cost of living helps offset this.
- Income potential is highest in wealth management, investment banking, and corporate finance roles. Entry-level salaries range from $45,000 to $55,000.
Final Thoughts on Island Investments and Navigating the Financial Job Market
The Hawaiian islands offer a unique backdrop for finance careers, with a heavier focus on hospitality, tourism, and small business industries. However, the market is expanding quickly. Joining professional associations like FINRA or AICPA can help build connections.
Projected Salary Growth and Advancement Opportunities
With economic recovery underway, salaries for financial analysts and managers in Hawaii are projected to rise over 5% by 2024. Ongoing development in Honolulu and neighbor islands will continue creating new opportunities.
Navigating the Financial Industry in Hawaii: Strategies for Success
- Gain expertise in niche island industries like agriculture, renewable energy, and real estate to stand out.
- Be open to relocation between islands for advancement.
- Emphasize cultural alignment and collaboration skills during hiring.
- Continue education through online courses or professional conferences.
Focusing on specialty skills while embracing Hawaii's unique culture and values can lead to rewarding, well-compensated careers in island finance.
