Finding accurate data on finance salaries in Iowa can be challenging for professionals navigating the job market.
This comprehensive guide promises finance professionals, recruiters, and hiring managers deep insights on compensation trends across banking, insurance, agribusiness, and more in the Corn Belt state.
You'll see precise salary ranges for roles like Directors of Finance, Financial Analysts, Accountants, and Underwriters, along with factors impacting pay such as location, experience level, and industry.
Navigating the Landscape of Finance Salaries in Iowa
The finance industry in Iowa benefits from the state's position in the productive Corn Belt region. Major companies in agriculture, manufacturing, insurance, and finance take advantage of Iowa's central location, skilled workforce, and business-friendly policies. This drives demand for financial professionals across sectors.
At the same time, Iowa struggles with brain drain, as many college graduates leave for larger metropolitan areas on the coasts. This paradoxically creates ample opportunities in finance, even as overall population growth lags. Companies compete for top talent by offering competitive compensation and advancement potential.
Understanding these dynamics is key for finance professionals considering roles in Iowa or employers looking to attract talent. Reviewing average salaries for common positions provides helpful benchmarking.
For example, the average salary for a Finance Director in Des Moines is $136,000. Directors at agricultural equipment manufacturers or insurance firms may earn closer to $150,000 with profit-sharing. Accounting Assistants average $41,000, while senior underwriters often see $90,000 or more.
Of course, compensation depends heavily on location, experience, education, and specific skills. But overall, Iowa finance salaries reflect the state's business health and growth potential, combining midwestern affordability with the resources of a dynamic commercial hub.
How much does a director of finance make in Iowa?
The salary range for a Finance Director in Iowa can vary depending on location, industry, experience level, and other factors. However, here is a breakdown of typical finance director salaries across the state:
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In Des Moines, the average salary for a Finance Director is $144,500 per year. As the capital and largest city in Iowa, salaries tend to be higher here.
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In Cedar Rapids, Davenport, and Waterloo, finance director salaries average between $120,000 - $135,000 per year. These mid-sized metro areas offer strong compensation but below Des Moines levels.
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In smaller cities like Dubuque, Council Bluffs, Ames, and Sioux City, finance directors earn approximately $100,000 - $115,000 on average. Competition for talent is lower, so salaries are reduced.
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Across rural Iowa, finance director salaries range from $75,000 - $95,000 per year depending on the size of the company. There is high variance based on industry, experience, and specific location.
Some factors that can influence higher or lower pay across Iowa include:
- Years of experience in finance and accounting roles
- Level of education and finance/accounting certifications
- Specific skills like financial modeling, data analysis, budget management
- Company size, industry, revenue levels
- Cost of living differences between Iowa metros and rural areas
In summary, Des Moines offers the highest finance director salaries in Iowa, followed by other large metros. Experience, skills, company attributes, and location details can impact exact compensation offers. But overall Iowa finance salaries are strong, especially for senior roles like Finance Director.
Benchmarking Finance Salaries in the Heart of the Corn Belt
Iowa's finance salaries reflect its position in America's agricultural heartland. With a lower cost of living than coastal states, compensation is adjusted accordingly. However, Iowa's central location and business-friendly tax policies make it an attractive destination for corporate operations. As companies flock to the region, demand for skilled finance professionals continues to rise.
Senior Finance Salaries: The Upper Echelon in Iowa
Senior finance roles in Iowa, such as Chief Financial Officer (CFO) and Finance Director, earn competitive salaries:
- A CFO in Des Moines earns an average base salary of $210,000. With bonuses and equity, total compensation can reach $300,000.
- A Director of Finance at an Iowa manufacturing company averages $150,000 in total compensation.
As senior strategic partners, these professionals enjoy generous compensation packages due to extensive experience and specialized expertise. However, salaries still trail behind major coastal cities.
Mid-Level Mastery: Manager, Financial, and Principal Financial Analyst Pay
For mid-career finance professionals, Iowa offers a solid footing:
- A Financial Manager at an Iowa insurance company earns approximately $95,000 on average.
- A Principal Financial Analyst role pays around $75,000 base salary, with additional bonuses.
With business expansion in the region, those that demonstrate analytical and managerial competency in roles like these enjoy favorable career prospects and pay.
Entry-Level Earnings: Accounting Assistant and Accounting Coordinator Compensation
Iowa's business ecosystem also rewards emerging finance talent. Starting salaries for entry-level roles tend to be:
- Accounting Assistants - $35,000
- Accounting Coordinators - $45,000
While compensation trails national averages, Iowa’s low cost of living helps offset this. Entry-level professionals also benefit from gaining experience in Iowa’s thriving, fast-paced companies.
Bank Finance Salaries: Credits and Compensation in Iowa's Financial Institutions
Iowa’s strong agricultural economy is powered by its banking sector. Average earnings include:
- Bank Tellers - $30,000
- Bank Branch Managers - $60,000
The stability of Iowa’s farming sector translates into steady employment for bank professionals servicing this niche. Experience is rewarded with salary bumps for those managing branches and banking teams.
With competitive salaries and low cost of living, Iowa offers a compelling value proposition for finance professionals across all career levels. The state’s central location and business climate also create a springboard for long-term career growth.
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Dissecting the Corn Belt's Influence on Finance Compensation
Exploring how the agricultural backbone of Iowa influences finance salaries and opportunities in the region.
Agribusiness and Finance: A Symbiotic Salary Relationship
Iowa's economy is heavily dependent on agriculture and agribusiness. As the country's top producer of corn and pork, and a major producer of soybeans, eggs, and cattle, Iowa's finance sector supports and enables the state's $32 billion agriculture industry.
Agribusinesses like seed companies, equipment manufacturers, commodity traders, and food processors rely on finance professionals for activities like securing capital, managing cash flows, overseeing investments, and navigating market volatility. In turn, these agribusinesses can offer lucrative career opportunities for finance talent.
According to salary data, finance salaries in Iowa's agribusiness sector tend to exceed national averages. For example, Financial Analysts earn a median salary of $83,000 in Iowa compared to the national median of $78,000. Similarly, Financial Managers in Iowa earn approximately $126,000 annually, higher than the $121,000 national median.
The high demand for specialized finance skills in agriculture and interconnected sectors creates upward pressure on Iowa salaries. The symbiotic relationship between agribusiness and the finance field makes Iowa an attractive destination for finance professionals looking to capitalize on the state's economic engine.
Insurance and Finance: Underwriter Senior and Analyst Roles
Iowa also has a sizable insurance presence, including major companies like Principal, Nationwide, and Wellmark Blue Cross Blue Shield. This industry concentrates high-paying finance jobs in the state.
For instance, Underwriter Seniors in Iowa earn approximately $90,000 annually, higher than the national average of $85,000. These roles assess risk and determine appropriate premiums for policies in various fields like agribusiness, manufacturing, real estate, and more.
Similarly, Financial Analysts in Iowa's insurance sector earn around $95,000 compared to the national median salary of $83,000. Analysts support critical functions like pricing, reserving, financial modeling, forecasting, and helping insurance firms make prudent business decisions.
The concentration of major insurance carriers in Iowa creates increased demand – and compensation – for specialized underwriters, actuaries, and analysts with expertise in risk assessment, data analysis, and insurance operations. This provides a lucrative path for finance professionals in the state.
Regional Variations in Finance Salaries Across Iowa
Finance salaries in Iowa can vary significantly depending on the region. Major metropolitan areas tend to offer higher compensation, while rural areas often pay less. However, cost of living is an important factor to consider as well.
The Des Moines Difference: Finance Salaries in Iowa's Capital
As the largest city in Iowa, Des Moines offers some of the highest salaries for finance professionals in the state. The abundant jobs in insurance, healthcare, finance, and other major industries drive demand for talent.
According to salary data, the average salary for a Finance Director in Des Moines is $97,000. Meanwhile, a Director of Finance makes approximately $112,000 on average. These salaries are 15-20% higher than statewide averages.
The lower cost of living in Des Moines compared to other major metro areas also makes these salaries go further. Professionals can enjoy a higher standard of living without big city expenses.
Cedar Rapids and Beyond: Regional Compensation Comparisons
While Des Moines leads for finance salaries in Iowa, other regions offer competitive compensation as well. For example, Cedar Rapids has a strong job market in manufacturing, healthcare, and insurance.
The average salary for a Principal Financial Analyst in Cedar Rapids is approximately $88,000. This compares favorably to the statewide average of $83,000 for this position.
Meanwhile, an Accounting Assistant in Cedar Rapids earns $36,000 on average. This aligns closely with statewide salary data.
So while Des Moines offers the top salaries in Iowa, professionals can find competitive compensation in other metro areas as well. Considering cost of living differences can provide further insight into regional variation.
The Future of Finance Salaries in Iowa's Corn Belt
Iowa's economy is evolving, with emerging industries bringing new opportunities across the state. However, traditional sectors like agriculture and manufacturing remain vital, especially in the Corn Belt region. As a result, finance professionals have a range of potential career paths and compensation levels to consider.
Emerging Trends: What's Next for Iowa's Finance Compensation?
Several key trends are likely to impact finance salaries in Iowa going forward:
- Growth in healthcare, insurance, information technology, advanced manufacturing, and professional services is driving demand for finance talent. This could push salaries higher in coming years.
- Remote and hybrid work models adopted during the pandemic have opened new flexibility and work-life balance options that may help attract top talent to Iowa companies.
- Automation of repetitive finance tasks could moderate growth for some entry and mid-level roles but increase demand for strategic analytics and decision-making skills in senior positions.
Overall, these trends point to strong continued demand for highly skilled finance professionals. Compensation may need to rise to attract the best talent, especially in emerging industry hubs like Des Moines and Iowa City.
Staying Competitive: How Iowa Finance Professionals Can Maximize Compensation
For finance professionals in Iowa seeking to maximize their earnings potential, focus on building expertise in high-demand domains:
- Data analytics: Develop advanced Excel, SQL, Python, Tableau, and other data skills. Expertise in gathering insights from data is invaluable.
- Technical accounting: Specializations like financial reporting, auditing, taxation, and planning are key strengths in Iowa's business environment.
- Strategic decision support: Forward-looking analysis and modeling to inform executive strategy and planning is vital for advancement.
Beyond skill-building, networking and exploring diverse industry opportunities are key. With various sectors growing at different rates, being open to new roles can provide salary and career growth. Lastly, remote work can expand possibilities beyond Iowa for the right candidates.
The future looks bright for finance professionals that stay competitive through high-demand skills and smart career moves. Iowa provides a stable business climate but requires proactivity to maximize earnings potential.
Conclusion: Summarizing Iowa's Finance Salary Insights
This article has explored finance salaries within Iowa's Corn Belt region. The key findings and takeaways include:
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Finance salaries in Iowa tend to be lower than national averages but there is still decent demand and room for career advancement. The average salary for a Finance Director role is around $97,000.
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Location within Iowa impacts compensation. Urban areas like Des Moines tend to offer higher pay compared to rural parts of the state.
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Industry matters when it comes to finance pay in Iowa. Sectors like insurance and agriculture tend to pay better than others.
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Experience level greatly influences how much finance professionals can earn. Those with 5-10 years under their belt command much higher salaries.
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Certifications like a CPA can boost pay potential for Iowa finance roles by 5-15%. Ongoing learning is key.
In summary, Iowa offers reasonable pay for qualified finance talent albeit generally lower than major coastal cities. Factors like location, sector, experience and credentials impact earning ability. Overall the state presents a stable environment for finance professionals looking for decent work-life balance.
