Finance Salaries and Outlook in Kansas

Finding accurate data on finance salaries in Kansas can be challenging for job seekers.

This comprehensive analysis promises to provide key insights into compensation levels across various financial roles within the Sunflower State.

You'll discover salary ranges for positions like portfolio managers, risk analysts, loan officers, and more. We'll also forecast future salary growth and job prospects to help you navigate the Kansas finance job market.

Introduction to Finance Salaries in Kansas

The financial services industry is a major economic driver in Kansas, employing thousands across the state. This blog post will analyze compensation levels and hiring demand trends for key finance roles to provide valuable insights into the job market.

Exploring the Financial Landscape of the Sunflower State

Kansas has developed into a midwest financial hub, with major employers like Citi, Wells Fargo, and Security Benefit concentrated in Overland Park and other metro regions.
The finance and insurance sector generates over $10 billion in GDP annually for Kansas, with steady growth over the last decade.
As per the U.S. Bureau of Labor Statistics, Kansas employs over 44,000 financial analysts, accountants, auditors, loan officers and other finance professionals statewide.

Aim and Extent of Financial Compensation Analysis

This analysis focuses specifically on benchmarking average salaries for critical finance positions like financial analysts, accountants, portfolio managers, loan officers, etc. based on current job listings across Kansas.
It also highlights hiring demand trends and top employers to provide a comprehensive overview of the state's finance job market.
Geographic emphasis is on major metro regions while coverage extends across junior to senior roles in banking, insurance, investment management and other finance domains.

What is a good salary in Kansas?

The average annual salary in Kansas is $49,810, with top earners in the 75th percentile earning $62,496 per year. This breaks down to average monthly earnings of $4,150 and $5,208 for top earners.

Here is a breakdown of common finance roles and average salaries in Kansas:

Portfolio Manager: $98,230
Risk Analyst: $77,010
Commercial Lending Assistant: $42,060
Financial Analyst: $66,100
Loan Officer: $63,270

Salaries can vary significantly depending on the specific role, level of experience, education, company size and industry. Location within Kansas also impacts salaries, with higher pay generally found in larger metropolitan areas.

Some factors that influence finance salaries in Kansas include:

Cost of living: Areas with higher costs of living tend to have higher salaries to compensate. For example, Overland Park has high salaries but also high home prices.
Industry: Banking and insurance jobs tend to pay higher in Kansas than education or government.
Experience level: More years of relevant experience generally lead to higher pay.
Education: Advanced degrees like MBAs can boost salaries, especially for management roles.
Company size: Larger companies and corporations tend to offer higher compensation than small businesses.

Understanding these factors can help job seekers negotiate better pay and companies develop competitive compensation packages. Monitoring industry trends and projections can also help guide strategic financial planning and forecasting.

Who are the highest paid workers in finance?

According to salary data and job listings, some of the highest paying finance jobs are:

Investment Banker - Works on large, complex financial transactions like IPOs, mergers, or acquisitions. Average salary around $100,000.
Financial Analyst - Analyzes financial data to help organizations or clients make strategic decisions about business, investments, or projects. Average salary around $85,000.
Personal Finance Advisor - Provides clients with advice on how to best meet their long-term financial goals through investments, tax laws, mortgages, insurance policies, retirement planning, etc. Average salary around $90,000.
Financial Manager - Oversees the financial health and growth of an organization. Sets financial strategy and makes high-level investment & funding choices. Average salary around $130,000.
Financial Risk Manager - Assesses, monitors, and mitigates financial risks for an organization. Common in banking, insurance, or asset management. Average salary around $140,000.
Economist - Studies how scarcity is best allocated to meet the needs and demands of businesses, governments, and consumers. Average salary around $105,000.

The highest paying financial services jobs require extensive expertise and experience in complex quantitative analysis, strategic planning, and data-driven decision making. These roles offer high compensation due to the competitive landscape for top talent and outsized business impact.

What is the salary growth in finance?

The finance industry in Kansas has seen steady salary growth in recent years. According to industry surveys, between 2021 and 2022, the average salary increase across all finance positions was 4.4%. Line-level staff like analysts and associates saw the highest average raise at 4.5%.

Prior to 2021, salary increases in the treasury and accounting fields in Kansas were typically below 4% annually. However, tighter labor markets and increased competition for talent have driven salaries up.

Some of the fastest growing finance salaries in Kansas between 2021 and 2022 included:

Financial analysts: 5.2% increase to an average of $68,410
Accountants: 4.8% increase to an average of $62,930
Loan officers: 4.3% increase to an average of $76,380

With strong economic growth projected for Kansas in coming years, finance salaries are expected to continue rising above inflation. Companies will need to offer competitive compensation to attract and retain skilled finance professionals.

Factors driving finance salary growth in the state include:

Low unemployment rate and high demand for finance talent
Rising cost of living, especially in metro regions
Strong performance of key Kansas industries like agriculture and aviation
Increasing number and complexity of financial regulations

To stay updated on the latest finance salary trends in Kansas, be sure to check industry surveys and reports regularly. Comparing your compensation to market rates can help you negotiate better pay during your annual review or when changing jobs.

What is the job outlook for financing?

The job outlook for finance roles in Kansas is quite positive over the next decade. According to the U.S. Bureau of Labor Statistics (BLS), business and finance occupations nationwide are projected to grow 7% from 2022 to 2032, adding over 900,000 new jobs. This is faster than the average rate across all occupations.

Within the finance industry, certain specialized roles are poised for especially strong growth in Kansas. For example, financial examiners are expected to see a growth rate of 30% by 2032 as regulations and compliance requirements expand. Other fast-growing jobs include personal financial advisors (+21%) to serve aging populations, accountants and auditors (+15%) due to increased financial reporting complexity, and budget analysts (+10%) to support data-driven business decisions.

The robust growth projections for finance jobs in Kansas can be attributed to several key factors:

Population growth and business expansion needing financial services
Retiring baby boomers requiring planning for retirement finances
Increasing regulations and compliance complexity demanding finance expertise
Rising importance of data, analytics, and strategic decision support

With double-digit growth rates predicted through 2032, those pursuing or established in finance careers can expect promising opportunities and job security in the Sunflower State. Whether an experienced financial analyst or a new graduate, the forecast remains sunny for financing roles that provide critical support to organizations and Kansas residents.

Dissecting Finance Salaries Across Kansas Roles

This section will break down typical salary ranges for in-demand finance positions in Kansas like portfolio managers, risk analysts, lending assistants, financial analysts, and more.

Compensation for Portfolio Managers in Kansas

Typical salary range for portfolio managers in Kansas is $80,000 to $150,000, with key factors driving compensation being experience level, assets under management, and investment performance. Entry-level portfolio managers tend to start around $80,000, while senior portfolio managers with 10+ years experience managing large portfolios can earn over $150,000.

Risk Analyst Salary Trends

Average salaries for risk analysts range from $60,000 to $90,000 based on qualifications, experience level, and geographical location. Junior risk analysts tend to fall on the lower end, while senior risk analysts at larger firms and banks can earn up to $90,000. Key skills like statistical modeling, risk management systems, and regulatory compliance can drive higher compensation.

Earnings for Commercial Lending Assistants

Commercial lending assistants in Kansas earn approximately $35,000 to $55,000 on average. This role assists commercial loan officers with administrative tasks like preparing documents, gathering financial records, and interfacing with clients. Higher compensation is correlated with years of experience, additional certifications, and specialized expertise.

Loan Officer and Financial Analyst Pay Scales

Loan officers in Kansas earn total compensation ranging from $60,000 for entry-level consumer lending roles up to over $150,000 for commercial lending roles with commission/bonuses. Financial analysts earn median base salaries of $65,000 to $85,000, with senior analysts at larger institutions earning well over $100,000.

Consumer Lender and Appraisal Reviewer Salaries

Consumer lenders in Kansas earn approximately $35,000 to $55,000 on average. Appraisal reviewers earn higher median base salaries of $60,000 to $80,000. Years of lending and appraisal experience drive the upper range, along with expanded job duties and managerial responsibilities.

Financial Forecast and Career Prospects in Kansas

Predicting the Future: Financial Forecast in Kansas

The Kansas economy is projected to see steady growth over the next 5 years. Key industries driving financial sector hiring demand include healthcare, renewable energy, and advanced manufacturing. As these industries expand, we can expect increased hiring for financial analysts, budget analysts, accountants, and other finance professionals to support their growth.

Roles in highest demand are expected to be:

Financial analysts to perform market research, valuation, and data analysis to guide strategic decisions
Accountants and controllers for financial reporting, auditing, and ensuring regulatory compliance
Budget analysts to manage budgets, track expenses, and optimize spending

Median salaries for these roles in Kansas range from $65,000 to $85,000 currently but are likely to increase by 5-7% annually over the next 5 years due to high demand and shortage of specialized talent.

Automation's Influence on Finance Salaries

Routine finance tasks like accounts payable/receivable, financial reporting, and payroll are increasingly being automated with software. This puts downward pressure on salaries for entry-level general accounting roles.

However, specialized finance roles requiring strategic analysis, critical thinking, and subject matter expertise have minimal automation potential and are likely to see strong salary growth. Examples include financial analysts, business analysts, and senior accountants.

Businesses should invest in upskilling employees and preparing the next generation of financial talent to fill critical thinking roles.

Trend Analysis for Financial Roles

The Kansas financial job market is shifting with broader economic changes. Declining industries like oil & gas and agriculture are reducing finance staffing needs. Growing industries like renewable energy, aerospace, and biotech are seeing rising demand for financial talent.

Within companies, responsibilities are shifting from traditional accounting towards analysis and strategy. Salary growth is fastest in roles like financial planning & analysis (FP&A), data analytics, and business partnering.

Technical skills like data visualization, programming, and advanced Excel are increasingly required across finance. Professionals should look to develop these skills to remain competitive.

Quantitative Finance and Its Impact on Salaries

Quantitative finance skills are in high demand in Kansas. Portfolio management, risk analysis, and financial engineering roles leverage math, statistics, and computing to model financial performance. As Kansas' finance sector advances, quants are increasingly valued.

Salaries for specialized quant roles can exceed $150,000 per year for those with advanced technical skills and financial modeling expertise. Quants generally earn 10-30% higher salaries than traditional finance professionals in equivalent roles.

Quants drive innovation in fintech, algorithmic trading, and data analytics. Quantitative skills provide a competitive edge for finance professionals in Kansas today.

The Demand for Strategic Financial Analysts

With traditional reporting tasks being automated, strategic financial analysts are in high demand. These analysts leverage data to provide business insights and guide executive strategy across investments, growth opportunities, and operational improvements.

Kansas' evolving industries require forward-looking financial leadership to navigate changes. Strategic financial analysts earn $85,000 to $125,000 annually as businesses compete for their analytical expertise.

The differentiator for strategic finance pros is the ability to translate complex quantitative and qualitative data into strategic insights. This skillset commands higher salaries plus greater influence on business direction.

Professionals who can combine analytical aptitude, communication ability, and strategic perspective have promising career growth in Kansas' financial sector.

Geographical Salary Variations Within the Sunflower State

Finance salaries and demand can vary greatly between regions in Kansas. This section explores key geographical differences.

Finance Salaries in Metro Kansas City vs. Rural Areas

The Kansas City metro area, which spans parts of both Kansas and Missouri, offers higher salaries for finance professionals compared to rural parts of Kansas. This is due to several factors:

More job opportunities - As the largest metro region in Kansas, the KC area has far more finance and accounting jobs available across industries like banking, insurance, corporate finance, etc. This higher demand drives salaries up.
Larger companies - Major employers like Cerner, Garmin, and Sprint are headquartered in KC, offering high-paying finance jobs.
Higher cost of living - While not as high as coastal cities, the KC region has a higher cost of living than rural Kansas, which translates to higher salaries.

Specific roles like financial analysts, accountants, and loan officers make 10-20% more in the KC metro on average compared to rural western Kansas. However, lower costs of living outside cities can balance lower wages.

Cost of Living Adjustments for Kansas Finance Salaries

Kansas has a relatively low cost of living compared to national averages, but there are still significant regional differences. Major metro areas like Kansas City and Wichita have higher costs than rural parts of the state.

When comparing salary data for finance roles, cost of living indexes should be factored in:

A financial analyst making $60,000 in Wichita has more purchasing power than one making $65,000 in KC based on living costs.
Employers need to adjust salary offers to attract talent from higher cost of living areas. A $75,000 offer might be reasonable for an accountant from Kansas City, but seem excessive to one from rural Kansas.

Understanding these regional differences allows both employers and professionals to make fair cost of living adjustments.

Salary Disparities in Business Valuation and Account Reconciliation

For specialized finance roles like business valuation analysts and account reconciliation specialists, salaries can vary widely between urban and rural areas:

In Wichita, business valuation pros average $85,000 a year, while rural central Kansas salaries are closer to $60,000 for this niche skillset.
Demand for account reconciliation experts is focused in metro regions with more corporate headquarters. Salaries in Overland Park average 20% higher than non-metro regions.
Major employers emphasize experience with analytics tools and compliance standards, which command higher premiums in developed job markets like Kansas City.

Careful benchmarking against local salary norms should guide compensation planning for these specialized roles within finance.

Capital Management Compensation Across the State

While capital management covers a wide range of sub-fields like financial analysis, budget planning, and treasury operations, salaries are consistently higher in metro Kansas:

Corporate finance hubs like Olathe and Lenexa boast average salaries above $120,000 for senior capital managers. More remote parts of the state are closer to $90,000.
Kansas City's concentration of insurance and asset management companies drives increased demand and compensation for capital planning experts.
Specialized skills like mergers & acquisitions (M&A) analysis and quantitative finance command the highest premiums in developed Kansas City and Wichita job markets.

When recruiting capital management leaders, Kansas employers should focus on major metros but be ready to pay a salary premium compared to national averages. Proper benchmarking is key.

Navigating the Kansas Finance Job Market: A Guide

Optimizing Your Resume for Kansas Finance Opportunities

When applying for finance roles in Kansas, it's important to tailor your resume to highlight in-demand skills like financial analysis, budget management, and risk analysis. Specifically, Kansas employers are looking for proficiency in financial analysis software as well as experience with account reconciliation, financial forecasting, capital management, and trend analysis.

To showcase these skills, provide concrete examples of projects where you used financial analysis software or applied quantitative methods. Quantify your impact on the business through metrics like "Reduced expenses by 15% through budget analysis" or "Forecasted sales within 5% accuracy using trend analysis." This data-driven approach will resonate with Kansas hiring managers.

You should also emphasize soft skills like communication, collaboration, and strategic thinking. Adaptability is key for smaller Kansas companies, so highlighting your ability to take on new challenges will make you stand out.

Harnessing Online Job Boards and Financial Analysis Software

Online job sites like Glassdoor, LinkedIn, and Indeed should be your first stop when looking for open finance positions with small and mid-sized Kansas employers. These sites allow you to filter roles by location, company size, salary range, and other specifics.

You can also search directly on companies' career pages. Vetting an organization’s financial health beforehand using analysis software helps target stable, growth-oriented employers. Shortlist companies in thriving Kansas industries like agriculture, aviation, bioscience, and renewable energy.

Proficiency in financial analysis programs like Tableau, Power BI, and Excel is mandatory for most open finance roles. Ensure your skills are up-to-date by pursuing certifications or listing relevant coursework on your resume.

Salary Negotiation and Pay Equity in Kansas Finance

When negotiating salary for a Kansas finance role, benchmark your compensation against industry data from resources like Salary.com, PayScale, and Glassdoor. Location, company size, and role responsibilities impact average pay ranges.

Aim for the 75th percentile or above for your position’s typical compensation in the Wichita metro area. Salaries trend lower in rural communities, so adjust expectations accordingly.

Pay equity is also key. Analyze whether compensation aligns fairly across gender, race, and ethnicity for comparable roles. If discrepancies exist, address them professionally with evidence-based talking points.

The Path to Becoming a Financial Advisor Trainee

The first step to becoming a financial advisor trainee is earning a bachelor’s degree in finance, accounting, economics or a related major. Coursework should cover areas like financial analysis, portfolio management, risk management, and communication.

Next, pass the Series 7 and Series 66 exams to qualify for an entry-level position. Expect an intensive training program covering financial products, market analysis, client relations, and practice management.

The potential career trajectory is:

Financial Advisor Trainee - $45K salary
Associate Financial Advisor - $55K salary
Financial Advisor - $75K salary + commissions
Senior Financial Advisor - $100K+ salary + commissions

With dedication and strong interpersonal abilities, advisor trainees can progress to advanced roles rapidly in the Kansas market. Developing a solid client base is key to increasing earnings over time through commissions.

Conclusion: Synthesizing Finance Salary Insights in Kansas

Summarizing Kansas' Financial Salary Landscape

The analysis of finance salaries in Kansas indicates that there is strong potential for growth in categories like automated financial analysis, specialized lending, portfolio optimization, and risk management. As technology continues to transform the finance industry, professionals with skills in these high-demand areas are likely to see increased compensation.

Additionally, major metropolitan regions like Kansas City and Wichita tend to offer higher salaries compared to rural parts of the state. Job seekers willing to relocate may find more lucrative opportunities.

Final Recommendations for Finance Job Seekers

To maximize their chances of success, finance professionals in Kansas should:

Specialize in a high-growth finance niche like financial analysis software, business valuation, account reconciliation, etc. These skills are in increasing demand.
Be open to relocating to major metro regions where salaries tend to be higher. Consider Kansas City, Wichita, Topeka, and other major cities.
Research and benchmark fair compensation for their role using credible salary data. Use this to negotiate better pay during hiring and raises.
Continuously update technical skills and certifications to remain competitive in a rapidly evolving industry.

Reflecting on Pay Equity and Compensation Planning

As Kansas finance employers plan their compensation budgets, it is crucial they prioritize fair pay equity across roles and demographics. Annual audits help ensure equal pay for equal work regardless of gender, race and other factors.

Transparent compensation frameworks also empower employees to better understand their earning potential and growth opportunities within organizations. A culture focused on openness, ethics and merit-based pay creates a more equitable workplace.

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