Finding accurate data on finance salaries in Maine can be tricky with its unique economy.
This article compiles the latest stats on accountant and finance wages across the state, including key factors impacting future growth.
We'll explore average incomes in Portland, Bangor and Lewiston, see what lobster fishermen and deckhands earn, look at salaries at major local employers like Ridge, and discuss how remote work and other trends may shape pay in the coming years.
Introduction
Maine's economy relies heavily on industries like agriculture, fishing, forestry, and tourism. However, there is growing demand for accounting and finance professionals across various sectors as companies aim to manage finances and pursue growth opportunities.
This article explores accounting and finance salary trends specific to Maine, providing insights into earning potential and hiring outlooks for this field. We'll look at key industries fueling Maine's job market and hiring demand for financial roles. Additionally, we'll break down average wages for positions like staff accountants, controllers, CFOs, and related accounting jobs. Finally, we'll highlight some major Maine employers seeking out accounting talent.
Maine's Economy and Job Market
Maine's top industries by GDP include:
- Manufacturing: $5.8 billion
- Real estate, rental, and leasing: $5.3 billion
- Healthcare and social assistance: $4.5 billion
These sectors, along with construction, retail, and professional/technical services show strong hiring demand for financial talent to oversee finances, ensure compliance, pursue new revenue streams, and enable growth.
Maine's overall job market is projected to see 7.8% growth through 2026 according to the Bureau of Labor Statistics. The accounting and auditing sector specifically is forecast for faster than average growth during this period. Rising demand creates ample opportunities for qualified finance and accounting professionals.
Average Wages for Accountants
According to recent data from the Bureau of Labor Statistics, average annual salaries for accounting and finance professionals in Maine are:
- Staff Accountant: $55,000
- Senior Accountant: $72,000
- Controller: $97,000
- CFO: $201,000
Salaries can vary based on factors like location, experience, firm size, industry, and credentials. However, the averages highlight solid earning potential, especially for managerial roles like controllers and CFOs.
Key Companies Hiring
Major Maine employers frequently hiring accounting talent include:
- Financial firms such as Bangor Savings Bank and Camden National Bank
- Healthcare providers like Northern Light Health and MaineHealth
- Retail/hospitality businesses such as L.L. Bean and Hannaford Supermarkets
- Manufacturers like General Dynamics and Twin Rivers Paper Company
In addition to private companies, state/local government entities also seek out qualified financial professionals, particularly during tax seasons.
Overall, Maine provides a robust job market for accountants and financial talent, with competitive salaries on par with national trends. The state continues investing in growth sectors, fueling demand for those who can help manage finances and strategy.
How much money does a Maine lobsterman make?
The average salary for a Maine lobsterman is around $39,850 per year according to recent data. This career involves catching lobsters using traps set in the ocean off the coast of Maine.
Some key points about lobsterman salaries in Maine:
- Salary can vary depending on experience level. New lobstermen tend to start around $30,000 per year, while the most experienced can earn over $100,000.
- Lobstermen are generally self-employed, so their income depends directly on how many lobsters they catch. More traps and bigger catches mean higher earnings.
- The Maine lobster fishery is closely regulated with limits on the number of traps each lobsterman can set. This caps earning potential.
- Prices for live Maine lobsters can fluctuate year-to-year based on supply and demand. Higher prices per pound lead to increased salaries.
- Lobstermen must make large investments in boats, traps, bait, fuel and other gear to be able to fish. This can influence take-home pay.
- The job carries risks like bad weather, injuries, and lean seasons that impact annual wages for lobstermen.
In summary, the average Maine lobsterman makes just under $40,000 catching and selling these iconic crustaceans straight from the cold Atlantic waters. It's hard work but many take pride in carrying on the generations-old fishing tradition. The top lobstermen can tally six-figure salaries in good years.
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How much does a lobster deckhand make in Maine?
The average annual salary for a lobster deckhand in Maine is $42,500. However, salaries can vary depending on experience and specific responsibilities.
Here is a breakdown of lobster deckhand salaries in Maine:
- 25th Percentile: $36,300 per year
- 50th Percentile (Median): $42,500 per year
- 75th Percentile: $49,900 per year
The 25th percentile indicates that 25% of lobster deckhands in Maine earn less than $36,300 per year. This can be considered on the lower end.
The median annual salary of $42,500 represents the midpoint - half of the lobster deckhands earn less than this, and half earn more.
At the 75th percentile, 75% of lobster deckhands earn less than $49,900 per year. Salaries above this mark are higher than average.
In summary, a typical lobster deckhand in Maine can expect to earn approximately $42,500 per year. Those with more experience and responsibilities can earn up to $49,900 or more.
Factors that influence lobster deckhand salaries include:
- Years of experience working on lobster boats
- Level of skill and competence
- Ability to haul traps and handle live lobsters
- Knowledge of lobster grounds and navigation
- Captain's trust and confidence
So while the median salary is $42,500, top deckhands with 10+ years experience often earn over $50,000 by leveraging their expertise.
How much does Ridge pay?
The average salary at Ridge ranges from about £20,500 per year for an Architectural Assistant to £66,000 per year for an Associate.
Here is a breakdown of some common Ridge roles and salary ranges:
- Architectural Assistant: £20,500 - £25,000
- Architect: £30,000 - £45,000
- Senior Architect: £40,000 - £55,000
- Associate: £55,000 - £66,000
Salaries at Ridge depend on a few key factors:
- Role and responsibilities - More senior roles with greater responsibilities tend to have higher salaries.
- Qualifications and experience - Candidates with more architecture qualifications and years of relevant experience can command higher salaries.
- Location - Salaries can vary somewhat depending on the city and country the role is based in. London roles tend to pay more than other UK locations.
In addition to base pay, Ridge employees receive benefits like paid time off, pension contributions, professional development opportunities, and more. The exact benefits package depends on the candidate's role and employment status.
I hope this breakdown gives you a better sense of the salary ranges at Ridge for some common architecture positions. Compensation depends heavily on the role, qualifications, experience level, and location.
How much do lobster fisherman make in the UK?
The average salary for a lobster fisherman in the UK is £21,673 per year. This is based on data from job and salary websites.
Here is a breakdown of lobster fisherman salaries by experience level:
- Entry level (1-3 years experience): £21,673 per year on average
- Mid-level (4-7 years experience): £21,673 per year on average
- Senior level (8+ years experience): £21,673 per year on average
So lobster fishing salaries remain quite consistent regardless of experience level. This is likely due to the nature of the industry and the fact that catch sizes don't always correlate with years on the job.
Some additional key points about lobster fisherman salaries and the job outlook in the UK:
- Most are self-employed, so salary can fluctuate depending on catch sizes and market prices each season
- Earnings are typically highest during peak tourist season from June to August
- The job involves early mornings and long work days, but some enjoy the freedom and scenic nature of the work
- Employment for fishermen in the UK is projected to decline 10% from 2018-2028, according to UK job market data
While lobster fishing is not the most lucrative profession, experienced fishermen are able to maintain a consistent annual salary in the £21-22k range in the UK. Factors like tourism demands and weather/catch variability influence earnings as well.
Accounting Salary Ranges in Maine Cities
Maine's largest metro areas offer competitive salaries for accounting professionals, though pay can vary depending on location, experience level, and specialty.
Portland
As the largest city in Maine, Portland offers some of the state's highest accounting salaries. Entry-level accountants earn an average of $45,000, while more experienced professionals can make upwards of $75,000 per year.
With its vibrant small business community and growing tech sector, Portland has seen increased demand for accountants in recent years. This is especially true for CPAs and accountants with specialized expertise in taxation, auditing, or financial analysis.
Bangor
Though smaller than Portland, Bangor still provides solid accounting salaries ranging from $40,000 for entry-level roles to $70,000 for senior positions. Growth in the healthcare industry is fueling demand for medical accountants and revenue cycle analysts.
General accounting and bookkeeping roles tend to pay on the lower end in Bangor, but larger corporations offer better compensation packages. Overall job growth is slower compared to southern Maine.
Lewiston-Auburn
The Lewiston-Auburn metro area has a relatively small business community outside of the education, healthcare, and retail sectors. This limits options and earning potential for accountants compared to Maine's larger cities.
Salaries range from $38,000 for entry-level accounting clerks to $65,000 for experienced CPAs or controllers. Bookkeepers average around $45,000 per year. Job growth is modest, with demand stemming mainly from staff turnover versus business expansion.
Outlook and Growth Factors
Examining key elements shaping Maine's accounting job market in years ahead, from economic trends to workforce issues.
Projected Job Growth
The accounting and finance job market in Maine is expected to see steady growth in the coming years. Key factors driving this include:
- Expansion in industries like healthcare, technology, renewable energy, and advanced manufacturing. As these sectors grow, demand for accounting expertise rises.
- Maine's aging population requiring more healthcare services. This leads to increasing need for medical billing and healthcare finance roles.
- Ongoing digitization of business processes requiring accounting systems integration and financial analytics skills.
Accounting job growth in Maine is projected at 6% from 2020-2030 according to the Bureau of Labor Statistics. This aligns with the national average. Higher demand is expected for specialized roles like audit managers, budget analysts, and financial examiners.
Impact of Remote Work
The rise of remote work opens new opportunities to attract accounting talent to Maine:
- Professionals no longer limited by geography. Maine can tap nationwide talent pools.
- Lower cost of living compared to major metro areas appeals to remote workers.
- Initiatives by groups like Live and Work in Maine to promote the state to potential remote workers and returnees.
If remote culture continues post-pandemic, Maine could see influx of accounting pros relocating from high cost cities. This helps local employers access specialized skills.
Efforts to Attract Talent
Key programs helping train and recruit future Maine accounting professionals:
- University of Maine accounting mentorship initiative connecting students with industry leaders.
- Maine Community College financial services training alignment with high demand skills like data analytics.
- "Bring Them Back Home" campaign by Finance Authority of Maine targeting accounting pros originally from the state. Offers student loan forgiveness and relocation grants.
Workforce development initiatives like these will be crucial to filling Maine's growing need for skilled accounting professionals in the years ahead.
Conclusion and Key Takeaways
Maine's accounting salaries reflect its unique economy and job market. While pay is lower than national averages, the cost of living also makes it an affordable place to build a career.
Top Salaries
The highest accounting salaries in Maine are found in:
- CFO roles at major hospitals, banks, and utilities
- Big 4 and national firm partners
- Controllers at manufacturing and fishing companies
Pay for these top positions can exceed $150,000 per year.
Areas of Growth
Accounting job growth is concentrated in:
- Portland, the state's largest city and business hub
- Bangor, home to many regional banks and insurance companies
- Coastal fishing and tourism industries
New business formation and retirement of current accountants will drive demand.
Future Outlook
Maine's aging population will spur accounting hiring over the next decade. Business advisory services and personal financial planning will be especially in-demand.
While the market is smaller than major metro areas, accountants can find meaningful work with advancement potential across the state.
