Finding accurate salary data for finance roles in Mississippi can be challenging.
This comprehensive guide provides up-to-date compensation details across all levels of finance and accounting in the Magnolia State, empowering your career and salary negotiations.
You'll see specialized breakdowns for entry-level, mid-career, and senior finance professionals in Mississippi, including average salaries for titles like CFO, marketing finance manager, and more.
Introduction to Finance Salaries in Mississippi
Mississippi's economy relies heavily on industries like manufacturing, agriculture, and tourism. While economic growth has been slow in recent years, averaging around 1-2% annually, the state offers competitive tax incentives and a low cost of living that appeal to businesses. As companies across sectors establish operations or expand in Mississippi, demand is growing for skilled finance professionals to support economic development.
Overview of Mississippi's Economy
Key aspects of Mississippi's economy include:
- Dominant industries like manufacturing, agriculture, oil & gas, and tourism/hospitality
- Large employers include shipbuilders, auto parts suppliers, food processors, casinos, and military bases
- GDP growth averaging 1-2% annually over the past 5 years
- Lowest cost of living in the U.S., with affordable housing and tax rates
- Various tax incentives offered to manufacturers, distributors, corporate HQs, and other industries
With major companies across sectors operating in the state, Mississippi provides a stable environment for business, though economic expansion has been gradual.
Mississippi's Job Market for Finance Professionals
The job market for finance roles in Mississippi reflects broader economic conditions:
- Steady demand for cost analysts, financial reporting managers, budget coordinators, and other finance positions supporting major industries
- Competitive salaries with earning potential bolstered by low cost of living
- Hiring demand increased 10% from 2020 to 2021 as business activity rebounds post-pandemic
- Strongest hiring demand seen in manufacturing, agriculture/food production, and transport/logistics sectors
- Opportunities for career growth as companies launch new initiatives and expand operations
With major firms continuing to launch Mississippi operations, finance professionals play an integral role supporting business growth through financial planning, analysis, reporting, and strategy development.
What is a good salary in MS?
The average annual salary in Mississippi is $47,359, which equates to an hourly wage of around $23. However, salaries can vary significantly depending on the specific job and industry.
Here is a breakdown of salary information in Mississippi:
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Top Earners (75th Percentile) - The top 25% of earners in Mississippi make $59,218 per year or $28 per hour on average. These are typically highly skilled professionals with years of experience.
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Average Salary - As mentioned previously, the overall average salary across all jobs in Mississippi is $47,359 per year or $23 hourly. This includes both entry-level and experienced professionals across industries.
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Lower Salary Range (25th Percentile) - The bottom 25% of salaries in Mississippi fall under $35,500 per year or $17 hourly. These tend to be more junior roles or jobs requiring less specialized skills.
Specific industries and roles can pay above or below these averages. For example, finance manager salaries in Mississippi tend to range from $65,000 to $115,000 annually. Senior finance roles and CFOs can earn even higher compensation.
Some key factors impacting salary levels in Mississippi include:
- Location - Salaries tend to be higher in certain metro areas like Jackson. Rural areas generally have lower average wages.
- Experience Level - More years on the job typically lead to higher earnings potential.
- Industry - Finance, technology, healthcare, and engineering jobs tend to pay better than retail, food service, etc.
- Education - Advanced degrees boost earning ability for many managerial and executive positions.
Understanding these salary ranges and factors can help professionals evaluate job offers and benchmark their earning potential in Mississippi. Comparing to national averages is also useful context.
What is the average salary across the state of Mississippi for accountants?
As of Jan 14, 2024, the average annual pay for an Accountant in Mississippi is $59,015 a year. This provides helpful context on typical accountant salaries in the state.
To dive deeper, we can explore factors that impact accountant pay in Mississippi:
Experience Level
Entry-level accountants in Mississippi earn an average of $47,500 per year, while more experienced accountants can make upwards of $75,000 annually. Those with specialized certifications tend to land on the higher end of that range.
Location
Accountant salaries can vary somewhat depending on location within Mississippi. Accounts in larger metropolitan areas like Jackson and Gulfport tend to earn slightly higher wages than those in smaller towns.
Industry
CPAs working in certain industries like finance, insurance, and manufacturing tend to command higher accountant salaries in Mississippi. Those at consulting firms or in government/education roles usually fall on the lower end.
So while $59,015 represents the overall statewide average, many factors from experience to location to specialty can sway accountant pay in either direction across Mississippi. Understanding these elements provides helpful context around Magnolia State salary metrics for accounting professionals.
What is the average salary for a 25 year old in Mississippi?
According to the latest Census Bureau data, 25 year olds in Mississippi have a median household income of around $35,512. This is based on householders under 25 years old across the state.
To break this down further:
- Householders under 25 years old have a median income of $35,512
- Those aged 25-44 have a higher median income of $53,440
- Mississippi residents aged 45-64 have a median income of $61,823
- The median income then drops to $43,991 for householders 65 years and older
So while Mississippi's average salaries are below the national average, 25 year olds are doing better than their younger counterparts but worse than those in the higher experience and career brackets. Location, education level, and field of work can also impact salaries significantly.
For 25 year olds looking to boost their earnings potential in Mississippi, some options include:
- Gaining more work experience and skills to qualify for promotions and pay raises
- Considering fields like technology, engineering, and healthcare that tend to pay higher wages
- Furthering education through certifications, training programs or graduate degrees
- Researching the best paying companies and roles to target in the local job market
- Living in larger metro areas in Mississippi which tend to have more high-paying jobs
The median income is a good baseline indicator but many factors go into determining actual earning ability. With the right choices and effort, 25 year olds can position themselves to exceed the average salary levels in Mississippi over time.
What is the average salary for a person in Mississippi?
The average salary in Mississippi is $51,117 per year or $24.58 per hour according to recent data. This positions Mississippi on the lower end of average salaries compared to other states.
However, there is significant variation in salaries across industries and roles within the state. Some key points on Mississippi salaries:
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Entry level positions in Mississippi have an average starting salary of $33,638 per year. This indicates that young professionals or those just entering the workforce earn below the overall state average.
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Most experienced professionals in Mississippi make up to $105,000 per year on average. This shows the potential for salary growth over the course of a career.
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Industries like finance, technology, healthcare, and engineering tend to pay higher than statewide averages. For example, the average salary for a Finance Manager in Mississippi is $97,674 per year.
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Bigger cities such as Jackson and Gulfport tend to offer higher salaries compared to rural parts of the state. Location can impact earning potential.
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Cost of living is lower in Mississippi than the national average, allowing salaries to stretch further. This helps offset lower nominal earnings.
In summary, while Mississippi's average salary lags the national level, experienced professionals can still earn strong wages. Salary growth potential exists over time, especially in fields like finance and technology. And lower cost of living helps make the most of earnings.
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Average Salaries for Finance Roles in Mississippi
Finance professionals in Mississippi have opportunities to build rewarding careers while contributing to the state's business growth. Salaries vary based on role, experience level, and industry.
Entry-Level Finance Salaries for New Graduates
New finance graduates in Mississippi can expect entry-level salaries between $45,000 and $55,000 on average. With a bachelor's degree in finance, accounting, economics or related fields, graduates qualify for roles like:
- Financial Analyst: $48,000
- Accountant: $46,000
- Auditor: $43,000
Experience with data analysis, accounting software, financial modeling, and communication skills can boost entry-level earning potential.
Mid-Career Finance Salaries and Career Advancement
With 3-5 years of experience, finance professionals in Mississippi see increased salaries and opportunities for career growth:
- Financial Planning & Analysis (FP&A) Manager: $68,000
- Senior Accountant: $62,000
- Credit Risk Analyst: $60,000
Certifications like CPA, CFA, or FP&A can unlock higher salaries. Developing specialized expertise and leadership skills also enables progression to manager and director roles.
Senior Finance Salaries and Executive Compensation
Experienced finance leaders earn competitive salaries in Mississippi's business sector:
- Chief Financial Officer (CFO): $120,000
- Finance Director: $100,000
- Controller: $85,000
Strategic roles guiding high-level decision-making bring commensurate compensation. Aspiring to executive positions like CFO requires demonstrated business acumen.
Mississippi's business expansion supports salary growth in finance. Professionals at every career stage can advance their earning potential through ongoing skills development.
Specialized Finance Roles and Their Salaries in Mississippi
Marketing Finance Analyst and Manager Salaries
Marketing finance professionals in Mississippi earn competitive salaries, though pay varies by role and experience. Entry-level marketing finance analysts typically start between $45,000 and $65,000, while more seasoned analysts with 5+ years of experience can earn $75,000 to $95,000 on average. Marketing finance managers often make between $85,000 and $120,000 annually.
Salaries tend to track with major metros, with higher pay in areas like Jackson, Gulfport, and Southaven compared to more rural parts of the state. However, remote work is enabling more flexibility. Overall, marketing finance salaries in Mississippi remain on par with national averages.
Bank Finance Salaries and Industry Standards
Salaries for bank finance positions in Mississippi generally align with broader banking industry pay scales. Entry-level retail bank finance roles like personal bankers start around $35,000, while commercial banking associate salaries range from $50,000 to $75,000. More senior investment banking vice presidents earn $125,000 or more.
Geographic location impacts bank finance pay in Mississippi. Salaries in urban banking hubs like Jackson tend to exceed rural bank pay. However, increased remote work opportunities are making location less important. Shared services centers also allow some bank finance roles to be located anywhere nationwide.
Automotive Finance Manager Compensation Trends
Automotive finance managers in Mississippi earn between $75,000 and $150,000 on average. Pay varies based on dealership size, brand, location, and sales volumes managed. Finance managers at high-volume dealers in cities can make over $200,000 in some cases.
Rural Mississippi dealerships tend to pay on the lower end of the range, while top-performing stores near population centers offer the greatest earning potential. Brands like Audi and Mercedes also typically pay more than mass market brands. Experience, performance incentives, and ability to drive sales volumes impact pay.
Accounting Manager Salaries and Financial Oversight
Accounting manager salaries in Mississippi range from $65,000 for entry-level roles up to $150,000+ for CFOs and controllers at large corporations. Pay scales with responsibility and credentials like CPAs. Entry-level staff accountants average $45,000 - $60,000, while senior accountants/analysts earn $70,000 to $90,000 on average.
Accounting manager salaries also track with geography, as Jackson, Gulfport, and Southaven offer more high-paying corporate accounting roles versus rural areas. However, remote trends make location less important, expanding options for accounting managers across Mississippi.
Executive Finance Salaries in Mississippi
CFO Salaries in Mississippi's Corporate Landscape
CFOs in Mississippi earn an average salary of $175,000, with compensation ranging from $135,000 at smaller companies to over $225,000 at major corporations. Factors influencing CFO pay include company size, industry, years of experience, and educational credentials. Larger companies and those in fields like energy, manufacturing, and technology tend to offer higher salaries to attract top financial talent. Most CFO positions require an MBA or CPA to command the highest earnings.
Director of Finance Salaries and Their Strategic Role
The average salary for a Director of Finance in Mississippi is $125,000. Their pay is tied to their wide-ranging responsibilities, which include overseeing financial reporting, budgeting, payroll, taxes, and providing strategic guidance. Directors of Finance at larger companies or in fields like healthcare and engineering can earn over $150,000 per year. Becoming a Certified Management Accountant (CMA) can boost salary potential.
Senior Finance Manager and Lead Finance Manager Earnings
In Mississippi, Senior Finance Managers have an average salary of $95,000 while Lead Finance Managers earn slightly more at $105,000 on average. Both roles require 5+ years of experience and lead key initiatives like financial analysis, forecasting, cost management, and identifying growth opportunities. Lead Finance Managers take on more leadership duties and tend to have an MBA, justifying their higher compensation.
Assistant Finance Manager Salary Insights
Assistant Finance Managers in Mississippi earn approximately $65,000 per year on average. Their duties involve supporting higher-level finance staff by preparing reports, monitoring budgets, and streamlining financial processes. Years of experience, specific expertise, and additional credentials can increase an Assistant Finance Manager's earning potential over time.
The Personal Salary Report: A Guide for Mississippi Finance Professionals
Understanding Your Market Value
As a finance professional in Mississippi, it's important to have a clear understanding of your market value based on your skills, experience, and the state's job market. Here are some tips:
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Research salary data on sites like Glassdoor, PayScale, Salary.com, and the Bureau of Labor Statistics to see average pay rates for your role and experience level in Mississippi. This will give you a baseline for comparison.
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Take into account your specific skills and accomplishments. For example, if you're a CPA or have an advanced degree, you can likely command a higher salary. Unique specializations also increase value.
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Consider the industry and company size. Finance salaries at large corporations typically exceed those at smaller businesses. And some industries like tech or healthcare tend to pay more than others.
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Look at finance job listings in Mississippi to see the salary ranges employers are offering. This shows real-time demand and compensation rates.
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Talk to recruiters and colleagues to get insider perspective on earning potential in your Mississippi finance niche. They may have industry salary reports to share as well.
By benchmarking against multiple data points, you can realistically assess your market value in Mississippi's job market. This enables you to price yourself accordingly during job searches and salary negotiations.
Creating a Personal Finance Salary Report
Compiling a detailed personal salary report empowers you to maximize earnings potential. Here are steps to create one:
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Document your current and past salaries, bonuses, and benefits package. This shows your compensation growth trajectory.
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Outline all your skills, education credentials, and project successes. These build your value proposition.
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Research external market salary data for someone with your expertise and background in Mississippi. Identify salary ranges.
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Compare your compensation history to the market rates to gauge where you fall on the spectrum.
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Highlight any salary gaps and where you provide unique value. This informs negotiation strategy.
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Use spreadsheet software to compile all this into an organized report you can reference and update.
Having tangible salary data at your fingertips helps you advocate for fair pay as you progress through your finance career in Mississippi.
Using Salary Reports for Career Advancement
Strategically applying your salary knowledge aids in advancing your finance career in our Magnolia State:
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When interviewing, use customized reports to demonstrate your expertise in assessing market value and benchmarking salaries. This financial acumen can set you apart.
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During annual reviews, reference your report to back up requests for raises and highlight the unique value you bring to the role based on current Mississippi salary trends.
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For promotions, compare the responsibilities and qualifications of the new role to market salary ranges to formulate an appropriate pay bump proposal.
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When job hunting, let your report guide negotiations with recruiters and hiring managers instead of relying on arbitrary figures. Come armed with market data.
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Set future income goals by examining national salary growth projections in your finance niche and planning the steps to get there.
Having a data-driven understanding of your earning potential allows you to methodically climb the finance career ladder in our Magnolia State.
Comparing Salaries Across Finance Specializations
Not all finance jobs in Mississippi pay equally. Here's an overview of earning potential across specializations:
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Corporate Financial Analysts - Average salary of $63,000. Lucrative industries like energy and technology pay 20-30% higher at major firms.
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Financial Managers - State average is $97,000 with top earners above $150,000. Experience level dramatically impacts pay.
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Accountants - Median income of $59,000 but stretches up to $90K+ for CPAs and controllers at large companies.
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Budget Analysts - Typical Mississippi salary of $50,000 with government and healthcare offering the best opportunities.
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Financial Advisors - Base pay around $60K but commission-based pay allows those at top firms to earn well into six figures.
Understanding variances in salary potential by finance niche allows you to make strategic career moves focused on elevating your income as a Mississippi finance pro.
Finance Manager Job Descriptions and Salary Implications in Mississippi
Finance Manager - Budgets and Financial Planning
Finance managers who specialize in budgets and financial planning are responsible for overseeing an organization's budgets, financial plans, and expenditure tracking. Their key duties include preparing budgets, analyzing financial data, monitoring spending, forecasting revenues and expenses, and making recommendations to senior leadership on financial strategy.
In Mississippi, finance managers in budgeting and planning roles earn an average salary of $97,000 per year according to recent market data. Those working in larger corporations or with more years of experience can earn total compensation packages upwards of $130,000 annually. Key factors that impact salaries for these professionals include company size, industry, location within Mississippi, and the manager's specific credentials and background.
Manager, Finance Operations and Their Compensation
A manager of finance operations occupies a critical role coordinating key functions like financial reporting, accounting policy, transaction processing, and technology systems. Their responsibilities involve overseeing teams handling day-to-day finance activities, identifying process improvements, ensuring compliance with regulations and GAAP standards, and driving operational excellence.
The average salary for a finance operations manager in Mississippi is approximately $102,000 per year. With substantial experience and additional certifications like a CPA license, finance ops managers can earn as much as $140,000 annually in total compensation at large corporations and firms within the state. The highest salaries tend to be in the Jackson metro region.
Marketing Finance Manager: Role and Revenue
Marketing finance managers have a unique dual role straddling the marketing and finance domains. They oversee financial planning and budgeting for marketing initiatives, work closely with CMOs and marketing teams, synthesize data to guide marketing investments, and optimize budgets to drive ROI.
Salaries for marketing finance managers average around $115,000 in Mississippi, with total compensation up to $165,000 for those in director roles at major companies. They leverage both marketing and finance skills to boost top-line growth, making their financial expertise and strategic insights highly valued and rewarded at most organizations. Location, industry vertical, credentials, and level of leadership impact their earning potential.
Key Takeaways on Mississippi Finance Salaries
Mississippi's Rapidly Evolving Finance Job Market
The finance job market in Mississippi is undergoing major changes due to automation, remote work, and other transformative forces. As technology continues to advance, many routine finance tasks are being automated, reducing the need for some entry-level roles. However, this also creates demand for finance professionals with specialized skills to oversee new technologies and advanced systems.
Remote work has also accelerated in the finance industry after COVID-19, allowing companies to tap talent outside of their immediate geographical area. This has widened the talent pool for Mississippi employers seeking finance hires. It has also enabled Mississippi residents to access high-paying finance positions at out-of-state companies while continuing to reside in the state.
As Mississippi's economy grows and diversifies, particularly in sectors like manufacturing, healthcare, and technology, finance roles tailored to these industries will likely see strong salary growth. Understanding industry-specific finance skills and qualifications will be key for salary maximization.
Salary Growth Prospects by Finance Specialization
Some finance roles projected to see especially high salary growth in Mississippi over the next 5-10 years include:
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FP&A: Financial planning and analysis expertise will be in demand to guide data-driven business decisions and strategic planning. Average FP&A Manager salaries could reach $85,000+.
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Credit analysis: With lending activity on the rise, commercial credit analysts and underwriters may see average salaries climbing towards $70,000+.
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Accounting manager: Overseeing accounting operations and financial reporting compliance for companies will warrant six-figure salaries, potentially averaging $120,000+.
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CFOs: Chief Financial Officers with proven leadership ability and strategic vision could see average compensation scale above $200,000.
Ultimately, finance professionals who specialize in high-value skills like data analytics, complex problem-solving, and emerging technologies will likely have the most salary growth upside in Mississippi. Both staying current on technical skills and understanding industry-specific finance roles will be key.
