Finding accurate data on finance salaries in Missouri can be challenging for professionals.
This article provides a detailed analysis of compensation levels across Missouri's finance sector, including factors influencing pay and comparisons of public and private salaries.
You'll see salary benchmarks, job descriptions, career pathways, and emerging trends to navigate Missouri's finance job landscape and compensation structures with clarity.
Introduction to Finance Salaries in Missouri
Finance salaries in Missouri vary based on factors like education, experience, location, and industry. However, Missouri finance professionals overall earn competitive salaries.
Overview of Finance & Insurance Manager Salaries in Missouri
The average salary for a Finance & Insurance Manager in Missouri is $122,010 per year, which is above the national average. Salaries typically range from $85,000 for entry-level positions to $180,000 for senior executive roles.
Factors Influencing Finance Salaries in Missouri
Key factors that impact finance salaries in Missouri include:
- Education Level: Advanced degrees like MBAs can increase salaries.
- Years of Experience: More experience leads to higher pay.
- Location: Finance salaries tend to be higher in major metro areas.
- Industry: Finance professionals in banking and tech tend to earn more.
- Company Size: Bigger companies tend to pay more competitive salaries.
Salary Variations by City and Industry within Missouri
Some variations in Missouri finance salaries by location and industry include:
- St. Louis - $125,000 average
- Kansas City - $121,000 average
- Healthcare - $115,000 average
- Banking - $130,000 average
- Manufacturing - $110,000 average
Understanding the State of Missouri Job Classifications
Missouri uses standardized job classifications with assigned pay grades that determine salary ranges for finance roles in the public sector. These help benchmark compensation. Private sector salaries can vary more widely based on market rates.
How much does a finance major make in Missouri?
The average annual salary for a finance major in Missouri is $79,244, which equates to $6,603 per month. However, salaries can vary significantly depending on experience and position.
Here is a breakdown of common finance salaries in Missouri:
- Top Earners (75th Percentile) - $102,200 per year or $8,516 per month
- Average Salary - $79,244 per year or $6,603 per month
- Lower Salary (25th Percentile) - $70,400 per year or $5,866 per month
The highest salaries tend to go to more senior roles like Finance Directors and Finance Managers. However, even entry-level positions like Finance Associates and Finance Analysts can earn over $60,000 per year.
Salaries also differ based on factors like:
- Location - Finance professionals in major metro areas like St. Louis and Kansas City tend to earn 10-15% more than statewide averages.
- Industry - Those working in high-paying sectors like banking, investment, and tech make more than public sector roles.
- Experience - Salaries rise steadily with years of proven finance work experience.
Overall, finance remains one of the higher-paying college majors. The key is gaining the right finance skills and experience to maximize earning potential over an entire career.
How much do financial analysts get paid near Missouri?
Financial analysts in Missouri earn competitive salaries, with pay generally increasing with years of experience. According to salary data:
- 1 to 2 years of experience - Financial analysts earn an average of $69,149 per year.
- 3 to 5 years of experience - With 3-5 years experience, financial analysts in Missouri make approximately $76,646 annually.
- 6 to 9 years of experience - The average pay for financial analysts with 6-9 years under their belt is $83,251 per year.
- Over 10 years of experience - For financial analysts with more than a decade of experience, salaries in Missouri average around $86,216 per year.
Salaries can vary depending on factors like education level, specific skills and expertise, size of organization, and geographic location within Missouri. However, in general, the more years on the job, the higher the compensation.
Other financial occupations in Missouri fall within comparable salary ranges based on experience level:
- Entry-level accounting clerks average $38,000 a year.
- Experienced financial managers earn approximately $122,000 annually.
- Top executives in finance and insurance make around $186,000 per year.
Understanding typical pay scales can help financial professionals evaluate job offers and negotiate salaries effectively within the Missouri market. Comparing incomes relative to cost of living is also useful when considering positions in different metro regions across the state.
What is a livable salary in Missouri?
As of Jan 15, 2024, the average annual pay for a Livable in Missouri is $57,526 a year. Just in case you need a simple salary calculator, that works out to be approximately $27.66 an hour. This is the equivalent of $1,106/week or $4,793/month.
To determine if this salary is livable for you in Missouri, consider the following factors:
- Cost of living: Missouri has a relatively low cost of living compared to other states, with housing and other expenses below the national average in most areas. This helps make salaries stretch further.
- Location: Salaries and living expenses can vary significantly between Missouri's major metro areas like St. Louis and Kansas City versus more rural parts of the state.
- Family size: Whether you are single or have a partner, children, or other dependents will impact your cost of living and salary needs.
- Lifestyle expectations: The salary needed to live comfortably depends greatly on the lifestyle, amenities, and conveniences you expect. For example, budgeting for travel, dining out, entertainment, etc.
To put the average livable wage in context, a single adult with no children may live reasonably well in many parts of Missouri on $57,526 per year. However, the salary needed to support a family of four might be $70,000 or more, depending on factors like housing costs and savings goals.
Understanding Missouri's overall cost of living compared to your unique financial responsibilities can help determine if this statewide livable wage applies to your situation. Monitoring the job market and networking in your field also allows you to benchmark salary norms.
What wage is shown for financial managers?
Financial managers in Missouri earned a median salary of $139,790 in 2022 according to the U.S. Bureau of Labor Statistics. This puts Missouri financial managers above the national median salary for this occupation.
Here is a breakdown of the salary distribution for financial managers in Missouri:
- The lowest 10% earned less than $77,250
- The highest 10% earned more than $208,000
- 25% earned less than $104,150
- 25% earned more than $203,720
So in summary, financial managers in Missouri are compensated very well compared to national averages, with the top quarter earning over $200k annually. Factors driving higher pay likely include:
- High demand for financial management skills
- Specialized expertise in areas like budgeting, financial reporting, investments and regulatory compliance
- Leadership roles with responsibility for strategy and decision making
- Years of experience and advanced certifications
With strong career prospects, Missouri remains an attractive location for financial managers looking to maximize their earning potential. The state's business-friendly environment also helps create ample job opportunities across many industries.
sbb-itb-be9f1e0
Missouri's Finance Job Market: An Overview
Missouri's finance job market offers opportunities across various roles, with competitive salaries and job growth predicted in coming years. As businesses seek to bolster their financial operations, demand is rising for accounting, analytics, fiscal management, and other finance professionals.
Business Finance Salaries in Missouri
Salaries for business finance roles in Missouri tend to range from $50,000 for entry-level positions to over $150,000 for senior executives. According to the Missouri Economic Research and Information Center, the average salary for a Financial Manager is $122,250. Market rates ultimately depend on factors like location, experience, certifications, and employer type.
Senior Finance Salaries in Missouri
Higher-level finance professionals like Finance Directors and Finance Managers earn average salaries between $85,000 and $175,000 in Missouri. For example, the average salary for a Finance Director in Kansas City is $154,000. Experience managing complex budgets, financial reporting, investments, cash flow, and corporate finance processes is highly valued. Certifications such as CPAs also boost senior finance salaries.
Emerging Trends in Missouri’s Finance Job Market
Several trends are shaping Missouri's finance job market:
- Increased demand for data analytics and business intelligence skills
- Growth of sustainable finance and ESG-related roles
- Rising remote work and hybrid opportunities
- Ongoing talent gaps for specialized finance niches like healthcare finance
As technologies and priorities evolve, finance professionals can remain competitive by honing technical abilities and soft skills.
Finance Job Descriptions and Pay Equity in Missouri
Missouri has transparency initiatives like the Missouri Accountability Portal which enable analysis of compensation levels across state finance roles. Within job families, compensation differences based on gender or demographics seem relatively small. However, gaps can emerge between finance sub-domains like accounting, investments, financial reporting, and others. Regular pay equity analyses help align pay to responsibilities.
Overall, Missouri provides a robust finance job market with competitive salaries across business, government, and nonprofit sectors. The state values financial expertise to support growth.
Navigating the State of Missouri Transparency Portal
Accessing Finance Salary Data
To find finance salary data on the Missouri Transparency Portal, follow these steps:
- Go to https://transparency.mo.gov/
- Click on "State Employee Salary Search" under the "Financial" section
- Select the agency, fiscal year, and job titles related to finance to filter the salary data
- View and download reports with aggregate salary details including average, minimum, maximum, and total compensation
Key details provided for each position include base salary, overtime pay, other pay, and total compensation. Make sure to select finance-related job classifications like "Finance Manager" and "Financial Analyst" to view applicable salary data.
Understanding the Data on the Portal
The Missouri Transparency Portal provides a breakdown of compensation components for state employee salaries:
- Base Salary: The employee's annual base pay rate excluding any overtime or bonuses.
- Overtime Pay: Additional salary paid to employees working over 40 hours per week.
- Other Pay: Bonuses, incentive pay, shift differentials, etc beyond base salary.
- Total Compensation: The sum of all salary components paid to an employee.
Additional details on the reports include the number of employees per job classification, average salary per classification, and percentile ranges for compensation.
Review the footnotes on reports for important notes on data interpretation. For example, some salaries may be annualized for employees working less than 12 months.
Comparing Public and Private Finance Salaries
The transparency portal provides salary data specifically for Missouri state employees. To compare state finance salaries to private industry:
- Use the salary detail in the reports to calculate state employee average base pay and total compensation for finance roles.
- Compare these figures to national and Missouri local salary data from the Bureau of Labor Statistics for similar private sector finance positions.
- Factor in cost of living differences between Missouri metros using a COL calculator.
This analysis will provide a sense for pay equity between public and private finance salaries based on available data.
Comprehensive Compensation Analysis for Missouri's Finance Professionals
Salary Benchmarks for Finance Analysts and Managers
According to the Missouri Transparency Portal, the average salary for a Finance Analyst in Missouri is $65,230. The middle 50% range from $52,750 to $81,780. For a Finance Manager, the average salary is $98,620 with the middle 50% earning between $77,990 to $123,740. At the director level, a Finance Director - Physician Practice has an average salary of $119,010 and a range of $92,800 to $151,340.
These benchmarks provide a snapshot of compensation expectations for key finance roles in the state. When evaluating salary offers, candidates should compare to these medians based on their title, experience level, and organization size and industry.
Benefits and Perks for Missouri's Finance Workforce
In addition to base salary, Missouri finance professionals often receive standard benefits such as health insurance, retirement contributions, paid time off, professional development stipends, and flexible work arrangements. Some firms offer additional perks like gym memberships, commuter benefits, tuition reimbursement, and profit sharing bonuses.
According to the Missouri Transparency Portal, the value of non-wage benefits for finance employees averages 19.7% of wages across state agencies. Finance managers enjoy a higher rate of 22.9% on average. This suggests finance roles command strong benefits packages, improving total compensation.
Compensation Analysis Amidst Cost of Living Adjustments
While Missouri features some of the lowest costs of living in the Midwest, there is still significant variability among metro regions. Finance salaries in high demand areas like St. Louis and Kansas City tend to be 15-20% higher than statewide averages when adjusted for living expenses.
For example, while the average Finance Analyst salary is $65,230 statewide, it rises to $75,010 in St. Louis and $78,320 in Kansas City after factoring in cost variances. Thus, finance job seekers should analyze both nominal pay and real purchasing power when evaluating offers.
Year-End Close and Bonus Structures
In addition to base salaries and benefits, many finance departments offer performance pay through bonuses. During year-end closing, finance teams endure longer hours and high-stress. In reward, top performers often earn 5-15% bonuses based on metrics like completing closings on-time and under budget.
Other finance roles like FP&A analysts and corporate finance managers have bonus eligibility based on annual budget vs. actuals performance. The average bonus payout reported on the Missouri Transparency Portal is $4,180, providing a material earnings boost.
Career Paths and Job Descriptions in Missouri's Finance Sector
From Finance Internship to Finance Director: A Career Pathway
Many finance professionals in Missouri begin their careers through internships or entry-level roles after completing their bachelor's or master's degrees. Common starting points include Finance Intern, Finance Associate, or Finance Analyst positions.
With 2-5 years of experience, finance professionals may then progress to Finance Planner, Finance Consultant, Finance Service Representative or Finance Specialist roles with increased responsibilities. At the 5-10 year mark, mid-career positions like Finance Manager, Finance Advisor, and Finance Supervisor become attainable.
After 10+ years of well-rounded experience, top-tier roles like Finance Director and CFO open up for seasoned finance veterans. These senior leadership positions oversee fiscal strategy, budgeting, financial reporting, investments, forecasting, and more. Aspiring Finance Directors must demonstrate expertise in areas like:
- Financial analysis and modeling
- Budget management
- Accounting principles
- Fiscal regulations/compliance
- Risk management
- Strategic planning
- Staff supervision
The career journey from Finance Intern to Finance Director enables professionals to gain exposure to diverse finance functions while honing specialized skills.
Job Descriptions for Finance Service Advisors and Representatives
Customer-facing finance roles like Finance Service Advisor and Insurance Representative engage directly with clients and policyholders. Their key duties include:
- Fielding customer inquiries and complaints
- Processing financial transactions
- Explaining insurance policies and coverage
- Identifying sales opportunities
- Maintaining detailed records
- Ensuring regulatory compliance
Strong communication skills and financial acumen are vital for success. Subject matter expertise in relevant areas like banking, investments, insurance, or lending is also beneficial.
Specialized Finance Roles: Consultants and Analysts
In addition to the career progression from intern to director, some finance professionals pursue specialized roles as external Consultants or internal Analysts.
Finance Consultants leverage their expertise to provide advice and solutions to corporate clients. Example titles include:
- Consultant, Restructuring, Corporate Finance
- Finance Management Consultant
- Risk Management Consultant
Meanwhile, Analysts like Business Analyst, IT Finance use their skills to support critical business functions. Responsibilities may include:
- Technology systems analysis
- Data analytics
- Financial reporting
- Forecasting models
- Budget variance analysis
These roles allow finance experts to apply their niche skills and knowledge.
The Role of Fiscal Management in Finance Careers
Nearly all finance professionals are involved in some element of fiscal management, from entry-level to executive:
- Budgeting: Developing spending plans and forecasts
- Reporting: Preparing financial statements and analysis
- Compliance: Ensuring adherence to laws, regulations and controls
- Systems: Overseeing technology platforms like Oracle Finance
- Strategy: Guiding financial decisions to drive growth
Fiscal management capabilities are universally valuable throughout Missouri finance career pathways. Both technical and leadership skills in this discipline are key to advancement.
Summary and Key Takeaways
The salaries for finance professionals in Missouri vary based on factors like location, experience, and specialty. However, Missouri offers competitive compensation compared to national averages in many finance occupations.
Here are some key takeaways on finance salaries and careers in Missouri:
- The average salary for a Financial Manager in Missouri is $122,270 per year, which is on par with the national average. In major metropolitan areas, salaries can reach $150,000 annually.
- Higher salaries are available in cities like St. Louis and Kansas City for corporate finance roles and specialized positions like FP&A Directors and Controllers. Experience in high-growth industries also commands higher compensation.
- Entry-level roles like Financial Analysts have average starting salaries around $55,000 in Missouri, with potential to earn over $100,000 with several years of experience.
- Missouri's low cost of living allows finance professionals to enjoy a comfortable standard of living, especially in mid-sized cities like Springfield or Columbia.
- Strong industries like healthcare, manufacturing, and technology provide plentiful job opportunities for accountants, analysts, and other finance experts in Missouri.
In summary, Missouri provides a beneficial environment for building a career in corporate finance, accounting, banking, insurance, and other business sectors. The state offers salaries on par with national levels while maintaining an affordable cost of living.
