Finance Salaries in New York: Empire State Earnings in Finance

Finding accurate data on finance salaries in New York can be challenging.

In this post, you'll get a detailed breakdown of compensation across all levels of finance roles in New York, including entry-level, mid-career, and senior positions.

You'll see actual salary ranges in NYC for titles like Financial Analyst, Accountant, CFO, and more. Whether you're job hunting, benchmarking pay, or building a comp model, this guide has the Empire State salary insights you need.

Introduction to Empire State Earnings in Finance

The finance job market in New York offers diverse career opportunities across various roles, with the potential for attractive salaries. As a major global financial hub, New York City is home to top firms in banking, asset management, private equity, hedge funds, and more. This high concentration of financial services drives strong demand for talent.

While earnings potential varies based on factors like experience level, specific role, firm size and industry, New York tends to offer higher pay compared to national averages in the US. Understanding the landscape can help those exploring or advancing their finance careers maximize their earning potential.

Overview of Finance Salaries in the New York Landscape

Finance salaries in New York span a wide range depending on position and experience level. For example:

Entry-level financial analyst roles tend to range from $60,000 to $90,000 in base salary. Bonuses and profit sharing may add another $10,000 to $50,000.
Accountants with 5+ years of experience can typically earn between $80,000 and $150,000 depending on CPA certification status and specialization.
Vice presidents in finance can make anywhere from $150,000 to $300,000, with managing directors and partners earning over $500,000.

The high concentration of major banks, hedge funds, private equity firms and Fortune 500 companies headquartered in New York provides access to some of the highest paying financial services jobs globally. The city also offers opportunities across industries like real estate, healthcare, tech, and more.

In addition, New York City Economic Development Corporation initiatives aimed at attracting foreign investment and supporting small business growth also contribute to finance job creation across various sectors.

The Role of Empire State Development in Finance Careers

Empire State Development (ESD) plays an important role in strengthening New York's position as a top global financial center through investments, policy initiatives and public-private partnerships. This in turn enhances career opportunities and earning potential for finance professionals.

For example, ESD initiatives like the Excelsior Jobs Program offer tax credits to firms that create jobs, including positions in accounting, analytics and financial services. ESD also administers business tax reforms that encourage financial services growth.

In addition, ESD's Division of Minority and Women-owned Business Development supports workforce diversity through contracting opportunities and access to capital for minority and women-owned firms.

Overall ESD's strategies to stimulate business expansion and maintain New York's status as an economic powerhouse drive demand for finance talent, supporting salaries across experience levels.

How much do finance majors make in New York?

As of Jan 16, 2024, the average annual pay for Finance Degree jobs in New York City is $95,662 per year. That equates to approximately $45.99 per hour, $1,839 per week, or $7,971 per month.

Some key highlights on finance salaries in New York:

Entry-level positions like Staff Accountants and Financial Analysts earn an average of $65,000 per year. Those with 3-5 years of experience can expect between $75,000 - $85,000 on average.
Higher level roles like Controllers, Tax Managers, and VP of Finance command six-figure salaries, averaging around $120,000 per year. Directors and CFOs earn $150,000+ on average.
Bonuses are common in finance and can add 10-20% or more on top of base salaries. Profit sharing and equity options are also typical components for senior level positions.
Strong finance talent is in high demand in New York, especially those with specialized expertise like SEC reporting, technical accounting, financial planning and analysis (FP&A), and M&A integration. These skills can increase earning potential.

Some top paying finance employers in New York include investment banks, private equity firms, hedge funds, and large corporations in industries like financial services, real estate, media, and technology. Working for a major Wall Street bank or a hot startup can also boost compensation.

So in summary, New York offers lucrative salaries for finance professionals at all levels, with six figure earnings attainable for those reaching senior management roles. Specialized skills, credentials like CPAs and MBAs, and working at a prestigious firm can also increase earning potential.

What is the salary for entry level finance job in NYC?

As of Jan 17, 2024, the average hourly pay for an Entry Level Finance role in New York City is $28.45. While salaries can range from as high as $59.44 per hour to as low as $14.73 per hour, most Entry Level Finance professionals in NYC earn between $21.06 (25th percentile) and $32.88 (75th percentile) per hour.

Some key points about entry level finance salaries in New York City include:

Entry level finance roles like Financial Analyst, Staff Accountant, and Accountant tend to pay between $25-$35 per hour on average. More specialized roles may pay higher or lower within the salary range.
Salary can vary significantly based on factors like education, certifications, prior experience, company size and industry. Larger firms and those in banking/finance tend to pay better.
Geography within NYC also impacts pay. Jobs in Manhattan tend to pay 10-15% more than the outer boroughs on average.
Benefits like healthcare, retirement contributions and bonuses can make up 20-30% or more of total compensation for entry level finance professionals.

So in summary, while $28.45 per hour is the average pay for entry level finance roles in NYC, actual salaries may be 15-20% higher or lower based on specific job, candidate experience, company and geographic factors within the city. Competitive candidates can expect to earn between $25-$35 per hour to start.

How much does a structured finance analyst earn in New York?

The median total compensation for a Structured Finance Analyst in the New York City area is approximately $120,007 per year, with an average base salary of $100,316.

According to our proprietary data, here is a breakdown of structured finance analyst salaries in New York:

Entry-level analysts earn approximately $70,000 - $90,000 in base salary, with total compensation around $85,000 - $110,000 including bonus.
Analysts with 2-4 years of experience earn around $90,000 - $120,000 in base, with total comp between $110,000 - $140,000.
Senior analysts with 5+ years of experience make $120,000 - $160,000 in base salary, with total earnings in the range of $140,000 - $180,000.
At the manager/team lead level, base salaries scale up to $160,000 - $220,000, with total comp of $180,000 - $250,000.

Additional key points about New York structured finance analyst salaries:

Bonuses typically range from 10-30% of base pay. Larger banks and top performers tend to earn bonuses on the higher end.
Candidates with CFA, FRM, CAIA, or other relevant designations can command a 10-20% pay premium.
Experience in specific asset classes like RMBS, CMBS, CLOs, project finance, etc. is highly valued and impacts compensation.

In summary, a structured finance analyst in New York City can expect to earn approximately $100,000 - $250,000 in total compensation, depending on their role, firm, qualifications, and area of expertise. The city's concentration of top-tier financial institutions ensures New York structured finance professionals are among the highest paid in the nation.

What wage is shown for financial analysts?

Financial analysts in New York with less than 1 year of experience have an average salary of $78,792 per year. Those with 1-2 years of experience earn around $81,240 per year on average. The average pay increases along with years of experience up to $97,808 per year for financial analysts with 6-9 years of experience.

Here is a breakdown of the average annual salaries for financial analysts in New York based on years of experience:

Less than 1 year: $78,792
1 to 2 years: $81,240
3 to 5 years: $90,047
6 to 9 years: $97,808

As financial analysts gain more experience in the field, they tend to command higher salaries. However, there can be significant variation based on specific job responsibilities, industry, company size, location within New York, and other factors. The figures above reflect average earnings that provide a baseline for compensation expectations.

Businesses looking to hire financial analysts in New York should factor in years of relevant experience when determining appropriate salary ranges during the recruitment process. More seasoned analysts with specialized expertise in areas like budget analysis, financial modeling, or regulatory reporting may merit above-average compensation. Offering competitive pay helps attract top talent in this field.

At the same time, businesses need to balance salaries with their own budget constraints. Working with a knowledgeable staffing agency can help find financial analysts who match required qualifications and experience levels at the best possible rates. This streamlines recruiting while still accessing specialized talent that drives business performance.

Junior Finance Salaries in the New York Market

New York offers competitive salaries for those starting out in finance careers. As a major global financial hub, entry-level finance professionals can expect above-average compensation compared to other locations in the US.

Financial Analyst Entry-Level Earnings

Financial analysts entering the workforce in New York can expect starting salaries between $55,000 and $75,000 on average. Those with internship experience or other relevant skills may land towards the higher end of that range.

Factors influencing entry-level financial analyst salaries include:

Education level and academic performance
Internships and prior work experience
Technical abilities like financial modeling and data analysis
Soft skills like communication, critical thinking, and attention to detail

Organizations like the New York City Economic Development Corporation also create a strong ecosystem of opportunities for those new to finance. Their initiatives help attract top companies providing competitive junior finance roles.

Staff Accountant Starting Salaries

Staff accountants in New York tend to start between $50,000 and $65,000 in base compensation. Quick learners who demonstrate strong technical accounting skills can progress to $70,000+ within their first two years on the job.

Key factors impacting initial staff accountant earnings include:

Specific accounting focus area like audit, tax, or financial reporting
Certifications such as CPA licensure
Type of company and industry

Larger corporations and financial services firms typically pay higher starting wages. Those working in accounting advisory or other specialized services also command top dollar early in their careers.

With New York's vibrant business community, young accountants have their choice of high-quality employers to launch their careers. This creates an environment where top starting compensation can be readily attained.

Mid-Level Finance Salaries and Empire State Advancement

The middle of one's career is where finance salaries in New York really start to climb. Here's a look at comp for mid-level roles.

AVP-Finance Compensation in New York

Assistant Vice Presidents (AVPs) in finance can expect to earn between $120,000 and $150,000 in New York, depending on their specific role and industry. For example, an AVP of Finance in investment banking can make around $140,000 on average.

As professionals gain more experience at this level, salaries tend to increase to the higher end of that range. Performance-based bonuses are also common at this mid-tier position.

Other factors impacting AVP pay include:

Firm size - Large banks and financial institutions tend to pay more than smaller companies.
Qualifications - Advanced certifications like a CFA or CPA license can boost compensation.
Industry - Investment banking, private equity, and hedge funds pay AVPs the highest salaries.

There is also ample room for advancement and pay increases. After 3-5 years, high performing AVPs often move up into VP or SVP roles with base salaries exceeding $200k.

Senior Financial Analyst Salaries

Senior Financial Analysts in New York tend to earn $90,000 - $130,000 in base salary. Performance incentives and bonuses can add another 10-30% onto total compensation.

Within financial services, front office roles in sales & trading, investment research, investment banking, and asset management offer higher pay - frequently over $100k. Back office analysts in risk, compliance, and operations make closer to $90-95k.

Specialization also impacts earning potential. Analysts focused on lucrative sectors like fintech, real estate, and renewable energy can command top dollar for their expertise.

As with AVPs, advancement opportunities boost salaries over time. Exceptional Senior Analysts may move into management roles as AVPs or VPs, adding $40-60k+ onto their compensation.

Senior Finance Salaries and the New York Premium

As finance professionals progress to senior and executive level roles, New York salaries reach their peak, especially within lucrative areas like investment banking. With the high cost of living and abundance of major financial institutions, New York offers some of the highest salaries for finance roles in the country.

Vice President Finance Earnings Overview

Vice Presidents (VPs) in finance can earn $150,000 to $250,000 on average in New York, with salaries varying based on:

Industry - VPs in investment banking or private equity earn the most at over $250,000, while VPs in other industries like insurance average under $200,000
Company size - VPs at major banks like JPMorgan Chase or Goldman Sachs earn 20-30% more than VPs at mid-size regional banks
Bonuses - Yearly bonuses account for 30-50% of total compensation for New York finance VPs

Other factors like years of experience, education credentials, and specific performance also impact VP salaries.

Chief Operating & Financial Officer Compensation Trends

Chief Financial Officers (CFOs) and Chief Operating Officers (COOs) can earn $250,000 to $500,000 in New York City, with salaries rising along with:

Company revenue - CFOs/COOs at companies with over $1 billion in revenue average nearly $500,000 in total compensation
Company sector - CFOs/COOs in the finance and technology sectors earn the highest salaries
Firm location - Working at companies headquartered in NYC results in a 10-20% pay premium

Signing bonuses, stock options, and performance incentives also factor heavily into CFO and COO compensation packages at top New York firms, pushing total earnings over $1 million for executives at thriving multibillion-dollar corporations.

Comprehensive Benefits in New York's Finance Sector

Beyond base salaries, New York's finance professionals often receive comprehensive benefits packages that enhance their overall compensation.

Health Insurance and Pension Plan Benefits

New York finance professionals typically receive generous health insurance options as part of their compensation packages. Many firms offer a choice of plans to meet individual needs and budgets:

Standard plans cover essential healthcare services and provide nation-wide provider networks. Employees may pay modest premiums, copays and deductibles.
Premium plans offer enhanced coverage options like lower deductibles and copays, access to out-of-network providers, and coverage for vision, dental, and prescription drugs. Premiums, copays and deductibles are higher than standard plans.

In addition to health insurance, pension plans help finance professionals save for retirement. Common pension plans include:

401(k) plans with employer matching contributions up to 4-6% of salary.
Profit sharing plans where employers contribute a portion of profits to employees' retirement funds. Contributions average 3-5% of pay.

Many New York finance firms provide pension planning resources like financial advisors to help employees make informed decisions about their retirement strategy.

Maternity & Paternity Leave Policies

In support of strong work-life balance, New York finance firms offer generous family leave policies in addition to competitive salaries.

Most firms provide 12-16 weeks paid maternity leave for new mothers to bond with their child. Many also allow flexible work arrangements upon return.
Paternity leave averages 2-4 weeks paid leave for new fathers. Some progressive firms offer up to 12 weeks.
Leave policies apply to adoptive parents as well for bonding time with newly adopted children.

By investing in generous family leave policies, New York finance firms aim to boost employee satisfaction, retention, and productivity over the long-term.

Finance Salary Calculators and Compensation Planning

Utilizing Salary Calculators for New York Finance Roles

Salary calculators can provide helpful benchmarks for finance professionals in New York to estimate their earning potential. By inputting details like their role, experience level, education, and firm size, finance professionals can get a personalized salary range.

Some popular salary calculators used in New York include:

PayScale
Salary.com
Glassdoor
Indeed

These calculators pool data from job listings, user inputs, and salary surveys. They can account for major factors like:

Job title - Entry level accountant vs SVP of Finance
Firm size - Big 4 firm vs regional business
Location - Manhattan vs Albany
Experience - Years of relevant work experience
Education - Bachelors vs Masters Degree

By determining a market salary range, finance professionals can benchmark their current earnings and have data to back up requests for raises or job offers. The calculators help set reasonable expectations and negotiation targets.

For example, a Financial Controller with 10 years experience at a Fortune 500 firm in NYC could input their details into Glassdoor's salary calculator and get an estimated range of $152,000 to $201,000. This provides actionable data to guide their compensation planning.

Strategies for Effective Compensation Planning

In addition to using salary calculator estimates, finance professionals can further maximize their earnings potential in New York by:

Researching firm compensation ranges: Many major firms disclose salary bands for roles that guide compensation planning.
Seeking jobs with bonus/incentive structures: Bonus payouts can significantly increase total compensation, especially in good years. Equity in a growing business also pays off long-term.
Asking about non-salary benefits: Benefits like 401(k) matching, profit sharing, transportation stipends, etc. can add $$ value beyond base salary.
Checking Glassdoor for insider info: Company reviews often disclose typical bonus percentages and other comp details not found elsewhere.
Consulting recruiters to find best packages: Experienced recruiters specializing in finance roles can share insider expertise on the most lucrative openings.

Proactive compensation planning allows finance professionals to maximize salaries and total rewards over the long run. Combining data from salary calculators with tailored negotiation strategies, benefits research, and expert consultations gives the best chance of advancing their careers in New York’s lucrative finance sector.

The Role of Outsourced Chief Financial Officers in New York

Outsourced CFOs are playing an increasingly important role for companies in New York looking to effectively manage their finances while controlling costs. As New York continues to be a major global financial hub, the demand for financial expertise remains high, but the cost of hiring full-time CFO talent can be prohibitive for many organizations. This is where outsourced CFOs come in.

Earnings for Outsourced Chief Financial Officers

Outsourced CFOs in New York typically earn between $150,000 and $300,000 per year, depending on their experience, credentials, specialized skills, and the scope of services provided. The fee structure is usually project-based or an ongoing retainer model. Benefits vary but may include healthcare coverage, retirement contributions, performance bonuses, and equity incentives.

Compared to a full-time CFO salary in New York, which averages $460,000, outsourced CFOs offer significant cost savings while still providing the strategic guidance and hands-on support companies need. They are particularly valuable for startups and small businesses looking to scale strategically.

Comparing In-House and Outsourced CFO Salaries

While a full-time CFO in New York earns an average base salary of $460,000, outsourced CFO services typically cost between $5,000 to $20,000 per month, equating to $60,000 - $240,000 per year.

Benefits of outsourced CFOs:

50-80% cost savings compared to a full-time CFO's salary and benefits
Flexible, project-based work aligned with current business needs
Specialized expertise and experience across multiple industries/companies
No need to hire, train, or manage additional full-time staff

However, some downsides to consider include lack of full-time availability, less institutional knowledge, and no long-term career progression within the company.

Ultimately, outsourced CFOs allow most organizations to access high-caliber financial strategy and leadership without the overhead of a full-time executive. For New York companies looking to tightly manage budgets, outsourced services are becoming an increasingly attractive option.

Financial Reporting Roles and Salaries in New York

Financial reporting is a key function within the finance industry in New York. Professionals in this field play an important role in preparing and analyzing financial statements and reports for organizations.

Director/Manager of Financial Reporting Compensation

Directors and managers of financial reporting occupy senior positions with significant responsibilities. According to salary data, their average compensation in New York is:

Base salary: $120,000 - $180,000
Total compensation with bonus: $140,000 - $220,000

Experience level greatly impacts salaries. Those with 10+ years of experience can earn total compensation up to $250,000 in some cases.

There is strong career growth potential as well. With demonstrated leadership abilities, directors and managers may advance to executive positions like Chief Financial Officer or Vice President of Finance.

Senior Accountant - Financial Reporting Salary Insights

Senior accountants in financial reporting have advanced expertise in technical accounting and financial standards. Their average salaries in New York are:

Base salary: $80,000 - $110,000
Total compensation with bonus: $90,000 - $130,000

Salaries vary based on credentials like CPA certification. CPAs can earn 10-15% higher pay.

Senior accountants can also progress into managerial roles. With 5+ years experience, promotions to Accounting Manager or Finance Manager are common. These roles provide the opportunity to earn $130,000 - $180,000 in total annual compensation.

Overall, financial reporting offers stable career growth and salaries at or above the finance industry average. Professionals in this field play an integral finance role within New York's business community.

Conclusion: Summarizing Finance Salaries in the Empire State

To recap, New York offers among the highest salaries for finance professionals globally, with a diverse range of roles and compensation packages influenced by experience, skills, and employer prestige.

Reflection on the Empire State's Finance Salary Landscape

New York's finance sector is a major driver of its economy, with Wall Street and major corporations offering lucrative salaries to attract top talent. Key takeaways regarding New York finance salaries include:

New York City has the highest average salaries for financial analysts ($108,680), accountants ($89,500), and financial managers ($195,620) among all metro areas in the U.S.
Salaries vary widely based on factors like education, certifications (CPA, CFA), specific role, industry, company size and prestige.
Bonuses can account for 10-50% or more of total compensation at top firms like investment banks and hedge funds.
Strong career growth potential with New York's concentration of Fortune 500 headquarters and financial services firms.

Overall, New York offers unparalleled opportunities and earnings potential for finance professionals, cementing its status as the finance capital of the world.

The Future of Finance Salaries in New York

Looking ahead, New York is likely to continue attracting top global finance talent, though technological disruption and economic shifts could impact salaries:

Demand growing for tech-focused roles like data analytics, AI/ML, cybersecurity, and blockchain.
Potential talent shifts to lower cost areas as remote work expands, though NYC likely to remain highly competitive.
Automation transforming entry-level roles but increasing need for specialized finance skills at senior levels.
Regulatory changes and emerging fields like ESG and crypto influencing compensation.

While adaptations will be required, New York's sheer density of capital, companies, and opportunities ensures the state will continue leading finance salary growth for the foreseeable future.