Finding accurate data on finance salaries can be challenging for professionals in North Carolina.
This comprehensive guide provides detailed insights into finance salaries across all levels and specializations in the Tar Heel State.
You'll see a breakdown of compensation for roles like financial analysts, advisors, managers, and more. We analyze how factors like education, experience, and technical skills impact earnings potential.
A Comprehensive Look at Finance Salaries in North Carolina
Finance is a major industry in North Carolina, employing thousands across the state. This section explores finance salaries for various roles, providing transparency into compensation.
Exploring the Landscape of Finance Salaries in North Carolina
The finance sector in North Carolina spans a range of positions. According to the U.S. Bureau of Labor Statistics, common roles and average salaries are:
- Financial Analysts: $76,540
- Accountants and Auditors: $77,250
- Financial Managers: $137,720
Salaries can vary significantly depending on factors like location, experience, company size, and specialty. For example, a Senior Financial Analyst in Charlotte may earn over $100,000, while an Entry Level Accountant in a small Greensboro firm may start below $50,000.
Methodology: Gathering and Interpreting Salary Data
To provide accurate, up-to-date salary ranges, this analysis utilizes data from the U.S. Bureau of Labor Statistics, Salary.com, Glassdoor, PayScale, and job listings. Figures are verified against multiple sources and localized to North Carolina. Cost of living adjustments account for differences between metro areas.
The data is compiled, analyzed, and presented as salary ranges for common finance roles across North Carolina, segmented by seniority and region where relevant. This enables tailored compensation benchmarking.
The Role of Cost of Living in Tar Heel Compensation Dynamics
Salaries across North Carolina are influenced by significant cost of living differences between regions. For example, Raleigh ranks 17% above the national average, while rural areas can be 10-15% below average.
To attract top talent, North Carolina employers must account for living costs. Our analysis bakes in localized adjustments, revealing industry standards adjusted for real purchasing power. This allows equitable comparisons, informing compensation planning.
With transparency into current pay scales and an understanding of underlying economic factors, finance leaders can make data-driven decisions around compensation budgeting across the Tar Heel state.
How much does a finance major earn in North Carolina?
Finance professionals in North Carolina earn competitive salaries, with plenty of room for advancement. Here's a breakdown of common finance roles and average earnings:
Annual Salary
- Financial Analysts: $76,823
- Financial Managers: $99,100
- Investment Bankers: $122,688
Monthly Pay
- Financial Analysts: $6,401
- Financial Managers: $8,258
- Investment Bankers: $10,224
The top 25% of financial services earners in North Carolina make $68,200 or more. The top 75% earn upwards of $99,100 annually.
Salaries can vary significantly based on factors like:
- Years of experience
- Specific role and responsibilities
- Firm size and industry
- Location within North Carolina
For example, financial professionals in Charlotte and Raleigh generally earn higher salaries than those in smaller metro areas.
Strong growth is projected for finance roles in North Carolina, especially in accounting, analytics, and advisory services. Opportunities abound both at large national firms and smaller local outfits.
With North Carolina's business-friendly environment and influx of corporate HQs, now is an excellent time to start or advance a tar heel finance career.
How much does a finance specialist make in NC?
The average salary for a financial specialist in North Carolina is around $65,000 per year. However, salaries can vary significantly depending on the specific role and level of experience.
Here's a breakdown of common finance roles and average salaries in North Carolina:
- Financial Analyst: $68,000
- Accountant: $62,000
- Financial Manager: $97,000
- Financial Advisor: $74,000
Salaries also tend to be higher in major metro areas like Charlotte and Raleigh compared to smaller cities and rural areas.
For example, a Senior Financial Analyst in Charlotte makes approximately $81,000 on average, while the same role in Greensboro pays around $71,000.
Other factors impacting finance salaries in North Carolina include:
- Industry: Banking and technology companies tend to pay higher than manufacturing or retail.
- Qualifications: Advanced certifications like a CPA or CFA lead to higher salaries.
- Experience: Mid-career and senior-level professionals earn significantly more than entry-level.
So while $65,000 is reasonable for a financial specialist overall, there is significant variation across industries, locations, roles, qualifications, and experience levels throughout the state.
What finance positions make the most money?
The highest paying finance positions typically require extensive education and experience. According to the U.S. Bureau of Labor Statistics, the following roles tend to offer the top salaries in the finance industry:
Investment Bankers
Investment bankers facilitate large, complex financial transactions like IPOs, mergers and acquisitions between companies. They analyze financial information, develop strategies, negotiate deals, and maintain client relationships. The average salary for an investment banker is over $100,000.
Hedge Fund Managers
Hedge fund managers utilize pooled funds to invest in a diverse array of assets and securities. Their goal is to generate consistent returns regardless of overall market conditions. The average salary for a hedge fund manager is around $200,000.
Private Equity Associates
Private equity associates raise capital, source potential investments, analyze financials, structure deals, and manage portfolio companies after acquisition. They typically earn between $150,000 to $200,000 in salary and bonuses.
Chief Financial Officers (CFOs)
As senior executives, CFOs oversee all financial operations, planning, reporting and strategy for companies. Their specialized financial acumen and leadership warrants an average pay of approximately $200,000 per year.
Actuaries
Actuaries quantify risk and uncertainty to help design insurance policies, pension plans and other financial programs. They command very high salaries in the range of $100,000 due to the complex statistical modeling and analytical skills the role requires.
Who are the highest paid workers in finance?
According to the Bureau of Labor Statistics, some of the highest paying finance jobs in the US include:
Investment Bankers
Investment bankers facilitate mergers, acquisitions, IPOs and other large financial transactions between companies. They analyze companies' financial positions and determine the best strategies for taking a company public or facilitating a merger.
The average salary for an investment banker is over $100,000 per year. However, bonuses and commissions can more than double their total compensation.
Financial Analysts
Financial analysts evaluate economic, financial and investment trends to help companies and clients make informed business and investment decisions. Their average salary is around $85,000 per year.
Personal Financial Advisors
Personal financial advisors work directly with individuals to help them create budgets, manage assets, invest for retirement and meet other financial goals. They earn a median salary of about $87,850 per year.
Financial Managers
Financial managers oversee the financial activities and health of businesses and organizations. Their responsibilities include financial planning, cash management, financial reporting and investment decisions. On average, they earn over $127,000 per year.
So in summary, investment bankers, financial analysts, personal finance advisors and financial managers are among the highest paid finance professionals due to their specialized skills and the value they bring to companies and clients. The most lucrative finance careers require expertise in complex areas like mergers and acquisitions, analytics, investing and strategic financial management.
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Entry-Level Finance Salaries in North Carolina: The Starting Line
Entry-level finance positions in North Carolina provide a solid foundation for building a career in the industry. Though compensation varies by role, location, experience, and other factors, salaries generally fall within predictable ranges.
Financial Analyst Salary Entry Level: A Closer Look
Financial analysts with 0-2 years of experience earn average starting salaries between $45,000 and $65,000 in North Carolina. Those with internship experience and finance-related degrees from reputable universities tend to fall at the higher end of the range. The Charlotte and Raleigh metro regions offer slightly higher entry pay.
Financial Advisor Salary: The First Steps
First-year financial advisors typically start between $40,000 to $60,000 in base salary, with additional compensation from commissions and bonuses. Performance incentives can boost total earnings above $75,000 for top performers. Employees at large wealth management firms and banks tend to earn higher first-year income.
Bank Finance Salaries in North Carolina: An Overview
Major banks like Bank of America and Wells Fargo offer competitive starting salaries for junior finance roles. Entry-level financial analysts earn $50,000 to $60,000 on average, while finance associates range from $60,000 to $75,000. Commercial lending and corporate finance positions pay the highest. Experience, credentials, and school reputation impact offer amounts.
Mid-Career Finance Salaries in North Carolina: Growth and Progression
Financial Analyst IV: The Mid-Career Milestone
Financial Analyst IV is considered a mid-career role for those with 5-8 years of experience. At this level, analysts take on more complex tasks like building financial models, performing sensitivity analysis, and providing recommendations.
The average salary for a Financial Analyst IV in North Carolina is $85,000. With certifications like the CFA or FRM, salaries can reach $95,000. Continuing education and skills development are key to progression.
Financial Manager Salary: Commanding Compensation
Financial managers with 6-10 years of experience earn an average of $115,000 in North Carolina. Industry specialization is an important driver of pay.
For example, financial managers in the banking and insurance industry average $125,000. Those in the accounting and professional services sector average $108,000.
Overall, financial managers at this career stage see a trajectory of 5-10% average yearly salary growth.
Investment Banker Salary: Reaping the Rewards
The average mid-career investment banker salary is $150,000 in North Carolina. Bonuses and profit sharing can add another $50-100k.
Deal size and firm prestige impact earnings significantly. An investment banker who works on $500 million+ deals at a top-tier bank like Goldman Sachs or JP Morgan can make over $250,000 annually.
As bankers develop expertise and client relationships, their compensation grows steadily between each career milestone.
Senior Finance Salaries in North Carolina: The Pinnacle of Earning Potential
North Carolina offers lucrative opportunities for senior finance professionals. Factors like industry, location, experience, and strategic impact drive top-tier salaries.
Senior Finance Salaries in North Carolina: An Examination
The average salary for a senior financial analyst in North Carolina is $97,000, with top earners making over $150,000. Directors and VPs can earn $200,000 or more. Key factors include:
- Industry: Banking and tech pay the highest salaries. Healthcare, education, and nonprofits pay less.
- Location: Major metros like Charlotte and Raleigh offer 20-30% higher pay than rural areas.
- Experience: 10+ years of experience, specialized expertise, and leadership roles command premium salaries.
Additional compensation like bonuses, equity, and 401(k) matching can add $20-50k or more for senior roles.
Financial Planning and Analysis Director: Strategy and Salary
Financial Planning and Analysis (FP&A) directors in North Carolina earn average salaries of $163,000. With bonuses and equity, total compensation can exceed $200-250k.
As senior finance strategists, FP&A directors:
- Develop financial models and forecasts to guide strategic decisions
- Identify cost savings and growth opportunities
- Partner with executives across the organization
Their strategic impact and analytics capabilities drive their high salaries. Experience with data analysis, modeling, and communicating insights is key.
Financial Reporting Accountant IV: The Senior Specialist's Salary
In North Carolina, Financial Reporting Accountant IVs earn average salaries of $95,000. With 5-10 years of experience, they specialize in:
- Ensuring regulatory compliance in financial reporting
- Analyzing complex accounting issues
- Improving internal controls and processes
Their specialized expertise in technical accounting and financial reporting earns them senior-level salaries. Bonuses and profit sharing can add $10-20k.
Finance Salary Variations by Educational Attainment
Financial Analyst Salaries with a Bachelor's Degree
Financial analysts in North Carolina with a bachelor's degree typically earn salaries ranging from $45,000 to $65,000 annually. Those working in larger metropolitan areas like Charlotte and Raleigh tend to be on the higher end of that range. While a bachelor's degree is sufficient for entry-level financial analyst roles, additional education can lead to higher earning potential over time.
Financial Analyst Salaries with a Master's Degree or MBA
Pursuing a master's degree or MBA can boost financial analyst salaries in North Carolina by $10,000 to $20,000 on average. Those with advanced degrees tend to qualify for more senior positions with larger firms and have increased earning power over their careers. In cities like Charlotte, an MBA-educated financial analyst can expect to earn $85,000 to $95,000 per year once they have at least 5 years of experience.
Financial Analyst Salaries with a JD, MD, PhD or Equivalent
Earning a professional or doctorate level degree like a JD, MD, or PhD can significantly increase financial analyst salaries in North Carolina. Those with JDs may work as investment banking lawyers with average salaries around $140,000. Financial analysts who obtain PhDs often conduct high-level research or analytics for major corporations and can earn well over $100,000 annually. In specialized roles, salaries for analysts with advanced degrees can reach up to $200,000 per year. However, these positions tend to be more limited in availability compared to more common financial analyst roles.
The Impact of Financial Analysis Software and Techniques on Salaries
Financial analysis software and advanced techniques like profitability analysis, business valuation, and financial forecasting are becoming increasingly critical for finance professionals in North Carolina. Developing expertise in these areas can directly translate to higher salaries.
Financial Analysis Software: A Tool for Salary Leverage
Proficiency in financial analysis software is a key driver of compensation for finance roles. Packages like Excel, Python, R, and proprietary systems provide insights needed to guide business decisions. As these tools become more advanced, finance professionals who leverage them earn higher wages. For example, a Financial Analyst III who can build complex models and analyses in Excel may earn 10-15% more than peers lacking those specialized skills.
Profitability Analysis Expertise: A Financial Boon
Ability in profitability analysis - assessing product/service/customer profitability - is increasingly sought after. Businesses want finance talent that can track profit metrics and determine where to refocus efforts to optimize margins. A Financial Planning & Analysis Director with strong profitability analysis skills can expect to earn $20,000+ over median pay.
Business Valuation Acumen and Financial Rewards
Expertise in business valuation is rare and commands higher salaries. Assessing enterprise value involves complex financial modeling and analytical abilities. A Financial Analysis Manager who can accurately value acquisition targets or provide business insights from valuation may see their salary increased by $30,000 or more compared to peers.
Conclusion: Synthesizing Finance Salary Insights in North Carolina
Recap of Finance Salaries Across the Tar Heel State
Finance salaries in North Carolina vary by role, experience level, and region. Entry-level financial analysts can expect to earn around $50,000, while senior analysts and managers earn upwards of $90,000. Major metro areas like Charlotte and Raleigh tend to offer higher salaries compared to smaller cities.
Overall, North Carolina finance salaries are competitive but slightly below national averages when cost of living is factored in. Experience plays a major role, with late-career salaries being 50-80% higher than entry wages.
Reflections on Pay Equity and Compensation Planning
Equitable and strategic compensation is crucial for both employers aiming to attract and retain top talent, as well as for employees looking to maximize earnings over their career. Regular pay equity analyses and clearly defined compensation bands per role can promote fairness and transparency.
As North Carolina continues pursuing growth in banking, investments, and other finance fields, developing thoughtful compensation frameworks will be key to sustainable expansion. Employees should also research industry salary norms and advocate for fair pay aligned to qualifications and demonstrated competencies.
Future Outlook: Trends in Finance Salaries and Employment
With major banking and FinTech investments continuing statewide, we can expect strong continued demand for financial analysts, managers, and related roles over the next 5-10 years. This talent shortage suggests upward pressure on wages to attract skilled talent.
Specific specializations like business valuation, financial reporting, and data analytics seem poised for especially high growth. Early career training in these areas may offer expanded options and earnings potential for new finance graduates in North Carolina.
