Finding fulfilling and financially rewarding careers can be challenging, especially in less populated states like North Dakota.
This article provides an in-depth look at finance salaries across industries, locations, experience levels, and specific roles within North Dakota - equipping readers with actionable insights to navigate career opportunities in the Peace Garden State.
We will analyze compensation ranges for financial analysts, investment analysts, credit analysts, and related roles, while exploring impactful factors like employer size, sector demand dynamics, and location differentiators. Whether launching a new finance career or advancing professionally in North Dakota, the data and guidance within promises to inform wise decisions.
Introduction to Finance Salaries in North Dakota
The Lay of the Land: North Dakota's Economic Sectors
North Dakota has a strong and diverse economy, with major industries like energy, agriculture, technology, and manufacturing driving job growth. The state has one of the lowest unemployment rates in the country, currently sitting below 3%. This talent demand has created a competitive hiring landscape across sectors.
The energy industry is a major economic engine, with North Dakota ranking second in U.S. crude oil production. Key players like MDU Resources, Montana-Dakota Utilities, and AE2S have a growing need for financial professionals to support expansion.
Similarly, agriculture has an established presence through companies like Titan Machinery, CNH Industrial, Doosan, and Bobcat. These equipment and machinery providers create finance jobs ranging from analysts to accountants.
Technology is also an emerging sector, with firms like Microsoft, Amazon, and Wipro building out teams in Fargo and Grand Forks. This influx of tech providers brings new finance and accounting openings to the state.
Top North Dakota Employers in Finance: From MDU Resources to Wipro
Some of the top companies hiring financial professionals in North Dakota include:
- Sanford Health: The largest rural nonprofit health system in the country, with finance jobs centered in Bismarck and Fargo.
- MDU Resources: A utility provider searching for analysts, accountants, and auditors.
- University of North Dakota: The state's largest university has an array of finance positions from budget analysts to investment managers.
- RDO Equipment Co.: An agriculture equipment dealer needing financial analysts and accounting roles across multiple locations.
- U.S. Bank: The fifth largest bank in the U.S. has a major presence in North Dakota, with branch finance jobs statewide.
- Wipro: This global tech company has opened new finance positions in Fargo as it expands its presence.
Decoding the Demand for Finance Talent in the Peace Garden State
The most in-demand finance jobs across North Dakota include:
- Financial Analysts: Supporting sectors like manufacturing, healthcare, and energy with data analysis, forecasting, and reporting.
- Accountants & Auditors: Core finance roles needed at both large and small companies statewide.
- Credit Analysts: Reviewing loan applications and assessing credit risk is key for banks and credit unions.
- Financial Managers: Leading teams and overseeing planning/strategy for finance departments.
So whether it's an equipment dealer in Minot or a bank in Bismarck, companies big and small need financial experts to grow. This talent demand makes it an ideal time for finance professionals to explore opportunities in North Dakota.
What is a good salary in North Dakota?
North Dakota offers competitive salaries for financial professionals. According to recent data:
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The annual salary for financial analysts in the 75th percentile in North Dakota is $76,624, which equals $6,385 per month. This represents the higher end of salaries in the state.
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The average annual salary is $60,635, or $5,052 per month. This represents a typical salary range for financial analysts in North Dakota.
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Those in the 25th percentile earn $44,646 annually, or $3,720 per month. This range represents entry-level salaries for those just starting out in the field.
Salaries can vary based on factors like location, experience, education, certifications, and type of employer. Top paying industries include energy, finance, insurance, healthcare, and technology. Major employers offering strong salaries include energy companies like MDU Resources, healthcare networks such as Sanford Health, and financial institutions like U.S. Bank.
As a whole, North Dakota presents solid earning potential compared to national averages in the finance and accounting sectors. The state's low cost of living also allows salaries to stretch further. With high demand for financial skills, North Dakota provides a promising landscape for building a career as a financial professional.
What state pays finance majors the most?
New York ranks as the top paying state for finance and accounting professionals, with an average salary of $117,000 per year. This high salary is driven by New York City's status as a global financial hub and home to major companies in banking, insurance, and investing.
The New York metropolitan area concentrates many high paying financial services jobs. Top employers like JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley, and American Express are all headquartered in New York and compete intensely for talent. Many hedge funds, private equity firms, and financial technology companies also call New York home.
The abundance of financial services companies creates high demand for roles like investment bankers, financial analysts, accountants, and financial advisors. Employers must offer competitive salaries to attract and retain skilled employees. Even entry level positions often pay over $70,000.
While New York offers the highest salaries overall, certain niche roles in other states may exceed New York. For example, North Dakota has experienced an energy boom that sends petroleum engineer and energy analyst salaries soaring over $130,000. However, New York still leads in breadth and depth of high paying financial services roles.
What is the average hourly rate in North Dakota?
The average hourly wage for jobs in North Dakota is currently $27.00 per hour. However, there is some variability depending on the specific role.
Here is a breakdown of average hourly wages for some common finance positions in North Dakota:
- Financial Analysts - $34.40 per hour
- Credit Analysts - $30.65 per hour
- Investment Analysts - $38.55 per hour
While the averages provide a good benchmark, actual salaries can range quite a bit in North Dakota:
- Entry-level financial analyst roles tend to pay between $18.06 and $26.44 per hour (25th to 75th percentile range).
- More senior level financial analysts make $26.44 to $29.52 per hour on average (25th to 75th percentile range).
- The highest paid financial analysts can make up to $44.77 per hour.
Some of the top employers of finance professionals in North Dakota include:
- Major banks like U.S. Bank
- Healthcare providers such as Sanford Health
- Energy and utility companies like Montana-Dakota Utilities
- Large regional employers such as Bobcat Company and Titan Machinery
The metro areas of Bismarck and Fargo offer some of the best opportunities for financial professionals looking for jobs in North Dakota. The energy, healthcare, agriculture, and technology sectors continue to drive demand for talent.
So while North Dakota salaries are strong, there is decent variability based on specific roles, experience levels, employers, and geographic locations across the "Peace Garden State."
What is the minimum wage in Minot North Dakota?
The minimum wage in North Dakota is currently $7.25 per hour for non-tipped employees. This is the federal minimum wage level.
North Dakota does not have a separate state minimum wage law. The state follows the federal minimum wage set by the Fair Labor Standards Act (FLSA). A few key things to know:
- The minimum wage in North Dakota applies to all employees, regardless of age, with a few exceptions.
- There is no training wage in North Dakota - all non-tipped employees must be paid at least $7.25 per hour.
- For tipped employees, employers can pay a cash wage of at least $4.86 per hour as long as tips bring the employee's total compensation to at least $7.25 per hour.
- North Dakota does not allow localities to set a minimum wage rate higher than the state or federal level.
So in summary, all employers in Minot and across North Dakota must pay their employees at least $7.25 per hour. This federal minimum wage rate applies statewide with no exceptions.
Financial Analyst Salaries in North Dakota: An In-Depth Look
North Dakota offers competitive salaries for financial analysts and related roles. Major employers like Sanford Health, MDU Resources, and AE2S seek qualified talent to support business operations and strategic initiatives.
Entry-Level Financial Analyst Salaries: Starting the Financial Journey
Entry-level financial analysts in North Dakota can expect median starting salaries around $55,000. This aligns with national trends, where financial analyst salaries for recent graduates tend to fall in the $50,000 to $60,000 range.
Within North Dakota, entry-level compensation may vary by industry:
- Energy sector - $58,000
- Healthcare - $53,000
- Banking and finance - $52,000
As analysts gain experience, salaries typically increase to over $65,000 within the first three years.
The Earning Curve: Senior Financial Analyst Salaries
For financial analysts with 5+ years of experience, median salaries in North Dakota range from $68,000 to $85,000 depending on company size and industry:
- Large corporations ($75k to $85k)
- Mid-size companies ($70k to $80k)
- Small to mid-size businesses ($68k to $75k)
Senior analysts drive key initiatives like budget forecasting, investment analysis, and financial reporting. Their specialized expertise and business acumen enable organizations to enhance performance.
Investment Analyst Salaries: A Glimpse into the Investment Sector
Investment analysts assess market trends and evaluate investment opportunities. Median salaries in North Dakota tend to start around $65,000 for entry-level roles focused on research, trading, or portfolio analysis.
With 5 to 10 years of experience, senior investment analyst salaries range from $85,000 to $120,000 at top firms. Specializations like private equity, venture capital, and hedge funds sit at the higher end of that spectrum.
Credit Analyst Salaries: Assessing the Financial Risk Reward
Credit analysts evaluate loan applications to determine customer creditworthiness. Major banks and lenders in North Dakota offer competitive salaries for this niche role:
Entry-Level
- Median salary - $58,000
- Range - $55,000 to $62,000
Senior
- Median salary - $78,000
- Range - $68,000 to $88,000
Specializations in corporate, commercial, or mortgage lending may command higher senior credit analyst salaries up to $95,000.
Overall, North Dakota provides strong compensation across financial analyst roles to attract top talent. The state's low cost of living coupled with high median wages creates an appealing environment for advancing one's financial services career.
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Finance Analyst Salaries Across Major North Dakota Industries
Energy Sector Finance Analyst Salaries: The Impact of MDU Resources and Montana-Dakota Utilities
Finance analysts working in North Dakota's energy sector earn competitive salaries, thanks in part to major employers like MDU Resources and Montana-Dakota Utilities. These companies offer average base salaries ranging from $65,000 to $85,000 for analysts, with additional performance incentives and bonuses that can add $10,000 or more per year.
Factors driving higher pay for finance roles in energy include industry growth, demand for specialized expertise, and location in North Dakota's Bakken oil region. The state has seen expanding natural gas and oil production over the past decade, fueling hiring across operational and corporate positions. Energy finance analysts quantify risks, forecast expenses, analyze investments, and support strategic decisions around exploration, drilling, pipelines, and more. This complex work warrants above-average compensation.
Remote work options are also increasingly common for finance roles in the energy industry. MDU Resources and Montana-Dakota Utilities have corporate offices located in Bismarck, ND but allow certain positions to work from home full-time or on a hybrid schedule. This helps expand the talent pool and recruit top candidates across different regions. While salaries have climbed over time, the cost of living in North Dakota remains below the national average - further boosting employees' buying power.
Healthcare Finance Analyst Salaries: A Look at Sanford Health and Noridian Healthcare Solutions
In the healthcare sector, finance analysts at institutions like Sanford Health and Noridian Healthcare Solutions in North Dakota earn competitive salaries ranging from $70,000 to $90,000 on average. Additional compensation through annual bonuses and incentive pay can add $10,000+ for top performers meeting targets.
The breadth and depth of expertise needed to navigate complex healthcare finances and regulations contributes to the above-average pay rates. Analysts support critical decisions around cost containment, revenue cycle management, insurance reimbursements, capital investments, financial reporting, and more. Specialized knowledge of healthcare administration and the insurance industry is highly valued.
Sanford Health and Noridian also cite North Dakota's low cost of living as a strategic advantage in recruiting top financial talent from across the U.S. Analysts have greater buying power and savings potential while receiving regionally adjusted salaries. Healthcare systems continue expanding services and facilities across the state, driving finance hiring needs in both rural and metro areas.
Finance Analyst Earnings in Higher Education: University of North Dakota's Influence
Within North Dakota's higher education system, finance analysts earn competitive salaries thanks in part to the University of North Dakota (UND). As the state's largest university, UND employs analysts and managers across areas like budgets and investments, housing and dining finances, athletics, advancement, and sponsored programs.
Average base compensation for these roles ranges from approximately $65,000 on the low end up to $95,000 for high-level manager positions. UND cites regional salary adjustments and excellent benefits packages as key recruiting tools for financial staff. Analysts also have opportunities to advance over time into director and executive leadership roles within the university system.
In addition to competitive pay, UND finance staff point to the university's special mission and tight-knit campus community as a major reason for job satisfaction. Analysts support important initiatives like scholarship funding, capital projects, departmental growth, and access to education that positively impact the state. School spirit and pride in these efforts boost morale and retention over time.
Finance Salaries in the Equipment Sector: RDO Equipment Co. and Titan Machinery
For finance analysts working in North Dakota's large equipment industry, major corporations like RDO Equipment Co. and Titan Machinery offer salaries ranging from $75,000 to $95,000 on average. Additional performance pay and annual bonuses over $15,000 are also common.
The complex nature of equipment financing, leasing, warranties, and inventory management requires specialized financial expertise. Analysts quantify risks across seasonal business cycles in agriculture, construction, and other industries. They forecast expenses and support decisions around inventory, logistics, and strategic growth initiatives.
Equipment companies cite North Dakota's central location and connectivity as advantages for corporate staff. Finance analysts based in headquarters like RDO Equipment and Titan Machinery in Fargo, ND can readily collaborate with field locations across the Midwest. Salaries also stretch further thanks to low cost of living while retaining regionally competitive pay rates. Additional perks like remote work options, health benefits, and profit sharing improve overall compensation value.
Key Factors Impacting North Dakota Finance Salaries
Geographical Variances: How Location Impacts Finance Salaries
Finance salaries in North Dakota can vary significantly depending on location. Professionals in major metropolitan areas like Bismarck and Fargo typically earn higher salaries than those in rural parts of the state. This is largely due to the presence of larger companies and firms in cities that can offer more competitive compensation.
For example, a financial analyst in Bismarck may earn an average salary of $65,000, while an analyst in a rural community may only make around $55,000 for a similar role. The increased demand and competition for talent in metro regions pushes salaries upward.
The Size Effect: Larger Firms and Higher Salaries
Within North Dakota's main business hubs, the size of a firm also impacts finance salaries. Professionals at large, national companies generally make more than those at small local businesses.
For instance, a credit analyst at a major bank like U.S. Bank may earn $75,000 on average, while an analyst doing the same work at a local credit union may only get $60,000. The ability of big corporations to pay higher wages allows them to attract top talent.
Climbing the Ladder: How Experience Levels Strongly Influence Salaries
Years of experience is one of the strongest determinants of compensation for North Dakota finance professionals. Salaries can jump exponentially as analysts, managers, and directors advance in their careers.
An entry-level financial analyst straight out of college may start at $45,000, while an analyst with 10 years experience may command over $90,000. The specialized skills and knowledge gained over time makes professionals much more valuable.
The Role of Education and Certifications in Finance Compensation
Pursuing advanced educational credentials like MBAs and CFAs can also boost salaries for North Dakota finance professionals. These qualifications demonstrate expanded expertise that firms reward with higher compensation.
Additionally, certain industry certifications - such as the Certified Treasury Professional (CTP) credential - are associated with an average salary bump of 7-15%. The right mix of education and certifications can significantly impact career earnings.
Exploring the Financial Analyst Career Path in North Dakota
Entry Points: Launching a Financial Analyst Career in North Dakota
Pursuing a financial analyst career in North Dakota typically starts with obtaining a bachelor's degree in a relevant field like accounting, finance, economics or business administration. Many entry-level financial analyst roles require 1-2 years of experience in financial analysis, modeling, budgeting or reporting.
Common entry points for those just starting out include:
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Financial analyst internships: Gain hands-on experience supporting budget analysis, financial reporting, data analysis and more under the guidance of experienced professionals. Top internship providers include major North Dakota employers like Sanford Health, AE2S, Titan Machinery and Doosan.
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Junior financial analyst roles: Entry-level positions that allow you to learn on the job while performing basic analyses and reporting under supervision. These pave the way for advancement into more complex assignments.
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Rotational programs: Offer rotations across different finance areas to build well-rounded capabilities. U.S. Bank and AE2S provide excellent rotational opportunities in North Dakota.
By gaining relevant education, securing internships and taking on junior roles, aspiring financial analysts can obtain the skills and experience needed to begin advancing their careers in North Dakota.
Advancement Prospects: Senior Financial Analyst Roles and Beyond
After 2-5 years as a financial analyst, progression opportunities typically include:
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Senior financial analyst: Leads projects and teams to deliver executive-level reporting, forecasting, modeling and analysis. Requires 5+ years of experience.
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Finance manager: Oversees a finance team, managing workloads, development, budgets and performance. Requires 7+ years experience and leadership abilities.
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Controller: Directs all accounting operations including financial reporting, compliance, audits and control policies. Needs 10+ years experience, analytical skills and communication abilities.
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CFO: Strategically manages all financial operations as the top finance executive. Necessitates 15+ years experience, business acumen and executive presence.
Many senior analysts move into finance manager and controller roles. Some pursue specialized paths as credit analysts, investment analysts or FP&A analysts to leverage niche expertise. Others evolve into CFOs or financial directors/VPs to guide strategic decisions.
Specialization as a Catalyst for Career Growth
Pursuing a specialized role allows financial analysts to set themselves apart while aligning with their interests and strengths. Common specializations include:
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Credit analyst: Assesses creditworthiness of corporate or retail borrowers on behalf of banks, credit unions and other lenders.
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Investment analyst: Provides guidance and research to inform investment decisions related to stocks, bonds and other securities.
Gaining expertise in a focused area accelerates professional growth. Specialists can command higher salaries and are well-poised for management roles directing specialized finance teams.
The Role of Professional Networks and Finance Associations
Joining professional associations like the North Dakota Society of CPAs connects financial analysts to career-building resources, industry trends, experienced mentors and a powerful peer network.
Analysts can attend association events to:
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Develop niche skills: Seminars and conferences feature targeted training in specialized analysis types like financial modeling, data visualization, and more.
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Grow professional networks: Interact with senior professionals that can provide mentorship and unlock new opportunities.
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Showcase abilities: Associations have committees to join and leadership roles to build credentials.
Getting involved with groups like the American Woman's Society of Certified Public Accountants accelerates access to people, skills and visibility for stimulating career growth as a financial analyst in North Dakota.
Finance Salaries and Corporate Giants: The Impact of Major Employers
Major corporations like Bobcat Company, CNH Industrial, and Doosan have a significant impact on finance salaries in North Dakota due to their large presence in the state. As leading employers, they set compensation benchmarks that influence broader industry trends.
Bobcat Company: Benchmarking Finance Salaries
As one of North Dakota's largest manufacturers with over 2,000 employees in the state, Bobcat Company offers competitive salaries and benefits to attract and retain top finance talent. While specific salary data is not publicly available, Glassdoor reports an average base pay of $77,000 for Financial Analysts at Bobcat. With additional compensation like bonuses and equity, total pay can reach over $90,000.
Bobcat finance roles likely align closely with North Dakota averages - $66,680 for Financial Analysts and $108,620 for Finance Managers according to the Bureau of Labor Statistics. However, specialized finance positions and seniority levels may command higher than average salaries.
Overall, Bobcat Company compensation serves as a benchmark for other industrial manufacturers and large corporations when setting finance pay scales.
CNH Industrial's Compensation Trends in Finance
With a significant presence through several manufacturing plants, CNH Industrial employs over 1,000 people in North Dakota. The multinational corporation offers lucrative compensation packages, especially for skilled finance roles.
According to Glassdoor salary data, Financial Analysts at CNHi earn an average base pay of $83,000 in the state. With bonus incentives and stock awards, total compensation can exceed $100,000 for top performers.
While specific salary ranges are not disclosed publicly, CNHi finance salaries likely outpace state averages by 10-20%. The company aims to attract top-tier finance talent in a competitive labor market through attractive incentives.
As a major employer for finance professionals, CNHi's compensation trends influence other industrial corporations in benchmarking roles, skills, and salaries.
Doosan's Financial Roles: A Salary Perspective
Doosan, a subsidiary of Doosan Heavy Industries, employs over 500 people in North Dakota focused on heavy machinery and equipment. With significant capital investments and operations in the state, Doosan's finance department manages complex budgeting, cost analysis, and strategic planning.
While specific salaries are not disclosed, Doosan offers compensation packages on par or exceeding averages for financial analysts and finance managers. According to Glassdoor, base salaries for Financial Analysts range from $68,000 to $78,000 - in line with state medians. With performance bonuses and equity, total pay can reach $90,000+ for top talent.
Doosan's salary benchmarking provides an indicator for finance salaries at other major industrial corporations and manufacturers in North Dakota. As a major employer, their compensation trends influence broader finance pay scales.
The Consultancy and Advisory Salary Landscape: AE2S and International Financial Group
AE2S: A Deep Dive into Finance Consultancy Salaries
AE2S is a leading engineering, environmental, and financial consultancy firm based in North Dakota. As a consultancy, they offer competitive salaries for financial analysts and consultants to attract top talent.
According to Glassdoor, the average base pay for a Financial Analyst at AE2S is $68,000 per year. With bonuses and profit sharing, total compensation can reach over $75,000 annually.
For Senior Financial Analysts and Consultants, salaries scale higher, with mid-career professionals earning:
- Base Salary: $80,000 - $95,000
- Total Compensation with Bonus: $90,000 - $105,000
As a consultancy, AE2S structures compensation with a focus on performance-based bonuses and profit sharing. High performers have the opportunity to earn:
- Annual Bonuses: Up to 15% of base pay
- Profit Sharing Bonuses: Up to 10% of base pay
This incentive-based structure enables motivated finance professionals to maximize their earnings potential at AE2S.
International Financial Group: Understanding Compensation in Financial Advisory
International Financial Group (IFG) is a wealth management firm providing customized financial planning and advisory services to clients across North Dakota.
As a financial advisory firm, IFG offers salaries structured to promote client acquisition and retention. Key components include:
Base Salary
- Financial Advisor: $60,000 - $80,000
- Senior Financial Advisor: $90,000 - $120,000
Commission & Bonuses
Financial advisors earn commissions based on assets under management (AUM), enabling highly motivated advisors to significantly increase their total compensation.
- Client Acquisition Bonuses: Up to $5,000 per new client
- Client Retention Bonuses: Up to 2% of annual AUM
With commission potential and a bonus structure focused on cultivating long-term client relationships, total compensation for IFG's top performing financial advisors can readily exceed $200,000 per year.
Conclusion: Synthesizing Finance Salaries in the Peace Garden State
Recap of North Dakota's Finance Salary Averages
The data shows that financial analysts in North Dakota earn competitive salaries, with averages ranging from $55,000 for entry level positions to over $90,000 for senior roles. Key factors impacting pay include location, experience level, specific position, and industry. For example, financial analysts in the energy and utility sectors tend to earn higher wages.
While the cost of living is lower than the national average, finance professionals can still command strong compensation packages. This is driven by economic growth in industries like energy, manufacturing, and technology within the state.
Future Outlook: Predictions for Finance Salaries and Employment
With major companies continuing to invest in North Dakota, we expect to see robust demand for financial talent over the next decade. There are predictions that finance wages could grow over 20% by 2026.
Opportunities will be plentiful for qualified professionals, especially those with specialized expertise in relevant sectors. Employers will likely boost incentives to attract and retain finance staff as competition increases.
Final Thoughts: Navigating the Financial Frontier
For finance professionals looking to launch or advance their careers, North Dakota represents an appealing option with competitive salaries and a lower cost of living. The state's business-friendly policies and economic momentum translate to a promising outlook.
By developing in-demand skills and understanding key growth industries, finance talent can capitalize on the financial frontier that North Dakota represents. Partnering with expert staffing agencies can further enable professionals to navigate this path.
