Most people would agree that determining accurate salary expectations for finance roles can be challenging in Oklahoma's job market.
This article provides a detailed analysis of compensation levels across key finance positions in the state, equipping you with an accurate scorecard to benchmark salaries.
You'll see precise salary ranges for roles like CPAs, financial analysts, finance directors, and more. We'll also explore factors influencing pay like cost of living, qualifications, gender gaps, flight risk, benefits, incentives, and future outlook.
Unveiling the Financial Scorecard of Oklahoma
This section provides an overview of finance salaries and the job market in Oklahoma. We examine trends impacting pay and hiring for key roles to set the context for a detailed analysis.
Purpose and Scope of the Sooner State's Salary Analysis
The goal is to analyze salaries for finance professionals in Oklahoma using reputable sources. Key roles examined include:
- Certified Public Accountants
- Commercial Loan Review Analysts
- Finance Analysts
- Directors of Finance
We reference objective data from the Bureau of Labor Statistics, Payscale, and local salary surveys. The analysis aims to inform finance hiring and pay strategy for Oklahoma employers.
Economic Backdrop and the Finance Job Market in Oklahoma
Oklahoma has a business-friendly economy centered around energy, agriculture, and aerospace. The pandemic impacted finance hiring and pay:
- Remote work increased for finance roles
- Some sectors saw hiring freezes and layoffs
- Uneven recovery created wage growth variation
But demand is returning for accounting, FP&A, risk management, and other specialties.
Understanding the Finance Salary Grading Scale in Oklahoma
Oklahoma employers use salary grades to align pay with:
- Job value - Impact, specialized skills required
- Market rates - Regional and sector benchmarks
- Pay equity - Internal alignment between roles
Grades help set competitive, fair ranges. Differences emerge across sectors and metro regions.
The Role of Pay Strategy in Oklahoma's Finance Salaries
Strategic pay aims to balance:
- Attracting talent - Meet market rates
- Retaining staff - Reward performance
- Controlling costs - Maintain budgets
To compete for finance professionals, Oklahoma employers are elevating pay strategies as the job market tightens. Firms getting pay wrong risk losing talent.
What is the upper class income in Oklahoma?
The average annual income for the upper class in Oklahoma is approximately $57,107 as of January 2023. This equates to an hourly wage of about $27.46 or $1,098 per week or $4,758 per month.
To provide more context:
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The designation of "upper class" can vary, but typically refers to households earning well above the median household income. In Oklahoma specifically, upper class households likely earn over $100,000 per year.
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Income thresholds to be considered upper class also tend to be higher in more expensive parts of the country. Oklahoma has a relatively low cost of living compared to coastal cities.
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Wages and salaries do vary significantly between occupations. Top tier professionals such as lawyers, doctors, engineers, corporate executives and successful business owners comprise much of the upper class. Their annual earnings often well exceed $100,000.
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The average income figure stated earlier provides a baseline, but upper class households span a wide range. Income inequality is substantial even among high earners.
In summary, $57,107 per year provides a rough estimate for the minimum income level to be considered upper class in Oklahoma. However, many households counted as upper class earn well above six figures annually.
How much does a CFP make in Oklahoma?
Certified Financial Planners (CFPs) in Oklahoma earn competitive salaries compared to national averages. Here is a breakdown of typical CFP compensation in the Sooner State:
Annual Salary
- Top Earners (75th Percentile): $106,400
- Average: $95,833
- Lower Earners (25th Percentile): $80,800
Hourly Wage
- Top Earners (75th Percentile): $51
- Average: $46
- Lower Earners (25th Percentile): $39
As you can see, Oklahoma CFPs make around the national average, with top earners surpassing over $100k annually. Those just starting out can expect around $80k, while seasoned professionals earn upwards of $106k per year.
Factors impacting CFP pay in Oklahoma include:
- Years of experience
- Firm size and type
- Client portfolio size
- Additional credentials (CFA, CPA, etc.)
- Geographic location
- Specialization (tax planning, retirement, etc.)
Overall, Oklahoma provides solid compensation for financial planning professionals compared to other lower cost-of-living areas in the Midwest. The job outlook also remains strong as demand increases for retirement and investment advice.
What is considered a good income in Oklahoma?
The average salary in Oklahoma is $39,441 per year or $18.96 per hour according to recent data. This provides a baseline for what may be considered a "good" income.
However, perceptions of a good income are relative and depend on various factors. Below are some key considerations:
- Entry level positions in Oklahoma start around $29,250 per year. College graduates may use this as a benchmark.
- Most experienced professionals make up to $97,500 per year. This provides a target for career growth.
- The statewide average, while useful, does not reflect differences across industries. Some industries like energy and aerospace tend to pay higher wages in Oklahoma.
- The cost of living in one's specific location is a major factor. Income levels that allow comfortable living in rural areas may be inadequate in larger cities like Oklahoma City.
- Household size and lifestyle preferences also impact income needs. Single individuals may get by on less than families supporting children.
In summary, while $39,441 per year provides a reasonable statewide benchmark, perceptions of a "good" income vary greatly based on job level, location, household size, industries, and individual lifestyle choices. Comparing to local averages and costs of living makes more sense than a one-size-fits-all number.
How much money would I make if I worked as a financial advisor in Oklahoma?
Based on available data, financial advisors in Oklahoma with 1-2 years of experience can expect to earn around $62,366 per year on average. Those with 6-9 years of experience tend to earn approximately $97,041 per year. And financial advisors who have more than 10 years under their belt typically make around $105,639 annually.
There are a few key factors that impact compensation for financial advisors in the Sooner State:
Years of Experience
As shown above, salaries tend to rise with more years on the job. Entry-level advisors generally start around $60-65k, while veterans can make over $100k after a decade or so. Gaining additional credentials and designations can also boost pay over time.
Firm Size & Business Model
Advisors at large wirehouse firms usually earn higher base salaries but lower commissions. Independent advisors take home more pay overall through fees and trailing commissions. Smaller boutiques fall somewhere in between. Business model and firm size play a role.
Client Assets Under Management
Since many advisors earn commissions or fees based on assets, building a large book of business directly impacts pay. Managing more client assets equals higher compensation.
So in summary, Oklahoma financial advisors with 10+ years experience managing $100M+ in assets can potentially earn $150-200k or more. While newcomers under 5 years tend to make $60-80k on average. Experience, credentials, assets under management, and firm model all contribute to pay.
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Breaking Down Finance Salaries Across Oklahoma's Key Roles
Oklahoma offers competitive salaries for finance and accounting professionals across various roles. As a lower cost-of-living state, compensation packages reflect reasonable living expenses while still rewarding expertise.
Certified Public Accountant (CPA) Compensation Trends
CPAs in Oklahoma earn average salaries ranging from $55,000 for early career professionals to over $120,000 for senior managers and partners:
- Entry-level CPAs with 1-3 years of experience typically make between $55,000 and $75,000. Many start in public accounting or industry staff accountant roles.
- Mid-level CPAs with 4-7 years of experience average between $75,000 and $95,000 as senior accountants and managers gain specialized expertise.
- Late-career CPAs in director and partner positions earn $120,000 or more. These roles oversee teams, client relationships, and firm strategy.
Industry and firm size impact CPA salaries in Oklahoma. CPAs in larger metro firms and corporations earn 10-15% higher pay than those in smaller local firms or rural companies.
Financial Analyst Compensation: Levels I to IV
Financial Analyst salaries range significantly based on seniority and responsibilities:
- Entry-level Financial Analysts I in Oklahoma earn $45,000 - $65,000 assisting with financial planning, analysis, and reporting.
- Financial Analysts II with 3-5 years of experience make $65,000 - $85,000 in valuation, forecasting, and decision support roles.
- Advanced Financial Analysts III earn average salaries of $80,000 - $110,000 leading projects and overseeing small teams.
- Senior Financial Analysts IV can make $100,000+ directing departments and advising executive leadership.
As analysts advance in their careers, pay increases reflect growing expertise, project scope, and management duties.
Finance Coordinator Salaries and Market Positioning
Typical Finance Coordinator salaries in Oklahoma range from $42,000 to $62,000 based on experience, firm size, and responsibilities:
- Entry-level Finance Coordinators supporting basic accounting functions earn around $42,000 - $52,000.
- Experienced Finance Coordinators managing systems, processes, and small teams average $52,000 - $62,000.
- Finance Coordinators in managerial project coordination or senior advisory roles can earn up to $72,000.
Oklahoma Finance Coordinator pay lags national averages by 5-10% due to lower living costs.
Director of Finance: Salary Expectations in the Sooner State
Directors of Finance in Oklahoma earn average total compensation packages between $120,000 and $200,000:
- Base salaries range from $120,000 - $160,000 for most Directors of Finance overseeing accounting, planning, reporting, and compliance.
- Bonuses, equity incentives, and profit sharing can add $30,000 - $70,000 or more to total pay.
Director salaries vary based on company size, industry, and financial performance. Directors at larger corporations or highly profitable firms tend to earn higher compensation.
Influences on Finance Salaries in Oklahoma: A Comprehensive Look
Cost of Living in Oklahoma: Its Influence on Finance Pay
The cost of living in Oklahoma is below the national average, which allows companies to offer competitive salaries to finance professionals while maintaining profitability. For example, Oklahoma City has a cost of living that is 15% below the national average. This enables firms located there to pay salaries that are in line with national rates, effectively giving employees greater purchasing power.
In rural areas, the cost of living drops even lower. Consequently, accounting salaries tend to be 10-20% below state averages. However, lower costs for housing, food, and other expenses help offset the reductions in pay.
Qualifications and Their Impact on Salary
Experience and credentials are key drivers of compensation in Oklahoma's finance industry. Each additional year of experience can boost salaries by 5-10%, especially early in one's career. Earning certifications like a CPA can result in 20% or higher salary increases.
For example, a Financial Analyst I with 2 years of experience and a bachelor's degree may earn around $50,000 in Oklahoma City. With 5 years of experience and a CPA, a Financial Analyst III could make closer to $75,000.
The Gender Pay Gap in Oklahoma's Finance Sector
Oklahoma has made progress in reducing gender pay inequities, but a gap still exists, especially in higher level roles. Female financial managers earn 87 cents for every dollar paid to men - slightly better than the national average of 82 cents.
Reasons for the lingering gap include fewer women in executive level positions, time off for family reasons, and unconscious biases in performance reviews and promotion decisions. Firms seeking to attract and retain top female talent in accounting and finance are increasingly prioritizing pay equity.
Employee Flight Risk and Its Effect on Finance Salaries
With finance professionals in high demand across the country, Oklahoma firms face increased employee flight risk. To retain top talent and prevent turnover costs, many employers proactively benchmark pay against national salary data. This enables them to make adjustments to compensation to match larger markets.
Smaller companies with limited budgets also emphasize benefits, work-life balance, and career growth opportunities. Combining these retention strategies with market-based pay helps neutralize the desire to leave Oklahoma for higher salaries elsewhere.
Benefits and Compensation Packages: Beyond Base Salary in Oklahoma
Exploring Comprehensive Compensation Packages
Finance professionals in Oklahoma receive competitive salary and benefits packages. Common benefits include health insurance, retirement contributions, paid time off, professional development stipends, and flexible work arrangements. These perks allow employees to maintain work-life balance while advancing their careers.
For example, many firms offer high-deductible health plans paired with health savings accounts (HSAs) to help employees pay for medical expenses tax-free. Companies also often match retirement plan contributions up to 5% of pay to help employees save for the future.
Pay Equity and Benefits in Oklahoma's Finance Jobs
Achieving pay equity is an important consideration for Oklahoma finance employers. Offering robust benefits packages can help close gender and racial pay gaps by standardizing non-wage compensation.
Extra perks like tuition reimbursement, mentorship programs, and leadership training can also empower disadvantaged groups to develop new skills and earn promotions. These initiatives, alongside fair annual raises, are key for boosting employee retention and satisfaction.
Commercial Loan Review Analyst and Loan Coordinator Benefits
Commercial Loan Review Analysts and Loan Coordinators in Oklahoma tend to receive strong insurance coverage, paid time off, professional development funding, and remote work options. For example, Arvest Bank provides health/dental/vision plans, disability/life insurance, 401(k) matching, and up to 4 weeks of PTO for eligible employees.
Many firms also offer annual training stipends from $1,000-$3,000 to help analysts and coordinators obtain extra certifications like the CRC or CPA license on top of employer-provided development resources.
The Financial Planning Coach: A Look at Salary and Benefits
Financial Planning Coaches in Oklahoma earn median pay around $72,000, with top coaches making over $150,000. Desired benefits include retirement contributions, professional membership dues, Errors & Omissions insurance to guard against liability risks, and bonuses tied to assets under management (AUM) growth.
For example, Southwestern Investment Group covers 100% of health/dental premiums, provides a 401(k) match up to $2,500, and reimburses planner association dues. These perks improve talent attraction and retention while empowering coaches to better serve client needs.
Risk Management and Its Impact on Finance Salaries in Oklahoma
Risk management is a critical function in finance that aims to identify, assess, and mitigate risks to protect organizational assets and value. As such, risk managers play an important role and are compensated accordingly.
Risk Manager Salaries: Assessing the Financial Reward
In Oklahoma, risk managers earn competitive salaries:
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According to PayScale data, the average base pay for a Risk Manager in Oklahoma is $77,327 per year. Total compensation can reach up to $102,000 when factoring bonuses and profit sharing.
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Entry-level risk managers start at around $55,000, while senior professionals with over 20 years of experience can make up to $140,000 annually.
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Oklahoma's median income is $52,919, putting risk management salaries well above state averages. However, Oklahoma has a relatively low cost of living compared to national trends, especially in housing costs.
Overall, risk managers in Oklahoma earn salaries on par with national averages while benefiting from below-average living expenses. This creates a favorable situation where disposable income potential is higher than other parts of the country.
Incentivizing Risk Management: Pay Structures and Progression
To motivate strong risk management performance and retain talent, many Oklahoma finance organizations structure compensation packages to include:
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Base Salary: Sets pay baseline tied to experience level and credentials. Annual raises reward continuous service.
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Short-Term Bonuses: Reward employees for meeting key risk mitigation metrics and targets over quarters or years.
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Long-Term Incentives: Stock options or restricted stock units vest over 3-5 years. This retains talent by tying part of pay to long-haul company success.
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Spot Bonuses: One-time payouts for major risk prevention wins or closing particularly complex deals. Highlights exceptional contributors.
To progress in their careers, risk managers can expect to see their total compensation rise steadily with years of experience. Obtaining credentials like the PRM (Professional Risk Manager) or CERP (Certified Enterprise Risk Professional) can also unlock higher salary bands and leadership roles.
With strong financial upside through various incentive structures and clear paths for pay progression, risk management offers a lucrative career path in Oklahoma's finance sector. The state's low cost of living makes it that much more attractive for this critical function.
Concluding Analysis: Oklahoma's Finance Salary Landscape
Synthesizing the Financial Scorecard of Oklahoma
The data shows that finance salaries in Oklahoma tend to be below national averages. The median salary for accountants is $50,250 compared to the national median of $77,250. Commercial loan review analysts earn a median of $48,210 versus $63,000 nationally.
However, Oklahoma finance salaries are on par with cost of living. The state has one of the lowest costs of living in the country. Housing, groceries, transportation, and other expenses are well below average. This enables finance professionals to stretch their salaries further.
There are also opportunities to earn strong compensation, especially in the energy sector. Risk managers can make over $100,000 in the oil and gas industry. Loan coordinators average around $65,000 at commercial banks.
Future Outlook for Finance Salaries in the Sooner State
The future looks promising for Oklahoma finance salaries. Major employers like American Fidelity, Love's Travel Stops, and Paycom are expanding operations and hiring more financial planning, analysis, and administrative talent. The state is working to attract more corporate relocations too.
As oil prices rebound, energy sector salaries should rise. More finance and accounting staff will be needed to handle growth in drilling, pipeline, and related companies. This bodes well for certified public accountants, financial analysts, directors of finance, and other roles.
Overall, competitive packages can be had in Oklahoma relative to cost of living. The state provides a high quality of life, affordable housing, and opportunities to get ahead financially in a business-friendly environment.
Strategies for Enhancing Pay Equity and Competitiveness
To attract top talent, Oklahoma employers should focus on pay equity and benchmarking against national salary data. Annual reviews of compensation levels and adjustment based on merit can help.
Promoting remote work options could expand the talent pool nationwide. Offering flexible schedules, career development programs, and both monetary and non-monetary benefits also helps.
Maintaining open communication with staff about pay structure and being transparent on how salaries are determined builds trust. Conducting periodic salary surveys and pay gap analyses aids competitiveness.
Oklahoma provides a fertile environment for finance careers. But proactive pay policies are key to optimizing talent acquisition and retention over the long term.
