Finance Salaries in Utah: Beehive Bankrolls and Budgets

Finding accurate data on finance salaries can be challenging for both employees and employers in Utah.

This article compiles the latest statistics to provide transparency into accounting and finance pay scales across the state.

You'll see real salary ranges based on experience level and position type, top paying Utah employers, and future outlooks from analysts. The key takeaways will help both finance professionals and hiring managers benchmark pay and make informed decisions.

Introduction

Utah has a thriving business environment and a strong economy, providing ample job opportunities for accounting and finance professionals. As companies grow in the state, the demand for talented financial staff rises in tandem. Understanding current salary ranges can empower both employers and job seekers to make informed decisions during the hiring process.

Overview of Utah's Economy

Utah boasts one of the fastest growing state economies in the nation. Major industries driving economic expansion include technology, financial services, manufacturing, tourism, and healthcare. This business growth fuels strong demand for accountants and financial analysts to support operations. With low unemployment rates, companies compete for top talent in accounting roles across the state.

Purpose and Goals of This Article

The purpose of this article is to analyze current salary ranges for accounting and finance professionals working in Utah. Key goals include:

• Providing businesses and recruiters benchmark salary data to set competitive compensation packages in the local market
• Empowering accounting job seekers to negotiate fair salaries aligned with their experience and credentials
• Comparing average Utah accounting salaries versus national trends
• Breaking down salary variances by specific roles, industries, and geographic regions within the state

Equipped with timely market compensation insights, both employers and skilled talent can make strategic decisions regarding accounting staff budgets and career growth opportunities.

Current Accounting Job Market Conditions in Utah

High Demand for Accountants and Auditors

The latest data from the U.S. Bureau of Labor Statistics shows high demand for accountants and auditors in Utah. As of 2021, there were over 14,000 accountants and auditors employed in the state. Employment of these professionals is projected to grow nearly 10% from 2020 to 2030 in Utah, faster than the national average. This demonstrates the state's great need for qualified accounting talent to fill open positions.

Accounting and auditing roles remain vital across Utah's business landscape. As companies aim to improve efficiency and oversight, the expertise of financial professionals is indispensable. This drives year-round recruiting efforts to source controllers, financial analysts, accountants, and auditors with specialized skill sets.

With Utah's low unemployment rate hovering under 2%, hiring challenges persist for many employers. This further propels high demand for proven accounting candidates that can make an immediate impact. Vintti's access to a global talent pool helps companies secure the precise accounting support their team requires.

Utah's Growing Industries Driving Finance Jobs

Major industries powering Utah's economic growth also lead to increased demand for accounting and finance experts. These include:

• Technology: Utah's "Silicon Slopes" tech scene concentrates many high-growth firms needing to scale accounting teams rapidly. Open roles like FP&A analysts and revenue accountants are plentiful at software, SaaS, and hardware companies.

• Healthcare: Hospital systems, insurers, and life sciences organizations thrive statewide. The complexity of regulations and reporting spurs recruiting of controllers, internal auditors, and other specialists to ensure financial compliance.

• Financial Services: Banks, credit unions, wealth management firms, and FinTech disruptors are prominent across Utah, especially in Salt Lake City. This concentration of financial institutions creates abundant openings for experienced accounting and finance talent.

With major industries projecting continued expansion, finance and accounting hiring needs will remain high statewide. Vintti helps employers cost-effectively fill these critical roles by tapping into highly qualified accounting and finance talent located abroad.

Accounting and Finance Salary Ranges in Utah

Salaries Based on Experience Level

Entry-level accounting and finance salaries in Utah typically range from $45,000 to $55,000 annually. Those with a few years of experience and specialized skills can earn $60,000 to $75,000. Mid-career professionals with 5-10 years of experience command $70,000 to $90,000, while senior-level roles with 10+ years of experience range from $85,000 to $120,000. High-level finance executives and partners at top firms earn $150,000 or more.

As professionals gain more experience, their salaries grow substantially. Developing specialized expertise in areas like budget analysis, financial reporting, audit, tax, FP&A, etc. also boosts earning potential over time.

Salaries at Top Utah Employers

Some of Utah's largest employers and top companies for accounting and finance talent include:

• Deloitte - $67,000 average starting salary for audit associates, up to $97,000 for senior managers
• EY - $60,000 for assurance associates, up to $142,000 for experienced managers
• Goldman Sachs - $85,000 average for finance analysts, up to $250,000 for managing directors
• JP Morgan Chase - $65,000 for accountants, up to $150,000 for VPs
• Wells Fargo - $50,000 for account execs, $125,000+ for controllers/CFOs

Leading tech companies also offer lucrative salaries, with Adobe at $70,000-$90,000 and Oracle at $80,000-$110,000 for their corporate finance roles.

The highest accounting and finance wages are found at the executive levels of Utah's top public companies and fast-growing startups. For example, USANA Health Sciences pays their Principal Accounting Officer $320,000 in total compensation.

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Comparing Utah Accounting Salaries to National Averages

This section will benchmark Utah accounting and finance salaries against national salary averages to determine where Utah wages stand competitively.

Entry-Level and Junior Positions

Entry-level accountants and junior finance professionals in Utah earn competitive salaries compared to national averages. According to the Bureau of Labor Statistics, the median annual salary for an entry-level accountant in the US is $43,000. In Utah, entry-level accountants earn approximately $45,000 per year on average.

Some key insights on Utah vs US salaries for starter and junior roles:

• Entry-level staff accountants in Utah earn 5% higher wages than the national median. Utah's lower cost of living accounts for slightly above-average starter salaries.
• Junior financial analysts in the state average nearly $52,000 annually, which aligns closely with the national median.
• Within 2-4 years of experience, junior accounting and finance wages in Utah tend to lag behind national medians by 5-10%.

So while entry-wages are strong, Utah does see some salary compression for early career accounting and finance professionals compared to national salary growth in these roles.

Senior and Management Roles

For senior and management level accounting and finance professionals, Utah salaries are 10-15% below national salary medians on average.

Key benchmark data on Utah vs US salaries for experienced roles:

• Senior accountants in Utah earn approximately $75,000 per year, compared to a national median closer to $83,000.
• Financial controllers in the state average roughly $97,000 annually, over $20,000 less than the national median.
• High-level positions like Finance Directors and CFOs earn up to 20% below national salary medians for these managerial roles.

The largest wage gaps exist for controller, director, and executive positions in accounting and finance. Companies can save significantly on labor costs for their finance leadership teams by building remote teams with talent based in Utah.

In summary, Utah accounting and finance salaries start off competitive for entry-level roles but slide below national salary medians as experience level increases. The state presents strong labor cost advantages, especially for senior and management professionals in accounting and finance.

Future Outlook for Accounting Salaries in Utah

Predictions from Economic Analysts

Economic analysts predict steady growth for accounting salaries in Utah over the next 5-10 years. As the state continues strong economic expansion across sectors like technology, finance, and healthcare, demand for qualified accounting talent is expected to rise.

Utah's Department of Workforce Services projects accounting job growth around 12% through 2026. This outpaces the national average. With major corporations like Adobe, Goldman Sachs, and Boeing expanding operations in the state, analysts forecast rising demand and competitive salaries to attract top talent.

As Utah's economy diversifies, specialized fields like forensic accounting and international accounting are also projected to see above-average growth. Analysts emphasize the importance of continuing education and credentials like CPAs to maximize career advancement and salary potential.

Accounting Automation Trends to Watch

While routine bookkeeping and data entry tasks are increasingly being automated with AI and machine learning, this is expected to elevate rather than eliminate many accounting roles over the next decade.

As software handles more repetitive tasks, accountants can focus on high-value work like data analysis, visualization, and strategic decision making. However, staying relevant requires proactivity in learning new technologies and developing skills like critical thinking, analytics, and communication.

Analysts see the greatest threats of job displacement in entry-level bookkeeping roles. However, automation makes higher-skilled accountants more productive and valuable. Adapting skill sets and specializations for the future of work will be key for salary growth. CPAs and accountants with experience in analytics, business advisory services, and system implementation should retain strong demand.

Key Takeaways for Businesses Hiring Accountants

Adjusting Salary Offers to Stay Competitive

With finance salaries in Utah projected to rise over the next decade, it's crucial for companies to adjust their compensation packages accordingly. When recruiting top accounting talent, refer to the median salaries and growth rates analyzed earlier to benchmark competitive offers. For example, accountants and auditors in Utah earn a median salary of $77,250, with 10.5% growth anticipated through 2030. To attract skilled candidates, salaries may need to exceed regional or national medians.

Compensate for specialized skills and certifications that enable accounting staff to create greater value. Offer remote work arrangements to access a global talent pool and reduce overhead. With creative, data-driven compensation planning, businesses can cost-effectively build world-class finance teams.

Planning Ahead to Meet Growing Staffing Needs

The 10.5% projected job growth for Utah accountants and auditors signals solid demand ahead. Proactively grow your finance department over time to ensure continuity of operations. Develop a hiring roadmap aligned to your revenue growth plans, factoring in upcoming retirements.

Get ahead of the talent shortage by expanding and diversifying your candidate search nationwide and globally. Leverage staffing agencies to access pre-vetted accounting professionals open to remote work. Through strategic planning and partnerships, Utah companies can secure the specialized accounting talent needed to support their success.

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