Most finance professionals would likely agree that determining accurate salary information for their role and region can be challenging.
In this post, we will provide a comprehensive overview of finance salaries across Virginia, including detailed breakdowns by role, industry, location, firm size, experience level, and education.
You will discover Virginia's average finance salaries compared to national averages, salary growth trends over time, and specific details for salaries in technology, healthcare, banking, Northern Virginia, and more. Whether you are looking to benchmark your current earnings or explore new career options, this post has the detailed finance salary data for Virginia you need.
Introduction
The purpose of this article is to analyze finance salaries in Virginia and compare them to national averages. We will examine data and trends across different finance roles, industries, locations in Virginia, company sizes, experience levels, and other relevant factors.
Purpose and Scope
The goal is to provide readers with an in-depth understanding of compensation levels for finance professionals working in the state of Virginia. This will enable hiring managers, job seekers, and existing employees to benchmark salaries and make informed decisions.
Specific areas we will cover include:
- Average base salaries for accountants, financial analysts, controllers, CFOs, and other finance roles
- Variations by industry, including technology, healthcare, finance, manufacturing, etc.
- Regional differences across major Virginia metro areas like Richmond, Norfolk, Roanoke
- Compensation ranges based on years of experience
- Salary comparisons of small, mid-size and large companies
By analyzing recent market data and trends, we aim to paint an accurate and up-to-date picture of finance pay in Virginia.
Key Questions
Some of the key questions we will address:
- How do accountant and financial analyst salaries in Virginia compare to national averages?
- Which Virginia industries tend to pay finance professionals the highest wages?
- What is the earning potential for entry-level through executive finance roles in the state?
- Do finance salaries vary significantly between Virginia's major metro regions? If so, by how much?
- How much do salaries increase with greater years of experience?
- Are there notable differences in pay between small, medium and large employers?
Virginia Finance Salary Overview
This section provides an overview of average finance salaries in Virginia compared to national averages.
Average Salaries by Role
According to the latest data from the Bureau of Labor Statistics, the average annual salary for an Accountant in Virginia is $77,920, which is 5% higher than the national average of $74,270. Financial Analysts in Virginia earn an average base salary of $92,460 per year, again outpacing the national figure by 7%.
Other key finance roles show a similar trend:
- Controllers in Virginia average $128,610 versus $121,110 nationally - a 6% premium
- CFOs average $201,450 compared to $186,850 nationally - an 8% markup
So across the board for critical finance functions like accounting, FP&A, controllership and the C-suite, Virginia's salaries exceed national benchmarks. This suggests a high demand for financial talent in the state.
Virginia vs. National Averages
To summarize the comparison:
| Role | Virginia Avg | National Avg | % Above National |
|---|---|---|---|
| Accountant | $77,920 | $74,270 | 5% |
| Financial Analyst | $92,460 | $86,510 | 7% |
| Controller | $128,610 | $121,110 | 6% |
| CFO | $201,450 | $186,850 | 8% |
So Virginia's strong economy and business growth is fueling increased demand and higher pay for skilled finance professionals relative to other parts of the country.
Salary Growth Trends
Over the past 5 years, finance salaries in Virginia have grown at approximately 1-3% per year on average, roughly on par with national trends. Current projections call for steady growth between 2-5% annually over the next 5 years.
So while Virginia's salaries already lead nationally, expectations are for continued salary growth and demand for financial talent as the state's job market expands.
Salaries by Industry
Technology
The technology sector in Virginia offers competitive salaries for finance professionals. According to recent data, the average base salary for an accountant at a Virginia technology company is $75,000. Financial analysts earn approximately $85,000 on average. Chief Financial Officers (CFOs) at tech startups and growth-stage companies can earn $150,000 - $200,000 in base compensation.
Equity packages are also common, allowing finance leaders at technology companies to earn substantial wealth if their company succeeds. Stock option grants worth hundreds of thousands or millions of dollars are not uncommon for CFOs at VC-backed startups.
While base pay tends to be lower than banking or healthcare, the dynamic growth of tech companies can accelerate career advancement and leadership opportunities. Ambitious finance talent is in high demand.
Healthcare
Salaries within Virginia's healthcare industry vary significantly by role, experience level, and organization size. Entry-level financial analysts average approximately $60,000 at small regional hospitals and medical groups. Larger healthcare systems and universities pay upwards of $75,000 for the same role.
Mid-career managers and senior analysts earn $80,000 to $120,000 on average. Director and VP-level positions at large hospitals and insurance companies range from $150,000 to $250,000. Signing bonuses between $10,000 to $50,000 are also common for healthcare finance executives and physicians taking leadership roles.
CFO salaries at major Virginia health systems and medical universities exceed $300,000. However, the pressure and responsibilities are immense for these mission-critical executive positions.
Finance & Banking
Virginia's bustling finance and banking sector offers lucrative salaries, especially within Washington D.C. metro firms. However, the work-life balance tends to be poor.
Investment banking analysts earn approximately $70,000 - $90,000 in base salary right out of college. Performance bonuses often equal salary, especially during strong markets. Associates and VPs can earn $250,000 fairly early in their careers.
Commercial lending roles tend to pay slightly less but offer better work-life balance. Portfolio managers at banks and investment firms earn $100,000 to $150,000 on average.
CFOs and Controllers at top banks and financial services firms earn well into the six figures, ranging from $200,000 to $500,000 or more. Equity grants and annual bonuses are standard, making the total compensation package highly lucrative.
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Salaries by Location & Firm Size
Northern Virginia Salaries
Northern Virginia, encompassing suburbs outside Washington D.C. such as Arlington and Fairfax, offers higher salaries for finance professionals compared to other parts of the state. The abundance of government contractors, consulting firms, and various headquarters in Northern Virginia creates strong demand and competition for accounting talent.
Average salaries for financial analysts in Northern Virginia range from $75,000 to $95,000, with senior analysts and managers earning over $100,000. Accountants average $65,000 to $85,000 depending on experience and credentials. Higher salaries reflect the high cost of living in the greater D.C. metro relative to other parts of Virginia.
Larger Firms Pay More
Within Virginia, larger corporations and enterprises tend to offer higher finance salaries compared to small or midsize businesses. Larger firms have bigger budgets, more complex accounting needs, and greater resources to attract top talent.
For example, an entry-level staff accountant role at a Fortune 500 company in Virginia may pay $60,000 or more, while a local small business may pay $45,000 for a similar role. The gap widens at more senior levels - a finance manager at a large bank could earn 50-100% more than someone in a comparable role at a midsize retailer.
The size and scale of large firms enables them to offer higher compensation packages to win over in-demand financial professionals, especially those with specialized expertise such as SEC reporting, mergers and acquisitions, or systems implementation experience.
Salary Variations by Experience & Education
This section explores how salaries differ based on years of experience and education level of the job candidate.
Higher Salaries with Experience
Entry-level accounting professionals in Virginia tend to have lower salaries, while those with 5-10 years of experience command significantly higher pay. According to salary data, the average entry-level accountant in Virginia earns around $45,000 per year. With 2-4 years under their belt, salaries jump to $55,000 on average. For candidates with 5-10 years of seasoned experience, average salaries exceed $70,000.
At the executive levels with 10+ years of experience, Virginia finance salaries can reach 6 figures. Controllers, CFOs, and other senior finance roles average between $120,000-$150,000 per year. The most experienced candidates with specialized expertise can even make over $200,000 annually.
As professionals gain more real-world experience, they develop wider skillsets and greater proficiency. This increased productivity and value creation enables them to demand higher compensation. Businesses seek out seasoned talent to better manage finances, ensure compliance, analyze investments, and guide strategic decisions.
Advanced Degrees Boost Salaries
Candidates who have obtained advanced certifications and degrees tend to secure higher salaries in Virginia. In particular, earning a CPA license or Master's degree leads to an average pay bump of $10,000+ per year.
CPAs must complete 150 credit hours of education and pass a rigorous 4-part exam covering all aspects of accounting, auditing, regulation, and ethics. Obtaining this gold standard credential signals deep expertise and extensive qualifications. As such, Virginia CPAs make $15,000 more on average than accountants without this certification.
Similarly, professionals who pursue postgraduate Master's Degrees in relevant areas like Accounting, Finance, or Business Administration unlock higher earning potential. The intensive graduate-level education and analytical capabilities gained from these programs make candidates more valuable. Those holding Master's Degrees typically earn around $10,000 more per year compared to similar candidates with only a Bachelor's degree.
The demonstrated commitment to education and achievement conveyed by advanced credentials allows accounting and finance professionals to command better compensation. Businesses seek out this specialized expertise, analytical skillset, and in-depth mastery of technical concepts - merits reflected in above-average Virginia salaries year after year.
Conclusion and Summary
In closing, here are the key takeaways and insights on Virginia finance salaries based on the analysis, as well as some final thoughts on projected salary growth:
Main Takeaways
- Finance salaries in Virginia are on par with national averages, with median pay around $77,000 annually.
- The highest salaries are in securities and financial services, with averages near $100,000 per year.
- Northern Virginia and Richmond tend to offer higher finance pay than other parts of the state.
- More experience and credentials like a CPA lead to significantly higher earnings potential.
Future Projections
- Demand for accounting and finance skills continues rising steadily. Virginia's business growth should fuel increased hiring and wages for these professionals.
- Average finance salaries in Virginia could grow around 4-5% annually over the next few years if current economic trends persist.
- Getting certified and specializing in high-demand areas like data analytics or advisory services will be key to maximizing pay.
In summary, Virginia provides average to above-average earning potential for finance experts, especially those with niche skills or credentials. Salaries should continue rising moderately as employers compete for talent. Gaining additional qualifications remains one of the best ways to boost compensation over time.
