Finding a well-paying job is a challenge for many finance professionals.
However, Washington state offers abundant opportunities in finance, with salaries exceeding national averages across numerous sectors.
This article will highlight the state's top industries for finance careers, explore typical salaries for key roles, and identify high-wage locations to target your job search.
Introduction to Finance Salaries in Washington State
Washington state has a thriving finance sector thanks to its robust economy and business-friendly policies. Major companies like Amazon, Microsoft, and Starbucks are headquartered in the region, driving demand for financial services talent.
As a result, finance professionals in Washington tend to earn higher-than-average salaries compared to national levels. However, pay can vary significantly depending on factors like location, experience, education, and specialty.
Washington's Robust Economy Supports Strong Finance Sector
Washington has one of the fastest growing state economies in the U.S. Its GDP growth has outpaced the national average for the past decade, even withstanding recessions relatively well.
Several advantages make Washington an attractive place for finance and business:
- Strategic location - Easy access to Pacific Rim markets supports trade and logistics industries
- Innovation hubs - Home to tech giants and a thriving startup ecosystem
- Business-friendly tax structure - No personal or corporate income tax
- Highly educated workforce - Nearly a third of Washingtonians hold a bachelor's degree or higher
This vibrant economic environment creates ample job opportunities for accountants, financial analysts, treasurers, controllers, and other financial occupations.
Higher-Than-Average Wages Compared to National Levels
On average, finance professionals in Washington earn 5-15% higher salaries than the national median wage for the same roles. However, there is significant variability.
For example, an accountant in Seattle could earn over $80,000 per year, while the same role in rural Grant County may pay under $60,000. Location, experience level, education credentials, specialty, company size, and other factors can greatly impact pay.
In major metropolitan areas, wages are pushed higher by the concentration of large corporations and high costs of living. Smaller communities offer lower salaries but also typically have more affordable housing.
Overall Washington remains a high-paying state for finance experts, especially those in the largest cities. The economic strength also provides good job security and opportunities for career advancement.
Key Industries Driving Finance Jobs and Salaries
Washington state has a thriving economy across several key industries like technology, healthcare, aviation, and more. This economic growth is fueling strong demand for finance professionals, driving up salaries in accounting, analysis, and other specialties.
Booming Tech Industry
The massive technology and software sector in Washington leads to high demand for accountants, financial analysts, and other finance roles to support tech companies' rapid growth. Major firms like Microsoft, Amazon, and Tableau have headquarters in the state. Startups are also booming in Seattle and other tech hubs. This tech expansion leads to lucrative salaries for finance talent, with average pay above national levels.
For example, financial analysts in Washington make a median salary of $83,410, higher than the national median of $81,590 according to the U.S. Bureau of Labor Statistics. Accountants also see higher Washington salaries at $77,250 versus $71,550 nationally. The tech sector's continued growth suggests salaries will keep rising for qualified finance professionals.
Rapid Expansion of Healthcare
Healthcare systems and services are growing quickly in Washington, raising the need for medical billing, healthcare finance, revenue cycle management, and other specialized roles. Major health firms like Providence Health & Services and the University of Washington Medicine system are top employers. With over 250 hospitals in the state, the healthcare field demands skilled finance and accounting experts to support operations and strategic expansion.
This high demand allows medical billing specialists and healthcare financial analysts to command competitive salaries in Washington. For instance, medical billing salaries average $42,800 in the state, higher than the national average of $41,480 according to salary data from ZipRecruiter. With an aging population and healthcare sector growth, medical accounting salaries are likely to continue increasing.
Salaries for Common Finance Positions
Finance professionals are in high demand across Washington, with strong salaries to match the region's high cost of living. Here's a look at average pay for some of the most common finance roles.
Financial Analysts
Financial analysts help guide business strategy by analyzing financial data and market trends. Their salaries vary based on experience:
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Entry-level financial analysts in Washington earn an average of $55,000 per year. Required skills include Excel modeling, attention to detail, communication abilities, and a bachelor's degree in finance, accounting, or economics.
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With 3-5 years of experience, financial analyst salaries rise to around $75,000 on average. These mid-level roles generally require expertise in financial modeling, data analysis, and preparing presentations for management.
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Senior financial analysts with 5+ years of experience make approximately $95,000 per year. They leverage advanced skills in valuation modeling, mergers and acquisitions, forecasting, and leading projects. Leadership abilities and a master's degree are often required.
Accountants
From tax accounting to auditing, accountants earn strong Washington salaries with rising pay as they gain certifications and experience.
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Entry-level accountants with 0-2 years of experience make an average of $50,000 per year. They generally have a bachelor's degree in accounting or finance and focus on day-to-day tasks like bookkeeping, payroll, and preparing financial statements.
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Certified Public Accountants (CPAs) see salaries rise to around $70,000 on average. CPAs have passed rigorous licensing exams and can sign off on financial reports and tax documents. Many work in public accounting firms or as controllers/directors.
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Chief Financial Officers (CFOs) are senior finance leaders that oversee strategy and operations. They earn an average salary of $200,000 per year in Washington. CFO roles require an MBA, CPA license, and 10+ years of management experience.
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Salary Variations by Location
Finance salaries in Washington state vary significantly depending on the metro region. Major cities like Seattle and Bellevue offer the highest wages overall, while smaller cities still provide strong compensation compared to national averages.
Seattle Offers the Top Wages Overall
As the technology and business hub of the Pacific Northwest, Seattle offers extremely lucrative salaries for finance professionals. Major corporations like Amazon and Microsoft as well as fast-growing startups are fueling rapid economic expansion and high demand for talent.
Key factors driving top-tier finance wages in Seattle include:
- Numerous Fortune 500 company headquarters offering competitive compensation packages
- High concentration of technology, e-commerce, and healthcare companies needing finance talent
- Fast pace of business growth and commercial development outstripping local talent supply
- High cost of living necessitating larger salaries to attract workers
Median accountant salaries in Seattle are over $80,000, with experienced financial analysts and controllers earning well into six figures at major corporations.
Strong Pay in Spokane and Tacoma Also
While Seattle leads for top-end finance salaries, secondary metro areas in Washington still offer strong compensation. Cities like Spokane and Tacoma have seen increasing business activity and development in recent years.
As a regional economic center, Spokane provides above-average accountant and financial analyst wages near $70,000 driven by healthcare, insurance, and technology hiring. The lower cost of living allows incomes to stretch further.
The Tacoma region has also seen a surge in manufacturing, shipping, construction, and military-related finance hiring. Wages for accountants and analysts average over $65,000, with many earning higher at large employers like Boeing or Joint Base Lewis-McChord.
So while Seattle offers the state's peak finance salaries, professionals in Spokane, Tacoma, and other regions still earn excellent incomes compared to national rates.
Future Outlook for Finance Careers
The business climate in Washington continues to foster strong demand for finance professionals across most industries. This bodes well for the career prospects and earning potential of accountants, financial analysts, and other roles in the field.
Continued Strong Hiring Across Most Industries
The thriving economy in Washington is driving steady hiring of finance talent. Major sectors like technology, healthcare, retail, and professional services are all expanding operations and adding jobs.
- Tech giants like Amazon and Microsoft have headquarters in the state and continue to grow at a rapid pace
- Healthcare systems and insurance providers need financial experts to track growth and manage costs
- Retail, hospitality, and consumer services are bolstering their finance teams to keep pace with rising consumer spending
- Professional services firms in legal, engineering, marketing, and more require finance staff to support their client work
With most industries in growth mode, the demand for qualified finance professionals remains high across the board. This presents excellent job opportunities for those looking to enter the field or take the next step in their career.
Salaries Expected to Rise With Economic Expansion
The competitive demand for accounting and finance talent in Washington pushes salaries steadily higher. With the state's dynamic economy projected to expand over the coming decade, wages are likely to grow at an above-average pace.
- Average salaries for financial analysts and accountants already top national levels
- Strong competition for talent continues to place upward pressure on compensation
- As more large corporations move operations to Washington, wages tend to climb higher still
- Continued economic growth sets the stage for rising salaries across finance roles
For finance professionals, Washington offers a compelling mix of plentiful job options, world-class employers, and salaries that outpace national averages and continue trending upward. It's an optimal environment for advancing careers while earning strong compensation.
Conclusion and Key Takeaways
Salaries Substantially Exceed National Averages
Finance professionals in Washington enjoy salaries that are 20-30% higher on average compared to most other states. With strong industry growth and high demand for talent, wages are likely to continue rising.
Numerous High-Paying Industries to Target
Several fast-growing industries offer lucrative careers for finance experts in Washington, including technology, healthcare, aviation, and more. With major companies like Amazon and Microsoft leading hiring, there is no shortage of high-paying opportunities.
By targeting the right industries and leveraging the region's surging salaries, finance professionals can find rich rewards in the rainy Pacific Northwest. The combination of high pay, low unemployment, and expanding industries create prime conditions for advancement.
