Finding accurate data on finance salaries in Wyoming can be challenging. With its rugged frontier image, many may wonder if finance professionals can really earn a good living out west.
This comprehensive guide promises to uncover the truth about finance salaries in the Cowboy State. You'll get hard facts and figures on what financial professionals really take home in Wyoming across industries, roles, and seniority levels.
From the earnings of ranchers and cowboys to salaries for positions like financial analysts and managers, we'll explore all facets of finance pay in Wyoming. You'll learn how cost of living impacts wages and see future job growth projections. By the end, you'll have a data-backed perspective on building a career in Wyoming finance.
Introduction to Finance Salaries in Wyoming: A Comprehensive Guide
Understanding the Landscape of Finance Salaries in Wyoming
Wyoming's economy relies heavily on energy and tourism industries, providing a robust job market for finance professionals. Major employers like oil/gas companies and large resorts have driven demand for roles like financial analysts, accountants, and budget managers. However, Wyoming's low population density means fewer opportunities compared to larger states.
Finance salaries in Wyoming tend to be lower than national averages but are buoyed by low cost of living. According to the Bureau of Labor Statistics, the 2021 median pay for financial managers was $139,150 annually versus $131,710 nationally. However, Wyoming's median home price is just $250,000, making disposable income go further.
Goals and Methodology of the Wyoming Finance Salary Survey
This article provides a comprehensive analysis of finance salaries and jobs across industries in Wyoming. It aims to help finance professionals benchmark pay, find high-demand roles, and negotiate job offers.
Salary data was gathered from the Bureau of Labor Statistics, job sites like Glassdoor and LinkedIn, and first-hand surveys of finance managers in Wyoming. Cost of living data helps contextualize real wages adjusted for Wyoming's low prices.
The analysis covers popular finance roles like budget analysts, financial reporting accountants, and directors of finance. It explores variations across industries and seniority levels to provide tailored insights. Geographic differences are also analyzed given concentration of jobs in Cheyenne and other hubs.
What is the average salary of a rancher in Wyoming?
The average annual salary for a rancher in Wyoming is $32,994, which works out to around $2,749 per month.
To provide more context on rancher salaries across the income spectrum in Wyoming:
- Top earners in the 75th percentile make approximately $38,900 per year or $3,241 per month
- Median salary earners in the 50th percentile make roughly the average of $32,994 per year or $2,749 per month
- Lower earners in the 25th percentile make approximately $28,800 annually or $2,400 per month
So while the middle 50% of ranchers in Wyoming make between $28,800-$38,900 per year, the overall average sits at $32,994 annually.
This average annual salary reflects the demanding but rewarding nature of ranching. The top earners likely manage larger operations or have greater livestock numbers and land assets. Yet even lower earning ranchers can sustain themselves in Wyoming given lower costs of living outside metros.
With ranching playing a vital role in Wyoming's culture and economy, ranchers earn a modest but meaningful living caring for the land and livestock that shape the state's identity. Their salary allows for covering operating costs while supporting local families and communities.
What is a livable salary in Wyoming?
According to the context provided, here are some key data points on livable salaries in Wyoming:
For 1 Adult
- Living Wage: $15.64 per hour
- Poverty Wage: $6.53 per hour
- Minimum Wage: $7.25 per hour
For 2 Adults (Both Working)
- Living Wage: $23.12 per hour (combined)
- Poverty Wage: $6.67 per hour (combined)
- Minimum Wage: $7.25 per hour
With Children
The above wages are provided for households both with and without children. Having children does not appear to impact the livable wage thresholds in Wyoming.
In summary, the living wage provides an income level needed to afford basic necessities in Wyoming. The poverty wage reflects basic subsistence levels. And the minimum wage is the legal minimum pay rate. For one adult, the living wage is over 2x the minimum wage, highlighting the gap between basic affordability and legal minimums.
To achieve a reasonably comfortable standard of living in Wyoming, the living wage provides a good benchmark for the income levels needed, especially for single-adult households. Dual-income households have more flexibility thanks to combined wages. But the substantial gap between living and minimum wages remains problematic for many families struggling to make ends meet in Wyoming's economy.
What was the average salary in the 1920s?
According to historical records from the IRS, the average annual income reported on tax returns in 1920 was $3,269.40. When adjusted for inflation to 2023 dollars, this amount translates to approximately $49,341.13 annually.
In the 1920s economy, most tax returns were filed by employed men working for various companies and organizations, rather than being self-employed. Women and minorities faced significant barriers to employment and earnings during this time period.
Key highlights regarding 1920s salaries and income:
- Average income in 1920 dollars was $3,269.40 per year
- Equivalent to $49,341.13 in 2023 inflation-adjusted dollars
- Most tax returns came from employed men working for companies
- Significant inequities for women and minorities in accessing jobs and fair wages
The 1920s saw rapid economic growth and prosperity after World War I, yet the financial gains were not evenly distributed across society. Understanding wages and incomes from that era provides insight into the lifestyle and economic realities facing American workers and families in the early 20th century.
Do cowboys make good money?
According to the U.S. Bureau of Labor Statistics, the average annual salary for cowboys is around $42,000 per year as of January 2023. However, salaries can vary widely depending on experience, skills, location, and the specific job responsibilities.
Some key points about cowboy salaries include:
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Entry-level cowboys typically start around $25,000 - $30,000 per year. With several years of experience, salaries commonly reach $35,000 - $50,000.
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Highly skilled, experienced cowboys working on large ranches can make $60,000 per year or more, especially when housing and meals are provided.
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Location significantly impacts pay. In states like Texas, Oklahoma, and Montana with major cattle industries, cowboy salaries tend to be higher than national averages.
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Cowboy foremen and ranch managers who oversee operations can make $70,000+ per year.
So while the romanticized idea of cowboys makes it seem like they may not earn much, their specialized skills and labor in the cattle industry does translate to reasonable wages. It's a physically demanding job, but experienced cowboys are well-compensated for their critical role on ranches and farms.
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Exploring the Roles and Salaries of Wyoming's Financial Professionals
The Role and Salary of Finance Managers in Wyoming
Finance Managers in Wyoming earn a median salary of $124,000 per year. Their key responsibilities include overseeing financial reporting, establishing budgets, managing investment activities, and implementing cash management strategies. The role requires skills in financial analysis, data interpretation, critical thinking, and communication. A bachelor's degree in finance, accounting, economics or business administration is typically needed. 5+ years of experience in a corporate finance or analytical role is also common.
Earnings and Responsibilities of Wyoming's Financial Analysts
The median salary for Financial Analysts in Wyoming is $68,300 annually. Daily tasks involve conducting investment research, creating financial models, preparing market analysis reports, and presenting findings to stakeholders. Required competencies include financial modeling, data analysis, valuation techniques, and using Bloomberg terminals and finance software. Most positions need a finance, economics or accounting degree and 2+ years in corporate finance or equity research.
Financial Services Specialist: Job Description and Compensation
In Wyoming, Financial Services Specialists make approximately $59,500 per year. They are responsible for assisting clients on topics like investments, insurance, mortgages, college savings, retirement planning, and taxes. Key skills include financial analysis, risk assessment, client service, and staying updated on financial products, laws and regulations. A bachelor's degree, FINRA licenses, 3+ years of experience in financial services, and CFP certification are often required.
Assistant Finance Manager Positions: Duties and Pay Structure
Assistant Finance Managers in Wyoming earn around $85,000 annually. Their central tasks involve supporting the Finance Manager on financial reporting, budgeting, forecasting, process improvement initiatives, and ensuring compliance with laws and regulations. Crucial skills include financial analysis, data interpretation, attention to detail, communication, and knowledge of accounting principles and financial regulations. Most positions require a finance or accounting degree, 3-5 years of relevant experience, and CPA certification.
Senior Finance Salaries in Wyoming: Trends and Figures
Senior finance professionals in Wyoming, such as Senior Manager Finance Operations and Director of Finance roles, earn $150,000+ per year on average. Their responsibilities include overseeing teams on financial planning and analysis, managing key finance processes, leading forecasting and budgeting, liaising with executives, and ensuring adherence to financial laws and standards. Extensive finance work experience, leadership ability, and strategic vision are typical requirements. As senior roles, 10+ years of managerial expertise in FP&A, controllership or treasury are often needed.
Determinants of Finance Salaries in Wyoming: What Affects Your Paycheck?
Cost of Living in Wyoming: Its Impact on Finance Salaries
The cost of living in Wyoming varies significantly between urban and rural areas. Major cities like Cheyenne and Casper generally have higher costs of living compared to small, rural towns. This impacts finance salaries, as employers must offer competitive wages to attract talent.
For example, a Finance Manager in Cheyenne may earn an average salary of $85,000, while someone in a rural area like Gillette may earn closer to $75,000 for the same role. The lower cost of living allows rural employers to offer lower, yet still competitive, salaries.
Industry Variations: How Sector Influences Finance Pay Equity
Industry plays a major role in determining finance salaries in Wyoming. Sectors like energy, tourism, and agriculture have vastly different compensation ranges.
For instance, a Budget Analyst in Wyoming's booming oil & gas industry could earn over $90,000, while an Analyst in the lower-paying tourism sector may only make $60,000. Understanding industry norms is key when evaluating salary offers.
The Experience Factor: Senior vs. Entry-Level Finance Salaries
As expected, salaries in Wyoming increase substantially with experience. Entry-level Financial Analysts straight out of college may start around $45,000, while Senior Analysts with 5+ years experience can earn up to $75,000.
The gap widens further up the ladder —a newly hired Finance Manager may get $65,000, while seasoned Directors with 10-15 years under their belt can make well over $120,000. Know your worth and negotiate based on your background.
Corporate Finance vs. Public Sector: A Salary Comparison
Salaries also differ between private corporations and the public sector. Corporate finance roles generally pay 10-25% higher than comparable government jobs.
For example, a Budget Manager at a mid-sized energy company could earn $95,000, whereas a Budget Manager handling county finances may only get $75,000. Understand whether you prefer public service or higher earning potential.
Wyoming's Cost of Living: A Finance Salary Perspective
Housing Expenses in Wyoming: Affordability for Finance Professionals
Housing in Wyoming is relatively affordable compared to national averages. The median home price in Wyoming is around $250,000, significantly lower than the national median of $428,700. This allows finance professionals to purchase homes well within their salary range. For example, a financial analyst earning the average Wyoming salary of $68,000 could comfortably afford mortgage payments on a $200,000 home.
Rent is also quite affordable in Wyoming. The average rent for a 2-bedroom apartment is approximately $800 per month. This is over $500 less than the national average. With the average finance salary in Wyoming exceeding $65,000, professionals could easily cover housing costs while having income left over for other expenses.
Daily Expenses: Analyzing Wyoming's Cost for Goods & Services
The cost of living in Wyoming is about 9% lower than the national average when factoring in expenses like food, transportation, utilities, and healthcare. For example, groceries in Wyoming cost 3% less than typical US grocery prices. Gasoline averages around $3 per gallon statewide.
Healthcare and insurance premiums run cheaper as well - approximately 12% lower than national rates. This enables finance professionals to stretch their salaries further when covering daily necessities. With Wyoming's low tax rates, the take-home pay allows for comfortable coverage of living expenses.
Tax Considerations for Finance Employees in Wyoming
Wyoming has no state income tax, which directly boosts net take-home pay for finance professionals. The statewide sales tax is just 4%, allowing consumer purchases to stay relatively affordable. Wyoming also has low property tax rates, generally ranging from 0.5% to 1.5%.
With the absence of a state income tax and lower property taxes, finance professionals keep more of their hard-earned salaries. This further improves the purchasing power of wages in Wyoming, making it an attractive destination for accounting and finance roles from a taxation standpoint.
Future of Finance: Job Growth Projections in Wyoming's Financial Sector
Forecasting New Finance Job Opportunities in Wyoming
The financial services sector in Wyoming is projected to see steady job growth in the coming years. According to state labor projections, finance occupations such as financial analysts, accountants, and auditors are expected to grow by 7-10% between 2020 and 2030. This translates to approximately 500-800 new finance jobs opening up statewide.
Key drivers fueling this demand include:
- Economic diversification efforts to expand Wyoming's finance and professional services industries
- Increasing business investment and corporate relocations attracted by the state's low taxes and cost of living
- Retirements of baby boomers leading to high replacement demand
- Technological innovations requiring finance expertise to implement
Rural areas may see lower growth compared to cities, but improved remote work capabilities are making more finance roles location-agnostic. Top regions projected for finance jobs are Cheyenne, Casper, Jackson, and Gillette based on current industry concentrations.
Turnover in Finance: Analyzing Wyoming's Replacement Demand
In addition to new job creation, Wyoming also expects sizeable replacement demand for finance talent. As current employees retire or leave roles, businesses will need to backfill roughly 30-40% of positions during the 2020s. This turnover rate is higher than the national average.
Contributing factors to finance's elevated turnover in Wyoming include:
- 25% of financial workforce above age 55, facing upcoming retirement
- Young professionals relocating out-of-state for expanded opportunities and higher salaries
- Difficulty retaining employees in rural areas with fewer amenities
To proactively manage turnover risk, Wyoming finance employers can focus on succession planning, competitive compensation benchmarking, remote and hybrid policies, leadership development programs, and strategic recruiting.
Investing in current staff can also increase retention through workplace satisfaction, skill-building, and career mapping. Monitoring trends in exit interviews and engagement surveys can further inform targeted retention strategies.
Navigating Wyoming's Finance Employment Landscape: Top Hiring Employers
Energy Sector Employers: Finance & Insurance Manager Roles
The energy sector in Wyoming offers opportunities for finance and insurance managers, especially in fossil fuel companies. Major employers like Anadarko Petroleum, Chesapeake Energy, and Cloud Peak Energy hire for roles in financial planning, analysis, reporting, and more to support their operations in the state.
As Wyoming is a leading producer of coal, uranium, and natural gas, energy companies seek expertise to optimize financial performance. Open positions may include titles like Finance & Insurance Manager, Financial Planning & Analysis Manager, and Finance Operations Manager.
Finance Careers in Academia: Wyoming's Educational Institutions
Educational institutions in Wyoming also recruit financial talent, from K-12 school districts to colleges. The University of Wyoming, Wyoming's only public university, regularly posts openings for budget analysts, accountants, and other fiscal roles managing university finances.
Smaller colleges like Casper College have hired financial aid directors and admissions officers recently as well. Even school districts around the state need Business Managers, Finance Directors, and Grant Managers to administer budgets and assets.
Fiscal Management Opportunities in Wyoming's Government Agencies
State and local government entities often need financial oversight as well, leading to job openings for budget specialists and fiscal managers across Wyoming.
For example, the Wyoming Department of Health seeks analysts to manage state healthcare funds. And counties like Laramie are hiring Financial Reporting Accountants and Budget Coordinators to support operations. Those interested in public service can find many chances to use their finance skills.
Business Intelligence Manager Positions in Wyoming's Corporate Sector
Beyond institutions, Wyoming's businesses also recruit financial experts regularly. Industries like hospitality, agriculture, tourism, and fossil fuel extraction have major corporate presences in the state.
Companies in these sectors post openings for Business Intelligence Managers, Financial Analysts, Accounting Managers, and more. Qualified professionals can apply their expertise across Wyoming's diverse private sector.
Financial Services Recruitment: Financial Advisors and Specialists in Demand
Finally, Wyoming has demand for financial services talent assisting individual investors. Banks, credit unions, and investment firms are hiring locally for Financial Advisors, Lending Managers, Financial Analysts, and similar customer-facing roles.
With salaries often including commission, these openings provide opportunities for motivated financial specialists to build their client base. And businesses aim to better serve the planning and investment needs of Wyomingites statewide.
Conclusion: Synthesizing the Financial Landscape of Wyoming
Recap of Finance Salary Insights in Wyoming
Finance salaries in Wyoming vary across occupations, but generally fall below national averages. Key takeaways include:
- The average salary for a Financial Manager is $97,930 in Wyoming, compared to $108,230 nationwide.
- Financial Analysts in Wyoming earn approximately $63,010, while the US average is $72,950.
- Accountants and Auditors take home $55,520 on average in Wyoming versus $63,550 across the US.
So while Wyoming finance salaries may not lead the nation, there are still ample well-paying opportunities for qualified professionals.
Prospects for Finance Employment in Wyoming: A Look Ahead
Projections call for steady job growth in Wyoming finance over the next decade:
- Financial Manager jobs are expected to rise 6% through 2028.
- Financial Analyst positions are forecast to grow 5%.
- Accounting and auditing roles are slated for 7% expansion.
So organizations across the state will continue needing strong finance talent in the years ahead.
Weighing Salaries Against Wyoming's Living Costs: Final Analysis
While Wyoming finance pay lags national levels, the state does boast a relatively low cost of living:
- Overall living expenses in Wyoming are 10% below the US average.
- Goods and services cost 3% less on average than the country overall.
- Housing in particular is cheaper, with prices 25% lower than the US norm.
So adjusted for expenses, Wyoming finance salaries stretch further than earnings in many other states. Professionals can enjoy a high standard of living relative to incomes.
In summary, Wyoming offers competitive pay with solid growth outlooks for finance roles, along with low living costs that strengthen earnings' purchasing power. It's an attractive destination for the fiscally-minded.
