Finding accurate data on finance salaries in Arizona can be challenging.
This article provides a comprehensive analysis of compensation levels across finance roles in Arizona companies, unlocking key insights for career planning.
You'll discover salary ranges for analysts, managers, directors, and executives in Arizona's finance sector. We'll also explore factors impacting pay, like industry dynamics and cost of living considerations for determining a livable wage.
Navigating the Landscape of Finance Salaries in Arizona
Arizona's finance job market features opportunities across industries like financial services, aerospace and defense, higher education, retail, and technology. Major employers include American Express, Honeywell, Charles Schwab, Apollo Education Group, and Vanguard.
While cost of living in Arizona tends to be lower than other states, understanding finance salary levels provides helpful benchmarking and compensation planning data for both employers and employees.
Exploring the Goals of the Finance Salary Analysis
Analyzing Arizona finance salaries serves several key goals:
- Provide compensation benchmarking data for finance roles to support pay equity analysis
- Understand how Arizona's cost of living impacts salary levels compared to other regions
- Identify major industries and top employers for finance jobs in the state
This data and analysis aims to inform compensation planning and career decision making for both companies and individuals.
Major Players in Arizona's Finance Sector
Arizona features a diverse landscape of major employers across finance and related sectors:
- Financial Services: Wells Fargo, Charles Schwab, Apollo Education Group
- Aerospace & Defense: Honeywell, General Dynamics
- Retail & Consumer: PetSmart, Safeway, CVS MinuteClinic
- Technology: Avnet, Freeport-McMoRan
Leading companies provide opportunities for corporate finance roles like financial analysts, FP&A managers, controllers, treasurers, and CFOs. Major Arizona cities including Phoenix and Scottsdale also employ finance talent in public sector roles.
The Impact of Cost of Living on Finance Salaries in Arizona
While cost of living in Arizona tends to rank below the national average, finance salaries do not directly correlate. Understanding subtle impacts can inform compensation planning:
- Housing costs in Arizona can be 20-30% below coastal cities
- However, some Arizona finance salaries trail by a smaller ~10% margin
- This indicates positive pay equity trends for accounting and finance roles
In summary, Arizona provides a favorable landscape for finance careers, blending growing industries with strong employers and moderate cost of living advantages compared to other regions.
How much does a finance major make in Arizona?
The average salary for a finance major in Arizona is $86,441 per year or $42 per hour. However, salaries can vary significantly depending on experience and position.
Annual Salary
- Top earners (75th percentile) make around $101,600 per year
- Average salary is $86,441 per year
- Lower earners (25th percentile) make $69,900 per year
Hourly Wage
- Top earners make around $49 per hour
- Average hourly wage is $42
- Lower earners make around $34 per hour
Finance majors occupy diverse roles across industries in Arizona, from corporate finance positions at Fortune 500 companies to banking and investment roles at financial institutions. Top paying employers include American Express, Apollo Education Group, and Charles Schwab.
The metropolitan Phoenix area offers competitive salaries for finance professionals compared to national averages. Key factors driving pay include cost of living, industry, experience level, and position type. Companies with large Arizona presences like Vanguard, Honeywell, and Wells Fargo also pull salaries upwards.
Overall, Arizona presents strong career opportunities for finance majors looking to leverage their skills with growing, high-paying employers across the state. The above salary ranges provide helpful benchmarks.
Does Arizona pay well?
Arizona ranks number 28 out of 63 states for salaries on ZipRecruiter. As of Dec 23, the average annual salary in Arizona is $53,091. This indicates that Arizona pays moderately well compared to other states.
Some key points about finance salaries in Arizona:
- The Phoenix metro area has the highest salaries in Arizona. Major companies like American Express, Charles Schwab, Apollo Education Group, Vanguard, and PetSmart are headquartered here and offer competitive compensation.
- According to the Bureau of Labor Statistics, the average salary for a financial manager in Arizona is $148,030 per year. This is over 2.5x higher than the state's overall average salary.
- Senior finance roles at large corporations and financial institutions can pay $200-300k+ in total compensation. For example, a Vice President of Finance at American Express has an average base pay of $250k.
- Salaries are generally lower in rural areas and scale up in major metro regions like Phoenix and Tucson. Finance salaries also trend higher in technology hubs like Chandler.
- Arizona has no state income tax which increases take-home pay. The lower cost of living compared to coastal states further improves salary competitiveness.
In summary, Arizona offers strong compensation potential for finance professionals, especially in Phoenix and other metro regions. The lack of state tax and moderate cost of living also make salaries lucrative. Top talent can earn well over six figures at major corporations and banks.
Is 62k a year good in Arizona?
Yes, $62,000 per year is considered a good salary in Arizona, especially in Phoenix. Here's a breakdown of why:
Cost of Living
The cost of living in Phoenix is about 7% lower than the national average. This means your money goes further when it comes to expenses like housing, transportation, food, and utilities. With a salary of $62,000, you'll have more left over after basic expenses to save, invest, or spend on non-essentials.
Income Compared to State Average
The median household income in Arizona is around $58,000. So a $62,000 personal income exceeds the state average and puts you well within the upper half of earners in the state.
Purchasing Power
Your exact purchasing power will depend on factors like debt, family size, lifestyle and more. But in general, $62,000 provides a comfortable standard of living in Phoenix. You can afford a decent house or apartment, a reliable car, healthcare, and some money left over for dining out, entertainment, travel, etc. It may not mean living in luxury, but you'll be able to cover needs and wants without too much financial stress.
So in summary - yes, $62,000 per year lets you live well in Arizona, especially considering the lower than average cost of living. It gives you economic security and room for discretionary spending.
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What's a livable wage in Arizona?
The context provided shows living wage and poverty wage data for 1 adult and 2 adults (both working) scenarios in Arizona, with 0 children and 2 children.
Specifically, it states:
- For 1 adult in Arizona:
- Living wage (enough to afford basic needs) is $17.78 per hour
- Poverty wage is $6.53 per hour
- Minimum wage is $13.85 per hour
- For 2 adults (both working) in Arizona:
- Living wage is $24.00 per hour
- Poverty wage is $6.67 per hour
- Minimum wage is $13.85 per hour
This data gives us a few key insights into wages and cost of living in Arizona:
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The living wage shown is higher than the statutory minimum wage. This suggests that while jobs may meet the legal minimum wage, that may not be enough for individuals or families to afford their basic needs in Arizona.
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The poverty wage is far below both living wage and minimum wage levels. This indicates that those earning around or below poverty wage will face significant financial hardship.
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For a single adult, even earning minimum wage may not provide a "livable" income to cover basic expenses in Arizona. The living wage is about $4 per hour higher than the minimum.
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The living wage is higher for 2 working adults with 2 children compared to a single adult. This demonstrates that while wages may be livable for a single person, having children significantly impacts how much income families require to meet their basic needs.
So in summary, wages at or even above minimum wage may not actually provide a livable income for many people in Arizona, especially those with families and children. Comparing living, poverty and minimum wages gives insight into real income levels needed to afford basic costs of living.
Finance Salary Scales: From Analysts to Executives in Arizona
Earnings of Senior Finance Managers in Arizona's Top Companies
Senior finance managers at leading Arizona companies like Honeywell and Vanguard command strong salaries given their extensive experience and oversight of critical budgeting, planning, and analysis functions. According to recent data, senior finance managers at Honeywell earn average base salaries between $120,000 to $150,000, with additional performance incentives and equity compensation pushing total earnings over $200,000 at director grade levels. Meanwhile, senior finance managers in Vanguard's Phoenix corporate office report average base pay of $135,000 to $165,000.
As a benchmark, the average salary for senior finance managers across Arizona companies is approximately $128,000 per year according to self-reported salary profiles on PayScale.com. Those working in major metro areas like Phoenix and Tucson tend to earn salaries 10-15% above state averages.
Compensation for Finance Directors in the Heart of the Desert
Corporate finance directors in Arizona manage departmental budgets in the millions and oversee forecasting, compliance, A/P and A/R functions for enterprises like Apollo Education Group, Avnet, and PetSmart. With 10+ years of cross-functional finance experience, these professionals earn average salaries between $150,000 to $225,000 depending on company size and industry.
For example, a review of recent openings shows directors of FP&A at Apollo Group in Phoenix earn approximately $160,000 on average, while finance directors at Fortune 500 employer Avnet command salaries closer to $200,000 per year. As a general benchmark, PayScale indicates finance directors in Arizona earn average pay of approximately $151,000.
Lead Finance Managers: Salary Insights and Trends
Charles Schwab, Wells Fargo, and General Dynamics employ lead finance managers in Arizona to oversee teams handling essential banking, lending, and defense project accounting functions. These experienced professionals with 5-10 years of management experience earn average salaries between $110,000 to $150,000 depending on their specialty.
For example, lead managers in commercial banking/lending roles at Wells Fargo in Phoenix report average earnings of $120,000 per year, while those in corporate accounting/analysis at General Dynamics earn closer to $140,000 on average according to self-reported salary data on Glassdoor.
As a benchmark, the average salary for lead finance managers across Arizona companies is approximately $117,000 per year according to PayScale, with major employers paying 10-30% above state averages.
The Earning Curve for Finance Managers Across Arizona's Industries
The average salary for finance managers in Arizona requiring 5+ years of cross-functional experience stands at approximately $102,000 per year according to PayScale data, with those in major metro areas earning 10-15% more. Employers like Safeway, CVS MinuteClinic, Shamrock Foods, and Arizona Financial Credit Union pay finance managers average base salaries between $95,000 to $125,000 based on budget size, team size, and finance specialty.
Higher salaries up to $140,000 per year are common among finance managers in Arizona's thriving tech sector, while the lowest earnings are found in non-profits, schools, and smaller firms with average salaries ranging from $75,000 to $90,000 for finance managers based on self-reported profiles.
Arizona's Financial Job Market Dynamics
Arizona's finance sector has seen steady growth over the past decade, with projections indicating continued expansion in financial services jobs across various industries. Key factors driving finance job growth in the state include:
Finance Sector Growth Projections in the Grand Canyon State
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According to the U.S. Bureau of Labor Statistics, Arizona's financial activities sector is projected to grow by 9.1% between 2020-2030. This outpaces the national projected growth rate of 7.7% for the same period.
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Jobs in credit intermediation and related fields are forecast to increase 14.5% in Arizona through 2030. Corporate finance roles focused on financial analysis, planning, reporting, and strategy are also likely to see above-average growth.
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Major Arizona employers in banking, insurance, investments, and business support services plan to continue expanding their finance teams to meet business demands in the state.
Finance Recruitment Trends at Arizona's Leading Employers
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Wells Fargo, Charles Schwab, and other national financial institutions with large Arizona presences actively recruit finance professionals across experience levels. Open roles range from financial analysts to directors of finance.
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Prominent Arizona-based companies like Avnet, Freeport-McMoRan, PetSmart, Apollo Education Group, and others routinely post openings for various corporate finance positions.
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The City of Phoenix, Arizona's largest municipality, seeks qualified candidates for roles in areas like budget analysis, treasury, accounting, and more to support civic financial operations.
Unveiling New Horizons in Arizona's Finance Careers
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Increased adoption of financial technologies and analytical software is creating new opportunities in fields like business intelligence, data science, and automation. Finance skills combined with tech capabilities are in high demand.
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Strong projected GDP growth and a steady influx of new residents and businesses point to an expanding economy in Arizona. This fuels greater career potential across corporate finance functions like FP&A, treasury, and controllership.
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A thriving startup and small business ecosystem centered in Phoenix enables financial managers to utilize their expertise in roles like CFO or financial controller at emerging companies.
With a bright economic outlook and major employers seeking talent, the future remains promising for finance careers within Arizona's job market. Ongoing growth across industries indicates those with in-demand financial skill sets will continue finding abundant opportunities to leverage their expertise throughout organizations in the Grand Canyon State.
Compensation Planning and Pay Equity in Arizona's Finance Realm
Strategies for Attaining Pay Equity in Arizona's Finance Jobs
It is important for employers in Arizona to ensure fair and equitable pay practices. Some tips include:
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Conduct regular pay equity analyses to identify any unjustified pay gaps based on gender, race, or other protected characteristics. Adjust salaries accordingly.
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Implement structured compensation frameworks that determine pay based primarily on job responsibilities and qualifications.
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Provide transparency around salary ranges and pay grades. This allows employees to assess if they are fairly compensated.
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Offer equal access to professional development opportunities to empower all employees to grow their skills and advance their careers.
Utilizing Salary Data for Competitive Compensation Planning
When planning compensation packages in Arizona's finance sector, real-world salary data is invaluable. Some key ways to leverage such data include:
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Use reputable salary surveys to benchmark pay for specific roles in your geographic area. This enables you to set competitive base and bonus pay.
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Analyze compensation trends over time to determine if any adjustments may be needed to retain top talent.
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Identify pay differences across companies of similar sizes and industries. This allows tailoring offers to what candidates could earn elsewhere.
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Confirm that executive pay is proportional to the salaries of individual contributors. This promotes internal equity.
Best Practices for Annual Compensation Reviews in Finance
Some tips for finance leaders when conducting annual reviews:
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Gather 360-degree feedback on each employee's performance to make informed decisions.
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Set aside a budget well in advance to prepare merit increase plans across the division.
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Clearly communicate timeline expectations and performance evaluation criteria.
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Compare current pay to market rates to determine if adjustments are necessary to retain talent.
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Provide transparency around final compensation decisions while respecting privacy.
Following structured processes for regular pay reviews enables you to reward top performers, address any gaps, and keep compensation competitive.
Conclusion: Synthesizing Arizona's Finance Salary Insights
Recap of Finance Salary Benchmarks in the Arizona Market
Finance salaries in Arizona offer competitive compensation, with senior roles earning over $150,000 on average. Median base salaries for finance managers range from $85,000 to $140,000 depending on experience level. Directors and VPs earn $150,000 to $200,000 on average. Top employers like American Express, Charles Schwab, and Apollo Education Group pay above-market rates.
In-Demand Finance Skills and Qualifications in Arizona
Technical skills in financial planning and analysis using Excel, SQL, and analytics platforms are highly valued. Soft skills like communication, leadership, and strategic thinking are equally important. Most finance roles require a bachelor's degree in accounting, finance or related fields, with MBAs and CPA credentials commanding higher salaries.
Future Financial Prospects in Arizona's Evolving Market
Arizona's business growth and expanding financial sector point to strong career prospects for finance professionals. Salaries are projected to rise over 20% in the next 5 years. Companies plan to increase hiring across levels, with high demand for corporate finance managers and analysts. Arizona offers a promising outlook for rewarding finance careers with ample opportunities.
