Finance Salaries in Minnesota: North Star State's Financial Standing

Finding accurate and up-to-date information on finance salaries can be challenging for professionals in Minnesota.

This comprehensive guide provides insider insights into compensation trends across popular finance roles in the North Star State, enabling you to benchmark salaries and make informed career decisions.

You'll discover average pay ranges for financial analysts, advisors, managers, and more, while also uncovering the underlying factors impacting Minnesota finance salaries, from cost of living adjustments to the gender pay gap. Additionally, the guide shares actionable tips for advancing your finance career in Minnesota, including crafting competitive resumes and job descriptions that attract top talent.

Introduction to Finance Salaries in the North Star State

Minnesota is home to a thriving financial services industry, with major players like U.S. Bank, Piper Jaffray, and Ameriprise Financial headquartered in the state. This section explores key aspects of the finance job market in Minnesota.

Exploring the Financial Landscape of Minnesota

Minnesota has a strong presence of financial institutions and services. Some of the major companies in the state include:

U.S. Bank - One of the largest banks in the United States, headquartered in Minneapolis.
Piper Jaffray - An investment bank and asset management firm headquartered in Minneapolis.
Ameriprise Financial - A large financial services company that offers asset management, insurance, and advisory services. Headquartered in Minneapolis.
Thrivent - A Fortune 500 financial services organization that offers insurance, banking, investments, and retirement planning services. Based in Minneapolis.

The state is also home to the Minneapolis Federal Reserve Bank, one of 12 regional Reserve Banks in the U.S. Federal Reserve System. This plays a key role in influencing regional financial sector trends.

Overview of Popular Finance Roles and Their Average Salaries

Here are average salaries for some common finance positions in Minnesota:

Finance Manager: $115,000 per year
Corporate Finance Manager: $125,000 per year
Financial Analyst: $65,000 per year
Assistant Finance Manager: $75,000 per year
Financial Specialist: $60,000 per year

Salaries can vary significantly based on specific role, industry, company size, and an individual's experience and credentials. However, Minnesota tends to have competitive compensation relative to national averages.

The Role of the Federal Reserve Bank of Minneapolis

The Federal Reserve Bank of Minneapolis participates in setting national monetary policy and supervising regional banking institutions. This helps regulate financial industry standards in the state.

The Minneapolis Fed also conducts economic research, offers services to regional banks and consumers, and promotes community development initiatives across Minnesota and nearby states. Through these efforts, the Fed influences the growth and direction of the regional financial services sector.

Minnesota's Position in National Finance Salary Rankings

While cost of living is above average, Minnesota ranks competitively for financial services salaries:

4th highest average salaries for financial analysts
8th highest for financial managers
10th highest for accountants and auditors

With major corporate headquarters and financial institutions operating in the state, Minnesota is likely to continue seeing competitive salaries for finance professionals relative to national trends.

The state offers a thriving industry, competitive salaries, and opportunities for career advancement for those pursuing financial services roles.

How much does a CFP make in Minnesota?

As of Jan 11, 2024, the average annual pay for a Certified Financial Planner (CFP) in Minnesota is $94,047 a year. This breaks down to approximately $45.22 per hour.

To put this salary into perspective on a periodic basis:

Weekly pay: $1,808
Monthly pay: $7,837
Hourly pay: $45.22

Some key details about CFP salaries in Minnesota:

The average salary is slightly below the national average for CFPs, which is $97,403 according to the Bureau of Labor Statistics.
Salaries can vary widely based on experience, firm size, and geographical location within the state. CFPs in Minneapolis/St. Paul may earn higher salaries than those in rural areas.
The job outlook for CFPs in Minnesota is strong - the number of CFP professionals in the state is projected to grow 16% from 2020 to 2030, according to Projections Central.

Overall, becoming a CFP can be a lucrative career path in Minnesota. Given the growing demand for qualified financial advisors, CFP salaries should remain competitive for those new to the field or looking to advance.

How much does a finance major make in Minnesota?

The average annual salary for a finance major in Minnesota is $90,951, with hourly wages around $44. However, salaries can vary significantly depending on experience and position.

Here's a breakdown of finance salaries in Minnesota:

Top Earners (75th Percentile) - $113,800 per year or $55 per hour
Average Salary - $90,951 per year or $44 per hour
25th Percentile - $78,300 per year or $38 per hour

Some of the top paying employers of finance majors in Minnesota include:

U.S. Bank
Piper Jaffray
Ameriprise Financial
Federal Reserve Bank of Minneapolis

Common finance roles and average salaries in Minnesota include:

Finance Manager - $122,000
Corporate Finance Analyst - $83,000
Financial Analyst - $77,000
Assistant Finance Manager - $72,000

Salaries can vary based on factors like:

Years of experience
Specific finance focus and skills
Company size and industry
Geographic location within Minnesota

Overall, Minnesota provides strong career opportunities for finance majors, with salaries above national averages. The state's prominence as a financial hub ensures ongoing demand for this talent.

Which financial advisor firm pays the most?

According to the provided context, Fidelity Investments pays the highest average salary for financial advisors at $204,626. Here is a breakdown of the top 5 financial advisor firms by average salary:

Fidelity Investments - $204,626
Mercer Advisors - $186,337
Trilogy Financial - $183,393
UBS - $181,326
Bank of America Merrill Lynch - $181,059

Fidelity Investments tops the list with an impressive average salary of over $200k. As one of the largest financial services companies in the world with over $11 trillion in assets under administration, Fidelity likely has the resources to provide substantial compensation packages to attract and retain top talent.

Trailing closely behind are respected national firms like Mercer Advisors, Trilogy Financial, UBS, and Bank of America Merrill Lynch. Their strong average salaries in the $180k-190k range demonstrate the lucrative earning potential for financial advisors at leading wealth management companies.

The high average salaries likely reflect compensation comprised of both base pay and performance incentives. As client-facing roles, financial advisors have opportunities to earn commissions and bonuses based on goals like assets under management (AUM), client acquisition and retention, and investment returns.

Top performers at firms like Fidelity can certainly command steep compensation. However, earning potentials can vary greatly depending on factors like experience level, client portfolio size, and region. Ultimately, the highest paying financial advisor jobs go to those who consistently demonstrate an ability to manage and grow substantial client investment portfolios.

What state pays financial advisors the most?

The highest average salaries for financial advisors are generally found in states with major financial hubs and a high cost of living. According to the U.S. Bureau of Labor Statistics, the top 5 highest-paying states for financial advisors are:

Connecticut - Average Annual Salary: $154,750
Maine - Average Annual Salary: $148,020
Rhode Island - Average Annual Salary: $146,450
New York - Average Annual Salary: $145,570
New Jersey - Average Annual Salary: $136,170

The high salaries in these areas correlate to the concentration of jobs in major metropolitan financial centers like New York City, Boston, and Northern New Jersey. The abundance of large investment banks, hedge funds, private equity firms, and other financial institutions drives up both wages and living costs.

So while financial advisors earn the highest salaries in the northeastern US, the higher cost of living offsets some of those gains. Advisors looking for an optimal blend of compensation and affordability may target states like Illinois, Virginia, California, and North Carolina which offer strong financial job markets without quite as steep living expenses.

Influential Factors on Finance Salaries in Minnesota

Assessing Employee Flight Risk and Its Effect on Salaries

Employee retention is crucial in Minnesota's finance industry. Assessing flight risk can help companies develop effective retention strategies and salary structures. Key factors to consider include:

Compensation comparisons across similar roles in the region
Employee engagement levels
Opportunities for career development and advancement

By proactively addressing these areas, companies can reduce turnover risk. In turn, this enables them to maintain competitive base pay levels rather than relying on counteroffers to retain talent.

Navigating the Gender Pay Gap in Minnesota's Finance Industry

While progress has been made, inequities still exist. Proactive steps for companies include:

Conducting annual internal pay audits
Implementing formal salary bands for roles
Promoting pay transparency policies
Offering unconscious bias training
Supporting women's leadership development programs

These efforts can help foster a more equitable workplace. In turn, this helps attract and retain top talent across genders.

Job Openings for Finance Roles and Salary Implications

With an aging workforce, a wave of retirements in coming years could drastically increase job openings. To attract skilled talent, competitive compensation will be key. Companies should benchmark pay against industry and regional standards. Bonuses, incentives and benefit packages also provide leverage.

Staying abreast of market trends will enable strategic salary planning. This ensures companies can fill vital finance roles to support operational continuity.

The Impact of Financial Analysis Software on Salary Trends

Expertise in leading financial analysis software is increasingly sought after. Fluency in tools like Tableau, Power BI, and Oracle EPM enables deeper data insights. As demand rises for these skill sets, salaries often follow suit.

Fostering software fluency through training programs is essential for attractors talent. For existing staff, incentivization via pay increases or bonuses may help retain those with high proficiency. Software skills may emerge as a key driver of compensation trends going forward.

Comprehensive Overview of Minnesota Finance Compensation Packages

This section provides specifics on typical salary, benefits, bonuses, and other perks for financial roles in Minnesota.

Salary Ranges and Pay Structures in Minnesota's Financial Services

Salaries for finance professionals in Minnesota vary depending on factors like experience, education, certifications, and type of employer. However, here are some typical salary ranges:

Entry-level financial analyst: $50,000 - $65,000
Experienced financial analyst: $75,000 - $95,000
Finance manager: $90,000 - $130,000
Corporate controller: $120,000 - $170,000
CFO: $150,000+

Salaries are commonly structured in the following ways:

Paid annually - One lump sum payment for the full year's salary
Paid monthly - 1/12 of annual salary paid each month
Paid semimonthly - 1/24 of annual salary paid twice per month
Paid biweekly - 1/26 of annual salary paid every other week
Paid weekly - 1/52 of annual salary paid weekly
Paid hourly - Hourly wage multiplied by hours worked

Benefits and Bonus Calculator: Enhancing Minnesota's Compensation Packages

In addition to base salaries, many Minnesota finance roles come with excellent benefits and bonus opportunities, including:

Health insurance (medical, dental, vision)
Retirement planning services and matching 401k contributions
Performance bonuses - 10-20% of base pay
Profit-sharing bonuses
Stock options
Paid time off - 15-25 days
Work from home flexibility
Professional development & continuing education

Bonuses are usually calculated as a percentage of base pay, with the percentage dependent on individual and company performance. Some companies also offer profit-sharing, where a percentage of profits are distributed to employees.

HR Total Reward Strategies and Pay Transparency in Minnesota

Many Minnesota companies use total reward strategies to enhance compensation packages. These involve holistically designing rewards to motivate and engage talent through:

Competitive base pay
Bonuses & incentive pay
Benefits customization options
Career development programs
Workplace culture & recognition

Additionally, pay transparency is becoming more common. This involves openly sharing salary ranges and pay structures. This ensures fairer pay and facilitates positive discussions around compensation.

Viewing Minimum Wage Values and Its Effect on Entry-Level Finance Salaries

Minnesota's minimum wage is currently $10.59 for large employers. This minimum wage forms the baseline pay for entry-level finance roles. Employers must pay at least the minimum wage, limiting how low salaries can go. As the statewide minimum wage increases over time, it will likely pull up lower-end salaries for finance professionals as well.

Navigating Job Openings and Resume Critique for Minnesota's Finance Sector

Identifying High-Demand Finance Positions in Minnesota

According to the Minnesota Department of Employment and Economic Development, some of the most in-demand finance positions in the state include financial managers, accountants and auditors, financial analysts, personal financial advisors, budget analysts, and financial examiners. These roles are crucial for major Minnesota companies in industries like banking, insurance, medical technology, retail, and more.

With major employers like U.S. Bank, Ameriprise Financial, and Piper Jaffray based in Minnesota, there is strong demand for corporate finance managers, financial reporting analysts, investment analysts, and other specialized finance professionals. The state is also home to the Minneapolis Federal Reserve Bank, further driving demand.

Crafting a Competitive Finance Resume for the Minnesota Market

Tailoring your resume to highlight in-demand skills can help you stand out for Minnesota finance roles:

Accounting expertise - Highlight US GAAP, IFRS, and other accounting knowledge. Emphasize experience with ERPs like SAP, Oracle, QuickBooks.
Analysis skills - Include analytics skills like financial modeling, forecasting, budgeting, variance analysis, SQL, and data visualization.
Communication abilities - Showcase written and verbal skills. Minnesota's major finance employers value strong collaborators.
Industry knowledge - Customize resume for specific industries like banking, insurance, retail, healthcare, etc. Show domain expertise.

Also focus on quantifying achievements, like stating dollar amounts saved, revenue generated, or productivity gains achieved.

Utilizing Resume Critique Services to Stand Out in Minnesota's Finance Industry

With Minnesota's competitive finance job market, resume critique services can help ensure you make a strong first impression:

Identify gaps - A professional critique can reveal missing skills or achievements that hiring managers look for.
Improve formatting - Optimize layout, style conventions, and visual organization for finance industry norms.
Tailor content - A critique service can help customize resume content to be more relevant for Minnesota finance roles.
Fix errors - Typos, vague statements, and other issues can be corrected before applying.

Investing in an unbiased resume critique can provide the objective feedback needed to stand out.

How to Become a Top Candidate for Finance Roles in Minnesota

Here are some tips to acquire the top credentials for Minnesota finance jobs:

Earn a bachelor's degree in finance, accounting, economics or related field. Consider obtaining an MBA or finance-specific master's.
Gain 2+ years experience in a corporate finance or public accounting role.
Obtain licenses like a CPA, CFA, or CF for advanced positions.
Develop expertise in financial reporting software like Oracle, SAP, QuickBooks, etc.
Build a professional network within Minnesota's finance sector. Consider informational interviews.
Seek internal promotions and lateral moves to broaden experience.
Complete finance certifications in financial modeling, data analysis, regulatory compliance, etc.

Following this career path can position you to take advantage of Minnesota's many finance job opportunities. The state offers competitive salaries along with a thriving industry ecosystem.

Creating a Finance Job Description that Attracts Talent in Minnesota

Recommendations for writing an accurate and appealing finance job posting in MN's market.

Incorporating State Laws and Market Trends into Finance Job Descriptions

When writing a finance job description in Minnesota, it's important to be aware of state laws regarding employment and compensation. For example, Minnesota has its own equal pay laws requiring equal pay for equal work regardless of gender. Job descriptions should use gender-neutral language and emphasize skills and duties rather than gender-biased traits.

It's also helpful to research the latest finance job market trends in Minnesota when developing a job description. Finance salaries in Minnesota are competitive, with the average salary for a Financial Manager being $124,730 per year according to the U.S. Bureau of Labor Statistics. Understanding typical compensation ranges and in-demand skills can help tailor job descriptions to what candidates are looking for.

Developing a Job Description that Highlights Competitive Advantages

With major financial services companies like U.S. Bank, Ameriprise Financial, and Piper Jaffray headquartered in Minnesota, competition for top talent is fierce. Employers need to highlight unique advantages and opportunities to stand out.

For example, promoting strong company culture, extensive professional development resources, flexible work options, and competitive salary and benefits can help attract qualified candidates. Describing a clear career path with advancement potential is also key.

Rather than just listing required duties, effective finance job descriptions paint a picture of what makes this role engaging and meaningful for the right candidate. Selling the strengths of the company and team makes candidates take notice.

Understanding Minnesota Department of Employment and Economic Development Guidelines

The Minnesota Department of Employment and Economic Development provides resources like labor market information, job seeker assistance, and hiring incentives that can inform better job descriptions.

For instance, their site shares details on average salaries, required licenses and certifications, standard job duties, and more for finance roles in Minnesota. This data helps craft accurate, appealing job descriptions aligned with state expectations.

They also offer tools to analyze factors like turnover rates and gender pay gaps within finance positions. Addressing areas for improvement demonstrates an employer is committed to fair, competitive hiring practices.

Job Skill Model and Pay Equity: Crafting Fair and Attractive Job Offers

Developing a clear job skill model clarifies the required abilities, education, and experience for a finance role. This allows employers to establish appropriate compensation levels and candidates to assess if the position matches their qualifications.

Meanwhile, considering pay equity is essential for attracting top talent. Analyzing factors like gender balance within finance teams can reveal potential pay disparities needing correction.

Ensuring fair, competitive pay attracts a more diverse applicant pool. Promoting positive pay equity practices also builds an ethical, socially-conscious employer brand that today's finance professionals value. The right compensation model incentivizes candidates to apply while supporting a culture of inclusiveness.

Conclusion: Synthesizing Minnesota's Finance Salary Insights

In closing, it's clear that finance salaries in Minnesota offer competitive compensation compared to national averages, with the potential for strong salaries aligned to major finance hubs. Key factors like experience level, specific roles, education credentials, company size and industry vertical can greatly impact salary ranges.

When considering a finance role in Minnesota, be sure to research these variables as they relate to a given position. Understanding unique regional economic factors like the overall cost of living can also help job seekers determine what salary expectations may be reasonable.

Summarizing Average Salaries Across Finance Roles

The average salary for a financial analyst in Minnesota is $68,000, while financial managers earn approximately $122,000 on average. Higher-level roles like VPs of finance average around $201,000. Entry-level salaries tend to start between $45,000 and $55,000.

Across all finance roles, salaries rise with experience levels and credentials like CPAs or advanced degrees. Industries like banking or insurance tend to pay higher than manufacturing or retail.

Key Factors to Remember When Considering Finance Salaries in Minnesota

Experience level significantly impacts compensation
Credentials like CPAs or MBAs increase earning potential
Finance manager and VP roles earn well above state and national averages
Banking, investment banking, private equity pay higher than other sectors
Minneapolis area salaries higher than outstate regions

Viewing the Cost of Living in Minnesota Against Average Salaries

Minnesota has a cost of living about 5% lower than the national average. Housing, utilities, and taxes are generally affordable for finance professionals compared to areas like New York or San Francisco.

Salaries for experienced managers and executives allow comfortable lifestyles. Entry-level roles may find things like high healthcare costs or rental prices challenging depending on lifestyle and family factors.

Compensation Analysis Glossary: Understanding Key Salary Terms

Base pay: Fixed, guaranteed salary paid regularly
Variable pay: Bonuses, commissions, incentives based on performance
Total rewards: All monetary and non-monetary compensation
Pay equity: Fairness in pay across demographics
Compa-ratio: An individual’s pay divided by market rate pay