Finding accurate data on finance salaries and benefits in Ohio can be challenging.
This comprehensive guide digs into the details on compensation across Ohio's financial sector, including average salaries, lucrative bonuses, attractive perks, and future outlook.
You'll see a breakdown of pay scales for positions like financial analysts, accountants, finance managers, credit officers, and more. We'll also highlight which companies offer the most rewarding packages in banking, insurance, manufacturing, and other key industries.
Navigating Finance Salaries and Banking Benefits in Ohio
This section provides an overview of finance salaries, bonuses, and benefits available to those working in the finance and banking sectors in Ohio. We'll explore average salaries for various roles, compare to national averages, look at common bonuses and perks, and highlight top industries for finance careers across the state.
Exploring the Landscape of Finance Salaries in Ohio
The average salary for a financial analyst in Ohio is $68,910, compared to the national average of $81,590. For accountants and auditors, the average Ohio salary is $77,250 versus $83,980 nationally. Those specializing in budget analysis in Ohio make an average of $76,230.
Salaries can vary significantly depending on specific role, industry, experience level, and geographic location within the state. Major metropolitan areas like Cleveland, Columbus, and Cincinnati tend to offer higher pay.
Buckeye Bonuses: Unique Financial Incentives in Ohio
Many Ohio finance and banking employers offer bonuses on top of base salaries. For example, Fifth Third Bank provides signing bonuses up to $1,000 for certain roles. Huntington Bank offers a 401k plan with matching contributions up to 5% of pay. Some Ohio accounting firms and banks also award year-end bonuses based on performance and profits.
Banking Benefits and Perks in the Ohio Finance Sector
The banking industry is a major source of finance jobs in Ohio. Key benefits include health/dental insurance, vision, disability, life insurance, retirement planning services, paid time off, parental leave, professional development/training, and tuition reimbursement.
For example, at PNC, employees get up to $5,250 a year to help pay for continuing education relevant to their role. Perks can include gym discounts, mobile phone discounts, pet insurance, legal services, and more.
With competitive salaries and great benefits/bonuses, Ohio provides appealing opportunities for those pursuing careers in finance or banking. The state's diverse industries and major metropolitan hubs continue to drive job growth and openings in these sectors.
How much do finance majors make in Ohio?
Finance salaries in Ohio offer competitive compensation packages for those working in banking, investments, insurance, and other financial services. According to the latest data:
Annual Salary
The average annual salary for finance professionals in Ohio is $84,719. This puts Ohio on par with national averages. Higher earners in the 75th percentile make $103,600 per year, while top performers can earn up to $128,344 annually.
Hourly Wage
Broken down by hourly wage, the average Ohio finance professional makes around $41 per hour. Those in the 75th percentile earn around $50 per hour, while top earners make $62 per hour or more.
Top Earners
Some of the highest paying finance jobs in Ohio include:
- Vice President, Retail Banking: $130,000 base salary
- Vice President, Mortgage Lending: $125,000 base salary
- Chief Credit Officer: $120,000 base salary
Leadership roles in banking and lending tend to be the most lucrative. However, many individual contributor roles also pay well above six figures for those with in-demand skills.
Overall, Ohio offers strong compensation for finance roles relative to national averages. Professionals with experience in banking, investments, insurance, and other financial services can find ample high-paying job opportunities throughout the state.
Does salary include benefits and bonuses?
An employee's base salary typically does not include additional compensation like benefits, bonuses, or commissions.
Salary Definition
Salary refers to an employee's base pay, which is a fixed amount of money paid regularly, usually annually. Salaries are set by companies based on the position, skills required, experience level, and geographic location.
For example, an entry-level accountant in Ohio may earn an annual salary of $45,000. Meanwhile, a Finance Director with 10+ years of experience may earn up to $150,000 per year.
Benefits
In addition to base salary, many employees receive benefits like:
- Health insurance
- Retirement contributions
- Paid time off
- Parental leave
- Professional development stipends
According to the Bureau of Labor Statistics, benefits account for 30% of an employee's total compensation on average.
Bonuses & Commissions
Some positions also offer bonuses or commissions based on individual, team, or company performance goals. Common finance roles eligible for additional incentive pay include:
- Investment bankers
- Mortgage lenders
- Sales professionals
- Executives
For example, an investment banker may earn a $20,000 annual bonus for closing a certain dollar amount of deals. Bonuses and commissions are not guaranteed like a salary.
In summary, while salary forms the foundation of an employee's pay, benefits, bonuses and commissions often compose a significant portion of total compensation as well. Understanding the complete pay package is essential when evaluating job offers.
Do financial managers get bonuses?
Financial managers can receive bonuses in addition to their base salaries. Here are some key points about bonuses for financial managers:
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Bonus eligibility and amounts vary by employer. Some companies offer annual or quarterly bonuses based on individual, team, or company performance.
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Larger bonuses are more common at upper levels. High-ranking financial executives may receive sizable bonuses, while entry-level managers receive smaller bonuses or none.
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Typical bonus ranges are 5-20% of base pay. Percentages depend on role, experience, performance, and employer finances.
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Bonuses reward metrics like cost savings, revenue growth, accuracy, client retention and more. Specific goals depend on the manager's specialized function.
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Equity like stock options occasionally substitutes for bonuses. Some employers grant stock instead of direct payouts.
In summary, bonus opportunities in financial management depend greatly on your role, employer, experience level and measurable impact on the company's financial health. But those able to demonstrate strong performance can often negotiate bonus eligibility during the hiring process.
What is the salary of a payroll benefits specialist in Ohio?
Payroll benefits specialists in Ohio earn competitive salaries, with some variation depending on the city. Here is a breakdown of average annual and hourly wages for this role in major Ohio cities:
Cleveland
Annual Salary: $55,373
Hourly Wage: $26.62
Cleveland payroll benefits specialists make an average salary of $55,373 per year or $26.62 per hour. The city offers opportunities in industries like healthcare, manufacturing, and financial services.
Toledo
Annual Salary: $54,842 Hourly Wage: $26.37
In Toledo, the average payroll benefits specialist salary is $54,842 annually or $26.37 per hour. Toledo is home to large employers in automotive manufacturing, healthcare, and packaging industries.
Dayton
Annual Salary: $54,155
Hourly Wage: $26.04
Payroll benefits specialists in Dayton earn approximately $54,155 per year or $26.04 per hour on average. Major local industries providing job opportunities include aerospace and aviation, automotive, and healthcare.
Columbus
Annual Salary: $53,019 Hourly Wage: $25.49
With average earnings of $53,019 per year or $25.49 per hour, Columbus offers payroll benefits specialists competitive compensation. As the state capital and home to several major universities, the city provides a robust job market in government, education, insurance, and technology sectors.
In summary, Ohio payroll benefits specialists can expect average salaries ranging from $53,019 to $55,373 depending on the metropolitan area. Cities like Cleveland and Toledo offer higher wages supported by major industry job markets. When considering salaries for this role, be sure to factor in local economic conditions and employment outlook.
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Unveiling Finance Salaries Across Ohio's Financial Landscape
The finance industry in Ohio offers competitive salaries across a range of roles. Financial analysts, accountants, finance managers, and other key positions can expect to earn salaries on par with national averages. However, several factors like location, industry, experience level, and company size can cause salaries to vary.
Financial Analyst Salaries in the Buckeye State
Financial analysts in Ohio earn an average salary of $68,930 per year according to the U.S. Bureau of Labor Statistics, slightly below the national median of $81,590. However, salaries in major Ohio cities tend to exceed statewide averages. For example, financial analysts in Columbus earn a mean annual wage of $86,750 while their counterparts in Cincinnati enjoy $88,480.
Top-paying industries for financial analysts include securities and commodity contracts intermediation, credit intermediation, and insurance carriers. Major Ohio-based companies like JPMorgan Chase, PNC, and Nationwide also offer strong compensation packages to attract top analytical talent.
Accounting Earnings: Accountant Salaries in Ohio
Accountants represent a sizable portion of Ohio's finance workforce, with average salaries of $73,670 statewide according to BLS data. This positions Ohio below the national average of $77,250. As with financial analysts, accountants can realize higher earnings potential in metropolitan regions like Cleveland ($77,930) and Cincinnati ($76,370).
The industries employing the most accountants in Ohio include government agencies, health services, and manufacturing. Public accounting firms like Deloitte, Ernst & Young, and Plante Moran also offer competitive salaries to recruit skilled accountants.
Compensation for Finance Managers in Ohio's Economy
Finance managers occupy an important role coordinating activities across accounting, budgeting, cash flow analysis and more. These managers earn average salaries of $134,560 in Ohio - on par with the national median. Industries with the highest pay include securities/commodities brokers, scientific research, and telecommunications.
Major Ohio corporations rely heavily on finance managers to guide strategic decisions. Leading employers like Cardinal Health, Kroger, Marathon Petroleum, and Procter & Gamble provide excellent compensation given finance managers' value in supporting growth.
Senior Finance Salaries: Rewarding Experience in Ohio
Senior finance professionals in Ohio tend to earn salaries 20-30% higher than early career positions. For example, senior accountants average around $92,000 while finance directors can surpass $150,000 annually.
A key driver of increased pay is added responsibility - senior staff often oversee entire departments and ensure activities align with financial objectives. Extensive industry knowledge and technical specialization also enable seasoned professionals to command higher salaries.
Business Finance Salaries: Corporate Finance Rewards in Ohio
From large banks to manufacturing conglomerates, corporations throughout Ohio offer lucrative salaries for qualified business finance talent. Positions like treasurers, controllers, budget analysts, and financial reporting managers earn well into six figures at many firms.
Strong compensation reflects corporate finance's key role guiding capital allocation, investments, cash flow, and managing risk companywide. Business advisory services, insurance, and consumer goods represent particularly high-paying fields. Overall, Ohio provides a vibrant ecosystem for rewarding corporate finance careers across diverse industries.
Buckeye Bonuses and Banking Benefits: Enhancing Ohio's Finance Compensation Packages
Ohio offers competitive compensation packages to attract top finance talent. Several industries provide lucrative signing bonuses, retirement contributions, profit sharing, and remote work options.
Signing Bonuses and Buckeye Incentives
The banking and insurance industries in Ohio offer generous signing and relocation bonuses to recruit skilled professionals. For example:
- Major banks like Huntington and KeyBank provide signing bonuses up to $5,000 for certain finance roles. Credit unions and smaller community banks also offer incentives.
- Nationwide Insurance offers a $7,500 signing bonus for finance manager roles located in central Ohio. Other major insurers provide similar offers.
Bonuses help offset moving costs and demonstrate Ohio employers' commitment to attracting talent.
Profit Sharing & Retirement Plans: Ohio's Commitment to Financial Security
Strong retirement contributions and profit sharing demonstrate firms' investment in talent retention and financial wellbeing. For example:
- Huntington's retirement plan provides a 5% match and 3% profit sharing contribution. Employees can contribute up to 75% of their salary.
- Nationwide Insurance provides a 401k match up to $1.20 per $1.00 contributed, allowing employees to maximize savings.
Ohio's banking, insurance, and manufacturing sectors lead in retirement plan funding rates and generosity. This promotes talent retention.
Embracing Flexibility: Remote Work Options in Ohio's Finance Industry
The pandemic accelerated remote and hybrid policies. Leading Ohio finance employers offer location flexibility:
- KeyBank adopted a hybrid model for corporate roles. Employees split time between office and remote work. This provides work-life balance.
- Root Insurance, a tech-focused Ohio insurer, is a remote-first company. All roles can be performed remotely across the U.S.
Increased flexibility and remote options make Ohio finance roles appealing nationwide.
Additional Perks: From Health Benefits to Financial Training in Ohio
Beyond compensation, Ohio finance employers provide strong health/wellness benefits and career development perks:
- Huntington offers $0 premium healthcare plans and $5,000 in wellness rewards annually. Preventative health is encouraged.
- Nationwide provides $5,250 in annual tuition assistance. Many banks offer tuition reimbursement programs.
- KeyBank offers student loan repayment assistance up to $1,500 annually as a retention tool.
The range of health, wellness and upskilling perks promote recruitment and retention.
Ohio's Financial Sector: A Closer Look at Top Industries and Their Finance Salaries
Ohio has a diverse financial sector spanning banking, insurance, manufacturing, technology, and more. As a hub for major companies in these industries, Ohio offers competitive salaries for finance professionals.
Banking Benefits: Salaries in Ohio's Banking & Financial Services
Major banks and financial services firms with a strong Ohio presence include:
- KeyBank - Headquarters in Cleveland, with over 1,500 branches and offices statewide
- PNC - Pittsburgh-based bank with over 250 branches across Ohio
- Huntington Bank - Columbus HQ, with over 700 branches and 2,000 ATMs in Ohio
- Fifth Third Bank - Cincinnati-based regional bank with hundreds of Ohio branches
Salaries for finance roles at these banks range from:
- Financial Analyst: $65,000 - $85,000
- Accountant: $55,000 - $75,000
- Finance Manager: $90,000 - $120,000
Many offer additional benefits like performance bonuses, retirement contributions, and tuition reimbursement.
Insurance Industry Finance Salaries: Ohio's Competitive Edge
Major Ohio-based insurance companies include:
- Nationwide - Columbus headquarters, with finance salaries ranging from:
- Budget Analyst: $65,000 - $90,000
- Collections Specialist: $45,000 - $65,000
- Revenue Cycle Analyst: $60,000 - $80,000
- Medical Mutual of Ohio (MMO) - Cleveland-based health insurer providing strong salaries for roles like:
- Senior Accountant: $75,000 - $95,000
- Quantitative Researcher: $90,000 - $110,000
Ohio's insurance sector offers salaries above national averages to attract top talent.
Manufacturing & Technology: Ohio's Finance Salary Spectrum
Major Ohio manufacturing and technology companies hiring finance staff include:
- Cardinal Health - Dublin headquarters, with finance salaries ranging from:
- Vice President, Retail Banking: $150,000 - $200,000
- Vice President, Mortgage Lending: $120,000 - $160,000
- Owens Corning - Toledo-based headquarters, with roles like:
- Chief Credit Officer: $250,000+
- Relationship Banker: $60,000 - $90,000
Salaries depend heavily on role seniority and industry specialization. Ohio aims to lead manufacturing growth nationwide.
Commercial Credit Analysis: Ohio's Market Demand and Salaries
With Ohio's manufacturing, banking, and insurance presence, commercial credit analysts see high demand. Typical Ohio salaries include:
- Branch Manager: $80,000 - $120,000
- Commercial Credit Analyst: $65,000 - $95,000
- Assistant Branch Manager: $55,000 - $80,000
Bonus eligibility and profit sharing can add $10,000 or more. Experience analyzing complex commercial credits is key.
Retail and Mortgage Lending: Finance Careers in Ohio's Banking Institutions
Major Ohio banks hire professionals specializing in:
- Retail Banking - salaries range from:
- Finance Director: $110,000 - $150,000
- Budget Manager: $80,000 - $110,000
- Mortgage Lending - compensation includes:
- Business Intelligence Manager: $90,000 - $130,000
- Finance & Insurance Manager: $75,000 - $105,000
Performance incentives are common. Expertise in lending products, credit risk analysis, and data analytics is valued.
Senior-Level Finance Salaries and Executive Compensation in Ohio
Senior-level finance professionals in Ohio can earn lucrative salaries and benefits. As a hub for banking, insurance, and corporate headquarters, the state provides opportunities for career advancement.
Chief Credit Officers: The Apex of Finance Salaries in Ohio
Chief Credit Officers (CCOs) oversee risk management and lending decisions at banks and credit unions. With extensive expertise across complex lending portfolios, CCOs in Ohio earn average base salaries from $230,000 to $300,000. Additional compensation can include:
- Annual bonuses from $50,000 to $150,000
- Stock options, typically valued from $100,000 to $250,000
- Pension contributions around 15% of base salary
Total CCO compensation packages often exceed $500,000 at top Ohio institutions.
Vice Presidents of Banking: Retail and Mortgage Lending Salaries
Vice Presidents manage relationships and sales initiatives in retail banking and mortgage lending. Base salaries range from $150,000 to $225,000, with additional incentives:
- Bonuses from $25,000 to $100,000 based on loan volume or deposit growth
- Equity awards, often $50,000 to $150,000 in restricted stock
- Pension plans, averaging 10% of base pay
Together with base salary, Vice Presidents can earn $300,000+ in total annual compensation.
Finance Directors and Budget Managers: Fiscal Leadership in Ohio
Finance Directors and Budget Managers oversee financial planning, accounting, reporting, and controls. Base pay ranges from $120,000 to $180,000, with bonuses from $20,000 up to 50% of salary based on budget metrics and cost savings. Additional components can include:
- Equity incentives around $50,000
- Retirement contributions from 5% to 15% of pay
- Vehicle allowances averaging $10,000 per year
Total pay for these roles often lands between $200,000 to $300,000 all-in.
Senior Managers in Finance Operations: Ohio's Salary Outlook
Senior Finance Managers maintain essential systems, processes, and teams for accounting, FP&A, treasury, and more. Base salaries span $100,000 to $150,000, with bonuses from $15,000 up to 40% based on operational metrics. Other features include:
- Stock awards, often valued around $25,000
- Pension plans, averaging 6% to 10% of salary
- Tuition reimbursement, typically $5,000+ per year
Altogether, senior managers earn $150,000 to $225,000 in Ohio's finance functions.
Director of Finance: Steering Ohio's Financial Management
Finance Directors occupy senior leadership roles, directing financial strategy across organizations. With extensive qualifications and expertise, base pay starts at $150,000 and can exceed $250,000 for large corporations. Additional elements consist of:
- Performance bonuses from $50,000 up to 100% of base salary
- Equity, averaging $100,000 to $300,000 long-term
- Retirement funding around 15% of compensation
With salary, incentives, and accrued benefits, Finance Directors earn over $500,000 total in Ohio.
Key Takeaways on Ohio Finance Salaries & Benefits
Comparing Ohio's Finance Salaries to National Averages
Finance salaries in Ohio tend to be lower than national averages across most roles. For example, the average salary for a Financial Analyst in Ohio is $66,270 compared to the national average of $72,780. However, Ohio does offer strong salaries for some niche roles like Collections Specialists, which average $47,750 in the state compared to $45,270 nationally.
Highlighting Ohio's Most Attractive Bonuses & Benefits
Many major Ohio employers offer bonuses and benefits like retirement matching, healthcare, and tuition reimbursement. Fifth Third Bank provides up to 6% 401k matching along with merit-based bonuses, while Huntington Bank offers a $1,000 referral bonus. The state also has over 15 top-ranked business schools, making tuition reimbursement a common benefit.
Identifying Diverse Opportunities in Ohio's Finance Industries
While the average salary is lower, Ohio still provides a breadth of opportunities given its diverse mix of stable industries. This includes major insurance and banking employers like Progressive, KeyBank, PNC, and Fifth Third, along with large companies across manufacturing, retail, logistics and healthcare. Top cities like Cleveland, Columbus and Cincinnati are finance hubs.
Future Outlook: Trends in Ohio's Finance Salaries and Benefits
Experts predict increased demand for niche finance roles in Ohio like Financial Analysts and Revenue Cycle Analysts over the next decade. This could place upward pressure on salaries. Meanwhile, attractive benefits like remote work options are also becoming more common. So while salaries may remain below average, Ohio's combination of niche opportunities and strong benefits should continue appealing to finance professionals.
