Finding accurate data on finance salaries can be challenging for professionals in Tennessee.
In this post, we analyze compensation levels across key finance roles in the Volunteer State, providing clarity on earning potential.
You'll see breakdowns for accountants, auditors, CFOs, controllers, and financial analysts based on experience level and metro area, along with factors impacting growth and future trends.
Introduction to Finance Salaries in Tennessee
Tennessee's business-friendly policies and low cost of living have attracted major corporations and fueled strong job growth across industries, including the finance sector. As companies large and small choose Tennessee for headquarters or expansion projects, demand rises for accounting, finance, and other corporate services talent.
What does this business boom mean for finance salaries in the Volunteer State? Here's an overview of the market and average pay for key accounting and finance roles.
Tennessee's Business Climate Fuels Finance Sector Growth
Tennessee has one of the fastest growing economies in the U.S. Gross domestic product has expanded at nearly double the national rate over the past five years. Population and job growth outpace most other states as well.
Several factors make Tennessee so attractive for business:
- Low taxes: Tennessee has no personal income tax and low business taxes. Property taxes and sales tax rates rank among the lowest in the nation.
- Incentives: Tennessee offers job tax credits, infrastructure/training grants, and other incentives for companies creating jobs.
- Central location: Tennessee's prime East Coast location gives logistics and distribution firms easy access to much of the U.S. population.
- Low costs: Commercial rent, construction costs and other expenses are well below the national average.
As a result, Tennessee draws heavy investment from companies in finance, healthcare, automotive, transportation and other industries. Major corporations with headquarters or large operations in Tennessee include FedEx, AutoZone, Dollar General, HCA Healthcare and Nissan North America.
This business growth fuels demand for accounting and finance talent. As companies scale up operations or relocate to Tennessee, they need corporate services support. Finance salaries rise with the influx of new jobs.
Key Finance Hubs in Tennessee
Most corporate headquarters and professional services firms congregate in Tennessee's four major metro areas:
Nashville is the state capital and home to healthcare, music and tech companies driving a hot job market with salaries above state/national averages.
Memphis is Tennessee's largest city and a major logistics/distribution, agriculture and manufacturing hub with major FedEx and International Paper operations.
Knoxville in eastern Tennessee has a more stable economy anchored by education, government, and technology employers like Oak Ridge National Laboratory and Scripps Networks.
Chattanooga draws investment from automotive, chemical and other heavy industries with its strategic location on I-24 near the Georgia state line. Volkswagen, Wacker Chemie and McKee Foods are among major companies with area facilities.
These four urban markets offer the strongest opportunities for corporate services roles like accounting, financial analysis and treasury jobs. However, business growth extends well beyond the big Tennessee cities, with financial services needs spreading statewide.
Salaries for Accountants and Auditors
This section breaks down average salaries for accountants and auditors in Tennessee, analyzing how pay varies by location, experience level, firm size, and other factors.
Entry-Level Accountant Salaries
New graduates and those just starting out in the accounting field in Tennessee can expect to earn an average salary of $45,000 to $55,000. This is based on data from the Bureau of Labor Statistics as well as job postings and salary reports from major job sites like Glassdoor and PayScale.
Some additional details on entry-level accountant salaries in Tennessee:
- In Memphis, entry-level salaries tend to range from $42,000 to $52,000
- Nashville entry-level accountants earn slightly higher at $46,000 to $57,000 on average
- Smaller metro areas and rural parts of Tennessee pay on the lower end, around $40,000 to $50,000
Overall, those just beginning their accounting careers in Tennessee are compensated reasonably well compared to national averages. Gaining a few years of experience can quickly boost salaries.
Senior Accountant Pay by Metro Area
For accountants and auditors with 5+ years of experience, average salaries exceed $70,000 in Tennessee's major metro regions:
- Nashville: Senior accountants earn $73,000 to $85,000 on average
- Memphis: $70,000 to $82,000 is common for experienced accounting professionals
- Knoxville: Senior accountants make around $68,000 to $78,000
Larger companies and firms tend to pay higher salaries for senior and managerial accounting roles. For example, senior accountants at Big Four firms like Deloitte and PwC often earn well into six figures in Tennessee's biggest cities.
Overall Tennessee provides solid compensation for experienced financial professionals and managers relative to the lower cost of living compared to large coastal cities. Opportunities abound at corporate headquarters and industry leaders headquartered in Nashville and Memphis.
CFO and Controller Compensation
Shifting focus to the C-suite, this section explores typical compensation packages for Chief Financial Officers and Controllers at Tennessee companies.
Base Salary and Incentives
Base salaries for CFOs in Tennessee often reach $200,000 or more, especially at larger corporations. Additional performance incentives like annual bonuses and long-term stock options can significantly increase total compensation. For example, CFOs at public companies may receive equity grants worth hundreds of thousands of dollars.
At smaller private businesses, base salaries tend to be lower, frequently ranging from $100,000 to $150,000 for Controllers and $150,000 to $250,000 for CFOs. But profit-sharing plans and annual performance bonuses still provide upside.
Variance by Company Size and Industry
Compensation varies substantially based on company size and industry. Larger corporations with billions in revenue generally pay much higher salaries. Additionally, capital-intensive sectors like manufacturing and financial services tend to offer better compensation packages compared to industries like healthcare and education.
For instance, a Controller at a midsized construction firm may earn around $120,000 in base salary plus a 20% annual bonus. Meanwhile, a Controller with similar experience at large bank may make closer to $200,000 in base pay and $100,000+ in incentives.
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Financial Analyst Salaries in Tennessee
Financial analysts play a critical role in Tennessee's business landscape by providing data-driven insights to guide key decisions. As the state continues to attract corporate investment and foster emerging industries like healthcare and technology, demand for qualified analysts remains high.
Entry-Level Financial Analyst Pay
New financial analysts in Tennessee can expect to earn an average starting salary between $50,000 and $60,000. Major employers like FedEx, HCA Healthcare, and First Horizon rely on analysts fresh out of undergraduate business or finance programs to support forecasting, investment analysis, and reporting needs. With a relevant bachelor's degree and strong Excel modeling skills, many graduates land analyst roles that put them on a path to six-figure earning potential in just a few years.
Senior Financial Analyst Salaries
With over five years of experience, financial analysts in Tennessee can typically command $75,000 to $100,000 in total compensation. Those focusing on specialized areas like FP&A, credit analysis, or equity research tend to earn towards the higher end of that range. Senior analysts at leading Nashville companies like CoreCivic and Dollar General take home $85,000 to $95,000 on average. Regardless of industry, analysts that showcase strong data analytics, modeling, and communication abilities position themselves for senior-level salaries.
Outlook and Growth Trends
Business Expansions Driving Hiring
Major companies like Oracle, Amazon, and Ford have recently announced plans to expand operations in Tennessee. Oracle is investing $1.2 billion to build a new campus in Nashville, while Amazon is building new fulfillment centers that will create over 1,000 jobs. And Ford's plans for a $5.6 billion electric vehicle and battery plant in West Tennessee is expected to create 5,800 new jobs.
These business expansions, especially in high-paying fields like technology and manufacturing, will drive strong demand for finance and accounting professionals to support company growth. Open roles like financial analysts, accountants, and controllers that require specialized expertise in areas like financial modeling, cost accounting, and SEC reporting will likely see significant salary increases to attract top local talent.
As companies scale up operations and add headcount in Tennessee, they will need to fill key finance positions to handle essential functions like payroll, budgeting, auditing, and financial reporting. This influx of new finance jobs from expanding industry giants will give local accounting and finance professionals more career options and salary negotiation leverage.
Retirements Opening Opportunities
Over the next decade, Tennessee is also expected to see a large wave of baby boomer retirements across many industries. As the most senior finance professionals and executives leave companies or accounting firms, it will create new job vacancies and opportunities for advancement. This will be especially true in large, established companies in sectors like healthcare, manufacturing, and financial services.
Younger or mid-career finance talent can leverage these retirements to take on new leadership roles and responsibilities earlier in their careers. As companies look to fill key vacated finance positions, those who step up to take on greater workloads and specialized skills will likely see significant pay increases. The retirements also mean more new entry-level accounting roles may open up. This will provide crucial experience for recent graduates or those looking to switch into finance careers.
Overall, the combination of major corporate expansions and impending retirements over the next 5-10 years indicates that finance salaries in Tennessee should continue rising. Those with in-demand expertise like financial modeling, auditing, and financial analysis will be in the strongest position to capitalize on these trends with higher compensation. But even those just starting out in accounting or early finance roles can benefit from increased career mobility and pay.
Conclusion and Key Takeaways
In summary, Tennessee offers competitive and quickly-growing salaries for accountants, analysts, and finance executives to match its pro-business environment.
Strong Business Growth Fueling Finance Opportunities
Major corporate expansions and a hot job market are driving up pay for accounting and finance professionals across Tennessee. Specifically:
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Tennessee has seen an influx of corporate relocations and expansions in recent years, with major companies like Amazon, FedEx, and Volkswagen investing billions into new facilities. This business growth is fueling demand for finance talent.
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Job growth for accountants and auditors is projected to be over 10% in Tennessee through 2026, outpacing the national average according to the U.S. Bureau of Labor Statistics. Open finance positions outnumber qualified local candidates.
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To attract top talent, companies are offering salary packages 5-10% above national averages. Some experienced finance executives and CPAs are seeing pay 20-30% higher than industry norms.
Experience Pays Dividends
While entry-level salaries are on par with national averages, the state offers significantly above-average pay for experienced finance talent.
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Recent graduates can expect competitive starting wages, but significantly higher earnings potential over time compared to other regions.
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Accountants with 5+ years experience are seeing average salaries over $75,000. Finance managers with 10+ years earn $120,000 or more.
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Specialized roles like SEC reporting managers and revenue controllers average $20-30k higher pay compared to national levels.
In summary, the combination of business growth, unfilled jobs, and high demand for talent is leading companies to offer premium wages to attract and retain financial staff. The result is an attractive environment for accounting and finance professionals looking to advance their careers and earning potential.
