How Much Does a Financial Specialist Make Per Year?
If finance and economics interest you, you may want to consider a job as a financial specialist. An aging Baby Boomer population and deregulation in the financial sector are creating growth in the finance industry. This has led to increased demand for financial specialists and related occupations.
Key Responsibilities of Financial Specialists
Financial specialists sell the products and services of financial institutions. They also meet with clients to identify and help them achieve their financial goals. Some of the main responsibilities of financial specialists are:
● Performing financial audits
● Managing budgets
● Reviewing cost data
● Developing corrective financial plans
● Communicating projects’ financial requirements
Financial Specialists’ Annual Income
An important aspect to consider when pursuing any career path is to know how much you will make. The annual income for financial specialists varies with industry and location. Currently, the annual income level for financial specialists in the United States ranges from $ 35,640 to $ 105,950. The average salary for financial specialists in the United States is $ 67,020.
Top Paying Industries for Financial Specialists
Although there is a wide range of income levels for financial specialists, getting into the right industry can help increase your odds of landing at the higher end of the pay scale. The following industries pay the highest salaries to financial specialists:
● Outpatient Care Centers ($ 82,400)
● Scientific Research and Development Services ($ 82,660)
● Accounting, Tax Preparation, Bookkeeping, and Payroll Services ($ 85,550)
● Petroleum and Coal Products Mining ($ 90,840)
● Support Activities for Mining ($ 96,270)
Top Paying States for Financial Specialists
In addition to considering the industry to enter as a financial specialist, choosing which state to work in also has an effect on annual income. The following is a list of the highest paying states in the United States and their average annual income:
● Massachusetts ($ 73,280)
● Virginia ($ 73,880)
● Illinois ($ 74,770)
● New York ($ 77,320)
● District of Columbia ($ 85,750)
Top Paying Metropolitan Areas for Financial Specialists
If none of the states listed above interest you, there are certain metropolitan areas to choose from that also pay very well. The highest paying metropolitan areas in the U.S. are:
● San Francisco-San Mateo-Redwood City, CA ($ 111,020)
● Washington-Arlington-Alexandria, DC-VA-MD-WV ($ 83,560)
● New York-White Plains-Wayne, NY-NJ ($ 81,650)
● Lowell-Billerica-Chelmsford, MA-NH ($ 81,460)
● Bridgeport-Stamford-Norwalk, CT ($ 81,440)
Whether, you choose to work as a financial specialist in one of these metropolitan areas, states, or industries, you are estimated to make between $ 35,640 and $ 105,950. Now is a great time to get involved in this rapidly expanding market and take advantage of the high wages it promises to pay.