Are you seeking a career as a financial modeling analyst and wish to know your salary range?
Well, do not worry.
I have got you covered.
The median salary of an average financial modeling analyst is $85,471, and you will expect these professionals to be entitled to earn a range of extra incentives.
Keep reading to learn more information about the average salary of a financial modeling analyst and the best cities in the US that pay a lot of money for financial modeling analysts’ jobs.
In this guide, I will explore everything you need to know— From the added benefits to the actual salary. Hang on till the end to learn more.
Key Takeaways of Financial Modeling Analyst Salary
Check out some keynotes in this guide:
- Working as a financial modeling analyst is a very lucrative job, and you can be paid as much as $100k annually.
- Aside from getting your base pay, your employer is also obligated to give other incentives such as performance bonuses, retirement benefits, health benefits, and so on.
- Read on to find out other goodies you stand to gain working as a financial modeling analyst.
Financial Modeling Analyst Salary in the US in 2024
Financial Modeling Analyst Salary in the US in 2024 – Glassdoor
You must be wondering exactly how much you will expect to see on average in your paycheck at the end of every month as a financial modeling analyst.
Well according to Glassdoor, in the United States, financial modeling analysts earn an average annual salary of $85,471.
Not only will you have a high salary, but other financial incentives will follow.
Also, as you advance in other areas of your career ladder, your pay follows suit. You will get paid as you rise in the organization you work with.
Additional Benefits and Perks of Financial Modeling Analyst
Financial Modeling Analyst Salary
Aside from getting a base pay of around $85,471, you will also be entitled to other financial benefits as a financial modeling analyst, an average of $5,548 in extra cash compensation, with amounts ranging from $4,161 to $7,768.
1. Performance bonus
Your hard work will not be put to waste because you will be duly compensated with a performance bonus.
- These bonuses are often awarded based on various metrics like meeting or exceeding financial targets, successfully completing projects, accurate forecasting, or contributing to the overall profitability of the company.
- Most employers design performance bonus structures to align your goals with the objectives of the company.
- This will not only motivate you to excel in your role but also foster a collaborative environment where teamwork and dedication are rewarded.
So, if you consistently demonstrate exceptional performance, you may receive higher bonus percentages each year or additional perks as a recognition of your contributions.
2. Health insurance
Health is wealth, people, and your employers know this, so they ensure you are settled with comprehensive health insurance packages as part of their employment benefits.
- These packages cover medical, dental, and vision expenses.
- Health insurance is an integral part of your overall compensation, and it provides a safety net to pay for unexpected medical costs and promotes overall well-being.
- Also, the health insurance coverage may extend to your dependents, so you do not have anything to worry about.
- If you also go for routine medical check-ups, health insurance helps reduce the financial cost of more severe illnesses.
This will ensure that you can focus on your work without the burden of excessive medical expenses.
3. Retirement plans
You will not be left out of retirement benefits as a financial modeling analyst because you will enjoy the benefits of employer-sponsored retirement plans, reinforcing long-term financial security.
- Standard options include 401(k) plans or pension plans, and this will allow you to contribute a portion of your earnings towards your retirement savings.
- In a 401(k) plan, you can make pre-tax contributions, which will reduce your taxable income.
- Also, for pension plans, you will be provided with a fixed income stream during retirement based on factors like average salary and average years of service.
These retirement plans will empower you to systematically build a nest egg, taking advantage of compound interest over your many years of career.
4. Stock options or equity grants
As a financial modeling analyst, you will have the opportunity to buy the stock and shares in the company.
- Many companies will incentivize you with stock options or equity grants, and the aim is that your interest and goal will be aligned with that of the company.
- Stock options give you the right to purchase company shares at a predetermined price, often referred to as the strike price, over a specified period.
- On the other hand, equity grants provide you with actual ownership of the company in the form of shares.
- These ownership stakes can vest over time, encouraging you to stay with the company for a more extended period.
So, as the performance of employees of the company improves, you directly benefit from the appreciation of the stock value.
5. Relocation allowance
You might also be eligible to receive a relocation allowance when you want to move for a new job opportunity within the company.
- This allowance aims to ease the financial burden associated with the costs of moving to a new location.
- The relocation allowance typically covers expenses such as packing and transportation of household goods, temporary lodging, travel costs, and even assistance in selling or buying a home.
- The amount of the allowance you receive can vary based on factors like the distance of the move, your level within the organization, and the relocation policies of the company.
Top 10 Highest Paying Cities for Financial Modeling Analyst Jobs
Here are some cities that pay top dollar for you to work as a financial modeling analyst:
Annual Salary of Top 10 Highest Paying Cities
|New York City, NY
|Santa Monica, CA
|Daly City, CA
|San Mateo, CA
Frequently Asked Questions
Here are answers to some pressing questions that I have received for years from aspiring financial modeling analysts:
1. How can I negotiate a higher salary as a Financial Modeling Analyst?
Negotiating a higher salary as a Financial Modeling Analyst involves thorough preparation and effective communication.
You should consider the following tips:
Conduct research on industry salary benchmarks, considering your experience, location, and the specific company.
Websites like Glassdoor and Payscale can provide valuable insights.
#2. Highlight achievements
Emphasize your relevant skills and accomplishments, showcasing how your expertise will add value to the organization.
Also, ensure that you can adapt to the dynamics of innovation and information technology in the industry.
Choose an appropriate time to discuss salary, such as after a successful interview or when a job offer is extended. Avoid bringing up compensation too early in the hiring process.
#4. Be flexible
While aiming for a higher salary, be open to discussing other benefits, such as bonuses, stock options, or additional perks that may contribute to your overall compensation package.
2. What is the highest salary for a financial modeling analyst?
As you go higher in your accounting career, you can earn well over $100,000 to $150,000 as a financial modeling analyst.
3. What factors influence the salary of a Financial Modeling Analyst?
Several factors influence the salary of a Financial Modeling Analyst. These include:
More experienced analysts command higher salaries.
Salaries can vary significantly by geographic region due to differences in the cost of living and demand for financial modeling skills.
Financial Modeling Analysts working in finance, investment banking, or consulting often earn higher salaries compared to those in other sectors.
#4. Education and certifications
Advanced degrees, such as a Master’s in business administration, and relevant certifications, like the CFA (Chartered Financial Analyst), may contribute to higher salary levels.
#5. Company size
Analysts working for more giant corporations or financial institutions may receive higher compensation compared to those at smaller firms in different industries.
My Exclusive Insights for You
As afinancial modeling analyst, there is no doubt that you will go through a lot of stress.
From doing numbers and collecting data to building a financial model that works for clients, your role is undeniably vital in an organization.
So, for all this stress, is the salary even worth it?
Well, it is absolutely worth it!
As you have seen in my guide, an average analyst makes close to $100k per year.
It might not be the highest salary, but it is a decent one.
If you’re still thinking of being a financial analyst, put that thought into action today!
And if you ever need guidance, you can always be free to contact me.
I am available to mentor you to make informed decisions.
I wish you nothing but success in your endeavor.