Financial planning and analysis (FP&A) is essential in any organization, providing critical insights into the business’s performance, potential, and economic health. It requires a highly skilled professional who is well-versed in accounting and finance. As such, FP&A salaries can vary widely depending on the size and complexity of the organization, the level of responsibility and the geographical location. However, on average, the median financial planning and analysis salary for an FP&A professional is around $75,000 per year.
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Average professional’s financial planning and analysis salary
Financial Planning and Analysis salary professionals average $95,000 per year. This salary range varies depending on the individual’s experience level and qualifications. In addition, the geographical region and size of the company can also influence the salary range.
National Average
The average for a Financial Planning and Analysis salary (FP&A) professional in the United States is $90,858 per year. Salaries range from $67,717 to $123,705 annually, depending on experience, location, and industry.
Salaries by Location
The salary for a financial planning and analysis salary professional varies depending on the location. According to Payscale.com, the average salary for a financial planning and analysis professional in the United States is $81,919 annually.
- In Los Angeles, the average salary is $99,561 per year.
- In New York City, the average salary is $96,432 per year.
- In San Francisco, the average salary is $120,764 per year.
- In Chicago, the average salary is $87,355 per year.
- In Houston, the average salary is $85,093 per year.
- In Dallas, the average salary is $86,740 per year.
- In Atlanta, the average salary is $82,990 per year.
- In Seattle, the average salary is $94,684 per year.
- In Boston, the average salary is $95,531 per year.
- In Denver, the average salary is $90,929 per year.
Factors Affecting Financial Planning and Analysis Salary
1. Location: Location is one of the significant factors that can impact the salary of a financial planning and analysis professional. For example, those in larger cities tend to make more money than those in smaller towns.
2. Experience: Experience is another major factor that can significantly impact the salary. Those with more experience typically command higher salaries than those with less experience.
3. Education: Education is also a significant factor in determining salary. Those with higher levels of education, such as a master’s degree, often command higher salaries than those with less education.
4. Industry: The industry in which the financial planner and analyst work can also affect salary. Those working in the finance and banking industries typically make more money than those in other industries.
5. Job Title: Job titles can also affect salary. Those with senior positions typically make more money than those with lower classes.
6. Certifications: Specific certifications, such as the Certified Financial Planner (CFP) designation, can also increase salaries.
7. Performance: Performance is also a factor in determining salary. Those who perform well and exceed expectations may be rewarded with higher wages.
8. Company Size: The company’s size can also affect salary. Those working for larger companies typically make more money than those working for smaller companies.
9. Benefits: Benefits can also affect salary. Companies that offer generous benefits packages, such as health insurance and retirement plans, can attract higher wages.
10. Negotiation: Negotiation skills can also be used for a higher salary. Those who can negotiate effectively may be able to get a higher salary than those who are less skilled at negotiating.
Examples of worldwide top 10 universities for study on financial planning and analysis
1. Harvard University – Cambridge, Massachusetts, USA Website: https://www.harvard.edu/
2. Stanford University – Stanford, California, USA Website: https://www.stanford.edu/
3. University of Pennsylvania – Philadelphia, Pennsylvania, USA Website: https://www.upenn.edu/
4. University of Chicago – Chicago, Illinois, USA Website: https://www.uchicago.edu/
5. Massachusetts Institute of Technology – Cambridge, Massachusetts, USA Website: https://www.mit.edu/
6. University of Cambridge – Cambridge, England, UKW website: https://www.cam.ac.uk/
7. University of Oxford – Oxford, England, UK Website: https://www.ox.ac.uk/
8. University of Toronto – Toronto, Ontario, Canada Website: https://www.utoronto.ca/
9. London School of Economics and Political Science – London, England, UK Website: https://www.lse.ac.uk/
10. the University of California, Berkeley – Berkeley, California, USA Website: https://www.berkeley.edu
How to Increase Financial Planning and Analysis Salary
1. Research your area’s salary range for financial planning and analysis professionals. Knowing your area’s salary range for financial planning and analysis professionals can help you determine appropriate compensation.
2. Get certified. Professional certifications from organizations such as the Financial Planning Association, CFA Institute, and Certified Financial Planner Board of Standards can help you demonstrate your expertise and increase your salary potential.
3. Negotiate. When negotiating your salary, leverage your experience, qualifications, and certifications to show why you deserve higher pay.
4. Network. Building relationships with other financial planning and analysis professionals can help you stay up-to-date on industry trends and salary ranges.
5. Develop your skills. Continuing to develop your skills through professional development courses and on-the-job training can help you stand out and increase your salary potential.
6. Ask for a raise. If you deserve a raise, don’t hesitate to ask for one. Be prepared to explain why you earn a higher salary and what value you bring to the organization.
7. Consider other job opportunities. If your salary isn’t meeting your expectations, consider exploring job opportunities with other organizations.
8. Negotiate a bonus. If your current employer cannot provide a salary increase, consider negotiating for a premium or other incentives.
9. Keep your skills up-to-date. Staying up-to-date on the latest financial planning and analysis trends can help you remain competitive and increase your salary potential.
10. Ask for a promotion. If you’ve been with your organization for a while and feel you’ve been performing well, consider asking for an upgrade. An advertisement can come with a salary increase and expanded responsibilities.
Examples of worldwide top 10 financial planning and Analysis Companies
1. Deloitte – https://www2.deloitte.com/us/en.html
2. Ernst & Young – https://www.ey.com/en_us
3. KPMG – https://home.kpmg.com/us/en/home.html
4. PricewaterhouseCoopers – https://www.pwc.com/us/en.html
5. Accenture – https://www.accenture.com/us-en
6. Robert Half – https://www.roberthalf.com/
7. Financial Executives International – https://www.financialexecutives.org/
8. Aon – https://www.aon.com/
9. Towers Watson – https://www.willistowerswatson.com/
10. Deloitte Consulting – https://www2.deloitte.com/us/en/pages/consulting/articles/introduction-to-financial-planning-and-analysis.html
Conclusion
The financial planning and analysis salary role can vary greatly depending on the individual’s experience and qualifications, the organization’s size and scope, and the specific duties associated with the position. Generally, salaries in this field range from $50,000 to $120,000 per year. With experience, financial planners and analysts can expect higher wages and bonuses. Those in senior positions may even earn over $150,000 per year.