Financial Analyst in Cleveland, OH

As a career analyst who’s spent years helping professionals navigate Cleveland’s job market, I can tell you this city offers a compelling mix of affordability and opportunity for financial analysts. While it may not have the flash of New York or Chicago, Cleveland’s financial sector is deeply rooted, stable, and offers a quality of life that’s hard to beat. This guide is built on 2024 data and on-the-ground insights to give you the real picture.

The Salary Picture: Where Cleveland Stands

Let’s cut straight to the numbers. For a Financial Analyst in the Cleveland metropolitan area, the median salary is $96,574 per year, which breaks down to an hourly rate of $46.43. It's important to frame this correctly: it sits slightly below the national average of $99,010/year, but with Cleveland’s significantly lower cost of living, your real purchasing power is often higher here than in many coastal metros.

Here’s how salaries typically break down by experience level in the Cleveland market. These are realistic estimates based on local job postings and industry surveys.

Experience Level	Typical Cleveland Salary Range	Key Responsibilities
Entry-Level (0-2 yrs)	$65,000 - $78,000	Data gathering, basic modeling, reporting, supporting senior analysts
Mid-Level (3-7 yrs)	$80,000 - $110,000	Leading financial planning & analysis (FP&A), building complex models, presenting to management
Senior Analyst (8-12 yrs)	$110,000 - $135,000	Strategy, departmental budgeting, mentoring junior staff, cross-functional projects
Expert/Lead (12+ yrs)	$135,000 - $160,000+	Managing an analyst team, driving corporate strategy, M&A support, board-level reporting

How Cleveland Compares to Other Ohio Cities:
Cleveland tends to pay at the top end for financial roles within Ohio, often edging out Columbus and Cincinnati for mid-to-senior positions. Why? Cleveland’s legacy as a corporate headquarters hub (see below) creates demand for seasoned talent. Columbus, with its state government and growing tech scene, might see more entry-level openings, while Cincinnati’s Fortune 500 concentration (like P&G and Kroger) offers competitive senior-level packages. Ultimately, Cleveland’s lower living costs often make the net benefit equivalent or better.

Insider Tip: Don’t anchor your salary expectations to the national average. Local employers know the market. A $96,574 offer in Cleveland puts you in a strong position. For senior roles, target the $120,000+ range, especially at major employers like Sherwin-Williams or KeyBank.

The Real Take-Home: After Taxes and Rent

Salary is just one part of the equation. Let’s build a realistic monthly budget for a single filer earning the Cleveland median of $96,574.

• Gross Monthly Income: $8,048
• Estimated Deductions (Taxes, Benefits): ~28% (FICA, Federal, State, Health, 401k) = -$2,253
• Net Monthly Take-Home: ~$5,795

Now, let’s allocate that income. This budget prioritizes financial health and a comfortable lifestyle.

Category	Monthly Estimate	Notes for Cleveland
Rent (1BR Average)	$913	This is the metro average. You can find cheaper in suburbs or older buildings.
Utilities	$150	Includes electricity, gas, water, and internet. Cleveland winters mean higher heating bills.
Groceries & Dining	$550	A mix of cooking at home and enjoying Cleveland’s diverse food scene.
Transportation	$350	Likely a car payment/insurance. Public transit (RTA) is an option but limited for suburbs.
Health & Insurance	$250	After employer contributions.
Entertainment/Personal	$400	Museums, sports, concerts, hobbies.
Student Loans/Other	$300	Varies widely. Adjust accordingly.
Savings/Investing	$1,882	This is the key. After all expenses, a median earner can save nearly $2,000/month.

Can You Afford to Buy a Home?

Absolutely. With a Cost of Living Index of 91.8 (100 = US average), Cleveland is 8.2% cheaper than the national average. The median home price in the Cleveland metro is roughly $210,000. With a $1,882/month savings rate, a 20% down payment ($42,000) is achievable in about 22 months of aggressive saving. A $96,574 salary easily qualifies you for a mortgage on a median-priced home. In many neighborhoods, you can find a charming single-family home for under $250,000.

Where the Jobs Are: Cleveland's Major Employers

Cleveland’s financial analyst roles are concentrated in a few key sectors: legacy corporations, healthcare, banking, and professional services. The metro supports 725 Financial Analyst jobs, and with 9% 10-year job growth, the trend is positive.

1. Sherwin-Williams (Headquarters): A massive employer in Cleveland (not just paint!). They have huge demand for financial analysts in corporate FP&A, treasury, and supply chain. Hiring is steady, especially for those with manufacturing or cost accounting experience.
2. Cleveland Clinic & University Hospitals: The healthcare sector is a behemoth. Analysts here work on budgeting for massive clinical operations, grant management, and strategic growth initiatives. Stability is high, but processes can be bureaucratic.
3. KeyBank & PNC Bank: With regional headquarters in Cleveland, these banks need analysts for commercial lending, credit analysis, and internal corporate finance. It’s a great path for those interested in the financial services sector.
4. Cleveland-Cliffs Inc. (Headquarters): As the largest flat-rolled steel producer in North America, their finance team handles complex commodity pricing, capital projects, and M&A. This is a fast-paced, cyclical industry.
5. Progressive Insurance (Headquarters in nearby Mayfield): A leader in auto insurance, Progressive has a massive analytics and finance division. They heavily recruit for roles in pricing, claims finance, and corporate strategy.
6. Ernst & Young (EY) & PwC: Both have significant offices in Downtown Cleveland. They provide audit, tax, and advisory services, offering a great starting point for recent grads to build experience before moving to a corporate role.
7. The Cleveland Foundation: The largest community foundation in the U.S. provides unique roles for analysts focused on grant-making, investment analysis, and philanthropic strategy.

Hiring Trends: There’s a noticeable uptick in demand for analysts with data visualization skills (Tableau, Power BI) and familiarity with ERP systems like SAP. The move to hybrid work (2-3 days in office) is standard for most corporate roles.

Getting Licensed in OH

For most corporate Financial Analyst roles, you do not need a state-specific license. The key certifications are national, but Ohio has its own regulatory bodies.

• Key Certifications (National, Recognized in OH):

  • CFA (Chartered Financial Analyst): The gold standard for investment analysis. Offered by the CFA Institute. Exam costs are ~$1,500-$2,500 per level.
  • FMVA (Financial Modeling & Valuation Analyst): From the Corporate Finance Institute, very practical for corporate roles. Costs ~$500-$800.
  • CPA (Certified Public Accountant): If your role skews toward accounting or auditing, this is crucial. Requires 150 credit hours and passing the uniform exam.

• State-Specific Requirements:

  • Ohio Securities Division: If you plan to work in investment advising or securities (e.g., at a broker-dealer), you must register with the state. This typically involves the Series 7 and 66 exams, sponsored by your employer.
  • Insurance Licensing: For roles at Progressive or other insurers, you may need a state insurance license, but your employer will sponsor and guide you through this.

• Timeline to Get Started: You can apply for corporate analyst jobs with just a bachelor’s degree in finance, economics, or a related field. Earning a CFA or FMVA can be done while you work. The CPA is a longer commitment (1-2 years of study). There is no "waiting period" to start your job search.

Best Neighborhoods for Financial Analysts

Commute and lifestyle are everything. Cleveland is a city of distinct neighborhoods and suburbs.

1. Downtown / The Flats: Best for young professionals who want to be in the heart of it. Walking distance to major offices (KeyBank, PwC, Sherwin-Williams), sports venues, and nightlife. Commute: Walk or short RTA ride. Rent Estimate: $1,200 - $1,800 for a modern 1BR.
2. Ohio City / Tremont: Historic, trendy neighborhoods with great restaurants, breweries, and a strong community feel. Popular with finance and creative professionals. Commute: 10-15 min drive to downtown. Rent Estimate: $1,000 - $1,500 for a 1BR in a renovated building.
3. Lakewood: A vibrant, walkable suburb just west of the city. Excellent for those who want a city-like feel with more green space and affordability. Commute: 15-20 min drive to downtown. Rent Estimate: $900 - $1,300 for a 1BR.
4. Shaker Heights: An affluent, inner-ring suburb with a strong community, great schools, and a beautiful, historic feel. Popular with families and established professionals. Commute: 15-20 min drive or Red Line RTA. Rent Estimate: $1,100 - $1,600 for a 1BR.
5. West Park / Kamm’s Corners: A more affordable, family-friendly neighborhood with easy access to highways (I-90, I-480). Commute: 20-25 min drive to downtown. Rent Estimate: $800 - $1,100 for a 1BR.

The Long Game: Career Growth

Cleveland’s career path is less about rapid, explosive jumps and more about steady, strategic advancement.

• Specialty Premiums: Certain industries pay a premium. Analysts in corporate M&A (at Sherwin-Williams or Cleveland-Cliffs) or healthcare finance can command salaries 10-15% above the median. Data analytics specialists are also in high demand.
• Advancement Paths: The typical path is: Analyst → Senior Analyst → Finance Manager → Director of Finance → VP of Finance. Moving into a Controller or FP&A Manager role is a common and lucrative step. Many analysts leverage their experience to move into strategic planning or business development.
• 10-Year Outlook (9% Growth): This growth is solid but not explosive. It means the market is stable and expanding. The future demand will be for analysts who can blend traditional finance skills with data science and storytelling. Those who stay up-to-date with technology will advance faster.

The Verdict: Is Cleveland Right for You?

Pros	Cons
Exceptional Cost of Living: Your salary goes much further than in major coastal cities.	Slower Pace of Change: Fewer "disruptor" finance roles compared to tech hubs.
Stable, Diverse Job Market: Anchored by strong corporations, healthcare, and finance.	Harsh Winters: Can be a significant lifestyle adjustment.
Work-Life Balance: A 40-hour work week is the norm in most corporate roles.	Limited International Exposure: Most major employers are U.S.-focused.
Rich Cultural & Sports Scene: World-class museums, the orchestra, and passionate sports fans.	Public Transit Limitations: A car is generally needed for full flexibility.
Manageable Scale: Easy to network and build a reputation without getting lost in the crowd.	Brain Drain: Some top talent leaves for bigger markets, but this creates opportunity.

Final Recommendation: Cleveland is an excellent choice for financial analysts who value financial stability, a high quality of life, and a career with steady growth. It’s ideal for mid-career professionals looking to stretch their salary into homeownership and savings, and for those who prefer a collaborative, less cutthroat corporate environment. It’s less ideal if your primary goal is to work in global finance or at a fast-moving tech startup.

FAQs

1. What’s the job market really like for a non-native Clevelander?
It’s welcoming. While Cleveland has a strong local network, its corporate culture is not insular. Your skills and experience are valued. Networking through local groups like the CFA Society Cleveland or Cleveland Finance Club on LinkedIn is effective.

2. How important is a car in Cleveland?
Very. The RTA bus and light rail system (The HealthLine and Red Line) is decent for commuting from specific suburbs to downtown, but for exploring the metro area, grocery shopping, and most commutes, a car is a necessity. Factor in winter driving.

3. Are there opportunities for remote work?
Hybrid is the dominant model. Fully remote roles exist but are less common. Most employers, especially large corporations, want at least 2-3 days in the office. Be prepared to discuss hybrid arrangements during interviews.

4. What’s the best way to break into Cleveland’s market from out of state?
Leverage LinkedIn to connect with recruiters and analysts at target companies. Mention your interest in relocating to Cleveland specifically. Tailor your resume to highlight skills relevant to local industries (e.g., manufacturing, healthcare, insurance). Be prepared for virtual interviews, but a visit before accepting an offer is highly recommended.

5. How does the 10-year job growth of 9% translate to openings?
With a current base of 725 jobs, a 9% growth over a decade suggests a net addition of roughly 65-70 new positions, plus replacement hiring for retirees and promotions. This is a healthy, stable growth rate, not a boom, which means competition is manageable for qualified candidates.