Financial Analyst in Duluth, MN

The Salary Picture: Where Duluth Stands

If you’re a Financial Analyst eyeing Duluth, the first question is about the paycheck. Let’s cut straight to the numbers. The median salary for a Financial Analyst in Duluth is $95,148 per year, which translates to an hourly rate of $45.74. It’s a solid wage, especially given the local cost of living, but it’s important to see how this breaks down by experience. For context, the national average for the role sits at $99,010, meaning Duluth’s median is about 4% lower—not a drastic gap, but one that reflects the regional economy.

Here’s how salaries typically scale with experience in the Duluth market:

Experience Level	Typical Year Range	Estimated Salary Range
Entry-Level	0-2 years	$65,000 - $78,000
Mid-Level	3-7 years	$85,000 - $105,000
Senior	8-15 years	$100,000 - $125,000
Expert/Lead	15+ years	$120,000 - $145,000+

Insider Tip: The upper end of these ranges is most often found at the larger institutions (like St. Luke’s or Allete) or in specialized roles like treasury or corporate finance. Start-ups and smaller non-profits in Duluth tend to cluster at the lower end of the mid-level range.

Compared to other Minnesota cities, Duluth is a mid-tier market. It’s well behind the Twin Cities metro (where the median can be 15-20% higher) but ahead of smaller regional hubs like Mankato or Rochester. The trade-off is clear: you sacrifice some top-end earning potential for a dramatically lower cost of living and a unique quality of life.

The Real Take-Home: After Taxes and Rent

The median salary of $95,148 sounds strong, but what’s the real monthly budget? Let’s run the numbers for a single filer (using 2024 tax brackets and a standard deduction) in Duluth.

Monthly Take-Home Pay Breakdown (Estimate)

• Gross Monthly Income: $7,929
• Federal Tax (Est.): -$1,200
• MN State Tax (Est.): -$450
• FICA (7.65%): -$606
• Health Insurance (pre-tax, est.): -$200
• Net Monthly Income: ~$5,473

Monthly Expense Breakdown (Estimate)

• Average 1BR Rent: $868
• Utilities (Electric, Gas, Internet): $250
• Groceries: $400
• Car Payment/Insurance: $500
• Health Insurance (if not pre-tax): $150
• Student Loans/Other Debt: $400
• Retirement (401k, 5% pre-tax): $396
• Discretionary Spending: $1,509
• Total Expenses: ~$4,473

The Bottom Line: After taxes and a modest rent, a single analyst earning the median has about $1,000/month in discretionary cash flow. This is a healthy margin for savings, travel, or dining out. If you’re dual-income or have a partner, the financial picture becomes exceptionally comfortable.

Can they afford to buy a home? Absolutely. With a $95,148 salary and a $868 average rent, you could comfortably save for a down payment. As of late 2023, the median home price in Duluth was around $280,000. A 20% down payment ($56,000) is attainable within 3-5 years of disciplined saving. Your monthly mortgage payment (including taxes/insurance) on a $224,000 loan would likely be under $1,800, which is manageable on your take-home pay. Neighborhoods like West Duluth or the Woodland area offer more affordable entry points.

Where the Jobs Are: Duluth's Major Employers

The Duluth metro has about 175 Financial Analyst jobs, and they are concentrated in a few key sectors. The local economy is anchored by healthcare, utilities, education, and logistics. Here’s a breakdown of major employers and their hiring trends:

1. St. Luke’s Healthcare System: The largest private employer in the region. They have a robust finance department and hire analysts for budgeting, revenue cycle management, and capital projects. Hiring is steady, with openings appearing for both generalists and those with a healthcare finance focus.
2. Allete (and its subsidiaries, including Minnesota Power): A major utility and energy company headquartered in Duluth. Their finance team works on rate cases, regulatory reporting, and long-term capital planning. They value analytical rigor and stable, long-term employment. Hiring is cyclical but consistent.
3. Essentia Health: The other major healthcare provider in the region. Similar to St. Luke’s, they need analysts for operational finance, physician practice management, and strategic planning. Growth in the healthcare sector keeps demand steady.
4. University of Minnesota Duluth (UMD) & Fond du Lac Tribal & Community College: Both institutions have finance offices. UMD, with its larger budget, hires analysts for grant management, endowment oversight, and operational budgeting. Hiring is often tied to state funding cycles.
5. Ameriprise Financial (Local office): While the headquarters is in Minneapolis, the Duluth office has a significant presence, especially in wealth management and financial planning. They seek analysts with strong client-facing skills and regulatory knowledge.
6. Lake Superior College: The community college offers more entry-level positions and is a great place to build experience before moving to a larger institution.
7. Local Government & Port Authority: The City of Duluth, St. Louis County, and the Duluth Port Authority employ analysts for public finance, grant administration, and economic development.

Insider Tip on Hiring Trends: The healthcare sector (St. Luke’s, Essentia) is the most consistent hirer. The utility sector (Allete) offers the highest premiums for specialized skills (like rate-case modeling). The best way to find openings is through the Minnesota Jobs Partnership website and direct career pages, as many local roles aren’t heavily advertised on national boards.

Getting Licensed in MN

For most Financial Analyst roles in Minnesota, no specific state license is required. However, certifications can significantly boost your credibility and earning potential. The key is to understand the difference between a Financial Analyst and a Financial Advisor.

• Financial Analyst: Typically focuses on corporate finance, investment analysis, and budgeting. No state license is mandated. Certifications like the Chartered Financial Analyst (CFA) or Certified Management Accountant (CMA) are highly valued.
• Financial Advisor/Planner: If you provide investment advice or manage client assets, you must register with the Minnesota Department of Commerce. This requires passing the Series 65 exam (or equivalent) and registering as an Investment Adviser Representative (IAR).

Costs & Timeline:

• CFA Exam: Exam registration: ~$1,200 per level. Total cost for all three levels can exceed $3,000. Timeline: 1-4 years to complete all three levels.
• Series 65 Exam: Exam fee: ~$80. Registration fees with the state: ~$100-$200. Timeline: Can be prepared for and passed in 2-3 months of study.

Actionable Advice: If you’re coming to Duluth for a corporate analyst role, focus on the CFA or CMA. If you’re interested in wealth management or advising, start with the Series 65. Consult the Minnesota Department of Commerce website for the most current licensing regulations.

Best Neighborhoods for Financial Analysts

Choosing a neighborhood in Duluth is about balancing commute, lifestyle, and budget. Here’s a practical guide:

Neighborhood	Vibe & Commute	1BR Rent Estimate	Best For
Downtown / Canal Park	Urban, walkable, scenic. Commute to Allete or St. Luke’s is 5-10 mins.	$950 - $1,300	Young professionals, those who want a vibrant social scene and easy access to Lake Superior.
Woodland / UMD Area	Quiet, academic, family-friendly. Easy access to UMD and hospitals.	$800 - $1,100	Analysts working at UMD or the hospitals, those seeking a quieter suburban feel.
West Duluth	Affordable, blue-collar charm, growing food scene. Commute to downtown is 10-15 mins.	$700 - $900	First-time homebuyers, budget-conscious renters, those who value community.
Congdon Park	Historic, affluent, large homes. Commute to employers is 5-15 mins.	$1,000+ (for apartments)	Senior analysts, those with families seeking top schools and established neighborhoods.
Hillside / Central Hillside	Steep streets, great views, mix of old and new. Commute is quick to downtown.	$750 - $950	Those who want a central, urban feel with a lower price tag. Be mindful of winter driving on hills.

Insider Tip: Duluth’s "East vs. West" divide is real. East of I-35 is generally more affluent and established. West of the highway is more affordable and has its own distinct culture. If you work at Allete (downtown), living on the East side means a reverse commute, which is a breeze.

The Long Game: Career Growth

In Duluth, career growth for a Financial Analyst is about specialization and network. The 10-year job growth is 9%, which is stable but not explosive. To advance, you’ll need to move beyond generalist roles.

• Specialty Premiums: Analysts with expertise in healthcare finance (revenue cycle, value-based care) or utility finance (rate cases, regulatory compliance) command the highest salaries and are in the most demand. A CFA charterholder can expect a 10-15% salary premium over a non-chartered peer.
• Advancement Paths: The typical trajectory is Analyst -> Senior Analyst -> Finance Manager -> Director of Finance. The jump from Manager to Director often requires an MBA or significant leadership experience. Many Duluth analysts get their MBA from UMD’s respected program while working.
• 10-Year Outlook: The outlook is positive but cautious. Healthcare and renewable energy (a growing focus for Allete) will drive demand. However, the small job market (175 jobs) means competition for senior roles is tight. To reach the top end of the $120,000 - $145,000+ expert range, you will likely need to specialize, take on management responsibilities, and build a strong reputation within the local business community.

Long-Term Strategy: Build a network through the Duluth Area Chamber of Commerce and the Twin Ports Financial Managers Group. Consider a role at a larger institution (St. Luke’s, Allete) to build your resume, then perhaps move to a smaller company for a leadership role.

The Verdict: Is Duluth Right for You?

Pros	Cons
Excellent Cost of Living: Your $95,148 salary goes much further here.	Limited Job Market: Only 175 jobs means fewer opportunities to switch roles without relocating.
Unbeatable Natural Amenities: World-class trails, skiing, and Lake Superior are in your backyard.	Colder, Longer Winters: The weather is a defining and challenging part of life from November to April.
Stable Major Employers: Healthcare and utilities offer recession-resistant jobs.	Slower Pace: If you crave the energy of a major metropolis, Duluth can feel quiet.
Strong Community Feel: It’s easier to build a network and feel connected here.	Salary Ceiling: Top salaries are lower than in Minneapolis or national hubs.
Manageable Commute: Average commute is under 20 minutes.	Dependence on a Few Sectors: Economic health is tied to healthcare and utilities.

Final Recommendation: Duluth is an exceptional choice for a Financial Analyst who prioritizes quality of life over maximum salary. It’s ideal for those who love the outdoors, want to buy a home early in their career, and seek a stable, manageable work environment. It’s less ideal for someone seeking rapid career advancement in a hyper-competitive, high-growth industry like tech or investment banking. If the idea of analyzing budgets by day and hiking a North Shore trail by weekend appeals to you, Duluth is a perfect fit.

FAQs

1. Is the median salary of $95,148 enough for a family on a single income?
It’s tight but possible, especially if you buy a home. A single income of $95,148 with a mortgage on a $250,000 home would be doable with careful budgeting, but dual incomes make it significantly more comfortable.

2. How competitive is the job market with only 175 openings?
It’s competitive for entry-level roles but less so for experienced (3+ years) analysts. The key is to be patient and strategic. Many roles are filled through networking. Connect with local finance professionals on LinkedIn before you move.

3. Do I need a car in Duluth?
Yes, overwhelmingly. While downtown is walkable, Duluth is a sprawling city built on hills. Public transit is limited, and getting to employers like St. Luke’s or Allete requires a car, especially in winter.

4. What’s the biggest surprise for a new Financial Analyst in Duluth?
The pace. Deadlines are real, but the culture is often less frantic than in larger cities. The bigger surprise is the winter—invest in a good snow shovel, heavy-duty tires, and a winter wardrobe from day one.

5. How does the 10-year job growth of 9% affect me?
It indicates stability, not a boom. It means jobs will be there, but you’ll need to be proactive about upskilling (e.g., learning data analytics tools like Python or Power BI) to stay ahead of the curve. The growth is in specialized roles, not generalist positions.