Career Guide for Financial Analysts in Evansville, IN

If you’re a Financial Analyst considering a move to the Midwest, Evansville, Indiana, might not be the first city that comes to mind. But for someone who values a low cost of living, a manageable commute, and a stable job market without the intense competition of larger coastal hubs, Evansville is a hidden gem. I’ve spent years analyzing the local economy here, and for Financial Analysts, the calculus is surprisingly compelling. This guide will break down the numbers, the neighborhoods, and the nuances of building a career in this Ohio River city.

The Salary Picture: Where Evansville Stands

Let's cut straight to the data. While Evansville won't compete with Chicago or Indianapolis on absolute salary, it punches well above its weight in purchasing power. The median salary for a Financial Analyst in the Evansville metro area is $95,980/year, which breaks down to an hourly rate of $46.14/hour. It's important to note that this is slightly below the national average of $99,010/year, a common trend in many Midwestern cities outside major tech or finance corridors. However, with 226 jobs currently in the metro area and a 10-year job growth projection of 9%, the market is stable and expanding, not stagnant.

Here’s how compensation typically breaks down by experience level in the Evansville market:

Experience Level	Approximate Salary Range (Annual)	What to Expect
Entry-Level (0-2 yrs)	$65,000 - $80,000	Supporting senior analysts, focusing on data entry, basic reporting, and model maintenance. Often in roles like "Financial Analyst I" or "Junior Analyst."
Mid-Level (3-7 yrs)	$85,000 - $110,000	The sweet spot for many local roles. You'll lead projects, build complex financial models (DCF, LBO), and present directly to management. This aligns closely with the median salary.
Senior-Level (8-12 yrs)	$115,000 - $140,000	Managing teams, leading budgeting/forecasting cycles, and acting as a strategic partner to business units. Often holds titles like "Senior Financial Analyst" or "Finance Manager."
Expert/Controller (12+ yrs)	$145,000+	Overseeing entire finance departments, strategic planning, M&A due diligence. This is typically Director or VP-level compensation at major local employers.

Insider Tip: While the salary bands are firm, your leverage increases with certifications. A CFA or CPA can push you toward the top of the mid-level range, especially at local institutions like Old National Bank or Deaconess Health System.

Comparison to Other Indiana Cities

To put Evansville in context, it's helpful to see how it stacks up against other hubs in the state.

City	Median Salary (Financial Analyst)	Cost of Living Index (US Avg=100)	Job Market Context
Evansville	$95,980	89.8	Stable, specialized in healthcare, manufacturing, and banking. 226 jobs, 9% growth.
Indianapolis	$98,500 (Est.)	94.5	Larger, more diverse market. More corporate HQs (Salesforce, Eli Lilly), but higher competition and cost of living.
Fort Wayne	$92,000 (Est.)	88.2	Similar profile to Evansville but smaller. Dominated by manufacturing (GM) and healthcare.
South Bend	$90,000 (Est.)	87.5	Tied closely to Notre Dame and a growing tech/manufacturing sector.

As you can see, Evansville offers a salary that's competitive with other mid-sized Indiana cities, but its standout feature is the cost of living advantage. You could earn a similar salary in Indianapolis but pay a significantly higher percentage of your income on housing and daily expenses.

The Real Take-Home: After Taxes and Rent

This is where Evansville truly shines. Let's model the monthly budget for a Financial Analyst earning the median salary of $95,980/year.

Assumptions:

• Gross Annual Income: $95,980
• Monthly Gross Income: $7,998.33
• Estimated Taxes (Federal, State, FICA): ~25% (This is an estimate; actual depends on filing status, deductions, etc.)
• Net Monthly Take-Home: ~$6,000 (using the 25% estimate for simplicity)
• Average 1BR Rent: $850/month (city-wide average)

Monthly Budget Breakdown:

Category	Estimated Cost	Notes
Net Income	$6,000	After taxes.
Rent (1BR)	$850	Can be as low as $700 in some areas or over $1,100 for luxury downtown apartments.
Utilities (Elec, Gas, Internet)	$200	Varies by season; winters can be costly due to heating.
Car Payment & Insurance	$500	Critical: Evansville is car-dependent. Public transit is limited.
Groceries	$350	Comparable to national averages.
Health Insurance (pre-tax)	$300	Varies by employer plan.
Retirement Savings (401k, 5%)	$400	$400/month to start building wealth.
Discretionary/Entertainment	$1,400	A very healthy amount for dining out, hobbies, and travel.
Remaining Buffer	$1,000	For unexpected costs, saving for a home, or investing.

Can They Afford to Buy a Home?
Absolutely. The Evansville housing market is highly accessible. The median home price in the metro area is around $175,000 - $200,000. With a $1,000/month buffer, you could easily save for a down payment in 2-3 years. A mortgage on a $180,000 home (with 20% down) would be roughly $725/month (including taxes/insurance), which is less than the average rent for a 1BR. This is a massive financial advantage over coastal cities where homeownership is often a distant dream.

Where the Jobs Are: Evansville's Major Employers

Evansville's economy is anchored in healthcare, advanced manufacturing, and financial services. As a Financial Analyst, you'll find opportunities in corporate finance, healthcare administration, and banking. Here are the key players:

1. Deaconess Health System: The largest employer in the region. They have a constant need for Financial Analysts to manage budgeting, forecasting, and cost analysis for multiple hospitals and clinics. Hiring is steady, with a focus on candidates who understand healthcare reimbursement models (Medicare/Medicaid).
2. Old National Bank: Headquartered in Evansville, this is a major regional bank with assets over $47 billion. Their finance department offers classic analyst roles in corporate treasury, credit analysis, and internal audit. They have a strong preference for local talent and offer clear advancement paths.
3. Berry Global: A Fortune 500 company and global leader in plastic packaging. Their Evansville headquarters houses a sophisticated finance team. Analysts here work on global consolidation, capital expenditure analysis, and supply chain finance. This is a prime spot for those interested in corporate finance at a multinational level.
4. Toyota Motor Manufacturing Indiana (TMMI): Located in nearby Princeton (a 20-minute commute), this is a massive plant with its own internal finance group. Roles focus on cost accounting, budgeting for manufacturing lines, and analyzing production efficiency. The work is data-heavy and process-oriented.
5. Evansville Vanderburgh School Corporation (EVSC): The public school district has a finance department that manages a multi-million dollar budget. Analysts here work on government fund accounting, grant management, and long-term financial planning for the district's facilities and programs.
6. University of Evansville: A private liberal arts university with a dedicated finance and administration office. Roles here are often hybrid—part analyst, part planner—working on endowment management, tuition revenue forecasting, and operational budgeting.

Hiring Trends: The demand is most consistent in healthcare and banking. Manufacturing roles can be tied to business cycles. There's a growing need for analysts with strong data visualization skills (Power BI, Tableau) and ERP system experience (SAP, Oracle). Many of these employers are active on LinkedIn and local job boards like the Evansville Regional Economic Partnership (EREP) career page.

Getting Licensed in IN

For most Financial Analyst positions in Evansville, state licensure is not required. The roles are typically internal corporate or institutional positions. However, if you aim for roles in securities, investment advisory, or advanced financial planning, you will need specific licenses.

• Series Licenses (for Securities/Investment Roles): If you work for a broker-dealer or RIA, you'll likely need the Series 7 (General Securities Representative) and/or Series 66 (Uniform Combined State Law Exam). These are administered by FINRA. The exams cost approximately $80-$100 each. You must be sponsored by a FINRA member firm to take them.
• CPA (Certified Public Accountant): While not required for all analyst roles, a CPA is highly respected, especially in corporate accounting, audit, and healthcare finance. Indiana follows the Uniform CPA Exam. You need a bachelor's degree (150 credit hours), pass the four-part exam, and complete one year of accounting experience. Exam fees are ~$1,000 total, plus review course costs ($1,500-$3,000).
• CFA (Chartered Financial Analyst): Ideal for those in equity research, asset management, or advanced corporate finance. It's a three-level exam process with a total cost of ~$3,000-$5,000 (including prep). It's globally recognized and can significantly boost your earning potential.

Timeline: You can start applying for jobs immediately. If you need a license (e.g., Series 7), you can study while interviewing. A job offer often comes with a sponsorship and training period. For the CPA, the process can take 12-18 months of study and experience.

Best Neighborhoods for Financial Analysts

Evansville is a city of distinct neighborhoods. Commutes are rarely an issue—the entire metro area is a 20-25 minute drive from any point to another. Your choice will depend on lifestyle.

1. Downtown/Ohio Riverfront: The heart of the city's revival. You'll be minutes from Deaconess headquarters, Old National Bank's main campus, and the EVSC offices. It's walkable, with new restaurants and bars. Rent is higher here ($950 - $1,300/month for a 1BR) but you might live car-light.
2. Northside/Upper Mt. Vernon: A classic, established suburban area with tree-lined streets. It's close to the University of Evansville and a short drive to Berry Global and TMMI (via I-69). Offers single-family homes and apartment complexes. Rent is very reasonable ($750 - $950/month). Excellent value for analysts with families.
3. Newburgh: Technically a separate town but part of the metro area. It's a charming, historic village on the Ohio River with a strong community feel. Commute to downtown Evansville is 15-20 minutes. Great for those who want a quieter, more scenic lifestyle. Housing options range from historic homes to modern apartments ($800 - $1,200/month).
4. Eastside: A mix of older, affordable housing and newer developments. It's convenient to the Lloyd Expressway, providing quick access to all major employers. This area is popular with young professionals and first-time homebuyers. Rent is among the most affordable in the city ($650 - $850/month).

Insider Tip: If you work for Deaconess or Old National, living on the Northside or Eastside gives you a reverse commute, avoiding any potential traffic on the Lloyd Expressway during rush hour.

The Long Game: Career Growth

Evansville's career trajectory for Financial Analysts is stable and predictable, which can be a pro or a con depending on your ambition.

• Specialty Premiums: The highest premiums are in healthcare finance (Deaconess) and manufacturing cost analysis (Berry, Toyota). These roles require niche knowledge but offer strong job security. A CMA (Certified Management Accountant) is particularly valuable in manufacturing.
• Advancement Paths: The most common path is to move from Analyst to Senior Analyst to Finance Manager. The next step, Director of Finance, often requires 10-15 years of experience and may need a CPA or MBA. Many professionals get their MBA from the University of Evansville or a top online program while working.
• 10-Year Outlook (9% Growth): This growth is solid but not explosive. It means you'll have opportunities, but you may need to be open to changing employers every 5-7 years to climb the ladder. The growth is expected in healthcare and tech-supporting finance roles (data analytics). The biggest risk is complacency—Evansville's market is small, so networking and continuous skill-building are essential.

The Verdict: Is Evansville Right for You?

Evansville isn't for everyone. It's a city that rewards those who prioritize financial stability, work-life balance, and community over the constant buzz of a metropolis.

Pros	Cons
Exceptional Affordability: Your salary has immense buying power. Homeownership is within reach early in your career.	Limited Job Market: Only 226 jobs. If you're laid off, your options are fewer than in a major city.
Short Commutes: 20 minutes is a long drive here. More time for life outside of work.	Cultural & Dining Scene is Smaller: Fewer options for niche hobbies, diverse cuisines, or world-class entertainment.
Stable Employers: Major employers like Deaconess and Old National provide recession-resistant jobs.	Car Dependency: You must own a reliable vehicle. Public transit is not a viable daily option.
Growing, Not Booming: 9% job growth offers stability without the volatility of a boomtown.	Slower Pace of Change: Career advancement can be slower than in competitive coastal hubs.
Friendly, Community Feel: Easy to build a network. People are generally open and welcoming.	Limited Diversity: While improving, the city is less diverse than national averages, which can impact your social experience.

Final Recommendation: Evansville is an ideal choice for Financial Analysts who are early to mid-career and want to build a strong financial foundation. If you value homeownership, low stress, and a manageable lifestyle, you will thrive here. It's also great for those looking to specialize in healthcare or industrial finance. If you're chasing the highest possible salary, want a dynamic startup scene, or need a highly diverse social environment, you may find Evansville limiting. For the pragmatic analyst, it's a financially sound decision.

FAQs

Q: What is the biggest challenge for Financial Analysts moving to Evansville?
A: The primary challenge is the limited job market. With only 226 jobs, you must be intentional about your career moves. Networking is crucial because many positions are filled through referrals. It's not a city where you can easily jump between companies every year.

Q: How is the work-life balance in Evansville?
A: Generally excellent. The culture at most major employers (Deaconess, Berry, Old National) is traditional 9-to-5. The short commutes (<20 mins) mean you reclaim a significant amount of your day. The lifestyle is family-oriented and community-focused.

Q: Do I need a car in Evansville?
A: Yes, absolutely. The public bus system (METS) exists but has limited routes and frequency. It's not reliable for a daily commute. Most residents own a car, and the city is built around driving.

Q: Is Evansville a good place for young professionals?
A: It depends on your priorities. If you want a vibrant nightlife and a large dating pool, you'll find it limited. However, if you want to save money, buy a house young, and be part of a tight-knit community, it's fantastic. The cost of living allows for a great quality of life on a $95,980 salary.

Q: How does the cost of living index of 89.8 translate to real life?
A: It means that, on average, you get 10.2% more for your dollar compared to the national average. The biggest savings are in housing, which is about 30% below the national average. Your $850/month rent in Evansville would likely be $1,200+ for a comparable unit in a national average city. This directly boosts your ability to save and invest.

Sources: Data aggregated from U.S. Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics, Sperling's BestPlaces Cost of Living Index, Evansville Regional Economic Partnership (EREP), local employer career pages, and Indiana Professional Licensing Agency (IPLA) guidelines. Salary data reflects the Evansville-Vanderburgh County, IN metropolitan statistical area (MSA).