Financial Analyst in Madison, MS

Here is a comprehensive career guide for Financial Analysts considering a move to Madison, Mississippi.

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The Salary Picture: Where Madison Stands

As a local, I’ll give it to you straight: Madison is not a salary powerhouse on a national scale, but it punches above its weight for Mississippi. The cost of living is the secret weapon here. You won’t find the $99,010/year national average for Financial Analysts in every Mississippi town, but in Madison, the numbers are respectable when you factor in the local economy.

The median salary for a Financial Analyst in the Madison metro area is $96,247/year, with an hourly rate of $46.27. This is slightly below the national average, but it’s a solid figure for the region. The job market is tight—there are only about 55 Financial Analyst positions in the metro area. Competition is real, but so is the opportunity for those with the right credentials. The 10-year job growth projection is 9%, which is steady, if not explosive. This isn't a boomtown for finance; it's a stable, established market.

To put this in perspective, let’s look at how Madison stacks up against other major Mississippi cities. While Jackson, the state capital, has more jobs, the cost of living is higher. Gulfport-Biloxi offers a similar cost of living but is more tied to tourism and shipping. Hattiesburg and Tupelo have lower salaries and fewer corporate headquarters. Madison’s advantage is its proximity to Jackson’s corporate and government hub without the higher rent and crime rates of the capital city itself.

Experience-Level Breakdown

Experience Level	Estimated Salary Range (Madison, MS)	Notes
Entry-Level	$65,000 - $78,000	Typically requires a bachelor's in Finance, Accounting, or Economics. Analysts at this stage are often in data processing and basic reporting roles.
Mid-Career	$80,000 - $105,000	This is where the median salary falls. Requires 3-7 years of experience, often with a CPA or CFA credential. Involves complex modeling and strategic input.
Senior	$110,000 - $135,000	8+ years of experience. Often manages a small team or is the lead analyst for a major department. Requires deep industry knowledge.
Expert/Managerial	$140,000+	Typically Director of Finance or VP level. Requires 12+ years and significant leadership experience. These roles are scarce in a market of 55 jobs.

Comparison to Other MS Cities

City	Median Salary	Cost of Living Index	Key Employer Sectors
Madison	$96,247	90.7	Healthcare, State Government, Regional Banking
Jackson	$98,500	92.5	Government, Insurance, Law
Gulfport-Biloxi	$92,800	88.2	Shipping, Tourism, Gaming
Hattiesburg	$85,500	86.3	Education, Healthcare

Insider Tip: Don't just look at the salary number. A $96,247 salary in Madison feels like $110,000+ in a city like Nashville or Atlanta due to the cost of living difference. The key is to negotiate based on the local market data, not national averages.

The Real Take-Home: After Taxes and Rent

Let’s get practical. A median salary of $96,247/year breaks down to approximately $8,020/month before taxes. After federal, state (4% in MS), and FICA taxes, your take-home pay will be closer to $6,200 - $6,400/month. This is a conservative estimate; your actual take-home will depend on your deductions for health insurance, 401(k), etc.

Here’s a sample monthly budget for a single Financial Analyst earning the median salary:

Category	Estimated Cost	Notes
Take-Home Pay	$6,300	Post-tax estimate
Rent (1BR)	$997	Average for the area
Utilities	$150	Electricity, water, internet
Groceries	$400	Based on USDA low-cost plan
Car Payment/Insurance	$500	Assumes a modest car loan
Gas/Transport	$200	Madison is car-dependent
Health Insurance	$300	Employer-sponsored plan
Dining/Entertainment	$300	Modest social life
Savings/Investments	$1,453	401(k), IRA, etc.
Miscellaneous	$200	Clothing, personal care
Total Expenses	$4,497
Remaining	$1,803	Buffer for travel, emergencies, or aggressive savings

Can they afford to buy a home? Absolutely. With $1,803/month in surplus, a down payment is achievable. The median home price in Madison is around $275,000. A 20% down payment is $55,000. Saving that would take about 2-3 years at a disciplined $1,803/month. A mortgage payment, including taxes and insurance, would be roughly $1,400-$1,600/month, which is very manageable on this salary. This is a major advantage over larger metros where homeownership is a distant dream for many professionals.

Where the Jobs Are: Madison's Major Employers

Madison’s economy is a blend of healthcare, government, and regional corporate offices. The job market for Financial Analysts is concentrated in these sectors. You won’t find a Wall Street satellite office here, but you will find stable, well-paying roles.

1. St. Dominic Hospital (Madison Campus): Part of the larger Franciscan Missionaries of Our Lady Health System. The Madison facility is a growing hub. Financial Analysts here work on budgeting for new departments, analyzing operational costs for outpatient services, and managing capital expenditure projects. Hiring is steady, especially for analysts with healthcare finance experience.

2. Trustmark National Bank: Headquartered in nearby Jackson, Trustmark has a significant operational presence in the Madison-Ridgeland corridor. They hire analysts for commercial lending support, risk assessment, and internal financial reporting. This is one of the best places for a traditional corporate finance career in the area.

3. Madison County School District: One of the largest school districts in Mississippi, it’s a major public employer. The finance department is always looking for analysts to manage budgets for over 30 schools, handle state funding allocations, and oversee bond expenditures. The work is public-sector focused but offers excellent job security and benefits.

4. Sanderson Farms (now Wayne-Sanderson Farms): Headquartered in nearby Laurel, but with a major administrative and operational footprint in the Jackson metro. Their financial planning & analysis (FP&A) team is robust. Analysts here focus on cost accounting for poultry production, commodity price hedging, and supply chain financial modeling. A great fit for someone with a CMA (Certified Management Accountant) credential.

5. Mississippi State Government: The state capital is a 20-minute commute. The Mississippi Department of Finance and Administration, the State Treasurer’s office, and various commissions (like the Public Service Commission) hire Financial Analysts for budget analysis, grant management, and pension fund oversight. State jobs offer unparalleled job security and a pension, but salaries are typically at the lower end of the scale.

Hiring Trends: The trend is toward specialization. Generalist analysts are less sought after than those with niche skills in healthcare revenue cycle, public sector budgeting, or banking risk analysis. Networking is critical; most of these jobs are filled through referrals before they’re ever posted publicly.

Getting Licensed in MS

Unlike some states, Mississippi does not require a state-specific license for a Financial Analyst role, per se. However, the most respected and common certifications are national, and you’ll need to follow the state’s rules for using certain titles (like "Accountant").

• Chartered Financial Analyst (CFA): Administered by the CFA Institute. You don’t need a state license to take the exams. The process involves passing three levels of exams, which can take 2-4 years. The total cost for all three levels (exam fees, study materials) is roughly $3,000 - $5,000. This is the gold standard for investment analysis and portfolio management.
• Certified Public Accountant (CPA): To use the "CPA" title in Mississippi, you must be licensed by the Mississippi State Board of Public Accountancy. The requirements include 150 semester hours of education, passing the Uniform CPA Exam, and one year of work experience under a licensed CPA. Exam fees are about $1,500, and licensing fees are around $200. The total timeline from starting your education to licensure is typically 5-6 years.
• Certified Management Accountant (CMA): Offered by the Institute of Management Accountants (IMA). It’s globally recognized and focuses on corporate finance and accounting. The process requires a bachelor’s degree, two continuous years of professional experience, and passing two exam parts. Total cost is approximately $1,500 - $2,000 for members.

Timeline to Get Started: If you are already licensed (CFA, CPA, CMA), you can start applying immediately. If you need to get licensed, the CPA path is the longest (5+ years), while the CFA and CMA can be completed while working, typically in 2-3 years.

Best Neighborhoods for Financial Analysts

Madison is part of the larger Jackson metro area. Living in Madison itself offers a suburban, family-friendly vibe, but your commute and lifestyle can change dramatically depending on where you choose.

1. Madison (City Proper): This is the quintessential Madison experience. Excellent public schools (Madison County Schools are top-ranked in the state), low crime, and a charming historic downtown. Commute to major employers in Ridgeland or Jackson is 15-25 minutes. Rent for a 1BR is around $1,100 - $1,300. Ideal for those prioritizing school quality and community.
2. Ridgeland: Located just south of Madison, Ridgeland is more commercial and has a higher concentration of corporate offices (like Trustmark). It offers more apartment complexes and a slightly younger demographic. The Natchez Trace Parkway runs through it, great for outdoor activities. Commute to Jackson is 15 minutes. Rent is similar to Madison, $1,000 - $1,200.
3. Flowood: East of Jackson, Flowood is a booming suburb with a major retail corridor (Lakeland Drive) and proximity to the airport. It’s very convenient if you work in the east Jackson corporate park or travel frequently. The school district (Rankin County) is also very good. Rent for a 1BR is slightly lower, around $900 - $1,100.
4. Jackson (Belhaven or Fondren): If you want a more urban, walkable lifestyle with a vibrant arts and food scene, consider these Jackson neighborhoods. Belhaven is historic and close to downtown; Fondren is the medical district hub. Commutes to Madison employers will be longer (30-40 minutes), and you’ll need to be diligent about choosing a safe, well-lit street. Rent can be a steal for a 1BR at $750 - $950, but you trade convenience for cost.
5. Gluckstadt: A rapidly growing town just north of Madison, it offers new construction homes and a more rural feel while being minutes from Madison's amenities. It's a good option for those looking to buy a home. Commute times are similar to Madison proper. Rent is hard to find but similar to Madison, around $1,000 - $1,200.

Insider Tip: Traffic on I-55 is the main artery. If your job is in Ridgeland or Jackson, living south of Madison (in Ridgeland or Flowood) can shave 10-15 minutes off your commute versus living in Madison proper.

The Long Game: Career Growth

In a small market like Madison, career growth isn't about jumping to a competitor every two years. It’s about deepening your expertise and moving laterally or up within a larger organization.

• Specialty Premiums: You can command a salary above the median by specializing. An analyst with a CFA and experience in bond analysis for municipal finance (working for the state or a school district) can earn a 15-20% premium. Similarly, a CPA with healthcare revenue cycle experience at St. Dominic can out-earn a generalist. The CMA is highly valued in manufacturing and agricultural firms like Wayne-Sanderson Farms.
• Advancement Paths: The typical path is from Financial Analyst -> Senior Financial Analyst -> Finance Manager -> Director of Finance. In Madison, the Director of Finance role is often the ceiling at a medium-sized company. To go higher (VP of Finance, CFO), you may need to either work for a larger national corporation with a local office or be open to a role in Jackson proper, which has a slightly larger pool of C-suite positions.
• 10-Year Outlook: The 9% job growth is promising but requires adaptation. The demand will be for analysts who can blend traditional financial modeling with data analytics (SQL, Python). The healthcare and public sectors will remain the most stable employers. The long-term trend is toward more specialized, tech-savvy analysts rather than general number-crunchers.

The Verdict: Is Madison Right for You?

Madison is a fantastic choice for a Financial Analyst who values stability, affordability, and a high quality of life over the frenetic pace and high salaries of a major financial center. It’s a place to build a career, buy a home, and raise a family without being house-poor. The trade-off is a smaller, more insular job market where networking is non-negotiable.

Pros	Cons
Very Low Cost of Living: Your $96,247 salary goes far.	Limited Job Market: Only 55 openings means fewer choices.
Excellent Schools & Safe Communities: Top-tier public education.	Slower Pace: Fewer networking events and industry conferences.
Stable Employers: Government, healthcare, and banking are recession-resistant.	Car Dependency: You need a car; public transit is virtually non-existent.
Short Commutes: 15-25 minutes is typical in the metro area.	Salary Ceiling: Top-end salaries are lower than in coastal cities.
Southern Hospitality & Culture: A welcoming, community-oriented atmosphere.	Limited Diversity in Finance: Roles are concentrated in specific sectors.

Final Recommendation: Madison is highly recommended for Financial Analysts in the mid-career stage (3-15 years of experience) who are looking to establish roots, purchase a first home, and enjoy a balanced lifestyle. It is less ideal for early-career analysts seeking a high-energy, competitive environment to rapidly build a resume, or for those at the expert level aiming for C-suite roles without relocating.

FAQs

1. Is the cost of living really that low?
Yes. The Cost of Living Index is 90.7 (US avg = 100). This means everyday expenses—groceries, utilities, transportation—are about 10% cheaper than the national average. The biggest saving is housing. A 1BR apartment averaging $997/month is a fraction of what you’d pay in Nashville, Atlanta, or Houston.

2. How important is it to have a CPA or CFA in Madison?
For corporate finance roles, it’s a significant advantage. In a small pool of 55 jobs, employers use certifications to filter candidates. A CPA is essential for any role with "Accountant" in the title or in public accounting. The CFA is highly valued in banking and investment roles. Having one will put you in the top tier of applicants and justify a higher starting salary.

3. What’s the commute like from Jackson to Madison?
It’s straightforward but can be congested. The main route is I-55 North. From downtown Jackson to downtown Madison is about 20-25 miles and takes 25-35 minutes during rush hour. Many people do this commute daily. It’s advisable to live as close to your job as possible to maximize your quality of life.

4. Are there opportunities for remote work?
This is evolving. Post-pandemic, some national companies with local offices have adopted hybrid models. However, the core local employers (hospitals, state government, local banks) typically require in-person work for security and collaboration. If you want a fully remote Financial Analyst role, you’d likely need to be hired by a company outside of Mississippi.

5. What’s the networking scene like?
It’s intimate. The Mississippi Society of CPAs (MSCPA) has regular events in the Jackson area. The CFA Society Mississippi is also active. Attending these events is crucial. Unlike larger cities, you can actually get to know everyone in the local finance community quickly. Your reputation matters immensely here.