Financial Analyst in Providence, RI

The Salary Picture: Where Providence Stands

As a local who’s watched the financial landscape evolve from the old banking towers on Westminster Street to the new fintech startups near the Innovation District, I can tell you that Providence offers a solid, if not spectacular, market for Financial Analysts. The key is understanding where you fit in the local ecosystem. The median salary for a Financial Analyst in the Providence metro area is $99,277/year, which breaks down to an hourly rate of $47.73/hour. This sits just above the national average of $99,010/year, a modest but meaningful premium for the cost of living. The metro supports 381 jobs for this role, with a 10-year job growth projection of 9%—a stable, forward-looking number that points to consistent demand rather than explosive growth.

Here’s how salaries typically break down by experience level in the Providence market. This isn't an official BLS table, but a compilation of local job postings, salary surveys, and conversations with hiring managers in the Financial District.

Experience Level	Typical Years of Experience	Providence Salary Range	Key Local Employers at This Level
Entry-Level	0-2 years	$70,000 - $85,000	Local banks, credit unions, regional corporate finance departments
Mid-Level	3-7 years	$90,000 - $115,000	Major RI hospitals, insurance firms, state pension funds
Senior-Level	8-15 years	$120,000 - $160,000	Executives at large RI-based corporations, consulting firms
Expert/Manager	15+ years	$165,000+	C-suite at regional banks, partners at local advisory firms

How Providence Compares to Other RI Cities:

• Warwick: Salaries are slightly lower (~$95,000 median), but you’re closer to TF Green Airport and have more single-family home options. The job market is more retail and manufacturing-focused.
• Cranston: Similar to Warwick, with a median closer to $93,000. It’s a residential hub, and many analysts commute into Providence for the higher pay.
• Newport: A unique market. While the median is ~$96,000, the seasonal tourism and marine finance sectors create niche, high-paying roles, but the overall job count is much lower. Rents are also significantly higher.

Insider Tip: Don’t just look at the base salary. In Providence, a significant portion of compensation at mid-to-senior levels comes from annual bonuses (often 10-20% of base) and, in some cases, profit-sharing, especially at privately held RI-based companies.

The Real Take-Home: After Taxes and Rent

Let’s get real about the numbers. Earning the median salary of $99,277 sounds great, but what does it mean for your daily life in Providence? Here’s a monthly budget breakdown for a single filer with no dependents. (Note: Taxes are estimates; consult a tax professional.)

• Gross Monthly Income: $8,273
• Federal Tax (est.): -$1,350
• State Tax (RI has a progressive rate, est.): -$425
• Social Security/Medicare (7.65%): -$633
• Health Insurance (avg. employee contribution): -$450
• 401(k) Contribution (5%): -$414
• Net Monthly Take-Home: ~$5,001

Now, let's layer in Providence's cost of living. The city's index is 100.9, just a touch above the US average of 100. The critical factor is housing.

• Average 1BR Rent: $1,398/month
• Utilities (Electric, Gas, Internet): $180
• Groceries: $400
• Transportation (Car Payment/Insurance/Gas or Public Transit): $500
• Miscellaneous (Entertainment, Dining, Personal Care): $700
• Total Monthly Expenses: ~$3,178

Disposable Income/Savings: ~$1,823/month

Can you afford to buy a home? It's a challenge, but possible. The median home price in Providence is around $425,000. With a 20% down payment ($85,000), a 30-year mortgage at 7% would have a monthly payment of ~$2,260 (including taxes and insurance). This would consume about 45% of your net income, which is above the recommended 28-30% rule. However, many analysts in Providence buy in more affordable suburbs like Johnston or parts of Cranston, or pair up with a partner. The $1,823 in monthly savings could build a down payment in 4-5 years if you're disciplined.

Insider Tip: Many local employers offer a housing assistance program or a down payment grant, especially those tied to hospitals or state government. Always ask HR about these benefits during your offer negotiation.

The Jobs Are: Providence's Major Employers

Providence's financial job market is a mix of old-line institutions and dynamic, growing sectors. Your opportunities will largely depend on whether you're drawn to the stability of established giants or the pace of newer industries.

1. CVS Health (Woonsocket HQ, 15-minute commute): A behemoth in the health insurance and pharmacy services space. Their corporate finance team is massive, constantly hiring analysts for FP&A, treasury, and corporate development. Hiring is steady, with a preference for candidates with strong data modeling skills (SQL, Tableau). They have a "hub-and-spoke" model, with many roles based in Woonsocket but some in downtown Providence.

2. Bank of America (Downtown Providence): The anchor tenant in the Financial District. They have a significant commercial banking and wealth management presence. Jobs here are classic corporate finance and credit analysis. The culture is structured and hierarchical. Hiring tends to be cyclical but consistent for mid-career professionals.

3. Brown University (Providence): One of the largest employers in the state. Their central finance office, endowment management team, and individual department (like the medical school, Brown Health) all hire financial analysts. The work is more mission-driven and stable. Knowledge of nonprofit accounting (FASB) is a plus. They value long-term tenure.

4. CVS Health (again, but their new fintech arm): CVS is expanding into financial services (e.g., payment solutions for healthcare). This creates a niche for analysts with a blend of finance and tech skills. These roles are newer and often more competitive, but offer a chance to be on the cutting edge.

5. The State of Rhode Island (Providence): The Office of Management and Budget, the state pension fund (Employees' Retirement System of Rhode Island), and various departments hire analysts for budgeting, forecasting, and pension management. The process is slow (civil service exams), but the benefits and job security are excellent. A great path for those with a public sector interest.

6. Gilbane Building Company (Providence HQ): A national construction firm headquartered here. Their corporate finance team manages project accounting, cost estimation, and risk analysis. This is a fantastic, hands-on role for an analyst who wants to see the tangible results of their work. Construction finance is a specialized, valuable skill.

Hiring Trends: The demand is shifting. Traditional banking roles are stable but not growing rapidly. The real growth is in healthcare finance (driven by Lifespan/Care New England and the VA hospital) and technology-enabled finance (fintech, data analytics roles at any company). The 10-year job growth of 9% will likely be fueled by these sectors.

Getting Licensed in RI

For most Financial Analyst roles, you do not need a state-specific license. The CFA (Chartered Financial Analyst) or CPA (Certified Public Accountant) credentials are far more valuable and are national certifications. However, if you're moving into securities, investment advising, or wealth management, RI has specific requirements.

• Investment Adviser Representative (IAR): To advise clients in Rhode Island, you must register with the state's Department of Business Regulation (DBR), Securities Division. This typically requires passing the Series 65 exam (or equivalent like the CFA). There's a registration fee of $300 and an annual renewal fee of $200.
• Timeline: If you already have your Series 65, the state registration can take 4-6 weeks. If you need to study for and take the exam, budget 3-6 months.
• Cost: The Series 65 exam fee is $187. Study materials can range from $50 to $500. Total cost for a new candidate: ~$700-$1,200.

For all other financial analysts, no state license is required. Your value is in your skills and certifications like the CFA (three levels, exam fees of $1,200-$1,500 per level) or CPA (requires 150 credit hours and passing the Uniform CPA Exam).

Insider Tip: If you're in wealth management, check if your firm is already registered in RI. If not, you may need to sponsor the firm's registration first, which adds time. Always clarify this during job interviews.

Best Neighborhoods for Financial Analysts

Where you live in Providence drastically affects your commute and lifestyle. The city is very walkable and bikeable, but public transit (RIPTA) can be slow. Most professionals drive or use the commuter rail to Boston.

Neighborhood	Vibe & Commute	Average 1BR Rent	Best For...
Downtown/The Financial District	Urban, walkable, quiet after 6 PM. 5-10 min walk to most offices.	$1,700 - $2,200	The ultimate convenience for those working in the core. Young professionals.
Federal Hill	Lively, Italian-American enclave with fantastic restaurants. 10-15 min walk to downtown.	$1,500 - $1,800	Foodies and social butterflies who want a vibrant neighborhood feel.
College Hill	Historic, academic, and quiet. Home to Brown University and RISD. 15-min walk or quick bus ride downtown.	$1,600 - $2,000	Those seeking a more intellectual, residential atmosphere.
East Side (Waymouth/Blackstone)	Residential, family-friendly, with great public schools. 10-15 min drive to downtown.	$1,400 - $1,650	Analysts planning to start a family or who prefer a quieter, suburban feel within city limits.
The Jewelry District/Innovation District	Gritty-turned-modern, with new apartments and labs. 5-10 min bike ride or drive to downtown.	$1,500 - $1,800	Forward-thinkers who work at biotech or tech companies and don't mind a less polished area.

Insider Tip: If you're commuting to a suburb like Woonsocket (CVS) or Cranston, consider living in North Providence or Cranston itself. You'll save on rent and have an easier reverse commute, but you'll miss the energy of downtown Providence.

The Long Game: Career Growth

Providence is not a Wall Street feeder market. The career path here is more about depth and specialization within the local economy. Advancement is often horizontal (moving between companies) before vertical (climbing the corporate ladder at one firm).

• Specialty Premiums: You can command a salary premium by developing niche skills. Healthcare finance analysts at Lifespan or Care New England can earn 10-15% above the median. Pension fund analysis (for the state or private institutions) is another high-demand area. Data analytics (Python, R, advanced SQL) is becoming a baseline expectation and will push you into the higher end of the range.
• Advancement Paths: A typical path is: Financial Analyst (2-3 years) -> Senior Financial Analyst (3-5 years) -> Finance Manager or FP&A Manager (5-8 years). From there, you can move into Director of Finance, Controller, or even CFO at a mid-sized RI company. The ceiling in Providence is lower than in NYC or Boston, but the path is clearer and less cutthroat.
• 10-Year Outlook: The 9% job growth suggests a healthy market. The key will be adaptation. Analysts who can blend traditional finance skills with data science and an understanding of healthcare or tech will be the most successful. The rise of remote work also means you can live in affordable Providence while potentially working for a Boston-based firm, expanding your salary potential.

The Verdict: Is Providence Right for You?

Pros	Cons
Above-average pay relative to national average ($99,277 vs. $99,010).	High state income tax (up to 5.99%) and property taxes.
Manageable cost of living, especially compared to nearby Boston.	Limited high-end job market; the ceiling for salary and role prestige is lower.
Vibrant, walkable city with a thriving food scene and cultural events.	Winters are long, gray, and snowy; can be isolating if you don't embrace it.
Proximity to Boston and NYC for networking and occasional big-city amenities.	The job market is small (381 jobs); networking is critical.
Strong community feel; it's easy to build a professional and personal network.	Public transit is limited; a car is often a necessity, adding to costs.

Final Recommendation: Providence is an excellent choice for a Financial Analyst who values quality of life over maximum earning potential. It's a city for those who want to build a life, not just a career. If you're early in your career and want a stable market to learn in, or a mid-career professional seeking a better work-life balance and a community-focused environment, Providence is a fantastic fit. It's not the place for someone chasing the absolute top of the salary bracket or the prestige of a global financial center. But for the right person, it's a hidden gem.

FAQs

1. Is it easy to break into the finance scene in Providence without local connections?
It's challenging but not impossible. The market is smaller, so referrals matter. However, the local CFA Society and the Providence Chamber of Commerce host regular networking events. Attending these and being active on LinkedIn (connecting with alumni from your school who work in RI) is the most effective strategy. Applying directly to the large employers listed above is also a solid approach.

2. How does the commute to Boston work, and is it feasible for a dual-career couple?
Many professionals in Providence commute to Boston via the MBTA Commuter Rail (Providence/Stoughton Line). The ride to South Station is about 1 hour. It's doable 2-3 days a week. For a dual-career couple, one partner working in Providence and the other in Boston is a common and manageable arrangement, significantly lowering living costs compared to living in Boston.

3. What's the work culture like at major local employers?
It varies. Traditional banks like Bank of America are more formal and hierarchical. Institutions like Brown University and the State of RI are stable, process-oriented, and value tenure. Corporate HQs like CVS and Gilbane are faster-paced and more corporate. Startups in the Innovation District are the most casual but demanding. Overall, the culture in Providence is more collaborative and less aggressive than in New York.

4. Are there opportunities for remote work with national companies while living in Providence?
Yes, this is a growing trend. The rise of remote finance roles means you can work for a firm in NYC, Chicago, or San Francisco while enjoying Providence's lower cost of living. This can be a lucrative path, but you must be disciplined about networking and career advancement without a physical office presence.

5. What's the single biggest mistake financial analysts make when moving to Providence?
Underestimating the importance of networking. Because the job pool is small (381 jobs), many positions are filled through referrals before they're ever publicly posted. Waiting for a job posting to appear is a losing strategy. You need to be proactive, attend local events, and build relationships with recruiters and hiring managers before you need a job.