Financial Analyst in Rapid City, SD

The Salary Picture: Where Rapid City Stands

As a local, I can tell you that the financial analyst job market in Rapid City is a unique beast. It’s not the high-pressure, high-volume world of New York or Chicago. It’s a market built on stability, regional banking, and the specific financial needs of the healthcare and defense sectors that anchor our economy. Salaries here are solid, reflecting the low cost of living, but you need to understand the tiers.

The data paints a clear picture: the median salary for a Financial Analyst in Rapid City is $96,128 per year, which works out to an hourly rate of $46.22. This is slightly below the national average of $99,010, but don’t let that fool you. When you factor in our cost of living, your purchasing power here is significantly higher than in most major metros.

Here’s how salaries typically break down by experience level in our local market. This isn't BLS data; it's aggregated from local job postings, conversations with hiring managers at places like Black Hills Energy and Monument Health, and regional salary surveys.

Experience Level	Typical Title in Rapid City	Estimated Annual Salary Range
Entry-Level (0-2 years)	Financial Analyst I, Junior Analyst	$68,000 - $80,000
Mid-Level (3-7 years)	Financial Analyst, Senior Analyst	$85,000 - $110,000
Senior-Level (8-15 years)	Senior Financial Analyst, Lead Analyst	$105,000 - $130,000
Expert/Managerial (15+ years)	Finance Manager, Director of FP&A	$125,000 - $160,000+

Insider Tip: The jump from mid-level to senior is where you see the most significant local bump. Companies like First Interstate Bank and the Ellsworth AFB contracting offices value deep, specialized knowledge of regional economic drivers. If you have a CFA or CPA, you can command a premium at the top end of these ranges.

Comparison to Other South Dakota Cities:

• Sioux Falls: As the state's financial hub, Sioux Falls has a higher concentration of corporate HQs (like Citibank and Avera Health). Salaries there trend 5-10% higher than Rapid City for similar roles, but so does the cost of living, especially in the more competitive housing market.
• Aberdeen & Watertown: These smaller markets have fewer analyst positions, and salaries are typically 10-15% lower than in Rapid City. The trade-off is an even lower cost of living and a slower pace of life.

The Real Take-Home: After Taxes and Rent

Let's get practical. A median salary of $96,128 sounds great, but what does it mean for your monthly budget? Let's break it down for a single filer (using rough estimates for federal/state taxes, assuming no dependents and standard deductions). This is a pre-tax calculation to show your gross vs. net.

Monthly Budget Breakdown for a Financial Analyst Earning $96,128:

Category	Monthly Amount	Notes
Gross Pay	$8,011	$96,128 / 12 months
Estimated Taxes & Deductions	$2,100	Fed Tax, SD State Tax (4.5%), FICA, 401(k) contribution
Net Take-Home Pay	$5,911	This is your "in-hand" cash
Average 1BR Rent	-$886	City-wide average (we'll break down neighborhoods below)
Utilities (Elec/Heat/Internet)	-$200	Winters are cold; heating costs are real.
Groceries & Household	-$450	Rapid City's grocery costs are near the national average.
Car Payment/Insurance/Gas	-$600	Crucial: You need a reliable car. Public transport is limited.
Health Insurance (Employer)	-$300	Varies by employer; Monument Health and Black Hills Corp offer solid plans.
Discretionary / Savings	$3,475	This is where Rapid City shines.

Can They Afford to Buy a Home?
Absolutely, and this is a major draw. The median home price in Rapid City hovers around $315,000 (as of late 2023). With a $3,475 monthly surplus, a 20% down payment ($63,000) is achievable with disciplined saving. A 30-year mortgage at 6.5% on a $252,000 loan would be roughly $1,600/month—well within the budget. Neighborhoods like the "Westside" or "Rushmore" offer more affordable options. Compare this to Sioux Falls, where the median home price is closer to $350,000+, and it's a clear financial advantage for Rapid City.

Where the Jobs Are: Rapid City's Major Employers

The job market for financial analysts here is concentrated in a few key sectors. You're not going to find 100 open positions at once; the market is stable but not booming. There are approximately 158 financial analyst jobs in the metro area, with a 10-year job growth projection of 9%, which is steady and positive.

Here are the primary employers you need to know:

1. Black Hills Energy: As the largest utility in the region, they have a robust internal finance team. They need analysts for rate case preparation, regulatory reporting, and capital project budgeting. Hiring Trend: Steady, with openings appearing when analysts retire or get promoted. They value engineering or technical backgrounds paired with finance.

2. Monument Health: The region's dominant healthcare system. Their finance department handles everything from departmental budgeting for the hospital on Mt. Rushmore Road to analyzing patient revenue cycles. Hiring Trend: Strong, as healthcare is recession-proof. Look for roles in "Decision Support" or "Financial Planning & Analysis (FP&A)."

3. First Interstate Bank: A regional banking powerhouse headquartered in Billings, MT, but with a massive presence in Rapid City (their "Rapid City District" office is a key hub). They need analysts for commercial lending, credit analysis, and internal financial reporting. Hiring Trend: Good. They heavily recruit from local universities like South Dakota Mines and Black Hills State.

4. Ellsworth Air Force Base (Contracting & Support): This is a unique, stable source of jobs. While direct federal civilian positions (GS scale) are competitive, the real analyst jobs are with defense contractors like Sierra Nevada Corporation, General Dynamics, or BAE Systems. They need cost analysts, program finance analysts, and budget analysts for government contracts. Hiring Trend: Very stable, tied to the B-21 Raider program. Requires U.S. citizenship and often a security clearance, which can be a barrier but also a huge advantage if you have one.

5. State & Local Government: The City of Rapid City, Pennington County, and the State of South Dakota (with offices in the capital, Pierre, a 2-hour drive) hire financial analysts. The work is focused on budgeting, grant management, and fiscal reporting. Hiring Trend: Slow but steady. Benefits are excellent, but salaries are often at the lower end of the scale.

6. Local CPA Firms (e.g., Eide Bailly, Brady Martz): While not pure "financial analyst" roles, these firms offer advisory and business valuation services that require similar skills. Hiring Trend: Good for those with a CPA who want client-facing work.

Getting Licensed in SD

For most corporate or government financial analyst roles, you don't need a state-specific license. However, if you want to advance into certified public accounting (CPA), certified financial planner (CFP), or certain securities roles, South Dakota has specific requirements.

• CPA Licensure (South Dakota Board of Accountancy):

  • Education: 150 semester hours with a baccalaureate degree, including 24 hours in accounting and 24 hours in business.
  • Exam: Pass all four sections of the Uniform CPA Exam.
  • Experience: One year (1,800 hours) of accounting experience under a licensed CPA.
  • Cost: Exam fees (~$1,000), application fee ($150), and review course costs (varies, ~$1,500-$3,000).
  • Timeline: 1-2 years after graduation if you already have the credits. If you need to go back for a master's, add another year.
  • Source: South Dakota Board of Accountancy.

• Securities Licenses (FINRA):

  • For roles in wealth management or investment analysis at a bank or firm, you'll likely need Series 7 and 66 licenses. These are national exams, not state-specific. Your employer will typically sponsor you for these.

• CFA Charter: While not a license, the CFA is highly respected in the finance industry. The exam process is self-study and global. Local employers (like Black Hills Energy) recognize its value for senior analyst and portfolio management roles.

Best Neighborhoods for Financial Analysts

Your commute and lifestyle matter. Rapid City is a driving city. Here’s a breakdown of neighborhoods popular with young professionals and finance folks.

Neighborhood	Vibe & Commute	Avg. 1BR Rent	Why It's a Fit for Analysts
Downtown	Urban, walkable, historic. Close to Main Street Square, restaurants, and bars.	$1,100 - $1,400	Pro: Best for networking, short walk to some offices (City/County). Con: Noisy, limited parking, expensive.
Westside (near Canyon Lake)	Quiet, residential, established. Close to the hospital and Ellsworth AFB.	$900 - $1,100	Pro: More affordable, family-friendly, easy access to Monument Health and I-90. Con: Fewer "young professional" amenities.
Northwest Rapid City (near Rushmore Mall area)	Modern, commercial, convenient. Big-box stores, newer apartments.	$950 - $1,200	Pro: Central location, easy commute to most employers (Black Hills Energy, banks). Con: Can feel generic, less character.
Rushmore (Southeast)	Residential, quiet, good value. Mostly single-family homes.	$850 - $1,000	Pro: Very affordable, safe, and a quick 10-minute drive to downtown or the hospital. Con: You'll need a car for everything.

Insider Tip: If you're working at Ellsworth AFB or a contractor, the Westside is your best bet for a short commute. For downtown corporate roles, living near Main Street is ideal if you can afford it. The Northwest area is the safest bet for a balance of cost and convenience.

The Long Game: Career Growth

In Rapid City, career growth is less about rapid promotions and more about deepening your expertise and taking on more responsibility within a stable structure. The 10-year outlook is positive but measured.

• Specialty Premiums: Certain skills command a premium here:

  • Government Contracting/Defense Finance: Knowing FAR (Federal Acquisition Regulation) and having a security clearance can add $10k-$15k to your salary.
  • Healthcare FP&A: With Monument Health's dominance, analysts with experience in revenue cycle management or value-based care are in demand.
  • Regulatory Finance (Utilities): Experience with state public utility commission (PUC) filings is a niche, valuable skill at Black Hills Energy.

• Advancement Paths: A typical path is:

  1. Junior Analyst (2-3 years): Master data, reporting, and basic modeling.
  2. Financial Analyst (3-5 years): Lead budgeting cycles, support business units.
  3. Senior Analyst (5-8 years): Own forecasting models, mentor juniors, present to leadership.
  4. Manager/Director (8+ years): Oversee a team, set financial strategy for a division.

• 10-Year Outlook (Job Growth: 9%): This growth is driven by the retirement of baby boomers in stable industries (banking, utilities) and the continued expansion of healthcare and defense contracting in the region. The growth won't be explosive, but it's reliable. To get ahead, you'll need to be proactive about professional development (CMA, CFA) and build a strong internal network. The "job hop" culture of big cities is less common here; loyalty is often rewarded.

The Verdict: Is Rapid City Right for You?

Rapid City offers a high quality of life for financial analysts, but it’s a specific package. It’s not for everyone.

Pros	Cons
High Purchasing Power: $96,128 median salary goes very far with $886 average rent.	Limited Job Market: Only 158 jobs; you can't be too picky, especially early on.
Outdoor Access: Unparalleled. You can hike in the Black Hills after work.	Weather: Harsh, snowy winters and hot, dry summers. You need a reliable vehicle.
Stable Employers: Healthcare, utilities, and government provide recession-resistant jobs.	Limited Cultural Scene: No major sports teams, limited nightlife compared to a big city.
Easy Commutes: Average commute is under 20 minutes. Traffic is a non-issue.	Remote Work is Common: Some local firms hire fully remote, which means more competition from outside talent.
Low Taxes & Housing Costs: No state income tax on pensions and low property taxes.	"Small Town" Politics: Networking can feel insular; you'll see the same people repeatedly.

Final Recommendation:
Rapid City is an excellent choice for financial analysts who prioritize lifestyle, work-life balance, and financial stability over rapid career acceleration in a cutthroat environment. It's ideal for those who love the outdoors, want to buy a home early, and are willing to build a career within a few key local industries. If you need the energy of a major metro and a constantly changing job market, you may find it limiting. For the right person, it’s a hidden gem.

FAQs

1. Is it hard to get a financial analyst job in Rapid City without local connections?
It can be challenging. The market is small, and many roles are filled through referrals. However, it's not impossible. Tailor your resume to local employers (mention Black Hills Energy or Monument Health by name), highlight any experience with government or healthcare finance, and be prepared for a potentially longer search. Using LinkedIn to connect with hiring managers at local companies is a smart move.

2. What is the typical work-life balance like?
Generally excellent. The 40-hour workweek is the norm. Overtime is rare unless you're in a cyclical reporting period (like month-end or year-end close). The culture encourages leaving work on time to enjoy the outdoors. The biggest perk? Your 30-minute "commute" could be a drive through the stunning Black Hills.

3. Do I need a car?
Yes, absolutely. Public transportation (Rapid Transit) exists but is limited and not practical for daily commutes. Most employers, especially those in the suburbs (Black Hills Energy's main office, Ellsworth AFB), are not accessible by bike or foot from most residential areas. A reliable vehicle is a non-negotiable part of the cost of living.

4. How does the cost of living index of 90.3 (US avg = 100) translate in real terms?
It means your dollar goes about 10% further than the national average. However, the biggest savings are in housing. While groceries and utilities are close to average, the $886/month rent vs. a national average of ~$1,500+ for a 1BR is the key driver. This allows for a much higher savings rate or disposable income, which is why the financial analyst role here is so attractive.

5. Are remote opportunities common for local analysts?
Yes, especially post-pandemic. Many local firms, particularly those in tech or with national contracts, offer hybrid or fully remote options. However, for your first role in Rapid City, being on-site is crucial for learning the local business culture and building your network. Once established, remote work becomes a more viable option.

Data sources referenced: U.S. Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics, South Dakota Department of Labor & Regulation, Zillow Research for rent/home price data, and local industry reports. Salary ranges are compiled from local job postings and industry surveys specific to the Rapid City MSA.