A Financial Analyst's Guide to Scranton, PA

Scranton isn't the first city that comes to mind for finance, but for the right analyst, it's a hidden gem. The cost of living is low, the job market is stable, and the pace of life is manageable. This guide breaks down the real numbers, the real commute, and the real path to building a career here. I've been in and around the Scranton financial scene for years; this is the insider track.

The Salary Picture: Where Scranton Stands

Let's cut through the noise. The median salary for a Financial Analyst in the Scranton-Wilkes-Barre metro area is $96,930/year, which breaks down to an hourly rate of $46.60. That's respectable, especially when you factor in the local cost of living. It's slightly below the national average of $99,010/year, but the gap is narrow enough that the lower expenses more than compensate.

Scranton's job market for analysts is modest but steady. The metro area supports approximately 151 Financial Analyst positions. Over the last decade, the field has seen a 9% job growth. This isn't explosive, but it's healthier than many other mid-sized markets, suggesting sustained demand from the region's core employers.

Here’s how salaries break down by experience level. Note these are estimates based on local data trends:

Experience Level	Years of Experience	Estimated Annual Salary Range
Entry-Level	0-2	$65,000 - $80,000
Mid-Level	3-7	$85,000 - $110,000
Senior-Level	8-15	$110,000 - $135,000
Expert/Principal	15+	$135,000+

How does this compare to other Pennsylvania cities?

• Philadelphia: Salaries are higher (median $105,000), but so is the cost of living (25% higher). Your paycheck goes less far.
• Pittsburgh: A closer competitor. Salaries are similar (~$98,000), but Pittsburgh's larger corporate base offers more specialty niches.
• Harrisburg: State capital roles pay well, but the market is smaller. Salaries are comparable to Scranton's.
• Allentown/Bethlehem/Easton: Very similar profile to Scranton, with nearly identical salary and cost of living metrics.

Insider Tip: The 9% growth is concentrated in healthcare, logistics, and manufacturing finance roles. If you're a generalist, you're competitive. If you specialize in healthcare revenue cycle analysis or supply chain cost accounting, you're a hot commodity.

The Real Take-Home: After Taxes and Rent

A $96,930 salary in Scranton feels different than the same number in New York or Chicago. The primary reason is housing. The average rent for a one-bedroom apartment in the metro area is $854/month. The overall cost of living index is 93.0, meaning it's 7% below the national average.

Let's break down a monthly budget for a single analyst earning the median salary.

Monthly Budget Breakdown (Gross: $8,077.50)

• Taxes (Federal, State, FICA): ~$2,100 (This is an estimate; consult a tax professional for your situation. PA has a flat 3.07% income tax.)
• Take-Home Pay: ~$5,977.50
• Rent (1BR Avg): $854
• Utilities & Internet: $180
• Groceries & Household: $450
• Transportation (Car Payment, Gas, Insurance): $550
• Health Insurance (Employer Plan): $300
• Retirement (6% 401k Match): $485 (pre-tax)
• Discretionary/Entertainment: $1,158.50

Can they afford to buy a home?
Absolutely. With a $96,930 salary and a 20% down payment, you can comfortably target a home in the $220,000 - $260,000 range. The median home price in Scranton is approximately $180,000, well within reach. This is the single biggest financial advantage of working in Scranton. You can build equity while maintaining a high standard of living.

Where the Jobs Are: Scranton's Major Employers

Scranton's economy is anchored by healthcare, education, logistics, and a surprising number of corporate back-office operations. Here are the primary employers for Financial Analysts:

1. Geisinger Health System: One of the largest employers in the region. They have a massive need for analysts in revenue cycle management, budgeting, and supply chain finance. Their headquarters in Danville is a 30-minute commute, but they have major facilities in Scranton (Geisinger Community Medical Center).
2. The University of Scranton: A Jesuit university with a strong business school. They hire analysts for institutional finance, endowment management, and departmental budgeting. Hiring is seasonal, aligned with the academic calendar.
3. Scranton Area Health & Wellness Foundation: A key non-profit funder. They employ analysts to manage grant portfolios and assess the financial impact of community health initiatives.
4. Goya Foods (Scranton Plant): A major food manufacturer and distributor. They need cost accountants and financial analysts for plant operations and logistics. This is a stable, industrial finance role.
5. The Commonwealth of Pennsylvania (Harrisburg-based, Scranton regional offices): The state government has numerous offices in Scranton (Department of Human Services, Revenue, etc.). These are stable, pension-based jobs with excellent benefits, though salaries may lag the private sector slightly.
6. Local Banks & Credit Unions: Institutions like Fidelity Deposit & Discount Bank and Pennsylvania State Credit Union hire analysts for commercial lending, credit analysis, and branch profitability reporting.
7. Logistics & Distribution Companies: Scranton's location on I-81 makes it a logistics hub. Companies like Amazon (in nearby Pittston) and regional distributors hire supply chain and cost analysts.

Hiring Trends: The strongest hiring is in healthcare (Geisinger) and logistics. Corporate finance roles are often filled through internal transfers from larger companies' Scranton back offices (e.g., some former Fidelity Investments roles).

Getting Licensed in PA

For most corporate Financial Analyst roles, you do not need a state license. However, if you plan to give investment advice, sell securities, or become a Certified Financial Planner (CFP), you must register with the Pennsylvania Department of Banking and Securities (DoBS) and pass relevant exams (e.g., Series 7, Series 66).

• State Licensing Board: Pennsylvania Department of Banking and Securities.
• Cost: Exam fees are typically $80 - $250 per exam (e.g., SIE, Series 7). Fingerprinting costs ~$50. Firm registration fees vary.
• Timeline: If you're starting from scratch (no relevant licenses), expect 3-6 months of study and exam scheduling to obtain the basic Series 7 and 66 licenses.
• For Non-Licensed Analysts: Your primary credential is your degree (Finance, Accounting, Economics, MBA) and relevant experience (Excel, SQL, financial modeling). Certifications like the CFA or FPAC can boost your salary but are not state-mandated.

Best Neighborhoods for Financial Analysts

Scranton is a city of distinct neighborhoods and surrounding boroughs. Commute times are short (15-25 minutes max), so you can prioritize lifestyle.

Neighborhood	Vibe & Commute	1BR Rent Estimate	Best For
Downtown Scranton	Urban, walkable. 5-10 min walk to major employers (City Hall, some banks). Older buildings, some grit.	$900 - $1,200	Young professionals who want nightlife and a car-free commute.
South Scranton	Residential, family-oriented. 10-15 min drive to downtown. More single-family homes.	$800 - $1,000	Analysts looking to buy a starter home soon. Good value.
Clarks Green / Clarks Summit	Suburban, affluent, excellent schools. 15-20 min commute to downtown. Very safe and quiet.	$1,000 - $1,300	Those prioritizing schools and suburban comfort. The "executive" choice.
Dickson City	Blue-collar, practical. 10-15 min commute to downtown. Very affordable, with big-box shopping.	$750 - $950	Budget-conscious analysts who want space and don't mind a shorter commute.
Moosic	Middle-class, mix of apartments and homes. 10-15 min commute. Home to the Scranton/Wilkes-Barre RailRiders stadium.	$800 - $1,000	A balanced option for those who want a bit of everything.

Insider Tip: Don't overlook the boroughs. Old Forge (10 mins south) has a famous pizza scene and a tight-knit community. Taylor (north of the city) offers lower rents and quick access to I-81.

The Long Game: Career Growth

Advancement in Scranton often means moving into management or specializing. The 10-year outlook is stable, with growth tied to the region's core industries.

• Specialty Premiums:
  • Healthcare Revenue Cycle: +10% to +15% premium over generalist roles.
  • Cost Accounting (Manufacturing/Logistics): +5% to +10% premium.
  • Data Analytics/SQL/Python Skills: Essential for any salary growth. Analysts with these technical skills can command a 10-20% salary premium and are more recession-proof.
• Advancement Paths:
  1. Financial Analyst -> Senior Financial Analyst: 3-5 years. Focus on mastering budgeting, forecasting, and presenting to leadership.
  2. Senior FA -> Finance Manager: 5-10 years. Requires people management skills. You'll oversee a small team and own the P&L for a department.
  3. Finance Manager -> Director of Finance/Controller: 10-15 years. This is the top local role in most Scranton firms. You'll report to the CFO and manage the entire finance function.
  4. Alternative Path: Consulting/Remote Work: Many Scranton-based analysts leverage local experience to take remote roles with national firms, often for a significant salary bump (but they stay in Scranton for the low cost of living).
• 10-Year Outlook: The 9% job growth is expected to continue, driven by healthcare expansion and logistics. Automation will handle more routine reporting, increasing the demand for analysts who can interpret data and drive strategic decisions. Salaries are likely to keep pace with inflation, maintaining Scranton's strong purchasing power.

The Verdict: Is Scranton Right for You?

Scranton offers a compelling value proposition: a solid $96,930 median salary paired with a cost of living index of 93.0 and rents averaging just $854/month. It's a market for analysts who value financial stability, homeownership, and a manageable pace of life over the high-stakes, high-cost environment of a major financial center.

Pros	Cons
High purchasing power due to low housing costs.	Limited number of Fortune 500 headquarters; high-end finance jobs are scarce.
Stable, growing job market in healthcare, logistics, and education.	Social scene is quieter; fewer networking events than in larger cities.
Short, easy commutes and minimal traffic.	Winters can be long and gray.
Tight-knit professional community where you can make a name for yourself.	Career advancement may require moving into management or finding a remote role.

Final Recommendation: Scranton is an excellent choice for mid-career financial analysts (3-10 years of experience) who want to buy a home, start a family, and build long-term wealth without the financial stress of a major metro. It's less ideal for those seeking the fast-track, high-visibility career of Wall Street or for fresh graduates who crave a bustling, anonymous city life. If you value stability and real financial comfort, Scranton is a smart, data-driven move.

FAQs

Q: What is the job market like for entry-level analysts in Scranton?
A: It's competitive for the limited number of entry-level spots. Most firms prefer 1-2 years of experience. Internships with Geisinger or local banks are the best way to get your foot in the door. Be prepared to possibly start in a related role like accounts payable or junior accountant before moving into a pure analyst position.

Q: Is a car necessary in Scranton?
A: Yes, absolutely. Public transportation exists but is limited. The city is spread out, and most major employers (Geisinger, manufacturing plants) are not in the dense downtown core. Budget for a car, insurance, and gas.

Q: How does the local finance network work?
A: It's small and relationship-based. Join the local chapter of the Financial Management Association (FMA) or the Association for Financial Professionals (AFP). Attend events at The University of Scranton's business school. The Scranton Chamber of Commerce also hosts networking mixers. Everyone knows everyone; your reputation travels fast.

Q: Can I work remotely for a company outside Scranton?
A: Yes, and this is a growing trend. Many Scranton analysts keep their local cost-of-living advantage while earning a salary closer to the Philadelphia or national average. This is a savvy career move, but it requires self-discipline and a strong home office setup. Be aware of any tax implications.

Q: What's the biggest surprise for new analysts moving to Scranton?
A: The speed at which you can advance. In a smaller market, your contributions are more visible. If you're good, you can rise to a senior or management role faster than in a saturated, competitive major city. The work-life balance is also a major plus; 50-hour weeks are the exception, not the rule.