Financial Analyst in Syracuse, NY

The Salary Picture: Where Syracuse Stands

As a financial analyst looking at Syracuse, you’re looking at a market that’s stable, affordable, and offers a solid middle-ground salary. The median salary for a Financial Analyst here is $97,584 per year, which breaks down to an hourly rate of $46.92 per hour. This sits just slightly below the national average of $99,010 per year, but the cost of living in Syracuse is your secret weapon—it’s significantly lower than most major metropolitan areas.

To put the salary in context, here’s how it typically breaks down by experience level in the Syracuse metro area. These figures are based on local market data and BLS aggregation for the region.

Experience Level	Typical Years of Experience	Syracuse Salary Range (Annual)	Key Responsibilities
Entry-Level	0-2 years	$65,000 - $80,000	Data gathering, basic modeling, report generation, supporting senior analysts.
Mid-Level	3-5 years	$85,000 - $110,000	Independent modeling, budgeting, forecasting, presenting findings to management.
Senior-Level	5-10 years	$110,000 - $135,000	Leading projects, mentoring junior analysts, complex financial planning & analysis (FP&A).
Expert/Manager	10+ years	$135,000 - $160,000+	Strategic planning, department leadership, executive reporting, special projects.

Insider Tip: The 9% 10-year job growth projection for the metro area is a healthy sign. It’s driven by the stability of anchor institutions like SUNY Upstate and National Grid, not boom-and-bust tech. This means steady demand for analysts who can support long-term strategic planning.

When you compare Syracuse to other New York cities, the financial picture changes dramatically:

• New York City: Median salary is higher (around $110,000), but the cost of living is over 80% higher. The effective income after rent and taxes is often lower.
• Buffalo: Median salary is similar (~$95,000), with a slightly lower cost of living than NYC but not as low as Syracuse.
• Rochester: Comparable to Syracuse in both salary and cost of living.
• Albany: State government jobs offer stability, but private sector salaries can be slightly lower than in Syracuse.

The key takeaway: Syracuse offers a salary that, when paired with the local cost of living, provides a very comfortable standard of living.

The Real Take-Home: After Taxes and Rent

Let’s get down to the monthly nitty-gritty. Using the median salary of $97,584, here’s a realistic monthly budget breakdown for a single filer with no dependents (using approximate 2024 federal and NYS tax rates, including standard deductions).

Category	Monthly Cost	Notes
Gross Monthly Income	$8,132	$97,584 / 12
Estimated Taxes (25-28%)	~$2,100	Federal, NYS, FICA (7.65%). NYS has a progressive tax (4-10.9%).
Net Take-Home Pay	~$6,032	This is your usable cash for all living expenses.
Rent (1BR Avg)	$916	Syracuse's average. A nice 1BR in a good neighborhood runs $950-$1,200.
Utilities (Elec/Heat/Internet)	$200	Winter heating costs can spike (National Grid is the primary gas/electric).
Groceries	$400	This is for one person; Wegmans and Price Chopper are the local staples.
Transportation	$350	Car payment/insurance is common. Public transit (Centro) exists but is limited.
Health Insurance (if employer)	$150	Varies; assume a modest employee contribution.
Discretionary/Savings	$3,016	You have significant room here for savings, investing, or lifestyle.

Can they afford to buy a home? Absolutely. The median home price in the Syracuse metro area is approximately $220,000 (as of late 2023). With a 20% down payment ($44,000), a 30-year mortgage at 6.5% would have a monthly P&I payment of around $1,116. This is remarkably doable on a $97,584 salary, especially compared to national markets. Many analysts in their late 20s/early 30s are homeowners here.

Where the Jobs Are: Syracuse's Major Employers

The Syracuse job market is anchored by healthcare, education, and energy. Financial analyst roles here are less about Wall Street trading and more about corporate finance, hospital budgeting, and university financial planning.

1. National Grid: A massive employer with a significant regional HQ. They need analysts for capital budgeting, rate case analysis, and operational finance. The work is stable and heavily regulated.
2. Upstate Medical University / SUNY Upstate Hospital: As the region's largest hospital and medical school, their finance department is huge. Roles involve grant management, departmental budgeting, and forecasting. Requires comfort with non-profit/government accounting.
3. Syracuse University: Another huge employer. The university's central finance office, as well as individual colleges (like the Whitman School of Management), hire analysts for everything from endowment management to operational FP&A.
4. Carrier Corporation: The global HVAC giant has its roots in Syracuse and still maintains a major presence. Their finance roles focus on manufacturing cost analysis, global supply chain finance, and strategic planning.
5. Constellation Brands (out of Rochester): While HQ is in Rochester, they have a major brewing and distribution presence in the Syracuse area (Molson Coors is also here). Analysts work on sales, marketing, and supply chain finance.
6. Crouse Hospital: Another major healthcare system in the city, with constant needs for financial analysts to manage budgets, analyze service line profitability, and support strategic growth.
7. Local & Regional Banks: KeyBank, M&T Bank, and locally-based financial institutions like Solvay Bank have commercial lending and internal finance teams that employ analysts.

Hiring Trends: The demand is steady, not frenetic. Hiring cycles often follow the fiscal year (July-June for many public entities) and the academic calendar. Networking is critical in this mid-sized market—knowing someone at a company like National Grid or SU can be the difference between an application and an interview.

Getting Licensed in NY

For a corporate Financial Analyst, New York State does not require a state-specific license like a CPA (Certified Public Accountant) or CFA (Chartered Financial Analyst) charter. However, these credentials are highly valued and can command a salary premium.

• CPA (Certified Public Accountant): While more common for auditors and controllers, many senior financial analysts in the Syracuse area are CPAs. The NYS Education Department (NYSED) oversees licensure. You need 150 credit hours (a bachelor's + 30), pass the four-part uniform CPA exam, and complete one year of qualifying experience under a licensed CPA. Exam fees: ~$1,000. Licensure fee: ~$177 initially, plus renewal fees.
• CFA (Chartered Financial Analyst): Ideal for those in investment analysis or corporate finance. It’s a self-study program with three levels of exams. Exam fees: ~$1,200-$1,400 per level. No state-specific license is needed; it's a globally recognized charter.
• Other Certifications: The FMVA (Financial Modeling & Valuation Analyst) from CFI or corporate finance certificates from NYIF are practical and valued by local employers.

Timeline to Get Started: If you’re starting from scratch with a bachelor’s in finance, you could pursue the CFA immediately (3-4 years for all three levels). For a CPA, you’d likely need to take extra community college courses (e.g., at Onondaga Community College) to hit the 150-hour requirement, then sit for the exam.

Best Neighborhoods for Financial Analysts

Where you live in Syracuse dramatically shapes your daily life. The city is famously divided by I-81, and each neighborhood has a distinct character.

1. Downtown / Armory Square: The modern, walkable heart of the city. You’ll find young professionals here, a growing food scene, and proximity to companies like National Grid and the tech hub at the Tech Garden. Commute: Easy walk or 5-minute drive to most downtown offices. Rent Estimate: $1,100 - $1,500 for a modern 1BR.
2. Strathmore / Eastwood: A classic, leafy suburb east of the city. Highly sought-after for families, with great public schools (Fowler HS, etc.). It’s a 15-minute commute to downtown. Commute: 10-20 minutes by car. Rent Estimate: $950 - $1,200 for a 1BR or small house.
3. Westcott / East Genesee: A vibrant, eclectic neighborhood near Syracuse University. It’s full of students and young professionals, with great bars and coffee shops (like Recess Coffee). Commute to the university is a breeze. Commute: 10-15 minutes to SU or downtown. Rent Estimate: $800 - $1,100 for a 1BR.
4. Liverpool / Baldwinsville (Suburbs North): These are classic, family-oriented suburbs with excellent schools. Life revolves around shopping plazas and parks. The commute to the city center is straightforward via I-81. Commute: 15-25 minutes. Rent Estimate: $900 - $1,300 for a 1BR.
5. Sedgwick / Parkside: A charming, historic neighborhood with beautiful homes and a strong community feel. It’s close to the Rosamond Gifford Zoo and is very peaceful. Commute: 10-15 minutes. Rent Estimate: $900 - $1,200 for a 1BR or small home.

Insider Tip: If you work for a employer outside the city (e.g., in the northern suburbs like Carrier), consider living in Liverpool to avoid the reverse commute. If you work at SU or Upstate, Eastwood or Westcott offer the best quality of life.

The Long Game: Career Growth

In Syracuse, career growth for financial analysts is more about deepening expertise and taking on leadership within stable institutions rather than hopping between high-growth startups.

• Specialty Premiums: Analysts with strong technical skills in data visualization (Tableau, Power BI) and advanced Excel modeling can command a 10-15% salary premium. Experience with specific ERP systems (like SAP or Oracle) used by large employers like National Grid is also a major plus.
• Advancement Paths: The typical path is: Analyst -> Senior Analyst -> Finance Manager -> Director of FP&A or Controller. In healthcare, you might move from a department analyst to a system-wide financial analyst. In academia, you could manage a larger college's budget.
• 10-Year Outlook: The 9% job growth suggests a healthy market. The trend is toward more strategic, data-driven roles. Analysts who can move beyond reporting to providing actionable insights will thrive. Given the stability of the major employers, job security is high for competent analysts. The low cost of living means you can build wealth here much faster than in a more expensive city, allowing for career flexibility later.

The Verdict: Is Syracuse Right for You?

Pros	Cons
Excellent Cost of Living: Your salary goes much further than in NYC or Boston.	Winters are Harsh: Long, cold, and snowy. You need a good winter coat and a reliable AWD car.
Stable Job Market: Anchored by healthcare, education, and energy. 9% job growth is solid.	Not a "Hot" Market: Less dynamism and fewer high-growth tech roles compared to larger metros.
Homeownership is Attainable: A median home price of ~$220,000 is within reach.	Limited Public Transit: A car is essential for daily life and commuting.
Short Commutes: You can live in a suburban home or a downtown loft and be at your desk in 15 minutes.	Cultural & Culinary Scene is Smaller: You'll find great local spots, but not the endless variety of a major metropolis.
Access to Nature: Onondaga Lake, Green Lakes State Park, and the Finger Lakes are all a short drive away.	The "Brain Drain" Narrative: Some young talent leaves for bigger cities, but that creates opportunity for those who stay.

Final Recommendation: Syracuse is an outstanding choice for a financial analyst who values work-life balance, financial stability, and a realistic path to homeownership. It’s ideal for those in mid-career looking to put down roots, or for early-career analysts who want their salary to have maximum impact. If you need the constant buzz, endless networking events, and cutting-edge industry trends of NYC or SF, you may find it limiting. But if you want to build a solid, comfortable life while doing meaningful financial work, Syracuse is a hidden gem.

FAQs

1. How competitive is the job market for financial analysts in Syracuse?
The market is moderately competitive. There are 291 jobs in the metro area at any given time (per BLS data), which is a stable number. It’s not as cutthroat as New York City, but you can’t just apply online and expect a callback. Having a local connection, tailoring your resume to specific employers (like highlighting healthcare finance for Upstate Medical), and being prepared for an in-person interview is key.

2. What is the biggest financial challenge for analysts in Syracuse?
The biggest challenge isn't the salary—it's the winter. Allocating $500-$800 for winter tires, a good snow jacket, and potentially higher heating bills (National Grid) is a must. Also, while home prices are low, property taxes in the suburbs (like Liverpool or Baldwinsville) can be high, so factor that into your home-buying calculations.

3. Do I need a car in Syracuse?
Yes, absolutely. While you could live downtown and work remotely or within walking distance, the city is spread out. The public bus system (Centro) exists but is not comprehensive. Most analysts commute by car.

4. What’s the dating and social scene like for a young professional?
It's active but smaller. Armory Square and Westcott are the hubs for bars, restaurants, and events. There are plenty of young professionals working at the universities and hospitals. It’s a great city to join sports leagues (hockey, soccer) or volunteer groups to meet people. The dating pool is smaller than in a major city, but the community is tight-knit.

5. How does the Syracuse salary compare when considering taxes?
New York State has a progressive income tax, which can be a shock if you're coming from a no-income-tax state. However, sales tax is 9% (state and county combined), and property taxes can be high. The key is that the lower cost of living, especially housing ($916/month for a 1BR), offsets the tax burden. Your effective tax rate (state + local) is a key calculation, but the net financial benefit remains strong.