Average Business and Financial Operations Occupations Salary in Illinois
In Illinois, professionals in Business and Financial Operations Occupations earn an average annual salary of $92,890. This figure is slightly below the national average of $94,590, a common occurrence in states with a lower cost of living. Local economic factors and industry demand within Illinois play a significant role in shaping this compensation landscape.
Executive Summary
- Average Salary: $92,890 per year.
- Growth Trend: Salaries have shifted 15.5% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $147,360.
- Outlook: Illinois boasts a substantial workforce of 391,780 individuals in Business and Financial Operations, indicating a robust presence in this sector. The Location Quotient of 0.96 suggests that this field is nearly as concentrated in Illinois as it is nationally, signifying consistent demand and a healthy job market for these professionals.
Salary Overview
The average Business and Financial Operations Occupations in Illinois earns-1.8%below the national average.
$44.7
$1,786
$7,741
Business and Financial Operations Occupations Salary Trends (2020-2024)
While specific historical data isn't provided, it's reasonable to assume that salaries for Business and Financial Operations roles in Illinois have seen steady growth over the past four years, mirroring national trends. This growth is typically driven by increasing business complexity, evolving financial regulations, and the persistent need for skilled professionals to manage and analyze financial data.
Business and Financial Operations Occupations Salary Distribution in Illinois
Career progression within Business and Financial Operations in Illinois typically leads to significant salary increases. Entry-level positions might start at a lower percentile, but with experience, professionals can advance to senior roles commanding higher salaries. The widening gap between entry-level and senior-level compensation clearly signifies substantial career growth opportunities and the value placed on expertise.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $47,520 | $22.8 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $69,668 | $33.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $80,250 | $38.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $116,113 | $55.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $147,360 | $70.8 |
Detailed Business and Financial Operations Occupations Market Analysis
Relocation Context
Nominal Salary
$92,890
Gross Pay
Real Wage (Purchasing Power)
$101,187
Adjusted for COL (91.8)
The average annual salary of $92,890 in Illinois presents a favorable financial situation when considering the state's Cost of Living Index of 91.8. This index is below the national average of 100, meaning that the purchasing power of $92,890 in Illinois is greater than the national average, allowing for a higher standard of living.
Job Market Context
391,780
Total Jobs
64.594
Per 1K Jobs
0.96
Location Quotient
Illinois has 0.96x the national average concentration of Business and Financial Operations Occupations jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.
With a Location Quotient of 0.96, the market for Business and Financial Operations professionals in Illinois is nearly on par with the national average in terms of concentration. This indicates a competitive yet stable job market where demand aligns closely with the national supply, suggesting good opportunities for skilled individuals without being overly saturated.
Nearby Job Markets
Nearby Cities for Business and Financial Operations Occupations
| City | Salary | Dist. |
|---|---|---|
| Bloomington, IL Business and Financial Operations Occupations Salary | $87,340↓ 6% | 9 mi |
| Decatur, IL Business and Financial Operations Occupations Salary | $87,690↓ 6% | 34 mi |
| Champaign-Urbana, IL Business and Financial Operations Occupations Salary | $76,490↓ 18% | 41 mi |
| Peoria, IL Business and Financial Operations Occupations Salary | $80,270↓ 14% | 43 mi |
| Springfield, IL Business and Financial Operations Occupations Salary | $85,120↓ 8% | 53 mi |
Comparing salaries near Illinois
Hiring Business and Financial Operations Occupationss?
Frequently Asked Questions
How much does a Business and Financial Operations Occupations make in Illinois?
The median annual salary for a Business and Financial Operations Occupations in Illinois is $92,890. This typically ranges from $47,520 for entry-level positions to $147,360 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Illinois is 1.8% lower than the national median of $94,590.
Is Illinois a lucrative place for Business and Financial Operations Occupationss?
Yes, with a strong cost of living advantage.While the average salary is slightly below the national average, Illinois' lower cost of living significantly enhances the purchasing power of these earnings. The substantial workforce also indicates a healthy demand for these roles.
Is Illinois a good place to live for Business and Financial Operations Occupations?
With a Cost of Living Index of 91.8 (lower than the national average of 100), your salary goes further here.
Where are the highest paying cities near Illinois?
Some top paying nearby cities include Bloomington, IL ($87,340) and Decatur, IL.
What is the average salary for Business and Financial Operations roles in Illinois?
The average annual salary for Business and Financial Operations Occupations in Illinois is $92,890.
How does Illinois' cost of living compare to the national average?
Illinois has a Cost of Living Index of 91.8, which is below the national average of 100, making it more affordable than the typical U.S. state.
Is the job market for Business and Financial Operations strong in Illinois?
Yes, with a large workforce and a Location Quotient close to the national average, the job market is robust and indicates consistent demand for these professionals.
How many Business and Financial Operations jobs are there per 1,000 workers in Illinois?
There are approximately 64.594 jobs per 1,000 workers in Business and Financial Operations in Illinois.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 391,780 employees in the Illinois area with a job density of 64.594 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Business and Financial Operations Occupations • Data source: BLS OEWS 2024 •Jobs in Illinois