Average Business and Financial Operations Occupations Salary in New Jersey
Professionals in Business and Financial Operations Occupations in New Jersey earn an impressive average annual salary of $104,360, significantly surpassing the national average of $94,590. This elevated compensation is often driven by the state's robust economic landscape and a higher demand for specialized financial expertise within its diverse industries.
Executive Summary
- Average Salary: $104,360 per year.
- Growth Trend: Salaries have shifted 13.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $162,210.
- Outlook: With a substantial local workforce of 282,890 individuals in Business and Financial Operations, New Jersey demonstrates a significant presence in this sector. The location quotient of 0.99 indicates that the concentration of these roles is nearly on par with the national average, suggesting a stable and well-established job market that supports a large number of professionals.
Salary Overview
The average Business and Financial Operations Occupations in New Jersey earns+10.3%above the national average.
$50.2
$2,007
$8,697
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 New Jersey have experienced consistent growth over the past four years, mirroring national trends. Factors such as inflation, increasing demand for financial acumen, and the evolving complexity of business operations likely contribute to upward salary adjustments.
Business and Financial Operations Occupations Salary Distribution in New Jersey
Career progression within Business and Financial Operations in New Jersey typically sees a significant salary increase with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with specialized skills and leadership responsibilities can command salaries well into the upper percentiles, reflecting a clear path for career and earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $57,740 | $27.8 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $78,270 | $37.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $96,440 | $46.4 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $130,450 | $62.7 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $162,210 | $78 |
Detailed Business and Financial Operations Occupations Market Analysis
Relocation Context
Nominal Salary
$104,360
Gross Pay
Real Wage (Purchasing Power)
$92,847
Adjusted for COL (112.4)
The average annual salary of $104,360 in New Jersey presents a mixed picture when considering the state's Cost of Living Index of 112.4. While the nominal salary is higher than the national average, the increased cost of goods and services means that the purchasing power of this salary is somewhat diminished compared to living in a more affordable region.
Job Market Context
282,890
Total Jobs
66.555
Per 1K Jobs
0.99
Location Quotient
New Jersey has 0.99x 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.
A location quotient of 0.99 for Business and Financial Operations Occupations in New Jersey suggests that the industry's presence is very close to the national average in terms of concentration. This indicates a competitive yet stable job market where opportunities exist, but perhaps without the extreme saturation or scarcity found in areas with significantly higher or lower quotients.
Nearby Job Markets
Nearby Cities for Business and Financial Operations Occupations
Comparing salaries near New Jersey
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Frequently Asked Questions
How much does a Business and Financial Operations Occupations make in New Jersey?
The median annual salary for a Business and Financial Operations Occupations in New Jersey is $104,360. This typically ranges from $57,740 for entry-level positions to $162,210 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New Jersey is 10.3% higher than the national median of $94,590.
Is New Jersey a lucrative place for Business and Financial Operations Occupationss?
Yes, New Jersey offers lucrative opportunities for Business and Financial Operations professionals.The average salary of $104,360 significantly exceeds the national average, indicating strong earning potential. However, the higher cost of living should be factored into overall financial well-being.
Is New Jersey a good place to live for Business and Financial Operations Occupations?
The Cost of Living Index in New Jersey is 112.4. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New Jersey?
Some top paying nearby cities include Trenton-Princeton, NJ ($96,190) and New York-Newark-Jersey City, NY-NJ.
How does New Jersey's average salary compare to the national average for this field?
The average annual salary in New Jersey for Business and Financial Operations Occupations is $104,360, which is notably higher than the national average of $94,590.
What is the concentration of Business and Financial Operations jobs in New Jersey?
New Jersey has a location quotient of 0.99 for these occupations, meaning the concentration is very close to the national average, indicating a balanced job market.
How does the cost of living in New Jersey affect the salary?
With a Cost of Living Index of 112.4, New Jersey is more expensive than the national average. This means that while the nominal salary is higher, the actual purchasing power is reduced compared to living in a less expensive state.
What is the total workforce size for these occupations in New Jersey?
There are 282,890 individuals employed in Business and Financial Operations Occupations in New Jersey, reflecting a substantial segment of the state's labor force.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 282,890 employees in the New Jersey area with a job density of 66.555 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 New Jersey