In the Northeast Minnesota nonmetropolitan area, professionals in Business and Financial Operations occupations can expect an average annual salary of $77,150. This figure is notably below the national average of $94,590, reflecting regional economic factors and a smaller, more specialized labor market. The unique economic landscape of this nonmetropolitan region influences compensation levels for these critical roles.
Executive Summary
- Average Salary: $77,150 per year.
- Growth Trend: Salaries have shifted 19.4% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $112,570.
- Outlook: The job market for Business and Financial Operations occupations in the Northeast Minnesota nonmetropolitan area is characterized by a workforce of 1,400 individuals. With a Location Quotient of 0.48, these roles are less concentrated than the national average, suggesting a more specialized demand within the region. The presence of 32.26 jobs per 1,000 workers indicates a steady, albeit not overwhelmingly high, level of employment opportunities in this sector.
Salary Overview
The average Business and Financial Operations Occupations in Northeast Minnesota nonmetropolitan area earns-18.4%below the national average.
$37.1
$1,484
$6,429
Business and Financial Operations Occupations Salary Trends (2020-2024)
While specific historical data is not provided, it is generally assumed that salaries for Business and Financial Operations occupations in nonmetropolitan areas like Northeast Minnesota have experienced gradual growth over the past four years. This trend is often driven by increasing demand for financial expertise, evolving business needs, and the general economic climate, though growth rates may differ from more urbanized centers.
Business and Financial Operations Occupations Salary Distribution in Northeast Minnesota nonmetropolitan area
Within the Business and Financial Operations sector, career progression significantly impacts earning potential. Entry-level positions typically start at the lower end of the salary spectrum, while seasoned professionals with extensive experience and specialized skills can command substantially higher salaries, often reaching into the upper percentiles. The widening gap between entry-level and senior roles signifies clear opportunities for career advancement and increased compensation.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $45,760 | $22 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $57,863 | $27.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $72,490 | $34.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $96,438 | $46.4 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $112,570 | $54.1 |
Detailed Business and Financial Operations Occupations Market Analysis
Relocation Context
Nominal Salary
$77,150
Gross Pay
Real Wage (Purchasing Power)
$77,150
Adjusted for COL (100)
The average annual salary of $77,150 in the Northeast Minnesota nonmetropolitan area aligns precisely with the national average Cost of Living Index of 100. This means that while the nominal salary is lower than the national average, the purchasing power of that salary is equivalent to the national average. Therefore, relocating to this area for these roles offers a cost-of-living advantage that helps to offset the lower nominal wage compared to national benchmarks.
Job Market Context
1,400
Total Jobs
32.26
Per 1K Jobs
0.48
Location Quotient
At 0.48x, Northeast Minnesota nonmetropolitan area has a notably lower concentration of Business and Financial Operations Occupations jobs than the national average. Opportunities in this area are relatively scarce for this profession.
A Location Quotient of 0.48 for Business and Financial Operations occupations in Northeast Minnesota nonmetropolitan area indicates that these roles are less prevalent than the national average. This suggests a less saturated job market, potentially offering more specialized opportunities for skilled professionals. However, it also implies that the overall demand might be more niche, requiring individuals to possess specific expertise relevant to the regional economy.
Nearby Job Markets
Nearby Cities for Business and Financial Operations Occupations
| City | Salary | Dist. |
|---|---|---|
| St. Cloud, MN Business and Financial Operations Occupations Salary | $82,800↑ 7% | 17 mi |
| Minneapolis-St. Paul-Bloomington, MN-WI Business and Financial Operations Occupations Salary | $96,880↑ 26% | 58 mi |
Comparing salaries near Northeast Minnesota nonmetropolitan area
Hiring Business and Financial Operations Occupationss?
Frequently Asked Questions
How much does a Business and Financial Operations Occupations make in Northeast Minnesota nonmetropolitan area?
The median annual salary for a Business and Financial Operations Occupations in Northeast Minnesota nonmetropolitan area is $77,150. This typically ranges from $45,760 for entry-level positions to $112,570 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Northeast Minnesota nonmetropolitan area is 18.4% lower than the national median of $94,590.
Is Northeast Minnesota nonmetropolitan area a lucrative place for Business and Financial Operations Occupationss?
No, it is not considered lucrative compared to the national average.The average salary of $77,150 is significantly lower than the national average of $94,590. However, the equivalent cost of living means your earnings maintain national purchasing power.
Is Northeast Minnesota nonmetropolitan area a good place to live for Business and Financial Operations Occupations?
The Cost of Living Index in Northeast Minnesota nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Northeast Minnesota nonmetropolitan area?
Some top paying nearby cities include St. Cloud, MN ($82,800) and Minneapolis-St. Paul-Bloomington, MN-WI.
What is the average salary for Business and Financial Operations Occupations in Northeast Minnesota nonmetropolitan area?
The average annual salary for Business and Financial Operations Occupations in this region is $77,150.
How does the salary compare to the national average?
The average salary of $77,150 is below the national average of $94,590 for these occupations.
What is the Cost of Living in Northeast Minnesota nonmetropolitan area?
The Cost of Living Index is 100, which is the same as the national average.
How concentrated are these jobs in the region?
The concentration, measured by the Location Quotient, is 0.48, indicating these jobs are less common than the national average.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,400 employees in the Northeast Minnesota nonmetropolitan area area with a job density of 32.26 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 Northeast Minnesota nonmetropolitan area