In the Northwest Illinois nonmetropolitan area, professionals in Business and Financial Operations Occupations earn an average annual salary of $76,780. This figure is notably below the national average of $94,590, reflecting the unique economic landscape and demand drivers specific to this region. The compensation reflects a localized market influenced by industry concentration and regional economic factors.
Executive Summary
- Average Salary: $76,780 per year.
- Growth Trend: Salaries have shifted 22.3% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $125,570.
- Outlook: The Business and Financial Operations sector in Northwest Illinois nonmetropolitan area comprises a workforce of 4,460 individuals. With a Location Quotient of 0.52, this sector is less concentrated than the national average, suggesting a potentially less saturated but also less robust job market. The presence of 34.776 jobs per 1,000 workers indicates a moderate level of employment within this occupational group.
Salary Overview
The average Business and Financial Operations Occupations in Northwest Illinois nonmetropolitan area earns-18.8%below the national average.
$36.9
$1,477
$6,398
Business and Financial Operations Occupations Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Business and Financial Operations Occupations in Northwest Illinois nonmetropolitan area have experienced growth over the past four years, mirroring general economic trends. Salary increases are typically driven by inflation, evolving market demands, and the increasing complexity of financial and operational roles.
Business and Financial Operations Occupations Salary Distribution in Northwest Illinois nonmetropolitan area
Salary progression within Business and Financial Operations Occupations is significantly influenced by experience. Entry-level positions typically command salaries at the lower end of the spectrum, while senior roles, requiring extensive expertise and leadership, can reach substantially higher compensation levels. The percentile gaps in salary distributions clearly signify the career advancement opportunities and the associated financial rewards for accumulating experience and specialized skills.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $40,990 | $19.7 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $57,585 | $27.7 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $68,620 | $33 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $95,975 | $46.1 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $125,570 | $60.4 |
Detailed Business and Financial Operations Occupations Market Analysis
Relocation Context
Nominal Salary
$76,780
Gross Pay
Real Wage (Purchasing Power)
$76,780
Adjusted for COL (100)
The average annual salary of $76,780 in Northwest Illinois 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 this income is equivalent to the national standard, making it a relatively stable financial proposition for residents.
Job Market Context
4,460
Total Jobs
34.776
Per 1K Jobs
0.52
Location Quotient
Northwest Illinois nonmetropolitan area has 0.52x 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 0.52 indicates that Business and Financial Operations Occupations are less prevalent in Northwest Illinois nonmetropolitan area compared to the national average. This suggests a market that may be less competitive in terms of job availability relative to the number of professionals, but also implies fewer specialized opportunities and potentially lower overall demand compared to more concentrated regions.
Nearby Job Markets
Nearby Cities for Business and Financial Operations Occupations
| City | Salary | Dist. |
|---|---|---|
| Bloomington, IL Business and Financial Operations Occupations Salary | $87,340↑ 14% | 9 mi |
| Decatur, IL Business and Financial Operations Occupations Salary | $87,690↑ 14% | 34 mi |
| Champaign-Urbana, IL Business and Financial Operations Occupations Salary | $76,490↓ 0% | 41 mi |
| Peoria, IL Business and Financial Operations Occupations Salary | $80,270↑ 5% | 43 mi |
| Springfield, IL Business and Financial Operations Occupations Salary | $85,120↑ 11% | 53 mi |
Comparing salaries near Northwest Illinois nonmetropolitan area
Hiring Business and Financial Operations Occupationss?
Frequently Asked Questions
How much does a Business and Financial Operations Occupations make in Northwest Illinois nonmetropolitan area?
The median annual salary for a Business and Financial Operations Occupations in Northwest Illinois nonmetropolitan area is $76,780. This typically ranges from $40,990 for entry-level positions to $125,570 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Northwest Illinois nonmetropolitan area is 18.8% lower than the national median of $94,590.
Is Northwest Illinois nonmetropolitan area a lucrative place for Business and Financial Operations Occupationss?
No, not compared to the national average.The average salary of $76,780 is significantly lower than the national average of $94,590. While the cost of living is at the national average, the lower nominal salary indicates less lucrative earning potential in this region.
Is Northwest Illinois nonmetropolitan area a good place to live for Business and Financial Operations Occupations?
The Cost of Living Index in Northwest Illinois nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Northwest Illinois nonmetropolitan area?
Some top paying nearby cities include Bloomington, IL ($87,340) and Decatur, IL.
How does the local workforce size impact job opportunities?
A local workforce of 4,460 in Business and Financial Operations Occupations suggests a moderate-sized talent pool. While not as large as metropolitan areas, it provides a base for potential employers and indicates a consistent, albeit not booming, demand for these roles.
What does a Location Quotient of 0.52 mean for job seekers?
A Location Quotient of 0.52 signifies that this occupation is less concentrated in Northwest Illinois nonmetropolitan area than the national average. This could mean fewer job openings but potentially less competition for available positions.
How does the cost of living affect the $76,780 salary?
With a Cost of Living Index of 100, the $76,780 salary has the same purchasing power as the national average. This means that while the salary is lower, the expenses for goods and services are also at the national norm, offering a balanced lifestyle.
Are there many Business and Financial Operations jobs per capita in this area?
With 34.776 jobs per 1,000 workers, there is a moderate density of Business and Financial Operations jobs. This indicates a stable presence of these roles within the local economy, though not an exceptionally high concentration.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 4,460 employees in the Northwest Illinois nonmetropolitan area area with a job density of 34.776 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 Northwest Illinois nonmetropolitan area