In the Northwest Minnesota nonmetropolitan area, professionals in Business and Financial Operations Occupations earn an average annual salary of $74,780. This figure is notably below the national average of $94,590, reflecting regional economic factors and potentially a different industry focus compared to more urbanized or specialized financial hubs.
Executive Summary
- Average Salary: $74,780 per year.
- Growth Trend: Salaries have shifted 17.9% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $107,320.
- Outlook: With a local workforce of 7,490 individuals in these roles and a Location Quotient of 0.58, the market for Business and Financial Operations Occupations in Northwest Minnesota appears less concentrated than the national average. This suggests a steady, albeit not booming, demand for these skills within the region's specific economic landscape.
Salary Overview
The average Business and Financial Operations Occupations in Northwest Minnesota nonmetropolitan area earns-20.9%below the national average.
$36
$1,438
$6,232
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 across the nation, including nonmetropolitan areas, have experienced steady growth over the past four years. This trend is typically driven by inflation, increasing demand for financial expertise, and the evolving complexity of business operations.
Business and Financial Operations Occupations Salary Distribution in Northwest Minnesota nonmetropolitan area
Salary progression within Business and Financial Operations Occupations is significantly influenced by experience and specialization. Entry-level positions typically command lower salaries, while senior roles requiring extensive expertise, leadership, and specialized knowledge can see substantial increases. The percentile gaps in earnings clearly signify the career growth trajectory available to dedicated professionals in this field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $46,270 | $22.2 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $56,085 | $27 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $69,570 | $33.4 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $93,475 | $44.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $107,320 | $51.6 |
Detailed Business and Financial Operations Occupations Market Analysis
Relocation Context
Nominal Salary
$74,780
Gross Pay
Real Wage (Purchasing Power)
$74,780
Adjusted for COL (100)
The average annual salary of $74,780 in Northwest Minnesota aligns perfectly with the national average Cost of Living Index of 100. This means that, on average, your earnings in this region will have the same purchasing power as the national average, offering a stable financial environment without the premium often associated with higher cost-of-living areas.
Job Market Context
7,490
Total Jobs
38.96
Per 1K Jobs
0.58
Location Quotient
Northwest Minnesota nonmetropolitan area has 0.58x 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 0.58 indicates that Business and Financial Operations Occupations are less concentrated in Northwest Minnesota compared to the national average. This suggests that while the jobs exist, the market may be less saturated, potentially offering opportunities for skilled professionals, but also implying a smaller overall industry footprint within the region.
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↑ 11% | 17 mi |
| Minneapolis-St. Paul-Bloomington, MN-WI Business and Financial Operations Occupations Salary | $96,880↑ 30% | 58 mi |
Comparing salaries near Northwest Minnesota nonmetropolitan area
Hiring Business and Financial Operations Occupationss?
Frequently Asked Questions
How much does a Business and Financial Operations Occupations make in Northwest Minnesota nonmetropolitan area?
The median annual salary for a Business and Financial Operations Occupations in Northwest Minnesota nonmetropolitan area is $74,780. This typically ranges from $46,270 for entry-level positions to $107,320 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Northwest Minnesota nonmetropolitan area is 20.9% lower than the national median of $94,590.
Is Northwest Minnesota nonmetropolitan area a lucrative place for Business and Financial Operations Occupationss?
No, not compared to the national average.The average salary of $74,780 is significantly lower than the national average of $94,590. However, the cost of living is also at the national average, meaning purchasing power is comparable.
Is Northwest Minnesota nonmetropolitan area a good place to live for Business and Financial Operations Occupations?
The Cost of Living Index in Northwest Minnesota nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Northwest 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 Northwest Minnesota?
The average annual salary for Business and Financial Operations Occupations in Northwest Minnesota is $74,780.
How does the Northwest Minnesota salary compare to the national average?
The average salary in Northwest Minnesota ($74,780) is lower than the national average of $94,590 for these occupations.
What is the Cost of Living Index in Northwest Minnesota?
The Cost of Living Index in Northwest Minnesota is 100, which is the national average.
How concentrated are Business and Financial Operations jobs in Northwest Minnesota?
The concentration, measured by the Location Quotient, is 0.58, indicating a lower concentration compared to 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 7,490 employees in the Northwest Minnesota nonmetropolitan area area with a job density of 38.96 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 Minnesota nonmetropolitan area