Average Business and Financial Operations Occupations Salary in Rockford, IL
In Rockford, IL, professionals in Business and Financial Operations Occupations earn an average annual salary of $75,060. This figure is notably below the national average of $94,590, indicating that local market dynamics and economic factors specific to Rockford influence compensation levels. The cost of living in Rockford aligns perfectly with the national average, suggesting that while nominal salaries are lower, purchasing power may be more comparable.
Executive Summary
- Average Salary: $75,060 per year.
- Growth Trend: Salaries have shifted 18.5% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $113,260.
- Outlook: Rockford, IL supports a local workforce of 5,100 individuals within Business and Financial Operations Occupations. The location quotient of 0.55 suggests that this sector is less concentrated in Rockford compared to the national average, implying a potentially less saturated but also possibly less robust job market for these roles. With 36.605 jobs per 1,000 workers, the presence of these roles is consistent with national employment patterns, though the lower concentration hints at fewer specialized opportunities.
Salary Overview
The average Business and Financial Operations Occupations in Rockford, IL earns-20.6%below the national average.
$36.1
$1,443
$6,255
Business and Financial Operations Occupations Salary Trends (2020-2024)
While specific historical data for Rockford's Business and Financial Operations Occupations is not provided, it is reasonable to assume a general trend of salary growth over the past four years, mirroring national economic recovery and inflation. This growth would likely be influenced by evolving industry demands, technological advancements, and the overall economic health of the region, leading to incremental increases in compensation for skilled professionals.
Business and Financial Operations Occupations Salary Distribution in Rockford, IL
Salary progression within Business and Financial Operations Occupations in Rockford, IL, typically sees significant increases with experience. Entry-level positions might start closer to the lower end of the pay scale, while seasoned professionals with specialized skills and a proven track record can command salaries substantially higher than the average. The percentile gaps between early-career and senior roles highlight the substantial career growth and earning potential available through dedication and skill development.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $41,770 | $20.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $56,295 | $27.1 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $66,630 | $32 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $93,825 | $45.1 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $113,260 | $54.5 |
Detailed Business and Financial Operations Occupations Market Analysis
Relocation Context
Nominal Salary
$75,060
Gross Pay
Real Wage (Purchasing Power)
$75,060
Adjusted for COL (100)
The average annual salary of $75,060 in Rockford, IL, is positioned against a Cost of Living Index of 100, which is precisely the national average. This means that the nominal income earned by professionals in this field in Rockford offers purchasing power equivalent to the national average. Therefore, relocating to Rockford for these roles does not present an immediate advantage or disadvantage in terms of cost of living relative to income, making it a neutral factor for financial planning.
Job Market Context
5,100
Total Jobs
36.605
Per 1K Jobs
0.55
Location Quotient
Rockford, IL has 0.55x 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 0.55, the Business and Financial Operations Occupations sector in Rockford, IL, is less concentrated than the national average. This suggests that while these roles are present and necessary for the local economy, they are not a dominant industry sector. The market may offer fewer specialized positions but could also present opportunities for individuals seeking to establish themselves in a less competitive, though potentially smaller, professional landscape.
Nearby Job Markets
Nearby Cities for Business and Financial Operations Occupations
| City | Salary | Dist. |
|---|---|---|
| Janesville-Beloit, WI Business and Financial Operations Occupations Salary | $80,320↑ 7% | 30 mi |
| Madison, WI Business and Financial Operations Occupations Salary | $87,950↑ 17% | 59 mi |
| Kenosha, WI Business and Financial Operations Occupations Salary | $81,140↑ 8% | 65 mi |
| Racine-Mount Pleasant, WI Business and Financial Operations Occupations Salary | $82,330↑ 10% | 71 mi |
| Chicago-Naperville-Elgin, IL-IN Business and Financial Operations Occupations Salary | $96,790↑ 29% | 78 mi |
Comparing salaries near Rockford, IL
Hiring Business and Financial Operations Occupationss?
Frequently Asked Questions
How much does a Business and Financial Operations Occupations make in Rockford, IL?
The median annual salary for a Business and Financial Operations Occupations in Rockford, IL is $75,060. This typically ranges from $41,770 for entry-level positions to $113,260 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Rockford, IL is 20.6% lower than the national median of $94,590.
Is Rockford, IL a lucrative place for Business and Financial Operations Occupationss?
No, not exceptionally lucrative compared to the national average.The average salary of $75,060 is significantly lower than the national average of $94,590. However, the cost of living is also at the national average, making the purchasing power comparable.
Is Rockford, IL a good place to live for Business and Financial Operations Occupations?
The Cost of Living Index in Rockford, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Rockford, IL?
Some top paying nearby cities include Janesville-Beloit, WI ($80,320) and Madison, WI.
How does Rockford's Business and Financial Operations job market compare nationally?
Rockford's job market for these occupations is less concentrated than the national average, indicated by a Location Quotient of 0.55. This suggests fewer specialized roles but potentially less competition.
What is the average salary for Business and Financial Operations Occupations in Rockford, IL?
The average annual salary for Business and Financial Operations Occupations in Rockford, IL, is $75,060.
How does the cost of living in Rockford, IL affect salary perception?
Rockford's Cost of Living Index is 100, matching the national average. This means the $75,060 salary has purchasing power equivalent to the national average, despite being lower in nominal terms.
What is the concentration of Business and Financial Operations jobs in Rockford, IL?
The concentration, measured by the Location Quotient, is 0.55, meaning these jobs are less prevalent in Rockford 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 5,100 employees in the Rockford, IL area with a job density of 36.605 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 Rockford, IL