Average Business and Financial Operations Occupations Salary in Springfield, IL
In Springfield, IL, professionals in Business and Financial Operations Occupations can expect an average annual salary of $85,120. This figure is notably below the national average of $94,590, suggesting that local market dynamics and potentially a different industry focus influence compensation within the state capital. Factors such as the specific mix of industries and the overall economic landscape of the region play a crucial role in shaping these salary benchmarks.
Executive Summary
- Average Salary: $85,120 per year.
- Growth Trend: Salaries have shifted 13.1% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $129,150.
- Outlook: Springfield, IL boasts a substantial local workforce of 8,950 individuals within Business and Financial Operations Occupations. With a Location Quotient of 1.3, this sector demonstrates a concentration higher than the national average, indicating a robust and established presence. The rate of 87.118 jobs per 1,000 workers further underscores the significant demand and integration of these roles within the local economy, suggesting a stable and active job market.
Salary Overview
The average Business and Financial Operations Occupations in Springfield, IL earns-10.0%below the national average.
$40.9
$1,637
$7,093
Business and Financial Operations Occupations Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that Business and Financial Operations Occupations in Springfield, IL have experienced salary growth over the past four years, mirroring national trends. Economic expansion, inflation, and increasing demand for specialized financial expertise typically drive upward adjustments in compensation, ensuring that professionals in this field see their earning potential rise over time.
Business and Financial Operations Occupations Salary Distribution in Springfield, IL
Salary progression for Business and Financial Operations roles in Springfield, IL, like elsewhere, is strongly tied to experience. Entry-level positions typically command lower salaries, while seasoned professionals with specialized skills and a proven track record can significantly increase their earnings. The widening gap between entry-level and senior-level salaries, often seen across different pay percentiles, clearly signifies a pathway for career advancement and substantial income growth within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $47,990 | $23.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $63,840 | $30.7 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $78,270 | $37.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $106,400 | $51.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $129,150 | $62.1 |
Detailed Business and Financial Operations Occupations Market Analysis
Relocation Context
Nominal Salary
$85,120
Gross Pay
Real Wage (Purchasing Power)
$85,120
Adjusted for COL (100)
The average annual salary of $85,120 in Springfield, IL aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that while the nominal salary is below the national average, the purchasing power of this income is equivalent to the national standard. Therefore, relocating to Springfield for these roles offers a financial stability comparable to the rest of the country, without the added pressure of a higher cost of living.
Job Market Context
8,950
Total Jobs
87.118
Per 1K Jobs
1.3
Location Quotient
With a location quotient of 1.30, Springfield, IL has a slightly higher-than-average concentration of Business and Financial Operations Occupations roles compared to the national norm.
A Location Quotient of 1.3 for Business and Financial Operations Occupations in Springfield, IL signifies a market that is 30% more concentrated than the national average. This suggests a healthy and active job market with a greater availability of these specialized roles relative to the general workforce. While not excessively competitive, this concentration indicates a solid demand and a well-established professional community within the region.
Nearby Job Markets
Nearby Cities for Business and Financial Operations Occupations
Comparing salaries near Springfield, IL
Hiring Business and Financial Operations Occupationss?
Frequently Asked Questions
How much does a Business and Financial Operations Occupations make in Springfield, IL?
The median annual salary for a Business and Financial Operations Occupations in Springfield, IL is $85,120. This typically ranges from $47,990 for entry-level positions to $129,150 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Springfield, IL is 10.0% lower than the national median of $94,590.
Is Springfield, IL a lucrative place for Business and Financial Operations Occupations?
Moderately. While the salary is below the national average, the cost of living is also at the national average, resulting in comparable purchasing power.The average salary of $85,120 is lower than the national average, but with a Cost of Living Index of 100, your earnings will stretch as far as they would nationally. The strong concentration (LQ 1.3) indicates good local demand for these roles.
Is Springfield, IL a good place to live for Business and Financial Operations Occupations?
The Cost of Living Index in Springfield, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Springfield, IL?
Some top paying nearby cities include Decatur, IL ($87,690) and West Central Illinois nonmetropolitan area.
How does Springfield's cost of living compare to the national average?
Springfield, IL has a Cost of Living Index of 100, which is exactly the national average. This means that the general cost of goods and services, including housing, is comparable to the rest of the United States.
What does a Location Quotient of 1.3 mean for Business and Financial Operations jobs?
A Location Quotient of 1.3 indicates that Business and Financial Operations Occupations are 30% more concentrated in Springfield, IL than the national average. This suggests a stronger presence and potentially more job opportunities in this sector compared to other industries within the city.
How many people work in Business and Financial Operations in Springfield, IL?
There are approximately 8,950 individuals employed in Business and Financial Operations Occupations in Springfield, IL, representing a significant portion of the local workforce.
Is the salary for Business and Financial Operations in Springfield, IL competitive?
While the average salary of $85,120 is below the national average of $94,590, the equivalent cost of living means your salary has comparable purchasing power. The strong local concentration suggests a stable job market for these professionals.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 8,950 employees in the Springfield, IL area with a job density of 87.118 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Business and Financial Operations Occupations Salaries by State
Top Jobs in Springfield, IL
- All Occupations Salary in Springfield, IL
- Office and Administrative Support Occupations Salary in Springfield, IL
- Healthcare Practitioners and Technical Occupations Salary in Springfield, IL
- Food Preparation and Serving Related Occupations Salary in Springfield, IL
- Business and Financial Operations Occupations Salary in Springfield, IL
- Sales and Related Occupations Salary in Springfield, IL
- Management Occupations Salary in Springfield, IL
- Transportation and Material Moving Occupations Salary in Springfield, IL
- Educational Instruction and Library Occupations Salary in Springfield, IL
- Healthcare Support Occupations Salary in Springfield, IL
- Browse All Jobs in Springfield, IL →
Semantic Salary Analysis for Business and Financial Operations Occupations • Data source: BLS OEWS 2024 •Jobs in Springfield, IL