Average Business and Financial Operations Occupations Salary in Traverse City, MI
In Traverse City, MI, professionals in Business and Financial Operations Occupations earn an average annual salary of $73,430. This figure is notably below the national average of $94,590, reflecting regional economic factors and the specific demands of the local market. While the nominal salary may seem lower, it's crucial to consider the context of the local economy and cost of living.
Executive Summary
- Average Salary: $73,430 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $107,760.
- Outlook: With a local workforce of 3,300 individuals in Business and Financial Operations, Traverse City presents a moderate employment landscape for these roles. The Location Quotient of 0.73 suggests that this sector is slightly less concentrated than the national average, indicating a stable but not exceptionally robust demand. The presence of nearly 50 jobs per 1,000 workers signifies a consistent need for these essential business functions within the community.
Salary Overview
The average Business and Financial Operations Occupations in Traverse City, MI earns-22.4%below the national average.
$35.3
$1,412
$6,119
Business and Financial Operations Occupations Salary Trends (2020-2024)
While specific historical data for Traverse City's Business and Financial Operations sector is not provided, it is reasonable to assume a general trend of salary growth mirroring national patterns over the past four years. Economic recovery, inflation, and increasing demand for skilled financial professionals typically drive upward adjustments in compensation across most markets, including Traverse City.
Business and Financial Operations Occupations Salary Distribution in Traverse City, MI
Within the Business and Financial Operations field, salary progression is strongly tied to experience and specialization. Entry-level positions typically command lower salaries, while seasoned professionals with advanced degrees and specialized expertise can expect significantly higher compensation. The widening gap between entry-level and senior-level salaries, often seen across different pay percentiles, clearly signifies substantial career advancement opportunities and earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $42,200 | $20.3 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $55,073 | $26.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $64,210 | $30.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $91,788 | $44.1 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $107,760 | $51.8 |
Detailed Business and Financial Operations Occupations Market Analysis
Relocation Context
Nominal Salary
$73,430
Gross Pay
Real Wage (Purchasing Power)
$73,430
Adjusted for COL (100)
The average annual salary of $73,430 in Traverse City aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of the salary in Traverse City is equivalent to the national average, offering a balanced financial environment for residents. While the nominal salary is lower than the national average, the equivalent cost of living suggests that the take-home pay maintains its value locally.
Job Market Context
3,300
Total Jobs
49.132
Per 1K Jobs
0.73
Location Quotient
Traverse City, MI has 0.73x 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 0.73 for Business and Financial Operations in Traverse City indicates that this sector is somewhat less prevalent compared to the national average. This suggests a market that is neither oversaturated nor exceptionally competitive, offering a balanced environment for job seekers. While there are fewer professionals in this field relative to the national concentration, the consistent number of jobs per 1,000 workers implies ongoing opportunities for skilled individuals.
Nearby Job Markets
Hiring Business and Financial Operations Occupationss?
Frequently Asked Questions
How much does a Business and Financial Operations Occupations make in Traverse City, MI?
The median annual salary for a Business and Financial Operations Occupations in Traverse City, MI is $73,430. This typically ranges from $42,200 for entry-level positions to $107,760 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Traverse City, MI is 22.4% lower than the national median of $94,590.
Is Traverse City, MI a lucrative place for Business and Financial Operations Occupationss?
No, not exceptionally lucrative compared to the national average.The average salary of $73,430 is significantly lower than the national average of $94,590. However, the cost of living is also at the national average, meaning the salary's purchasing power is maintained locally.
Is Traverse City, MI a good place to live for Business and Financial Operations Occupations?
The Cost of Living Index in Traverse City, MI is 100. While higher than average, this often correlates with higher wages.
What is the average salary for Business and Financial Operations in Traverse City, MI?
The average annual salary for Business and Financial Operations Occupations in Traverse City, MI is $73,430.
How does Traverse City's salary compare to the national average?
The average salary in Traverse City ($73,430) is lower than the national average ($94,590) for Business and Financial Operations roles.
What is the Cost of Living in Traverse City, MI?
Traverse City, MI has a Cost of Living Index of 100, which is equivalent to the national average.
How concentrated are Business and Financial Operations jobs in Traverse City?
The concentration of Business and Financial Operations jobs in Traverse City, indicated by a Location Quotient of 0.73, is slightly below 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 3,300 employees in the Traverse City, MI area with a job density of 49.132 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 Traverse City, MI