Average Financial Managers Salary in Akron, OH
Financial Managers in Akron, OH, earn an average annual salary of $154,100. This figure is notably below the national average of $184,480, suggesting that local market dynamics and potentially a lower cost of living influence compensation levels in this Ohio city. The specific economic landscape of Akron shapes the earning potential for these crucial finance professionals.
Executive Summary
- Average Salary: $154,100 per year.
- Growth Trend: Salaries have shifted 16.3% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $231,150.
- Outlook: With a local workforce of 1,610 Financial Managers and a Location Quotient of 0.95, Akron presents a stable, albeit slightly below-average concentration, job market for this profession. The presence of 5.018 jobs per 1,000 workers indicates a steady demand, suggesting that while the market isn't booming, opportunities are consistently available for skilled individuals within the region.
Salary Overview
The average Financial Managers in Akron, OH earns-16.5%below the national average.
$74.1
$2,963
$12,842
Financial Managers Salary Trends (2020-2024)
While specific historical data is not provided, it's reasonable to assume that salaries for Financial Managers in Akron have experienced growth over the past four years, mirroring national trends. Economic expansion, inflation, and increasing demand for sophisticated financial oversight likely contribute to a gradual upward trajectory in compensation, even if it remains below the national benchmark.
Financial Managers Salary Distribution in Akron, OH
The salary range for Financial Managers in Akron significantly expands with experience. Entry-level positions typically start at the lower end of the spectrum, while seasoned professionals with extensive expertise and leadership responsibilities can command salaries well into the upper percentiles. The widening gap between entry-level and senior roles clearly signifies substantial career progression and earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $75,510 | $36.3 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $115,575 | $55.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $132,410 | $63.7 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $192,625 | $92.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $231,150 | $111.1 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$154,100
Gross Pay
Real Wage (Purchasing Power)
$154,100
Adjusted for COL (100)
The average annual salary of $154,100 for Financial Managers in Akron aligns perfectly with the national average Cost of Living Index of 100. This means that the nominal salary holds its purchasing power directly against the national average, indicating that the cost of living in Akron is neither a significant advantage nor a disadvantage when compared to the rest of the country.
Job Market Context
1,610
Total Jobs
5.018
Per 1K Jobs
0.95
Location Quotient
Akron, OH has 0.95x the national average concentration of Financial Managers 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 0.95 suggests that Financial Manager roles are nearly as concentrated in Akron as they are nationally. This indicates a competitive market where the number of available positions is closely matched by the number of qualified professionals, implying a balanced supply and demand dynamic without an overabundance or scarcity of talent.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Canton-Massillon, OH Financial Managers Salary | $134,820↓ 13% | 20 mi |
| Cleveland, OH Financial Managers Salary | $160,060↑ 4% | 29 mi |
| Youngstown-Warren, OH Financial Managers Salary | $121,470↓ 21% | 46 mi |
| Mansfield, OH Financial Managers Salary | $118,740↓ 23% | 57 mi |
| Sandusky, OH Financial Managers Salary | $126,250↓ 18% | 66 mi |
Comparing salaries near Akron, OH
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Akron, OH?
The median annual salary for a Financial Managers in Akron, OH is $154,100. This typically ranges from $75,510 for entry-level positions to $231,150 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Akron, OH is 16.5% lower than the national median of $184,480.
Is Akron, OH a lucrative place for Financial Managers?
No, not exceptionally lucrative compared to the national average.While Financial Managers in Akron earn a substantial $154,100 annually, this is below the national average of $184,480, indicating less lucrative potential relative to the rest of the country.
Is Akron, OH a good place to live for Financial Managers?
The Cost of Living Index in Akron, OH is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Akron, OH?
Some top paying nearby cities include Canton-Massillon, OH ($134,820) and Cleveland, OH.
How does Akron's cost of living compare to the national average?
Akron's Cost of Living Index is exactly 100, meaning it is precisely on par with the national average. Your $154,100 salary in Akron will therefore have the same purchasing power as the national average salary across the United States.
What is the concentration of Financial Managers in Akron?
The concentration of Financial Managers in Akron is indicated by a Location Quotient of 0.95. This means the profession is slightly less concentrated in Akron than the national average, suggesting a balanced job market.
How many Financial Managers are there in Akron?
Akron has a local workforce of 1,610 Financial Managers, representing 5.018 jobs per 1,000 workers in the area.
Does experience significantly impact a Financial Manager's salary in Akron?
Yes, experience plays a crucial role in salary progression. As Financial Managers gain more experience, their earning potential increases, moving them from entry-level compensation towards higher percentile salaries.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,610 employees in the Akron, OH area with a job density of 5.018 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Financial Managers • Data source: BLS OEWS 2024 •Jobs in Akron, OH