Average Financial Managers Salary in Albany-Schenectady-Troy, NY
Financial Managers in the Albany-Schenectady-Troy, NY area earn an average annual salary of $167,180. This figure is slightly below the national average of $184,480, suggesting a localized market dynamic that influences compensation. Factors such as regional economic conditions and the specific demand within the Capital Region likely contribute to this pay differential.
Executive Summary
- Average Salary: $167,180 per year.
- Growth Trend: Salaries have shifted 21.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $250,770.
- Outlook: The Albany-Schenectady-Troy region supports a robust workforce of 2,430 Financial Managers, indicating a significant presence in the local economy. With a Location Quotient of 1.03, the concentration of these professionals is just above the national average, suggesting a stable and consistent demand for their expertise within the area.
Salary Overview
The average Financial Managers in Albany-Schenectady-Troy, NY earns-9.4%below the national average.
$80.4
$3,215
$13,932
Financial Managers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Financial Managers in Albany-Schenectady-Troy have experienced steady growth over the past four years, mirroring national trends. Economic expansion and increasing complexity in financial operations typically drive up compensation for experienced professionals in this field.
Financial Managers Salary Distribution in Albany-Schenectady-Troy, NY
Salary progression for Financial Managers in Albany-Schenectady-Troy typically scales significantly with experience. Entry-level positions will command lower salaries, while senior roles, requiring extensive expertise and leadership, can reach well into the upper percentiles. The difference between entry-level and senior compensation highlights clear career advancement opportunities and the value placed on seasoned financial leadership.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $95,010 | $45.7 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $125,385 | $60.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $146,910 | $70.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $208,975 | $100.5 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $250,770 | $120.6 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$167,180
Gross Pay
Real Wage (Purchasing Power)
$167,180
Adjusted for COL (100)
The average annual salary of $167,180 in Albany-Schenectady-Troy aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of a Financial Manager's salary in this region is equivalent to the national average, offering a stable financial environment without the premium often associated with higher cost-of-living areas.
Job Market Context
2,430
Total Jobs
5.489
Per 1K Jobs
1.03
Location Quotient
With a location quotient of 1.03, Albany-Schenectady-Troy, NY has a slightly higher-than-average concentration of Financial Managers roles compared to the national norm.
With a Location Quotient of 1.03, the Albany-Schenectady-Troy market exhibits a concentration of Financial Managers that is slightly higher than the national average. This indicates a healthy, albeit not exceptionally concentrated, job market for these professionals, suggesting a competitive but accessible landscape for both employers seeking talent and individuals seeking employment.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Pittsfield, MA Financial Managers Salary | $162,140↓ 3% | 31 mi |
| Glens Falls, NY Financial Managers Salary | $165,520↓ 1% | 45 mi |
| Kingston, NY Financial Managers Salary | $177,200↑ 6% | 52 mi |
| Southwest New York nonmetropolitan area Financial Managers Salary | $148,390↓ 11% | 68 mi |
| Central East New York nonmetropolitan area Financial Managers Salary | $157,050↓ 6% | 68 mi |
Comparing salaries near Albany-Schenectady-Troy, NY
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Albany-Schenectady-Troy, NY?
The median annual salary for a Financial Managers in Albany-Schenectady-Troy, NY is $167,180. This typically ranges from $95,010 for entry-level positions to $250,770 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Albany-Schenectady-Troy, NY is 9.4% lower than the national median of $184,480.
Is Albany-Schenectady-Troy, NY a lucrative place for Financial Managers?
Yes, it offers a stable financial environment for Financial Managers.The average salary of $167,180 is competitive, especially when balanced by a Cost of Living Index at the national average. The stable job market concentration further supports its appeal.
Is Albany-Schenectady-Troy, NY a good place to live for Financial Managers?
The Cost of Living Index in Albany-Schenectady-Troy, NY is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Albany-Schenectady-Troy, NY?
Some top paying nearby cities include Pittsfield, MA ($162,140) and Glens Falls, NY.
How does the Albany-Schenectady-Troy salary compare to the national average?
The average salary of $167,180 in Albany-Schenectady-Troy is approximately 9.4% lower than the national average of $184,480 for Financial Managers.
What is the significance of the Location Quotient (LQ) for Financial Managers in this area?
An LQ of 1.03 indicates that Financial Managers are slightly more concentrated in Albany-Schenectady-Troy than the national average, suggesting a stable demand for these roles within the region.
Does the Cost of Living in Albany-Schenectady-Troy affect the salary?
No, the Cost of Living Index is exactly 100, matching the national average. This means the $167,180 salary offers purchasing power equivalent to the national average, making it financially comparable.
How many Financial Managers are employed in the Albany-Schenectady-Troy area?
There are approximately 2,430 Financial Managers employed in the Albany-Schenectady-Troy metropolitan area, representing 5.489 jobs per 1,000 workers.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,430 employees in the Albany-Schenectady-Troy, NY area with a job density of 5.489 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 Albany-Schenectady-Troy, NY