Average Financial Managers Salary in Binghamton, NY
Financial Managers in Binghamton, NY, command an average annual salary of $168,700. This figure is notably below the national average of $184,480, suggesting that local market dynamics and potentially a different industry focus influence compensation in this region. While the nominal salary is substantial, understanding its local purchasing power is key.
Executive Summary
- Average Salary: $168,700 per year.
- Growth Trend: Salaries have shifted 14.4% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $253,050.
- Outlook: With a total local workforce of 260 Financial Managers, Binghamton presents a modest but stable employment landscape for these professionals. The Location Quotient of 0.51 indicates a lower concentration of these roles compared to the national average, suggesting that while opportunities exist, the market is not saturated. The rate of 2.704 jobs per 1,000 workers further solidifies this picture of a steady, albeit not booming, demand.
Salary Overview
The average Financial Managers in Binghamton, NY earns-8.6%below the national average.
$81.1
$3,244
$14,058
Financial Managers Salary Trends (2020-2024)
While specific historical data for Binghamton's Financial Manager salaries over the past four years is not provided, it's reasonable to assume a general upward trend mirroring national patterns. Economic growth, inflation, and increasing demand for sophisticated financial oversight typically drive salary increases for experienced professionals in this field, even in smaller metropolitan areas.
Financial Managers Salary Distribution in Binghamton, NY
The salary trajectory for Financial Managers in Binghamton, NY, significantly escalates with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with extensive expertise and leadership responsibilities can command salaries well into the higher percentiles, potentially approaching or even exceeding the $168,700 average. These percentile gaps are indicative of clear career progression pathways within the financial management sector.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $82,890 | $39.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $126,525 | $60.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $140,630 | $67.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $210,875 | $101.4 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $253,050 | $121.7 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$168,700
Gross Pay
Real Wage (Purchasing Power)
$168,700
Adjusted for COL (100)
The average annual salary of $168,700 in Binghamton, NY, 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 Binghamton is equivalent to the national average, offering a stable financial standing relative to the rest of the country. Your earnings will likely cover expenses without significant strain, assuming a typical lifestyle.
Job Market Context
260
Total Jobs
2.704
Per 1K Jobs
0.51
Location Quotient
Binghamton, NY has 0.51x 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 0.51 for Financial Managers in Binghamton, NY, signifies that the concentration of these roles is about half that of the national average. This suggests that while the profession is present and valued, it is not a primary industry hub. Consequently, job seekers might face a less competitive market for senior roles but potentially fewer specialized opportunities compared to larger financial centers.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Ithaca, NY Financial Managers Salary | $161,000↓ 5% | 39 mi |
| Elmira, NY Financial Managers Salary | $157,610↓ 7% | 46 mi |
| Southwest New York nonmetropolitan area Financial Managers Salary | $148,390↓ 12% | 49 mi |
| Central East New York nonmetropolitan area Financial Managers Salary | $157,050↓ 7% | 49 mi |
| Capital/Northern New York nonmetropolitan area Financial Managers Salary | $149,360↓ 11% | 49 mi |
Comparing salaries near Binghamton, NY
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Binghamton, NY?
The median annual salary for a Financial Managers in Binghamton, NY is $168,700. This typically ranges from $82,890 for entry-level positions to $253,050 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Binghamton, NY is 8.6% lower than the national median of $184,480.
Is Binghamton, NY a lucrative place for Financial Managers?
Yes, with caveats.The average salary of $168,700 is substantial, and with a Cost of Living Index of 100, its purchasing power is equivalent to the national average. However, it is below the national average salary for the role.
Is Binghamton, NY a good place to live for Financial Managers?
The Cost of Living Index in Binghamton, NY is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Binghamton, NY?
Some top paying nearby cities include Ithaca, NY ($161,000) and Elmira, NY.
How does Binghamton's Financial Manager salary compare to the national average?
The average salary in Binghamton, NY ($168,700) is lower than the national average ($184,480), indicating regional differences in compensation for Financial Managers.
What is the job market like for Financial Managers in Binghamton, NY?
The market is moderately concentrated, with a Location Quotient of 0.51, suggesting fewer specialized roles but potentially less competition than in major financial hubs.
Does the Cost of Living in Binghamton affect salary expectations?
No, the Cost of Living Index is exactly 100, meaning the $168,700 salary offers purchasing power equivalent to the national average, making it financially stable.
How many Financial Managers are there in Binghamton, NY?
There are approximately 260 Financial Managers employed in Binghamton, NY, representing 2.704 jobs per 1,000 workers in the local economy.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 260 employees in the Binghamton, NY area with a job density of 2.704 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 Binghamton, NY