Average Financial Managers Salary in Champaign-Urbana, IL
Financial Managers in Champaign-Urbana, IL earn an average annual salary of $135,120. This figure is notably below the national average of $184,480, suggesting that local market dynamics, industry concentration, and potentially the scale of businesses in the region influence compensation levels. While lower than the national benchmark, this salary must be considered within the context of the local economic environment.
Executive Summary
- Average Salary: $135,120 per year.
- Growth Trend: Salaries have shifted 22.6% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $205,550.
- Outlook: With a local workforce of 630 Financial Managers and a Location Quotient of 1.13, Champaign-Urbana exhibits a slightly higher concentration of these professionals than the national average. This indicates a stable, albeit not booming, demand for financial management expertise within the area. The presence of nearly 6 professionals per 1,000 workers suggests a healthy job market that can support both existing talent and new entrants.
Salary Overview
The average Financial Managers in Champaign-Urbana, IL earns-26.8%below the national average.
$65
$2,598
$11,260
Financial Managers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Financial Managers in Champaign-Urbana have experienced gradual growth over the past four years, mirroring national trends. Economic expansion, inflation, and increasing demand for sophisticated financial planning and analysis would likely contribute to a steady upward trajectory in compensation, even if it remains below the national average.
Financial Managers Salary Distribution in Champaign-Urbana, IL
The career path for Financial Managers typically involves significant salary progression based on experience. Entry-level positions often start at the lower end of the pay scale, while seasoned professionals with extensive experience and specialized skills can command salaries well into the upper percentiles. The gap between starting and senior-level compensation underscores the value placed on accumulated knowledge, strategic oversight, and leadership capabilities in financial management.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $77,540 | $37.3 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $101,340 | $48.7 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $121,770 | $58.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $168,900 | $81.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $205,550 | $98.8 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$135,120
Gross Pay
Real Wage (Purchasing Power)
$135,120
Adjusted for COL (100)
The average annual salary of $135,120 in Champaign-Urbana, IL, aligns perfectly with the local Cost of Living Index of 100, which represents the national average. This means that the purchasing power of a Financial Manager's salary in this area is equivalent to the national average. While the nominal salary is lower than the national average, the cost of living parity suggests that the take-home pay offers comparable living standards to other regions.
Job Market Context
630
Total Jobs
5.999
Per 1K Jobs
1.13
Location Quotient
With a location quotient of 1.13, Champaign-Urbana, IL has a slightly higher-than-average concentration of Financial Managers roles compared to the national norm.
A Location Quotient of 1.13 signifies that Financial Managers are slightly more concentrated in Champaign-Urbana than in the U.S. overall. This suggests a moderately competitive market where demand is present and slightly exceeds the national average proportion. While not an indicator of an oversaturated market, it implies that employers are actively seeking financial talent, and professionals may find a reasonable number of opportunities available.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Decatur, IL Financial Managers Salary | $135,350↑ 0% | 39 mi |
| West Central Illinois nonmetropolitan area Financial Managers Salary | $128,400↓ 5% | 41 mi |
| East Central Illinois nonmetropolitan area Financial Managers Salary | $140,910↑ 4% | 41 mi |
| Northwest Illinois nonmetropolitan area Financial Managers Salary | $134,200↓ 1% | 41 mi |
| South Illinois nonmetropolitan area Financial Managers Salary | $119,080↓ 12% | 41 mi |
Comparing salaries near Champaign-Urbana, IL
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Frequently Asked Questions
How much does a Financial Managers make in Champaign-Urbana, IL?
The median annual salary for a Financial Managers in Champaign-Urbana, IL is $135,120. This typically ranges from $77,540 for entry-level positions to $205,550 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Champaign-Urbana, IL is 26.8% lower than the national median of $184,480.
Is Champaign-Urbana, IL a lucrative place for Financial Managers?
Moderately lucrative, with strong purchasing power.While the average salary of $135,120 is below the national average, the cost of living being exactly at the national average means your earnings have equivalent purchasing power. The slightly higher concentration of these roles (LQ 1.13) also indicates a stable job market.
Is Champaign-Urbana, IL a good place to live for Financial Managers?
The Cost of Living Index in Champaign-Urbana, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Champaign-Urbana, IL?
Some top paying nearby cities include Decatur, IL ($135,350) and West Central Illinois nonmetropolitan area.
What is the average salary for a Financial Manager in Champaign-Urbana, IL?
The average annual salary for a Financial Manager in Champaign-Urbana, IL is $135,120.
How does the Champaign-Urbana salary compare to the national average?
The average salary in Champaign-Urbana ($135,120) is lower than the national average of $184,480.
What is the cost of living in Champaign-Urbana, IL?
The cost of living in Champaign-Urbana, IL is at the national average, indicated by an index of 100.
How concentrated are Financial Manager jobs in Champaign-Urbana, IL?
Financial Manager jobs are slightly more concentrated in Champaign-Urbana, IL, with a Location Quotient of 1.13, indicating a slightly higher presence than 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 630 employees in the Champaign-Urbana, IL area with a job density of 5.999 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 Champaign-Urbana, IL