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Average Financial Managers Salary in Cleveland, OH

Financial Managers in Cleveland, OH, earn an average annual salary of $160,060. This figure is notably below the national average of $184,480, suggesting that while Cleveland offers a stable market, compensation may be influenced by regional economic factors and industry-specific demand within the city.

Executive Summary

  • Average Salary: $160,060 per year.
  • Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $240,090.
  • Outlook: With a local workforce of 6,060 Financial Managers and a Location Quotient of 1.1, Cleveland demonstrates a concentration of these professionals slightly above the national average. This indicates a robust and established demand for financial management expertise within the region, suggesting a healthy job market for skilled individuals.
2024 Market Data

Salary Overview

$160,060

The average Financial Managers in Cleveland, OH earns-13.2%below the national average.

BreakdownBased on 40h/week
Hourly

$77

Weekly

$3,078

Monthly

$13,338

Financial Managers Salary Distribution in Cleveland, OH

The salary trajectory for Financial Managers in Cleveland, as elsewhere, typically escalates significantly with experience. Entry-level positions might start in the lower percentiles, while seasoned professionals with extensive experience and specialized skills can command salaries in the upper percentiles, reflecting a clear career progression and increased earning potential.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$80,220$38.6
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$120,045$57.7
ManagerOversees team, compliance, and project delivery.50% (Median)$137,440$66.1
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$200,075$96.2
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$240,090$115.4

Detailed Financial Managers Market Analysis

Relocation Context

Nominal Salary

$160,060

Gross Pay

Real Wage (Purchasing Power)

$160,060

Adjusted for COL (100)

The average nominal salary of $160,060 in Cleveland 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 Cleveland is equivalent to the national average, offering a stable financial environment without significant cost-of-living advantages or disadvantages.

Job Market Context

6,060

Total Jobs

5.842

Per 1K Jobs

1.1

Location Quotient

Above Average

With a location quotient of 1.10, Cleveland, OH has a slightly higher-than-average concentration of Financial Managers roles compared to the national norm.

A Location Quotient of 1.1 signifies that Financial Managers are 10% more concentrated in Cleveland than the national average. This suggests a competitive yet accessible job market, where the presence of a slightly larger professional pool indicates established opportunities and a steady demand for talent within the local economy.

Nearby Job Markets

Nearby Cities for Financial Managers

CitySalaryDist.
Akron, OH Financial Managers Salary$154,100↓ 4%29 mi
Canton-Massillon, OH Financial Managers Salary$134,820↓ 16%49 mi
Sandusky, OH Financial Managers Salary$126,250↓ 21%53 mi
Youngstown-Warren, OH Financial Managers Salary$121,470↓ 24%60 mi
Mansfield, OH Financial Managers Salary$118,740↓ 26%66 mi

Comparing salaries near Cleveland, OH

Hiring Financial Managerss?

Frequently Asked Questions

How much does a Financial Managers make in Cleveland, OH?

The median annual salary for a Financial Managers in Cleveland, OH is $160,060. This typically ranges from $80,220 for entry-level positions to $240,090 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Cleveland, OH is 13.2% lower than the national median of $184,480.

Is Cleveland, OH a lucrative place for Financial Managers?

Yes, Cleveland, OH offers a competitive salary for Financial Managers.The average salary of $160,060 is substantial, and with a cost of living at the national average, it provides good purchasing power. The slightly above-average concentration of these roles (LQ 1.1) also points to a healthy job market.

Is Cleveland, OH a good place to live for Financial Managers?

The Cost of Living Index in Cleveland, OH is 100. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Cleveland, OH?

Some top paying nearby cities include Akron, OH ($154,100) and Canton-Massillon, OH.

How does Cleveland's Financial Manager salary compare to the national average?

The average salary for Financial Managers in Cleveland, OH is $160,060, which is below the national average of $184,480.

What is the concentration of Financial Managers in Cleveland, OH?

Cleveland has a Location Quotient of 1.1 for Financial Managers, indicating a concentration slightly higher than the national average.

How does the cost of living in Cleveland affect a Financial Manager's salary?

Cleveland's Cost of Living Index is 100, matching the national average. This means the $160,060 salary has purchasing power equivalent to the national average.

What does the number of Financial Manager jobs per 1,000 workers indicate for Cleveland?

With 5.842 jobs per 1,000 workers, Cleveland shows a solid presence of Financial Manager roles relative to its overall workforce.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 6,060 employees in the Cleveland, OH area with a job density of 5.842 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.

Semantic Salary Analysis for Financial Managers • Data source: BLS OEWS 2024 •Jobs in Cleveland, OH