Average Financial Managers Salary in Detroit-Warren-Dearborn, MI
Financial Managers in the Detroit-Warren-Dearborn, MI area earn an average annual salary of $161,410. This figure is notably below the national average of $184,480, suggesting that local market dynamics, industry concentration, and potentially the specific types of financial roles prevalent in the region influence compensation levels. While below the national benchmark, this salary still represents a significant earning potential within the local economy.
Executive Summary
- Average Salary: $161,410 per year.
- Growth Trend: Salaries have shifted 11.1% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $242,115.
- Outlook: The Detroit-Warren-Dearborn metropolitan area supports a substantial workforce of 10,050 Financial Managers. With a Location Quotient of 0.99, the concentration of these roles is nearly on par with the national average, indicating a stable and established demand for financial expertise. The presence of over 5.26 jobs per 1,000 workers further underscores the consistent need for skilled financial professionals in this region.
Salary Overview
The average Financial Managers in Detroit-Warren-Dearborn, MI earns-12.5%below the national average.
$77.6
$3,104
$13,451
Financial Managers Salary Trends (2020-2024)
While specific historical data for Detroit's Financial Manager salaries over the past four years is not provided, it is generally assumed that compensation for such roles has experienced steady growth, mirroring national trends. Economic expansion, evolving financial regulations, and increasing complexity in corporate finance typically drive upward pressure on salaries for experienced professionals in this field.
Financial Managers Salary Distribution in Detroit-Warren-Dearborn, MI
Salary progression for Financial Managers in Detroit-Warren-Dearborn typically scales significantly with experience. Entry-level positions may start at a lower percentile, while seasoned professionals with extensive expertise and leadership responsibilities can command salaries in the upper percentiles. The widening gap between entry-level and senior-level compensation reflects the increasing value placed on strategic financial acumen and proven track records.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $83,880 | $40.3 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $121,058 | $58.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $141,770 | $68.2 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $201,763 | $97 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $242,115 | $116.4 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$161,410
Gross Pay
Real Wage (Purchasing Power)
$161,410
Adjusted for COL (100)
The average annual salary of $161,410 for Financial Managers in Detroit-Warren-Dearborn aligns perfectly with the local Cost of Living Index of 100, which is also the national average. This means that the purchasing power of a Financial Manager's salary in this area is equivalent to the national standard, offering a stable financial environment without the added pressure of a significantly higher or lower cost of living.
Job Market Context
10,050
Total Jobs
5.264
Per 1K Jobs
0.99
Location Quotient
Detroit-Warren-Dearborn, MI has 0.99x 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.
With a Location Quotient of 0.99, the Detroit-Warren-Dearborn metropolitan area exhibits a job market for Financial Managers that is closely aligned with the national average in terms of concentration. This suggests a balanced market where demand is present and consistent, but not necessarily experiencing an oversupply or undersupply of talent. Professionals can expect a competitive yet accessible landscape for securing financial management roles.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Monroe, MI Financial Managers Salary | $156,880↓ 3% | 34 mi |
| Ann Arbor, MI Financial Managers Salary | $162,830↑ 1% | 35 mi |
| Toledo, OH Financial Managers Salary | $139,910↓ 13% | 54 mi |
| Flint, MI Financial Managers Salary | $144,060↓ 11% | 58 mi |
| Sandusky, OH Financial Managers Salary | $126,250↓ 22% | 64 mi |
Comparing salaries near Detroit-Warren-Dearborn, MI
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Frequently Asked Questions
How much does a Financial Managers make in Detroit-Warren-Dearborn, MI?
The median annual salary for a Financial Managers in Detroit-Warren-Dearborn, MI is $161,410. This typically ranges from $83,880 for entry-level positions to $242,115 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Detroit-Warren-Dearborn, MI is 12.5% lower than the national median of $184,480.
Is Detroit-Warren-Dearborn, MI a lucrative place for Financial Managers?
Yes, with caveats.While the average salary of $161,410 is below the national average, it is still a substantial income. Coupled with a cost of living at the national average, it offers good purchasing power for financial professionals in the region.
Is Detroit-Warren-Dearborn, MI a good place to live for Financial Managers?
The Cost of Living Index in Detroit-Warren-Dearborn, MI is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Detroit-Warren-Dearborn, MI?
Some top paying nearby cities include Monroe, MI ($156,880) and Ann Arbor, MI.
How does the Detroit Financial Manager salary compare to the national average?
The average salary for Financial Managers in Detroit-Warren-Dearborn is $161,410, which is lower than the national average of $184,480.
What is the cost of living in Detroit-Warren-Dearborn, MI for Financial Managers?
The cost of living in Detroit-Warren-Dearborn is at the national average, indicated by an index of 100.
How concentrated is the Financial Manager job market in Detroit?
The job market is nearly as concentrated as the national average, with a Location Quotient of 0.99, indicating a stable demand for these roles.
Are there many Financial Manager jobs in Detroit-Warren-Dearborn?
Yes, there are approximately 5.264 Financial Manager jobs per 1,000 workers in the Detroit-Warren-Dearborn area, reflecting a solid presence of these positions.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 10,050 employees in the Detroit-Warren-Dearborn, MI area with a job density of 5.264 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 Detroit-Warren-Dearborn, MI