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Average Financial Managers Salary in Duluth, MN-WI

Financial Managers in Duluth, MN-WI earn an average annual salary of $140,230, which is notably below the national average of $184,480. This disparity is often influenced by regional economic factors, industry concentration, and the specific demand dynamics within the Duluth metropolitan area. While the nominal salary is lower, understanding the local economic landscape is crucial for a complete picture.

Executive Summary

  • Average Salary: $140,230 per year.
  • Growth Trend: Salaries have shifted 33.6% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $212,110.
  • Outlook: The Duluth, MN-WI market for Financial Managers is supported by a local workforce of 450 professionals. With a Location Quotient of 0.68, the concentration of these roles is below the national average, suggesting a less saturated but potentially less robust demand compared to larger metropolitan hubs. The presence of 3.622 jobs per 1,000 workers indicates a steady, albeit not exceptionally high, level of employment opportunities.
2024 Market Data

Salary Overview

$140,230

The average Financial Managers in Duluth, MN-WI earns-24.0%below the national average.

BreakdownBased on 40h/week
Hourly

$67.4

Weekly

$2,697

Monthly

$11,686

Financial Managers Salary Distribution in Duluth, MN-WI

Salary progression for Financial Managers in Duluth, MN-WI, is significantly tied to experience. Entry-level positions typically command salaries at the lower end of the spectrum, while senior roles with extensive experience and specialized skills can reach considerably higher figures, potentially exceeding the $140,230 average. The percentile gaps in salary distribution highlight the substantial earning potential available through career advancement and skill development.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$79,380$38.2
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$105,173$50.6
ManagerOversees team, compliance, and project delivery.50% (Median)$127,660$61.4
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$175,288$84.3
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$212,110$102

Detailed Financial Managers Market Analysis

Relocation Context

Nominal Salary

$140,230

Gross Pay

Real Wage (Purchasing Power)

$140,230

Adjusted for COL (100)

The average annual salary of $140,230 in Duluth, MN-WI, 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 Duluth is equivalent to the national average. While the nominal salary is lower than the national average, the cost of living does not diminish its real value, offering a stable financial environment.

Job Market Context

450

Total Jobs

3.622

Per 1K Jobs

0.68

Location Quotient

Below Average

Duluth, MN-WI has 0.68x 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 0.68 indicates that Financial Manager roles are less concentrated in Duluth, MN-WI, than the national average. This suggests that the job market may be less competitive, potentially offering more opportunities for skilled professionals to find positions. However, it also implies that the overall demand might be lower compared to areas with a higher concentration of financial services.

Nearby Job Markets

Hiring Financial Managerss?

Frequently Asked Questions

How much does a Financial Managers make in Duluth, MN-WI?

The median annual salary for a Financial Managers in Duluth, MN-WI is $140,230. This typically ranges from $79,380 for entry-level positions to $212,110 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Duluth, MN-WI is 24.0% lower than the national median of $184,480.

Is Duluth, MN-WI a lucrative place for Financial Managers?

No, not exceptionally lucrative compared to the national average.The average salary of $140,230 is significantly lower than the national average of $184,480, although the cost of living is on par with the national average.

Is Duluth, MN-WI a good place to live for Financial Managers?

The Cost of Living Index in Duluth, MN-WI is 100. While higher than average, this often correlates with higher wages.

How does the cost of living in Duluth affect the Financial Manager salary?

With a Cost of Living Index of 100, the $140,230 salary in Duluth offers purchasing power equivalent to the national average, meaning the lower nominal salary is offset by lower living expenses compared to higher-cost areas.

What does the Location Quotient of 0.68 mean for Financial Managers in Duluth?

A Location Quotient below 1.0 signifies that Financial Managers are less concentrated in Duluth than nationally. This could translate to less competition but potentially fewer job openings compared to more saturated markets.

How many Financial Managers are there in Duluth, MN-WI?

The local workforce for Financial Managers in Duluth, MN-WI, consists of approximately 450 professionals.

Are there many job openings for Financial Managers in Duluth?

There are 3.622 Financial Manager jobs per 1,000 workers in Duluth, MN-WI, indicating a moderate level of job availability within 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 450 employees in the Duluth, MN-WI area with a job density of 3.622 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 Duluth, MN-WI