Average Financial Managers Salary in Elkhart-Goshen, IN
Financial Managers in Elkhart-Goshen, IN earn an average annual salary of $149,090. This figure is notably below the national average of $184,480, indicating that local market dynamics and economic factors specific to the Elkhart-Goshen region play a significant role in compensation levels for this critical finance role.
Executive Summary
- Average Salary: $149,090 per year.
- Growth Trend: Salaries have shifted 34.2% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $217,780.
- Outlook: The Elkhart-Goshen area supports a local workforce of 410 Financial Managers. With a Location Quotient of 0.61, the concentration of these roles is below the national average, suggesting a less saturated but potentially growing market. The presence of 3.213 Financial Managers per 1,000 workers indicates a steady demand within the local economy.
Salary Overview
The average Financial Managers in Elkhart-Goshen, IN earns-19.2%below the national average.
$71.7
$2,867
$12,424
Financial Managers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that Financial Manager salaries in Elkhart-Goshen, IN have experienced growth over the past four years, mirroring national trends. Economic expansion, inflation, and increasing demand for sophisticated financial oversight likely contribute to upward pressure on compensation for these professionals.
Financial Managers Salary Distribution in Elkhart-Goshen, IN
Career progression for Financial Managers in Elkhart-Goshen, IN typically involves a significant salary increase from entry-level to senior positions. While specific percentile data is unavailable, the gap between starting salaries and those earned by seasoned professionals with extensive experience and specialized skills can be substantial, reflecting the value of expertise and leadership in financial management.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $82,570 | $39.7 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $111,818 | $53.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $139,040 | $66.8 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $186,363 | $89.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $217,780 | $104.7 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$149,090
Gross Pay
Real Wage (Purchasing Power)
$149,090
Adjusted for COL (100)
The average annual salary of $149,090 in Elkhart-Goshen, IN aligns perfectly with the national average Cost of Living Index of 100. This means that the nominal salary offers purchasing power equivalent to the national average, making relocation to this area financially neutral from a cost-of-living perspective for Financial Managers.
Job Market Context
410
Total Jobs
3.213
Per 1K Jobs
0.61
Location Quotient
Elkhart-Goshen, IN has 0.61x 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 0.61 for Financial Managers in Elkhart-Goshen, IN signifies that the region has a lower concentration of these professionals compared to the national average. This suggests that the job market may be less competitive, potentially offering more opportunities for skilled individuals or indicating a market that is still developing its financial sector's depth.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| South Bend-Mishawaka, IN-MI Financial Managers Salary | $146,930↓ 1% | 16 mi |
| Niles, MI Financial Managers Salary | $131,630↓ 12% | 18 mi |
| Kalamazoo-Portage, MI Financial Managers Salary | $154,370↑ 4% | 45 mi |
| Michigan City-La Porte, IN Financial Managers Salary | $122,870↓ 18% | 47 mi |
| Battle Creek, MI Financial Managers Salary | $157,310↑ 6% | 56 mi |
Comparing salaries near Elkhart-Goshen, IN
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Elkhart-Goshen, IN?
The median annual salary for a Financial Managers in Elkhart-Goshen, IN is $149,090. This typically ranges from $82,570 for entry-level positions to $217,780 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Elkhart-Goshen, IN is 19.2% lower than the national median of $184,480.
Is Elkhart-Goshen, IN a lucrative place for Financial Managers?
No, not when compared to the national average.While the average salary of $149,090 is substantial, it falls below the national average of $184,480. However, the cost of living is also at the national average, making the purchasing power comparable.
Is Elkhart-Goshen, IN a good place to live for Financial Managers?
The Cost of Living Index in Elkhart-Goshen, IN is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Elkhart-Goshen, IN?
Some top paying nearby cities include South Bend-Mishawaka, IN-MI ($146,930) and Niles, MI.
How does the Elkhart-Goshen Financial Manager salary compare to the national average?
The average salary for Financial Managers in Elkhart-Goshen, IN is $149,090, which is lower than the national average of $184,480.
What is the concentration of Financial Managers in Elkhart-Goshen, IN?
The concentration, measured by the Location Quotient, is 0.61, indicating a lower presence of Financial Managers compared to the national average.
Does the cost of living affect the value of a Financial Manager's salary in Elkhart-Goshen, IN?
No, the cost of living in Elkhart-Goshen, IN is at the national average (100), meaning the $149,090 salary has equivalent purchasing power to the national average salary.
How many Financial Managers are there in Elkhart-Goshen, IN?
There are approximately 410 Financial Managers in the Elkhart-Goshen, IN local workforce.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 410 employees in the Elkhart-Goshen, IN area with a job density of 3.213 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 Elkhart-Goshen, IN