Average Financial Managers Salary in Grand Rapids-Wyoming-Kentwood, MI
Financial Managers in the Grand Rapids-Wyoming-Kentwood, MI area earn an average annual salary of $145,200. This figure is notably below the national average of $184,480, suggesting that local market dynamics, industry concentration, or regional economic factors may influence compensation levels. Understanding these local nuances is key for professionals in this field.
Executive Summary
- Average Salary: $145,200 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $217,420.
- Outlook: With a local workforce of 2,420 Financial Managers, the Grand Rapids-Wyoming-Kentwood area demonstrates a stable presence in this critical financial sector. The Location Quotient of 0.81 indicates a slightly lower concentration compared to the national average, suggesting that while the role is present, it may not be as dominant as in other regions, potentially offering unique opportunities for skilled professionals.
Salary Overview
The average Financial Managers in Grand Rapids-Wyoming-Kentwood, MI earns-21.3%below the national average.
$69.8
$2,792
$12,100
Financial Managers Salary Trends (2020-2024)
While specific historical data is not provided, it is generally assumed that salaries for Financial Managers across the nation, including in Grand Rapids, have experienced steady growth over the past four years. This trend is typically driven by increasing demand for financial expertise, evolving regulatory landscapes, and the overall economic expansion that necessitates robust financial oversight.
Financial Managers Salary Distribution in Grand Rapids-Wyoming-Kentwood, MI
Salary progression for Financial Managers is strongly tied to experience and demonstrated expertise. Entry-level positions typically command lower salaries, while senior roles requiring extensive experience, strategic decision-making capabilities, and leadership skills can significantly increase earning potential. The difference in compensation between various experience levels, often reflected in salary percentiles, highlights clear pathways for career advancement within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $77,640 | $37.3 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $108,900 | $52.4 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $130,090 | $62.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $181,500 | $87.3 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $217,420 | $104.5 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$145,200
Gross Pay
Real Wage (Purchasing Power)
$145,200
Adjusted for COL (100)
The average annual salary of $145,200 in Grand Rapids-Wyoming-Kentwood 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 this region is equivalent to the national average, offering a balanced lifestyle without significant financial strain due to living expenses.
Job Market Context
2,420
Total Jobs
4.316
Per 1K Jobs
0.81
Location Quotient
Grand Rapids-Wyoming-Kentwood, MI has 0.81x 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 0.81 for Financial Managers in Grand Rapids-Wyoming-Kentwood suggests a market that is slightly less concentrated than the national average. This indicates a healthy, albeit not overwhelmingly saturated, job market where demand for skilled financial professionals is present but may not exceed supply by a significant margin, potentially leading to competitive opportunities for qualified candidates.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Muskegon-Norton Shores, MI Financial Managers Salary | $142,890↓ 2% | 35 mi |
| Kalamazoo-Portage, MI Financial Managers Salary | $154,370↑ 6% | 48 mi |
| Battle Creek, MI Financial Managers Salary | $157,310↑ 8% | 51 mi |
| Lansing-East Lansing, MI Financial Managers Salary | $145,170↓ 0% | 58 mi |
| Mid Michigan nonmetropolitan area Financial Managers Salary | $125,050↓ 14% | 62 mi |
Comparing salaries near Grand Rapids-Wyoming-Kentwood, MI
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Grand Rapids-Wyoming-Kentwood, MI?
The median annual salary for a Financial Managers in Grand Rapids-Wyoming-Kentwood, MI is $145,200. This typically ranges from $77,640 for entry-level positions to $217,420 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Grand Rapids-Wyoming-Kentwood, MI is 21.3% lower than the national median of $184,480.
Is Grand Rapids-Wyoming-Kentwood, MI a lucrative place for Financial Managers?
No, but it offers balanced living.While the average salary of $145,200 is below the national average, the local Cost of Living Index of 100 means your salary's purchasing power is equivalent nationally. This suggests a stable financial environment rather than exceptionally high earning potential.
Is Grand Rapids-Wyoming-Kentwood, MI a good place to live for Financial Managers?
The Cost of Living Index in Grand Rapids-Wyoming-Kentwood, MI is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Grand Rapids-Wyoming-Kentwood, MI?
Some top paying nearby cities include Muskegon-Norton Shores, MI ($142,890) and Kalamazoo-Portage, MI.
How does the Grand Rapids Financial Manager salary compare to the national average?
The average salary for Financial Managers in Grand Rapids-Wyoming-Kentwood, MI is $145,200, which is lower than the national average of $184,480.
What is the concentration of Financial Managers in Grand Rapids-Wyoming-Kentwood, MI?
The Location Quotient is 0.81, indicating a slightly lower concentration of Financial Managers compared to the national average.
How does the cost of living in Grand Rapids-Wyoming-Kentwood, MI affect salary perception?
With a Cost of Living Index of 100, the local cost of living matches the national average, meaning the $145,200 salary has the same purchasing power as the national average salary.
What is the total number of Financial Managers in the Grand Rapids-Wyoming-Kentwood, MI area?
There are approximately 2,420 Financial Managers employed in the Grand Rapids-Wyoming-Kentwood, MI metropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,420 employees in the Grand Rapids-Wyoming-Kentwood, MI area with a job density of 4.316 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 Grand Rapids-Wyoming-Kentwood, MI