Average Financial Managers Salary in Illinois
Financial Managers in Illinois earn an impressive average annual salary of $177,310, positioning them slightly below the national average of $184,480. This localized compensation reflects a robust demand within the state's diverse economic landscape, influenced by key industries and corporate headquarters that necessitate skilled financial oversight.
Executive Summary
- Average Salary: $177,310 per year.
- Growth Trend: Salaries have shifted 19.3% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $265,965.
- Outlook: Illinois boasts a substantial workforce of 53,400 Financial Managers, significantly exceeding the national concentration with a Location Quotient of 1.66. This indicates a strong and established presence of financial management roles within the state, suggesting a healthy and dynamic job market with ample opportunities for professionals in this field.
Salary Overview
The average Financial Managers in Illinois earns-3.9%below the national average.
$85.2
$3,410
$14,776
Financial Managers Salary Trends (2020-2024)
While specific historical data isn't provided, it's reasonable to assume that the demand for skilled Financial Managers in Illinois has mirrored national trends, likely experiencing steady salary growth over the past four years. Factors such as economic expansion, evolving regulatory environments, and the increasing complexity of financial operations typically drive upward pressure on compensation for these critical roles.
Financial Managers Salary Distribution in Illinois
Career progression for Financial Managers in Illinois is clearly delineated by experience. Entry-level positions typically start at the lower end of the salary spectrum, while seasoned professionals with extensive experience and specialized skills can command salaries significantly higher than the average. The percentile gaps in earnings underscore the substantial rewards associated with advancing through the ranks to senior and executive financial leadership roles.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $95,670 | $46 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $132,983 | $63.9 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $159,990 | $76.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $221,638 | $106.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $265,965 | $127.9 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$177,310
Gross Pay
Real Wage (Purchasing Power)
$193,148
Adjusted for COL (91.8)
The average annual salary of $177,310 for Financial Managers in Illinois offers considerable purchasing power, especially when contrasted with the state's Cost of Living Index of 91.8. This index, which is below the national average of 100, means that the nominal salary translates into a higher real income, allowing professionals to enjoy a better standard of living compared to many other parts of the country.
Job Market Context
53,400
Total Jobs
8.805
Per 1K Jobs
1.66
Location Quotient
Illinois has 1.7x the national concentration of Financial Managers jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.
With a Location Quotient of 1.66, Illinois demonstrates a concentration of Financial Manager roles that is 66% higher than the national average. This suggests a highly competitive yet abundant job market, where employers actively seek out and value financial expertise, and professionals have a strong pool of opportunities to choose from within the state.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Bloomington, IL Financial Managers Salary | $171,640↓ 3% | 9 mi |
| Decatur, IL Financial Managers Salary | $135,350↓ 24% | 34 mi |
| Champaign-Urbana, IL Financial Managers Salary | $135,120↓ 24% | 41 mi |
| Peoria, IL Financial Managers Salary | $153,220↓ 14% | 43 mi |
| Springfield, IL Financial Managers Salary | $147,470↓ 17% | 53 mi |
Comparing salaries near Illinois
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Illinois?
The median annual salary for a Financial Managers in Illinois is $177,310. This typically ranges from $95,670 for entry-level positions to $265,965 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Illinois is 3.9% lower than the national median of $184,480.
Is Illinois a lucrative place for Financial Managers?
Yes, Illinois presents a lucrative environment for Financial Managers.The state's high concentration of financial roles and a cost of living below the national average make the $177,310 average salary particularly attractive for career professionals.
Is Illinois a good place to live for Financial Managers?
With a Cost of Living Index of 91.8 (lower than the national average of 100), your salary goes further here.
Where are the highest paying cities near Illinois?
Some top paying nearby cities include Bloomington, IL ($171,640) and Decatur, IL.
How does the number of Financial Managers in Illinois compare nationally?
Illinois has a significant presence, with 53,400 Financial Managers, and a Location Quotient of 1.66 indicates a concentration substantially higher than the national average.
What is the average salary for a Financial Manager in Illinois?
The average annual salary for a Financial Manager in Illinois is $177,310, which is slightly below the national average of $184,480.
How does the cost of living in Illinois affect a Financial Manager's salary?
Illinois's Cost of Living Index is 91.8, meaning it's cheaper than the national average. This makes the $177,310 salary effectively go further, increasing purchasing power.
Are there many job opportunities for Financial Managers in Illinois?
Yes, the Location Quotient of 1.66 and a workforce of 53,400 suggest a robust and concentrated job market with ample opportunities.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 53,400 employees in the Illinois area with a job density of 8.805 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 Illinois