Average Financial Managers Salary in Mankato, MN
Financial Managers in Mankato, MN, command an average annual salary of $146,520. This figure is notably below the national average of $184,480, suggesting that local market dynamics and potentially a different industry focus influence compensation in this region. While the nominal salary is substantial, understanding its local context is key.
Executive Summary
- Average Salary: $146,520 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $217,670.
- Outlook: With a local workforce of 230 Financial Managers, Mankato presents a moderately concentrated market, indicated by a Location Quotient of 0.77. This suggests that while the profession is present, it's not as densely populated as the national average. The rate of 4.089 jobs per 1,000 workers points to a steady, albeit not explosive, demand for financial expertise within the community.
Salary Overview
The average Financial Managers in Mankato, MN earns-20.6%below the national average.
$70.4
$2,818
$12,210
Financial Managers Salary Trends (2020-2024)
While specific historical data for Mankato is not provided, it is generally assumed that the field of Financial Management has experienced consistent salary growth over the past four years, mirroring national trends. Factors such as inflation, increased demand for sophisticated financial planning, and the evolving regulatory landscape likely contribute to upward pressure on wages for these critical roles.
Financial Managers Salary Distribution in Mankato, MN
The career trajectory for Financial Managers in Mankato, like elsewhere, typically involves significant salary increases with experience. Entry-level positions might start at a lower percentile, while seasoned professionals with extensive expertise and leadership responsibilities can command salaries well into the higher percentiles. These percentile gaps are indicative of the substantial career progression and earning potential available within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $81,860 | $39.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $109,890 | $52.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $132,310 | $63.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $183,150 | $88.1 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $217,670 | $104.6 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$146,520
Gross Pay
Real Wage (Purchasing Power)
$146,520
Adjusted for COL (100)
The average annual salary of $146,520 in Mankato aligns perfectly with the national average cost of living, which stands at an index of 100. This means that the purchasing power of a Financial Manager's salary in Mankato is equivalent to that of someone earning the national average in a location with a national average cost of living. Therefore, the nominal salary translates directly to a comparable standard of living.
Job Market Context
230
Total Jobs
4.089
Per 1K Jobs
0.77
Location Quotient
Mankato, MN has 0.77x 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 0.77 indicates that Financial Managers are somewhat less concentrated in Mankato compared to the national average. This suggests a job market that is neither oversaturated nor exceptionally scarce. While there are opportunities, the lower concentration might imply less intense competition for senior roles, potentially offering a more accessible path for qualified professionals seeking employment in the area.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Minneapolis-St. Paul-Bloomington, MN-WI Financial Managers Salary | $177,050↑ 21% | 66 mi |
| Rochester, MN Financial Managers Salary | $161,250↑ 10% | 75 mi |
| St. Cloud, MN Financial Managers Salary | $152,310↑ 4% | 95 mi |
Comparing salaries near Mankato, MN
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Mankato, MN?
The median annual salary for a Financial Managers in Mankato, MN is $146,520. This typically ranges from $81,860 for entry-level positions to $217,670 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Mankato, MN is 20.6% lower than the national median of $184,480.
Is Mankato, MN a lucrative place for Financial Managers?
Yes, with caveats.The average salary of $146,520 is substantial, and with a cost of living at the national average, its purchasing power is strong. However, it is below the national average salary for the role.
Is Mankato, MN a good place to live for Financial Managers?
The Cost of Living Index in Mankato, MN is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Mankato, MN?
Some top paying nearby cities include Minneapolis-St. Paul-Bloomington, MN-WI ($177,050) and Rochester, MN.
How does Mankato's Financial Manager salary compare to the national average?
The average salary in Mankato is $146,520, which is lower than the national average of $184,480.
What is the cost of living like for Financial Managers in Mankato?
Mankato's cost of living index is 100, which is exactly the national average, meaning your salary's purchasing power is standard.
How concentrated is the Financial Manager job market in Mankato?
The market is moderately concentrated with a Location Quotient of 0.77, indicating fewer Financial Managers per capita than the national average.
Are there many Financial Manager jobs in Mankato relative to its workforce?
There are 4.089 Financial Manager jobs per 1,000 workers in Mankato, indicating a steady presence of these roles 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 230 employees in the Mankato, MN area with a job density of 4.089 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Financial Managers Salaries by State
Top Jobs in Mankato, MN
- All Occupations Salary in Mankato, MN
- Office and Administrative Support Occupations Salary in Mankato, MN
- Food Preparation and Serving Related Occupations Salary in Mankato, MN
- Sales and Related Occupations Salary in Mankato, MN
- Transportation and Material Moving Occupations Salary in Mankato, MN
- Production Occupations Salary in Mankato, MN
- Healthcare Support Occupations Salary in Mankato, MN
- Healthcare Practitioners and Technical Occupations Salary in Mankato, MN
- Educational Instruction and Library Occupations Salary in Mankato, MN
- Management Occupations Salary in Mankato, MN
- Browse All Jobs in Mankato, MN →
Semantic Salary Analysis for Financial Managers • Data source: BLS OEWS 2024 •Jobs in Mankato, MN