Average Financial Managers Salary in Massachusetts
Financial Managers in Massachusetts command an impressive average annual salary of $204,840, notably exceeding the national average of $184,480. This elevated compensation is largely driven by the state's robust economic landscape, strong financial sector presence, and the high demand for skilled financial leadership within its thriving industries.
Executive Summary
- Average Salary: $204,840 per year.
- Growth Trend: Salaries have shifted 28.8% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $307,260.
- Outlook: With a substantial local workforce of 27,690 Financial Managers and a Location Quotient of 1.43, Massachusetts demonstrates a significantly higher concentration of these professionals than the national average. This indicates a robust and active job market, suggesting strong demand and a healthy environment for career opportunities in financial management within the state.
Salary Overview
The average Financial Managers in Massachusetts earns+11.0%above the national average.
$98.5
$3,939
$17,070
Financial Managers Salary Trends (2020-2024)
While specific historical data isn't provided, it's reasonable to assume that the salaries for Financial Managers in Massachusetts have experienced consistent growth over the past four years. This trend is typically fueled by increasing economic complexity, evolving regulatory landscapes, and the persistent demand for sophisticated financial expertise in a dynamic state economy.
Financial Managers Salary Distribution in Massachusetts
The career trajectory for Financial Managers in Massachusetts typically shows a significant salary increase with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with extensive experience and specialized skills can command salaries in the upper percentiles, reflecting a clear progression and reward for accumulated expertise.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $104,790 | $50.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $153,630 | $73.9 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $181,170 | $87.1 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $256,050 | $123.1 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $307,260 | $147.7 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$204,840
Gross Pay
Real Wage (Purchasing Power)
$138,032
Adjusted for COL (148.4)
While the nominal average salary of $204,840 is substantial, it's crucial to consider Massachusetts' Cost of Living Index of 148.4. This index, significantly above the national average of 100, means that while the take-home pay is high, the purchasing power may be somewhat moderated by the elevated cost of goods and services in the state.
Job Market Context
27,690
Total Jobs
7.601
Per 1K Jobs
1.43
Location Quotient
With a location quotient of 1.43, Massachusetts has a slightly higher-than-average concentration of Financial Managers roles compared to the national norm.
The Location Quotient of 1.43 signifies that Financial Managers are 43% more concentrated in Massachusetts than the national average. This suggests a competitive yet abundant market, where the high concentration indicates a strong presence of financial expertise, potentially leading to both opportunities and a need to stand out among peers.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Worcester, MA Financial Managers Salary | $175,840↓ 14% | 14 mi |
| Boston-Cambridge-Newton, MA-NH Financial Managers Salary | $209,520↑ 2% | 24 mi |
| Providence-Warwick, RI-MA Financial Managers Salary | $170,800↓ 17% | 29 mi |
| Amherst Town-Northampton, MA Financial Managers Salary | $151,860↓ 26% | 52 mi |
| Springfield, MA Financial Managers Salary | $173,950↓ 15% | 52 mi |
Comparing salaries near Massachusetts
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Massachusetts?
The median annual salary for a Financial Managers in Massachusetts is $204,840. This typically ranges from $104,790 for entry-level positions to $307,260 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Massachusetts is 11.0% higher than the national median of $184,480.
Is Massachusetts a lucrative place for Financial Managers?
Yes, Massachusetts is a highly lucrative state for Financial Managers.Financial Managers in Massachusetts earn significantly more than the national average, with an average salary of $204,840. This is supported by a strong concentration of these roles, indicated by a Location Quotient of 1.43.
Is Massachusetts a good place to live for Financial Managers?
The Cost of Living Index in Massachusetts is 148.4. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Massachusetts?
Some top paying nearby cities include Worcester, MA ($175,840) and Boston-Cambridge-Newton, MA-NH.
How does the average Financial Manager salary in Massachusetts compare to the national average?
The average annual salary for Financial Managers in Massachusetts is $204,840, which is $20,360 higher than the national average of $184,480.
What is the concentration of Financial Managers in Massachusetts?
Massachusetts has a Location Quotient of 1.43 for Financial Managers, meaning the concentration of these professionals is 43% higher than the national average.
How does the cost of living in Massachusetts affect the Financial Manager salary?
With a Cost of Living Index of 148.4, Massachusetts is significantly more expensive than the national average. While the high salary offers good nominal value, the actual purchasing power is impacted by these higher living costs.
What does the number of jobs per 1,000 workers indicate for Financial Managers in Massachusetts?
With 7.601 jobs per 1,000 workers, Massachusetts shows a healthy demand for Financial Managers, reflecting a strong presence of these roles within the state's overall employment landscape.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 27,690 employees in the Massachusetts area with a job density of 7.601 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 Massachusetts
- All Occupations Salary in Massachusetts
- Office and Administrative Support Occupations Salary in Massachusetts
- Management Occupations Salary in Massachusetts
- Business and Financial Operations Occupations Salary in Massachusetts
- Sales and Related Occupations Salary in Massachusetts
- Food Preparation and Serving Related Occupations Salary in Massachusetts
- Healthcare Practitioners and Technical Occupations Salary in Massachusetts
- Educational Instruction and Library Occupations Salary in Massachusetts
- Transportation and Material Moving Occupations Salary in Massachusetts
- Healthcare Support Occupations Salary in Massachusetts
- Browse All Jobs in Massachusetts →
Semantic Salary Analysis for Financial Managers • Data source: BLS OEWS 2024 •Jobs in Massachusetts