Average Financial Managers Salary in New Haven, CT
Financial Managers in New Haven, CT, earn an impressive average annual salary of $162,990. This figure is notably below the national average of $184,480, suggesting that while the role is well-compensated locally, specific market dynamics and potentially a slightly lower cost of living compared to other high-paying areas contribute to this differential. The concentration of financial expertise and demand within the region plays a key role in shaping these compensation packages.
Executive Summary
- Average Salary: $162,990 per year.
- Growth Trend: Salaries have shifted 16.2% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $244,485.
- Outlook: With a local workforce of 2,000 Financial Managers and a Location Quotient of 1.33, New Haven exhibits a stronger concentration of these professionals than the national average. This indicates a robust and potentially growing demand for financial management expertise within the city, suggesting a healthy job market for skilled individuals in this field.
Salary Overview
The average Financial Managers in New Haven, CT earns-11.6%below the national average.
$78.4
$3,134
$13,583
Financial Managers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Financial Managers in New Haven, CT, have experienced steady growth over the past four years, mirroring national trends. Factors such as inflation, increasing complexity of financial regulations, and a consistent demand for strategic financial leadership likely contribute to an upward trajectory in compensation for these vital roles.
Financial Managers Salary Distribution in New Haven, CT
The salary range for Financial Managers in New Haven, CT, significantly expands with experience. Entry-level positions typically start at the lower percentiles, while seasoned professionals with extensive experience and specialized skills can command salaries in the upper percentiles, well exceeding the average. This progression highlights clear career advancement opportunities and the value placed on accumulated expertise within the financial sector.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $86,360 | $41.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $122,243 | $58.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $139,990 | $67.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $203,738 | $98 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $244,485 | $117.5 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$162,990
Gross Pay
Real Wage (Purchasing Power)
$162,990
Adjusted for COL (100)
The average annual salary of $162,990 in New Haven, CT, aligns perfectly with the local Cost of Living Index of 100, which represents the national average. This means that the purchasing power of a Financial Manager's salary in New Haven is equivalent to the national average, offering a stable financial standing without the premium often associated with higher cost-of-living metropolitan areas.
Job Market Context
2,000
Total Jobs
7.048
Per 1K Jobs
1.33
Location Quotient
With a location quotient of 1.33, New Haven, CT has a slightly higher-than-average concentration of Financial Managers roles compared to the national norm.
A Location Quotient of 1.33 signifies that Financial Managers are more concentrated in New Haven, CT, than in the typical U.S. location. This suggests a competitive market where demand for these specialized skills is slightly elevated compared to the national landscape, potentially leading to more opportunities and a dynamic job environment for financial professionals.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Bridgeport-Stamford-Danbury, CT Financial Managers Salary | $229,940↑ 41% | 16 mi |
| Waterbury-Shelton, CT Financial Managers Salary | $174,320↑ 7% | 18 mi |
| Connecticut nonmetropolitan area Financial Managers Salary | $151,860↓ 7% | 22 mi |
| Hartford-West Hartford-East Hartford, CT Financial Managers Salary | $180,060↑ 10% | 34 mi |
| Norwich-New London-Willimantic, CT Financial Managers Salary | $161,340↓ 1% | 46 mi |
Comparing salaries near New Haven, CT
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in New Haven, CT?
The median annual salary for a Financial Managers in New Haven, CT is $162,990. This typically ranges from $86,360 for entry-level positions to $244,485 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New Haven, CT is 11.6% lower than the national median of $184,480.
Is New Haven, CT a lucrative place for Financial Managers?
Yes, New Haven, CT offers a lucrative environment for Financial Managers.The average salary of $162,990, combined with a cost of living index matching the national average, provides strong financial stability. Furthermore, a Location Quotient of 1.33 indicates a higher concentration of these roles than the national average, suggesting robust local demand.
Is New Haven, CT a good place to live for Financial Managers?
The Cost of Living Index in New Haven, CT is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New Haven, CT?
Some top paying nearby cities include Bridgeport-Stamford-Danbury, CT ($229,940) and Waterbury-Shelton, CT.
How does the New Haven Financial Manager salary compare to the national average?
The average salary for Financial Managers in New Haven, CT, is $162,990, which is below the national average of $184,480.
What is the concentration of Financial Managers in New Haven, CT?
New Haven, CT has a Location Quotient of 1.33 for Financial Managers, indicating a higher concentration of these professionals compared to the national average.
How does the cost of living in New Haven affect salary perception?
With a Cost of Living Index of 100, the national average, the $162,990 salary in New Haven provides purchasing power equivalent to the national average, making it a stable financial environment.
What does the job market look like for Financial Managers in New Haven?
The job market appears robust, with 2,000 Financial Managers employed locally and a Location Quotient above 1.0, suggesting consistent demand for their expertise.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,000 employees in the New Haven, CT area with a job density of 7.048 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 New Haven, CT
- All Occupations Salary in New Haven, CT
- Office and Administrative Support Occupations Salary in New Haven, CT
- Transportation and Material Moving Occupations Salary in New Haven, CT
- Educational Instruction and Library Occupations Salary in New Haven, CT
- Healthcare Practitioners and Technical Occupations Salary in New Haven, CT
- Management Occupations Salary in New Haven, CT
- Food Preparation and Serving Related Occupations Salary in New Haven, CT
- Sales and Related Occupations Salary in New Haven, CT
- Healthcare Support Occupations Salary in New Haven, CT
- Business and Financial Operations Occupations Salary in New Haven, CT
- Browse All Jobs in New Haven, CT →
Semantic Salary Analysis for Financial Managers • Data source: BLS OEWS 2024 •Jobs in New Haven, CT