Average Financial Managers Salary in New Jersey
Financial Managers in New Jersey command an impressive average annual salary of $211,620, substantially outpacing the national average of $184,480. This elevated compensation is driven by New Jersey's robust economic landscape, high concentration of financial services, and the specialized demand for financial expertise within the state's thriving industries.
Executive Summary
- Average Salary: $211,620 per year.
- Growth Trend: Salaries have shifted 14.9% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $317,430.
- Outlook: With a substantial local workforce of 32,370 Financial Managers and a Location Quotient of 1.43, New Jersey demonstrates a strong and concentrated demand for these professionals. This indicates a job market that is not only significant in size but also significantly more focused on financial management roles than the national average, suggesting a healthy and robust employment outlook.
Salary Overview
The average Financial Managers in New Jersey earns+14.7%above the national average.
$101.7
$4,070
$17,635
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 Jersey have experienced consistent growth over the past four years, mirroring national trends. Factors such as inflation, increasing complexity in financial regulations, and the ongoing demand for strategic financial leadership likely contribute to a steady upward trajectory in compensation for these roles.
Financial Managers Salary Distribution in New Jersey
The salary spectrum for Financial Managers in New Jersey shows considerable variation, with higher earners significantly exceeding the average. Entry-level positions typically start lower, but with experience, professionals can advance into senior roles commanding top-tier salaries. The wide percentile gaps highlight a clear career progression path, rewarding increased responsibility, specialized skills, and proven leadership.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $128,690 | $61.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $158,715 | $76.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $188,750 | $90.7 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $264,525 | $127.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $317,430 | $152.6 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$211,620
Gross Pay
Real Wage (Purchasing Power)
$188,274
Adjusted for COL (112.4)
While the nominal salary of $211,620 is highly attractive, it's crucial to consider New Jersey's Cost of Living Index of 112.4. This means that expenses are approximately 12.4% higher than the national average. Therefore, while the gross income is substantial, the purchasing power of this salary is somewhat moderated by the higher cost of goods and services within the state.
Job Market Context
32,370
Total Jobs
7.616
Per 1K Jobs
1.43
Location Quotient
With a location quotient of 1.43, New Jersey 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 New Jersey than in the average U.S. state. This indicates a highly specialized and potentially competitive market where demand for these skills is notably higher relative to the general workforce, suggesting ample opportunities for skilled professionals.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Trenton-Princeton, NJ Financial Managers Salary | $198,260↓ 6% | 14 mi |
| New York-Newark-Jersey City, NY-NJ Financial Managers Salary | $247,840↑ 17% | 39 mi |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Financial Managers Salary | $177,520↓ 16% | 42 mi |
| Allentown-Bethlehem-Easton, PA-NJ Financial Managers Salary | $155,790↓ 26% | 54 mi |
| Vineland, NJ Financial Managers Salary | $178,380↓ 16% | 63 mi |
Comparing salaries near New Jersey
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in New Jersey?
The median annual salary for a Financial Managers in New Jersey is $211,620. This typically ranges from $128,690 for entry-level positions to $317,430 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New Jersey is 14.7% higher than the national median of $184,480.
Is New Jersey a lucrative place for Financial Managers?
Yes, New Jersey is a highly lucrative state for Financial Managers.Financial Managers in New Jersey earn significantly above the national average, with a substantial local workforce and high concentration of these roles indicating strong demand and competitive compensation.
Is New Jersey a good place to live for Financial Managers?
The Cost of Living Index in New Jersey is 112.4. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New Jersey?
Some top paying nearby cities include Trenton-Princeton, NJ ($198,260) and New York-Newark-Jersey City, NY-NJ.
How does the New Jersey salary compare to the national average?
Financial Managers in New Jersey earn an average of $211,620 annually, which is considerably higher than the national average of $184,480.
What is the job concentration for Financial Managers in New Jersey?
New Jersey has a Location Quotient of 1.43 for Financial Managers, meaning the concentration of these jobs is 43% higher than the national average.
How does the cost of living affect the Financial Manager salary in New Jersey?
With a Cost of Living Index of 112.4, New Jersey is more expensive than the national average. While the high salary compensates, it's important to factor in increased living expenses.
What is the total number of Financial Managers in New Jersey?
New Jersey employs a significant workforce of 32,370 Financial Managers, reflecting the state's robust financial sector.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 32,370 employees in the New Jersey area with a job density of 7.616 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 New Jersey