Average Financial Managers Salary in New York-Newark-Jersey City, NY-NJ
Financial Managers in the New York-Newark-Jersey City, NY-NJ metropolitan area command an impressive average annual salary of $247,840. This figure significantly outpaces the national average of $184,480, reflecting the region's status as a global financial hub. The concentration of major financial institutions and corporate headquarters in this area drives demand and justifies the elevated compensation.
Executive Summary
- Average Salary: $247,840 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $371,760.
- Outlook: The job market for Financial Managers in the New York-Newark-Jersey City area appears robust, evidenced by a substantial local workforce of 77,970 individuals in this role. A Location Quotient of 1.57 indicates a higher concentration of these professionals compared to the national average, suggesting strong and sustained demand within the region's dynamic economy.
Salary Overview
The average Financial Managers in New York-Newark-Jersey City, NY-NJ earns+34.3%above the national average.
$119.2
$4,766
$20,653
Financial Managers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that the salaries for Financial Managers in a major economic center like New York-Newark-Jersey City have experienced consistent growth over the past four years. This trend is typically driven by inflation, increasing demand for sophisticated financial expertise, and the overall expansion of businesses operating within the metropolitan area.
Financial Managers Salary Distribution in New York-Newark-Jersey City, NY-NJ
Salary progression for Financial Managers is strongly tied to experience and responsibility. Entry-level positions will naturally command lower salaries, while senior roles, such as Chief Financial Officers or Vice Presidents of Finance, can reach significantly higher compensation levels. The substantial gap between the lower and higher percentiles of salaries in this region signifies clear opportunities for career advancement and increased earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $131,990 | $63.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $185,880 | $89.4 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $216,520 | $104.1 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $309,800 | $148.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $371,760 | $178.7 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$247,840
Gross Pay
Real Wage (Purchasing Power)
$247,840
Adjusted for COL (100)
The average annual salary of $247,840 in the New York-Newark-Jersey City area is particularly noteworthy given its Cost of Living Index of 100, which is precisely the national average. This means that the high nominal salary translates directly into strong purchasing power, allowing Financial Managers to enjoy a comfortable standard of living without the typical financial strain associated with high-paying jobs in areas with elevated living costs.
Job Market Context
77,970
Total Jobs
8.327
Per 1K Jobs
1.57
Location Quotient
New York-Newark-Jersey City, NY-NJ has 1.6x 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 1.57, the New York-Newark-Jersey City area demonstrates a significantly higher concentration of Financial Managers than the national average. This suggests a competitive yet abundant job market, where specialized talent is in demand, and numerous opportunities exist within a dense network of financial services and corporate entities.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Kiryas Joel-Poughkeepsie-Newburgh, NY Financial Managers Salary | $178,880↓ 28% | 44 mi |
| Trenton-Princeton, NJ Financial Managers Salary | $198,260↓ 20% | 52 mi |
| Bridgeport-Stamford-Danbury, CT Financial Managers Salary | $229,940↓ 7% | 54 mi |
| New Haven, CT Financial Managers Salary | $162,990↓ 34% | 70 mi |
| Waterbury-Shelton, CT Financial Managers Salary | $174,320↓ 30% | 77 mi |
Comparing salaries near New York-Newark-Jersey City, NY-NJ
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in New York-Newark-Jersey City, NY-NJ?
The median annual salary for a Financial Managers in New York-Newark-Jersey City, NY-NJ is $247,840. This typically ranges from $131,990 for entry-level positions to $371,760 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New York-Newark-Jersey City, NY-NJ is 34.3% higher than the national median of $184,480.
Is New York-Newark-Jersey City, NY-NJ a lucrative place for Financial Managers?
Yes, it is a highly lucrative location for Financial Managers.The average salary of $247,840 is substantially higher than the national average, and the Cost of Living Index is at the national average, indicating excellent earning potential and purchasing power.
Is New York-Newark-Jersey City, NY-NJ a good place to live for Financial Managers?
The Cost of Living Index in New York-Newark-Jersey City, NY-NJ is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New York-Newark-Jersey City, NY-NJ?
Some top paying nearby cities include Kiryas Joel-Poughkeepsie-Newburgh, NY ($178,880) and Trenton-Princeton, NJ.
How does the local salary compare to the national average?
The average salary for Financial Managers in New York-Newark-Jersey City is $247,840, which is considerably higher than the national average of $184,480.
What is the significance of the Location Quotient (LQ) of 1.57?
An LQ of 1.57 means that Financial Managers are 57% more concentrated in the New York-Newark-Jersey City area than the national average, indicating a strong presence and demand for these professionals.
Does the high salary in New York-Newark-Jersey City come with a higher cost of living?
No, the Cost of Living Index for this region is 100, which is the national average. This means the high salary offers excellent real value and purchasing power.
What is the total number of Financial Managers in this region?
There are approximately 77,970 Financial Managers employed within the New York-Newark-Jersey City metropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 77,970 employees in the New York-Newark-Jersey City, NY-NJ area with a job density of 8.327 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 York-Newark-Jersey City, NY-NJ