Average Financial Managers Salary in Northern Michigan nonmetropolitan area
Financial Managers in Northern Michigan's nonmetropolitan area earn an average annual salary of $120,690. This figure is notably lower than the national average of $184,480, reflecting the unique economic landscape and demand dynamics of this region. Factors such as industry concentration and the overall scale of businesses in nonmetropolitan areas often contribute to these localized pay scales.
Executive Summary
- Average Salary: $120,690 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $179,500.
- Outlook: The job market for Financial Managers in Northern Michigan's nonmetropolitan area, with a total local workforce of 280, indicates a specialized niche. The Location Quotient of 0.45 suggests that this role is less concentrated here compared to the national average, implying a potentially stable but not overly saturated demand. While the workforce size is modest, the specific jobs per 1,000 workers (2.366) points to a consistent, albeit limited, need for these financial professionals.
Salary Overview
The average Financial Managers in Northern Michigan nonmetropolitan area earns-34.6%below the national average.
$58
$2,321
$10,058
Financial Managers Salary Trends (2020-2024)
While specific historical data for this nonmetropolitan area is not provided, it is reasonable to assume that salaries for Financial Managers have experienced gradual growth over the past four years, mirroring national trends. Economic development and evolving business needs within Northern Michigan likely contribute to a steady, if not exponential, increase in compensation for experienced professionals in this field.
Financial Managers Salary Distribution in Northern Michigan nonmetropolitan area
Salary progression for Financial Managers typically scales significantly with experience. Entry-level positions often start at the lower end of the pay scale, while senior roles, demanding extensive expertise and strategic oversight, command substantially higher compensation. The percentile gaps in salary distribution within Northern Michigan signify clear career progression pathways, rewarding accumulated knowledge and leadership capabilities.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $67,250 | $32.3 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $90,518 | $43.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $108,600 | $52.2 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $150,863 | $72.5 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $179,500 | $86.3 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$120,690
Gross Pay
Real Wage (Purchasing Power)
$120,690
Adjusted for COL (100)
The nominal average annual salary of $120,690 in Northern Michigan's nonmetropolitan area aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of a Financial Manager's salary in this region is equivalent to the national average, offering a stable financial standing relative to the cost of goods and services.
Job Market Context
280
Total Jobs
2.366
Per 1K Jobs
0.45
Location Quotient
At 0.45x, Northern Michigan nonmetropolitan area has a notably lower concentration of Financial Managers jobs than the national average. Opportunities in this area are relatively scarce for this profession.
With a Location Quotient of 0.45, the market for Financial Managers in Northern Michigan's nonmetropolitan area is less concentrated than the national average. This suggests that while opportunities exist, the competition might be less intense compared to major metropolitan hubs. The abundance of these roles is relatively lower, indicating a specialized demand rather than a widespread presence of financial management positions.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Midland, MI Financial Managers Salary | $196,360↑ 63% | 26 mi |
| Saginaw, MI Financial Managers Salary | $135,120↑ 12% | 30 mi |
| Bay City, MI Financial Managers Salary | $139,330↑ 15% | 37 mi |
| Lansing-East Lansing, MI Financial Managers Salary | $145,170↑ 20% | 42 mi |
| Flint, MI Financial Managers Salary | $144,060↑ 19% | 47 mi |
Comparing salaries near Northern Michigan nonmetropolitan area
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Northern Michigan nonmetropolitan area?
The median annual salary for a Financial Managers in Northern Michigan nonmetropolitan area is $120,690. This typically ranges from $67,250 for entry-level positions to $179,500 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Northern Michigan nonmetropolitan area is 34.6% lower than the national median of $184,480.
Is Northern Michigan nonmetropolitan area a lucrative place for Financial Managers?
No, it is not as lucrative as the national average.The average salary of $120,690 is significantly below the national average of $184,480, although the cost of living is on par with the national average.
Is Northern Michigan nonmetropolitan area a good place to live for Financial Managers?
The Cost of Living Index in Northern Michigan nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Northern Michigan nonmetropolitan area?
Some top paying nearby cities include Midland, MI ($196,360) and Saginaw, MI.
How does the local workforce size affect Financial Manager opportunities?
A total local workforce of 280 suggests a smaller, more specialized market for Financial Managers, indicating fewer but potentially stable opportunities.
What does a Location Quotient of 0.45 mean for Financial Managers in Northern Michigan?
A Location Quotient below 1.0, like 0.45, signifies that Financial Managers are less concentrated in this region compared to the national average, implying a niche market.
How does the Cost of Living Index impact the Financial Manager salary?
With a Cost of Living Index of 100, the $120,690 salary offers purchasing power equivalent to the national average, making it relatively stable despite being lower than the national salary.
Are there many Financial Manager jobs per 1,000 workers in Northern Michigan?
With 2.366 jobs per 1,000 workers, there is a consistent, though not high, demand for Financial Managers in this nonmetropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 280 employees in the Northern Michigan nonmetropolitan area area with a job density of 2.366 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 Northern Michigan nonmetropolitan area