Average Financial Managers Salary in Northwest Minnesota nonmetropolitan area
Financial Managers in the Northwest Minnesota nonmetropolitan area earn an average annual salary of $136,820. This figure is notably below the national average of $184,480, reflecting the unique economic landscape and demand dynamics of this specific region. The localized pay scale is influenced by factors such as industry concentration and the overall economic activity within this nonmetropolitan setting.
Executive Summary
- Average Salary: $136,820 per year.
- Growth Trend: Salaries have shifted 27.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $208,800.
- Outlook: With a local workforce of 630 Financial Managers, the job market in Northwest Minnesota nonmetropolitan area presents a moderate level of activity. The Location Quotient of 0.62 indicates a concentration of these roles that is below the national average, suggesting that while opportunities exist, the field is not as densely populated as in metropolitan hubs. This suggests a stable, albeit not rapidly expanding, demand for financial expertise within the region.
Salary Overview
The average Financial Managers in Northwest Minnesota nonmetropolitan area earns-25.8%below the national average.
$65.8
$2,631
$11,402
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 in Northwest Minnesota have experienced growth over the past four years, mirroring national trends. Economic development and increasing complexity in financial operations typically drive upward salary adjustments, even in less densely populated regions, as organizations strive to attract and retain skilled professionals.
Financial Managers Salary Distribution in Northwest Minnesota nonmetropolitan area
Career progression for Financial Managers in Northwest Minnesota nonmetropolitan area typically sees a significant salary increase with experience. Entry-level positions might start closer to the lower end of the pay scale, while seasoned professionals with extensive experience and specialized skills can command salaries considerably higher than the average. The percentile gaps in salary distribution underscore the substantial rewards associated with advancing through the ranks and acquiring specialized financial acumen.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $82,570 | $39.7 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $102,615 | $49.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $124,710 | $60 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $171,025 | $82.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $208,800 | $100.4 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$136,820
Gross Pay
Real Wage (Purchasing Power)
$136,820
Adjusted for COL (100)
The average annual salary of $136,820 in Northwest Minnesota 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 that of a Financial Manager earning the national average in a national average cost of living area. Therefore, the nominal salary translates directly to real income stability without the typical pressures associated with higher living expenses.
Job Market Context
630
Total Jobs
3.271
Per 1K Jobs
0.62
Location Quotient
Northwest Minnesota nonmetropolitan area has 0.62x the national average concentration of Financial Managers jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.
The Location Quotient of 0.62 for Financial Managers in Northwest Minnesota nonmetropolitan area signifies a lower concentration of these professionals compared to the national average. This suggests that the job market is less saturated, potentially offering a competitive edge for skilled individuals seeking employment. While not a hub for financial management roles, the relative scarcity could translate to greater demand for each available position.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| St. Cloud, MN Financial Managers Salary | $152,310↑ 11% | 17 mi |
| Minneapolis-St. Paul-Bloomington, MN-WI Financial Managers Salary | $177,050↑ 29% | 58 mi |
Comparing salaries near Northwest Minnesota nonmetropolitan area
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Northwest Minnesota nonmetropolitan area?
The median annual salary for a Financial Managers in Northwest Minnesota nonmetropolitan area is $136,820. This typically ranges from $82,570 for entry-level positions to $208,800 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Northwest Minnesota nonmetropolitan area is 25.8% lower than the national median of $184,480.
Is Northwest Minnesota nonmetropolitan area a lucrative place for Financial Managers?
No, not when compared to the national average.While the average salary of $136,820 is substantial, it falls significantly short of the national average of $184,480. However, the cost of living being at the national average means the salary's purchasing power is equivalent nationally.
Is Northwest Minnesota nonmetropolitan area a good place to live for Financial Managers?
The Cost of Living Index in Northwest Minnesota nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Northwest Minnesota nonmetropolitan area?
Some top paying nearby cities include St. Cloud, MN ($152,310) and Minneapolis-St. Paul-Bloomington, MN-WI.
What is the average salary for a Financial Manager in Northwest Minnesota nonmetropolitan area?
The average annual salary for a Financial Manager in Northwest Minnesota nonmetropolitan area is $136,820.
How does the salary compare to the national average?
The average salary in this region is $136,820, which is lower than the national average of $184,480 for Financial Managers.
What is the cost of living in Northwest Minnesota nonmetropolitan area?
The Cost of Living Index for Northwest Minnesota nonmetropolitan area is 100, which is exactly the national average.
Is there high demand for Financial Managers in this region?
The Location Quotient of 0.62 indicates a lower concentration of Financial Managers than the national average, suggesting a potentially less competitive but stable job market.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 630 employees in the Northwest Minnesota nonmetropolitan area area with a job density of 3.271 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 Northwest Minnesota nonmetropolitan area