Average Financial Managers Salary in Norwich-New London-Willimantic, CT
Financial Managers in the Norwich-New London-Willimantic, CT area earn an average annual salary of $161,340. This figure is notably below the national average of $184,480, suggesting that local market dynamics and industry concentrations may influence compensation levels. Factors such as the specific industries prevalent in the region and the overall demand for financial expertise contribute to this localized pay scale.
Executive Summary
- Average Salary: $161,340 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $242,010.
- Outlook: The Norwich-New London-Willimantic, CT area supports a local workforce of 660 Financial Managers. With a Location Quotient of 1.0, the concentration of these roles aligns precisely with the national average, indicating a stable and balanced job market. The presence of 5.29 jobs per 1,000 workers further underscores a consistent demand for skilled financial professionals within this metropolitan area.
Salary Overview
The average Financial Managers in Norwich-New London-Willimantic, CT earns-12.5%below the national average.
$77.6
$3,103
$13,445
Financial Managers Salary Trends (2020-2024)
While specific historical data is not provided, it is generally observed that the financial management sector experiences steady growth. Over the past four years, it's reasonable to assume that salaries for Financial Managers in Norwich-New London-Willimantic, CT have seen incremental increases, mirroring broader economic trends and the rising demand for sophisticated financial planning and analysis.
Financial Managers Salary Distribution in Norwich-New London-Willimantic, CT
Salary progression for Financial Managers is strongly tied to experience and demonstrated expertise. Entry-level positions typically command lower salaries, while senior roles requiring extensive experience in strategic financial planning, risk management, and leadership can significantly increase earning potential. The widening gap between lower and higher salary percentiles reflects the substantial career growth and increased responsibilities associated with advancing in the financial management field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $85,920 | $41.3 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $121,005 | $58.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $145,390 | $69.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $201,675 | $97 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $242,010 | $116.4 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$161,340
Gross Pay
Real Wage (Purchasing Power)
$161,340
Adjusted for COL (100)
The average annual salary of $161,340 for Financial Managers in Norwich-New London-Willimantic, CT aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of the local salary is equivalent to the national average, offering a stable financial standing for professionals considering relocation or residing in the area.
Job Market Context
660
Total Jobs
5.29
Per 1K Jobs
1
Location Quotient
With a location quotient of 1.00, Norwich-New London-Willimantic, CT has a slightly higher-than-average concentration of Financial Managers roles compared to the national norm.
A Location Quotient of 1.0 for Financial Managers in Norwich-New London-Willimantic, CT signifies that the concentration of these professionals in the area is exactly in line with the national average. This suggests a well-established and competitive job market where demand and supply are balanced, offering steady opportunities without extreme scarcity or oversupply.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Hartford-West Hartford-East Hartford, CT Financial Managers Salary | $180,060↑ 12% | 34 mi |
| Connecticut nonmetropolitan area Financial Managers Salary | $151,860↓ 6% | 35 mi |
| Providence-Warwick, RI-MA Financial Managers Salary | $170,800↑ 6% | 39 mi |
| Springfield, MA Financial Managers Salary | $173,950↑ 8% | 45 mi |
| New Haven, CT Financial Managers Salary | $162,990↑ 1% | 46 mi |
Comparing salaries near Norwich-New London-Willimantic, CT
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Frequently Asked Questions
How much does a Financial Managers make in Norwich-New London-Willimantic, CT?
The median annual salary for a Financial Managers in Norwich-New London-Willimantic, CT is $161,340. This typically ranges from $85,920 for entry-level positions to $242,010 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Norwich-New London-Willimantic, CT is 12.5% lower than the national median of $184,480.
Is Norwich-New London-Willimantic, CT a lucrative place for Financial Managers?
Yes, it offers a stable earning potential.The average salary of $161,340, combined with a Cost of Living Index of 100, provides a solid financial standing. The balanced job market with a Location Quotient of 1.0 indicates consistent demand for the role.
Is Norwich-New London-Willimantic, CT a good place to live for Financial Managers?
The Cost of Living Index in Norwich-New London-Willimantic, CT is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Norwich-New London-Willimantic, CT?
Some top paying nearby cities include Hartford-West Hartford-East Hartford, CT ($180,060) and Connecticut nonmetropolitan area.
How does the local salary compare to the national average?
The average salary for Financial Managers in Norwich-New London-Willimantic, CT is $161,340, which is below the national average of $184,480.
What is the concentration of Financial Managers in this area?
The concentration, measured by the Location Quotient, is 1.0, indicating it is the same as the national average.
How many Financial Managers are there locally?
There are approximately 660 Financial Managers employed in the Norwich-New London-Willimantic, CT area.
Does the cost of living affect the salary's value?
No, the local Cost of Living Index is 100, which is the national average, meaning the $161,340 salary has average purchasing power.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 660 employees in the Norwich-New London-Willimantic, CT area with a job density of 5.29 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 Norwich-New London-Willimantic, CT