Average Financial Managers Salary in Richmond, VA
Financial Managers in Richmond, VA, earn an impressive average annual salary of $184,340. This figure is remarkably close to the national average of $184,480, indicating a strong parity in compensation for this critical role. The local economic landscape and demand for financial expertise in Richmond contribute to this competitive pay.
Executive Summary
- Average Salary: $184,340 per year.
- Growth Trend: Salaries have shifted 16.9% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $276,510.
- Outlook: With a local workforce of 3,410 Financial Managers and a Location Quotient of 0.98, Richmond presents a stable and robust job market for these professionals. The concentration is nearly on par with the national average, suggesting consistent demand and opportunities within the region's financial sector.
Salary Overview
The average Financial Managers in Richmond, VA earns-0.1%below the national average.
$88.6
$3,545
$15,362
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 Richmond have experienced steady growth over the past four years, mirroring national trends. This upward trajectory is typically driven by increasing complexity in financial operations, regulatory changes, and the ongoing need for skilled financial leadership.
Financial Managers Salary Distribution in Richmond, VA
The salary spectrum for Financial Managers in Richmond, VA, naturally widens with experience. Entry-level positions will command lower salaries, while senior roles, those with extensive experience, and specialized expertise will push earnings towards the higher percentiles. This progression reflects the increasing responsibility and strategic value that seasoned professionals bring to organizations.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $101,370 | $48.7 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $138,255 | $66.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $166,800 | $80.2 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $230,425 | $110.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $276,510 | $132.9 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$184,340
Gross Pay
Real Wage (Purchasing Power)
$184,340
Adjusted for COL (100)
The average annual salary of $184,340 in Richmond, VA, aligns perfectly with the local Cost of Living Index of 100. This means that the purchasing power of a Financial Manager's salary in Richmond is equivalent to the national average, offering a stable financial standing without significant adjustments needed for daily expenses.
Job Market Context
3,410
Total Jobs
5.216
Per 1K Jobs
0.98
Location Quotient
Richmond, VA has 0.98x 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.
A Location Quotient of 0.98 indicates that Richmond, VA, has a concentration of Financial Managers that is very close to the national average. This suggests a balanced job market where demand is met by a comparable supply of talent, making it neither overly saturated nor exceptionally competitive for aspiring or established professionals.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Southside Virginia nonmetropolitan area Financial Managers Salary | $129,530↓ 30% | 41 mi |
| Northern West Virginia nonmetropolitan area Financial Managers Salary | $101,900↓ 45% | 41 mi |
| Southwest Virginia nonmetropolitan area Financial Managers Salary | $140,310↓ 24% | 41 mi |
| Northwest Virginia nonmetropolitan area Financial Managers Salary | $140,010↓ 24% | 41 mi |
| Southern West Virginia nonmetropolitan area Financial Managers Salary | $108,190↓ 41% | 41 mi |
Comparing salaries near Richmond, VA
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Richmond, VA?
The median annual salary for a Financial Managers in Richmond, VA is $184,340. This typically ranges from $101,370 for entry-level positions to $276,510 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Richmond, VA is 0.1% lower than the national median of $184,480.
Is Richmond, VA a lucrative place for Financial Managers?
Yes, Richmond, VA offers a highly competitive salary for Financial Managers.The average salary of $184,340 is virtually identical to the national average, and the cost of living is also at the national average, indicating strong earning potential and purchasing power.
Is Richmond, VA a good place to live for Financial Managers?
The Cost of Living Index in Richmond, VA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Richmond, VA?
Some top paying nearby cities include Southside Virginia nonmetropolitan area ($129,530) and Northern West Virginia nonmetropolitan area.
How does Richmond's Financial Manager job market compare nationally?
Richmond's job market for Financial Managers is very similar to the national average, with a Location Quotient of 0.98, indicating a balanced supply and demand for these roles.
What is the average number of Financial Managers per 1,000 workers in Richmond?
There are approximately 5.216 Financial Managers per 1,000 workers in Richmond, VA, closely reflecting the national employment distribution for this profession.
Does experience significantly impact a Financial Manager's salary in Richmond?
Yes, as with most financial roles, experience is a key driver of salary. Senior Financial Managers with specialized skills and extensive track records typically earn considerably more than entry-level professionals.
How does the cost of living affect the $184,340 salary in Richmond?
With a Cost of Living Index of 100, the national average, the $184,340 salary in Richmond provides purchasing power equivalent to the national average, making it a financially stable location.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 3,410 employees in the Richmond, VA area with a job density of 5.216 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 Richmond, VA