Average Financial Managers Salary in Rochester, MN
Financial Managers in Rochester, MN, can expect an average annual salary of $161,250. This figure is notably below the national average of $184,480, suggesting local market dynamics and potentially a different industry focus influence compensation. While the nominal salary is substantial, understanding its local purchasing power is key.
Executive Summary
- Average Salary: $161,250 per year.
- Growth Trend: Salaries have shifted 43.7% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $221,850.
- Outlook: With a local workforce of 410 Financial Managers and a Location Quotient of 0.64, Rochester, MN, presents a market with less concentration than the national average. This indicates that while opportunities exist, the demand might not be as robust as in larger metropolitan areas, suggesting a stable but not rapidly expanding job market for these professionals.
Salary Overview
The average Financial Managers in Rochester, MN earns-12.6%below the national average.
$77.5
$3,101
$13,438
Financial Managers Salary Trends (2020-2024)
While specific historical data for Rochester, MN, is not provided, it's reasonable to assume that Financial Manager salaries nationwide have experienced growth over the past four years, driven by inflation and increasing demand for financial expertise. This trend likely extends to Rochester, MN, with incremental salary increases reflecting the broader economic landscape and the evolving responsibilities of financial leadership roles.
Financial Managers Salary Distribution in Rochester, MN
The career trajectory for Financial Managers in Rochester, MN, typically involves significant salary growth with experience. Entry-level positions might start at a lower percentile, while seasoned professionals with extensive experience and specialized skills can command salaries well into the higher percentiles. The gap between entry-level and senior roles signifies substantial earning potential and career progression within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $95,020 | $45.7 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $120,938 | $58.1 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $150,730 | $72.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $201,563 | $96.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $221,850 | $106.7 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$161,250
Gross Pay
Real Wage (Purchasing Power)
$161,250
Adjusted for COL (100)
The average annual salary of $161,250 in Rochester, MN, 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 Rochester is equivalent to that of a Financial Manager in a typical U.S. city, offering a stable financial environment without the premium or discount associated with high or low cost-of-living areas.
Job Market Context
410
Total Jobs
3.39
Per 1K Jobs
0.64
Location Quotient
Rochester, MN has 0.64x 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 0.64 for Financial Managers in Rochester, MN, indicates that this profession is less concentrated locally compared to the national average. This suggests that while there is a presence of Financial Managers, the job market may not be saturated, potentially offering a competitive edge for skilled professionals seeking opportunities, but also implying a smaller overall pool of available positions relative to the national landscape.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| La Crosse-Onalaska, WI-MN Financial Managers Salary | $146,040↓ 9% | 64 mi |
| Eau Claire, WI Financial Managers Salary | $152,910↓ 5% | 74 mi |
| Mankato, MN Financial Managers Salary | $146,520↓ 9% | 75 mi |
| Minneapolis-St. Paul-Bloomington, MN-WI Financial Managers Salary | $177,050↑ 10% | 77 mi |
Comparing salaries near Rochester, MN
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Rochester, MN?
The median annual salary for a Financial Managers in Rochester, MN is $161,250. This typically ranges from $95,020 for entry-level positions to $221,850 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Rochester, MN is 12.6% lower than the national median of $184,480.
Is Rochester, MN a lucrative place for Financial Managers?
Yes, but with caveats.Financial Managers in Rochester, MN, earn a substantial average salary of $161,250, and the cost of living is at the national average, making it financially comparable to many other regions.
Is Rochester, MN a good place to live for Financial Managers?
The Cost of Living Index in Rochester, MN is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Rochester, MN?
Some top paying nearby cities include La Crosse-Onalaska, WI-MN ($146,040) and Eau Claire, WI.
How does the Rochester, MN salary compare to the national average?
The average salary for Financial Managers in Rochester, MN, is $161,250, which is below the national average of $184,480.
What is the job market like for Financial Managers in Rochester, MN?
The job market has a local workforce of 410 Financial Managers and a Location Quotient of 0.64, indicating a less concentrated presence compared to the national average.
Does the cost of living affect the value of a Financial Manager's salary in Rochester, MN?
No, the cost of living in Rochester, MN, is exactly at the national average (100), meaning the $161,250 salary has standard purchasing power.
What does a Location Quotient of 0.64 mean for Financial Managers in Rochester, MN?
It signifies that the proportion of Financial Managers in Rochester, MN, is lower than the national average, suggesting a less saturated but potentially smaller 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 410 employees in the Rochester, MN area with a job density of 3.39 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 Rochester, MN