Average Financial Managers Salary in Rockford, IL
Financial Managers in Rockford, IL, earn an average annual salary of $141,750. This figure is notably below the national average of $184,480, suggesting that local market dynamics and industry concentrations play a significant role in compensation levels within this Illinois city. Factors such as the specific industries prevalent in Rockford and the overall demand for financial expertise contribute to this localized pay scale.
Executive Summary
- Average Salary: $141,750 per year.
- Growth Trend: Salaries have shifted 28.3% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $217,680.
- Outlook: The financial management sector in Rockford, IL, supports a local workforce of 570 professionals. With a Location Quotient of 0.77, the concentration of these roles is slightly below the national average, indicating a moderate but not saturated job market. The presence of 4.112 jobs per 1,000 workers suggests a steady demand for financial management expertise within the region's economic landscape.
Salary Overview
The average Financial Managers in Rockford, IL earns-23.2%below the national average.
$68.2
$2,726
$11,813
Financial Managers Salary Trends (2020-2024)
While specific historical data for Rockford, IL is not provided, it is generally observed that salaries for Financial Managers nationwide have experienced consistent growth over the past four years, driven by increasing complexity in financial regulations, evolving market conditions, and the critical role these professionals play in organizational success. It is reasonable to assume that Rockford's market has mirrored this upward trend to some extent, reflecting the ongoing importance of skilled financial leadership.
Financial Managers Salary Distribution in Rockford, IL
The salary range for Financial Managers in Rockford, IL, typically shows significant variation based on experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with extensive experience and specialized skills can command salaries in the upper percentiles, potentially approaching or even exceeding the $141,750 average. This progression highlights the career growth opportunities and the increasing value placed on expertise as one advances in the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $80,090 | $38.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $106,313 | $51.1 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $126,530 | $60.8 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $177,188 | $85.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $217,680 | $104.7 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$141,750
Gross Pay
Real Wage (Purchasing Power)
$141,750
Adjusted for COL (100)
The average annual salary of $141,750 for Financial Managers in Rockford, IL, 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 Rockford is equivalent to that of a Financial Manager earning the national average in a location with a national average cost of living. Consequently, the nominal salary offers a stable financial standing relative to everyday expenses in Rockford.
Job Market Context
570
Total Jobs
4.112
Per 1K Jobs
0.77
Location Quotient
Rockford, IL has 0.77x 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 0.77 for Financial Managers in Rockford, IL, indicates that the concentration of these roles is slightly less than the national average. This suggests that while there is a presence of financial management opportunities, the market is not as densely populated with these professionals compared to national benchmarks. This could imply a balanced job market where demand exists, but competition might be less intense than in highly concentrated areas.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Janesville-Beloit, WI Financial Managers Salary | $156,050↑ 10% | 30 mi |
| Madison, WI Financial Managers Salary | $161,260↑ 14% | 59 mi |
| Kenosha, WI Financial Managers Salary | $153,330↑ 8% | 65 mi |
| Racine-Mount Pleasant, WI Financial Managers Salary | $151,840↑ 7% | 71 mi |
| Chicago-Naperville-Elgin, IL-IN Financial Managers Salary | $183,690↑ 30% | 78 mi |
Comparing salaries near Rockford, IL
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Frequently Asked Questions
How much does a Financial Managers make in Rockford, IL?
The median annual salary for a Financial Managers in Rockford, IL is $141,750. This typically ranges from $80,090 for entry-level positions to $217,680 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Rockford, IL is 23.2% lower than the national median of $184,480.
Is Rockford, IL a lucrative place for Financial Managers?
Yes, with caveats.While the average salary of $141,750 is below the national average, the cost of living in Rockford, IL, is also at the national average, making the salary's purchasing power comparable. The market offers steady demand without extreme competition.
Is Rockford, IL a good place to live for Financial Managers?
The Cost of Living Index in Rockford, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Rockford, IL?
Some top paying nearby cities include Janesville-Beloit, WI ($156,050) and Madison, WI.
How does Rockford's Financial Manager salary compare to the national average?
The average salary for Financial Managers in Rockford, IL, is $141,750, which is lower than the national average of $184,480.
What is the cost of living in Rockford, IL for Financial Managers?
Rockford, IL, has a cost of living index of 100, which is exactly the national average, meaning expenses are comparable to the typical US city.
How concentrated is the Financial Manager job market in Rockford, IL?
The job market for Financial Managers in Rockford, IL, has a Location Quotient of 0.77, indicating a slightly lower concentration of these roles compared to the national average.
What is the total number of Financial Managers in Rockford, IL?
There are approximately 570 Financial Managers employed in Rockford, IL.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 570 employees in the Rockford, IL area with a job density of 4.112 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 Rockford, IL