Average Financial Managers Salary in Southwest Minnesota nonmetropolitan area
Financial Managers in Southwest Minnesota's nonmetropolitan area earn an average annual salary of $142,890. This figure is notably below the national average of $184,480, reflecting the unique economic dynamics and potentially lower demand for highly specialized financial roles in a nonmetropolitan setting. The pay scale in this region is thus influenced by local industry needs and the overall economic landscape.
Executive Summary
- Average Salary: $142,890 per year.
- Growth Trend: Salaries have shifted 28.8% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $217,240.
- Outlook: The job market for Financial Managers in Southwest Minnesota's nonmetropolitan area appears stable, with a total local workforce of 480 professionals. The Location Quotient of 0.77 suggests a slightly lower concentration of these roles compared to the national average, indicating a moderate but not saturated demand. The presence of over 4,000 jobs per thousand workers in this field points to consistent employment opportunities within the region.
Salary Overview
The average Financial Managers in Southwest Minnesota nonmetropolitan area earns-22.5%below the national average.
$68.7
$2,748
$11,908
Financial Managers Salary Trends (2020-2024)
While specific historical data for this nonmetropolitan area is not provided, it is reasonable to assume a general upward trend in Financial Manager salaries over the past four years, mirroring national patterns. Economic growth, inflation, and increasing complexity in financial regulations typically drive salary increases for experienced professionals in this field, even in more localized markets.
Financial Managers Salary Distribution in Southwest Minnesota nonmetropolitan area
Salary progression for Financial Managers typically scales significantly with experience. Entry-level positions often start at the lower end of the pay scale, while senior roles, requiring extensive expertise and strategic oversight, command substantially higher compensation. The percentile gaps in salary distribution clearly signify career progression, with experienced professionals occupying the higher earning brackets.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $77,730 | $37.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $107,168 | $51.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $125,680 | $60.4 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $178,613 | $85.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $217,240 | $104.4 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$142,890
Gross Pay
Real Wage (Purchasing Power)
$142,890
Adjusted for COL (100)
The nominal average annual salary of $142,890 in Southwest Minnesota's nonmetropolitan area aligns perfectly with the national average cost of living index of 100. This means that while the salary is lower than the national average, the purchasing power of that income locally is equivalent to the national average, offering a balanced financial standing for residents.
Job Market Context
480
Total Jobs
4.076
Per 1K Jobs
0.77
Location Quotient
Southwest Minnesota nonmetropolitan area 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.
With a Location Quotient of 0.77, Southwest Minnesota's nonmetropolitan area has a slightly lower concentration of Financial Managers than the national average. This suggests that while the profession is present and necessary, it is not as densely populated as in major metropolitan hubs, potentially offering a less competitive environment for job seekers but also indicating a more specialized or niche demand.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| St. Cloud, MN Financial Managers Salary | $152,310↑ 7% | 17 mi |
| Minneapolis-St. Paul-Bloomington, MN-WI Financial Managers Salary | $177,050↑ 24% | 58 mi |
Comparing salaries near Southwest Minnesota nonmetropolitan area
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Southwest Minnesota nonmetropolitan area?
The median annual salary for a Financial Managers in Southwest Minnesota nonmetropolitan area is $142,890. This typically ranges from $77,730 for entry-level positions to $217,240 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Southwest Minnesota nonmetropolitan area is 22.5% lower than the national median of $184,480.
Is Southwest Minnesota nonmetropolitan area a lucrative place for Financial Managers?
No, not compared to the national average.While the average salary of $142,890 is substantial, it falls significantly below the national average of $184,480. However, the cost of living is also at the national average, meaning the purchasing power is equivalent.
Is Southwest Minnesota nonmetropolitan area a good place to live for Financial Managers?
The Cost of Living Index in Southwest Minnesota nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Southwest Minnesota nonmetropolitan area?
Some top paying nearby cities include St. Cloud, MN ($152,310) and Minneapolis-St. Paul-Bloomington, MN-WI.
How does the local workforce size impact Financial Manager jobs?
A local workforce of 480 Financial Managers indicates a stable, established presence of the profession within the region, suggesting consistent demand for their services.
What does a Location Quotient of 0.77 mean for Financial Managers?
A Location Quotient below 1.0 signifies that Financial Managers are less concentrated in Southwest Minnesota nonmetropolitan areas compared to the national average, implying a potentially less saturated job market.
How does the cost of living affect the Financial Manager salary in this area?
With a Cost of Living Index of 100, the $142,890 salary offers purchasing power equivalent to the national average, making the lower nominal salary more palatable in terms of local expenses.
Are there many job opportunities for Financial Managers in this region?
The figure of 4.076 jobs per 1,000 workers suggests a steady, albeit not overwhelmingly high, number of opportunities, consistent with a nonmetropolitan area's economic structure.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 480 employees in the Southwest Minnesota nonmetropolitan area area with a job density of 4.076 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 Southwest Minnesota nonmetropolitan area