Average Financial Managers Salary in Springfield, IL
Financial Managers in Springfield, IL, command an average annual salary of $147,470. This figure is notably below the national average of $184,480, reflecting localized economic factors and industry demand within the state capital. While lower than the national benchmark, this salary is influenced by the specific economic landscape and the concentration of financial roles within the Springfield metropolitan area.
Executive Summary
- Average Salary: $147,470 per year.
- Growth Trend: Salaries have shifted 25.6% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $230,700.
- Outlook: The job market for Financial Managers in Springfield, IL, appears stable, with a total local workforce of 570 individuals in this role. The Location Quotient of 1.05 suggests a slightly higher concentration of these professionals compared to the national average, indicating a steady, if not rapidly expanding, demand for their expertise within the region.
Salary Overview
The average Financial Managers in Springfield, IL earns-20.1%below the national average.
$70.9
$2,836
$12,289
Financial Managers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Financial Managers in Springfield, IL, have experienced consistent growth over the past four years, mirroring national trends. This growth is typically driven by inflation, increasing demand for financial expertise, and the evolving complexity of financial management within businesses operating in the area.
Financial Managers Salary Distribution in Springfield, IL
The salary trajectory for Financial Managers in Springfield, IL, significantly escalates with experience. Entry-level positions typically start at a lower percentile, while senior roles, characterized by extensive experience and strategic oversight, can command salaries well above the average. The widening gap between entry-level and senior compensation percentiles clearly signifies substantial career progression opportunities within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $75,000 | $36.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $110,603 | $53.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $129,270 | $62.1 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $184,338 | $88.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $230,700 | $110.9 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$147,470
Gross Pay
Real Wage (Purchasing Power)
$147,470
Adjusted for COL (100)
For Financial Managers considering a move to Springfield, IL, the nominal salary of $147,470 aligns perfectly with the local Cost of Living Index of 100, which is precisely the national average. This means that the purchasing power of the average salary in Springfield is equivalent to the national average, offering a balanced financial outlook for professionals relocating to the area.
Job Market Context
570
Total Jobs
5.551
Per 1K Jobs
1.05
Location Quotient
With a location quotient of 1.05, Springfield, IL has a slightly higher-than-average concentration of Financial Managers roles compared to the national norm.
With a Location Quotient of 1.05, Springfield, IL, exhibits a slightly higher concentration of Financial Managers than the national average. This suggests a moderately competitive market where demand is present and perhaps slightly outstrips the immediate supply, potentially offering good opportunities for skilled professionals, though not indicating an oversaturated environment.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Decatur, IL Financial Managers Salary | $135,350↓ 8% | 39 mi |
| West Central Illinois nonmetropolitan area Financial Managers Salary | $128,400↓ 13% | 53 mi |
| East Central Illinois nonmetropolitan area Financial Managers Salary | $140,910↓ 4% | 53 mi |
| Northwest Illinois nonmetropolitan area Financial Managers Salary | $134,200↓ 9% | 53 mi |
| South Illinois nonmetropolitan area Financial Managers Salary | $119,080↓ 19% | 53 mi |
Comparing salaries near Springfield, IL
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in Springfield, IL?
The median annual salary for a Financial Managers in Springfield, IL is $147,470. This typically ranges from $75,000 for entry-level positions to $230,700 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Springfield, IL is 20.1% lower than the national median of $184,480.
Is Springfield, IL a lucrative place for Financial Managers?
Yes, it offers competitive compensation relative to its cost of living.Financial Managers in Springfield earn $147,470, which aligns with the national average cost of living. This means the salary provides equivalent purchasing power to the national average, making it a financially stable location for the role.
Is Springfield, IL a good place to live for Financial Managers?
The Cost of Living Index in Springfield, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Springfield, IL?
Some top paying nearby cities include Decatur, IL ($135,350) and West Central Illinois nonmetropolitan area.
How does the Springfield, IL Financial Manager salary compare to the national average?
The average annual salary for Financial Managers in Springfield, IL, is $147,470, which is lower than the national average of $184,480.
What is the concentration of Financial Managers in Springfield, IL?
Springfield, IL has a Location Quotient of 1.05 for Financial Managers, indicating a slightly higher concentration of these professionals compared to the national average.
How does the cost of living in Springfield, IL affect the Financial Manager salary?
The cost of living in Springfield, IL, is at the national average (100), meaning the $147,470 salary offers purchasing power equivalent to the national average salary.
What does the job market look like for Financial Managers in Springfield, IL?
The market is stable with 570 Financial Managers locally, and a Location Quotient slightly above average, suggesting consistent demand for their skills.
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 Springfield, IL area with a job density of 5.551 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 Springfield, IL