Average Financial Managers Salary in Upper Peninsula of Michigan nonmetropolitan area
Financial Managers in the Upper Peninsula of Michigan nonmetropolitan area earn an average annual salary of $118,280. This figure is notably lower than the national average of $184,480, reflecting the unique economic landscape and demand dynamics specific to this region. The localized pay scale is influenced by factors such as industry concentration and the overall economic activity within this nonmetropolitan setting.
Executive Summary
- Average Salary: $118,280 per year.
- Growth Trend: Salaries have shifted 6.5% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $177,100.
- Outlook: The job market for Financial Managers in the Upper Peninsula of Michigan nonmetropolitan area appears stable, with a total local workforce of 400 professionals. The Location Quotient of 0.67 indicates a slightly lower concentration of these roles compared to the national average, suggesting a niche but present demand. With 3.558 jobs per 1,000 workers, the market offers consistent opportunities for skilled financial professionals.
Salary Overview
The average Financial Managers in Upper Peninsula of Michigan nonmetropolitan area earns-35.9%below the national average.
$56.9
$2,275
$9,857
Financial Managers Salary Trends (2020-2024)
While specific historical data for the Upper Peninsula's financial management sector is not provided, it is reasonable to assume a general upward trend in salaries over the past four years, mirroring national economic growth and increasing demand for financial expertise. This growth is likely driven by evolving business needs and a greater emphasis on strategic financial planning across various industries.
Financial Managers Salary Distribution in Upper Peninsula of Michigan nonmetropolitan area
Salary progression for Financial Managers in this region, as elsewhere, is typically tied to experience and responsibility. Entry-level positions will command lower salaries, while senior roles requiring extensive experience in strategic financial planning, risk management, and team leadership will reach higher compensation levels. The percentile gaps in salary data would signify the clear career progression available from junior to executive financial management positions.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $60,520 | $29.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $88,710 | $42.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $110,380 | $53.1 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $147,850 | $71.1 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $177,100 | $85.1 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$118,280
Gross Pay
Real Wage (Purchasing Power)
$118,280
Adjusted for COL (100)
The nominal average annual salary of $118,280 in the Upper Peninsula of Michigan nonmetropolitan area aligns perfectly with the national average cost of living (100). This means that while the salary is below the national average for the role, the purchasing power of that salary locally is equivalent to the national average. Therefore, the financial impact of relocating for this role is neutral from a cost-of-living perspective.
Job Market Context
400
Total Jobs
3.558
Per 1K Jobs
0.67
Location Quotient
Upper Peninsula of Michigan nonmetropolitan area has 0.67x 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 0.67 signifies that Financial Manager roles are less concentrated in the Upper Peninsula of Michigan nonmetropolitan area compared to the national average. This suggests that the job market is not saturated, and while opportunities exist, they may be more specialized or tied to specific local industries rather than a broad, diverse financial sector. Professionals may find fewer direct competitors but potentially a more focused search for roles.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Midland, MI Financial Managers Salary | $196,360↑ 66% | 26 mi |
| Saginaw, MI Financial Managers Salary | $135,120↑ 14% | 30 mi |
| Bay City, MI Financial Managers Salary | $139,330↑ 18% | 37 mi |
| Lansing-East Lansing, MI Financial Managers Salary | $145,170↑ 23% | 42 mi |
| Flint, MI Financial Managers Salary | $144,060↑ 22% | 47 mi |
Comparing salaries near Upper Peninsula of Michigan nonmetropolitan area
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Frequently Asked Questions
How much does a Financial Managers make in Upper Peninsula of Michigan nonmetropolitan area?
The median annual salary for a Financial Managers in Upper Peninsula of Michigan nonmetropolitan area is $118,280. This typically ranges from $60,520 for entry-level positions to $177,100 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Upper Peninsula of Michigan nonmetropolitan area is 35.9% lower than the national median of $184,480.
Is Upper Peninsula of Michigan nonmetropolitan area a lucrative place for Financial Managers?
No, not compared to national averages.While the average salary of $118,280 is substantial, it falls significantly short of the national average of $184,480. However, the cost of living being at the national average means the salary's purchasing power is equivalent locally.
Is Upper Peninsula of Michigan nonmetropolitan area a good place to live for Financial Managers?
The Cost of Living Index in Upper Peninsula of Michigan nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Upper Peninsula of Michigan nonmetropolitan area?
Some top paying nearby cities include Midland, MI ($196,360) and Saginaw, MI.
How does the cost of living affect the Financial Manager salary in Upper Peninsula, MI?
The cost of living in the Upper Peninsula is at the national average (100), meaning the $118,280 salary offers purchasing power equivalent to the national average. This offsets the lower nominal salary compared to national figures.
What does a Location Quotient of 0.67 mean for Financial Managers in this area?
A Location Quotient of 0.67 indicates that Financial Manager roles are less common in this region than the national average. This suggests a less competitive job market but potentially fewer openings overall.
How many Financial Managers work in the Upper Peninsula of Michigan nonmetropolitan area?
There are approximately 400 Financial Managers employed in the Upper Peninsula of Michigan nonmetropolitan area, representing 3.558 jobs per 1,000 workers in the local workforce.
Is there strong demand for Financial Managers in this region?
The demand is moderate, as indicated by the jobs per 1,000 workers metric and a Location Quotient below 1.0. While opportunities exist, they are not as abundant as in more metropolitan or financially concentrated areas.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 400 employees in the Upper Peninsula of Michigan nonmetropolitan area area with a job density of 3.558 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 Upper Peninsula of Michigan nonmetropolitan area