Average Financial Managers Salary in West Central Illinois nonmetropolitan area
Financial Managers in the West Central Illinois nonmetropolitan area earn an average annual salary of $128,400. This figure is notably below the national average of $184,480, reflecting the unique economic landscape and demand dynamics specific to this region. Factors such as local industry concentration and the overall cost of doing business often influence compensation levels in nonmetropolitan areas.
Executive Summary
- Average Salary: $128,400 per year.
- Growth Trend: Salaries have shifted 34.2% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $202,790.
- Outlook: With a local workforce of 740 Financial Managers, the job market in West Central Illinois presents a stable, albeit specialized, environment. The Location Quotient of 0.82 suggests a concentration slightly below the national average, indicating that while opportunities exist, the field is not as densely populated as in major metropolitan hubs. The presence of 4.347 jobs per 1,000 workers signifies a consistent, albeit modest, demand for financial expertise within the region.
Salary Overview
The average Financial Managers in West Central Illinois nonmetropolitan area earns-30.4%below the national average.
$61.7
$2,469
$10,700
Financial Managers Salary Trends (2020-2024)
While specific historical data for this nonmetropolitan area is not provided, it is reasonable to assume that salaries for Financial Managers in West Central Illinois have experienced growth over the past four years, mirroring national trends. Economic recovery, inflation, and increasing complexity in financial operations typically drive upward pressure on compensation for skilled professionals in this field.
Financial Managers Salary Distribution in West Central Illinois nonmetropolitan area
The career trajectory for Financial Managers typically involves significant salary progression based on experience. Entry-level positions will naturally command lower salaries, while seasoned professionals with extensive experience in strategic financial planning, risk management, and team leadership can expect to earn considerably more. The percentile gaps between junior and senior roles highlight the substantial earning potential and career advancement opportunities available within the profession.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $67,140 | $32.3 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $96,300 | $46.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $113,060 | $54.4 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $160,500 | $77.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $202,790 | $97.5 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$128,400
Gross Pay
Real Wage (Purchasing Power)
$128,400
Adjusted for COL (100)
The average annual salary of $128,400 in West Central Illinois 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 this region is equivalent to the national average, offering a balanced lifestyle without the premium often associated with higher cost-of-living areas.
Job Market Context
740
Total Jobs
4.347
Per 1K Jobs
0.82
Location Quotient
West Central Illinois nonmetropolitan area has 0.82x 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 0.82 indicates that Financial Managers are slightly less concentrated in West Central Illinois compared to the national average. This suggests a market that is neither oversaturated nor critically undersupplied, presenting a balanced competitive landscape for job seekers and employers alike. Professionals entering this market may find opportunities available without facing intense competition.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Bloomington, IL Financial Managers Salary | $171,640↑ 34% | 9 mi |
| Decatur, IL Financial Managers Salary | $135,350↑ 5% | 34 mi |
| Champaign-Urbana, IL Financial Managers Salary | $135,120↑ 5% | 41 mi |
| Peoria, IL Financial Managers Salary | $153,220↑ 19% | 43 mi |
| Springfield, IL Financial Managers Salary | $147,470↑ 15% | 53 mi |
Comparing salaries near West Central Illinois nonmetropolitan area
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in West Central Illinois nonmetropolitan area?
The median annual salary for a Financial Managers in West Central Illinois nonmetropolitan area is $128,400. This typically ranges from $67,140 for entry-level positions to $202,790 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in West Central Illinois nonmetropolitan area is 30.4% lower than the national median of $184,480.
Is West Central Illinois nonmetropolitan area a lucrative place for Financial Managers?
No, it is not as lucrative as the national average.While the average salary of $128,400 is substantial, it falls below the national average of $184,480, indicating less lucrative earning potential compared to the broader market.
Is West Central Illinois nonmetropolitan area a good place to live for Financial Managers?
The Cost of Living Index in West Central Illinois nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near West Central Illinois nonmetropolitan area?
Some top paying nearby cities include Bloomington, IL ($171,640) and Decatur, IL.
How does the local workforce size affect job opportunities?
A local workforce of 740 Financial Managers suggests a stable but potentially niche job market, where opportunities may be consistent but less abundant than in larger metropolitan areas.
What does a Location Quotient of 0.82 mean for Financial Managers?
A Location Quotient of 0.82 implies that the concentration of Financial Managers in West Central Illinois is slightly lower than the national average, suggesting a less competitive job market.
How does the Cost of Living impact the Financial Manager salary?
With a Cost of Living Index of 100, the $128,400 salary offers purchasing power equivalent to the national average, making it a stable financial position relative to living expenses.
What is the job density for Financial Managers in this region?
There are approximately 4.347 Financial Manager jobs per 1,000 workers in West Central Illinois, indicating a moderate level of job availability within the local economy.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 740 employees in the West Central Illinois nonmetropolitan area area with a job density of 4.347 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 West Central Illinois nonmetropolitan area