Average Financial Managers Salary in West Kentucky nonmetropolitan area
Financial Managers in the West Kentucky nonmetropolitan area earn an average annual salary of $113,530. This figure significantly trails the national average of $184,480, reflecting the distinct economic landscape and demand dynamics of this region. Localized economic factors and industry concentration play a crucial role in shaping compensation for these vital finance professionals.
Executive Summary
- Average Salary: $113,530 per year.
- Growth Trend: Salaries have shifted 10.1% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $170,170.
- Outlook: The job market for Financial Managers in West Kentucky, with a total local workforce of 310, indicates a niche but present demand. The Location Quotient of 0.46 suggests that while the concentration of these roles is lower than the national average, the presence of a dedicated workforce signifies ongoing opportunities within the region's specific economic structure.
Salary Overview
The average Financial Managers in West Kentucky nonmetropolitan area earns-38.5%below the national average.
$54.6
$2,183
$9,461
Financial Managers Salary Trends (2020-2024)
While specific historical data for West Kentucky's Financial Managers is not provided, it is generally assumed that salaries for this profession have experienced steady growth over the past four years, mirroring national trends. This growth is typically driven by increasing complexity in financial regulations, evolving business needs, and the persistent demand for skilled financial oversight across various industries.
Financial Managers Salary Distribution in West Kentucky nonmetropolitan area
The career trajectory for Financial Managers typically involves significant salary progression. Entry-level positions often start at the lower end of the pay scale, while seasoned professionals with extensive experience and specialized skills can command salaries well above the average. The widening percentile gaps in salary data underscore the substantial rewards associated with advancing through the ranks and acquiring specialized expertise.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $55,180 | $26.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $85,148 | $40.9 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $100,860 | $48.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $141,913 | $68.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $170,170 | $81.8 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$113,530
Gross Pay
Real Wage (Purchasing Power)
$113,530
Adjusted for COL (100)
With an average annual salary of $113,530 and a Cost of Living Index at the national average of 100, the nominal income in West Kentucky for Financial Managers offers purchasing power equivalent to the national median. This means that while the salary is lower than the national average, the cost of goods and services is also at par, suggesting a stable, albeit not exceptionally high, standard of living.
Job Market Context
310
Total Jobs
2.421
Per 1K Jobs
0.46
Location Quotient
At 0.46x, West Kentucky nonmetropolitan area has a notably lower concentration of Financial Managers jobs than the national average. Opportunities in this area are relatively scarce for this profession.
The Location Quotient of 0.46 for Financial Managers in West Kentucky indicates a lower concentration of these roles compared to the national average. This suggests that the job market may be less saturated, potentially offering a more competitive environment for skilled professionals seeking opportunities, but also implying a smaller overall pool of available positions relative to the national landscape.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Lexington-Fayette, KY Financial Managers Salary | $146,680↑ 29% | 28 mi |
| Elizabethtown, KY Financial Managers Salary | $134,230↑ 18% | 66 mi |
| Louisville/Jefferson County, KY-IN Financial Managers Salary | $147,750↑ 30% | 72 mi |
| Cincinnati, OH-KY-IN Financial Managers Salary | $160,960↑ 42% | 100 mi |
Comparing salaries near West Kentucky nonmetropolitan area
Hiring Financial Managerss?
Frequently Asked Questions
How much does a Financial Managers make in West Kentucky nonmetropolitan area?
The median annual salary for a Financial Managers in West Kentucky nonmetropolitan area is $113,530. This typically ranges from $55,180 for entry-level positions to $170,170 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in West Kentucky nonmetropolitan area is 38.5% lower than the national median of $184,480.
Is West Kentucky nonmetropolitan area a lucrative place for Financial Managers?
No, it is not as lucrative as the national average.The average salary of $113,530 is considerably lower than the national average of $184,480. However, the Cost of Living Index being at 100 means the purchasing power is equivalent to the national average.
Is West Kentucky nonmetropolitan area a good place to live for Financial Managers?
The Cost of Living Index in West Kentucky nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near West Kentucky nonmetropolitan area?
Some top paying nearby cities include Lexington-Fayette, KY ($146,680) and Elizabethtown, KY.
How does the number of Financial Managers in West Kentucky compare nationally?
With 2.421 jobs per 1,000 workers, the presence of Financial Managers is noted but less concentrated than the national average, as indicated by the Location Quotient of 0.46.
What is the significance of the Location Quotient (LQ) for Financial Managers in West Kentucky?
An LQ of 0.46 signifies that Financial Manager roles are less concentrated in West Kentucky compared to the national average, suggesting a smaller, more specialized local market.
How does the Cost of Living in West Kentucky affect the Financial Manager salary?
The Cost of Living Index of 100 means that the $113,530 salary provides purchasing power on par with the national average, despite being lower in nominal terms.
What does the total local workforce size imply for Financial Manager job prospects?
A total local workforce of 310 Financial Managers suggests a stable, albeit not expansive, job market within the West Kentucky nonmetropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 310 employees in the West Kentucky nonmetropolitan area area with a job density of 2.421 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 Kentucky nonmetropolitan area