Average Financial Managers Salary in Worcester, MA
Financial Managers in Worcester, MA, earn an average annual salary of $175,840. This figure is slightly below the national average of $184,480, suggesting a localized compensation structure influenced by regional economic factors and industry demand within the Worcester area. While not reaching the national benchmark, this salary reflects the specialized skills and responsibilities inherent in financial management roles within this specific Massachusetts market.
Executive Summary
- Average Salary: $175,840 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $263,760.
- Outlook: Worcester, MA, hosts a local workforce of 1,620 Financial Managers, indicating a substantial presence in the regional economy. The Location Quotient of 0.87 suggests that while the concentration of these professionals is slightly lower than the national average, the absolute number points to a stable and established job market. The presence of nearly 5 Financial Managers per 1,000 workers signifies consistent demand for these critical financial roles within the local business landscape.
Salary Overview
The average Financial Managers in Worcester, MA earns-4.7%below the national average.
$84.5
$3,382
$14,653
Financial Managers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that the salaries for Financial Managers in Worcester, MA, have experienced growth over the past four years, mirroring national trends. Economic expansion, inflation, and increasing demand for sophisticated financial expertise typically drive upward salary adjustments. This suggests that the current average of $175,840 likely represents an increase from previous years, reflecting a positive trajectory for compensation in this field.
Financial Managers Salary Distribution in Worcester, MA
The salary spectrum for Financial Managers in Worcester, MA, naturally widens with experience. Entry-level positions typically command salaries at the lower end of the pay scale, while senior roles, requiring extensive expertise and strategic oversight, can reach significantly higher figures. The percentile gaps between junior and senior roles are indicative of substantial career progression opportunities, rewarding accumulated knowledge, leadership capabilities, and proven track records in financial stewardship.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $93,530 | $45 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $131,880 | $63.4 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $162,720 | $78.2 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $219,800 | $105.7 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $263,760 | $126.8 |
Detailed Financial Managers Market Analysis
Relocation Context
Nominal Salary
$175,840
Gross Pay
Real Wage (Purchasing Power)
$175,840
Adjusted for COL (100)
The average annual salary of $175,840 for Financial Managers in Worcester, MA, aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of a Financial Manager's salary in Worcester is equivalent to that of a Financial Manager earning the national average in a typical U.S. city. Consequently, relocation to Worcester for this role offers no immediate cost-of-living advantage or disadvantage compared to the national standard.
Job Market Context
1,620
Total Jobs
4.603
Per 1K Jobs
0.87
Location Quotient
Worcester, MA has 0.87x 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 0.87, Worcester, MA, presents a job market for Financial Managers that is slightly less concentrated than the national average. This indicates that while the profession is well-represented, there isn't an oversupply of these specialists compared to other regions. This scenario can translate into a competitive yet accessible market, where skilled Financial Managers can find opportunities without facing extreme saturation, potentially leading to more favorable negotiation leverage.
Nearby Job Markets
Nearby Cities for Financial Managers
| City | Salary | Dist. |
|---|---|---|
| Massachusetts nonmetropolitan area Financial Managers Salary | $148,630↓ 15% | 14 mi |
| Providence-Warwick, RI-MA Financial Managers Salary | $170,800↓ 3% | 37 mi |
| Amherst Town-Northampton, MA Financial Managers Salary | $151,860↓ 14% | 37 mi |
| Boston-Cambridge-Newton, MA-NH Financial Managers Salary | $209,520↑ 19% | 37 mi |
| Springfield, MA Financial Managers Salary | $173,950↓ 1% | 39 mi |
Comparing salaries near Worcester, MA
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Frequently Asked Questions
How much does a Financial Managers make in Worcester, MA?
The median annual salary for a Financial Managers in Worcester, MA is $175,840. This typically ranges from $93,530 for entry-level positions to $263,760 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Worcester, MA is 4.7% lower than the national median of $184,480.
Is Worcester, MA a lucrative place for Financial Managers?
Yes, with caveats.Financial Managers in Worcester earn a strong average salary of $175,840, which is competitive given the national average cost of living. While slightly below the national salary average, the stable job market and solid pay make it a financially sound location.
Is Worcester, MA a good place to live for Financial Managers?
The Cost of Living Index in Worcester, MA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Worcester, MA?
Some top paying nearby cities include Massachusetts nonmetropolitan area ($148,630) and Providence-Warwick, RI-MA.
How does Worcester's Financial Manager salary compare to the national average?
The average salary for Financial Managers in Worcester, MA, is $175,840, which is approximately 4.6% lower than the national average of $184,480.
What is the concentration of Financial Managers in Worcester, MA?
Worcester has a Location Quotient of 0.87 for Financial Managers, indicating a slightly lower concentration of these professionals compared to the national average.
What is the cost of living in Worcester, MA, for Financial Managers?
The cost of living in Worcester, MA, is exactly at the national average, with an index of 100. This means that the purchasing power of a Financial Manager's salary in Worcester is equivalent to the national average.
How many Financial Managers work in Worcester, MA?
There are approximately 1,620 Financial Managers employed in the Worcester, MA area, representing about 4.603 jobs per 1,000 workers.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,620 employees in the Worcester, MA area with a job density of 4.603 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 Worcester, MA