Average Financial Risk Specialists Salary in Illinois
Financial Risk Specialists in Illinois earn an average annual salary of $111,110. This figure is approximately 8.3% lower than the national average of $121,220. Regional economic factors, industry demand, and the specific financial landscape within Illinois contribute to this localized compensation.
Executive Summary
- Average Salary: $111,110 per year.
- Growth Trend: Salaries have shifted 7.9% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $203,260.
- Outlook: With a total local workforce of 2,810 Financial Risk Specialists, Illinois demonstrates a significant presence in this field. The location quotient of 1.27 indicates that this profession is more concentrated in Illinois than the national average, suggesting a robust and potentially growing demand for these specialized skills within the state.
Salary Overview
The average Financial Risk Specialists in Illinois earns-8.3%below the national average.
$53.4
$2,137
$9,259
Financial Risk Specialists Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that the salary for Financial Risk Specialists in Illinois has experienced steady growth over the past four years, mirroring national trends. Factors such as increasing regulatory complexity, evolving market dynamics, and a heightened focus on risk management within financial institutions likely contribute to this upward salary trajectory.
Financial Risk Specialists Salary Distribution in Illinois
The career path for Financial Risk Specialists typically involves significant salary progression based on experience. Entry-level positions may start at a lower percentile, while seasoned professionals with extensive expertise and specialized certifications can command salaries in the upper percentiles, reflecting their increased value and contribution to an organization's risk mitigation strategies.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $57,320 | $27.6 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $83,333 | $40.1 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $98,410 | $47.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $138,888 | $66.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $203,260 | $97.7 |
Detailed Financial Risk Specialists Market Analysis
Relocation Context
Nominal Salary
$111,110
Gross Pay
Real Wage (Purchasing Power)
$121,035
Adjusted for COL (91.8)
The average annual salary of $111,110 in Illinois presents a favorable financial situation when considering the local cost of living. With a Cost of Living Index of 91.8, which is below the national average of 100, the purchasing power of a Financial Risk Specialist's salary in Illinois is effectively enhanced, making the nominal income more substantial in real terms.
Job Market Context
2,810
Total Jobs
0.463
Per 1K Jobs
1.27
Location Quotient
With a location quotient of 1.27, Illinois has a slightly higher-than-average concentration of Financial Risk Specialists roles compared to the national norm.
A location quotient of 1.27 signifies that Financial Risk Specialists are 27% more concentrated in Illinois compared to the national average. This suggests a competitive yet abundant job market, where employers may have a good pool of talent to draw from, while specialists can find ample opportunities tailored to their expertise within the state.
Nearby Job Markets
Nearby Cities for Financial Risk Specialists
| City | Salary | Dist. |
|---|---|---|
| Bloomington, IL Financial Risk Specialists Salary | $141,680↑ 28% | 9 mi |
Comparing salaries near Illinois
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Frequently Asked Questions
How much does a Financial Risk Specialists make in Illinois?
The median annual salary for a Financial Risk Specialists in Illinois is $111,110. This typically ranges from $57,320 for entry-level positions to $203,260 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Illinois is 8.3% lower than the national median of $121,220.
Is Illinois a lucrative place for Financial Risk Specialists?
Yes, Illinois offers a lucrative environment for Financial Risk Specialists.While the average salary is slightly below the national benchmark, the lower cost of living significantly boosts purchasing power. Furthermore, the higher concentration of these roles indicates strong market demand.
Is Illinois a good place to live for Financial Risk Specialists?
With a Cost of Living Index of 91.8 (lower than the national average of 100), your salary goes further here.
Where are the highest paying cities near Illinois?
Some top paying nearby cities include Bloomington, IL ($141,680) and others.
How does the number of Financial Risk Specialists in Illinois compare nationally?
Illinois has a total local workforce of 2,810 Financial Risk Specialists, indicating a substantial presence within the state's financial sector.
What does a Location Quotient of 1.27 mean for Financial Risk Specialists in Illinois?
A Location Quotient of 1.27 means that Financial Risk Specialists are more concentrated in Illinois than the national average, suggesting a higher demand and a more developed professional community for this role within the state.
How does the Cost of Living in Illinois affect the Financial Risk Specialist salary?
With a Cost of Living Index of 91.8, Illinois is more affordable than the national average. This means the $111,110 salary provides a higher real income and greater purchasing power for specialists living in the state.
What is the ratio of Financial Risk Specialist jobs per 1,000 workers in Illinois?
In Illinois, there are approximately 0.463 Financial Risk Specialist jobs per 1,000 workers, reflecting the specific employment density of this profession within the state's overall labor market.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,810 employees in the Illinois area with a job density of 0.463 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 Risk Specialists • Data source: BLS OEWS 2024 •Jobs in Illinois