Average Financial Risk Specialists Salary in New Jersey
Financial Risk Specialists in New Jersey command an impressive average annual salary of $128,970, significantly outpacing the national average of $121,220. This elevated compensation is largely driven by New Jersey's robust financial sector, high demand for specialized risk management expertise, and the state's overall economic landscape, which necessitates higher pay to attract and retain top talent in this critical field.
Executive Summary
- Average Salary: $128,970 per year.
- Growth Trend: Salaries have shifted 3.9% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $181,200.
- Outlook: With a local workforce of 2,370 Financial Risk Specialists and a Location Quotient of 1.53, New Jersey demonstrates a strong concentration of these professionals, indicating a robust and active job market. This higher-than-average concentration suggests substantial demand and a healthy ecosystem for risk management roles within the state.
Salary Overview
The average Financial Risk Specialists in New Jersey earns+6.4%above the national average.
$62
$2,480
$10,748
Financial Risk Specialists Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that the salaries for Financial Risk Specialists in New Jersey have experienced consistent growth over the past four years. This trend is typical for specialized roles within thriving economic hubs, reflecting increasing complexity in financial markets, evolving regulatory landscapes, and a sustained demand for skilled risk assessment professionals.
Financial Risk Specialists Salary Distribution in New Jersey
The career trajectory for Financial Risk Specialists in New Jersey typically shows a significant salary increase with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with extensive expertise and a proven track record can command salaries in the upper percentiles, often exceeding $150,000 annually. These percentile gaps clearly signify substantial career progression and earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $76,730 | $36.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $96,728 | $46.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $123,000 | $59.1 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $161,213 | $77.5 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $181,200 | $87.1 |
Detailed Financial Risk Specialists Market Analysis
Relocation Context
Nominal Salary
$128,970
Gross Pay
Real Wage (Purchasing Power)
$114,742
Adjusted for COL (112.4)
The average annual salary of $128,970 for Financial Risk Specialists in New Jersey appears quite strong when considered against the local Cost of Living Index of 112.4. While the cost of living is above the national average, the higher nominal salary provides a substantial buffer, suggesting that the purchasing power for these specialists remains competitive within the state.
Job Market Context
2,370
Total Jobs
0.558
Per 1K Jobs
1.53
Location Quotient
New Jersey has 1.5x the national concentration of Financial Risk Specialists jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.
A Location Quotient of 1.53 signifies that New Jersey has approximately 53% more Financial Risk Specialists per worker than the national average. This indicates a highly concentrated and competitive market, suggesting that employers actively seek out this talent, and professionals in this field are likely to find numerous opportunities within the state.
Nearby Job Markets
Nearby Cities for Financial Risk Specialists
| City | Salary | Dist. |
|---|---|---|
| Trenton-Princeton, NJ Financial Risk Specialists Salary | $120,520↓ 7% | 14 mi |
| New York-Newark-Jersey City, NY-NJ Financial Risk Specialists Salary | $157,880↑ 22% | 39 mi |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Financial Risk Specialists Salary | $123,470↓ 4% | 42 mi |
| Allentown-Bethlehem-Easton, PA-NJ Financial Risk Specialists Salary | $102,480↓ 21% | 54 mi |
Comparing salaries near New Jersey
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Frequently Asked Questions
How much does a Financial Risk Specialists make in New Jersey?
The median annual salary for a Financial Risk Specialists in New Jersey is $128,970. This typically ranges from $76,730 for entry-level positions to $181,200 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in New Jersey is 6.4% higher than the national median of $121,220.
Is New Jersey a lucrative place for Financial Risk Specialists?
Yes, New Jersey is a highly lucrative location for Financial Risk Specialists.The average salary of $128,970 significantly exceeds the national average, and the strong concentration of roles (LQ 1.53) points to high demand and competitive compensation.
Is New Jersey a good place to live for Financial Risk Specialists?
The Cost of Living Index in New Jersey is 112.4. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near New Jersey?
Some top paying nearby cities include Trenton-Princeton, NJ ($120,520) and New York-Newark-Jersey City, NY-NJ.
How does New Jersey's salary compare to the national average for this role?
Financial Risk Specialists in New Jersey earn an average of $128,970 annually, which is $7,750 more than the national average of $121,220.
What is the concentration of Financial Risk Specialists in New Jersey?
New Jersey has a Location Quotient of 1.53 for Financial Risk Specialists, meaning the concentration of these jobs is 53% higher than the national average.
How does the cost of living in New Jersey affect the salary?
With a Cost of Living Index of 112.4, New Jersey is more expensive than the national average. However, the higher salary for Financial Risk Specialists helps to offset this increased cost.
What is the total number of Financial Risk Specialists in New Jersey?
There are approximately 2,370 Financial Risk Specialists employed in New Jersey.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,370 employees in the New Jersey area with a job density of 0.558 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 Risk Specialists • Data source: BLS OEWS 2024 •Jobs in New Jersey