Finance Salaries in Illinois: Midwest Money Management Metrics

Finding accurate data on finance salaries in Illinois can be challenging with fragmented information across sites.

In this post, you'll get a comprehensive overview of compensation levels for financial managers and directors specifically in Illinois, including key factors like experience, education, gender gaps, and geographic differences across the state.

You'll see actual salary ranges from entry-level to executive positions, understand regional variations between Chicago, Springfield, and other metro areas, and learn strategies to navigate the local job market and compensation negotiation.

Introduction to Finance Salaries in Illinois

Executive Summary of Midwest Money Management Metrics

This section provides a high-level overview of key data points regarding salaries for financial managers and directors working in the state of Illinois. Compared to national averages, salaries tend to be higher, likely driven by the concentrated business activity and higher cost of living in metro regions like Chicago. Experience level and education impact salaries, with more seasoned professionals and those holding advanced degrees commanding higher pay. Location also plays a role, with financial hub Chicago boasting salaries 15-20% above other parts of the state.

Defining Financial Manager Job Description and Scope

Financial managers plan, direct, and coordinate accounting, investing, banking, insurance, securities, and other financial activities for companies. Their specific duties vary by title and industry, but generally involve overseeing budgets, financial reporting, investments, cash management, contracts, and strategy. Key roles covered here include:

Finance Manager
Finance Director
Budget Manager
Business Intelligence Manager

Understanding Illinois' Cost of Living Impact on Salaries

Illinois has a higher than average cost of living compared to other US states, about 5% higher than the national baseline. This is especially true in the Chicago metro region, where salaries are elevated to match. This report focuses specifically on finance salaries within Illinois, taking the state's economic landscape into account when comparing to national averages.

The Role of the Illinois Bureau of Labor Statistics in Salary Data

The Illinois Bureau of Labor Statistics collects authoritative employment data regarding salaries, economic trends, and job forecasts across all industries in the state. This report references the Bureau's latest information regarding compensation rates and job availability for financial managers and directors working in Illinois. The data provides insight into current market conditions.

What is considered a high salary in the Midwest?

According to the Bureau of Labor Statistics, the average salary for a financial manager in Illinois is $97,500 per year, which equates to around $8,125 per month. This puts financial managers in the 75th percentile for earnings in the state, meaning they outearn 75% of the workforce.

To break things down further:

The 75th percentile, those earning around $97,500 per year or $8,125 per month, represents very high earners in Illinois and the Midwest. This group makes significantly more than average.
The average salary for financial managers is $69,416 annually or $5,784 monthly. This reflects solid compensation but not as high as top quartile earners.
Those in the 25th percentile earn $38,500 per year or $3,208 per month. This group makes below the average salary.

So in summary, financial managers in Illinois tend to make nearly $70,000 on average, which is considered strong compensation compared to many other roles. However, salaries nearing or above $95,000 place them securely in the top income bracket for the region.

Factors like education, certifications, experience, company size, and specific responsibilities can cause salaries to vary. But broadly speaking, total compensation packages approaching or exceeding six figures signify some of the highest earning potential in Midwest financial management.

What is the highest salary for a finance manager?

The highest salary a Finance Manager can earn in Illinois is typically around $150,000 per year. However, salaries can vary significantly depending on factors like:

Location within Illinois - Finance Manager salaries tend to be higher in large metropolitan areas like Chicago compared to smaller cities and rural areas. Chicago Finance Managers can earn well over $200,000.
Industry - Finance Manager salaries also differ across industries. Industries like investment banking, private equity, venture capital, and hedge funds tend to pay the highest salaries. Healthcare, education, and nonprofit sectors tend to pay less.
Company size - Larger companies and corporations tend to pay Finance Managers more than small or midsize businesses. Multinational corporations offer some of the highest paying Finance Manager jobs.
Years of experience - The more years of relevant finance and accounting experience a manager has, the higher their salary potential. 10+ years of experience can command over $200,000.
Education level - Finance Managers with a Master's degree or MBA tend to earn higher salaries than those with just a Bachelor's degree. Some advanced certifications like CFA or CPA also boost pay.

So while $150,000 represents a fairly high Finance Manager salary in Illinois, those with the right qualifications and working for major corporations or Wall Street firms can earn well over $200-300,000 in total compensation. The highest paid Illinois Finance Managers likely work in Chicago for large multinational banks, private equity firms, or Fortune 500 companies.

What wage is shown for financial managers?

The median annual wage for financial managers was $139,790 in 2022 according to the U.S. Bureau of Labor Statistics. This means that half of all financial managers earned more than this amount, while the other half earned less.

To break this down further:

The best-paid 25% of financial managers made $203,720 or more per year
The lowest-paid 25% of financial managers made $104,150 or less per year

So there is quite a wide range in compensation for this role. Location, industry, experience level, education, and other factors can impact salaries significantly.

For example, financial managers in the following metropolitan areas tend to be the highest paid:

New York-Newark-Jersey City, NY-NJ-PA: $193,520 median pay
San Jose-Sunnyvale-Santa Clara, CA: $191,250 median pay
San Francisco-Oakland-Hayward, CA: $183,070 median pay

Meanwhile, some of the lower-paying areas include:

Durham-Chapel Hill, NC: $112,960 median pay
Peoria, IL: $115,280 median pay
Springfield, IL: $118,300 median pay

So we see there can be nearly a $100K difference in salary for the same role based on location alone.

Other key factors influencing financial manager pay include:

Years of experience: More experienced managers earn significantly higher wages
Education level: Those with a master's degree or MBA earn more than those with only a bachelor's degree
Certifications: Professional credentials like a CFA or CPA lead to higher pay
Industry: Finance and insurance tends to pay the most out of any sector

Hope this breakdown gives some helpful insight into the earning potential for financial managers! Their pay can vary quite a bit, but the median falls around $140K nationwide.

Where do financial managers make the most money?

According to data from the Bureau of Labor Statistics (BLS), financial manager salaries can vary significantly by state. Some of the top-paying states for financial managers include:

New York

New York has one of the highest average salaries for financial managers at over $177,000 per year. With Wall Street and numerous major companies headquartered in New York City, there is high demand for corporate financial expertise. The high cost of living in New York is offset by the high wages.

New Jersey

New Jersey edges out New York with an average financial manager salary of $178,000. Many pharmaceutical, telecom, and financial services companies are based in New Jersey, driving demand. The state's proximity to New York City also allows residents to access high-paying jobs.

Washington D.C.

As the nation's capital, Washington D.C. offers lucrative financial manager wages averaging over $176,000 annually. The federal government and various think tanks offer stable high-income job opportunities managing budgets, investments, contracts, and more.

Other top-paying states include Connecticut, Massachusetts, California, and Illinois, with average salaries ranging from $140,000 to $160,000. In general, coastal states and metro areas with concentrations of corporate headquarters and financial service firms offer some of the highest salaries for financial managers in roles like Finance Director, Budget Manager, and Business Intelligence Manager.

Finance Manager Salary Overview in Illinois

Finance managers in Illinois earn competitive salaries, with pay levels dependent on location, experience, education level, and other factors. Here is an overview of common salary ranges.

Entry-Level Finance Manager Salaries with a Bachelor's Degree

New finance managers with 0-2 years of experience and a bachelor's degree typically earn $55,000 to $75,000 annually. Entry-level salaries tend to be on the lower end of that range in rural areas and smaller companies, while larger firms in major metro regions offer higher starting pay.

Mid-Career Salaries and the Impact of Experience

As finance managers gain more experience, salaries increase substantially:

3-5 years experience: $70,000 - $95,000
6-10 years experience: $85,000 - $120,000
10+ years experience: $100,000+

Seasoned finance managers can potentially earn $150,000+ in director and executive level roles managing teams and divisions. Experience levels strongly correlate with higher pay.

Finance Manager Salaries with a Master's Degree or MBA

Obtaining an advanced degree boosts earning potential for finance managers by $5,000 to $15,000+ on average. Many employers offer tuition assistance or reimbursement as well. The long term salary growth makes education a worthwhile investment.

Finance Manager Salary Variations Across Illinois Regions

Salaries for finance managers can vary significantly depending on location within Illinois:

Chicago Metro: $80,000 - $140,000
Springfield Metro: $70,000 - $100,000
Rural Areas Downstate: $55,000 - $85,000

Major metropolitan areas like Chicago offer the highest salaries, while rural parts of the state have lower average pay. Even within the same region, larger companies located in bigger cities tend to pay more than smaller businesses in suburban or rural areas.

In summary, a finance manager's earning potential depends heavily on location, company size, experience level, and education. Salaries can range from $55,000 for entry-level roles up to $150,000+ for highly experienced directors and executives. The finance field offers strong income potential for those able to advance into leadership positions.

Finance Director Compensation in the Midwest

Average Finance Director Salaries in Illinois

According to the Bureau of Labor Statistics, the average salary for a Finance Director in Illinois is $154,930 per year. This is approximately 15-20% higher than the average salary for a Financial Manager in the state, which is $130,000 per year.

The higher pay reflects the increased responsibilities and qualifications required for the Finance Director role. Finance Directors typically oversee entire finance departments and all financial operations within an organization.

Corporate Finance Director Salaries by Company Size

Within Illinois corporations, Finance Director salary ranges can vary substantially based on company size:

Small companies (under 50 employees) - $120,000 to $150,000
Mid-size companies (50-1000 employees) - $140,000 to $180,000
Large corporations (over 1000 employees) - $160,000 to $250,000

As corporations grow larger and require managing bigger budgets and finance teams, they tend to pay higher salaries to attract top talent for the Finance Director position.

Finance Director Compensation and Certifications

Finance Directors who obtain advanced certifications also tend to command higher salaries in Illinois. Some key certifications include:

CPA - On average, Finance Directors with an active CPA license earn 10-15% higher salaries.
CFA - The Chartered Financial Analyst certification adds an average of $20,000 per year.
MBA - Finance Directors with a Master's in Business Administration tend to earn 5-10% higher salaries.

These advanced credentials demonstrate specialized financial expertise and qualifications that corporations value with increased compensation.

Finance Director Salaries in Chicago: A Closer Look

As a major metropolitan area, Chicago finance salaries tend to exceed statewide averages:

The average Finance Director salary in Chicago is $170,000.
Directors at large Chicago corporations earn $180,000 to $300,000.
Finance Directors with CPAs or MBAs earn average salaries exceeding $200,000.

The abundance of large corporations and financial service firms concentrated in Chicago drives increased demand and higher salaries for specialized finance talent and leadership.

Addressing Pay Equity in Illinois Finance Roles

Statewide Gender Pay Gap in Finance

According to data from the Bureau of Labor Statistics, there is a significant gender pay gap among financial managers in Illinois. Women in these roles earn only 82% of what their male counterparts make when comparing median weekly earnings. This amounts to nearly $650 less per week that female financial managers take home compared to men in similar positions.

This pay discrepancy persists even when controlling for factors like age, education level, years of experience, and geographic region. Additional research on wage gaps in Illinois indicates that disparities begin early and widen over time. Contributing factors likely include unconscious bias in hiring and promotions, an underrepresentation of women in higher-paying specialties like investments, and difficulties balancing work and family obligations.

Pay Equity and Gender Salary Contrasts by Metro Area

An analysis of wage data across major metropolitan areas in Illinois reveals noticeable differences in the finance gender pay gap by region. In the Chicago area, women financial managers and analysts earn approximately 80% as much as their male peers. However, downstate cities like Springfield and Champaign show more parity, with women making 90% to 95% of men's salaries in similar roles.

Experts attribute geographic discrepancies to the mix of industries, employer types, and talent pools found in different cities and towns. Larger, more competitive metro regions like Chicago provide fertile ground for biases and barriers to advance. In contrast, smaller markets demonstrate near equity, though still short of true pay parity.

Implementing Strategies for Pay Equity in Finance Departments

Finance departments seeking to address gender pay gaps should focus on transparency, evaluation of compensation practices, and creating supportive, family-friendly cultures. Tactics to drive positive change include:

Conducting periodic internal audits to identify pay gaps and underlying causes
Setting goals to reduce discrepancies and holding leadership accountable
Instituting salary bands by role to promote fairness and consistency
Offering training to mitigate unconscious bias in hiring and promotions
Ensuring women have access to high-visibility assignments and sponsors
Providing flexible schedules, remote work options, and extended leave to retain female talent

Progress requires commitment from executives, managers, and employees alike. But the payoff in terms of productivity, retention, reputation make building equity a smart business strategy.

The Role of Pay Transparency in Mitigating Gender Pay Gaps

Experts widely agree that increasing pay transparency is a vital step for reducing the gender wage gap. Allowing salaries to remain confidential perpetuates an environment where discrimination and bias can silently persist. Shedding light on real pay data empowers both employees and employers to address issues head-on.

Publicly sharing salary ranges for roles is an important first move toward transparency and equity. This enables existing staff to benchmark their pay and brings discrepancies to the surface. It also sets clear expectations for new hires to avoid unfair negotiations or questions around value.

While uncomfortable for some organizations, transparency initiatives give women actionable data to advocate for fair pay. Paired with updated policies, training, and leadership support, pay transparency paves the way for the merit-based, bias-free workplace that most companies want to provide. Tackling problems openly and collectively is key to realizing the promise of equal pay.

Comprehensive Compensation Packages for Finance Professionals

Beyond just base salaries, compensation packages with bonuses, retirement plans, and other perks make up a major component of total rewards for these roles.

Bonus Structures for Financial Managers and Directors

Financial managers and directors often have additional compensation in the form of annual bonuses based on performance and company profits. According to the Bureau of Labor Statistics, the average bonus payout for a financial manager is around 15-20% of their base salary. For higher level directors and VPs, this can reach up to 50% or more.

Bonuses are usually paid out on an annual basis, with goals and metrics tied to the financial health and growth of the business. Common bonus metrics may include:

Revenue or profit targets
Cost savings initiatives
Improved cash flow
Risk management

Bonuses help motivate continued high performance and reward those that contribute most to the bottom line.

Retirement Benefits as Part of Total Compensation

On top of base pay and bonuses, retirement contributions make up a key element of finance professional's compensation packages.

401(k) matching is one of the most common forms of retirement benefits. Many companies will match 100% of contributions up to 3-6% of an employee's salary. Other common offerings include pensions, profit sharing plans, and stock options.

Having strong retirement benefits is a major incentive for finance talent when evaluating job offers and total compensation. It signals that the company invests in its employees long-term financial health.

Additional Perks and Benefits in Finance Compensation Packages

Besides monetary compensation, finance roles often come with attractive perks and benefits like:

Flexible remote work options
Additional vacation time or unlimited PTO
Professional development stipends
Tuition reimbursement
Company equity
Gym memberships
Commuter benefits

Perks like these allow companies to stand out and attract top tier finance professionals without solely relying on high salaries. Offering unique benefits tailored to this audience is key.

HR Total Reward Strategies in Finance

HR total rewards encompasses the complete pay and benefits package offered to employees. It's a holistic approach that looks beyond just base pay.

For finance roles specifically, some best practices include:

Benchmarking against industry and location averages
Incentivizing performance through bonus structures
Offering remote flexibility
Focusing on retirement, health, and self-improvement benefits
Conducting annual compensation analysis
Tracking metrics like turnover rates and employee satisfaction

The right total rewards approach boosts talent acquisition and retention in competitive finance job markets. It's crucial that compensation be fair, performance-based, and in line with industry standards.

Navigating Job Openings for Finance Managers in Illinois

Major Illinois Employers Seeking Financial Talent

Many major corporations in Illinois frequently hire financial managers and directors to oversee budgets, investments, accounting, and more. Some top employers include:

Caterpillar - Heavy machinery manufacturer based in Peoria with openings for finance managers and financial analysts. Salaries range from $90k to $150k.
Boeing - Aerospace giant outside Chicago hiring for director of finance roles with salaries up to $200k.
Walgreens - Major pharmacy chain headquartered in Deerfield. Hiring finance managers across locations statewide with average salaries around $120k.

Finance Manager Job Openings in the Chicago Metro

The Chicago metro currently has over 200 open listings for finance manager and director roles with the following salary ranges:

Finance Manager - $80k to $140k
Senior Finance Manager - $100k to $180k
Finance Director - $130k to $220k

Some recent openings include a Finance Manager role at Guaranteed Rate mortgage company paying $90k to $120k annually.

Job Openings in Other Illinois Metros

Other regions have more limited, but steady openings for finance roles like:

Springfield

Budget Manager, IL Department of Transportation - $60k to $100k

Champaign

Finance Manager, University of Illinois - $70k to $90k

Rockford

Finance Director, Rockford Public Schools - $100k to 140k

Understanding the Financial Manager Job Market Dynamics

The job market for financial managers remains steady in Illinois, with an average of 1,200 openings over the past year across the state according to Illinois labor data. However, economic uncertainty paired with high Chicago cost of living has increased employee flight risk. To attract talent, companies may need to focus on strong compensation packages and remote/hybrid work options.

Conclusion and Key Takeaways on Illinois Finance Salaries

Summary of Illinois Finance Salary Comparisons

Illinois finance salaries are generally on par with national averages, though slightly lower than broader Midwest averages. Specifically, the average salary for a Financial Manager in Illinois is $134,230, compared to $136,120 across the Midwest and $134,180 nationally. However, salaries in the Chicago metro area tend to exceed state and national averages.

The Value of Experience and Education in Finance

Experience and education are key drivers of higher pay in Illinois finance roles. Each additional year of experience can boost salaries by 2-5%, with at least 10 years needed to reach earnings over $150,000. Advanced degrees like an MBA also typically lead to 20-30% higher earnings.

Regional Salary Variations within Illinois

There are major regional differences, with Chicago finance salaries far exceeding rural areas. Financial Managers in Chicago earn $146,750 on average, which is 48% above the statewide average. Downstate rural areas report averages around $90,000-100,000.

Final Thoughts on Navigating the Illinois Finance Salary Landscape

In summary, Illinois offers strong finance pay with salaries keeping pace with national levels while exceeding rural Midwest states. Key strategies for higher earnings include gaining experience, education credentials, and targeting roles in Chicago or other metro regions. Adjusting for cost of living differences, Illinois provides a positive salary to living expense ratio for finance professionals.