The average annual salaries for financial managers in the state of Michigan are shown in Table 1. The comparison of the salary statistics of financial managers among Michigan areas is shown in Table 2. The salary statistics are based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2019 and published in April 2020 [1].
| Percentile bracket | Average annual salary |
|---|---|
| 10th Percentile Wage | $68,310 |
| 25th Percentile Wage | $88,310 |
| 50th Percentile Wage | $117,660 |
| 75th Percentile Wage | $155,760 |
| 90th Percentile Wage | $204,680 |
Table 1 shows the average annual salary for financial managers in Michigan in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $204,680. The median (50th percentile) annual salary is $117,660. The average annual salary for the bottom 10 percent is $68,310.
The table and chart below show the trend of the median salary of financial managers from 2012 to 2019.
| Year | Median Salary | Yearly Growth | 7-Year Growth |
|---|---|---|---|
| 2019 | $117,660 | 1.16% | 18.96% |
| 2018 | $116,300 | 4.51% | - |
| 2017 | $111,060 | 5.34% | - |
| 2016 | $105,130 | 3.42% | - |
| 2015 | $101,530 | 2.17% | - |
| 2014 | $99,330 | -0.42% | - |
| 2013 | $99,750 | 4.41% | - |
| 2012 | $95,350 | - | - |
Table 3 shows the median annual salary of financial managers in some Michigan cities and metropolitan areas. We note that the median annual salary of financial managers in state of Michigan ranges from $73,410 to $130,970. The highest paying area for financial managers in Michigan is Detroit-Warren-Livonia with a median annual salary of $130,970. The second highest paying city/area in Michigan State is Detroit-Livonia-Dearborn (mean annual salary $121,810). The lowest paying area is Northeast Lower Peninsula of Michigan nonmetropolitan area with a median annual salary of $73,410.