Financial Analyst in Peoria, IL

The Salary Picture: Where Peoria Stands

If you're a financial analyst looking at Peoria, the numbers tell a straightforward story: you'll earn a solid middle-class income in a city where your money goes further. The median salary for a Financial Analyst in Peoria is $95,623 per year, which works out to an hourly rate of $45.97. This is slightly below the national average of $99,010, but the gap isn't as wide as you might think, especially when you factor in the cost of living.

Peoria's metro area supports 226 jobs for financial analysts, with a 10-year job growth projection of 9%. That's not explosive growth, but it's steady, reflecting the city's stable healthcare and manufacturing economy. The key here is stability over frenzy; Peoria isn't a boomtown, but it's not a place where analysts are laid off in droves during downturns either.

To break it down by experience, here’s what you can expect in the Peoria market:

Experience Level	Typical Years	Estimated Salary Range (Peoria)
Entry-Level	0-2 years	$65,000 - $78,000
Mid-Level	3-7 years	$85,000 - $105,000
Senior Analyst	8-12 years	$110,000 - $135,000
Expert/Manager	13+ years	$140,000+

Note: Ranges are estimates based on local job postings, BLS data, and conversations with professionals. The median of $95,623 sits squarely in the mid-level range.

So, how does this stack up against other Illinois cities?

• Chicago: The national average is closer to reality here, with salaries often $20,000-$30,000 higher than Peoria's median. However, the cost of living and rent are exponentially higher.
• Springfield: Salaries are comparable to Peoria, often within $5,000 of the median. The job market is smaller, with a heavier focus on state government roles.
• Champaign-Urbana: Similar to Springfield, but with a tech and university spin. Salaries are roughly on par with Peoria, with a slightly more volatile job market tied to academic cycles.

Insider Tip: Don't get fixated on the salary number alone. A $100,000 offer in Chicago might sound great until you realize a one-bedroom apartment in a safe neighborhood costs $2,200/month. In Peoria, your rent is often less than half of that.

The Real Take-Home: After Taxes and Rent

Let's get brutally honest about what a $95,623 salary means in your pocket in Peoria. We'll assume you're single, take the standard deduction, and use Illinois' flat income tax rate (which is currently 4.95%). Federal taxes are more complex, but we'll use a reasonable estimate.

Here’s a monthly budget breakdown for a Financial Analyst earning the median salary of $95,623:

Expense Category	Monthly Cost (Est.)	Notes
Gross Monthly Pay	~$7,969	($95,623 / 12)
Taxes (Fed + State + FICA)	~$2,000	A rough estimate; actual depends on deductions, 401(k), etc.
Net Take-Home Pay	~$5,969	This is your "real" paycheck.
Rent (1BR Average)	$756	The city-wide average.
Utilities & Internet	$150	Peoria's climate means higher heating/cooling costs.
Groceries	$400	For one person, shopping at local chains like Hy-Vee or Aldi.
Transportation	$300	Car payment/insurance/gas. Public transit (CityLink) exists but is limited.
Health Insurance	$300	Employer-sponsored plan (approx. 70/30 split).
Retirement (401k, 5%)	$398	Pre-tax, lowers your taxable income.
Misc. (Entertainment, etc.)	$500	Dining out, streaming, occasional trips.
Remaining / Savings	~$2,165	This is where you build wealth.

Can they afford to buy a home? Absolutely. With that remaining $2,165, saving for a down payment is very feasible. The median home price in the Peoria metro area is around $155,000. A 20% down payment is $31,000. If you save $1,500/month from that remaining cash, you can have a down payment in about 20 months. A mortgage payment (including taxes and insurance) on a $155,000 home would likely be around $900-$1,100/month, which is very manageable on a $95,623 salary. Many analysts in Peoria own homes by their early 30s.

Insider Tip: Your biggest variable will be your car. Peoria is a driving city. Living in a cheaper apartment farther out might save you $200/month on rent but add $50/month in gas and another $50/month in car wear-and-tear. The sweet spot is often finding a place in a central neighborhood to minimize commute costs.

Where the Jobs Are: Peoria's Major Employers

The Peoria job market for financial analysts is dominated by a few key industries: healthcare, heavy machinery, and insurance. The "Big 2" are Caterpillar and OSF HealthCare, but there are other significant players.

1. Caterpillar Inc. (The Big One): Headquartered in nearby Deerfield but with a massive presence in Peoria (its former global HQ). They employ thousands in the region, including a significant number of financial analysts in corporate finance, treasury, and cost accounting. Hiring Trend: Steady, with a focus on analysts who can handle complex manufacturing cost structures and global currency exposure.

2. OSF HealthCare: One of the largest healthcare systems in Illinois, based in Peoria. They have a constant need for financial analysts to manage budgets for their hospitals (including OSF Saint Francis Medical Center, the region's largest hospital), physician offices, and insurance plans. Hiring Trend: Growing, driven by the consolidation of healthcare systems and the need for data-driven decision making in a post-pandemic world.

3. Rivian (Electric Vehicles): While its main manufacturing is in Normal (near Bloomington), its presence in Central Illinois is a growing source of high-tech jobs. Peoria has seen spillover in supply chain and financial roles, especially for analysts with a focus on capital-intensive project finance. Hiring Trend: Volatile but high-growth; expect more openings as their production scales.

4. State Farm Insurance: While its major operations are in Bloomington-Normal, it's a regional powerhouse. They hire financial analysts for actuarial support, claims financial analysis, and investment management. Hiring Trend: Consistent, with a strong preference for candidates with a background in insurance or risk analysis.

5. Illinois State University (in nearby Normal): A 45-minute drive, but a major employer of financial analysts for university endowment management, budget offices, and administrative analytics. Hiring Trend: Stable, with openings tied to the academic calendar and state funding cycles.

6. Hartford Steam Boiler (HSB): A major provider of equipment breakdown insurance, based in Hartford, CT, but with a significant regional office in Peoria. They hire analysts focused on underwriting and loss prevention. Hiring Trend: Niche but stable, requiring specific domain knowledge.

Insider Tip: Many of the best jobs at Caterpillar and OSF are never posted on Indeed. They're filled through internal referrals or specialized recruiters. Join the Central Illinois Chapter of the Financial Planning Association or the Peoria Area Chamber of Commerce to network. A coffee chat with a mid-level manager can be more valuable than 50 online applications.

Getting Licensed in IL

For most corporate financial analyst roles, you do not need a state-specific license. However, if you want to advance into wealth management, financial advising, or securities analysis, you will need certifications and registrations.

• For Securities/Advising (Series 7, 66): These are FINRA licenses, not Illinois-specific. You must be sponsored by a registered firm (like a brokerage or RIA). The cost is typically covered by the employer. The timeline is about 6-8 weeks of study and exams after sponsorship.
• For Certified Financial Planner (CFP®): This is a national certification. Illinois does not have a state-specific CFP board. The requirements are a bachelor's degree, 6,000 hours of professional experience, and a CFP board-approved education program. The exam fee is about $825, and the total cost of education and exam can run $5,000 - $8,000. The timeline is 12-24 months.
• For CPA (Certified Public Accountant): Illinois licensure requires a 150-hour education (a bachelor's + 30 extra credits), passing the Uniform CPA Exam, and one year of work experience under a licensed CPA. The exam fees are ~$1,000, and education is the biggest cost. The timeline is typically 2-4 years post-graduate.

Key Resource: The Illinois Department of Financial and Professional Regulation (IDFPR) oversees licensing for various financial professions. Their website is the authoritative source for any state-specific rules.

Best Neighborhoods for Financial Analysts

Peoria is a city of distinct neighborhoods, each with a different vibe and price point. Commute is rarely an issue—most analysts live and work within a 15-minute drive.

Neighborhood	Vibe & Commute	1BR Rent Estimate	Why It's Good for Analysts
Downtown	Urban, walkable, youthful. 5-10 min to most offices.	$900 - $1,300	Proximity to restaurants, networking events, and the Riverfront. Best for young professionals.
The Bluffs	Quiet, residential, family-oriented. 10-15 min commute.	$700 - $950	Affordable, safe, with good access to shopping and highways. Popular with young families.
West Peoria	Historic, charming, with large older homes. 10 min commute.	$800 - $1,100	Great for those who want character. Near Bradley University, which brings a cultural vibe.
North Peoria	Suburban, modern apartment complexes. 15-20 min commute.	$750 - $1,000	Newer constructions, lots of amenities (pools, gyms), easy highway access for commuting to Caterpillar.
South Peoria	More affordable, blue-collar, with a mix of older and newer homes. 10-15 min.	$600 - $850	The most budget-friendly option, but requires careful neighborhood research. Best for saving aggressively.

Insider Tip: If you work for Caterpillar in the north/northwest part of the city, living in the North Peoria or The Bluffs areas will give you the easiest commute (often under 10 minutes). If you're at OSF downtown, Downtown or West Peoria are ideal for a walkable lifestyle.

The Long Game: Career Growth

Peoria isn't a place for rapid, explosive career growth, but it's excellent for building deep expertise and moving into leadership in a stable market.

• Specialty Premiums: Analysts with skills in healthcare finance (revenue cycle, value-based care models) or manufacturing cost control (especially with ERP systems like SAP) can command a 10-15% premium over the median. A Financial Analyst specializing in supply chain finance at Caterpillar, for example, could earn $115,000+ with experience.
• Advancement Paths: The typical path is:
  1. Financial Analyst I -> Financial Analyst II (2-3 years)
  2. Senior Financial Analyst (3-5 years) -> Finance Manager (5-8 years)
  3. Director of Finance or Controller (8-12+ years)
• 10-Year Outlook: The projected 9% job growth is stable. The bigger opportunity is the "gray wave"—many senior finance professionals at Caterpillar and OSF are nearing retirement. This creates a clear pipeline for mid-career analysts to step into senior and management roles over the next decade. The rise of data analytics is also a key trend; analysts who master tools like Power BI and advanced Excel will be best positioned.

Insider Tip: Your best investment for long-term growth is industry-specific knowledge. An analyst who truly understands hospital reimbursement (for OSF) or equipment manufacturing margins (for Caterpillar) is far more valuable in Peoria than a generalist. Consider a role that pays slightly less now if it gives you that deep domain expertise.

The Verdict: Is Peoria Right for You?

Peoria offers a compelling value proposition for financial analysts who prioritize a high quality of life and financial stability over the frenetic pace of a major coastal city.

Pros	Cons
High Purchasing Power: Your salary stretches much further. Homeownership is very attainable.	Limited "Prestige": Not a hub for investment banking or cutting-edge fintech startups.
Stable Job Market: Dominated by large, resilient employers (healthcare, manufacturing).	Slower Pace: Fewer networking events, conferences, and job-hopping opportunities.
Short Commutes & Easy Life: 15-minute commutes are the norm. Less traffic, less stress.	Social Scene: Can feel quiet for young singles; the vibe is more family-oriented.
Strong Sense of Community: People are friendly, and it's easy to build a local network.	Weather: Illinois winters are cold and gray; summers can be hot and humid.
Outdoor Access: The Illinois River, parks, and nearby Starved Rock State Park offer great recreation.	Cultural Amenities: While it has museums and theaters, it doesn't compare to Chicago's offerings.

Final Recommendation:
Peoria is an excellent choice for a financial analyst who values work-life balance, wants to buy a home, and is interested in building a long-term career in a stable industry. It's particularly well-suited for mid-career professionals (3-10 years of experience) looking to transition from high-cost areas or those who want to raise a family in an affordable, friendly environment. It is not the right fit for those chasing the highest possible salary in finance or who crave a vibrant, non-stop urban nightlife.

FAQs

1. How competitive is the job market in Peoria?
It's moderately competitive. With only 226 jobs and 9% growth, openings don't appear daily. However, the applicant pool is also smaller than in big cities. Tailor your resume to the specific industry (e.g., highlight healthcare or manufacturing experience), and network locally. A strong, relevant application can stand out quickly.

2. Is Peoria a good place for starting a family?
Yes, it's a top-tier choice for young families. The cost of living allows for a single-income household to still afford a nice home and lifestyle. The public schools in suburbs like Dunlap and Morton are highly rated, and the city has numerous parks, libraries, and family-friendly events.

3. Do I need to know someone to get a job at Caterpillar or OSF?
While not an absolute requirement, it's a significant advantage. These companies receive many applications. A referral from a current employee can get your resume to the top of the pile. Attend industry mixers, connect with employees on LinkedIn, and consider starting with a consulting role or a contractor position to get your foot in the door.

4. What's the biggest surprise for someone moving from a larger city?
The pace of life. People are genuinely friendly, and you'll recognize coworkers at the grocery store. The biggest practical surprise is often the car dependency—if you're used to walking or public transit, you'll need to adjust. Also, the social scene is quieter; you'll need to be proactive in joining clubs or sports leagues to meet people.

5. How does the weather and seasonality affect the job market?
The job market itself isn't heavily seasonal, but the work environment is. Winters can be long and gray, which sometimes leads to more indoor networking events and professional development in Q1 and Q4. Summers are active, with more community events but also a slowdown in hiring due to vacations. Plan your job search accordingly—spring and fall tend to be the most active hiring periods.

Data Sources: U.S. Bureau of Labor Statistics (BLS), Illinois Department of Employment Security, Illinois Department of Financial and Professional Regulation (IDFPR), Zillow, Rent.com, City-Data, and local industry reports. All salary and cost data are based on 2023-2024 estimates.