Financial Analyst in Rockford, IL

The Salary Picture: Where Rockford Stands

As a local, I can tell you that Rockford isn't a city where you expect to see national-level salaries. It's a manufacturing and logistics hub, not a Wall Street satellite. For Financial Analysts, that means the pay is solid for the Midwest, especially when you factor in the low cost of living. The median salary for a Financial Analyst in Rockford is $96,069/year, which breaks down to an hourly rate of $46.19. That’s slightly below the national average of $99,010/year, but the gap is negligible when you look at what things actually cost here.

Here’s how experience plays into earnings in this market. Note that these figures are based on local salary aggregators and BLS data for the Rockford metro area (Winnebago County).

Experience Level	Estimated Salary Range (Rockford)	Key Considerations
Entry-Level (0-2 years)	$60,000 - $75,000	Often starts in accounts payable/receivable or junior analyst roles at manufacturing firms. Strong Excel skills are non-negotiable.
Mid-Level (3-7 years)	$80,000 - $105,000	This is where the median hits. You're likely managing budgets, forecasting for a department, or supporting a plant controller.
Senior-Level (8-15 years)	$105,000 - $130,000	Typically involves leading a team, managing complex financial models, or being a business partner to a division head.
Expert/Management (15+ years)	$130,000 - $160,000+	Director of Finance, VP of FP&A. These roles are scarce and often filled internally. You're competing with a tight-knit local network.

When compared to other Illinois cities, Rockford presents a unique value proposition. Chicago salaries are higher, but the cost of living is drastically different. Springfield and Peoria are closer peers.

Illinois City	Median Financial Analyst Salary	Cost of Living Index (US Avg=100)	Real Wage Advantage?
Chicago	$112,450	121.4	Higher nominal pay, but much higher expenses. Housing is the biggest differentiator.
Rockford	$96,069	90.1	Strong buying power. Your dollar goes significantly further, especially for housing.
Peoria	$92,100	87.8	Similar profile to Rockford, but with a smaller metro population (113,000).
Springfield	$94,300	86.2	State government jobs anchor the market. Less manufacturing exposure than Rockford.
State Average	$98,200	93.5	Rockford sits just below the state median, but its low COL makes it competitive.

Insider Tip: Don't just look at the top-line number. In Rockford, many financial roles are in family-owned or privately-held companies. Benefits can be less standardized (e.g., no 401(k) match, lower bonus potential), but they often offer more flexibility and a less corporate atmosphere.

The Real Take-Home: After Taxes and Rent

Let's be brutally practical. A median salary of $96,069 in Illinois means significant taxes. After federal, state (4.95%), and FICA taxes, your take-home pay will be approximately $68,000-$70,000 annually, or about $5,650 - $5,800 per month, depending on your withholdings and deductions.

The biggest advantage in Rockford is housing. The average 1BR rent is $785/month. Let's build a realistic monthly budget for a single person earning the median salary.

Expense Category	Monthly Estimate (Rockford)	Notes
Take-Home Pay	$5,700	After taxes and standard deductions.
Rent (1BR Apartment)	-$785	Can range from $600 (older buildings) to $900+ (newer complexes).
Utilities (Elec, Gas, Internet)	-$180	Winter heating bills can spike. Budget for $200+ in colder months.
Groceries & Household	-$450	Comparable to national averages. Aldi and local markets are popular.
Car Payment/Insurance	-$450	This is critical. Rockford is car-dependent. Insurance rates are moderate.
Health Insurance	-$250	Employer-sponsored plan (employee contribution).
Retirement (401k, 5%)	-$400	Don't skip this. Take the long view.
Discretionary/Entertainment	-$800	Dining, hobbies, weekend trips to Chicago/Madison.
Savings/Debt Paydown	$1,385	This is your key advantage. You can save aggressively here.

Can they afford to buy a home? Absolutely. The median home price in Rockford County is around $165,000. With a 20% down payment ($33,000), a mortgage payment (including taxes/insurance) might be $900-$1,100/month—only slightly more than rent. For a $96,069 earner, this is very manageable. Insider Tip: Look at properties in the "North End" or "Midtown" neighborhoods. They offer better value than the trendy Edgebrook or Golfview areas.

Where the Jobs Are: Rockford's Major Employers

The job market here is dominated by manufacturing, aerospace, and healthcare. The metro area has 292 Financial Analyst positions (BLS data), and the 10-year job growth is 9%, which is stable but not explosive. Hiring is steady, not frenetic.

Here are the key players you need to know:

1. Collins Aerospace (formerly UTC): A massive employer. They have a huge finance division supporting their defense and commercial aerospace divisions. They hire for FP&A, program finance, and cost accounting. Insider Tip: They often recruit from Rock Valley College and UW-Whitewater. Knowing someone on the inside is a huge advantage.
2. Woodward, Inc.: Another aerospace giant. Their finance roles are often tied to specific business units (e.g., turbine systems). They value engineers who transition into finance, so technical aptitude is a plus.
3. Sundstrand (part of GE Aviation): Similar to Collins and Woodward. They have a need for analysts who can handle complex manufacturing cost structures and government contracting (FAR compliance).
4. SwedishAmerican Hospital (part of UW Health): The largest hospital system in the region. They hire financial analysts for reimbursement, revenue cycle management, and departmental budgeting. Healthcare finance is a stable, growing niche here.
5. Mercyhealth: The other major health system. Similar needs to SwedishAmerican. Their corporate office is in Rockford, offering a good mix of clinical and administrative finance roles.
6. Sullivan Bank / First Midwest Bank: As regional financial institutions, they need analysts for commercial lending, credit analysis, and internal finance. Good path for those interested in banking.
7. Local Government (City of Rockford, Winnebago County): Public sector finance roles. They offer great job security and pensions, but salaries are typically 10-15% below the private sector median. Hiring is infrequent but worth monitoring.

Hiring Trends: The aerospace sector is the primary driver. With global supply chain shifts, there's a growing need for analysts who can manage cost volatility and supplier risk. Healthcare is constant. The pool of qualified candidates is relatively shallow, so if you have a CPA, CMA, or strong modeling skills, you stand out immediately.

Getting Licensed in IL

For most corporate financial analyst roles, you do not need a state license. However, certain paths do.

• CPA (Certified Public Accountant): If you plan to move into public accounting or a controller role, you'll need a CPA. Illinois requires 150 credit hours of education, one year of work experience under a licensed CPA, and passing the Uniform CPA Exam.
  • Cost: Exam fees (~$2,000) + review course ($1,500-$3,000) + application fees.
  • Timeline: 12-18 months after meeting education requirements.
• CMA (Certified Management Accountant): Highly valued in manufacturing and corporate finance. It's a global credential, not state-specific. Requires a bachelor's degree and two years of relevant experience.
  • Cost: ~$1,500 for both parts (IMA membership + exam fees).
  • Timeline: Can be completed in 12-24 months while working.
• Securities Licenses (Series 7, 63): Only needed if you work for a broker-dealer or investment firm (e.g., a local wealth management shop). These are rare in Rockford.

To start: Check your education against the IL Board of Examiners (for CPA) or the IMA (for CMA) website. Most local analysts do not hold a CPA but often pursue a CMA for career advancement.

Best Neighborhoods for Financial Analysts

Rockford is a city of distinct neighborhoods. Your choice impacts commute, lifestyle, and budget. Most corporate offices are in the "North End" along State Street or in the "East Side" near the airport/industrial parks.

Neighborhood	Vibe & Commute	Pros	Cons	Avg. 1BR Rent
North End	Quiet, residential, older homes. Close to major employers.	10-15 min commute to most offices. Good schools. Safe.	Can feel sleepy. Fewer walkable amenities.	$700 - $850
Midtown	Historic, diverse, "the city's heart." Near downtown.	Central location, great architecture, community feel.	Some blocks can be rough. Variable condition of housing.	$650 - $800
Edgebrook	Upscale, walkable, trendy boutiques and cafes.	Best "urban" vibe in Rockford. Highly desirable.	Most expensive rents. Parking can be tricky.	$950 - $1,200
Golfview	Family-oriented, near Rock Cut State Park.	Very safe, great for outdoor activities. Good value.	Longer commute to central offices (20-25 mins).	$750 - $900
Downtown Core	Revitalizing, apartments in old buildings.	Walkable to restaurants/bars. New developments.	Still has some vacant lots. Can be noisy near bars.	$800 - $1,000

Insider Tip: If you're new to the city, consider a 6-month lease in Midtown or the North End. It gives you a low-cost base to explore and figure out where you want to be long-term before committing to a neighborhood.

The Long Game: Career Growth

Career growth in Rockford is more about specialization and networking than rapid promotion. The 10-year job growth of 9% indicates steady, not explosive, opportunities.

• Specialty Premiums:

  • Government Contracting (FAR/DCAA): Analysts who can navigate federal regulations (common at Collins, Woodward, Sundstrand) can command a 10-15% salary premium.
  • Cost Accounting (CMA): Essential for manufacturing. A CMA can push a mid-career analyst from $90k to $110k+.
  • Healthcare Reimbursement: Expertise in Medicare/Medicaid and value-based care models is highly sought after by Mercyhealth and SwedishAmerican.

• Advancement Paths:

  1. Analyst → Sr. Analyst → Finance Manager: The classic corporate ladder. Requires strong soft skills and business acumen.
  2. Analyst → Plant Controller → Division Controller: Common in manufacturing. You'll need to learn operations intimately.
  3. Analyst → FP&A Lead → Finance Director: Focuses on strategic planning. Requires excellent presentation skills and executive presence.

• 10-Year Outlook: The aerospace sector is vulnerable to global downturns, but the healthcare sector is recession-proof. The most resilient analysts will have a foot in both worlds—perhaps starting in aerospace and moving to healthcare later, or vice versa. The key is continuous learning. Take courses in data analytics (Power BI, Tableau) as local firms slowly adopt more advanced tools.

The Verdict: Is Rockford Right for You?

Pros	Cons
Excellent Cost of Living. Your $96,069 salary feels like $130k+ in a major metro.	Limited Cultural Scene. No major league sports, limited concert venues. You'll drive to Chicago or Milwaukee for big events.
Stable, Diverse Employer Base. Aerospace and healthcare provide stability.	Car-Dependent. Public transit (RMTD) is limited. You will need a reliable car.
Short Commutes. 15-20 minutes is the norm, even in rush hour.	Slower Pace. If you crave constant change and new startups, this isn't the place.
Strong Potential for Homeownership. You can buy a home early in your career.	Network is Tight. Breaking into the top employers can be tough without local connections or internships.
Proximity to Chicago & Madison. Easy weekend trips for bigger-city amenities.	Winters are Harsh. Be prepared for snow, ice, and gray skies for months.

Final Recommendation: Rockford is an ideal choice for a Financial Analyst who values financial stability, homeownership, and work-life balance over a high-stress, high-reward corporate climb. It's perfect for those in the mid-career stage looking to buy a home and build savings, or for early-career analysts who want to gain solid experience without being crushed by rent. It is not the place for someone seeking a fast-track to a six-figure salary in their 20s or who needs a vibrant, 24/7 urban environment.

FAQs

1. Is the job market for Financial Analysts in Rockford saturated?
No. With only 292 jobs in the metro, it's a small market. However, the applicant pool is also small. Qualified candidates with a few years of experience and strong technical skills (Excel, financial modeling) are in demand, especially in the aerospace and healthcare sectors.

2. What's the best way to find a job in Rockford without local connections?
Start with the major employers' career pages (Collins, Woodward, Mercyhealth). Use LinkedIn to search for "Financial Analyst" in "Rockford, IL" and filter by current employees. Reach out to them for informational interviews. Also, register with local staffing firms like Accounting Principles or Robert Half—they often have exclusive contracts with mid-sized companies.

3. How important is a CPA or CMA for advancement?
For a pure Financial Analyst role, a CPA is overkill. However, if you want to move into a controller or director position, a CMA is highly recommended (or CPA for accounting-heavy paths). It signals a commitment to the field and can be the differentiator for promotions.

4. Can I live in Rockford without a car?
Technically yes, but it's very difficult. The Rockford Mass Transit District (RMTD) has fixed routes, but coverage is spotty, and service stops early. Most neighborhoods are not walkable for daily errands. A car is a near-necessity for employment here.

5. What's the "vibe" for young professionals in Rockford?
It's family-oriented and activity-based. Socializing often revolves around local breweries (Prairie Street Brewing Co.), concerts at the Coronado Performing Arts Center, and outdoor activities at Rock Cut State Park. The young professional scene is smaller than in a big city, but it's tight-knit and welcoming.