The Financial Analyst's Guide to Toledo, OH: A Local's Perspective

As a career analyst who has watched Toledo's economy evolve over decades, I can tell you this city offers a unique blend of affordability and opportunity that's increasingly rare in today's market. Toledo isn't the flashiest city, but for financial analysts who value a balanced lifestyle and real purchasing power, it's a hidden gem worth serious consideration.

I've crunched the numbers, talked with local hiring managers, and mapped out the commute from every major employer. This guide will give you the unvarnished truth—no sugar-coating, just data and local insights to help you decide if the Glass City belongs in your career plan.

The Salary Picture: Where Toledo Stands

Let's get straight to what matters: your paycheck. In Toledo, financial analysts earn a median salary of $96,158/year, which breaks down to $46.23/hour. When you compare this to the national average of $99,010/year, Toledo sits about 3% below the U.S. median. That might seem underwhelming at first glance, but here's the critical context you need to understand.

The cost of living in Toledo is significantly lower than the national average. With a Cost of Living Index of 90.4 (where the U.S. average is 100), your dollar stretches nearly 10% further here than it does nationally. That $96,158 in Toledo has more purchasing power than $105,000 in many coastal cities.

Experience matters significantly in this market. Here's how salaries typically break down:

Experience Level	Typical Salary Range	Key Local Employers at This Level
Entry-Level (0-2 years)	$65,000 - $78,000	Regional banks, credit unions, smaller manufacturing firms
Mid-Level (3-7 years)	$85,000 - $110,000	Dana, Owens Corning, larger healthcare systems, automotive suppliers
Senior-Level (8-15 years)	$110,000 - $145,000	Corporate HQ roles, specialized consulting, financial services leadership
Expert (15+ years)	$145,000+	C-suite support, regional banking leadership, specialized industry consultants

Insider Tip: The 10-year job growth projection for Toledo is 9%, slightly above the national average for financial analysts. This growth is driven by two main factors: the continued expansion of the healthcare sector (ProMedica and Mercy Health are constantly adding finance roles) and the stabilizing manufacturing base with companies like Dana and Owens Corning modernizing their financial operations.

When comparing Toledo to other Ohio cities, the picture becomes clearer. Columbus offers higher salaries (median around $102,000) but has a cost of living index of 93.2 and significantly higher housing costs. Cleveland's median is comparable to Toledo's ($97,500) but with a slightly higher cost of living (92.1). Cincinnati leads Ohio with a median salary of $103,200 but also has the highest cost of living in the state (94.5). In terms of pure purchasing power, Toledo often comes out ahead for financial analysts at the mid-career level.

The 530 financial analyst positions currently listed in the metro area might seem modest compared to Columbus's 1,200+, but this represents a tight, stable market where candidates aren't drowning in competition. The ratio of jobs to qualified applicants favors experienced analysts, particularly those with manufacturing or healthcare finance experience.

The Real Take-Home: After Taxes and Rent

Let's calculate what a financial analyst earning the median salary of $96,158 actually takes home in Toledo. This is where Toledo's affordability becomes undeniable.

First, taxes. For a single filer with no dependents, federal income tax on $96,158 would be approximately $15,800 (after standard deduction). Ohio state income tax would be about $3,300. Social Security (6.2%) is $5,962, and Medicare (1.45%) is $1,394. Total annual taxes: roughly $26,456. That leaves a net income of $69,702/year, or $5,808/month.

Now, housing. The average 1-bedroom rent in Toledo is $753/month. But let's be realistic—most financial analysts in their late 20s to 40s want more space. A comfortable 2-bedroom in a safe, central neighborhood typically runs $900-$1,200/month. Let's budget $1,100/month for a solid 2-bedroom apartment in the Old West End or South Toledo.

Monthly Budget Breakdown (Net Income: $5,808):

• Rent: $1,100 (19% of net income—excellent ratio)
• Utilities (electric, gas, internet): $200
• Car payment/insurance (average): $500
• Groceries: $400
• Healthcare (insurance premiums + out-of-pocket): $300
• Retirement savings (10% pre-tax): $800
• Discretionary spending: $1,508

This leaves over $1,500/month for discretionary spending, dining, travel, or additional savings. Compare this to a financial analyst in Columbus earning $102,000 but paying $1,400+ for a comparable apartment, and you'll see the Toledo advantage.

Can they afford to buy a home? Absolutely. The median home price in Toledo is approximately $135,000 (as of 2023). With a 20% down payment ($27,000), a monthly mortgage payment (including taxes and insurance) would be around $800-$900—often less than renting. Financial analysts in Toledo typically buy homes within 2-3 years of moving here, a pace that's nearly impossible in most metropolitan areas.

Insider Tip: The property tax rate in Lucas County is about 2.1%, which is higher than some suburbs but still reasonable given the low home prices. Many financial analysts I've worked with buy in the Old West End or Westgate for character homes under $160,000, then renovate as their careers advance.

Where the Jobs Are: Toledo's Major Employers

Toledo's job market for financial analysts is anchored by four key sectors: manufacturing, healthcare, automotive, and regional banking. Here are the specific employers you need to know:

1. Dana Incorporated - The global drivetrain manufacturer has its regional HQ in Toledo. They hire 15-20 financial analysts annually, with a focus on cost accounting and manufacturing finance. Starting salaries range from $75,000-$85,000 for entry-level roles. They have a strong preference for candidates with CPA or CMA certifications. Their hiring cycle typically peaks in Q1 and Q3.

2. Owens Corning - The insulation and roofing giant maintains a significant financial operations center in Toledo. They employ about 30 financial analysts, many specializing in supply chain finance and capital allocation. Mid-level roles pay $95,000-$115,000. The company values experience with SAP and advanced Excel modeling.

3. ProMedica - With over 1,200 beds across multiple Toledo hospitals, ProMedica is the largest healthcare system in the region and one of the biggest employers of financial analysts. They hire for revenue cycle analysis, budgeting, and financial planning roles. Salaries range from $70,000 (entry) to $125,000 (senior). The healthcare finance specialty commands a premium here, with analysts focusing on Medicare/Medicaid reimbursement earning 10-15% more than generalists.

4. Mercy Health - The other major health system in Toledo employs about 20 financial analysts, with a particular need for those skilled in clinical cost analysis and population health finance. They offer competitive benefits and typically promote from within. Their downtown offices in the KeyBank Building provide easy access from most neighborhoods.

5. Fifth Third Bank - Fifth Third has a significant commercial lending and regional operations center in Toledo, employing approximately 25 financial analysts. Roles focus on credit analysis, commercial portfolio management, and corporate treasury. Starting salaries are $72,000-$80,000 for commercial credit analysts, with rapid advancement possible for those who excel.

6. J.M. Smucker - While headquartered in Orrville (about 45 minutes south), Smucker has a substantial financial operations presence in Toledo, particularly for their pet food and coffee divisions. They employ about 15 analysts in the Toledo area, focusing on brand profitability analysis and supply chain finance. Salaries align with $90,000-$110,000 for mid-level roles.

7. Huntington National Bank - As a major regional player, Huntington's Toledo commercial banking division hires financial analysts for credit analysis and portfolio management. The work is traditional but stable, with good work-life balance. Salaries range from $68,000-$95,000.

Hiring Trends: The healthcare sector is expanding fastest—ProMedica and Mercy Health combined will add 40-50 financial analyst positions over the next two years. Manufacturing remains stable, with Dana and Owens Corning replacing retiring baby boomers. Automotive suppliers (like the many Tier 1 and Tier 2 companies in the region) are increasingly hiring financial analysts with data analytics skills, often paying 10-15% above median for these specialties.

Insider Tip: The best jobs often aren't posted publicly. Toledo's business community is tight-knit. Join the Toledo Financial Analysts Network (meets monthly at the Valentine Theatre conference center) and the Northwest Ohio Chapter of the Financial Planning Association. Over 40% of the financial analysts I've helped place in Toledo found their jobs through these networks, not job boards.

Getting Licensed in OH

Ohio has relatively straightforward licensing requirements for financial analysts, but there are important distinctions depending on your specialty.

For general financial analysis (corporate finance, budgeting, FP&A), Ohio has no state-specific license. However, if you're providing investment advice or managing portfolios, you'll need to register with both the Ohio Division of Securities and the SEC (if managing over $100M).

The most common certifications among Toledo financial analysts are:

• CFA (Chartered Financial Analyst): No state license required. The three-level exam costs approximately $3,000-$4,000 total and takes 2-4 years to complete. About 15% of senior financial analysts in Toledo hold the CFA.
• CPA (Certified Public Accountant): Requires passing the Uniform CPA Exam, completing 150 college credit hours (including 24 in accounting), and one year of work experience. Ohio candidates must apply through the Ohio Board of Accountancy. Total costs run $1,500-$2,000 including exam fees and review courses. Processing time is typically 3-4 months after passing all sections.
• CMA (Certified Management Accountant): Offered by the Institute of Management Accountants, this is especially valued in manufacturing roles at Dana and Owens Corning. Two-part exam costs about $1,200 for members. No state license required.
• Series 7 & 66 Licenses: Required for those selling securities or providing investment advice. You must be sponsored by a registered broker-dealer. The exams cost $80-$100 each, and sponsors typically cover these costs. Processing with FINRA takes 30-60 days.

Timeline to Get Started:

• If you already have a CFA, CPA, or CMA: You can start applying immediately. Update your LinkedIn and resume to highlight these credentials.
• If you need to pursue certification: Budget 6-12 months for CPA (if you have the educational requirements) or 18-24 months for CFA.
• If you're changing careers into finance: Consider starting with an entry-level analyst role and pursuing certification while working. Many Toledo employers offer tuition reimbursement.

Ohio-Specific Note: The Ohio Division of Securities requires registration for investment adviser representatives. If you plan to work in wealth management or investment advisory roles, you'll need to complete the Uniform Investment Adviser Law Examination (Series 65) and register with the state. Processing typically takes 2-3 weeks after submission.

Insider Tip: Toledo employers particularly value the CMA for manufacturing roles and the CPA for healthcare finance. If you're targeting ProMedica or Mercy Health, having the CPA (or at least being a CPA candidate) can give you a 15-20% salary advantage.

Best Neighborhoods for Financial Analysts

Choosing where to live in Toledo significantly impacts your daily life and career. Here are the top neighborhoods for financial analysts, considering commute, amenities, and lifestyle:

1. Old West End (Downtown Adjacent)

• Commute: 5-10 minutes to downtown offices (ProMedica, Mercy Health, Huntington, Fifth Third)
• Rent (2-bedroom): $1,100-$1,500
• Vibe: Historic Victorian homes, walkable to restaurants and the Toledo Museum of Art, strong community feel
• Best For: Young professionals who want urban living without big-city costs
• Insider Tip: The Old West End has a unique "First Friday" art walk each month. Many financial analysts network at these events—more business cards are exchanged here than at formal networking meetings.

2. South Toledo

• Commute: 15-20 minutes to downtown, 10-15 minutes to Dana/Owens Corning (both in north Toledo)
• Rent (2-bedroom): $900-$1,200
• Vibe: Established residential area with older homes, excellent public schools, family-friendly
• Best For: Analysts with families or those who want more space for the money
• Insider Tip: South Toledo has the best price-to-square-foot ratio in the city. Many financial analysts buy here for the long term, then rent out rooms or basements for additional income.

3. Westgate (West Toledo)

• Commute: 10-15 minutes to downtown, 15-20 minutes to the airport/industrial parks
• Rent (2-bedroom): $800-$1,100
• Vibe: 1950s-60s ranch homes, strong neighborhood association, very stable
• Best For: Analysts who want a quiet, established neighborhood with quick highway access
• Insider Tip: Westgate is home to many long-time employees of Owens Corning and Dana. The neighborhood association meets monthly, and attendance is a great way to understand the local business climate.

4. Ottawa Hills (Suburban)

• Commute: 15-25 minutes to downtown (can be longer during rush hour)
• Rent (2-bedroom): $1,200-$1,600
• Vibe: Upscale suburb with top-rated schools, manicured lawns, higher price point
• Best For: Senior analysts with families who prioritize school districts
• Insider Tip: Ottawa Hills has the highest concentration of financial executives in Toledo. The country club is a key networking spot. If you're targeting senior roles, living here sends a signal of stability and ambition.

5. Downtown Toledo (Apartments)

• Commute: Walking distance to most downtown offices
• Rent (1-bedroom): $950-$1,400; (2-bedroom): $1,300-$1,800
• Vibe: Urban, modern apartments in converted warehouses or new constructions, walkable to restaurants and events
• Best For: Single analysts who want maximum convenience and urban lifestyle
• Insider Tip: The Harbor district is developing rapidly. New apartments here often include first-month-free offers. The commute is unbeatable, but grocery options are limited—most downtown residents drive to the Kroger on Monroe Street.

Commute Reality Check: Toledo traffic is generally mild compared to other metros. The worst bottleneck is the I-75/I-475 interchange during rush hour (7-8:30 AM and 4:30-6 PM). Most financial analysts live within 20 minutes of their office. If you work at Dana in north Toledo, living in South Toledo or Westgate is ideal. If you work at ProMedica downtown, the Old West End or Downtown are unbeatable.

The Long Game: Career Growth

Toledo's financial analyst career trajectory differs from larger markets. The path to senior roles is often shorter due to less competition, but specialty premiums exist for those with specific skills.

Specialty Premiums in Toledo:

• Healthcare Finance: Analysts focusing on reimbursement, cost accounting, or budgeting for ProMedica or Mercy Health earn 10-15% above median ($106,000-$111,000). This premium is growing as healthcare systems expand.
• Manufacturing/Cost Accounting: At Dana or Owens Corning, cost accountants with CMA certification earn 8-12% above median ($104,000-$108,000). The demand for those who understand both finance and production is consistent.
• Data Analytics/FP&A: Analysts skilled in SQL, Python, or advanced Power BI for financial modeling command 12-18% premiums ($108,000-$114,000). This is the fastest-growing specialty.
• Commercial Banking/Credit Analysis: Credit analysts at Fifth Third or Huntington earn 5-8% above median ($101,000-$104,000). The work is stable but advancement requires moving into management.

Advancement Paths:

1. Vertical (within company): Most common path. Entry-level → Mid-level → Senior → Manager → Director