Average Financial Analyst Salary in Michigan

The average salary for a Financial analyst in Michigan in 2023 is $73,785 per year. This comes to $6,149 per month. The top earners receive $102,424 per year, while the bottom earners receive $48,427 per year.

The data on SalaryMonitor.org is sourced from the following sources: the United States Bureau of Labor Statistics (BLS), Eurostat, the Office for National Statistics (UK), the OECD, the International Labour Organization (ILO), and the World Bank. In some cases where the real-world data is missing, the figures are estimated.

Salary vs. wage vs. income, what is the difference?

A salary is a fixed annual amount paid to an employee, divided into regular intervals (e.g., monthly or bi-weekly). It doesn't vary based on hours worked, and salaried employees usually don't receive extra pay for overtime. Salaried positions are common in professional and management roles.

A wage is an hourly rate paid to employees based on the number of hours worked. It can fluctuate depending on hours worked, including overtime. Wage-based jobs are often in industries like retail, manufacturing, or labor.

Income refers to the total money earned from various sources, including salary, wages, investments, and passive income. It represents the overall financial earnings over a period, such as monthly or annually. Income can come from employment, business, or other financial assets.

Average vs median salary, what is the difference?

The average is the sum of all salaries divided by the number of salaries. In general, it tends to be skewed by the extremes (very high or very low salaries) and isn't as indicating of what a normal person earns.

The median is the middle point of a salary distribution, where half of the workers earn more and half earn less.