Financial Advisor Salary in Chicago, IL: $116,946 (2026)
Quick Answer:A full-time financial advisor in Chicago, IL earns a median $116,946/year (≈ $56.23/hour) in nominal terms for 2026 — projected from BLS OEWS 2025 (SOC 13-2052). Once you factor in Chicago's price level (4% above national, BEA RPP 103.6), that paycheck buys what $112,888 would nationally. Nominal pay sits 0.7% above the Illinois state average.
Official BLS data · View source
In 2026, financial advisors in Chicago, Illinois, expect a median annual salary of $116,946, reflecting a competitive edge over the national median of $108,537. The salary range extends from $52,735 at the 10th percentile to an impressive $333,081 at the 90th percentile, indicating significant earning potential for top-tier advisors. Based on 2025 BLS OEWS data projected to 2026, this figure showcases the growth of the financial advisory profession in a market increasingly favoring fee-only fiduciary models. As more clients seek advisors with the CFP credential for personalized financial planning, Chicago's financial landscape is evolving, creating new opportunities for wealth management professionals focused on enhancing client relationships.
Salary Breakdown
| Percentile | Annual | Hourly |
|---|---|---|
| Entry Level (P10) | $52,735 | $25.35 |
| Lower Range (P25) | $73,591 | $35.38 |
| Median (P50)(typical) | $116,946 | $56.23 |
| Upper Range (P75) | $178,957 | $86.04 |
| Top Earners (P90) | $333,081 | $160.14 |
Median Salary Position
7.75% above the national average
2026 Salary Percentile Distribution in Chicago
In Chicago, IL, the financial advisor salary spread from the 10th to 90th percentile is $280,346 (2026 est.). At $116,946, the local median is 7.75% above the national median of $108,537.
Salary Calculator
At 40 hours/week in Chicago: You'd be in the entry-level range
How Chicago Financial Advisor Pay Compares
Chicago median: $116,946/year (2026)
| Compared To | Median Salary | Chicago Pays |
|---|---|---|
| Illinois Average | $116,133 | +0.70% more |
| National Average | $108,537 | +7.75% more |
Financial Advisors in Chicago, IL earn a median of $116,946 per year (2026 est.), which is 7.75% higher than the national median of $108,537 and 0.70% above the Illinois state average of $116,133.
Cost-of-Living Adjusted Salary
Chicago has a cost of living 3.59% above the national average.
Adjusted salary = nominal × (100 / CoL index). CoL index: 100 = national average.
Chicago, IL has a cost-of-living index of 103.595 (above the national average of 100). While the nominal salary of $116,946 is competitive, the higher cost of living reduces purchasing power to an effective $112,888 — a 3.47% reduction.
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2019 BLS Actual
$114,460
2025 BLS Actual
$113,210
2026 Current Est.
$116,946
2019–2027 Growth
+5.5%
Salary Trajectory for Financial Advisors in Chicago (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.30% projection.
| Year | Annual Salary | Status |
|---|---|---|
| 2019 | $114,460 | Actual |
| 2020 | $98,160 | Actual |
| 2021 | $98,890 | Actual |
| 2022 | $82,720 | Actual |
| 2023 | $99,680 | Actual |
| 2024 | $108,640 | Actual |
| 2025 | $113,210 | Actual |
| 2026(current) | $116,946 | Estimated |
| 2027 | $120,805 | Projected |
Based on 7 years of BLS OEWS data for the Chicago metropolitan area, the median financial advisor salary grew -1.1% from $114,460 (2019) to $113,210 (2025). At a 3.30% compound annual growth rate, salaries are projected to reach $120,805 by 2027 — a total increase of $6,345 (5.54%) from 2019.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Chicago metropolitan area, sourced from annual Occupational Employment and Wage Statistics surveys. 2026–2026 figures are current estimates, and 2027 values are projections, calculated using a 3.30% CAGR derived from 7-year BLS historical data. Actual salaries may vary based on employer, experience, certifications, and local market conditions.
Salary by Experience Level
| Experience | Estimated Salary Range |
|---|---|
| 0-2 years (New Graduate) | $52,735 – $73,591 |
| 3-5 years (Mid Career) | $73,591 – $116,946 |
| 5+ years (Experienced) | $116,946 – $178,957 |
| 10+ years (Top Earner) | $178,957 – $333,081 |
CFP, FA salary ranges estimated from BLS percentile data. Individual financial advisor compensation varies by employer, certifications, and specialization.
Financial Advisor Job Market in Chicago
The job market for financial advisors in Chicago is robust, with 8,370 professionals currently employed in the sector. However, the cost of living in the city, represented by a cost-of-living index of 103.595, influences the take-home pay of these advisors. While wirehouses like Morgan Stanley and Merrill Lynch typically offer higher salaries, fee-only Registered Investment Advisors (RIAs) are gaining traction, often compensating advisors based on assets under management (AUM) rather than commissions. The salary variations stem from factors such as AUM book size, fee structures, client concentration, and credential specialization. Financial advisors can maximize their compensation in this market by pursuing the CFP designation, refining their client acquisition strategies, and focusing on high-net-worth individuals, who are increasingly inclined toward fiduciary services.
More salary data for Chicago, IL:
Frequently Asked Questions
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Written by Jordan Lee, CFP
Career Analyst
Jordan has over 10 years of experience in financial planning. They specialize in retirement planning for individuals. They work at a financial services firm in New York City.
Methodology & Data Source
Salary figures on this page are 2026 projections based on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2026 release. The BLS reported a median annual salary of $113,210 for financial advisorsin the Chicago metropolitan area. A 3.30% compound annual growth rate (CAGR), calculated from 6-year national BLS wage trends, was applied to project current 2026 compensation. Percentile ranges (P10–P90) represent the full salary distribution across experience levels and practice settings in this market.
Data Sources & Methodology
Source: BLS, OEWS, 7-year dataset (–). Per-city data from annual BLS metropolitan area surveys.
2026 figures are projected from 2025 BLS data using a compound annual growth rate (CAGR) of 3.30%, derived from historical BLS wage trends for financial advisors (SOC 13-2052).
Compiled and verified by Jordan Lee, CFP, a licensed financial advisor with 10+ years of clinical experience. · View source data at BLS.gov