Illinois family offices are mostly in Chicago and its North Shore suburbs, built on trading, private equity, hospitality, real estate and long-established industrial fortunes.
The family office landscape in Illinois
Family offices in Illinois are concentrated in and around:
- Chicago
- Lake Forest
Where family office candidates come from in Illinois
Chicago's Big 4 and mid-size CPA firms, trading firms and private equity funds provide one of the deepest family office talent pools outside New York.
Across the state, accountants and auditors earn an average of $88,910, 6% below the US average of $94,750 and #22 of 51. Financial managers average $183,920, 2% below the US average of $186,910 (BLS Occupational Employment and Wage Statistics, May 2025). Family offices usually pay above these averages to win experienced people.
Family office salaries in Illinois
| Role | Base salary in IL | Typical bonus |
|---|---|---|
| Family Office Controller | $170K–$235K | 15–25% |
| Family Office Accountant | $95K–$140K | 5–15% |
| Family Office Tax Manager | $145K–$205K | 10–20% |
| Family Office CFO | $295K–$470K | 25–50% |
| Family Office Chief of Staff | $145K–$245K | 15–30% |
| Family Office Operations Manager | $125K–$195K | 10–20% |
| Family Office Executive Assistant | $90K–$145K | 10–20% |
| Family Office Payroll Manager | $110K–$145K | 5–15% |
Our estimates for a single family office managing $250M–$1B, adjusted for Illinois using BLS pay levels for accountants and financial managers (2% below the national midpoint). Try the salary calculator for other office sizes.
Taxes, trusts and the law in Illinois
Illinois has a flat income tax and its own estate tax with a lower exemption than the federal level, which shapes trust planning for Chicago families.
How Illinois compares with nearby states
| State | Accountant avg. (BLS) | Financial manager avg. (BLS) | Family office controller (estimate) |
|---|---|---|---|
| Illinois | $88,910 | $183,920 | $170K–$235K |
| Indiana | $84,000 | $153,260 | $160K–$220K |
| Michigan | $86,990 | $158,110 | $165K–$225K |
| Ohio | $88,280 | $162,780 | $165K–$225K |
| Wisconsin | $87,870 | $155,800 | $165K–$225K |
What this means for hiring in Illinois
Accountant pay in Illinois sits mid-pack nationally (#22 of 51). A family office that offers a clearly defined role, a meaningful bonus and some flexibility can stand out against corporate employers here. Financial managers in Illinois rank much higher (#12) than accountants, so budget more for a controller or CFO than staff-level pay would suggest. State taxes in Illinois are moderate, so pay conversations usually center on base salary and bonus rather than tax. With a smaller local finance community, the strongest candidates for Illinois often live elsewhere. Plan on a recruiter-led search, and budget for relocation on senior roles.
Family office questions for Illinois
Does Illinois have an estate tax?
Yes. Illinois has its own estate tax with an exemption well below the federal level, so many Chicago families plan their trusts around it.
How much do family office jobs pay in Illinois?
We estimate a family office controller in Illinois earns about $170K–$235K base and an accountant about $95K–$140K. For context, accountants and auditors in Illinois earn an average of $88,910 across all employers, 6% below the US average (BLS, May 2025).
Where are family offices in Illinois?
Mostly around Chicago, Lake Forest.
Does Illinois have a state income tax on wages?
Yes. Illinois has a flat income tax and its own estate tax with a lower exemption than the federal level, which shapes trust planning for Chicago families.