Accounting and Finance Average Salaries in Jamaica 2020
How much money does a person working in Accounting and Finance make in Jamaica?
LOW
40,200
JMD AVERAGE
97,900
JMD HIGH
199,000
JMD
A person working in Accounting and Finance in Jamaica typically earns around 97,900 JMD per month. Salaries range from 40,200 JMD (lowest average) to 199,000 JMD (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Accounting and Finance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Salaries for specific jobs
| Job Title | Average Salary |
| Account Examiner | 54,700 JMD |
| Account Executive | 85,700 JMD |
| Accountant | 71,600 JMD |
| Accounting Assistant | 56,400 JMD |
| Accounting Associate | 51,300 JMD |
| Accounting Clerk | 42,800 JMD |
| Accounting Coordinator | 65,600 JMD |
| Accounting Manager | 143,000 JMD |
| Accounting Supervisor | 99,300 JMD |
| Accounting Technician | 50,800 JMD |
| Accounts Executive | 93,200 JMD |
| Accounts Payable and Receivable Specialist | 69,800 JMD |
| Accounts Payable Clerk | 50,500 JMD |
| Accounts Payable Manager | 135,000 JMD |
| Accounts Receivable Clerk | 51,100 JMD |
| Accounts Receivable Manager | 135,000 JMD |
| Assistant Accounting Manager | 132,000 JMD |
| Assistant Auditor | 70,400 JMD |
| Audit Supervisor | 130,000 JMD |
| Auditing Clerk | 56,100 JMD |
| Auditing Manager | 152,000 JMD |
| Billing Coordinator | 66,400 JMD |
| Billing Specialist | 72,900 JMD |
| Billing Supervisor | 103,000 JMD |
| Bookkeeper | 44,500 JMD |
| Bookkeeping Specialist | 69,300 JMD |
| Budget Analyst | 117,000 JMD |
| Budget Manager | 141,000 JMD |
| Business Support Analyst | 79,300 JMD |
| Capital Markets Associate | 109,000 JMD |
| Cash Flow Analyst | 104,000 JMD |
| Cash Management Officer | 80,000 JMD |
| Cashbook Clerk | 46,400 JMD |
| Chartered Accountant | 89,500 JMD |
| Collections Clerk | 43,600 JMD |
| Collections Specialist | 73,700 JMD |
| Corporate Treasurer | 138,000 JMD |
| Cost Accountant | 70,500 JMD |
| Cost Accounting Manager | 144,000 JMD |
| Cost Analyst | 117,000 JMD |
| Credit and Collection Manager | 137,000 JMD |
| Credit and Collection Staff | 52,600 JMD |
| Credit and Loans Officer | 53,100 JMD |
| Credit Controller | 100,000 JMD |
| Debt Adviser | 115,000 JMD |
| Debt Collector | 56,500 JMD |
| Debtors Clerk | 48,900 JMD |
| Deputy CFO | 190,000 JMD |
| Derivative Trader | 124,000 JMD |
| Escrow Assistant | 60,100 JMD |
| External Auditor | 103,000 JMD |
| Finance Associate | 61,000 JMD |
| Finance Executive | 156,000 JMD |
| Finance Licensing Clerk | 51,100 JMD |
| Finance Licensing Manager | 136,000 JMD |
| Finance Licensing Specialist | 77,600 JMD |
| Finance Officer | 68,000 JMD |
| Finance President | 206,000 JMD |
| Finance Relationship Manager | 169,000 JMD |
| Finance Release Analyst | 77,600 JMD |
| Finance Team Leader | 164,000 JMD |
| Financial Actuary | 112,000 JMD |
| Financial Administrator | 114,000 JMD |
| Financial Analyst | 131,000 JMD |
| Financial Applications Specialist | 88,900 JMD |
| Financial Assistant | 57,600 JMD |
| Financial Associate | 58,800 JMD |
| Financial Claims Analyst | 95,300 JMD |
| Financial Claims Manager | 127,000 JMD |
| Financial Commercial Analyst | 106,000 JMD |
| Financial Compliance Analyst | 115,000 JMD |
| Financial Consultant | 93,900 JMD |
| Financial Controller | 114,000 JMD |
| Financial Coordinator | 61,900 JMD |
| Financial Customer Service Manager | 123,000 JMD |
| Financial Dealer and Broker | 78,200 JMD |
| Financial Encoder | 59,900 JMD |
| Financial Manager | 188,000 JMD |
| Financial Operations Manager | 172,000 JMD |
| Financial Policy Analyst | 114,000 JMD |
| Financial Project Manager | 150,000 JMD |
| Financial Quantitative Analyst | 126,000 JMD |
| Financial Reporting Consultant | 104,000 JMD |
| Financial Reporting Manager | 141,000 JMD |
| Financial Services Sales Agent | 74,100 JMD |
| Fixed Assets Administrator | 70,400 JMD |
| Forensic Accountant | 85,500 JMD |
| Fraud Detection Supervisor | 83,500 JMD |
| Fraud Prevention Manager | 139,000 JMD |
| Fund Accountant | 65,600 JMD |
| Grants Coordinator | 52,800 JMD |
| Internal Auditor | 98,800 JMD |
| Internal Control Adviser | 107,000 JMD |
| Internal Control Officer | 59,400 JMD |
| Inventory Accountant | 74,100 JMD |
| Investment Analyst | 137,000 JMD |
| Investment Fund Manager | 164,000 JMD |
| Investment Underwriter | 62,800 JMD |
| Investor | 95,500 JMD |
| Investor Relations Manager | 135,000 JMD |
| KYC Team Leader | 143,000 JMD |
| Management Economist | 157,000 JMD |
| Paymaster | 59,200 JMD |
| Payroll Clerk | 63,100 JMD |
| Payroll Manager | 133,000 JMD |
| Pensions Administrator | 71,300 JMD |
| Pricing Analyst | 121,000 JMD |
| Private Equity Analyst | 126,000 JMD |
| Proposal Development Coordinator | 59,900 JMD |
| Receivables Accountant | 65,400 JMD |
| Regulatory Accountant | 79,400 JMD |
| Retirement Plan Analyst | 108,000 JMD |
| Revenue Management Specialist | 113,000 JMD |
| Revenue Recognition Analyst | 137,000 JMD |
| Risk Management Director | 163,000 JMD |
| Risk Management Supervisor | 135,000 JMD |
| Tax Accountant | 63,500 JMD |
| Tax Advisor | 107,000 JMD |
| Tax Associate | 57,500 JMD |
| Tax Manager | 140,000 JMD |
| Teller | 41,400 JMD |
| Treasury Accountant | 73,700 JMD |
| Treasury Analyst | 115,000 JMD |
| Underwriter | 51,000 JMD |
| Underwriting Assistant | 48,200 JMD |
| Vice President of Finance | 186,000 JMD |
Accounting and Finance Jobs Salary Distribution in Jamaica
The median, the maximum, the minimum, and the range
Salary Range
Accounting and Finance salaries in Jamaica range from 40,200 JMD per month (minimum average salary) to 199,000 JMD per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 90,100 JMD per month, which means that half (50%) of people working in Accounting and Finance are earning less than 90,100 JMD while the other half are earning more than 90,100 JMD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Accounting and Finance are earning less than 58,600 JMD while 75% of them are earning more than 58,600 JMD. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 133,000 JMD while 25% are earning more than 133,000 JMD.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
Salary Comparison by Years of Experience
How does a person's salary progress over time?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.
Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.
Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.
As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.
Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.
Salary Comparison By Education
How does the education level affect your salary?
It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.
Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.
Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.
Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.
Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in Jamaica costs anywhere from 482,000 Jamaican Dollar(s) to 1,450,000 Jamaican Dollar(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Accounting and Finance Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Jamaica who work in Accounting and Finance earn 7% more than their female counterparts on average.
| Female | 94,300 JMD | |
| Male | +7% | 101,000 JMD |
Salary Comparison By Gender in Jamaica for all Careers
Accounting and Finance Average Annual Salary Increment Percentage in Jamaica
How much are annual salary increments in Jamaica for Accounting and Finance professionals? How often do employees get salary raises?
Accounting and Finance
Accounting and Finance professionals in Jamaica are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.
Jamaica / All Professions
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
Annual Increment Rate By Industry 2019
| Banking | 7% | |
| Energy | 5% | |
| Information Technology | 3% | |
| Healthcare | 1% | |
| Travel | 8% | |
| Construction | 6% | |
| Education | 4% |
Listed above are the average annual increase rates for each industry in Jamaica for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
Worldwide Salary Raises: All Countries and All Jobs
Accounting and Finance Bonus and Incentive Rates in Jamaica
How much and how often are bonuses being awarded?
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Accounting and Finance is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
44% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 56% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.
| Received Bonus | 56% | |
| No Bonus | 44% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Government vs Private Sector Salary Comparison
Where can you get paid more, working for a private company or for the government? Public sector employees in Jamaica earn 10% more than their private sector counterparts on average across all sectors.
| Private Sector | 93,500 JMD | |
| Public Sector | +10% | 103,000 JMD |
Accounting and Finance Hourly Average Wage in Jamaica
560 JMD per hourThe average hourly wage (pay per hour) in Jamaica is 560 JMD. This means that the average person in Jamaica earns approximately 560 JMD for every worked hour.
The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
Accounting and Finance VS Other Jobs
The average salary for Accounting and Finance is 2% more than that of All Jobs.
Salary Comparison By City
| City | Average Salary |
| Kingston | 108,000 JMD |
