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Financial Manager Average Salary in Kuwait 2020

How much money does a Financial Manager make in Kuwait?


Average Monthly Salary
2,480 KWD
( 29,800 KWD yearly)

LOW
1,320
KWD
AVERAGE
2,480
KWD
HIGH
3,770
KWD

A person working as a Financial Manager in Kuwait typically earns around 2,480 KWD per month. Salaries range from 1,320 KWD (lowest) to 3,770 KWD (highest).

This is the average monthly salary including housing, transport, and other benefits. Financial Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Financial Manager Salary Distribution in Kuwait

Median and salary distribution monthly Kuwait Financial Manager
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The median, the maximum, the minimum, and the range

  • Salary Range

    Financial Manager salaries in Kuwait range from 1,320 KWD per month (minimum salary) to 3,770 KWD per month (maximum salary).

  • Median Salary

    The median salary is 2,330 KWD per month, which means that half (50%) of people working as Financial Manager(s) are earning less than 2,330 KWD while the other half are earning more than 2,330 KWD. 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 Financial Manager(s) are earning less than 1,640 KWD while 75% of them are earning more than 1,640 KWD. Also from the diagram, 75% of Financial Manager(s) are earning less than 2,870 KWD while 25% are earning more than 2,870 KWD.


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

Financial Manager Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Kuwait Financial Manager
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Financial Manager salaries by experience level and this is what we found.

A Financial Manager with less than two years of experience makes approximately 1,510 KWD per month.

While someone with an experience level between two and five years is expected to earn 1,860 KWD per month, 23% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 2,630 KWD per month, 42% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Financial Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 3,070 KWD per month, 17% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 3,380 KWD per month, 10% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 3,580 KWD per month, 6% more than people with fifteen to twenty years of experience.


Financial Manager average salary change by experience in Kuwait

0 - 2 Years
1,510 KWD
2 - 5 Years+23%
1,860 KWD
5 - 10 Years+42%
2,630 KWD
10 - 15 Years+17%
3,070 KWD
15 - 20 Years+10%
3,380 KWD
20+ Years+6%
3,580 KWD
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Financial Manager Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Financial Manager(s) who have the same experience but different education levels.

Salary comparison by education level monthly Kuwait Financial Manager
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Financial Manager salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of a Financial Manager is 1,860 KWD per month.

While someone with a Bachelor's Degree gets a salary of 2,400 KWD per month, 29% more than someone having a Certificate or Diploma degree.

A Master's Degree gets its holder an average salary of 3,430 KWD per month, 43% more than someone with a Bachelor's Degree.


Financial Manager average salary difference by education level in Kuwait

Certificate or Diploma
1,860 KWD
Bachelor's Degree+29%
2,400 KWD
Master's Degree+43%
3,430 KWD
Percentage increase and decrease are relative to the previous value

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 Kuwait costs anywhere from 6,370 Kuwaiti Dinar(s) to 19,100 Kuwaiti Dinar(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 the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Financial Manager Salary Comparison By Gender

Salary comparison by gender monthly Kuwait Financial Manager
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Financial Manager employees in Kuwait earn 17% more than their female counterparts.

Female
2,240 KWD
Male+17%
2,630 KWD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Kuwait for all Careers

Salary comparison by gender monthly Kuwait
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Financial Manager Average Annual Salary Increment Percentage in Kuwait

How much are annual salary increments in Kuwait for Financial Manager(s)? How often do employees get salary raises?

Financial Manager

Financial Manager(s) in Kuwait are likely to observe a salary increase of approximately 9% every 30 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Kuwait Financial Manager
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Kuwait / All Professions

Annual Salary Increment Rate Kuwait
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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

The average salary increase in one year (12 months) in Kuwait is 2%.

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 Kuwait 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

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Financial Manager Bonus and Incentive Rates in Kuwait

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Kuwait Financial Manager
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A Financial Manager is considered to be a high bonus-based job 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.

39% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 61% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.

Received Bonus
61%
No Bonus
39%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, 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 Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These 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 GeneratorsSupporting 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:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

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

Public vs private sector salaries monthly Kuwait
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Where can you get paid more, working for a private company or for the government? Public sector Financial Manager employees in Kuwait earn 10% more than their private sector counterparts.

Private Sector
1,240 KWD
Public Sector+10%
1,360 KWD
Percentage increase and decrease are relative to the previous value

Financial Manager Salary Trend and Forecast in Kuwait

How are Financial Manager salaries changing over time? Listed below is a chart that shows the average salary in recent years.

Salary trends and forecast monthly Kuwait Financial Manager
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Average Salary 2016
2,240 KWD
Average Salary 2017+4%
2,330 KWD
Average Salary 2018+2%
2,360 KWD
Average Salary 2019+2%
2,410 KWD
Percentage increase and decrease are relative to the previous value

Financial Manager salaries in Kuwait are on the rise in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 2% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.

Financial Manager Average Hourly Wage in Kuwait


14 KWD per hour

The average hourly wage (pay per hour) in Kuwait is 14 KWD. This means that the average Financial Manager in Kuwait earns approximately 14 KWD for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

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.

Financial Manager VS Other Jobs

Salary Comparison Between Financial Manager and Accounting and Finance monthly Kuwait
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The average salary for Financial Manager is 100% more than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% less than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner820 KWD-67%
Account Executive1,180 KWD-52%
Accountant890 KWD-64%
Accounting Assistant870 KWD-65%
Accounting Associate910 KWD-63%
Accounting Clerk650 KWD-74%
Accounting Coordinator740 KWD-70%
Accounting Manager1,650 KWD-34%
Accounting Supervisor1,180 KWD-52%
Accounting Technician830 KWD-67%
Accounts Executive1,120 KWD-55%
Accounts Payable and Receivable Specialist1,020 KWD-59%
Accounts Payable Clerk650 KWD-74%
Accounts Payable Manager1,340 KWD-46%
Accounts Receivable Clerk720 KWD-71%
Accounts Receivable Manager1,460 KWD-41%
Assistant Accounting Manager1,080 KWD-56%
Assistant Auditor980 KWD-61%
Audit Supervisor1,710 KWD-31%
Auditing Clerk860 KWD-65%
Auditing Manager1,720 KWD-31%
Billing Coordinator1,000 KWD-60%
Billing Specialist1,010 KWD-59%
Billing Supervisor1,240 KWD-50%
Bookkeeper700 KWD-72%
Bookkeeping Specialist950 KWD-62%
Budget Analyst1,090 KWD-56%
Budget Manager1,470 KWD-41%
Business Support Analyst1,190 KWD-52%
Capital Markets Associate1,320 KWD-47%
Cash Flow Analyst1,250 KWD-50%
Cash Management Officer1,210 KWD-51%
Cashbook Clerk800 KWD-68%
Chartered Accountant1,130 KWD-54%
Collections Clerk690 KWD-72%
Collections Specialist850 KWD-66%
Corporate Treasurer2,240 KWD-10%
Cost Accountant1,000 KWD-60%
Cost Accounting Manager1,380 KWD-44%
Cost Analyst1,320 KWD-47%
Credit and Collection Manager1,420 KWD-43%
Credit and Collection Staff740 KWD-70%
Credit and Loans Officer750 KWD-70%
Credit Controller1,230 KWD-50%
Debt Adviser1,660 KWD-33%
Debt Collector1,070 KWD-57%
Debtors Clerk970 KWD-61%
Deputy CFO2,200 KWD-11%
Derivative Trader1,750 KWD-29%
Escrow Assistant1,000 KWD-60%
External Auditor1,280 KWD-48%
Finance Associate1,000 KWD-60%
Finance Executive2,060 KWD-17%
Finance Licensing Clerk800 KWD-68%
Finance Licensing Manager1,290 KWD-48%
Finance Licensing Specialist1,030 KWD-59%
Finance Officer1,450 KWD-42%
Finance President2,720 KWD+10%
Finance Relationship Manager1,720 KWD-31%
Finance Release Analyst1,230 KWD-50%
Finance Team Leader 1,420 KWD-43%
Financial Actuary1,300 KWD-48%
Financial Administrator1,120 KWD-55%
Financial Analyst1,410 KWD-43%
Financial Applications Specialist860 KWD-65%
Financial Assistant800 KWD-68%
Financial Associate920 KWD-63%
Financial Claims Analyst1,250 KWD-50%
Financial Claims Manager1,440 KWD-42%
Financial Commercial Analyst1,140 KWD-54%
Financial Compliance Analyst1,320 KWD-47%
Financial Consultant1,230 KWD-50%
Financial Controller1,240 KWD-50%
Financial Coordinator1,120 KWD-55%
Financial Customer Service Manager1,480 KWD-40%
Financial Dealer and Broker1,190 KWD-52%
Financial Encoder710 KWD-71%
Financial Manager2,480 KWD-0%
Financial Operations Manager1,800 KWD-27%
Financial Policy Analyst1,260 KWD-49%
Financial Project Manager1,230 KWD-50%
Financial Quantitative Analyst1,370 KWD-45%
Financial Reporting Consultant1,290 KWD-48%
Financial Reporting Manager1,540 KWD-38%
Financial Services Sales Agent1,170 KWD-53%
Fixed Assets Administrator1,010 KWD-59%
Forensic Accountant970 KWD-61%
Fraud Detection Supervisor1,170 KWD-53%
Fraud Prevention Manager1,820 KWD-27%
Fund Accountant950 KWD-62%
Grants Coordinator860 KWD-65%
Internal Auditor1,320 KWD-47%
Internal Control Adviser1,310 KWD-47%
Internal Control Officer1,130 KWD-54%
Inventory Accountant2,020 KWD-19%
Investment Analyst1,710 KWD-31%
Investment Fund Manager1,780 KWD-28%
Investment Underwriter810 KWD-67%
Investor1,200 KWD-52%
Investor Relations Manager1,620 KWD-35%
KYC Team Leader1,600 KWD-36%
Management Economist1,450 KWD-42%
Paymaster990 KWD-60%
Payroll Clerk790 KWD-68%
Payroll Manager1,240 KWD-50%
Pensions Administrator1,010 KWD-59%
Pricing Analyst1,350 KWD-46%
Private Equity Analyst1,490 KWD-40%
Proposal Development Coordinator990 KWD-60%
Receivables Accountant840 KWD-66%
Regulatory Accountant1,050 KWD-58%
Retirement Plan Analyst1,280 KWD-48%
Revenue Management Specialist1,090 KWD-56%
Revenue Recognition Analyst1,650 KWD-34%
Risk Management Director2,090 KWD-16%
Risk Management Supervisor1,630 KWD-34%
Tax Accountant930 KWD-63%
Tax Advisor1,280 KWD-48%
Tax Associate1,010 KWD-59%
Tax Manager1,790 KWD-28%
Teller580 KWD-77%
Treasury Accountant990 KWD-60%
Treasury Analyst1,400 KWD-44%
Underwriter760 KWD-69%
Underwriting Assistant710 KWD-71%
Vice President of Finance1,810 KWD-27%
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