A person working in Accounting and Finance in Latvia typically earns around 1,340 LVL per month. Salaries range from 540 LVL (lowest average) to 2,690 LVL (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.
|Job Title||Average Salary|
|Account Examiner||720 LVL|
|Account Executive||1,150 LVL|
|Accounting Assistant||740 LVL|
|Accounting Associate||690 LVL|
|Accounting Clerk||570 LVL|
|Accounting Coordinator||860 LVL|
|Accounting Manager||1,940 LVL|
|Accounting Supervisor||1,240 LVL|
|Accounting Technician||650 LVL|
|Accounts Executive||1,210 LVL|
|Accounts Payable and Receivable Specialist||970 LVL|
|Accounts Payable Clerk||690 LVL|
|Accounts Payable Manager||1,870 LVL|
|Accounts Receivable Clerk||720 LVL|
|Accounts Receivable Manager||1,900 LVL|
|Assistant Accounting Manager||1,770 LVL|
|Assistant Auditor||930 LVL|
|Audit Supervisor||1,770 LVL|
|Auditing Clerk||760 LVL|
|Auditing Manager||1,960 LVL|
|Billing Coordinator||850 LVL|
|Billing Specialist||1,020 LVL|
|Billing Supervisor||1,380 LVL|
|Bookkeeping Specialist||880 LVL|
|Budget Analyst||1,610 LVL|
|Budget Manager||1,960 LVL|
|Business Support Analyst||1,050 LVL|
|Capital Markets Associate||1,370 LVL|
|Cash Flow Analyst||1,460 LVL|
|Cash Management Officer||1,040 LVL|
|Cashbook Clerk||640 LVL|
|Chartered Accountant||1,180 LVL|
|Collections Clerk||580 LVL|
|Collections Specialist||930 LVL|
|Corporate Treasurer||1,750 LVL|
|Cost Accountant||920 LVL|
|Cost Accounting Manager||1,850 LVL|
|Cost Analyst||1,510 LVL|
|Credit and Collection Manager||1,900 LVL|
|Credit and Collection Staff||740 LVL|
|Credit and Loans Officer||700 LVL|
|Credit Controller||1,280 LVL|
|Debt Adviser||1,490 LVL|
|Debt Collector||740 LVL|
|Debtors Clerk||660 LVL|
|Deputy CFO||2,700 LVL|
|Derivative Trader||1,550 LVL|
|Escrow Assistant||810 LVL|
|External Auditor||1,350 LVL|
|Finance Associate||800 LVL|
|Finance Executive||2,040 LVL|
|Finance Licensing Clerk||680 LVL|
|Finance Licensing Manager||1,840 LVL|
|Finance Licensing Specialist||1,060 LVL|
|Finance Officer||920 LVL|
|Finance President||2,680 LVL|
|Finance Relationship Manager||2,200 LVL|
|Finance Release Analyst||1,050 LVL|
|Finance Team Leader||2,150 LVL|
|Financial Actuary||1,440 LVL|
|Financial Administrator||1,600 LVL|
|Financial Analyst||1,670 LVL|
|Financial Applications Specialist||1,190 LVL|
|Financial Assistant||780 LVL|
|Financial Associate||760 LVL|
|Financial Claims Analyst||1,270 LVL|
|Financial Claims Manager||1,710 LVL|
|Financial Commercial Analyst||1,380 LVL|
|Financial Compliance Analyst||1,570 LVL|
|Financial Consultant||1,240 LVL|
|Financial Controller||1,570 LVL|
|Financial Coordinator||840 LVL|
|Financial Customer Service Manager||1,650 LVL|
|Financial Dealer and Broker||990 LVL|
|Financial Encoder||800 LVL|
|Financial Manager||2,580 LVL|
|Financial Operations Manager||2,340 LVL|
|Financial Policy Analyst||1,510 LVL|
|Financial Project Manager||1,920 LVL|
|Financial Quantitative Analyst||1,640 LVL|
|Financial Reporting Consultant||1,300 LVL|
|Financial Reporting Manager||1,860 LVL|
|Financial Services Sales Agent||990 LVL|
|Fixed Assets Administrator||950 LVL|
|Forensic Accountant||1,110 LVL|
|Fraud Detection Supervisor||1,140 LVL|
|Fraud Prevention Manager||1,920 LVL|
|Fund Accountant||910 LVL|
|Grants Coordinator||710 LVL|
|Internal Auditor||1,310 LVL|
|Internal Control Adviser||1,450 LVL|
|Internal Control Officer||820 LVL|
|Inventory Accountant||1,000 LVL|
|Investment Analyst||1,770 LVL|
|Investment Fund Manager||2,140 LVL|
|Investment Underwriter||830 LVL|
|Investor Relations Manager||1,810 LVL|
|KYC Team Leader||1,880 LVL|
|Management Economist||2,090 LVL|
|Payroll Clerk||800 LVL|
|Payroll Manager||1,710 LVL|
|Pensions Administrator||950 LVL|
|Pricing Analyst||1,550 LVL|
|Private Equity Analyst||1,710 LVL|
|Proposal Development Coordinator||800 LVL|
|Receivables Accountant||880 LVL|
|Regulatory Accountant||1,010 LVL|
|Retirement Plan Analyst||1,470 LVL|
|Revenue Management Specialist||1,560 LVL|
|Revenue Recognition Analyst||1,820 LVL|
|Risk Management Director||2,230 LVL|
|Risk Management Supervisor||1,870 LVL|
|Tax Accountant||850 LVL|
|Tax Advisor||1,410 LVL|
|Tax Associate||780 LVL|
|Tax Manager||1,960 LVL|
|Treasury Accountant||980 LVL|
|Treasury Analyst||1,620 LVL|
|Underwriting Assistant||620 LVL|
|Vice President of Finance||2,530 LVL|
Accounting and Finance salaries in Latvia range from 540 LVL per month (minimum average salary) to 2,690 LVL per month (maximum average salary, actual maximum is higher).
The median salary is 1,310 LVL per month, which means that half (50%) of people working in Accounting and Finance are earning less than 1,310 LVL while the other half are earning more than 1,310 LVL. 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.
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 840 LVL while 75% of them are earning more than 840 LVL. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 1,960 LVL while 25% are earning more than 1,960 LVL.
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
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.
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.
A Master's degree program or any post-graduate program in Latvia costs anywhere from 6,510 Latvian Lats(s) to 19,500 Latvian Lats(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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Latvia who work in Accounting and Finance earn 6% more than their female counterparts on average.
Accounting and Finance professionals in Latvia are likely to observe a salary increase of approximately 10% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.
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.
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
Listed above are the average annual increase rates for each industry in Latvia 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.
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.
25% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 75% 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.
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.
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.
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.
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.
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.
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.
The average salary for Accounting and Finance is 3% more than that of All Jobs.
Where can you get paid more, working for a private company or for the government? Public sector employees in Latvia earn 7% more than their private sector counterparts on average across all sectors.