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Accounting and Finance Average Salaries in Latvia 2020

How much money does a person working in Accounting and Finance make in Latvia?


Average Monthly Salary
1,340 LVL
( 16,100 LVL yearly)

LOW
540
LVL
AVERAGE
1,340
LVL
HIGH
2,690
LVL

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.

Salaries for specific jobs

Job TitleAverage Salary
Account Examiner720 LVL
Account Executive1,150 LVL
Accountant930 LVL
Accounting Assistant740 LVL
Accounting Associate690 LVL
Accounting Clerk570 LVL
Accounting Coordinator860 LVL
Accounting Manager1,940 LVL
Accounting Supervisor1,240 LVL
Accounting Technician650 LVL
Accounts Executive1,210 LVL
Accounts Payable and Receivable Specialist970 LVL
Accounts Payable Clerk690 LVL
Accounts Payable Manager1,870 LVL
Accounts Receivable Clerk720 LVL
Accounts Receivable Manager1,900 LVL
Assistant Accounting Manager1,770 LVL
Assistant Auditor930 LVL
Audit Supervisor1,770 LVL
Auditing Clerk760 LVL
Auditing Manager1,960 LVL
Billing Coordinator850 LVL
Billing Specialist1,020 LVL
Billing Supervisor1,380 LVL
Bookkeeper600 LVL
Bookkeeping Specialist880 LVL
Budget Analyst1,610 LVL
Budget Manager1,960 LVL
Business Support Analyst1,050 LVL
Capital Markets Associate1,370 LVL
Cash Flow Analyst1,460 LVL
Cash Management Officer1,040 LVL
Cashbook Clerk640 LVL
Chartered Accountant1,180 LVL
Collections Clerk580 LVL
Collections Specialist930 LVL
Corporate Treasurer1,750 LVL
Cost Accountant920 LVL
Cost Accounting Manager1,850 LVL
Cost Analyst1,510 LVL
Credit and Collection Manager1,900 LVL
Credit and Collection Staff740 LVL
Credit and Loans Officer700 LVL
Credit Controller1,280 LVL
Debt Adviser1,490 LVL
Debt Collector740 LVL
Debtors Clerk660 LVL
Deputy CFO2,700 LVL
Derivative Trader1,550 LVL
Escrow Assistant810 LVL
External Auditor1,350 LVL
Finance Associate800 LVL
Finance Executive2,040 LVL
Finance Licensing Clerk680 LVL
Finance Licensing Manager1,840 LVL
Finance Licensing Specialist1,060 LVL
Finance Officer920 LVL
Finance President2,680 LVL
Finance Relationship Manager2,200 LVL
Finance Release Analyst1,050 LVL
Finance Team Leader 2,150 LVL
Financial Actuary1,440 LVL
Financial Administrator1,600 LVL
Financial Analyst1,670 LVL
Financial Applications Specialist1,190 LVL
Financial Assistant780 LVL
Financial Associate760 LVL
Financial Claims Analyst1,270 LVL
Financial Claims Manager1,710 LVL
Financial Commercial Analyst1,380 LVL
Financial Compliance Analyst1,570 LVL
Financial Consultant1,240 LVL
Financial Controller1,570 LVL
Financial Coordinator840 LVL
Financial Customer Service Manager1,650 LVL
Financial Dealer and Broker990 LVL
Financial Encoder800 LVL
Financial Manager2,580 LVL
Financial Operations Manager2,340 LVL
Financial Policy Analyst1,510 LVL
Financial Project Manager1,920 LVL
Financial Quantitative Analyst1,640 LVL
Financial Reporting Consultant1,300 LVL
Financial Reporting Manager1,860 LVL
Financial Services Sales Agent990 LVL
Fixed Assets Administrator950 LVL
Forensic Accountant1,110 LVL
Fraud Detection Supervisor1,140 LVL
Fraud Prevention Manager1,920 LVL
Fund Accountant910 LVL
Grants Coordinator710 LVL
Internal Auditor1,310 LVL
Internal Control Adviser1,450 LVL
Internal Control Officer820 LVL
Inventory Accountant1,000 LVL
Investment Analyst1,770 LVL
Investment Fund Manager2,140 LVL
Investment Underwriter830 LVL
Investor1,260 LVL
Investor Relations Manager1,810 LVL
KYC Team Leader1,880 LVL
Management Economist2,090 LVL
Paymaster770 LVL
Payroll Clerk800 LVL
Payroll Manager1,710 LVL
Pensions Administrator950 LVL
Pricing Analyst1,550 LVL
Private Equity Analyst1,710 LVL
Proposal Development Coordinator800 LVL
Receivables Accountant880 LVL
Regulatory Accountant1,010 LVL
Retirement Plan Analyst1,470 LVL
Revenue Management Specialist1,560 LVL
Revenue Recognition Analyst1,820 LVL
Risk Management Director2,230 LVL
Risk Management Supervisor1,870 LVL
Tax Accountant850 LVL
Tax Advisor1,410 LVL
Tax Associate780 LVL
Tax Manager1,960 LVL
Teller540 LVL
Treasury Accountant980 LVL
Treasury Analyst1,620 LVL
Underwriter650 LVL
Underwriting Assistant620 LVL
Vice President of Finance2,530 LVL

Accounting and Finance Jobs Salary Distribution in Latvia

Median and salary distribution monthly Latvia Accounting and Finance
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The median, the maximum, the minimum, and the range

  • Salary Range

    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).

  • Median Salary

    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.

  • 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 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.


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?

Salary Comparison By Experience Level
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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.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

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.

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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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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.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

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 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.

Accounting and Finance Salary Comparison By Gender

Salary comparison by gender monthly Latvia Accounting and Finance
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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 employees in Latvia who work in Accounting and Finance earn 6% more than their female counterparts on average.

Male
1,380 LVL
Female-6%
1,300 LVL
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Latvia for all Careers

Salary comparison by gender monthly Latvia
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Accounting and Finance Average Annual Salary Increment Percentage in Latvia

How much are annual salary increments in Latvia for Accounting and Finance professionals? How often do employees get salary raises?

Accounting and Finance

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.

Annual Salary Increment Rate Latvia Accounting and Finance
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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.

Latvia / 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

The average salary increase in one year (12 months) in Latvia is 5%.

Annual Increment Rate By Industry 2019

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

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.


Worldwide Salary Raises: All Countries and All Jobs

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Accounting and Finance Bonus and Incentive Rates in Latvia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Latvia Accounting and Finance
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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.

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.

Received Bonus
75%
No Bonus
25%

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.

Accounting and Finance Hourly Average Wage in Latvia


8 LVL per hour

The average hourly wage (pay per hour) in Latvia is 8 LVL. This means that the average person in Latvia earns approximately 8 LVL 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.

Accounting and Finance VS Other Jobs

Salary Comparison Between Accounting and Finance and Accounting and Finance monthly Latvia
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The average salary for Accounting and Finance is 3% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Riga1,450 LVL

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 Latvia earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
1,250 LVL
Public Sector+7%
1,340 LVL
Percentage increase and decrease are relative to the previous value

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