Accounting and Finance Average Salaries in Luxembourg 2020
How much money does a person working in Accounting and Finance make in Luxembourg?
LOW
2,050
EUR AVERAGE
5,060
EUR HIGH
10,200
EUR
A person working in Accounting and Finance in Luxembourg typically earns around 5,060 EUR per month. Salaries range from 2,050 EUR (lowest average) to 10,200 EUR (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 | 2,490 EUR |
| Account Executive | 4,610 EUR |
| Accountant | 3,450 EUR |
| Accounting Assistant | 2,770 EUR |
| Accounting Associate | 2,550 EUR |
| Accounting Clerk | 2,140 EUR |
| Accounting Coordinator | 2,990 EUR |
| Accounting Manager | 7,310 EUR |
| Accounting Supervisor | 4,630 EUR |
| Accounting Technician | 2,480 EUR |
| Accounts Executive | 4,610 EUR |
| Accounts Payable and Receivable Specialist | 3,600 EUR |
| Accounts Payable Clerk | 2,630 EUR |
| Accounts Payable Manager | 7,150 EUR |
| Accounts Receivable Clerk | 2,490 EUR |
| Accounts Receivable Manager | 6,690 EUR |
| Assistant Accounting Manager | 6,600 EUR |
| Assistant Auditor | 3,530 EUR |
| Audit Supervisor | 6,450 EUR |
| Auditing Clerk | 2,780 EUR |
| Auditing Manager | 7,350 EUR |
| Billing Coordinator | 3,060 EUR |
| Billing Specialist | 3,660 EUR |
| Billing Supervisor | 5,270 EUR |
| Bookkeeper | 2,330 EUR |
| Bookkeeping Specialist | 3,380 EUR |
| Budget Analyst | 6,230 EUR |
| Budget Manager | 6,910 EUR |
| Business Support Analyst | 3,980 EUR |
| Capital Markets Associate | 5,330 EUR |
| Cash Flow Analyst | 5,190 EUR |
| Cash Management Officer | 4,150 EUR |
| Cashbook Clerk | 2,280 EUR |
| Chartered Accountant | 4,280 EUR |
| Collections Clerk | 2,070 EUR |
| Collections Specialist | 3,510 EUR |
| Corporate Treasurer | 6,580 EUR |
| Cost Accountant | 3,380 EUR |
| Cost Accounting Manager | 7,010 EUR |
| Cost Analyst | 5,770 EUR |
| Credit and Collection Manager | 6,700 EUR |
| Credit and Collection Staff | 2,570 EUR |
| Credit and Loans Officer | 2,420 EUR |
| Credit Controller | 5,000 EUR |
| Debt Adviser | 5,850 EUR |
| Debt Collector | 2,920 EUR |
| Debtors Clerk | 2,500 EUR |
| Deputy CFO | 9,680 EUR |
| Derivative Trader | 5,770 EUR |
| Escrow Assistant | 3,150 EUR |
| External Auditor | 5,070 EUR |
| Finance Associate | 3,000 EUR |
| Finance Executive | 7,690 EUR |
| Finance Licensing Clerk | 2,550 EUR |
| Finance Licensing Manager | 6,920 EUR |
| Finance Licensing Specialist | 3,630 EUR |
| Finance Officer | 3,460 EUR |
| Finance President | 10,200 EUR |
| Finance Relationship Manager | 7,970 EUR |
| Finance Release Analyst | 4,050 EUR |
| Finance Team Leader | 7,480 EUR |
| Financial Actuary | 5,130 EUR |
| Financial Administrator | 6,000 EUR |
| Financial Analyst | 6,220 EUR |
| Financial Applications Specialist | 4,310 EUR |
| Financial Assistant | 2,850 EUR |
| Financial Associate | 2,920 EUR |
| Financial Claims Analyst | 4,640 EUR |
| Financial Claims Manager | 6,300 EUR |
| Financial Commercial Analyst | 5,100 EUR |
| Financial Compliance Analyst | 5,700 EUR |
| Financial Consultant | 4,490 EUR |
| Financial Controller | 5,770 EUR |
| Financial Coordinator | 3,320 EUR |
| Financial Customer Service Manager | 6,450 EUR |
| Financial Dealer and Broker | 3,630 EUR |
| Financial Encoder | 2,850 EUR |
| Financial Manager | 10,100 EUR |
| Financial Operations Manager | 8,550 EUR |
| Financial Policy Analyst | 5,340 EUR |
| Financial Project Manager | 7,280 EUR |
| Financial Quantitative Analyst | 5,770 EUR |
| Financial Reporting Consultant | 5,100 EUR |
| Financial Reporting Manager | 6,580 EUR |
| Financial Services Sales Agent | 3,900 EUR |
| Fixed Assets Administrator | 3,490 EUR |
| Forensic Accountant | 4,020 EUR |
| Fraud Detection Supervisor | 4,460 EUR |
| Fraud Prevention Manager | 6,840 EUR |
| Fund Accountant | 3,290 EUR |
| Grants Coordinator | 2,630 EUR |
| Internal Auditor | 4,490 EUR |
| Internal Control Adviser | 5,690 EUR |
| Internal Control Officer | 2,920 EUR |
| Inventory Accountant | 3,770 EUR |
| Investment Analyst | 7,150 EUR |
| Investment Fund Manager | 7,680 EUR |
| Investment Underwriter | 3,000 EUR |
| Investor | 4,460 EUR |
| Investor Relations Manager | 7,130 EUR |
| KYC Team Leader | 7,000 EUR |
| Management Economist | 8,250 EUR |
| Paymaster | 2,850 EUR |
| Payroll Clerk | 3,080 EUR |
| Payroll Manager | 6,610 EUR |
| Pensions Administrator | 3,750 EUR |
| Pricing Analyst | 6,000 EUR |
| Private Equity Analyst | 6,110 EUR |
| Proposal Development Coordinator | 3,150 EUR |
| Receivables Accountant | 3,260 EUR |
| Regulatory Accountant | 3,770 EUR |
| Retirement Plan Analyst | 5,770 EUR |
| Revenue Management Specialist | 5,560 EUR |
| Revenue Recognition Analyst | 6,690 EUR |
| Risk Management Director | 8,050 EUR |
| Risk Management Supervisor | 6,800 EUR |
| Tax Accountant | 3,250 EUR |
| Tax Advisor | 5,130 EUR |
| Tax Associate | 3,000 EUR |
| Tax Manager | 7,200 EUR |
| Teller | 2,000 EUR |
| Treasury Accountant | 3,690 EUR |
| Treasury Analyst | 5,700 EUR |
| Underwriter | 2,480 EUR |
| Underwriting Assistant | 2,380 EUR |
| Vice President of Finance | 9,920 EUR |
Accounting and Finance Jobs Salary Distribution in Luxembourg
The median, the maximum, the minimum, and the range
Salary Range
Accounting and Finance salaries in Luxembourg range from 2,050 EUR per month (minimum average salary) to 10,200 EUR per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 5,060 EUR per month, which means that half (50%) of people working in Accounting and Finance are earning less than 5,060 EUR while the other half are earning more than 5,060 EUR. 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 3,200 EUR while 75% of them are earning more than 3,200 EUR. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 7,610 EUR while 25% are earning more than 7,610 EUR.
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 Luxembourg costs anywhere from 24,600 Euro(s) to 73,700 Euro(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 Luxembourg who work in Accounting and Finance earn 4% more than their female counterparts on average.
| Male | 5,160 EUR | |
| Female | -4% | 4,960 EUR |
Salary Comparison By Gender in Luxembourg for all Careers
Accounting and Finance Average Annual Salary Increment Percentage in Luxembourg
How much are annual salary increments in Luxembourg for Accounting and Finance professionals? How often do employees get salary raises?
Accounting and Finance
Accounting and Finance professionals in Luxembourg are likely to observe a salary increase of approximately 10% every 15 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.
Luxembourg / 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 | 8% | |
| Energy | 7% | |
| Information Technology | 6% | |
| Healthcare | 5% | |
| Travel | 4% | |
| Construction | 3% | |
| Education | 2% |
Listed above are the average annual increase rates for each industry in Luxembourg 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 Luxembourg
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.
22% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 78% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 5% to 8% of their annual salary.
| Received Bonus | 78% | |
| No Bonus | 22% |
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.
Accounting and Finance Hourly Average Wage in Luxembourg
29 EUR per hourThe average hourly wage (pay per hour) in Luxembourg is 29 EUR. This means that the average person in Luxembourg earns approximately 29 EUR 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 3% more than that of All Jobs.
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 Luxembourg earn 6% more than their private sector counterparts on average across all sectors.
| Private Sector | 4,780 EUR | |
| Public Sector | +6% | 5,070 EUR |
