A person working as Financial Actuary in Nigeria typically earns around 346,000 NGN. Salaries range from 159,000 NGN (lowest) to 551,000 NGN (highest).
This is the average salary including housing, transport, and other benefits. Financial Actuary salaries in Nigeria vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Salaries for the position Financial Actuary in Nigeria range from 159,000 NGN (starting salary) to 551,000 NGN (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
With a median salary of 331,000 NGN, half of the professionals who work as Financial Actuary in Nigeria earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Financial Actuary in Nigeria earn less than 267,000 NGN, while 75% earn more. Similarly, the chart shows that 75% earn less than 381,000 NGN while 25% earn more.
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Financial Actuary in Nigeria compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 198,000 NGN to 288,000 NGN. About 20% of salaries are below the 198,000 NGN mark, while 10% fall within the range of 288,000 NGN to 328,000 NGN. Only 5% of individuals have salaries exceeding 328,000 NGN.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+48%|
|10 - 15 Years||+22%|
|15 - 20 Years||+9%|
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Financial Actuary and this is what we found.
Employees with less than two years of experience earn approximately 181,000 NGN.
While someone with an experience level between two and five years is expected to earn 241,000 NGN, 34% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 357,000 NGN, 48% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 435,000 NGN, 22% 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 474,000 NGN, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 513,000 NGN, 8% more than people with fifteen to twenty years of experience.
|Certificate or Diploma||+18%|
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 salaries by education level for the position Financial Actuary in order to make a comparison.
Employees at this education level have an average salary of 222,000 NGN.
At this level, the average salary becomes 261,000 NGN, 18% more than the previous level.
At this level, the average salary becomes 378,000 NGN, 45% more than the previous level.
At this level, the average salary becomes 496,000 NGN, 31% more than the previous level.
A Master's degree program or any post-graduate program in Nigeria costs anywhere from 1,690,000 NGN to 5,080,000 NGN 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 to a higher-paying job. The numbers seem to support the theory. 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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Financial Actuary in Nigeria, the average difference between the salary of male and female employees is 22%.
Individuals working as Financial Actuary in Nigeria are likely to observe a salary increase of approximately 11% every 19 months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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 Nigeria for the year 2022. 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.
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
45% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 55% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 2% to 7% 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.
|Average Salary 2019|
|Average Salary 2020||+4%|
|Average Salary 2021||+4%|
|Average Salary 2022||+4%|
Salaries for individuals working as Financial Actuary in Nigeria are on the rise in the year 2023 based on recently submitted salaries and reports. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from one industry to another.
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 fixed 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 minimum pay rate per hour for people working as Financial Actuary in Nigeria is 920 NGN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
|Job Title||Average Salary|
|Account Examiner||176,000 NGN||-49%|
|Account Executive||311,000 NGN||-10%|
|Accounting Assistant||179,000 NGN||-48%|
|Accounting Associate||163,000 NGN||-53%|
|Accounting Clerk||143,000 NGN||-59%|
|Accounting Coordinator||211,000 NGN||-39%|
|Accounting Manager||504,000 NGN||+46%|
|Accounting Supervisor||317,000 NGN||-8%|
|Accounting Technician||168,000 NGN||-51%|
|Accounts Executive||314,000 NGN||-9%|
|Accounts Payable and Receivable Specialist||242,000 NGN||-30%|
|Accounts Payable Clerk||169,000 NGN||-51%|
|Accounts Payable Manager||476,000 NGN||+37%|
|Accounts Receivable Clerk||172,000 NGN||-50%|
|Accounts Receivable Manager||476,000 NGN||+37%|
|Assistant Accounting Manager||434,000 NGN||+25%|
|Assistant Auditor||238,000 NGN||-31%|
|Audit Supervisor||443,000 NGN||+28%|
|Auditing Clerk||191,000 NGN||-45%|
|Auditing Manager||471,000 NGN||+36%|
|Billing Coordinator||213,000 NGN||-38%|
|Billing Specialist||249,000 NGN||-28%|
|Billing Supervisor||373,000 NGN||+8%|
|Bookkeeping Specialist||229,000 NGN||-34%|
|Budget Analyst||386,000 NGN||+11%|
|Budget Manager||490,000 NGN||+41%|
|Business Support Analyst||269,000 NGN||-22%|
|Capital Markets Associate||371,000 NGN||+7%|
|Cash Flow Analyst||344,000 NGN||-1%|
|Cash Management Officer||266,000 NGN||-23%|
|Cashbook Clerk||166,000 NGN||-52%|
|Chartered Accountant||313,000 NGN||-10%|
|Collections Clerk||143,000 NGN||-59%|
|Collections Specialist||248,000 NGN||-28%|
|Corporate Treasurer||464,000 NGN||+34%|
|Cost Accountant||230,000 NGN||-34%|
|Cost Accounting Manager||463,000 NGN||+34%|
|Cost Analyst||393,000 NGN||+13%|
|Credit and Collection Manager||475,000 NGN||+37%|
|Credit and Collection Staff||177,000 NGN||-49%|
|Credit and Loans Officer||171,000 NGN||-51%|
|Credit Controller||326,000 NGN||-6%|
|Debt Adviser||389,000 NGN||+12%|
|Debt Collector||182,000 NGN||-47%|
|Debtors Clerk||158,000 NGN||-54%|
|Deputy CFO||662,000 NGN||+91%|
|Derivative Trader||394,000 NGN||+14%|
|Escrow Assistant||215,000 NGN||-38%|
|External Auditor||337,000 NGN||-3%|
|Finance Associate||196,000 NGN||-43%|
|Finance Executive||510,000 NGN||+47%|
|Finance Licensing Clerk||168,000 NGN||-51%|
|Finance Licensing Manager||470,000 NGN||+36%|
|Finance Licensing Specialist||256,000 NGN||-26%|
|Finance Officer||235,000 NGN||-32%|
|Finance President||684,000 NGN||+98%|
|Finance Relationship Manager||571,000 NGN||+65%|
|Finance Release Analyst||268,000 NGN||-23%|
|Finance Team Leader||528,000 NGN||+52%|
|Financial Actuary||346,000 NGN||-0%|
|Financial Administrator||378,000 NGN||+9%|
|Financial Analyst||427,000 NGN||+23%|
|Financial Applications Specialist||287,000 NGN||-17%|
|Financial Assistant||196,000 NGN||-43%|
|Financial Associate||185,000 NGN||-47%|
|Financial Claims Analyst||318,000 NGN||-8%|
|Financial Claims Manager||402,000 NGN||+16%|
|Financial Commercial Analyst||352,000 NGN||+2%|
|Financial Compliance Analyst||391,000 NGN||+13%|
|Financial Consultant||328,000 NGN||-5%|
|Financial Controller||371,000 NGN||+7%|
|Financial Coordinator||218,000 NGN||-37%|
|Financial Customer Service Manager||439,000 NGN||+27%|
|Financial Dealer and Broker||267,000 NGN||-23%|
|Financial Encoder||203,000 NGN||-41%|
|Financial Manager||631,000 NGN||+82%|
|Financial Operations Manager||596,000 NGN||+72%|
|Financial Policy Analyst||362,000 NGN||+5%|
|Financial Project Manager||480,000 NGN||+39%|
|Financial Quantitative Analyst||419,000 NGN||+21%|
|Financial Reporting Consultant||331,000 NGN||-4%|
|Financial Reporting Manager||446,000 NGN||+29%|
|Financial Services Sales Agent||247,000 NGN||-29%|
|Fixed Assets Administrator||244,000 NGN||-30%|
|Forensic Accountant||288,000 NGN||-17%|
|Fraud Detection Supervisor||284,000 NGN||-18%|
|Fraud Prevention Manager||498,000 NGN||+44%|
|Fund Accountant||224,000 NGN||-35%|
|Grants Coordinator||168,000 NGN||-51%|
|Internal Auditor||308,000 NGN||-11%|
|Internal Control Adviser||363,000 NGN||+5%|
|Internal Control Officer||213,000 NGN||-38%|
|Inventory Accountant||256,000 NGN||-26%|
|Investment Analyst||471,000 NGN||+36%|
|Investment Fund Manager||536,000 NGN||+55%|
|Investment Underwriter||196,000 NGN||-43%|
|Investor Relations Manager||451,000 NGN||+30%|
|KYC Team Leader||451,000 NGN||+30%|
|Management Economist||523,000 NGN||+51%|
|Payroll Clerk||209,000 NGN||-40%|
|Payroll Manager||420,000 NGN||+21%|
|Pensions Administrator||238,000 NGN||-31%|
|Pricing Analyst||381,000 NGN||+10%|
|Private Equity Analyst||436,000 NGN||+26%|
|Proposal Development Coordinator||200,000 NGN||-42%|
|Receivables Accountant||214,000 NGN||-38%|
|Regulatory Accountant||259,000 NGN||-25%|
|Retirement Plan Analyst||368,000 NGN||+6%|
|Revenue Management Specialist||405,000 NGN||+17%|
|Revenue Recognition Analyst||419,000 NGN||+21%|
|Risk Management Director||546,000 NGN||+58%|
|Risk Management Supervisor||476,000 NGN||+37%|
|Tax Accountant||231,000 NGN||-33%|
|Tax Advisor||375,000 NGN||+8%|
|Tax Associate||199,000 NGN||-43%|
|Tax Manager||471,000 NGN||+36%|
|Treasury Accountant||246,000 NGN||-29%|
|Treasury Analyst||406,000 NGN||+17%|
|Underwriting Assistant||162,000 NGN||-53%|
|Vice President of Finance||632,000 NGN||+82%|
|Benin City||326,000 NGN|
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Nigeria is 6% on average across all career fields.
A good and competitive compensation would range anywhere between 331,000 NGN and 381,000 NGN. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
The base salary for a careers like Financial Actuary in Nigeria ranges from 267,000 NGN to 381,000 NGN. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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
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