Accounting and Finance Average Salaries in Bahamas 2022
How much money does a person working in Accounting and Finance make in Bahamas?
LOW
19,500
BSD AVERAGE
48,100
BSD HIGH
96,700
BSD
A person working in Accounting and Finance in Bahamas typically earns around 48,100 BSD per year. Salaries range from 19,500 BSD (lowest average) to 96,700 BSD (highest average, actual maximum salary is higher).
This is the average yearly 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 | 24,200 BSD |
| Account Executive | 44,200 BSD |
| Accountant | 33,700 BSD |
| Accounting Assistant | 26,800 BSD |
| Accounting Associate | 23,600 BSD |
| Accounting Clerk | 20,500 BSD |
| Accounting Coordinator | 29,100 BSD |
| Accounting Manager | 69,600 BSD |
| Accounting Supervisor | 46,700 BSD |
| Accounting Technician | 23,400 BSD |
| Accounts Executive | 45,200 BSD |
| Accounts Payable and Receivable Specialist | 33,500 BSD |
| Accounts Payable Clerk | 24,700 BSD |
| Accounts Payable Manager | 66,800 BSD |
| Accounts Receivable Clerk | 25,600 BSD |
| Accounts Receivable Manager | 67,900 BSD |
| Assistant Accounting Manager | 64,800 BSD |
| Assistant Auditor | 33,100 BSD |
| Audit Supervisor | 62,500 BSD |
| Auditing Clerk | 26,900 BSD |
| Auditing Manager | 68,700 BSD |
| Billing Coordinator | 31,900 BSD |
| Billing Specialist | 37,500 BSD |
| Billing Supervisor | 53,000 BSD |
| Bookkeeper | 23,200 BSD |
| Bookkeeping Specialist | 31,900 BSD |
| Budget Analyst | 55,600 BSD |
| Budget Manager | 67,700 BSD |
| Business Support Analyst | 37,300 BSD |
| Capital Markets Associate | 53,300 BSD |
| Cash Flow Analyst | 50,400 BSD |
| Cash Management Officer | 39,600 BSD |
| Cashbook Clerk | 23,600 BSD |
| Chartered Accountant | 44,700 BSD |
| Collections Clerk | 21,300 BSD |
| Collections Specialist | 35,000 BSD |
| Corporate Treasurer | 65,700 BSD |
| Cost Accountant | 33,900 BSD |
| Cost Accounting Manager | 69,300 BSD |
| Cost Analyst | 56,500 BSD |
| Credit and Collection Manager | 65,600 BSD |
| Credit and Collection Staff | 26,300 BSD |
| Credit and Loans Officer | 23,500 BSD |
| Credit Controller | 44,800 BSD |
| Debt Adviser | 58,700 BSD |
| Debt Collector | 26,300 BSD |
| Debtors Clerk | 23,300 BSD |
| Deputy CFO | 93,100 BSD |
| Derivative Trader | 58,200 BSD |
| Escrow Assistant | 30,100 BSD |
| External Auditor | 47,000 BSD |
| Finance Associate | 28,400 BSD |
| Finance Executive | 71,300 BSD |
| Finance Licensing Clerk | 25,000 BSD |
| Finance Licensing Manager | 67,300 BSD |
| Finance Licensing Specialist | 35,000 BSD |
| Finance Officer | 33,600 BSD |
| Finance President | 102,000 BSD |
| Finance Relationship Manager | 82,100 BSD |
| Finance Release Analyst | 40,400 BSD |
| Finance Team Leader | 72,700 BSD |
| Financial Actuary | 50,500 BSD |
| Financial Administrator | 55,400 BSD |
| Financial Analyst | 58,600 BSD |
| Financial Applications Specialist | 42,200 BSD |
| Financial Assistant | 27,600 BSD |
| Financial Associate | 27,400 BSD |
| Financial Claims Analyst | 43,400 BSD |
| Financial Claims Manager | 58,400 BSD |
| Financial Commercial Analyst | 49,800 BSD |
| Financial Compliance Analyst | 55,300 BSD |
| Financial Consultant | 46,900 BSD |
| Financial Controller | 55,400 BSD |
| Financial Coordinator | 30,000 BSD |
| Financial Customer Service Manager | 61,500 BSD |
| Financial Dealer and Broker | 38,300 BSD |
| Financial Encoder | 28,200 BSD |
| Financial Manager | 91,400 BSD |
| Financial Operations Manager | 89,700 BSD |
| Financial Policy Analyst | 54,300 BSD |
| Financial Project Manager | 71,900 BSD |
| Financial Quantitative Analyst | 59,400 BSD |
| Financial Reporting Consultant | 48,900 BSD |
| Financial Reporting Manager | 67,000 BSD |
| Financial Services Sales Agent | 35,600 BSD |
| Fixed Assets Administrator | 36,600 BSD |
| Forensic Accountant | 41,400 BSD |
| Fraud Detection Supervisor | 42,200 BSD |
| Fraud Prevention Manager | 70,900 BSD |
| Fund Accountant | 33,800 BSD |
| Grants Coordinator | 24,300 BSD |
| Internal Auditor | 45,600 BSD |
| Internal Control Adviser | 53,800 BSD |
| Internal Control Officer | 30,300 BSD |
| Inventory Accountant | 36,600 BSD |
| Investment Analyst | 65,200 BSD |
| Investment Fund Manager | 74,800 BSD |
| Investment Underwriter | 29,000 BSD |
| Investor | 45,400 BSD |
| Investor Relations Manager | 65,000 BSD |
| KYC Team Leader | 67,700 BSD |
| Management Economist | 75,200 BSD |
| Paymaster | 27,900 BSD |
| Payroll Clerk | 29,100 BSD |
| Payroll Manager | 62,000 BSD |
| Pensions Administrator | 34,200 BSD |
| Pricing Analyst | 56,300 BSD |
| Private Equity Analyst | 62,400 BSD |
| Proposal Development Coordinator | 28,700 BSD |
| Receivables Accountant | 32,000 BSD |
| Regulatory Accountant | 35,500 BSD |
| Retirement Plan Analyst | 54,500 BSD |
| Revenue Management Specialist | 57,600 BSD |
| Revenue Recognition Analyst | 61,300 BSD |
| Risk Management Director | 79,900 BSD |
| Risk Management Supervisor | 66,800 BSD |
| Tax Accountant | 32,700 BSD |
| Tax Advisor | 53,600 BSD |
| Tax Associate | 29,900 BSD |
| Tax Manager | 70,100 BSD |
| Teller | 21,100 BSD |
| Treasury Accountant | 35,400 BSD |
| Treasury Analyst | 57,800 BSD |
| Underwriter | 24,500 BSD |
| Underwriting Assistant | 23,300 BSD |
| Vice President of Finance | 93,800 BSD |
Accounting and Finance Jobs Salary Distribution in Bahamas
The median, the maximum, the minimum, and the range
Salary Range
Accounting and Finance salaries in Bahamas range from 19,500 BSD per year (minimum average salary) to 96,700 BSD per year (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 44,300 BSD per year, which means that half (50%) of people working in Accounting and Finance are earning less than 44,300 BSD while the other half are earning more than 44,300 BSD. 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 28,700 BSD while 75% of them are earning more than 28,700 BSD. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 64,800 BSD while 25% are earning more than 64,800 BSD.
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 Bahamas costs anywhere from 19,500 Bahamian Dollar(s) to 58,400 Bahamian Dollar(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 Bahamas who work in Accounting and Finance earn 9% more than their female counterparts on average.
| Male | 49,800 BSD | |
| Female | -8% | 45,700 BSD |
Salary Comparison By Gender in Bahamas for all Careers
Accounting and Finance Average Annual Salary Increment Percentage in Bahamas
How much are annual salary increments in Bahamas for Accounting and Finance professionals? How often do employees get salary raises?
Accounting and Finance
Accounting and Finance professionals in Bahamas are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.
Bahamas / 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 2021
| 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 Bahamas for the year 2021. 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 Bahamas
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.
44% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 56% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.
| Received Bonus | 56% | |
| No Bonus | 44% |
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 Bahamas
23 BSD per hourThe average hourly wage (pay per hour) in Bahamas is 23 BSD. This means that the average person in Bahamas earns approximately 23 BSD 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 Bahamas earn 10% more than their private sector counterparts on average across all sectors.
| Private Sector | 45,300 BSD | |
| Public Sector | +10% | 50,000 BSD |
