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Financial Manager Average Salary in Saudi Arabia 2021

How much money does a Financial Manager make in Saudi Arabia?

Average Monthly Salary
31,100 SAR
( 373,000 SAR yearly)


A person working as a Financial Manager in Saudi Arabia typically earns around 31,100 SAR per month. Salaries range from 14,900 SAR (lowest) to 48,800 SAR (highest).

This is the average monthly salary including housing, transport, and other benefits. Financial Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Financial Manager Salary Distribution in Saudi Arabia

Median and salary distribution monthly Saudi Arabia Financial Manager
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The median, the maximum, the minimum, and the range

  • Salary Range

    Financial Manager salaries in Saudi Arabia range from 14,900 SAR per month (minimum salary) to 48,800 SAR per month (maximum salary).

  • Median Salary

    The median salary is 32,400 SAR per month, which means that half (50%) of people working as Financial Manager(s) are earning less than 32,400 SAR while the other half are earning more than 32,400 SAR. 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 Financial Manager(s) are earning less than 21,300 SAR while 75% of them are earning more than 21,300 SAR. Also from the diagram, 75% of Financial Manager(s) are earning less than 42,200 SAR while 25% are earning more than 42,200 SAR.

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

Financial Manager Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Saudi Arabia Financial Manager
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Financial Manager salaries by experience level and this is what we found.

A Financial Manager with less than two years of experience makes approximately 17,500 SAR per month.

While someone with an experience level between two and five years is expected to earn 24,800 SAR per month, 42% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 32,600 SAR per month, 31% more than someone with two to five years of experience.

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.

Additionally, Financial Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 40,000 SAR per month, 23% 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 42,600 SAR per month, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 46,600 SAR per month, 10% more than people with fifteen to twenty years of experience.

Financial Manager average salary change by experience in Saudi Arabia

0 - 2 Years
17,500 SAR
2 - 5 Years+42%
24,800 SAR
5 - 10 Years+31%
32,600 SAR
10 - 15 Years+23%
40,000 SAR
15 - 20 Years+6%
42,600 SAR
20+ Years+10%
46,600 SAR
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Financial Manager Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Financial Manager(s) who have the same experience but different education levels.

Salary comparison by education level monthly Saudi Arabia Financial Manager
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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 Financial Manager salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of a Financial Manager is 21,700 SAR per month.

While someone with a Bachelor's Degree gets a salary of 34,600 SAR per month, 59% more than someone having a Certificate or Diploma degree.

A Master's Degree gets its holder an average salary of 46,100 SAR per month, 33% more than someone with a Bachelor's Degree.

Financial Manager average salary difference by education level in Saudi Arabia

Certificate or Diploma
21,700 SAR
Bachelor's Degree+59%
34,600 SAR
Master's Degree+33%
46,100 SAR
Percentage increase and decrease are relative to the previous value

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 Saudi Arabia costs anywhere from 83,500 Saudi Riyal(s) to 251,000 Saudi Riyal(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 the thoery. 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.

Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Financial Manager Salary Comparison By Gender

Salary comparison by gender monthly Saudi Arabia Financial Manager
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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 Financial Manager employees in Saudi Arabia earn 9% more than their female counterparts on average.

32,800 SAR
30,300 SAR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Saudi Arabia for all Careers

Salary comparison by gender monthly Saudi Arabia
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Financial Manager Average Annual Salary Increment Percentage in Saudi Arabia

How much are annual salary increments in Saudi Arabia for Financial Manager(s)? How often do employees get salary raises?

Financial Manager

Financial Manager(s) in Saudi Arabia are likely to observe a salary increase of approximately 12% every 18 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.

Annual Salary Increment Rate Saudi Arabia Financial Manager
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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.

Saudi Arabia / 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 Saudi Arabia is 6%.

Annual Increment Rate By Industry 2020

Information Technology

Listed above are the average annual increase rates for each industry in Saudi Arabia for the year 2020. 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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Financial Manager Bonus and Incentive Rates in Saudi Arabia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Saudi Arabia Financial Manager
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A Financial Manager is considered to be a high bonus-based job 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.

17% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 83% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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.

Financial Manager Average Hourly Wage in Saudi Arabia

180 SAR per hour

The average hourly wage (pay per hour) in Saudi Arabia is 180 SAR. This means that the average Financial Manager in Saudi Arabia earns approximately 180 SAR 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.

Financial Manager VS Other Jobs

Salary Comparison Between Financial Manager and Accounting and Finance monthly Saudi Arabia
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The average salary for Financial Manager is 81% more than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner8,040 SAR-74%
Account Executive15,000 SAR-52%
Accountant10,600 SAR-66%
Accounting Assistant8,240 SAR-74%
Accounting Associate8,250 SAR-73%
Accounting Clerk6,800 SAR-78%
Accounting Coordinator9,650 SAR-69%
Accounting Manager24,900 SAR-20%
Accounting Supervisor15,500 SAR-50%
Accounting Technician8,160 SAR-74%
Accounts Executive13,900 SAR-55%
Accounts Payable and Receivable Specialist11,700 SAR-62%
Accounts Payable Clerk8,620 SAR-72%
Accounts Payable Manager22,700 SAR-27%
Accounts Receivable Clerk8,470 SAR-73%
Accounts Receivable Manager22,000 SAR-29%
Assistant Accounting Manager20,400 SAR-34%
Assistant Auditor11,500 SAR-63%
Audit Supervisor19,700 SAR-37%
Auditing Clerk8,480 SAR-73%
Auditing Manager24,000 SAR-23%
Billing Coordinator10,600 SAR-66%
Billing Specialist12,100 SAR-61%
Billing Supervisor17,100 SAR-45%
Bookkeeper7,310 SAR-76%
Bookkeeping Specialist11,100 SAR-64%
Budget Analyst18,900 SAR-39%
Budget Manager22,500 SAR-28%
Business Support Analyst13,000 SAR-58%
Capital Markets Associate16,800 SAR-46%
Cash Flow Analyst16,300 SAR-48%
Cash Management Officer13,400 SAR-57%
Cashbook Clerk7,840 SAR-75%
Chartered Accountant14,800 SAR-52%
Collections Clerk7,080 SAR-77%
Collections Specialist11,300 SAR-64%
Corporate Treasurer21,300 SAR-32%
Cost Accountant11,200 SAR-64%
Cost Accounting Manager21,900 SAR-30%
Cost Analyst17,400 SAR-44%
Credit and Collection Manager21,800 SAR-30%
Credit and Collection Staff8,720 SAR-72%
Credit and Loans Officer7,810 SAR-75%
Credit Controller15,300 SAR-51%
Debt Adviser18,500 SAR-41%
Debt Collector8,950 SAR-71%
Debtors Clerk7,910 SAR-75%
Deputy CFO29,300 SAR-6%
Derivative Trader19,300 SAR-38%
Escrow Assistant10,500 SAR-66%
External Auditor16,000 SAR-49%
Finance Associate10,200 SAR-67%
Finance Executive24,200 SAR-22%
Finance Licensing Clerk7,890 SAR-75%
Finance Licensing Manager20,700 SAR-33%
Finance Licensing Specialist11,600 SAR-63%
Finance Officer10,300 SAR-67%
Finance President33,000 SAR+6%
Finance Relationship Manager26,600 SAR-14%
Finance Release Analyst12,700 SAR-59%
Finance Team Leader 24,100 SAR-23%
Financial Actuary16,700 SAR-46%
Financial Administrator18,800 SAR-40%
Financial Analyst21,000 SAR-32%
Financial Applications Specialist13,600 SAR-56%
Financial Assistant8,710 SAR-72%
Financial Associate9,320 SAR-70%
Financial Claims Analyst15,500 SAR-50%
Financial Claims Manager20,400 SAR-34%
Financial Commercial Analyst15,700 SAR-50%
Financial Compliance Analyst17,400 SAR-44%
Financial Consultant15,600 SAR-50%
Financial Controller17,000 SAR-45%
Financial Coordinator10,200 SAR-67%
Financial Customer Service Manager21,400 SAR-31%
Financial Dealer and Broker12,700 SAR-59%
Financial Encoder9,340 SAR-70%
Financial Manager31,100 SAR-0%
Financial Operations Manager29,700 SAR-5%
Financial Policy Analyst17,600 SAR-43%
Financial Project Manager22,700 SAR-27%
Financial Quantitative Analyst19,700 SAR-37%
Financial Reporting Consultant17,000 SAR-45%
Financial Reporting Manager21,700 SAR-30%
Financial Services Sales Agent12,400 SAR-60%
Fixed Assets Administrator12,100 SAR-61%
Forensic Accountant13,400 SAR-57%
Fraud Detection Supervisor14,300 SAR-54%
Fraud Prevention Manager23,500 SAR-24%
Fund Accountant10,900 SAR-65%
Grants Coordinator8,490 SAR-73%
Internal Auditor15,100 SAR-51%
Internal Control Adviser18,300 SAR-41%
Internal Control Officer10,000 SAR-68%
Inventory Accountant11,300 SAR-64%
Investment Analyst22,200 SAR-29%
Investment Fund Manager24,200 SAR-22%
Investment Underwriter9,130 SAR-71%
Investor14,700 SAR-53%
Investor Relations Manager22,700 SAR-27%
KYC Team Leader20,800 SAR-33%
Management Economist26,300 SAR-15%
Paymaster8,780 SAR-72%
Payroll Clerk10,100 SAR-68%
Payroll Manager21,100 SAR-32%
Pensions Administrator11,900 SAR-62%
Pricing Analyst19,100 SAR-39%
Private Equity Analyst20,200 SAR-35%
Proposal Development Coordinator10,000 SAR-68%
Receivables Accountant10,100 SAR-68%
Regulatory Accountant12,700 SAR-59%
Retirement Plan Analyst18,500 SAR-41%
Revenue Management Specialist19,100 SAR-39%
Revenue Recognition Analyst20,800 SAR-33%
Risk Management Director26,500 SAR-15%
Risk Management Supervisor21,600 SAR-31%
Tax Accountant10,600 SAR-66%
Tax Advisor17,800 SAR-43%
Tax Associate9,440 SAR-70%
Tax Manager22,100 SAR-29%
Teller6,990 SAR-78%
Treasury Accountant11,700 SAR-62%
Treasury Analyst18,700 SAR-40%
Underwriter7,720 SAR-75%
Underwriting Assistant7,190 SAR-77%
Vice President of Finance31,900 SAR+3%

Salary Comparison By City

CityAverage Salary
Abha29,500 SAR
Dammam33,000 SAR
Jeddah34,300 SAR
Khubar30,600 SAR
Mecca33,900 SAR
Medina33,500 SAR
Riyadh34,700 SAR
Tabuk31,100 SAR
Taif31,300 SAR

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

Private Sector
16,000 SAR
Public Sector+7%
17,200 SAR
Percentage increase and decrease are relative to the previous value

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