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Accounting and Finance Average Salaries in Saudi Arabia 2020

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


Average Monthly Salary
17,000 SAR
( 204,000 SAR yearly)

LOW
6,960
SAR
AVERAGE
17,000
SAR
HIGH
34,500
SAR

A person working in Accounting and Finance in Saudi Arabia typically earns around 17,000 SAR per month. Salaries range from 6,960 SAR (lowest average) to 34,500 SAR (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 Examiner8,040 SAR
Account Executive15,000 SAR
Accountant10,600 SAR
Accounting Assistant8,240 SAR
Accounting Associate8,250 SAR
Accounting Clerk6,800 SAR
Accounting Coordinator9,650 SAR
Accounting Manager24,900 SAR
Accounting Supervisor15,500 SAR
Accounting Technician8,160 SAR
Accounts Executive13,900 SAR
Accounts Payable and Receivable Specialist11,700 SAR
Accounts Payable Clerk8,620 SAR
Accounts Payable Manager22,700 SAR
Accounts Receivable Clerk8,470 SAR
Accounts Receivable Manager22,000 SAR
Assistant Accounting Manager20,400 SAR
Assistant Auditor11,500 SAR
Audit Supervisor19,700 SAR
Auditing Clerk8,480 SAR
Auditing Manager24,000 SAR
Billing Coordinator10,600 SAR
Billing Specialist12,100 SAR
Billing Supervisor17,100 SAR
Bookkeeper7,310 SAR
Bookkeeping Specialist11,100 SAR
Budget Analyst18,900 SAR
Budget Manager22,500 SAR
Business Support Analyst13,000 SAR
Capital Markets Associate16,800 SAR
Cash Flow Analyst16,300 SAR
Cash Management Officer13,400 SAR
Cashbook Clerk7,840 SAR
Chartered Accountant14,800 SAR
Collections Clerk7,080 SAR
Collections Specialist11,300 SAR
Corporate Treasurer21,300 SAR
Cost Accountant11,200 SAR
Cost Accounting Manager21,900 SAR
Cost Analyst17,400 SAR
Credit and Collection Manager21,800 SAR
Credit and Collection Staff8,720 SAR
Credit and Loans Officer7,810 SAR
Credit Controller15,300 SAR
Debt Adviser18,500 SAR
Debt Collector8,950 SAR
Debtors Clerk7,910 SAR
Deputy CFO29,300 SAR
Derivative Trader19,300 SAR
Escrow Assistant10,500 SAR
External Auditor16,000 SAR
Finance Associate10,200 SAR
Finance Executive24,200 SAR
Finance Licensing Clerk7,890 SAR
Finance Licensing Manager20,700 SAR
Finance Licensing Specialist11,600 SAR
Finance Officer10,300 SAR
Finance President33,000 SAR
Finance Relationship Manager26,600 SAR
Finance Release Analyst12,700 SAR
Finance Team Leader 24,100 SAR
Financial Actuary16,700 SAR
Financial Administrator18,800 SAR
Financial Analyst21,000 SAR
Financial Applications Specialist13,600 SAR
Financial Assistant8,710 SAR
Financial Associate9,320 SAR
Financial Claims Analyst15,500 SAR
Financial Claims Manager20,400 SAR
Financial Commercial Analyst15,700 SAR
Financial Compliance Analyst17,400 SAR
Financial Consultant15,600 SAR
Financial Controller17,000 SAR
Financial Coordinator10,200 SAR
Financial Customer Service Manager21,400 SAR
Financial Dealer and Broker12,700 SAR
Financial Encoder9,340 SAR
Financial Manager31,100 SAR
Financial Manager29,900 SAR
Financial Operations Manager29,700 SAR
Financial Policy Analyst17,600 SAR
Financial Project Manager22,700 SAR
Financial Quantitative Analyst19,700 SAR
Financial Reporting Consultant17,000 SAR
Financial Reporting Manager21,700 SAR
Financial Services Sales Agent12,400 SAR
Fixed Assets Administrator12,100 SAR
Forensic Accountant13,400 SAR
Fraud Detection Supervisor14,300 SAR
Fraud Prevention Manager23,500 SAR
Fund Accountant10,900 SAR
Grants Coordinator8,490 SAR
Internal Auditor15,100 SAR
Internal Control Adviser18,300 SAR
Internal Control Officer10,000 SAR
Inventory Accountant11,300 SAR
Investment Analyst22,200 SAR
Investment Fund Manager24,200 SAR
Investment Underwriter9,130 SAR
Investor14,700 SAR
Investor Relations Manager22,700 SAR
KYC Team Leader20,800 SAR
Management Economist26,300 SAR
Paymaster8,780 SAR
Payroll Clerk10,100 SAR
Payroll Manager21,100 SAR
Pensions Administrator11,900 SAR
Pricing Analyst19,100 SAR
Private Equity Analyst20,200 SAR
Proposal Development Coordinator10,000 SAR
Receivables Accountant10,100 SAR
Regulatory Accountant12,700 SAR
Retirement Plan Analyst18,500 SAR
Revenue Management Specialist19,100 SAR
Revenue Recognition Analyst20,800 SAR
Risk Management Director26,500 SAR
Risk Management Supervisor21,600 SAR
Tax Accountant10,600 SAR
Tax Advisor17,800 SAR
Tax Associate9,440 SAR
Tax Manager22,100 SAR
Teller6,990 SAR
Treasury Accountant11,700 SAR
Treasury Analyst18,700 SAR
Underwriter7,720 SAR
Underwriting Assistant7,190 SAR
Vice President of Finance31,900 SAR

Accounting and Finance Jobs Salary Distribution in Saudi Arabia

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

  • Salary Range

    Accounting and Finance salaries in Saudi Arabia range from 6,960 SAR per month (minimum average salary) to 34,500 SAR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 18,000 SAR per month, which means that half (50%) of people working in Accounting and Finance are earning less than 18,000 SAR while the other half are earning more than 18,000 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 people working in Accounting and Finance are earning less than 11,200 SAR while 75% of them are earning more than 11,200 SAR. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 27,800 SAR while 25% are earning more than 27,800 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

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 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 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 Saudi Arabia 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 Saudi Arabia who work in Accounting and Finance earn 20% more than their female counterparts on average.

Female
15,600 SAR
Male+20%
18,700 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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Accounting and Finance Average Annual Salary Increment Percentage in Saudi Arabia

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

Accounting and Finance

Accounting and Finance professionals in Saudi Arabia 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.

Annual Salary Increment Rate Saudi Arabia 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.

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 2019

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Listed above are the average annual increase rates for each industry in Saudi Arabia 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 Saudi Arabia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Saudi Arabia 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.

20% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 80% 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
80%
No Bonus
20%

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.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Saudi Arabia
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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

Accounting and Finance Hourly Average Wage in Saudi Arabia


98 SAR per hour

The average hourly wage (pay per hour) in Saudi Arabia is 98 SAR. This means that the average person in Saudi Arabia earns approximately 98 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.

Accounting and Finance VS Other Jobs

Salary Comparison Between Accounting and Finance and Accounting and Finance monthly Saudi Arabia
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The average salary for Accounting and Finance is 2% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Abha16,100 SAR
Dammam16,700 SAR
Jeddah17,600 SAR
Khubar16,500 SAR
Mecca17,300 SAR
Medina17,000 SAR
Riyadh17,900 SAR
Tabuk15,400 SAR
Taif15,700 SAR
14339 - 350

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