Accounting and Finance Average Salaries in Saudi Arabia 2020
How much money does a person working in Accounting and Finance make in Saudi Arabia?
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 Title | Average Salary |
| Account Examiner | 8,040 SAR |
| Account Executive | 15,000 SAR |
| Accountant | 10,600 SAR |
| Accounting Assistant | 8,240 SAR |
| Accounting Associate | 8,250 SAR |
| Accounting Clerk | 6,800 SAR |
| Accounting Coordinator | 9,650 SAR |
| Accounting Manager | 24,900 SAR |
| Accounting Supervisor | 15,500 SAR |
| Accounting Technician | 8,160 SAR |
| Accounts Executive | 13,900 SAR |
| Accounts Payable and Receivable Specialist | 11,700 SAR |
| Accounts Payable Clerk | 8,620 SAR |
| Accounts Payable Manager | 22,700 SAR |
| Accounts Receivable Clerk | 8,470 SAR |
| Accounts Receivable Manager | 22,000 SAR |
| Assistant Accounting Manager | 20,400 SAR |
| Assistant Auditor | 11,500 SAR |
| Audit Supervisor | 19,700 SAR |
| Auditing Clerk | 8,480 SAR |
| Auditing Manager | 24,000 SAR |
| Billing Coordinator | 10,600 SAR |
| Billing Specialist | 12,100 SAR |
| Billing Supervisor | 17,100 SAR |
| Bookkeeper | 7,310 SAR |
| Bookkeeping Specialist | 11,100 SAR |
| Budget Analyst | 18,900 SAR |
| Budget Manager | 22,500 SAR |
| Business Support Analyst | 13,000 SAR |
| Capital Markets Associate | 16,800 SAR |
| Cash Flow Analyst | 16,300 SAR |
| Cash Management Officer | 13,400 SAR |
| Cashbook Clerk | 7,840 SAR |
| Chartered Accountant | 14,800 SAR |
| Collections Clerk | 7,080 SAR |
| Collections Specialist | 11,300 SAR |
| Corporate Treasurer | 21,300 SAR |
| Cost Accountant | 11,200 SAR |
| Cost Accounting Manager | 21,900 SAR |
| Cost Analyst | 17,400 SAR |
| Credit and Collection Manager | 21,800 SAR |
| Credit and Collection Staff | 8,720 SAR |
| Credit and Loans Officer | 7,810 SAR |
| Credit Controller | 15,300 SAR |
| Debt Adviser | 18,500 SAR |
| Debt Collector | 8,950 SAR |
| Debtors Clerk | 7,910 SAR |
| Deputy CFO | 29,300 SAR |
| Derivative Trader | 19,300 SAR |
| Escrow Assistant | 10,500 SAR |
| External Auditor | 16,000 SAR |
| Finance Associate | 10,200 SAR |
| Finance Executive | 24,200 SAR |
| Finance Licensing Clerk | 7,890 SAR |
| Finance Licensing Manager | 20,700 SAR |
| Finance Licensing Specialist | 11,600 SAR |
| Finance Officer | 10,300 SAR |
| Finance President | 33,000 SAR |
| Finance Relationship Manager | 26,600 SAR |
| Finance Release Analyst | 12,700 SAR |
| Finance Team Leader | 24,100 SAR |
| Financial Actuary | 16,700 SAR |
| Financial Administrator | 18,800 SAR |
| Financial Analyst | 21,000 SAR |
| Financial Applications Specialist | 13,600 SAR |
| Financial Assistant | 8,710 SAR |
| Financial Associate | 9,320 SAR |
| Financial Claims Analyst | 15,500 SAR |
| Financial Claims Manager | 20,400 SAR |
| Financial Commercial Analyst | 15,700 SAR |
| Financial Compliance Analyst | 17,400 SAR |
| Financial Consultant | 15,600 SAR |
| Financial Controller | 17,000 SAR |
| Financial Coordinator | 10,200 SAR |
| Financial Customer Service Manager | 21,400 SAR |
| Financial Dealer and Broker | 12,700 SAR |
| Financial Encoder | 9,340 SAR |
| Financial Manager | 31,100 SAR |
| Financial Manager | 29,900 SAR |
| Financial Operations Manager | 29,700 SAR |
| Financial Policy Analyst | 17,600 SAR |
| Financial Project Manager | 22,700 SAR |
| Financial Quantitative Analyst | 19,700 SAR |
| Financial Reporting Consultant | 17,000 SAR |
| Financial Reporting Manager | 21,700 SAR |
| Financial Services Sales Agent | 12,400 SAR |
| Fixed Assets Administrator | 12,100 SAR |
| Forensic Accountant | 13,400 SAR |
| Fraud Detection Supervisor | 14,300 SAR |
| Fraud Prevention Manager | 23,500 SAR |
| Fund Accountant | 10,900 SAR |
| Grants Coordinator | 8,490 SAR |
| Internal Auditor | 15,100 SAR |
| Internal Control Adviser | 18,300 SAR |
| Internal Control Officer | 10,000 SAR |
| Inventory Accountant | 11,300 SAR |
| Investment Analyst | 22,200 SAR |
| Investment Fund Manager | 24,200 SAR |
| Investment Underwriter | 9,130 SAR |
| Investor | 14,700 SAR |
| Investor Relations Manager | 22,700 SAR |
| KYC Team Leader | 20,800 SAR |
| Management Economist | 26,300 SAR |
| Paymaster | 8,780 SAR |
| Payroll Clerk | 10,100 SAR |
| Payroll Manager | 21,100 SAR |
| Pensions Administrator | 11,900 SAR |
| Pricing Analyst | 19,100 SAR |
| Private Equity Analyst | 20,200 SAR |
| Proposal Development Coordinator | 10,000 SAR |
| Receivables Accountant | 10,100 SAR |
| Regulatory Accountant | 12,700 SAR |
| Retirement Plan Analyst | 18,500 SAR |
| Revenue Management Specialist | 19,100 SAR |
| Revenue Recognition Analyst | 20,800 SAR |
| Risk Management Director | 26,500 SAR |
| Risk Management Supervisor | 21,600 SAR |
| Tax Accountant | 10,600 SAR |
| Tax Advisor | 17,800 SAR |
| Tax Associate | 9,440 SAR |
| Tax Manager | 22,100 SAR |
| Teller | 6,990 SAR |
| Treasury Accountant | 11,700 SAR |
| Treasury Analyst | 18,700 SAR |
| Underwriter | 7,720 SAR |
| Underwriting Assistant | 7,190 SAR |
| Vice President of Finance | 31,900 SAR |
Accounting and Finance Jobs Salary Distribution in Saudi Arabia
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?
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 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
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 |
Salary Comparison By Gender in Saudi Arabia for all Careers
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.
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
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
Accounting and Finance Bonus and Incentive Rates in Saudi Arabia
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.
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 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.
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 |
Accounting and Finance Hourly Average Wage in Saudi Arabia
98 SAR per hourThe 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.
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 2% more than that of All Jobs.
Salary Comparison By City
| City | Average Salary |
| Abha | 16,100 SAR |
| Dammam | 16,700 SAR |
| Jeddah | 17,600 SAR |
| Khubar | 16,500 SAR |
| Mecca | 17,300 SAR |
| Medina | 17,000 SAR |
| Riyadh | 17,900 SAR |
| Tabuk | 15,400 SAR |
| Taif | 15,700 SAR |
