Chief Financial Officer Average Salary in Saudi Arabia 2023
How much money does a person working as Chief Financial Officer make in Saudi Arabia?
LOW
18,300
SAR AVERAGE
34,500
SAR HIGH
52,400
SAR
A person working as Chief Financial Officer in Saudi Arabia typically earns around 34,500 SAR per month. Salaries range from 18,300 SAR (lowest) to 52,400 SAR (highest).
This is the average monthly salary including housing, transport, and other benefits. Chief Financial Officer salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Chief Financial Officer Pay Scale and Salaries in Saudi Arabia
Salary Structure and Pay Scale Comparison
31,000 SAR or more
27,600 to 31,000 SAR
20,400 SAR or less
20,400 to 27,600 SAR
 18,300 SAR |
31,100 SAR |
52,400 SAR |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Chief Financial Officer salaries in Saudi Arabia range from 18,300 SAR per month (starting salary) to 52,400 SAR per month (maximum salary). This is not the minimum wage as per the law, only the lowest reported number in the salary survey that had thousands of participants and professionals from all over the country.
Median Salary
The median salary is 31,100 SAR per month, which means that half (50%) of people working as Chief Financial Officer(s) are earning less than 31,100 SAR while the other half are earning more than 31,100 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 and Salary Scale
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Chief Financial Officer(s) are earning less than 25,900 SAR while 75% of them are earning more than 25,900 SAR. Also from the diagram, 75% of Chief Financial Officer(s) are earning less than 35,200 SAR while 25% are earning more than 35,200 SAR.
Pay Scale Structure
We grouped the most common and recurring salaries into brackets to give more insight into what salary to expect. This method is more accurate than just the average salary and gives more insights on how salaries are actually distributed. Around 65% of all reported figures are in the range 20,400 SAR to 27,600 SAR. Approximatly 20% fall under the 20,400 SAR cap. Ten percent of wages are from 27,600 SAR to 31,000 SAR. Only 5% of people grossed 31,000 SAR or more.
Chief Financial Officer Salary Comparison by Years of Experience
How does experience and age affect your pay?
Chief Financial Officer average salary change by experience in Saudi Arabia
| 0 - 2 Years | 21,000 SAR | |
| 2 - 5 Years | +23% | 25,800 SAR |
| 5 - 10 Years | +42% | 36,500 SAR |
| 10 - 15 Years | +17% | 42,700 SAR |
| 15 - 20 Years | +10% | 46,900 SAR |
| 20+ Years | +6% | 49,700 SAR |
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 Chief Financial Officer salaries by experience level and this is what we found.
Employees with less than two years of experience makes approximately 21,000 SAR per month.
While someone with an experience level between two and five years is expected to earn 25,800 SAR per month, 23% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 36,500 SAR per month, 42% more than someone with two to five years of experience.
Additionally, Chief Financial Officer whose expertise span anywhere between ten and fifteen years get a salary equivalent to 42,700 SAR per month, 17% 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 46,900 SAR per month, 10% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 49,700 SAR per month, 6% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Chief Financial Officer Salary Comparison By Education
How do education levels affect salaries?
Displayed below is the average salary difference between different Chief Financial Officer(s) who have the same experience but different education levels.
Chief Financial Officer average salary difference by education level in Saudi Arabia
| High School | 25,400 SAR | |
| Certificate or Diploma | +13% | 28,800 SAR |
| Bachelor's Degree | +31% | 37,700 SAR |
| Master's Degree | +32% | 49,700 SAR |
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 Chief Financial Officer salaries by education level in order to make a comparison.
When the education level is High School, the average salary is 25,400 SAR per month.
While someone with a Certificate or Diploma gets a salary of 28,800 SAR per month, 13% more than someone having a High School degree.
People with Bachelor's Degree have an average salary of 37,700 SAR per month, 31% more than someone with a Certificate or Diploma.
Professionals who hold a Master's Degree are rewarded with an average salary of 49,700 SAR per month, 32% more than someone with Bachelor's Degree.
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 and Compensation Comparison By Gender - Chief Financial Officer
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Chief Financial Officer employees in Saudi Arabia earn 14% more than their female counterparts on average.
| Male | 36,100 SAR | |
| Female | -12% | 31,800 SAR |
Salary Comparison By Gender in Saudi Arabia for all Careers
Chief Financial Officer Average Annual Salary Increment Percentage in Saudi Arabia
How much are annual salary increments in Saudi Arabia for Chief Financial Officer(s)? How often do employees get salary raises?
Chief Financial Officer
Chief Financial Officer(s) in Saudi Arabia are likely to observe a salary increase of approximately 14% every 17 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 2022
| 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 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.
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
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.
Chief Financial Officer Bonus and Incentive Rates in Saudi Arabia
How much and how often are bonuses being awarded?
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"Chief Financial Officer" is considered to be a high bonus-based job. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
21% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 79% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.
| Received Bonus | 79% | |
| No Bonus | 21% |
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.
Chief Financial Officer Salary Trend and Forecast in Saudi Arabia
How are Chief Financial Officer salaries changing over time? Listed below is a chart that shows the average salary in recent years.
| Average Salary 2019 | 31,400 SAR | |
| Average Salary 2020 | +3% | 32,300 SAR |
| Average Salary 2021 | +3% | 33,400 SAR |
| Average Salary 2022 | +1% | 33,800 SAR |
Chief Financial Officer salaries in Saudi Arabia are on the rise in the year 2023 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2022 are 1% higher than those of 2021. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from industry to another.
Chief Financial Officer Average Hourly Wage in Saudi Arabia
200 SAR per hourThe average hourly wage (pay per hour) in Saudi Arabia is 200 SAR. This means that the average Chief Financial Officer in Saudi Arabia earns approximately 200 SAR for every worked hour.
About The Hourly Pay Rate
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.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for 'Chief Financial Officer' in Saudi Arabia is 110 SAR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Chief Financial Officer VS Other Jobs
The average salary for Chief Financial Officer is 52% more than that of Executive and Management. Also, Executive and Management salaries are 35% more than those of All Jobs.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Account Coordinator | 15,700 SAR |  -54% |
| Administration Manager | 17,800 SAR | -48% |
| Area Manager | 17,000 SAR | -51% |
| Asset Protection Associate | 19,200 SAR | -44% |
| Assistant Director | 18,400 SAR | -47% |
| Assistant Manager | 19,000 SAR | -45% |
| Assistant Operations Manager | 20,800 SAR | -40% |
| Assistant Project Manager | 18,200 SAR | -47% |
| Assistant Section Head | 14,800 SAR | -57% |
| Assistant to CEO | 17,100 SAR | -50% |
| Assistant Vice President | 20,300 SAR | -41% |
| Associate Director | 18,500 SAR | -46% |
| Bid Manager | 20,600 SAR | -40% |
| Branch Manager | 20,000 SAR | -42% |
| Business Development Manager | 22,700 SAR | -34% |
| Business Operations Associate | 17,900 SAR | -48% |
| Business Operations Lead | 20,200 SAR | -41% |
| Campaign Manager | 21,600 SAR | -37% |
| Chairman of The Board | 33,900 SAR | -2% |
| Chairman Office Manager | 22,100 SAR | -36% |
| Chief Corporate Officer | 28,400 SAR | -18% |
| Chief Executive Officer | 34,700 SAR |  +1% |
| Chief Financial Officer | 34,500 SAR | +0% |
| Chief of Staff | 16,400 SAR | -52% |
| Chief Operating Officer | 25,800 SAR | -25% |
| Chief Risk Officer | 24,000 SAR | -30% |
| Client Services Manager | 22,500 SAR | -35% |
| Commercial Project Manager | 19,200 SAR | -44% |
| Commodity Broker | 15,000 SAR | -56% |
| Corporate Affairs Executive | 21,500 SAR | -38% |
| Corporate Compliance Director | 22,100 SAR | -36% |
| Corporate Director | 25,500 SAR | -26% |
| Corporate Officer | 17,400 SAR | -50% |
| Corporate Partnerships Officer | 17,300 SAR | -50% |
| Country Manager | 27,100 SAR | -21% |
| Deputy Director | 26,100 SAR | -24% |
| Director | 27,200 SAR | -21% |
| Director of Accreditation | 24,200 SAR | -30% |
| Director of Catering Services | 21,600 SAR | -37% |
| Director of Client Services | 21,800 SAR | -37% |
| Director of Facilities Management | 19,600 SAR | -43% |
| Director of Operations | 23,100 SAR | -33% |
| Director of Process Simplification | 18,500 SAR | -46% |
| Director of Project Management | 26,000 SAR | -25% |
| Director of Revenue Management | 21,100 SAR | -39% |
| Director of Training and Development | 22,600 SAR | -34% |
| Distribution Manager | 24,000 SAR | -30% |
| Division Manager | 20,300 SAR | -41% |
| Duty Manager | 21,500 SAR | -38% |
| Engagement Manager | 24,600 SAR | -29% |
| Executive Director | 34,200 SAR | -1% |
| Executive Manager | 29,300 SAR | -15% |
| Franchise Manager | 29,900 SAR | -13% |
| General Manager | 26,800 SAR | -22% |
| Global Master Data Manager | 24,600 SAR | -29% |
| Head of Middle Office | 22,700 SAR | -34% |
| Head of Projects | 25,000 SAR | -27% |
| Head of Sustainability | 20,300 SAR | -41% |
| Housing Manager | 18,500 SAR | -46% |
| HSE Manager | 19,800 SAR | -43% |
| Key Account Manager | 19,900 SAR | -42% |
| Knowledge Manager | 21,900 SAR | -36% |
| Location Manager | 21,600 SAR | -37% |
| Logistics Manager | 19,000 SAR | -45% |
| Management Consultant | 18,000 SAR | -48% |
| Management Executive | 25,400 SAR | -26% |
| Manager | 24,300 SAR | -29% |
| Managing Director | 29,900 SAR | -13% |
| MIS Executive | 24,300 SAR | -29% |
| Ocean Services Manager | 23,700 SAR | -31% |
| Operations Assistant | 16,900 SAR | -51% |
| Operations Director | 26,100 SAR | -24% |
| Operations Executive | 25,000 SAR | -27% |
| Operations Manager | 26,900 SAR | -22% |
| Operations Supervisor | 21,200 SAR | -38% |
| Policy Administration Executive | 21,000 SAR | -39% |
| Private Sector Executive | 21,000 SAR | -39% |
| Product Development Manager | 23,000 SAR | -33% |
| Product Executive | 21,100 SAR | -39% |
| Production Executive | 24,700 SAR | -28% |
| Production Manager | 23,800 SAR | -31% |
| Production Supervisor | 20,200 SAR | -41% |
| Program Manager | 24,100 SAR | -30% |
| Programme Coordinator | 16,900 SAR | -51% |
| Project Control Manager | 26,000 SAR | -25% |
| Project Coordinator | 14,000 SAR | -59% |
| Project Management Officer | 16,300 SAR | -53% |
| Project Manager | 18,200 SAR | -47% |
| Project Portfolio Manager | 18,200 SAR | -47% |
| Quality Manager | 19,400 SAR | -44% |
| R/D Director | 21,400 SAR | -38% |
| Regional Director | 32,800 SAR | -5% |
| Regional Manager | 25,500 SAR | -26% |
| Relationship Manager | 23,400 SAR | -32% |
| Retail District Manager | 17,700 SAR | -49% |
| Revenue Manager | 19,200 SAR | -44% |
| Risk and Capital Manager | 26,300 SAR | -24% |
| Risk Officer | 17,400 SAR | -50% |
| Safety Manager | 18,100 SAR | -47% |
| Section Head | 18,100 SAR | -47% |
| Service Manager | 19,200 SAR | -44% |
| Shift Supervisor | 15,200 SAR | -56% |
| Solutions Manager | 16,100 SAR | -53% |
| Supervisor | 14,400 SAR | -58% |
| Supply Chain Manager | 24,700 SAR | -28% |
| Surveyor | 17,100 SAR | -50% |
| Technical Manager | 23,500 SAR | -32% |
| Territory Manager | 24,300 SAR | -29% |
| Validation Manager | 19,800 SAR | -43% |
| Vice President | 28,000 SAR | -19% |
| Zone Manager | 23,900 SAR | -31% |
Salary Comparison By City
| City | Average Salary |
| Abha | 32,200 SAR |
| Dammam | 32,700 SAR |
| Jeddah | 35,800 SAR |
| Khubar | 33,300 SAR |
| Mecca | 33,600 SAR |
| Medina | 34,900 SAR |
| Riyadh | 34,400 SAR |
| Tabuk | 32,300 SAR |
| Taif | 32,600 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 |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for Chief Financial Officer in Saudi Arabia?
A good and competitive compensation would range anywhere between 31,100 SAR and 35,200 SAR. This is a very rough estimate and your experience and education will play a very huge part into your final earnings.
Gross Salary (before tax) and Net Salary (after tax)
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 salart after tax for every career.
Base / Basic Salary
The base salary for Chief Financial Officer in Saudi Arabia is ranges from 25,900 SAR to 35,200 SAR. 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 in a grain of salt.
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
