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Chief Financial Officer Average Salary in Saudi Arabia 2021

How much money does a Chief Financial Officer make in Saudi Arabia?


Average Monthly Salary
34,500 SAR
( 414,000 SAR yearly)

LOW
18,300
SAR
AVERAGE
34,500
SAR
HIGH
52,400
SAR

A person working as a 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 Salary Distribution in Saudi Arabia

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

  • Salary Range

    Chief Financial Officer salaries in Saudi Arabia range from 18,300 SAR per month (minimum salary) to 52,400 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 Chief Financial Officer(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 Chief Financial Officer(s) are earning less than 22,800 SAR while 75% of them are earning more than 22,800 SAR. Also from the diagram, 75% of Chief Financial Officer(s) are earning less than 39,800 SAR while 25% are earning more than 39,800 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

Chief Financial Officer Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Saudi Arabia Chief Financial Officer
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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 Chief Financial Officer salaries by experience level and this is what we found.

A Chief Financial Officer 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.

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, Chief Financial Officer(s) 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.


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
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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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.

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

When the education level is High School, the average salary of a Chief Financial Officer 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.

A Bachelor's Degree gets its holder 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.


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
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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Chief Financial Officer Salary Comparison By Gender

Salary comparison by gender monthly Saudi Arabia Chief Financial Officer
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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 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
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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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.

Annual Salary Increment Rate Saudi Arabia Chief Financial Officer
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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

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 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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Chief Financial Officer Bonus and Incentive Rates in Saudi Arabia

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

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 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.

Chief Financial Officer Average Hourly Wage in Saudi Arabia


200 SAR per hour

The 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.


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.

Chief Financial Officer VS Other Jobs

Salary Comparison Between Chief Financial Officer and Executive and Management monthly Saudi Arabia
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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 TitleAverage Salary
Account Coordinator15,700 SAR-54%
Administration Manager17,800 SAR-48%
Area Manager17,000 SAR-51%
Asset Protection Associate19,200 SAR-44%
Assistant Director18,400 SAR-47%
Assistant Manager19,000 SAR-45%
Assistant Operations Manager20,800 SAR-40%
Assistant Project Manager18,200 SAR-47%
Assistant Section Head14,800 SAR-57%
Assistant to CEO17,100 SAR-50%
Assistant Vice President20,300 SAR-41%
Associate Director18,500 SAR-46%
Bid Manager20,600 SAR-40%
Branch Manager20,000 SAR-42%
Business Development Manager22,700 SAR-34%
Business Operations Associate17,900 SAR-48%
Business Operations Lead20,200 SAR-41%
Campaign Manager21,600 SAR-37%
Chairman of The Board33,900 SAR-2%
Chairman Office Manager22,100 SAR-36%
Chief Corporate Officer28,400 SAR-18%
Chief Executive Officer34,700 SAR+1%
Chief Financial Officer34,500 SAR+0%
Chief of Staff16,400 SAR-52%
Chief Operating Officer25,800 SAR-25%
Chief Risk Officer24,000 SAR-30%
Client Services Manager22,500 SAR-35%
Commercial Project Manager19,200 SAR-44%
Commodity Broker15,000 SAR-56%
Corporate Affairs Executive21,500 SAR-38%
Corporate Compliance Director22,100 SAR-36%
Corporate Director25,500 SAR-26%
Corporate Officer17,400 SAR-50%
Corporate Partnerships Officer17,300 SAR-50%
Country Manager27,100 SAR-21%
Deputy Director26,100 SAR-24%
Director27,200 SAR-21%
Director of Accreditation24,200 SAR-30%
Director of Catering Services21,600 SAR-37%
Director of Client Services21,800 SAR-37%
Director of Facilities Management19,600 SAR-43%
Director of Operations23,100 SAR-33%
Director of Process Simplification18,500 SAR-46%
Director of Project Management26,000 SAR-25%
Director of Revenue Management21,100 SAR-39%
Director of Training and Development22,600 SAR-34%
Distribution Manager24,000 SAR-30%
Division Manager20,300 SAR-41%
Duty Manager21,500 SAR-38%
Engagement Manager24,600 SAR-29%
Executive Director34,200 SAR-1%
Executive Manager29,300 SAR-15%
Franchise Manager29,900 SAR-13%
General Manager26,800 SAR-22%
Global Master Data Manager24,600 SAR-29%
Head of Middle Office22,700 SAR-34%
Head of Projects25,000 SAR-27%
Head of Sustainability20,300 SAR-41%
Housing Manager18,500 SAR-46%
HSE Manager19,800 SAR-43%
Key Account Manager19,900 SAR-42%
Knowledge Manager21,900 SAR-36%
Location Manager21,600 SAR-37%
Logistics Manager19,000 SAR-45%
Management Consultant18,000 SAR-48%
Management Executive25,400 SAR-26%
Manager24,300 SAR-29%
Managing Director29,900 SAR-13%
MIS Executive24,300 SAR-29%
Ocean Services Manager23,700 SAR-31%
Operations Assistant16,900 SAR-51%
Operations Director26,100 SAR-24%
Operations Executive25,000 SAR-27%
Operations Manager26,900 SAR-22%
Operations Supervisor21,200 SAR-38%
Policy Administration Executive21,000 SAR-39%
Private Sector Executive21,000 SAR-39%
Product Development Manager23,000 SAR-33%
Product Executive21,100 SAR-39%
Production Executive24,700 SAR-28%
Production Manager23,800 SAR-31%
Production Supervisor20,200 SAR-41%
Program Manager24,100 SAR-30%
Programme Coordinator16,900 SAR-51%
Project Control Manager26,000 SAR-25%
Project Coordinator14,000 SAR-59%
Project Management Officer16,300 SAR-53%
Project Manager18,200 SAR-47%
Project Portfolio Manager18,200 SAR-47%
Quality Manager19,400 SAR-44%
R/D Director21,400 SAR-38%
Regional Director32,800 SAR-5%
Regional Manager25,500 SAR-26%
Relationship Manager23,400 SAR-32%
Retail District Manager17,700 SAR-49%
Revenue Manager19,200 SAR-44%
Risk and Capital Manager26,300 SAR-24%
Risk Officer17,400 SAR-50%
Safety Manager18,100 SAR-47%
Section Head18,100 SAR-47%
Service Manager19,200 SAR-44%
Shift Supervisor15,200 SAR-56%
Solutions Manager16,100 SAR-53%
Supervisor14,400 SAR-58%
Supply Chain Manager24,700 SAR-28%
Surveyor17,100 SAR-50%
Technical Manager23,500 SAR-32%
Territory Manager24,300 SAR-29%
Validation Manager19,800 SAR-43%
Vice President28,000 SAR-19%
Zone Manager23,900 SAR-31%

Salary Comparison By City

CityAverage Salary
Abha32,200 SAR
Dammam32,700 SAR
Jeddah35,800 SAR
Khubar33,300 SAR
Mecca33,600 SAR
Medina34,900 SAR
Riyadh34,400 SAR
Tabuk32,300 SAR
Taif32,600 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
Percentage increase and decrease are relative to the previous value

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