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Accounting and Finance Average Salaries in Sri Lanka 2020

How much money does a person working in Accounting and Finance make in Sri Lanka?


Average Monthly Salary
112,000 LKR
( 1,340,000 LKR yearly)

LOW
51,100
LKR
AVERAGE
112,000
LKR
HIGH
237,000
LKR

A person working in Accounting and Finance in Sri Lanka typically earns around 112,000 LKR per month. Salaries range from 51,100 LKR (lowest average) to 237,000 LKR (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 Examiner71,300 LKR
Account Executive115,000 LKR
Accountant83,800 LKR
Accounting Assistant81,000 LKR
Accounting Associate76,700 LKR
Accounting Clerk59,400 LKR
Accounting Coordinator64,100 LKR
Accounting Manager149,000 LKR
Accounting Supervisor107,000 LKR
Accounting Technician75,400 LKR
Accounts Executive98,600 LKR
Accounts Payable and Receivable Specialist96,600 LKR
Accounts Payable Clerk58,500 LKR
Accounts Payable Manager119,000 LKR
Accounts Receivable Clerk63,300 LKR
Accounts Receivable Manager127,000 LKR
Assistant Accounting Manager103,000 LKR
Assistant Auditor86,300 LKR
Audit Supervisor155,000 LKR
Auditing Clerk78,100 LKR
Auditing Manager165,000 LKR
Billing Coordinator93,900 LKR
Billing Specialist92,100 LKR
Billing Supervisor115,000 LKR
Bookkeeper63,900 LKR
Bookkeeping Specialist86,200 LKR
Budget Analyst99,300 LKR
Budget Manager146,000 LKR
Business Support Analyst105,000 LKR
Capital Markets Associate123,000 LKR
Cash Flow Analyst123,000 LKR
Cash Management Officer116,000 LKR
Cashbook Clerk74,000 LKR
Chartered Accountant107,000 LKR
Collections Clerk62,100 LKR
Collections Specialist76,200 LKR
Corporate Treasurer201,000 LKR
Cost Accountant97,700 LKR
Cost Accounting Manager123,000 LKR
Cost Analyst116,000 LKR
Credit and Collection Manager141,000 LKR
Credit and Collection Staff64,700 LKR
Credit and Loans Officer65,500 LKR
Credit Controller113,000 LKR
Debt Adviser142,000 LKR
Debt Collector100,000 LKR
Debtors Clerk85,100 LKR
Deputy CFO213,000 LKR
Derivative Trader159,000 LKR
Escrow Assistant93,900 LKR
External Auditor122,000 LKR
Finance Associate88,800 LKR
Finance Executive195,000 LKR
Finance Licensing Clerk75,800 LKR
Finance Licensing Manager122,000 LKR
Finance Licensing Specialist96,200 LKR
Finance Officer137,000 LKR
Finance President248,000 LKR
Finance Relationship Manager160,000 LKR
Finance Release Analyst113,000 LKR
Finance Team Leader 124,000 LKR
Financial Actuary118,000 LKR
Financial Administrator105,000 LKR
Financial Analyst124,000 LKR
Financial Applications Specialist79,300 LKR
Financial Assistant72,200 LKR
Financial Associate91,200 LKR
Financial Claims Analyst106,000 LKR
Financial Claims Manager121,000 LKR
Financial Commercial Analyst107,000 LKR
Financial Compliance Analyst119,000 LKR
Financial Consultant117,000 LKR
Financial Controller111,000 LKR
Financial Coordinator96,600 LKR
Financial Customer Service Manager139,000 LKR
Financial Dealer and Broker106,000 LKR
Financial Encoder65,800 LKR
Financial Manager229,000 LKR
Financial Manager233,000 LKR
Financial Operations Manager173,000 LKR
Financial Policy Analyst123,000 LKR
Financial Project Manager110,000 LKR
Financial Quantitative Analyst135,000 LKR
Financial Reporting Consultant112,000 LKR
Financial Reporting Manager150,000 LKR
Financial Services Sales Agent102,000 LKR
Fixed Assets Administrator97,400 LKR
Forensic Accountant89,900 LKR
Fraud Detection Supervisor109,000 LKR
Fraud Prevention Manager167,000 LKR
Fund Accountant86,200 LKR
Grants Coordinator72,400 LKR
Internal Auditor124,000 LKR
Internal Control Adviser122,000 LKR
Internal Control Officer104,000 LKR
Inventory Accountant190,000 LKR
Investment Analyst153,000 LKR
Investment Fund Manager161,000 LKR
Investment Underwriter72,500 LKR
Investor117,000 LKR
Investor Relations Manager141,000 LKR
KYC Team Leader148,000 LKR
Management Economist126,000 LKR
Paymaster93,100 LKR
Payroll Clerk72,400 LKR
Payroll Manager124,000 LKR
Pensions Administrator87,700 LKR
Pricing Analyst134,000 LKR
Private Equity Analyst134,000 LKR
Proposal Development Coordinator86,300 LKR
Receivables Accountant80,300 LKR
Regulatory Accountant92,500 LKR
Retirement Plan Analyst119,000 LKR
Revenue Management Specialist101,000 LKR
Revenue Recognition Analyst149,000 LKR
Risk Management Director178,000 LKR
Risk Management Supervisor137,000 LKR
Tax Accountant86,400 LKR
Tax Advisor121,000 LKR
Tax Associate92,800 LKR
Tax Manager165,000 LKR
Teller52,200 LKR
Treasury Accountant90,500 LKR
Treasury Analyst121,000 LKR
Underwriter67,900 LKR
Underwriting Assistant62,300 LKR
Vice President of Finance168,000 LKR

Accounting and Finance Jobs Salary Distribution in Sri Lanka

Median and salary distribution monthly Sri Lanka Accounting and Finance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Accounting and Finance salaries in Sri Lanka range from 51,100 LKR per month (minimum average salary) to 237,000 LKR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 114,000 LKR per month, which means that half (50%) of people working in Accounting and Finance are earning less than 114,000 LKR while the other half are earning more than 114,000 LKR. 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 74,300 LKR while 75% of them are earning more than 74,300 LKR. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 179,000 LKR while 25% are earning more than 179,000 LKR.


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 Sri Lanka costs anywhere from 577,000 Sri Lanka Rupee(s) to 1,730,000 Sri Lanka Rupee(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 Sri Lanka 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 earn 15% more than their female counterparts.

Female
102,000 LKR
Male+15%
118,000 LKR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Sri Lanka for all Careers

Salary comparison by gender monthly Sri Lanka
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Accounting and Finance Average Annual Salary Increment Percentage in Sri Lanka

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

Accounting and Finance

Accounting and Finance professionals in Sri Lanka are likely to observe a salary increase of approximately 11% every 15 months. The national average annual increment for all professions combined is 9% granted to employees every 17 months.

Annual Salary Increment Rate Sri Lanka 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.

Sri Lanka / All Professions

Annual Salary Increment Rate Sri Lanka
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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 Sri Lanka is 6%.

Annual Increment Rate By Industry 2019

Banking
6%
Energy
3%
Information Technology
9%
Healthcare
6%
Travel
3%
Construction
9%
Education
6%

Listed above are the average annual increase rates for each industry in Sri Lanka 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 Sri Lanka

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Sri Lanka 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.

23% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 77% 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
77%
No Bonus
23%

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 Sri Lanka
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Where can you get paid more, working for a private company or for the government? Public sector employees in Sri Lanka earn 8% more than their private sector counterparts.

Private Sector
111,000 LKR
Public Sector+8%
119,000 LKR
Percentage increase and decrease are relative to the previous value

Accounting and Finance Salary Forecast and Trend in Sri Lanka

How do Accounting and Finance salaries change over time? Listed below is a chart that shows the average salary in recent years.

Salary trends and forecast monthly Sri Lanka Accounting and Finance
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Average Salary 2016
99,200 LKR
Average Salary 2017+4%
103,000 LKR
Average Salary 2018+3%
106,000 LKR
Average Salary 2019+2%
108,000 LKR
Percentage increase and decrease are relative to the previous value

Accounting and Finance salaries in Sri Lanka are rising in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 2% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.

Accounting and Finance Hourly Average Wage in Sri Lanka


640 LKR per hour

The average hourly wage (pay per hour) in Sri Lanka is 640 LKR. This means that the average person in Sri Lanka earns approximately 640 LKR 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 Sri Lanka
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The average salary for Accounting and Finance is 3% less than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Colombo132,000 LKR
94354 - 57

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