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Financial Applications Specialist Average Salary in Sweden 2023

How much money does a Financial Applications Specialist make in Sweden?


Average Monthly Salary
42,600 SEK
( 511,000 SEK yearly)

LOW
22,600
SEK
AVERAGE
42,600
SEK
HIGH
64,700
SEK

A person working as a Financial Applications Specialist in Sweden typically earns around 42,600 SEK per month. Salaries range from 22,600 SEK (lowest) to 64,700 SEK (highest).

This is the average monthly salary including housing, transport, and other benefits. Financial Applications Specialist salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Financial Applications Specialist Salary Distribution in Sweden

Median and salary distribution monthly Sweden Financial Applications Specialist
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The median, the maximum, the minimum, and the range

  • Salary Range

    Financial Applications Specialist salaries in Sweden range from 22,600 SEK per month (minimum salary) to 64,700 SEK per month (maximum salary).

  • Median Salary

    The median salary is 40,000 SEK per month, which means that half (50%) of people working as Financial Applications Specialist(s) are earning less than 40,000 SEK while the other half are earning more than 40,000 SEK. 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 Financial Applications Specialist(s) are earning less than 28,200 SEK while 75% of them are earning more than 28,200 SEK. Also from the diagram, 75% of Financial Applications Specialist(s) are earning less than 49,200 SEK while 25% are earning more than 49,200 SEK.


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

Financial Applications Specialist Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Sweden Financial Applications Specialist
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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 Financial Applications Specialist salaries by experience level and this is what we found.

A Financial Applications Specialist with less than two years of experience makes approximately 25,900 SEK per month.

While someone with an experience level between two and five years is expected to earn 31,800 SEK 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 45,100 SEK 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, Financial Applications Specialist(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 52,700 SEK 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 58,000 SEK 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 61,400 SEK per month, 6% more than people with fifteen to twenty years of experience.


Financial Applications Specialist average salary change by experience in Sweden

0 - 2 Years
25,900 SEK
2 - 5 Years+23%
31,800 SEK
5 - 10 Years+42%
45,100 SEK
10 - 15 Years+17%
52,700 SEK
15 - 20 Years+10%
58,000 SEK
20+ Years+6%
61,400 SEK
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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Financial Applications Specialist Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Financial Applications Specialist(s) who have the same experience but different education levels.

Salary comparison by education level monthly Sweden Financial Applications Specialist
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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 Financial Applications Specialist salaries by education level in order to make a comparison.

When the education level is High School, the average salary of a Financial Applications Specialist is 31,400 SEK per month.

While someone with a Certificate or Diploma gets a salary of 35,600 SEK per month, 13% more than someone having a High School degree.

A Bachelor's Degree gets its holder an average salary of 46,600 SEK 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 61,400 SEK per month, 32% more than someone with Bachelor's Degree.


Financial Applications Specialist average salary difference by education level in Sweden

High School
31,400 SEK
Certificate or Diploma+13%
35,600 SEK
Bachelor's Degree+31%
46,600 SEK
Master's Degree+32%
61,400 SEK
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 Sweden costs anywhere from 226,000 Swedish Krona(s) to 677,000 Swedish Krona(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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Financial Applications Specialist Salary Comparison By Gender

Salary comparison by gender monthly Sweden Financial Applications Specialist
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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 Financial Applications Specialist employees in Sweden earn 5% more than their female counterparts on average.

Male
43,500 SEK
Female-5%
41,500 SEK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Sweden for all Careers

Salary comparison by gender monthly Sweden
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Financial Applications Specialist Average Annual Salary Increment Percentage in Sweden

How much are annual salary increments in Sweden for Financial Applications Specialist(s)? How often do employees get salary raises?

Financial Applications Specialist

Financial Applications Specialist(s) in Sweden are likely to observe a salary increase of approximately 11% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.

Annual Salary Increment Rate Sweden Financial Applications Specialist
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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.

Sweden / 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 Sweden is 6%.

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 Sweden 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

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Financial Applications Specialist Bonus and Incentive Rates in Sweden

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Sweden Financial Applications Specialist
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A Financial Applications Specialist is considered to be a moderate 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.

46% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 54% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.

Received Bonus
54%
No Bonus
46%

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.

Financial Applications Specialist Average Hourly Wage in Sweden


250 SEK per hour

The average hourly wage (pay per hour) in Sweden is 250 SEK. This means that the average Financial Applications Specialist in Sweden earns approximately 250 SEK 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.

Financial Applications Specialist VS Other Jobs

Salary Comparison Between Financial Applications Specialist and Accounting and Finance monthly Sweden
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The average salary for Financial Applications Specialist is 8% less than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner25,400 SEK-40%
Account Executive40,000 SEK-6%
Accountant33,200 SEK-22%
Accounting Assistant26,200 SEK-38%
Accounting Associate23,400 SEK-45%
Accounting Clerk20,000 SEK-53%
Accounting Coordinator30,500 SEK-28%
Accounting Manager67,100 SEK+58%
Accounting Supervisor45,600 SEK+7%
Accounting Technician22,300 SEK-48%
Accounts Executive43,200 SEK+1%
Accounts Payable and Receivable Specialist32,900 SEK-23%
Accounts Payable Clerk23,700 SEK-44%
Accounts Payable Manager63,600 SEK+49%
Accounts Receivable Clerk24,200 SEK-43%
Accounts Receivable Manager63,700 SEK+50%
Assistant Accounting Manager63,300 SEK+49%
Assistant Auditor32,000 SEK-25%
Audit Supervisor62,600 SEK+47%
Auditing Clerk26,900 SEK-37%
Auditing Manager67,000 SEK+57%
Billing Coordinator29,200 SEK-31%
Billing Specialist34,400 SEK-19%
Billing Supervisor50,600 SEK+19%
Bookkeeper22,000 SEK-48%
Bookkeeping Specialist30,400 SEK-29%
Budget Analyst57,900 SEK+36%
Budget Manager69,900 SEK+64%
Business Support Analyst36,100 SEK-15%
Capital Markets Associate50,100 SEK+18%
Cash Flow Analyst51,600 SEK+21%
Cash Management Officer36,200 SEK-15%
Cashbook Clerk21,800 SEK-49%
Chartered Accountant40,600 SEK-5%
Collections Clerk19,900 SEK-53%
Collections Specialist34,000 SEK-20%
Corporate Treasurer63,700 SEK+50%
Cost Accountant33,600 SEK-21%
Cost Accounting Manager66,800 SEK+57%
Cost Analyst54,000 SEK+27%
Credit and Collection Manager67,800 SEK+59%
Credit and Collection Staff24,800 SEK-42%
Credit and Loans Officer24,700 SEK-42%
Credit Controller46,300 SEK+9%
Debt Adviser54,800 SEK+29%
Debt Collector26,900 SEK-37%
Debtors Clerk22,300 SEK-48%
Deputy CFO94,600 SEK+120%
Derivative Trader56,800 SEK+33%
Escrow Assistant28,100 SEK-34%
External Auditor45,500 SEK+7%
Finance Associate27,600 SEK-35%
Finance Executive69,000 SEK+62%
Finance Licensing Clerk24,500 SEK-42%
Finance Licensing Manager65,300 SEK+53%
Finance Licensing Specialist37,300 SEK-12%
Finance Officer32,700 SEK-23%
Finance President98,000 SEK+130%
Finance Relationship Manager74,700 SEK+75%
Finance Release Analyst38,300 SEK-10%
Finance Team Leader 76,300 SEK+79%
Financial Actuary51,700 SEK+21%
Financial Administrator54,000 SEK+27%
Financial Analyst57,500 SEK+35%
Financial Applications Specialist42,600 SEK+0%
Financial Assistant27,700 SEK-35%
Financial Associate25,900 SEK-39%
Financial Claims Analyst43,300 SEK+2%
Financial Claims Manager57,900 SEK+36%
Financial Commercial Analyst49,100 SEK+15%
Financial Compliance Analyst55,300 SEK+30%
Financial Consultant42,600 SEK+0%
Financial Controller55,100 SEK+29%
Financial Coordinator30,500 SEK-28%
Financial Customer Service Manager57,600 SEK+35%
Financial Dealer and Broker34,200 SEK-20%
Financial Encoder28,600 SEK-33%
Financial Manager87,800 SEK+110%
Financial Operations Manager80,800 SEK+90%
Financial Policy Analyst50,600 SEK+19%
Financial Project Manager69,300 SEK+63%
Financial Quantitative Analyst55,700 SEK+31%
Financial Reporting Consultant45,300 SEK+6%
Financial Reporting Manager62,400 SEK+47%
Financial Services Sales Agent36,400 SEK-15%
Fixed Assets Administrator33,000 SEK-22%
Forensic Accountant37,700 SEK-11%
Fraud Detection Supervisor39,200 SEK-8%
Fraud Prevention Manager65,500 SEK+54%
Fund Accountant31,000 SEK-27%
Grants Coordinator24,100 SEK-43%
Internal Auditor43,800 SEK+3%
Internal Control Adviser50,000 SEK+17%
Internal Control Officer28,000 SEK-34%
Inventory Accountant35,600 SEK-16%
Investment Analyst65,200 SEK+53%
Investment Fund Manager76,100 SEK+79%
Investment Underwriter29,200 SEK-31%
Investor42,300 SEK-1%
Investor Relations Manager66,500 SEK+56%
KYC Team Leader66,300 SEK+56%
Management Economist77,000 SEK+81%
Paymaster27,500 SEK-35%
Payroll Clerk27,700 SEK-35%
Payroll Manager58,600 SEK+38%
Pensions Administrator35,000 SEK-18%
Pricing Analyst53,100 SEK+25%
Private Equity Analyst57,700 SEK+36%
Proposal Development Coordinator29,400 SEK-31%
Receivables Accountant31,300 SEK-26%
Regulatory Accountant34,900 SEK-18%
Retirement Plan Analyst50,700 SEK+19%
Revenue Management Specialist53,200 SEK+25%
Revenue Recognition Analyst60,700 SEK+43%
Risk Management Director80,500 SEK+89%
Risk Management Supervisor66,900 SEK+57%
Tax Accountant31,200 SEK-27%
Tax Advisor48,700 SEK+14%
Tax Associate28,300 SEK-34%
Tax Manager69,600 SEK+63%
Teller18,700 SEK-56%
Treasury Accountant34,400 SEK-19%
Treasury Analyst54,300 SEK+28%
Underwriter23,600 SEK-45%
Underwriting Assistant22,300 SEK-48%
Vice President of Finance87,100 SEK+100%

Salary Comparison By City

CityAverage Salary
Goteborg40,400 SEK
Malmo36,700 SEK
Stockholm43,600 SEK

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 Sweden earn 5% more than their private sector counterparts on average across all sectors.

Private Sector
44,000 SEK
Public Sector+5%
46,100 SEK
Percentage increase and decrease are relative to the previous value

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