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Accounting and Finance Average Salaries in Belgium 2020

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


Average Monthly Salary
6,240 EUR
( 74,800 EUR yearly)

LOW
2,820
EUR
AVERAGE
6,240
EUR
HIGH
12,200
EUR

A person working in Accounting and Finance in Belgium typically earns around 6,240 EUR per month. Salaries range from 2,820 EUR (lowest average) to 12,200 EUR (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 Examiner3,590 EUR
Account Executive5,460 EUR
Accountant4,510 EUR
Accounting Assistant3,710 EUR
Accounting Associate3,420 EUR
Accounting Clerk2,930 EUR
Accounting Coordinator4,220 EUR
Accounting Manager8,930 EUR
Accounting Supervisor6,370 EUR
Accounting Technician3,400 EUR
Accounts Executive5,710 EUR
Accounts Payable and Receivable Specialist4,750 EUR
Accounts Payable Clerk3,490 EUR
Accounts Payable Manager8,700 EUR
Accounts Receivable Clerk3,640 EUR
Accounts Receivable Manager8,070 EUR
Assistant Accounting Manager8,410 EUR
Assistant Auditor4,420 EUR
Audit Supervisor7,650 EUR
Auditing Clerk3,540 EUR
Auditing Manager9,420 EUR
Billing Coordinator4,340 EUR
Billing Specialist4,960 EUR
Billing Supervisor6,800 EUR
Bookkeeper3,260 EUR
Bookkeeping Specialist4,460 EUR
Budget Analyst7,910 EUR
Budget Manager8,670 EUR
Business Support Analyst4,930 EUR
Capital Markets Associate6,340 EUR
Cash Flow Analyst6,600 EUR
Cash Management Officer5,350 EUR
Cashbook Clerk3,270 EUR
Chartered Accountant5,440 EUR
Collections Clerk2,940 EUR
Collections Specialist4,460 EUR
Corporate Treasurer7,980 EUR
Cost Accountant4,560 EUR
Cost Accounting Manager8,460 EUR
Cost Analyst7,020 EUR
Credit and Collection Manager8,410 EUR
Credit and Collection Staff3,730 EUR
Credit and Loans Officer3,510 EUR
Credit Controller5,970 EUR
Debt Adviser7,100 EUR
Debt Collector3,770 EUR
Debtors Clerk3,260 EUR
Deputy CFO11,900 EUR
Derivative Trader7,820 EUR
Escrow Assistant3,980 EUR
External Auditor6,010 EUR
Finance Associate4,230 EUR
Finance Executive8,870 EUR
Finance Licensing Clerk3,540 EUR
Finance Licensing Manager7,930 EUR
Finance Licensing Specialist4,790 EUR
Finance Officer4,180 EUR
Finance President12,400 EUR
Finance Relationship Manager9,490 EUR
Finance Release Analyst5,320 EUR
Finance Team Leader 9,840 EUR
Financial Actuary6,710 EUR
Financial Administrator7,570 EUR
Financial Analyst8,070 EUR
Financial Applications Specialist5,830 EUR
Financial Assistant3,630 EUR
Financial Associate3,920 EUR
Financial Claims Analyst5,860 EUR
Financial Claims Manager7,770 EUR
Financial Commercial Analyst6,450 EUR
Financial Compliance Analyst6,820 EUR
Financial Consultant5,690 EUR
Financial Controller6,880 EUR
Financial Coordinator4,320 EUR
Financial Customer Service Manager7,690 EUR
Financial Dealer and Broker4,930 EUR
Financial Encoder4,030 EUR
Financial Manager12,000 EUR
Financial Manager11,400 EUR
Financial Operations Manager10,700 EUR
Financial Policy Analyst6,690 EUR
Financial Project Manager8,760 EUR
Financial Quantitative Analyst7,220 EUR
Financial Reporting Consultant6,320 EUR
Financial Reporting Manager8,150 EUR
Financial Services Sales Agent5,000 EUR
Fixed Assets Administrator4,640 EUR
Forensic Accountant5,010 EUR
Fraud Detection Supervisor5,440 EUR
Fraud Prevention Manager8,900 EUR
Fund Accountant4,510 EUR
Grants Coordinator3,500 EUR
Internal Auditor5,880 EUR
Internal Control Adviser6,820 EUR
Internal Control Officer4,070 EUR
Inventory Accountant4,520 EUR
Investment Analyst8,320 EUR
Investment Fund Manager9,780 EUR
Investment Underwriter4,100 EUR
Investor5,670 EUR
Investor Relations Manager8,760 EUR
KYC Team Leader8,650 EUR
Management Economist10,100 EUR
Paymaster3,810 EUR
Payroll Clerk4,110 EUR
Payroll Manager8,270 EUR
Pensions Administrator4,830 EUR
Pricing Analyst7,540 EUR
Private Equity Analyst7,780 EUR
Proposal Development Coordinator4,130 EUR
Receivables Accountant4,400 EUR
Regulatory Accountant5,070 EUR
Retirement Plan Analyst6,910 EUR
Revenue Management Specialist7,320 EUR
Revenue Recognition Analyst8,000 EUR
Risk Management Director10,800 EUR
Risk Management Supervisor8,270 EUR
Tax Accountant4,380 EUR
Tax Advisor6,440 EUR
Tax Associate4,070 EUR
Tax Manager8,710 EUR
Teller2,980 EUR
Treasury Accountant4,730 EUR
Treasury Analyst6,950 EUR
Underwriter3,280 EUR
Underwriting Assistant3,170 EUR
Vice President of Finance11,600 EUR

Accounting and Finance Jobs Salary Distribution in Belgium

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

  • Salary Range

    Accounting and Finance salaries in Belgium range from 2,820 EUR per month (minimum average salary) to 12,200 EUR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 5,990 EUR per month, which means that half (50%) of people working in Accounting and Finance are earning less than 5,990 EUR while the other half are earning more than 5,990 EUR. 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 3,960 EUR while 75% of them are earning more than 3,960 EUR. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 8,750 EUR while 25% are earning more than 8,750 EUR.


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 Belgium costs anywhere from 30,700 Euro(s) to 92,200 Euro(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 Belgium 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 in Belgium who work in Accounting and Finance earn 6% more than their female counterparts on average.

Male
6,420 EUR
Female-5%
6,080 EUR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Belgium for all Careers

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

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

Accounting and Finance

Accounting and Finance professionals in Belgium 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.

Annual Salary Increment Rate Belgium 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.

Belgium / 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 Belgium is 6%.

Annual Increment Rate By Industry 2019

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

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

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Belgium 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 6% to 8% 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.

Accounting and Finance Hourly Average Wage in Belgium


36 EUR per hour

The average hourly wage (pay per hour) in Belgium is 36 EUR. This means that the average person in Belgium earns approximately 36 EUR 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 Belgium
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The average salary for Accounting and Finance is 1% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Antwerp7,220 EUR
Brugge (Bruges)6,250 EUR
Brussel6,450 EUR
Charleroi6,850 EUR
Gent (Ghent)7,090 EUR
Leuven5,920 EUR
Liege6,730 EUR
Namur6,160 EUR

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

Private Sector
6,000 EUR
Public Sector+5%
6,320 EUR
Percentage increase and decrease are relative to the previous value

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