A person working as a Financial Manager in Bulgaria typically earns around 6,470 BGN per month. Salaries range from 3,370 BGN (lowest) to 9,910 BGN (highest).
This is the average monthly salary including housing, transport, and other benefits. Financial Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Financial Manager salaries in Bulgaria range from 3,370 BGN per month (minimum salary) to 9,910 BGN per month (maximum salary).
The median salary is 6,220 BGN per month, which means that half (50%) of people working as Financial Manager(s) are earning less than 6,220 BGN while the other half are earning more than 6,220 BGN. 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.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Financial Manager(s) are earning less than 4,310 BGN while 75% of them are earning more than 4,310 BGN. Also from the diagram, 75% of Financial Manager(s) are earning less than 7,740 BGN while 25% are earning more than 7,740 BGN.
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
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 Manager salaries by experience level and this is what we found.
A Financial Manager with less than two years of experience makes approximately 3,830 BGN per month.
While someone with an experience level between two and five years is expected to earn 5,130 BGN per month, 34% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 6,670 BGN per month, 30% more than someone with two to five years of experience.
Additionally, Financial Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 8,080 BGN per month, 21% 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 8,830 BGN per month, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 9,290 BGN per month, 5% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+30%|
|10 - 15 Years||+21%|
|15 - 20 Years||+9%|
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 Manager salaries by education level in order to make a comparison.
When the education level is Certificate or Diploma, the average salary of a Financial Manager is 4,540 BGN per month.
While someone with a Bachelor's Degree gets a salary of 6,900 BGN per month, 52% more than someone having a Certificate or Diploma degree.
A Master's Degree gets its holder an average salary of 9,780 BGN per month, 42% more than someone with a Bachelor's Degree.
|Certificate or Diploma|
A Master's degree program or any post-graduate program in Bulgaria costs anywhere from 16,500 Bulgarian Lev(s) to 49,500 Bulgarian Lev(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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Financial Manager employees in Bulgaria earn 6% more than their female counterparts on average.
Financial Manager(s) in Bulgaria are likely to observe a salary increase of approximately 12% every 21 months. The national average annual increment for all professions combined is 7% granted to employees every 20 months.
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.
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
Listed above are the average annual increase rates for each industry in Bulgaria for the year 2021. 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.
A Financial Manager 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.
23% of surveyed staff 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.
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.
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.
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.
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.
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.
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.
The average salary for Financial Manager is 90% more than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% more than those of All Jobs.
|Job Title||Average Salary|
|Account Examiner||1,760 BGN||-73%|
|Account Executive||2,880 BGN||-56%|
|Accounting Assistant||1,830 BGN||-72%|
|Accounting Associate||1,710 BGN||-74%|
|Accounting Clerk||1,430 BGN||-78%|
|Accounting Coordinator||2,110 BGN||-67%|
|Accounting Manager||4,920 BGN||-24%|
|Accounting Supervisor||3,170 BGN||-51%|
|Accounting Technician||1,600 BGN||-75%|
|Accounts Executive||2,920 BGN||-55%|
|Accounts Payable and Receivable Specialist||2,300 BGN||-64%|
|Accounts Payable Clerk||1,780 BGN||-73%|
|Accounts Payable Manager||4,880 BGN||-25%|
|Accounts Receivable Clerk||1,720 BGN||-73%|
|Accounts Receivable Manager||4,640 BGN||-28%|
|Assistant Accounting Manager||4,560 BGN||-30%|
|Assistant Auditor||2,270 BGN||-65%|
|Audit Supervisor||4,210 BGN||-35%|
|Auditing Clerk||1,810 BGN||-72%|
|Auditing Manager||4,960 BGN||-23%|
|Billing Coordinator||2,130 BGN||-67%|
|Billing Specialist||2,430 BGN||-62%|
|Billing Supervisor||3,640 BGN||-44%|
|Bookkeeping Specialist||2,180 BGN||-66%|
|Budget Analyst||3,960 BGN||-39%|
|Budget Manager||4,900 BGN||-24%|
|Business Support Analyst||2,550 BGN||-61%|
|Capital Markets Associate||3,540 BGN||-45%|
|Cash Flow Analyst||3,700 BGN||-43%|
|Cash Management Officer||2,720 BGN||-58%|
|Cashbook Clerk||1,660 BGN||-74%|
|Chartered Accountant||3,130 BGN||-52%|
|Collections Clerk||1,430 BGN||-78%|
|Collections Specialist||2,420 BGN||-63%|
|Corporate Treasurer||4,530 BGN||-30%|
|Cost Accountant||2,300 BGN||-64%|
|Cost Accounting Manager||4,860 BGN||-25%|
|Cost Analyst||3,650 BGN||-44%|
|Credit and Collection Manager||4,750 BGN||-27%|
|Credit and Collection Staff||1,770 BGN||-73%|
|Credit and Loans Officer||1,710 BGN||-74%|
|Credit Controller||3,340 BGN||-48%|
|Debt Adviser||4,090 BGN||-37%|
|Debt Collector||1,860 BGN||-71%|
|Debtors Clerk||1,620 BGN||-75%|
|Deputy CFO||6,300 BGN||-3%|
|Derivative Trader||3,940 BGN||-39%|
|Escrow Assistant||2,040 BGN||-68%|
|External Auditor||3,450 BGN||-47%|
|Finance Associate||2,110 BGN||-67%|
|Finance Executive||5,230 BGN||-19%|
|Finance Licensing Clerk||1,760 BGN||-73%|
|Finance Licensing Manager||4,360 BGN||-33%|
|Finance Licensing Specialist||2,560 BGN||-60%|
|Finance Officer||2,180 BGN||-66%|
|Finance President||6,670 BGN||+3%|
|Finance Relationship Manager||5,580 BGN||-14%|
|Finance Release Analyst||2,820 BGN||-56%|
|Finance Team Leader||5,280 BGN||-18%|
|Financial Actuary||3,460 BGN||-47%|
|Financial Administrator||3,870 BGN||-40%|
|Financial Analyst||4,160 BGN||-36%|
|Financial Applications Specialist||3,090 BGN||-52%|
|Financial Assistant||1,860 BGN||-71%|
|Financial Associate||1,900 BGN||-71%|
|Financial Claims Analyst||3,100 BGN||-52%|
|Financial Claims Manager||4,230 BGN||-35%|
|Financial Commercial Analyst||3,350 BGN||-48%|
|Financial Compliance Analyst||3,720 BGN||-43%|
|Financial Consultant||3,280 BGN||-49%|
|Financial Controller||3,800 BGN||-41%|
|Financial Coordinator||2,230 BGN||-66%|
|Financial Customer Service Manager||4,180 BGN||-35%|
|Financial Dealer and Broker||2,670 BGN||-59%|
|Financial Encoder||2,030 BGN||-69%|
|Financial Manager||6,470 BGN||-0%|
|Financial Operations Manager||5,960 BGN||-8%|
|Financial Policy Analyst||3,530 BGN||-45%|
|Financial Project Manager||5,040 BGN||-22%|
|Financial Quantitative Analyst||4,190 BGN||-35%|
|Financial Reporting Consultant||3,480 BGN||-46%|
|Financial Reporting Manager||4,350 BGN||-33%|
|Financial Services Sales Agent||2,600 BGN||-60%|
|Fixed Assets Administrator||2,440 BGN||-62%|
|Forensic Accountant||2,810 BGN||-57%|
|Fraud Detection Supervisor||2,910 BGN||-55%|
|Fraud Prevention Manager||4,980 BGN||-23%|
|Fund Accountant||2,180 BGN||-66%|
|Grants Coordinator||1,760 BGN||-73%|
|Internal Auditor||3,080 BGN||-52%|
|Internal Control Adviser||3,720 BGN||-43%|
|Internal Control Officer||2,130 BGN||-67%|
|Inventory Accountant||2,370 BGN||-63%|
|Investment Analyst||4,820 BGN||-26%|
|Investment Fund Manager||5,220 BGN||-19%|
|Investment Underwriter||2,060 BGN||-68%|
|Investor Relations Manager||4,750 BGN||-27%|
|KYC Team Leader||4,630 BGN||-28%|
|Management Economist||5,500 BGN||-15%|
|Payroll Clerk||1,980 BGN||-69%|
|Payroll Manager||4,300 BGN||-34%|
|Pensions Administrator||2,500 BGN||-61%|
|Pricing Analyst||3,900 BGN||-40%|
|Private Equity Analyst||4,250 BGN||-34%|
|Proposal Development Coordinator||2,100 BGN||-68%|
|Receivables Accountant||2,250 BGN||-65%|
|Regulatory Accountant||2,520 BGN||-61%|
|Retirement Plan Analyst||3,770 BGN||-42%|
|Revenue Management Specialist||4,050 BGN||-37%|
|Revenue Recognition Analyst||4,300 BGN||-34%|
|Risk Management Director||5,460 BGN||-16%|
|Risk Management Supervisor||4,650 BGN||-28%|
|Tax Accountant||2,250 BGN||-65%|
|Tax Advisor||3,750 BGN||-42%|
|Tax Associate||2,090 BGN||-68%|
|Tax Manager||4,950 BGN||-24%|
|Treasury Accountant||2,460 BGN||-62%|
|Treasury Analyst||3,960 BGN||-39%|
|Underwriting Assistant||1,510 BGN||-77%|
|Vice President of Finance||6,480 BGN||+0%|
|Stara Zagora||6,290 BGN|
Where can you get paid more, working for a private company or for the government? Public sector employees in Bulgaria earn 9% more than their private sector counterparts on average across all sectors.