A person working as a Chief Financial Officer in Bulgaria typically earns around 6,890 BGN per month. Salaries range from 3,370 BGN (lowest) to 10,700 BGN (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 salaries in Bulgaria range from 3,370 BGN per month (minimum salary) to 10,700 BGN per month (maximum salary).
The median salary is 7,020 BGN per month, which means that half (50%) of people working as Chief Financial Officer(s) are earning less than 7,020 BGN while the other half are earning more than 7,020 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 Chief Financial Officer(s) are earning less than 4,680 BGN while 75% of them are earning more than 4,680 BGN. Also from the diagram, 75% of Chief Financial Officer(s) are earning less than 9,060 BGN while 25% are earning more than 9,060 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 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 4,000 BGN per month.
While someone with an experience level between two and five years is expected to earn 5,140 BGN per month, 29% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 7,100 BGN per month, 38% more than someone with two to five years of experience.
Additionally, Chief Financial Officer(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 8,790 BGN per month, 24% 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 9,420 BGN per month, 7% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 10,000 BGN per month, 7% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+29%|
|5 - 10 Years||+38%|
|10 - 15 Years||+24%|
|15 - 20 Years||+7%|
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 5,000 BGN per month.
While someone with a Certificate or Diploma gets a salary of 5,730 BGN per month, 15% more than someone having a High School degree.
A Bachelor's Degree gets its holder an average salary of 7,720 BGN per month, 35% more than someone with a Certificate or Diploma.
Professionals who hold a Master's Degree are rewarded with an average salary of 9,710 BGN per month, 26% more than someone with Bachelor's Degree.
|Certificate or Diploma||+15%|
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 Chief Financial Officer employees in Bulgaria earn 6% more than their female counterparts on average.
Chief Financial Officer(s) in Bulgaria are likely to observe a salary increase of approximately 13% every 20 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 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.
19% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 81% 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.
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 Chief Financial Officer is 54% more than that of Executive and Management. Also, Executive and Management salaries are 35% more than those of All Jobs.
|Job Title||Average Salary|
|Account Coordinator||3,080 BGN||-55%|
|Administration Manager||3,600 BGN||-48%|
|Area Manager||3,660 BGN||-47%|
|Asset Protection Associate||3,900 BGN||-43%|
|Assistant Director||3,890 BGN||-44%|
|Assistant Manager||4,000 BGN||-42%|
|Assistant Operations Manager||4,590 BGN||-33%|
|Assistant Project Manager||4,060 BGN||-41%|
|Assistant Section Head||3,260 BGN||-53%|
|Assistant to CEO||3,560 BGN||-48%|
|Assistant Vice President||4,150 BGN||-40%|
|Associate Director||4,010 BGN||-42%|
|Bid Manager||4,270 BGN||-38%|
|Branch Manager||4,350 BGN||-37%|
|Business Development Manager||4,770 BGN||-31%|
|Business Operations Associate||3,780 BGN||-45%|
|Business Operations Lead||4,030 BGN||-41%|
|Campaign Manager||4,370 BGN||-37%|
|Chairman of The Board||7,280 BGN||+6%|
|Chairman Office Manager||4,940 BGN||-28%|
|Chief Corporate Officer||6,220 BGN||-10%|
|Chief Executive Officer||7,850 BGN||+14%|
|Chief Financial Officer||6,890 BGN||+0%|
|Chief of Staff||3,420 BGN||-50%|
|Chief Operating Officer||5,510 BGN||-20%|
|Chief Risk Officer||4,800 BGN||-30%|
|Client Services Manager||4,830 BGN||-30%|
|Commercial Project Manager||4,160 BGN||-40%|
|Commodity Broker||2,980 BGN||-57%|
|Corporate Affairs Executive||4,310 BGN||-37%|
|Corporate Compliance Director||4,940 BGN||-28%|
|Corporate Director||5,360 BGN||-22%|
|Corporate Officer||3,660 BGN||-47%|
|Corporate Partnerships Officer||3,630 BGN||-47%|
|Country Manager||5,830 BGN||-15%|
|Deputy Director||5,180 BGN||-25%|
|Director of Accreditation||5,020 BGN||-27%|
|Director of Catering Services||4,660 BGN||-32%|
|Director of Client Services||4,680 BGN||-32%|
|Director of Facilities Management||3,990 BGN||-42%|
|Director of Operations||4,770 BGN||-31%|
|Director of Process Simplification||4,050 BGN||-41%|
|Director of Project Management||5,200 BGN||-24%|
|Director of Revenue Management||4,730 BGN||-31%|
|Director of Training and Development||5,000 BGN||-27%|
|Distribution Manager||5,010 BGN||-27%|
|Division Manager||4,210 BGN||-39%|
|Duty Manager||4,390 BGN||-36%|
|Engagement Manager||5,270 BGN||-23%|
|Executive Director||7,450 BGN||+8%|
|Executive Manager||6,330 BGN||-8%|
|Franchise Manager||6,380 BGN||-7%|
|General Manager||6,080 BGN||-12%|
|Global Master Data Manager||5,440 BGN||-21%|
|Head of Middle Office||4,850 BGN||-30%|
|Head of Projects||4,990 BGN||-28%|
|Head of Sustainability||4,330 BGN||-37%|
|Housing Manager||3,830 BGN||-44%|
|HSE Manager||3,930 BGN||-43%|
|Key Account Manager||4,270 BGN||-38%|
|Knowledge Manager||4,620 BGN||-33%|
|Location Manager||4,540 BGN||-34%|
|Logistics Manager||3,980 BGN||-42%|
|Management Consultant||3,860 BGN||-44%|
|Management Executive||5,550 BGN||-19%|
|Managing Director||6,050 BGN||-12%|
|MIS Executive||4,860 BGN||-29%|
|Ocean Services Manager||5,220 BGN||-24%|
|Operations Assistant||3,490 BGN||-49%|
|Operations Director||5,660 BGN||-18%|
|Operations Executive||5,390 BGN||-22%|
|Operations Manager||5,750 BGN||-16%|
|Operations Supervisor||4,410 BGN||-36%|
|Policy Administration Executive||4,270 BGN||-38%|
|Private Sector Executive||4,630 BGN||-33%|
|Product Development Manager||4,980 BGN||-28%|
|Product Executive||4,340 BGN||-37%|
|Production Executive||4,920 BGN||-29%|
|Production Manager||4,950 BGN||-28%|
|Production Supervisor||4,080 BGN||-41%|
|Program Manager||5,450 BGN||-21%|
|Programme Coordinator||3,650 BGN||-47%|
|Project Control Manager||5,390 BGN||-22%|
|Project Coordinator||3,120 BGN||-55%|
|Project Management Officer||3,560 BGN||-48%|
|Project Manager||3,780 BGN||-45%|
|Project Portfolio Manager||4,160 BGN||-40%|
|Quality Manager||4,210 BGN||-39%|
|R/D Director||4,410 BGN||-36%|
|Regional Director||6,700 BGN||-3%|
|Regional Manager||5,250 BGN||-24%|
|Relationship Manager||4,990 BGN||-28%|
|Retail District Manager||3,500 BGN||-49%|
|Revenue Manager||3,840 BGN||-44%|
|Risk and Capital Manager||5,870 BGN||-15%|
|Risk Officer||3,670 BGN||-47%|
|Safety Manager||3,630 BGN||-47%|
|Section Head||3,760 BGN||-45%|
|Service Manager||3,910 BGN||-43%|
|Shift Supervisor||3,130 BGN||-55%|
|Solutions Manager||3,420 BGN||-50%|
|Supply Chain Manager||5,370 BGN||-22%|
|Technical Manager||4,800 BGN||-30%|
|Territory Manager||4,830 BGN||-30%|
|Validation Manager||4,200 BGN||-39%|
|Vice President||5,880 BGN||-15%|
|Zone Manager||5,240 BGN||-24%|
|Stara Zagora||6,590 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.