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Accounting and Finance Average Salaries in Cayman Islands 2020

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


Average Yearly Salary
39,500 KYD
( 3,290 KYD monthly)

LOW
16,200
KYD
AVERAGE
39,500
KYD
HIGH
80,500
KYD

A person working in Accounting and Finance in Cayman Islands typically earns around 39,500 KYD per year. Salaries range from 16,200 KYD (lowest average) to 80,500 KYD (highest average, actual maximum salary is higher).

This is the average yearly 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 Examiner21,100 KYD
Account Executive36,100 KYD
Accountant26,100 KYD
Accounting Assistant21,300 KYD
Accounting Associate19,700 KYD
Accounting Clerk16,700 KYD
Accounting Coordinator25,300 KYD
Accounting Manager57,900 KYD
Accounting Supervisor36,900 KYD
Accounting Technician19,100 KYD
Accounts Executive34,700 KYD
Accounts Payable and Receivable Specialist26,700 KYD
Accounts Payable Clerk21,100 KYD
Accounts Payable Manager52,700 KYD
Accounts Receivable Clerk20,700 KYD
Accounts Receivable Manager50,800 KYD
Assistant Accounting Manager53,000 KYD
Assistant Auditor26,700 KYD
Audit Supervisor47,800 KYD
Auditing Clerk20,600 KYD
Auditing Manager57,900 KYD
Billing Coordinator23,900 KYD
Billing Specialist30,100 KYD
Billing Supervisor43,400 KYD
Bookkeeper17,600 KYD
Bookkeeping Specialist26,000 KYD
Budget Analyst47,800 KYD
Budget Manager53,900 KYD
Business Support Analyst30,100 KYD
Capital Markets Associate42,800 KYD
Cash Flow Analyst41,100 KYD
Cash Management Officer30,600 KYD
Cashbook Clerk18,500 KYD
Chartered Accountant35,400 KYD
Collections Clerk17,500 KYD
Collections Specialist28,300 KYD
Corporate Treasurer53,100 KYD
Cost Accountant26,400 KYD
Cost Accounting Manager51,900 KYD
Cost Analyst43,400 KYD
Credit and Collection Manager52,200 KYD
Credit and Collection Staff21,300 KYD
Credit and Loans Officer20,500 KYD
Credit Controller36,900 KYD
Debt Adviser45,200 KYD
Debt Collector22,900 KYD
Debtors Clerk19,200 KYD
Deputy CFO77,700 KYD
Derivative Trader45,900 KYD
Escrow Assistant24,800 KYD
External Auditor36,700 KYD
Finance Associate24,700 KYD
Finance Executive55,500 KYD
Finance Licensing Clerk20,500 KYD
Finance Licensing Manager51,000 KYD
Finance Licensing Specialist30,100 KYD
Finance Officer25,500 KYD
Finance President78,800 KYD
Finance Relationship Manager63,100 KYD
Finance Release Analyst30,600 KYD
Finance Team Leader 63,200 KYD
Financial Actuary42,500 KYD
Financial Administrator45,200 KYD
Financial Analyst48,200 KYD
Financial Applications Specialist34,800 KYD
Financial Assistant21,100 KYD
Financial Associate22,900 KYD
Financial Claims Analyst35,300 KYD
Financial Claims Manager48,600 KYD
Financial Commercial Analyst38,600 KYD
Financial Compliance Analyst42,200 KYD
Financial Consultant37,200 KYD
Financial Controller43,400 KYD
Financial Coordinator25,000 KYD
Financial Customer Service Manager50,800 KYD
Financial Dealer and Broker30,700 KYD
Financial Encoder22,700 KYD
Financial Manager73,300 KYD
Financial Operations Manager68,100 KYD
Financial Policy Analyst43,100 KYD
Financial Project Manager53,900 KYD
Financial Quantitative Analyst45,900 KYD
Financial Reporting Consultant38,600 KYD
Financial Reporting Manager53,100 KYD
Financial Services Sales Agent28,900 KYD
Fixed Assets Administrator27,800 KYD
Forensic Accountant31,800 KYD
Fraud Detection Supervisor32,200 KYD
Fraud Prevention Manager55,600 KYD
Fund Accountant27,100 KYD
Grants Coordinator20,300 KYD
Internal Auditor36,500 KYD
Internal Control Adviser41,100 KYD
Internal Control Officer23,700 KYD
Inventory Accountant27,800 KYD
Investment Analyst54,900 KYD
Investment Fund Manager58,300 KYD
Investment Underwriter23,200 KYD
Investor36,000 KYD
Investor Relations Manager52,800 KYD
KYC Team Leader53,700 KYD
Management Economist61,100 KYD
Paymaster21,600 KYD
Payroll Clerk23,700 KYD
Payroll Manager51,800 KYD
Pensions Administrator27,800 KYD
Pricing Analyst47,000 KYD
Private Equity Analyst47,400 KYD
Proposal Development Coordinator23,300 KYD
Receivables Accountant26,200 KYD
Regulatory Accountant29,200 KYD
Retirement Plan Analyst41,700 KYD
Revenue Management Specialist45,200 KYD
Revenue Recognition Analyst49,300 KYD
Risk Management Director68,100 KYD
Risk Management Supervisor52,700 KYD
Tax Accountant26,800 KYD
Tax Advisor42,500 KYD
Tax Associate22,700 KYD
Tax Manager56,700 KYD
Teller16,200 KYD
Treasury Accountant28,700 KYD
Treasury Analyst43,300 KYD
Underwriter18,300 KYD
Underwriting Assistant17,900 KYD
Vice President of Finance71,700 KYD

Accounting and Finance Jobs Salary Distribution in Cayman Islands

Median and salary distribution yearly Cayman Islands Accounting and Finance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Accounting and Finance salaries in Cayman Islands range from 16,200 KYD per year (minimum average salary) to 80,500 KYD per year (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 41,100 KYD per year, which means that half (50%) of people working in Accounting and Finance are earning less than 41,100 KYD while the other half are earning more than 41,100 KYD. 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 25,800 KYD while 75% of them are earning more than 25,800 KYD. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 63,200 KYD while 25% are earning more than 63,200 KYD.


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 Cayman Islands costs anywhere from 16,200 Cayman Islands Dollar(s) to 48,600 Cayman Islands Dollar(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 yearly Cayman Islands 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 Cayman Islands who work in Accounting and Finance earn 12% more than their female counterparts on average.

Female
38,200 KYD
Male+12%
42,800 KYD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Cayman Islands for all Careers

Salary comparison by gender yearly Cayman Islands
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Accounting and Finance Average Annual Salary Increment Percentage in Cayman Islands

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

Accounting and Finance

Accounting and Finance professionals in Cayman Islands are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Cayman Islands 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.

Cayman Islands / 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 Cayman Islands is 2%.

Annual Increment Rate By Industry 2019

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

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

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Cayman Islands 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.

38% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 62% 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
62%
No Bonus
38%

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 yearly Cayman Islands
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Where can you get paid more, working for a private company or for the government? Public sector employees in Cayman Islands earn 21% more than their private sector counterparts on average across all sectors.

Private Sector
35,400 KYD
Public Sector+21%
42,800 KYD
Percentage increase and decrease are relative to the previous value

Accounting and Finance Hourly Average Wage in Cayman Islands


19 KYD per hour

The average hourly wage (pay per hour) in Cayman Islands is 19 KYD. This means that the average person in Cayman Islands earns approximately 19 KYD 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 yearly Cayman Islands
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The average salary for Accounting and Finance is 2% more than that of All Jobs.

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