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Financial Analyst Average Salary in Colombia 2020

How much money does a Financial Analyst make in Colombia?


Average Monthly Salary
5,720,000 COP
( 68,600,000 COP yearly)

LOW
3,090,000
COP
AVERAGE
5,720,000
COP
HIGH
8,630,000
COP

A person working as a Financial Analyst in Colombia typically earns around 5,720,000 COP per month. Salaries range from 3,090,000 COP (lowest) to 8,630,000 COP (highest).

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

Financial Analyst Salary Distribution in Colombia

Median and salary distribution monthly Colombia Financial Analyst
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The median, the maximum, the minimum, and the range

  • Salary Range

    Financial Analyst salaries in Colombia range from 3,090,000 COP per month (minimum salary) to 8,630,000 COP per month (maximum salary).

  • Median Salary

    The median salary is 5,260,000 COP per month, which means that half (50%) of people working as Financial Analyst(s) are earning less than 5,260,000 COP while the other half are earning more than 5,260,000 COP. 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 Analyst(s) are earning less than 3,760,000 COP while 75% of them are earning more than 3,760,000 COP. Also from the diagram, 75% of Financial Analyst(s) are earning less than 6,390,000 COP while 25% are earning more than 6,390,000 COP.


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 Analyst Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Colombia Financial Analyst
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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 Analyst salaries by experience level and this is what we found.

A Financial Analyst with less than two years of experience makes approximately 3,590,000 COP per month.

While someone with an experience level between two and five years is expected to earn 4,530,000 COP per month, 26% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 5,970,000 COP per month, 32% 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 Analyst(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 7,030,000 COP per month, 18% 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 7,770,000 COP per month, 11% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 8,270,000 COP per month, 6% more than people with fifteen to twenty years of experience.


Financial Analyst average salary change by experience in Colombia

0 - 2 Years
3,590,000 COP
2 - 5 Years+26%
4,530,000 COP
5 - 10 Years+32%
5,970,000 COP
10 - 15 Years+18%
7,030,000 COP
15 - 20 Years+11%
7,770,000 COP
20+ Years+6%
8,270,000 COP
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 Analyst Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Colombia Financial Analyst
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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 Analyst salaries by education level in order to make a comparison.

When the education level is High School, the average salary of a Financial Analyst is 4,360,000 COP per month.

While someone with a Certificate or Diploma gets a salary of 4,920,000 COP per month, 13% more than someone having a High School degree.

A Bachelor's Degree gets its holder an average salary of 6,470,000 COP per month, 32% more than someone with a Certificate or Diploma.

Professionals who hold a Master's Degree are rewarded with an average salary of 8,020,000 COP per month, 24% more than someone with Bachelor's Degree.


Financial Analyst average salary difference by education level in Colombia

High School
4,360,000 COP
Certificate or Diploma+13%
4,920,000 COP
Bachelor's Degree+32%
6,470,000 COP
Master's Degree+24%
8,020,000 COP
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 Colombia costs anywhere from 23,500,000 Colombian Peso(s) to 70,400,000 Colombian Peso(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 Analyst Salary Comparison By Gender

Salary comparison by gender monthly Colombia Financial Analyst
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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 Analyst employees in Colombia earn 11% more than their female counterparts on average.

Female
5,370,000 COP
Male+11%
5,950,000 COP
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Colombia for all Careers

Salary comparison by gender monthly Colombia
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Financial Analyst Average Annual Salary Increment Percentage in Colombia

How much are annual salary increments in Colombia for Financial Analyst(s)? How often do employees get salary raises?

Financial Analyst

Financial Analyst(s) in Colombia are likely to observe a salary increase of approximately 10% every 19 months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.

Annual Salary Increment Rate Colombia Financial Analyst
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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.

Colombia / 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 Colombia is 4%.

Annual Increment Rate By Industry 2019

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 Colombia 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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Financial Analyst Bonus and Incentive Rates in Colombia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Colombia Financial Analyst
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A Financial Analyst 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.

51% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 49% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 4% to 5% of their annual salary.

Received Bonus
49%
No Bonus
51%

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 monthly Colombia
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Where can you get paid more, working for a private company or for the government? Public sector employees in Colombia earn 11% more than their private sector counterparts on average across all sectors.

Private Sector
4,400,000 COP
Public Sector+11%
4,880,000 COP
Percentage increase and decrease are relative to the previous value

Financial Analyst Average Hourly Wage in Colombia


33,000 COP per hour

The average hourly wage (pay per hour) in Colombia is 33,000 COP. This means that the average Financial Analyst in Colombia earns approximately 33,000 COP 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 Analyst VS Other Jobs

Salary Comparison Between Financial Analyst and Accounting and Finance monthly Colombia
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The average salary for Financial Analyst is 20% more than that of Accounting and Finance. Also, Accounting and Finance salaries are 2% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner2,340,000 COP-59%
Account Executive4,200,000 COP-27%
Accountant3,080,000 COP-46%
Accounting Assistant2,530,000 COP-56%
Accounting Associate2,310,000 COP-60%
Accounting Clerk2,000,000 COP-65%
Accounting Coordinator2,800,000 COP-51%
Accounting Manager6,980,000 COP+22%
Accounting Supervisor4,400,000 COP-23%
Accounting Technician2,340,000 COP-59%
Accounts Executive4,230,000 COP-26%
Accounts Payable and Receivable Specialist3,490,000 COP-39%
Accounts Payable Clerk2,560,000 COP-55%
Accounts Payable Manager6,450,000 COP+13%
Accounts Receivable Clerk2,540,000 COP-56%
Accounts Receivable Manager6,310,000 COP+10%
Assistant Accounting Manager6,310,000 COP+10%
Assistant Auditor3,210,000 COP-44%
Audit Supervisor6,140,000 COP+7%
Auditing Clerk2,640,000 COP-54%
Auditing Manager6,910,000 COP+21%
Billing Coordinator3,040,000 COP-47%
Billing Specialist3,460,000 COP-39%
Billing Supervisor5,290,000 COP-7%
Bookkeeper2,160,000 COP-62%
Bookkeeping Specialist3,190,000 COP-44%
Budget Analyst5,910,000 COP+3%
Budget Manager6,720,000 COP+18%
Business Support Analyst3,620,000 COP-37%
Capital Markets Associate4,790,000 COP-16%
Cash Flow Analyst5,150,000 COP-10%
Cash Management Officer3,900,000 COP-32%
Cashbook Clerk2,330,000 COP-59%
Chartered Accountant4,110,000 COP-28%
Collections Clerk1,980,000 COP-65%
Collections Specialist3,400,000 COP-41%
Corporate Treasurer6,380,000 COP+12%
Cost Accountant3,420,000 COP-40%
Cost Accounting Manager6,280,000 COP+10%
Cost Analyst5,290,000 COP-7%
Credit and Collection Manager6,510,000 COP+14%
Credit and Collection Staff2,620,000 COP-54%
Credit and Loans Officer2,270,000 COP-60%
Credit Controller4,600,000 COP-20%
Debt Adviser5,630,000 COP-2%
Debt Collector2,600,000 COP-55%
Debtors Clerk2,330,000 COP-59%
Deputy CFO8,890,000 COP+55%
Derivative Trader5,480,000 COP-4%
Escrow Assistant3,080,000 COP-46%
External Auditor4,410,000 COP-23%
Finance Associate2,950,000 COP-48%
Finance Executive6,690,000 COP+17%
Finance Licensing Clerk2,440,000 COP-57%
Finance Licensing Manager6,120,000 COP+7%
Finance Licensing Specialist3,630,000 COP-37%
Finance Officer3,060,000 COP-46%
Finance President9,550,000 COP+67%
Finance Relationship Manager7,300,000 COP+28%
Finance Release Analyst3,760,000 COP-34%
Finance Team Leader 7,010,000 COP+23%
Financial Actuary4,830,000 COP-16%
Financial Administrator5,390,000 COP-6%
Financial Analyst5,720,000 COP+0%
Financial Applications Specialist4,020,000 COP-30%
Financial Assistant2,710,000 COP-53%
Financial Associate2,550,000 COP-55%
Financial Claims Analyst4,560,000 COP-20%
Financial Claims Manager5,720,000 COP+0%
Financial Commercial Analyst4,550,000 COP-20%
Financial Compliance Analyst5,430,000 COP-5%
Financial Consultant4,310,000 COP-25%
Financial Controller5,080,000 COP-11%
Financial Coordinator3,170,000 COP-45%
Financial Customer Service Manager6,310,000 COP+10%
Financial Dealer and Broker3,620,000 COP-37%
Financial Encoder2,870,000 COP-50%
Financial Manager8,780,000 COP+54%
Financial Operations Manager8,790,000 COP+54%
Financial Policy Analyst4,870,000 COP-15%
Financial Project Manager6,520,000 COP+14%
Financial Quantitative Analyst5,700,000 COP-0%
Financial Reporting Consultant4,840,000 COP-15%
Financial Reporting Manager6,000,000 COP+5%
Financial Services Sales Agent3,640,000 COP-36%
Fixed Assets Administrator3,590,000 COP-37%
Forensic Accountant3,680,000 COP-36%
Fraud Detection Supervisor4,040,000 COP-29%
Fraud Prevention Manager7,000,000 COP+22%
Fund Accountant3,120,000 COP-45%
Grants Coordinator2,380,000 COP-58%
Internal Auditor4,420,000 COP-23%
Internal Control Adviser5,150,000 COP-10%
Internal Control Officer2,990,000 COP-48%
Inventory Accountant3,330,000 COP-42%
Investment Analyst6,400,000 COP+12%
Investment Fund Manager7,390,000 COP+29%
Investment Underwriter2,670,000 COP-53%
Investor4,070,000 COP-29%
Investor Relations Manager6,650,000 COP+16%
KYC Team Leader6,390,000 COP+12%
Management Economist7,700,000 COP+35%
Paymaster2,540,000 COP-56%
Payroll Clerk2,900,000 COP-49%
Payroll Manager5,770,000 COP+1%
Pensions Administrator3,500,000 COP-39%
Pricing Analyst5,240,000 COP-8%
Private Equity Analyst5,970,000 COP+4%
Proposal Development Coordinator2,940,000 COP-49%
Receivables Accountant3,120,000 COP-45%
Regulatory Accountant3,460,000 COP-39%
Retirement Plan Analyst5,220,000 COP-9%
Revenue Management Specialist5,690,000 COP-0%
Revenue Recognition Analyst5,790,000 COP+1%
Risk Management Director7,860,000 COP+37%
Risk Management Supervisor6,780,000 COP+19%
Tax Accountant3,270,000 COP-43%
Tax Advisor4,930,000 COP-14%
Tax Associate2,790,000 COP-51%
Tax Manager6,640,000 COP+16%
Teller1,920,000 COP-66%
Treasury Accountant3,440,000 COP-40%
Treasury Analyst5,380,000 COP-6%
Underwriter2,220,000 COP-61%
Underwriting Assistant2,190,000 COP-62%
Vice President of Finance8,980,000 COP+57%

Salary Comparison By City

CityAverage Salary
Barranquilla6,100,000 COP
Bello6,130,000 COP
Bogota6,620,000 COP
Bucaramanga6,000,000 COP
Buenaventura5,780,000 COP
Cartagena6,130,000 COP
Cucuta6,160,000 COP
Ibague6,360,000 COP
Manizales5,480,000 COP
Medellin6,640,000 COP
Monteria5,550,000 COP
Neiva5,350,000 COP
Pereira5,780,000 COP
Santa Marta6,040,000 COP
Soacha6,240,000 COP
Soledad6,200,000 COP
Valledupar6,090,000 COP
Villavicencio6,050,000 COP
280000 - 1

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