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Budget Analyst Average Salary in Cyprus 2024

How much money does a person working as Budget Analyst make in Cyprus?


Average Monthly Salary
2,630 EUR
( 31,500 EUR yearly)

LOW
1,340
EUR
AVERAGE
2,630
EUR
HIGH
4,050
EUR
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working as Budget Analyst in Cyprus typically earns around 2,630 EUR. Salaries range from 1,340 EUR (lowest) to 4,050 EUR (highest).


Salary Variance

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



Budget Analyst Pay Scale and Salaries in Cyprus

Median and salary distribution Cyprus Budget Analyst monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
2,400 EUR or more
10% of people earn
2,130 to 2,400 EUR
20% of people earn
1,540 EUR or less
65% of people earn
1,540 to 2,130 EUR
Minimum Salary
1,340 EUR
Median
2,410 EUR
Maximum
4,050 EUR




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries for the position Budget Analyst in Cyprus range from 1,340 EUR (starting salary) to 4,050 EUR (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.

  • Median Salary

    With a median salary of 2,410 EUR, half of the professionals who work as Budget Analyst in Cyprus earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.

  • Percentiles and Salary Scale

    The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Budget Analyst in Cyprus earn less than 1,990 EUR, while 75% earn more. Similarly, the chart shows that 75% earn less than 2,740 EUR while 25% earn more.

  • Pay Scale Structure

    To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Budget Analyst in Cyprus compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 1,540 EUR to 2,130 EUR. About 20% of salaries are below the 1,540 EUR mark, while 10% fall within the range of 2,130 EUR to 2,400 EUR. Only 5% of individuals have salaries exceeding 2,400 EUR.

Salary Comparison by Years of Experience / Budget Analyst / Cyprus

How do experience and age affect pay?

0 - 2 Years
1,500 EUR
2 - 5 Years+31%
1,960 EUR
5 - 10 Years+40%
2,750 EUR
10 - 15 Years+20%
3,300 EUR
15 - 20 Years+9%
3,590 EUR
20+ Years+8%
3,870 EUR
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Cyprus Budget 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 the wage. We broke down salaries by experience level for people working as Budget Analyst and this is what we found.


All salary figures displayed here are per month except when noted otherwise.

Employees with less than two years of experience earn approximately 1,500 EUR.

While someone with an experience level between two and five years is expected to earn 1,960 EUR, 31% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 2,750 EUR, 40% more than someone with two to five years of experience.

Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 3,300 EUR, 20% 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 3,590 EUR, 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 3,870 EUR, 8% more than people with fifteen to twenty 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.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Salary Comparison By Education / Budget Analyst / Cyprus

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Budget Analyst.

High School
1,800 EUR
Certificate or Diploma+15%
2,070 EUR
Bachelor's Degree+41%
2,910 EUR
Master's Degree+29%
3,750 EUR
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Cyprus Budget 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 salaries by education level for the position Budget Analyst in order to make a comparison.


Level 1: High School

Employees at this education level have an average salary of 1,800 EUR.


Level 2: Certificate or Diploma

At this level, the average salary becomes 2,070 EUR, 15% more than the previous level.


Level 3: Bachelor's Degree

At this level, the average salary becomes 2,910 EUR, 41% more than the previous level.


Level 4: Master's Degree

At this level, the average salary becomes 3,750 EUR, 29% more than the previous level.



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 Cyprus costs anywhere from 10,900 EUR to 32,600 EUR 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 to a higher-paying job. The numbers seem to support the theory. 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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Salary and Compensation Comparison By Gender / Budget Analyst / Cyprus

Salary comparison by gender Cyprus Budget Analyst monthly
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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? For the people who work as Budget Analyst in Cyprus, the average difference between the salary of male and female employees is 7%.

Male
2,720 EUR
Female-7%
2,540 EUR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Cyprus for all Careers

Salary comparison by gender monthly Cyprus
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Average Annual Salary Increment Percentage / Budget Analyst / Cyprus

How much are annual salary increments in Cyprus for individuals working as Budget Analyst? How often do employees get salary raises?

Individuals working as Budget Analyst in Cyprus are likely to observe a salary increase of approximately 8% every 28 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Cyprus Budget 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.

Cyprus / All Professions

Annual Salary Increment Rate Cyprus
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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 Cyprus is 2%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.



Bonus and Incentive Rates / Budget Analyst / Cyprus

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Cyprus Budget Analyst
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38% of surveyed staff 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 6% to 8% 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.

Average Hourly Wage / Budget Analyst / Cyprus


15 EUR per hour

The average hourly wage (pay per hour) for individuals working as Budget Analyst in Cyprus is 15 EUR.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working as Budget Analyst in Cyprus is 8 EUR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary comparison with similar jobs

Job TitleAverage Salary
Accounting and Finance-100%
Account Examiner1,170 EUR-55%
Account Executive1,920 EUR-27%
Accountant1,530 EUR-42%
Accounting Analyst1,930 EUR-27%
Accounting Assistant1,150 EUR-56%
Accounting Associate1,100 EUR-58%
Accounting Clerk910 EUR-65%
Accounting Coordinator1,400 EUR-47%
Accounting Head3,050 EUR+16%
Accounting Manager3,220 EUR+23%
Accounting Officer1,120 EUR-57%
Accounting Specialist1,950 EUR-26%
Accounting Supervisor2,120 EUR-19%
Accounting Technician1,080 EUR-59%
Accounting Unit Controller2,520 EUR-4%
Accounts Executive1,890 EUR-28%
Accounts Officer1,200 EUR-54%
Accounts Payable and Receivable Specialist1,490 EUR-43%
Accounts Payable Assistant1,200 EUR-54%
Accounts Payable Associate1,320 EUR-50%
Accounts Payable Clerk1,080 EUR-59%
Accounts Payable Manager3,030 EUR+15%
Accounts Receivable Administrator2,150 EUR-18%
Accounts Receivable Clerk1,090 EUR-59%
Accounts Receivable Financial Analyst2,150 EUR-18%
Accounts Receivable Manager3,020 EUR+15%
Accounts Receivable Team Leader2,150 EUR-18%
Algorithmic Trading Specialist2,580 EUR-2%
Assistant Accountant1,170 EUR-55%
Assistant Accounting Manager2,820 EUR+7%
Assistant Auditor1,500 EUR-43%
Assistant Corporate Controller2,080 EUR-21%
Assistant Finance Manager3,260 EUR+24%
Assistant Financial Controller1,960 EUR-25%
Audit Director3,300 EUR+26%
Audit Supervisor2,780 EUR+6%
Auditing Clerk1,200 EUR-54%
Auditing Manager3,240 EUR+23%
Billing Clerk1,120 EUR-57%
Billing Coordinator1,420 EUR-46%
Billing Specialist1,640 EUR-38%
Billing Supervisor2,310 EUR-12%
Bookkeeper950 EUR-64%
Bookkeeping Specialist1,480 EUR-44%
Budget Analyst2,630 EUR+0%
Budget Manager3,010 EUR+15%
Business Support Analyst1,690 EUR-36%
Capital Markets Associate2,320 EUR-12%
Cash Flow Analyst2,330 EUR-11%
Cash Management Manager2,920 EUR+11%
Cash Management Officer1,790 EUR-32%
Cashbook Clerk990 EUR-62%
Chartered Accountant1,910 EUR-27%
Chief Accountant2,320 EUR-12%
Chief Financial Technology Officer3,110 EUR+18%
Collections Clerk930 EUR-65%
Collections Representative1,320 EUR-50%
Collections Specialist1,500 EUR-43%
Corporate Controller2,420 EUR-8%
Corporate Treasurer2,810 EUR+7%
Cost Accountant1,510 EUR-43%
Cost Accounting Manager3,080 EUR+17%
Cost Accounting Supervisor2,510 EUR-4%
Cost Analyst2,370 EUR-10%
Credit and Collection Manager2,920 EUR+11%
Credit and Collection Staff1,120 EUR-57%
Credit and Loans Officer1,130 EUR-57%
Credit Controller2,030 EUR-23%
Credit Manager3,130 EUR+19%
Debt Adviser2,460 EUR-6%
Debt Collector1,270 EUR-52%
Debtors Clerk990 EUR-62%
Debtors Controller1,120 EUR-57%
Deputy CFO4,050 EUR+54%
Deputy Head of Finance4,100 EUR+56%
Derivative Trader2,640 EUR+0%
Director of Finance4,530 EUR+72%
E-commerce Accountant1,560 EUR-41%
Economist3,400 EUR+29%
Equity Analyst2,800 EUR+7%
Escrow Assistant1,280 EUR-51%
Executive Accountant1,630 EUR-38%
External Auditor2,090 EUR-20%
Finance Administrator1,740 EUR-34%
Finance Analyst2,690 EUR+2%
Finance Associate1,370 EUR-48%
Finance Data Analyst2,370 EUR-10%
Finance Director4,440 EUR+69%
Finance Executive3,170 EUR+21%
Finance Licensing Clerk1,090 EUR-59%
Finance Licensing Manager2,760 EUR+5%
Finance Licensing Specialist1,660 EUR-37%
Finance Manager4,030 EUR+53%
Finance Officer1,380 EUR-47%
Finance President4,620 EUR+76%
Finance Relationship Manager3,440 EUR+31%
Finance Release Analyst1,660 EUR-37%
Finance Specialist2,520 EUR-4%
Finance Team Leader 3,500 EUR+33%
Financial Accountant1,500 EUR-43%
Financial Actuary2,380 EUR-9%
Financial Administrator2,560 EUR-3%
Financial Advisor2,640 EUR+0%
Financial Analyst2,660 EUR+1%
Financial Applications Specialist1,800 EUR-32%
Financial Assistant1,230 EUR-53%
Financial Associate1,190 EUR-55%
Financial Claims Analyst1,930 EUR-27%
Financial Claims Manager2,700 EUR+3%
Financial Claims Supervisor2,400 EUR-9%
Financial Clerk1,130 EUR-57%
Financial Commercial Analyst2,260 EUR-14%
Financial Compliance Analyst2,460 EUR-6%
Financial Compliance Officer2,460 EUR-6%
Financial Consultant2,000 EUR-24%
Financial Controller2,390 EUR-9%
Financial Coordinator1,390 EUR-47%
Financial Customer Service Manager2,630 EUR+0%
Financial Data Scientist2,760 EUR+5%
Financial Dealer and Broker1,670 EUR-36%
Financial Director4,320 EUR+64%
Financial Encoder1,280 EUR-51%
Financial Manager4,010 EUR+53%
Financial Modelling Analyst2,820 EUR+7%
Financial Operations Manager3,680 EUR+40%
Financial Policy Analyst2,320 EUR-12%
Financial Project Manager3,200 EUR+22%
Financial Quantitative Analyst2,690 EUR+2%
Financial Reporting Consultant2,220 EUR-16%
Financial Reporting Manager2,860 EUR+9%
Financial Section Head2,980 EUR+13%
Financial Services Manager3,830 EUR+46%
Financial Services Sales Agent1,580 EUR-40%
Financial Technology Consultant2,360 EUR-10%
Financial Wellness Coach2,950 EUR+12%
FinTech Analyst2,620 EUR-0%
Fixed Assets Administrator1,500 EUR-43%
Forensic Accountant1,740 EUR-34%
Fraud Detection Supervisor1,880 EUR-28%
Fraud Prevention Manager2,970 EUR+13%
Fund Accountant1,470 EUR-44%
Grants Coordinator1,130 EUR-57%
Green Finance Analyst2,210 EUR-16%
Group Financial Manager4,310 EUR+64%
Internal Auditor2,110 EUR-20%
Internal Control Adviser2,390 EUR-9%
Internal Control Officer1,270 EUR-52%
International Tax Director3,610 EUR+37%
Inventory Accountant1,500 EUR-43%
Investment Advisor3,940 EUR+50%
Investment Analyst3,080 EUR+17%
Investment Associate2,610 EUR-1%
Investment Broker2,500 EUR-5%
Investment Fund Manager3,330 EUR+27%
Investment Operations Manager3,520 EUR+34%
Investment Underwriter1,340 EUR-49%
Investor1,940 EUR-26%
Investor Relations Manager2,890 EUR+10%
KYC Team Leader2,900 EUR+10%
Loan Processor1,290 EUR-51%
Management Accountant1,740 EUR-34%
Management Economist3,340 EUR+27%
Paymaster1,260 EUR-52%
Payroll Administrator1,920 EUR-27%
Payroll Benefits Coordinator1,670 EUR-36%
Payroll Billing Manager2,650 EUR+1%
Payroll Clerk1,350 EUR-49%
Payroll Manager2,700 EUR+3%
Payroll Officer1,340 EUR-49%
Payroll Specialist1,530 EUR-42%
Payroll Supervisor1,990 EUR-24%
Pensions Administrator1,520 EUR-42%
Personal Financial Advisor2,330 EUR-11%
Pricing Analyst2,450 EUR-7%
Private Equity Analyst2,560 EUR-3%
Project Accountant1,590 EUR-39%
Proposal Development Coordinator1,280 EUR-51%
Quantitative Trader2,100 EUR-20%
Receivables Accountant1,400 EUR-47%
Regulatory Accountant1,610 EUR-39%
Retirement Plan Analyst2,420 EUR-8%
Revenue Management Specialist2,410 EUR-8%
Revenue Recognition Analyst2,780 EUR+6%
Risk Management Director3,480 EUR+32%
Risk Management Supervisor3,030 EUR+15%
Staff Accountant1,490 EUR-43%
Tax Accountant1,430 EUR-46%
Tax Administrator1,690 EUR-36%
Tax Advisor2,290 EUR-13%
Tax Analyst2,190 EUR-17%
Tax Associate1,230 EUR-53%
Tax Consultant2,410 EUR-8%
Tax Director3,360 EUR+28%
Tax Examiner1,640 EUR-38%
Tax Manager2,990 EUR+14%
Tax Research Manager3,160 EUR+20%
Teller880 EUR-67%
Treasury Accountant1,570 EUR-40%
Treasury Analyst2,570 EUR-2%
Underwriter1,090 EUR-59%
Underwriting Assistant980 EUR-63%
Vice President of Finance4,170 EUR+59%

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Cyprus is 18% on average across all career fields.

Private Sector
1,950 EUR
Public Sector+18%
2,300 EUR
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for the job title Budget Analyst in Cyprus?

A good and competitive compensation would range anywhere between 2,410 EUR and 2,740 EUR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for a careers like Budget Analyst in Cyprus ranges from 1,340 EUR to 1,990 EUR. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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


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