Accounting and Finance Average Salaries in Cyprus 2020
How much money does a person working in Accounting and Finance make in Cyprus?
LOW
1,520
EUR AVERAGE
3,320
EUR HIGH
7,050
EUR
A person working in Accounting and Finance in Cyprus typically earns around 3,320 EUR per month. Salaries range from 1,520 EUR (lowest average) to 7,050 EUR (highest average, actual maximum salary is higher).
This is the average monthly 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 Title | Average Salary |
| Account Examiner | 2,140 EUR |
| Account Executive | 3,190 EUR |
| Accountant | 2,350 EUR |
| Accounting Assistant | 2,170 EUR |
| Accounting Associate | 2,280 EUR |
| Accounting Clerk | 1,670 EUR |
| Accounting Coordinator | 1,920 EUR |
| Accounting Manager | 4,430 EUR |
| Accounting Supervisor | 3,200 EUR |
| Accounting Technician | 2,110 EUR |
| Accounts Executive | 2,810 EUR |
| Accounts Payable and Receivable Specialist | 2,560 EUR |
| Accounts Payable Clerk | 1,660 EUR |
| Accounts Payable Manager | 3,550 EUR |
| Accounts Receivable Clerk | 1,800 EUR |
| Accounts Receivable Manager | 3,800 EUR |
| Assistant Accounting Manager | 2,860 EUR |
| Assistant Auditor | 2,470 EUR |
| Audit Supervisor | 4,450 EUR |
| Auditing Clerk | 2,250 EUR |
| Auditing Manager | 4,770 EUR |
| Billing Coordinator | 2,810 EUR |
| Billing Specialist | 2,660 EUR |
| Billing Supervisor | 3,190 EUR |
| Bookkeeper | 1,690 EUR |
| Bookkeeping Specialist | 2,410 EUR |
| Budget Analyst | 2,770 EUR |
| Budget Manager | 3,870 EUR |
| Business Support Analyst | 3,010 EUR |
| Capital Markets Associate | 3,560 EUR |
| Cash Flow Analyst | 3,440 EUR |
| Cash Management Officer | 3,270 EUR |
| Cashbook Clerk | 2,030 EUR |
| Chartered Accountant | 2,880 EUR |
| Collections Clerk | 1,720 EUR |
| Collections Specialist | 2,170 EUR |
| Corporate Treasurer | 5,720 EUR |
| Cost Accountant | 2,700 EUR |
| Cost Accounting Manager | 3,670 EUR |
| Cost Analyst | 3,310 EUR |
| Credit and Collection Manager | 3,740 EUR |
| Credit and Collection Staff | 1,840 EUR |
| Credit and Loans Officer | 1,970 EUR |
| Credit Controller | 3,120 EUR |
| Debt Adviser | 4,050 EUR |
| Debt Collector | 3,020 EUR |
| Debtors Clerk | 2,320 EUR |
| Deputy CFO | 5,690 EUR |
| Derivative Trader | 4,740 EUR |
| Escrow Assistant | 2,560 EUR |
| External Auditor | 3,360 EUR |
| Finance Associate | 2,670 EUR |
| Finance Executive | 5,400 EUR |
| Finance Licensing Clerk | 2,100 EUR |
| Finance Licensing Manager | 3,220 EUR |
| Finance Licensing Specialist | 2,680 EUR |
| Finance Officer | 3,620 EUR |
| Finance President | 6,970 EUR |
| Finance Relationship Manager | 4,550 EUR |
| Finance Release Analyst | 2,970 EUR |
| Finance Team Leader | 3,720 EUR |
| Financial Actuary | 3,430 EUR |
| Financial Administrator | 2,930 EUR |
| Financial Analyst | 3,410 EUR |
| Financial Applications Specialist | 2,160 EUR |
| Financial Assistant | 2,080 EUR |
| Financial Associate | 2,430 EUR |
| Financial Claims Analyst | 2,990 EUR |
| Financial Claims Manager | 3,590 EUR |
| Financial Commercial Analyst | 3,010 EUR |
| Financial Compliance Analyst | 3,430 EUR |
| Financial Consultant | 3,130 EUR |
| Financial Controller | 3,040 EUR |
| Financial Coordinator | 2,870 EUR |
| Financial Customer Service Manager | 3,800 EUR |
| Financial Dealer and Broker | 3,040 EUR |
| Financial Encoder | 1,880 EUR |
| Financial Manager | 6,460 EUR |
| Financial Operations Manager | 4,580 EUR |
| Financial Policy Analyst | 3,290 EUR |
| Financial Project Manager | 3,280 EUR |
| Financial Quantitative Analyst | 3,790 EUR |
| Financial Reporting Consultant | 3,330 EUR |
| Financial Reporting Manager | 4,000 EUR |
| Financial Services Sales Agent | 2,870 EUR |
| Fixed Assets Administrator | 2,570 EUR |
| Forensic Accountant | 2,570 EUR |
| Fraud Detection Supervisor | 3,140 EUR |
| Fraud Prevention Manager | 4,580 EUR |
| Fund Accountant | 2,490 EUR |
| Grants Coordinator | 2,150 EUR |
| Internal Auditor | 3,600 EUR |
| Internal Control Adviser | 3,520 EUR |
| Internal Control Officer | 2,840 EUR |
| Inventory Accountant | 5,020 EUR |
| Investment Analyst | 4,430 EUR |
| Investment Fund Manager | 4,440 EUR |
| Investment Underwriter | 2,110 EUR |
| Investor | 3,130 EUR |
| Investor Relations Manager | 3,990 EUR |
| KYC Team Leader | 3,960 EUR |
| Management Economist | 3,550 EUR |
| Paymaster | 2,610 EUR |
| Payroll Clerk | 2,020 EUR |
| Payroll Manager | 3,300 EUR |
| Pensions Administrator | 2,470 EUR |
| Pricing Analyst | 3,580 EUR |
| Private Equity Analyst | 3,540 EUR |
| Proposal Development Coordinator | 2,430 EUR |
| Receivables Accountant | 2,230 EUR |
| Regulatory Accountant | 2,540 EUR |
| Retirement Plan Analyst | 3,430 EUR |
| Revenue Management Specialist | 2,760 EUR |
| Revenue Recognition Analyst | 4,270 EUR |
| Risk Management Director | 5,050 EUR |
| Risk Management Supervisor | 4,100 EUR |
| Tax Accountant | 2,400 EUR |
| Tax Advisor | 3,250 EUR |
| Tax Associate | 2,450 EUR |
| Tax Manager | 4,700 EUR |
| Teller | 1,490 EUR |
| Treasury Accountant | 2,550 EUR |
| Treasury Analyst | 3,630 EUR |
| Underwriter | 2,030 EUR |
| Underwriting Assistant | 1,780 EUR |
| Vice President of Finance | 4,830 EUR |
Accounting and Finance Jobs Salary Distribution in Cyprus
The median, the maximum, the minimum, and the range
Salary Range
Accounting and Finance salaries in Cyprus range from 1,520 EUR per month (minimum average salary) to 7,050 EUR per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 3,520 EUR per month, which means that half (50%) of people working in Accounting and Finance are earning less than 3,520 EUR while the other half are earning more than 3,520 EUR. 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 2,270 EUR while 75% of them are earning more than 2,270 EUR. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 5,600 EUR while 25% are earning more than 5,600 EUR.
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?
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.
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.
Salary Comparison By Education
How does the education level affect your salary?
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.
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 Cyprus costs anywhere from 17,200 Euro(s) to 51,500 Euro(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
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees earn 8% more than their female counterparts.
| Female | 3,200 EUR | |
| Male | +8% | 3,460 EUR |
Salary Comparison By Gender in Cyprus for all Careers
Accounting and Finance Average Annual Salary Increment Percentage in Cyprus
How much are annual salary increments in Cyprus for Accounting and Finance professionals? How often do employees get salary raises?
Accounting and Finance
Accounting and Finance professionals in Cyprus 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.
Cyprus / 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
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 Cyprus 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
Accounting and Finance Bonus and Incentive Rates in Cyprus
How much and how often are bonuses being awarded?
Share This Chart Tweet Get Chart Linkhttp://www.salaryexplorer.com/charts/cyprus/accounting-and-finance/annual-salary-bonus-rate-cyprus-accounting-and-finance.jpg
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.
37% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 63% 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 | 63% | |
| No Bonus | 37% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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
Where can you get paid more, working for a private company or for the government? Public sector employees in Cyprus earn 18% more than their private sector counterparts.
| Private Sector | 3,090 EUR | |
| Public Sector | +18% | 3,640 EUR |
Accounting and Finance Salary Forecast and Trend in Cyprus
How do Accounting and Finance salaries change over time? Listed below is a chart that shows the average salary in recent years.
| Average Salary 2016 | 2,920 EUR | |
| Average Salary 2017 | +4% | 3,030 EUR |
| Average Salary 2018 | +3% | 3,140 EUR |
| Average Salary 2019 | +3% | 3,230 EUR |
Accounting and Finance salaries in Cyprus are rising in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 3% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.
Accounting and Finance Hourly Average Wage in Cyprus
19 EUR per hourThe average hourly wage (pay per hour) in Cyprus is 19 EUR. This means that the average person in Cyprus earns approximately 19 EUR for every worked hour.
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
The average salary for Accounting and Finance is 3% less than that of All Jobs.
Salary Comparison By City
| City | Average Salary |
| Larnaka | 2,920 EUR |
| Limassol | 3,450 EUR |
| Nicosia | 3,200 EUR |
