Accounting and Finance Average Salaries in Cyprus 2022
How much money does a person working in Accounting and Finance make in Cyprus?
LOW
900
EUR AVERAGE
2,230
EUR HIGH
4,470
EUR
A person working in Accounting and Finance in Cyprus typically earns around 2,230 EUR per month. Salaries range from 900 EUR (lowest average) to 4,470 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 | 1,170 EUR |
| Account Executive | 1,920 EUR |
| Accountant | 1,530 EUR |
| Accounting Assistant | 1,150 EUR |
| Accounting Associate | 1,090 EUR |
| Accounting Clerk | 910 EUR |
| Accounting Coordinator | 1,400 EUR |
| Accounting Manager | 3,220 EUR |
| Accounting Supervisor | 2,120 EUR |
| Accounting Technician | 1,080 EUR |
| Accounts Executive | 1,890 EUR |
| Accounts Payable and Receivable Specialist | 1,490 EUR |
| Accounts Payable Clerk | 1,080 EUR |
| Accounts Payable Manager | 3,030 EUR |
| Accounts Receivable Clerk | 1,090 EUR |
| Accounts Receivable Manager | 3,020 EUR |
| Assistant Accounting Manager | 2,820 EUR |
| Assistant Auditor | 1,500 EUR |
| Audit Supervisor | 2,780 EUR |
| Auditing Clerk | 1,200 EUR |
| Auditing Manager | 3,240 EUR |
| Billing Coordinator | 1,420 EUR |
| Billing Specialist | 1,640 EUR |
| Billing Supervisor | 2,310 EUR |
| Bookkeeper | 950 EUR |
| Bookkeeping Specialist | 1,480 EUR |
| Budget Analyst | 2,630 EUR |
| Budget Manager | 3,010 EUR |
| Business Support Analyst | 1,690 EUR |
| Capital Markets Associate | 2,320 EUR |
| Cash Flow Analyst | 2,330 EUR |
| Cash Management Officer | 1,790 EUR |
| Cashbook Clerk | 990 EUR |
| Chartered Accountant | 1,910 EUR |
| Collections Clerk | 930 EUR |
| Collections Specialist | 1,500 EUR |
| Corporate Treasurer | 2,810 EUR |
| Cost Accountant | 1,500 EUR |
| Cost Accounting Manager | 3,080 EUR |
| Cost Analyst | 2,370 EUR |
| Credit and Collection Manager | 2,920 EUR |
| Credit and Collection Staff | 1,120 EUR |
| Credit and Loans Officer | 1,130 EUR |
| Credit Controller | 2,030 EUR |
| Debt Adviser | 2,460 EUR |
| Debt Collector | 1,270 EUR |
| Debtors Clerk | 990 EUR |
| Deputy CFO | 4,050 EUR |
| Derivative Trader | 2,640 EUR |
| Escrow Assistant | 1,280 EUR |
| External Auditor | 2,090 EUR |
| Finance Associate | 1,370 EUR |
| Finance Executive | 3,170 EUR |
| Finance Licensing Clerk | 1,090 EUR |
| Finance Licensing Manager | 2,760 EUR |
| Finance Licensing Specialist | 1,650 EUR |
| Finance Officer | 1,380 EUR |
| Finance President | 4,620 EUR |
| Finance Relationship Manager | 3,440 EUR |
| Finance Release Analyst | 1,660 EUR |
| Finance Team Leader | 3,500 EUR |
| Financial Actuary | 2,380 EUR |
| Financial Administrator | 2,560 EUR |
| Financial Analyst | 2,660 EUR |
| Financial Applications Specialist | 1,800 EUR |
| Financial Assistant | 1,230 EUR |
| Financial Associate | 1,190 EUR |
| Financial Claims Analyst | 1,930 EUR |
| Financial Claims Manager | 2,700 EUR |
| Financial Commercial Analyst | 2,260 EUR |
| Financial Compliance Analyst | 2,460 EUR |
| Financial Consultant | 2,000 EUR |
| Financial Controller | 2,320 EUR |
| Financial Coordinator | 1,390 EUR |
| Financial Customer Service Manager | 2,630 EUR |
| Financial Dealer and Broker | 1,670 EUR |
| Financial Encoder | 1,280 EUR |
| Financial Manager | 4,400 EUR |
| Financial Operations Manager | 3,680 EUR |
| Financial Policy Analyst | 2,320 EUR |
| Financial Project Manager | 3,200 EUR |
| Financial Quantitative Analyst | 2,690 EUR |
| Financial Reporting Consultant | 2,220 EUR |
| Financial Reporting Manager | 2,860 EUR |
| Financial Services Sales Agent | 1,580 EUR |
| Fixed Assets Administrator | 1,500 EUR |
| Forensic Accountant | 1,740 EUR |
| Fraud Detection Supervisor | 1,870 EUR |
| Fraud Prevention Manager | 2,970 EUR |
| Fund Accountant | 1,470 EUR |
| Grants Coordinator | 1,130 EUR |
| Internal Auditor | 2,110 EUR |
| Internal Control Adviser | 2,390 EUR |
| Internal Control Officer | 1,270 EUR |
| Inventory Accountant | 1,500 EUR |
| Investment Analyst | 3,080 EUR |
| Investment Fund Manager | 3,330 EUR |
| Investment Underwriter | 1,340 EUR |
| Investor | 1,940 EUR |
| Investor Relations Manager | 2,890 EUR |
| KYC Team Leader | 2,890 EUR |
| Management Economist | 3,340 EUR |
| Paymaster | 1,260 EUR |
| Payroll Clerk | 1,350 EUR |
| Payroll Manager | 2,700 EUR |
| Pensions Administrator | 1,520 EUR |
| Pricing Analyst | 2,450 EUR |
| Private Equity Analyst | 2,560 EUR |
| Proposal Development Coordinator | 1,280 EUR |
| Receivables Accountant | 1,390 EUR |
| Regulatory Accountant | 1,610 EUR |
| Retirement Plan Analyst | 2,420 EUR |
| Revenue Management Specialist | 2,410 EUR |
| Revenue Recognition Analyst | 2,780 EUR |
| Risk Management Director | 3,480 EUR |
| Risk Management Supervisor | 3,030 EUR |
| Tax Accountant | 1,430 EUR |
| Tax Advisor | 2,290 EUR |
| Tax Associate | 1,230 EUR |
| Tax Manager | 2,990 EUR |
| Teller | 880 EUR |
| Treasury Accountant | 1,570 EUR |
| Treasury Analyst | 2,570 EUR |
| Underwriter | 1,090 EUR |
| Underwriting Assistant | 980 EUR |
| Vice President of Finance | 4,170 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 900 EUR per month (minimum average salary) to 4,470 EUR per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 2,360 EUR per month, which means that half (50%) of people working in Accounting and Finance are earning less than 2,360 EUR while the other half are earning more than 2,360 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 1,470 EUR while 75% of them are earning more than 1,470 EUR. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 3,620 EUR while 25% are earning more than 3,620 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 10,800 Euro(s) to 32,500 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 in Cyprus who work in Accounting and Finance earn 6% more than their female counterparts on average.
| Male | 2,300 EUR | |
| Female | -6% | 2,160 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 2021
| 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 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.
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?
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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.
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.
Accounting and Finance Hourly Average Wage in Cyprus
13 EUR per hourThe average hourly wage (pay per hour) in Cyprus is 13 EUR. This means that the average person in Cyprus earns approximately 13 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% more than that of All Jobs.
Salary Comparison By City
| City | Average Salary |
| Larnaka | 1,960 EUR |
| Limassol | 2,320 EUR |
| Nicosia | 2,150 EUR |
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 on average across all sectors.
| Private Sector | 1,950 EUR | |
| Public Sector | +18% | 2,290 EUR |
