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Accounting and Finance Average Salaries in Cyprus 2020

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


Average Monthly Salary
3,320 EUR
( 39,900 EUR yearly)

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 TitleAverage Salary
Account Examiner2,140 EUR
Account Executive3,190 EUR
Accountant2,350 EUR
Accounting Assistant2,170 EUR
Accounting Associate2,280 EUR
Accounting Clerk1,670 EUR
Accounting Coordinator1,920 EUR
Accounting Manager4,430 EUR
Accounting Supervisor3,200 EUR
Accounting Technician2,110 EUR
Accounts Executive2,810 EUR
Accounts Payable and Receivable Specialist2,560 EUR
Accounts Payable Clerk1,660 EUR
Accounts Payable Manager3,550 EUR
Accounts Receivable Clerk1,800 EUR
Accounts Receivable Manager3,800 EUR
Assistant Accounting Manager2,860 EUR
Assistant Auditor2,470 EUR
Audit Supervisor4,450 EUR
Auditing Clerk2,250 EUR
Auditing Manager4,770 EUR
Billing Coordinator2,810 EUR
Billing Specialist2,660 EUR
Billing Supervisor3,190 EUR
Bookkeeper1,690 EUR
Bookkeeping Specialist2,410 EUR
Budget Analyst2,770 EUR
Budget Manager3,870 EUR
Business Support Analyst3,010 EUR
Capital Markets Associate3,560 EUR
Cash Flow Analyst3,440 EUR
Cash Management Officer3,270 EUR
Cashbook Clerk2,030 EUR
Chartered Accountant2,880 EUR
Collections Clerk1,720 EUR
Collections Specialist2,170 EUR
Corporate Treasurer5,720 EUR
Cost Accountant2,700 EUR
Cost Accounting Manager3,670 EUR
Cost Analyst3,310 EUR
Credit and Collection Manager3,740 EUR
Credit and Collection Staff1,840 EUR
Credit and Loans Officer1,970 EUR
Credit Controller3,120 EUR
Debt Adviser4,050 EUR
Debt Collector3,020 EUR
Debtors Clerk2,320 EUR
Deputy CFO5,690 EUR
Derivative Trader4,740 EUR
Escrow Assistant2,560 EUR
External Auditor3,360 EUR
Finance Associate2,670 EUR
Finance Executive5,400 EUR
Finance Licensing Clerk2,100 EUR
Finance Licensing Manager3,220 EUR
Finance Licensing Specialist2,680 EUR
Finance Officer3,620 EUR
Finance President6,970 EUR
Finance Relationship Manager4,550 EUR
Finance Release Analyst2,970 EUR
Finance Team Leader 3,720 EUR
Financial Actuary3,430 EUR
Financial Administrator2,930 EUR
Financial Analyst3,410 EUR
Financial Applications Specialist2,160 EUR
Financial Assistant2,080 EUR
Financial Associate2,430 EUR
Financial Claims Analyst2,990 EUR
Financial Claims Manager3,590 EUR
Financial Commercial Analyst3,010 EUR
Financial Compliance Analyst3,430 EUR
Financial Consultant3,130 EUR
Financial Controller3,040 EUR
Financial Coordinator2,870 EUR
Financial Customer Service Manager3,800 EUR
Financial Dealer and Broker3,040 EUR
Financial Encoder1,880 EUR
Financial Manager6,460 EUR
Financial Operations Manager4,580 EUR
Financial Policy Analyst3,290 EUR
Financial Project Manager3,280 EUR
Financial Quantitative Analyst3,790 EUR
Financial Reporting Consultant3,330 EUR
Financial Reporting Manager4,000 EUR
Financial Services Sales Agent2,870 EUR
Fixed Assets Administrator2,570 EUR
Forensic Accountant2,570 EUR
Fraud Detection Supervisor3,140 EUR
Fraud Prevention Manager4,580 EUR
Fund Accountant2,490 EUR
Grants Coordinator2,150 EUR
Internal Auditor3,600 EUR
Internal Control Adviser3,520 EUR
Internal Control Officer2,840 EUR
Inventory Accountant5,020 EUR
Investment Analyst4,430 EUR
Investment Fund Manager4,440 EUR
Investment Underwriter2,110 EUR
Investor3,130 EUR
Investor Relations Manager3,990 EUR
KYC Team Leader3,960 EUR
Management Economist3,550 EUR
Paymaster2,610 EUR
Payroll Clerk2,020 EUR
Payroll Manager3,300 EUR
Pensions Administrator2,470 EUR
Pricing Analyst3,580 EUR
Private Equity Analyst3,540 EUR
Proposal Development Coordinator2,430 EUR
Receivables Accountant2,230 EUR
Regulatory Accountant2,540 EUR
Retirement Plan Analyst3,430 EUR
Revenue Management Specialist2,760 EUR
Revenue Recognition Analyst4,270 EUR
Risk Management Director5,050 EUR
Risk Management Supervisor4,100 EUR
Tax Accountant2,400 EUR
Tax Advisor3,250 EUR
Tax Associate2,450 EUR
Tax Manager4,700 EUR
Teller1,490 EUR
Treasury Accountant2,550 EUR
Treasury Analyst3,630 EUR
Underwriter2,030 EUR
Underwriting Assistant1,780 EUR
Vice President of Finance4,830 EUR

Accounting and Finance Jobs Salary Distribution in Cyprus

Median and salary distribution monthly Cyprus Accounting and Finance
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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?

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 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

Salary comparison by gender monthly Cyprus 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 earn 8% more than their female counterparts.

Female
3,200 EUR
Male+8%
3,460 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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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.

Annual Salary Increment Rate Cyprus 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.

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 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 Cyprus is 2%.

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

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Accounting and Finance Bonus and Incentive Rates in Cyprus

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

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 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 Cyprus
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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
Percentage increase and decrease are relative to the previous value

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.

Salary trends and forecast monthly Cyprus Accounting and Finance
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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
Percentage increase and decrease are relative to the previous value

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 hour

The 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.


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 monthly Cyprus
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The average salary for Accounting and Finance is 3% less than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Larnaka2,920 EUR
Limassol3,450 EUR
Nicosia3,200 EUR
2147 - 31

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