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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
2,230 EUR
( 26,700 EUR yearly)

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 TitleAverage Salary
Account Examiner1,170 EUR
Account Executive1,920 EUR
Accountant1,530 EUR
Accounting Assistant1,150 EUR
Accounting Associate1,090 EUR
Accounting Clerk910 EUR
Accounting Coordinator1,400 EUR
Accounting Manager3,220 EUR
Accounting Supervisor2,120 EUR
Accounting Technician1,080 EUR
Accounts Executive1,890 EUR
Accounts Payable and Receivable Specialist1,490 EUR
Accounts Payable Clerk1,080 EUR
Accounts Payable Manager3,030 EUR
Accounts Receivable Clerk1,090 EUR
Accounts Receivable Manager3,020 EUR
Assistant Accounting Manager2,820 EUR
Assistant Auditor1,500 EUR
Audit Supervisor2,780 EUR
Auditing Clerk1,200 EUR
Auditing Manager3,240 EUR
Billing Coordinator1,420 EUR
Billing Specialist1,640 EUR
Billing Supervisor2,310 EUR
Bookkeeper950 EUR
Bookkeeping Specialist1,480 EUR
Budget Analyst2,630 EUR
Budget Manager3,010 EUR
Business Support Analyst1,690 EUR
Capital Markets Associate2,320 EUR
Cash Flow Analyst2,330 EUR
Cash Management Officer1,790 EUR
Cashbook Clerk990 EUR
Chartered Accountant1,910 EUR
Collections Clerk930 EUR
Collections Specialist1,500 EUR
Corporate Treasurer2,810 EUR
Cost Accountant1,500 EUR
Cost Accounting Manager3,080 EUR
Cost Analyst2,370 EUR
Credit and Collection Manager2,920 EUR
Credit and Collection Staff1,120 EUR
Credit and Loans Officer1,130 EUR
Credit Controller2,030 EUR
Debt Adviser2,460 EUR
Debt Collector1,270 EUR
Debtors Clerk990 EUR
Deputy CFO4,050 EUR
Derivative Trader2,640 EUR
Escrow Assistant1,280 EUR
External Auditor2,090 EUR
Finance Associate1,370 EUR
Finance Executive3,170 EUR
Finance Licensing Clerk1,090 EUR
Finance Licensing Manager2,760 EUR
Finance Licensing Specialist1,650 EUR
Finance Officer1,380 EUR
Finance President4,620 EUR
Finance Relationship Manager3,440 EUR
Finance Release Analyst1,660 EUR
Finance Team Leader 3,500 EUR
Financial Actuary2,380 EUR
Financial Administrator2,560 EUR
Financial Analyst2,660 EUR
Financial Applications Specialist1,800 EUR
Financial Assistant1,230 EUR
Financial Associate1,190 EUR
Financial Claims Analyst1,930 EUR
Financial Claims Manager2,700 EUR
Financial Commercial Analyst2,260 EUR
Financial Compliance Analyst2,460 EUR
Financial Consultant2,000 EUR
Financial Controller2,320 EUR
Financial Coordinator1,390 EUR
Financial Customer Service Manager2,630 EUR
Financial Dealer and Broker1,670 EUR
Financial Encoder1,280 EUR
Financial Manager4,400 EUR
Financial Operations Manager3,680 EUR
Financial Policy Analyst2,320 EUR
Financial Project Manager3,200 EUR
Financial Quantitative Analyst2,690 EUR
Financial Reporting Consultant2,220 EUR
Financial Reporting Manager2,860 EUR
Financial Services Sales Agent1,580 EUR
Fixed Assets Administrator1,500 EUR
Forensic Accountant1,740 EUR
Fraud Detection Supervisor1,870 EUR
Fraud Prevention Manager2,970 EUR
Fund Accountant1,470 EUR
Grants Coordinator1,130 EUR
Internal Auditor2,110 EUR
Internal Control Adviser2,390 EUR
Internal Control Officer1,270 EUR
Inventory Accountant1,500 EUR
Investment Analyst3,080 EUR
Investment Fund Manager3,330 EUR
Investment Underwriter1,340 EUR
Investor1,940 EUR
Investor Relations Manager2,890 EUR
KYC Team Leader2,890 EUR
Management Economist3,340 EUR
Paymaster1,260 EUR
Payroll Clerk1,350 EUR
Payroll Manager2,700 EUR
Pensions Administrator1,520 EUR
Pricing Analyst2,450 EUR
Private Equity Analyst2,560 EUR
Proposal Development Coordinator1,280 EUR
Receivables Accountant1,390 EUR
Regulatory Accountant1,610 EUR
Retirement Plan Analyst2,420 EUR
Revenue Management Specialist2,410 EUR
Revenue Recognition Analyst2,780 EUR
Risk Management Director3,480 EUR
Risk Management Supervisor3,030 EUR
Tax Accountant1,430 EUR
Tax Advisor2,290 EUR
Tax Associate1,230 EUR
Tax Manager2,990 EUR
Teller880 EUR
Treasury Accountant1,570 EUR
Treasury Analyst2,570 EUR
Underwriter1,090 EUR
Underwriting Assistant980 EUR
Vice President of Finance4,170 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 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?

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 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

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 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
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

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.

Accounting and Finance Hourly Average Wage in Cyprus


13 EUR per hour

The 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.


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% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Larnaka1,960 EUR
Limassol2,320 EUR
Nicosia2,150 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
Percentage increase and decrease are relative to the previous value

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