How much money does a person working in Accounting and Finance make in Cyprus?
Average Monthly Salary
2,250 EUR
( 27,000 EUR yearly)
LOW
900
EUR
AVERAGE
2,250
EUR
HIGH
4,480
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 in Accounting and Finance in Cyprus typically earns around 2,250 EUR. Salaries range from 900 EUR (lowest average) to 4,480 EUR (highest average, actual maximum salary is higher).
Salary Variance
The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Accounting and Finance domain in Cyprus exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.
Salaries for specific jobs
Accounting and Finance | |
Account Examiner | 1,170 EUR |
Account Executive | 1,920 EUR |
Accountant | 1,530 EUR |
Accounting Analyst | 1,930 EUR |
|
Accounting Assistant | 1,150 EUR |
Accounting Associate | 1,100 EUR |
Accounting Clerk | 910 EUR |
Accounting Coordinator | 1,400 EUR |
Accounting Head | 3,050 EUR |
Accounting Manager | 3,220 EUR |
Accounting Officer | 1,120 EUR |
Accounting Specialist | 1,950 EUR |
Accounting Supervisor | 2,120 EUR |
Accounting Technician | 1,080 EUR |
Accounting Unit Controller | 2,520 EUR |
Accounts Executive | 1,890 EUR |
Accounts Officer | 1,200 EUR |
Accounts Payable and Receivable Specialist | 1,490 EUR |
Accounts Payable Assistant | 1,200 EUR |
Accounts Payable Associate | 1,320 EUR |
Accounts Payable Clerk | 1,080 EUR |
Accounts Payable Manager | 3,030 EUR |
Accounts Receivable Administrator | 2,150 EUR |
Accounts Receivable Clerk | 1,090 EUR |
Accounts Receivable Financial Analyst | 2,150 EUR |
Accounts Receivable Manager | 3,020 EUR |
Accounts Receivable Team Leader | 2,150 EUR |
Algorithmic Trading Specialist | 2,580 EUR |
Assistant Accountant | 1,170 EUR |
Assistant Accounting Manager | 2,820 EUR |
Assistant Auditor | 1,500 EUR |
Assistant Corporate Controller | 2,080 EUR |
Assistant Finance Manager | 3,260 EUR |
Assistant Financial Controller | 1,960 EUR |
Audit Director | 3,300 EUR |
Audit Supervisor | 2,780 EUR |
Auditing Clerk | 1,200 EUR |
Auditing Manager | 3,240 EUR |
Billing Clerk | 1,120 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 Manager | 2,920 EUR |
Cash Management Officer | 1,790 EUR |
Cashbook Clerk | 990 EUR |
Chartered Accountant | 1,910 EUR |
Chief Accountant | 2,320 EUR |
Chief Financial Technology Officer | 3,110 EUR |
Collections Clerk | 930 EUR |
Collections Representative | 1,320 EUR |
Collections Specialist | 1,500 EUR |
Corporate Controller | 2,420 EUR |
Corporate Treasurer | 2,810 EUR |
Cost Accountant | 1,510 EUR |
Cost Accounting Manager | 3,080 EUR |
Cost Accounting Supervisor | 2,510 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 |
Credit Manager | 3,130 EUR |
Debt Adviser | 2,460 EUR |
Debt Collector | 1,270 EUR |
Debtors Clerk | 990 EUR |
Debtors Controller | 1,120 EUR |
Deputy CFO | 4,050 EUR |
Deputy Head of Finance | 4,100 EUR |
Derivative Trader | 2,640 EUR |
Director of Finance | 4,530 EUR |
E-commerce Accountant | 1,560 EUR |
Economist | 3,400 EUR |
Equity Analyst | 2,800 EUR |
Escrow Assistant | 1,280 EUR |
Executive Accountant | 1,630 EUR |
External Auditor | 2,090 EUR |
Finance Administrator | 1,740 EUR |
Finance Analyst | 2,690 EUR |
Finance Associate | 1,370 EUR |
Finance Data Analyst | 2,370 EUR |
Finance Director | 4,440 EUR |
Finance Executive | 3,170 EUR |
Finance Licensing Clerk | 1,090 EUR |
Finance Licensing Manager | 2,760 EUR |
Finance Licensing Specialist | 1,660 EUR |
Finance Manager | 4,030 EUR |
Finance Officer | 1,380 EUR |
Finance President | 4,620 EUR |
Finance Relationship Manager | 3,440 EUR |
Finance Release Analyst | 1,660 EUR |
Finance Specialist | 2,520 EUR |
Finance Team Leader | 3,500 EUR |
Financial Accountant | 1,500 EUR |
Financial Actuary | 2,380 EUR |
Financial Administrator | 2,560 EUR |
Financial Advisor | 2,640 EUR |
Financial Analyst | 2,660 EUR |
Financial Applications Specialist | 1,800 EUR |
Financial Assistant | 1,230 EUR |
Financial Associate | 1,190 EUR |
Financial Associate | 1,470 EUR |
Financial Claims Analyst | 1,930 EUR |
Financial Claims Manager | 2,700 EUR |
Financial Claims Supervisor | 2,400 EUR |
Financial Clerk | 1,130 EUR |
Financial Commercial Analyst | 2,260 EUR |
Financial Compliance Analyst | 2,460 EUR |
Financial Compliance Officer | 2,460 EUR |
Financial Consultant | 2,000 EUR |
Financial Controller | 2,390 EUR |
Financial Controller | 2,320 EUR |
Financial Coordinator | 1,390 EUR |
Financial Customer Service Manager | 2,630 EUR |
Financial Data Scientist | 2,760 EUR |
Financial Dealer and Broker | 1,670 EUR |
Financial Director | 4,320 EUR |
Financial Encoder | 1,280 EUR |
Financial Manager | 4,400 EUR |
Financial Manager | 4,010 EUR |
Financial Modelling Analyst | 2,820 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 Section Head | 2,980 EUR |
Financial Services Manager | 3,830 EUR |
Financial Services Sales Agent | 1,580 EUR |
Financial Technology Consultant | 2,360 EUR |
Financial Wellness Coach | 2,950 EUR |
FinTech Analyst | 2,620 EUR |
Fixed Assets Administrator | 1,500 EUR |
Forensic Accountant | 1,740 EUR |
Fraud Detection Supervisor | 1,880 EUR |
Fraud Prevention Manager | 2,970 EUR |
Fund Accountant | 1,470 EUR |
Grants Coordinator | 1,130 EUR |
Green Finance Analyst | 2,210 EUR |
Group Financial Manager | 4,310 EUR |
Internal Auditor | 2,110 EUR |
Internal Control Adviser | 2,390 EUR |
Internal Control Officer | 1,270 EUR |
International Tax Director | 3,610 EUR |
Inventory Accountant | 1,500 EUR |
Investment Advisor | 3,940 EUR |
Investment Analyst | 3,080 EUR |
Investment Associate | 2,610 EUR |
Investment Broker | 2,500 EUR |
Investment Fund Manager | 3,330 EUR |
Investment Operations Manager | 3,520 EUR |
Investment Underwriter | 1,340 EUR |
Investor | 1,940 EUR |
Investor Relations Manager | 2,890 EUR |
KYC Team Leader | 2,900 EUR |
Loan Processor | 1,290 EUR |
Management Accountant | 1,740 EUR |
Management Economist | 3,340 EUR |
Paymaster | 1,260 EUR |
Payroll Administrator | 1,920 EUR |
Payroll Benefits Coordinator | 1,670 EUR |
Payroll Billing Manager | 2,650 EUR |
Payroll Clerk | 1,350 EUR |
Payroll Manager | 2,700 EUR |
Payroll Officer | 1,340 EUR |
Payroll Specialist | 1,530 EUR |
Payroll Supervisor | 1,990 EUR |
Pensions Administrator | 1,520 EUR |
Personal Financial Advisor | 2,330 EUR |
Pricing Analyst | 2,450 EUR |
Private Equity Analyst | 2,560 EUR |
Project Accountant | 1,590 EUR |
Proposal Development Coordinator | 1,280 EUR |
Quantitative Trader | 2,100 EUR |
Receivables Accountant | 1,400 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 |
Staff Accountant | 1,490 EUR |
Tax Accountant | 1,430 EUR |
Tax Administrator | 1,690 EUR |
Tax Advisor | 2,290 EUR |
Tax Analyst | 2,190 EUR |
Tax Associate | 1,230 EUR |
Tax Consultant | 2,410 EUR |
Tax Director | 3,360 EUR |
Tax Examiner | 1,640 EUR |
Tax Manager | 2,990 EUR |
Tax Research Manager | 3,160 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 Pay Scale and Salaries in Cyprus
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/cyprus/accounting-and-finance/median-and-salary-distribution-monthly-cyprus-accounting-and-finance.jpg Salary Structure and Pay Scale Comparison
5% of people earn
2,400 EUR or more
10% of people earn
2,030 to 2,400 EUR
20% of people earn
1,220 EUR or less
65% of people earn
1,220 to 2,030 EUR
Minimum Salary 900 EUR |
Median 2,110 EUR |
Maximum 4,480 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 in Accounting and Finance in Cyprus range from 900 EUR (starting average salary) to 4,480 EUR (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.
Median Salary
The median income in the field of Accounting and Finance is 2,110 EUR, implying that half of the workforce in Cyprus earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.
Percentiles and Salary Scale
Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Accounting and Finance in Cyprus earn less than 1,650 EUR, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 2,540 EUR, while 25% earn more than that.
Pay Scale Structure
Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Accounting and Finance in Cyprus. The analysis revealed that roughly 65% of all reported salaries fell within the range of 1,220 EUR to 2,030 EUR. Approximately 20% of salaries were below the 1,220 EUR mark, while 10% ranged from 2,030 EUR to 2,400 EUR. Only 5% of individuals earned a gross salary of 2,400 EUR or higher.
Salary Comparison by Years of Experience
How does a person's salary progress over time?
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg 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 in Accounting and Finance in Cyprus 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.
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.
“ On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark. ”
Salary Comparison By Education
How does the education level affect your salary?
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg 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.
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 degree levels across many jobs in Accounting and Finance in Cyprus, 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 certificate 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 10,900 EUR to 32,600 EUR and lasts approximately two years. That is quite an investment.
Employees can't expect any salary increases during the study period, assuming they 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 this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.
Salary and Compensation Comparison By Gender / Accounting and Finance / Cyprus
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/cyprus/accounting-and-finance/salary-comparison-by-gender-monthly-cyprus-accounting-and-finance.jpg Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Accounting and Finance in Cyprus, the average difference between the salary of male and female employees is 6%.
Male | | 2,320 EUR |
Female | -6% | 2,180 EUR |
Percentage increase and decrease are relative to the previous value
Salary Comparison By Gender in Cyprus for all Careers
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/cyprus/salary-comparison-by-gender-monthly-cyprus.jpg
Average Annual Salary Increment Percentage / Accounting and Finance / Cyprus
How much are annual salary increments in Cyprus for individuals working in Accounting and Finance? How often do employees get salary raises?
Professionals working in Accounting and Finance 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.
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/cyprus/accounting-and-finance/annual-salary-increment-rate-cyprus-accounting-and-finance.jpg 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
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/cyprus/annual-salary-increment-rate-cyprus.jpg 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
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg 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 / Accounting and Finance / Cyprus
How much and how often are bonuses being awarded?Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/cyprus/accounting-and-finance/annual-salary-bonus-rate-cyprus-accounting-and-finance.jpg
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: 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.
Hourly Average Wage / Accounting and Finance / Cyprus
13 EUR
per hour The average hourly wage (pay per hour) in Accounting and Finance in Cyprus is 13 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 in Accounting and Finance in Cyprus is 5 EUR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary Comparison By City
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 in Accounting and Finance in Cyprus?
A good and competitive compensation would range anywhere between 2,110 EUR and 2,540 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 jobs in Accounting and Finance in Cyprus ranges from 900 EUR to 1,650 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