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Accounting and Finance Average Salaries in Cyprus 2024

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

Job TitleAverage Salary
Accounting and Finance
Account Examiner1,170 EUR
Account Executive1,920 EUR
Accountant1,530 EUR
Accounting Analyst1,930 EUR
Accounting Assistant1,150 EUR
Accounting Associate1,100 EUR
Accounting Clerk910 EUR
Accounting Coordinator1,400 EUR
Accounting Head3,050 EUR
Accounting Manager3,220 EUR
Accounting Officer1,120 EUR
Accounting Specialist1,950 EUR
Accounting Supervisor2,120 EUR
Accounting Technician1,080 EUR
Accounting Unit Controller2,520 EUR
Accounts Executive1,890 EUR
Accounts Officer1,200 EUR
Accounts Payable and Receivable Specialist1,490 EUR
Accounts Payable Assistant1,200 EUR
Accounts Payable Associate1,320 EUR
Accounts Payable Clerk1,080 EUR
Accounts Payable Manager3,030 EUR
Accounts Receivable Administrator2,150 EUR
Accounts Receivable Clerk1,090 EUR
Accounts Receivable Financial Analyst2,150 EUR
Accounts Receivable Manager3,020 EUR
Accounts Receivable Team Leader2,150 EUR
Algorithmic Trading Specialist2,580 EUR
Assistant Accountant1,170 EUR
Assistant Accounting Manager2,820 EUR
Assistant Auditor1,500 EUR
Assistant Corporate Controller2,080 EUR
Assistant Finance Manager3,260 EUR
Assistant Financial Controller1,960 EUR
Audit Director3,300 EUR
Audit Supervisor2,780 EUR
Auditing Clerk1,200 EUR
Auditing Manager3,240 EUR
Billing Clerk1,120 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 Manager2,920 EUR
Cash Management Officer1,790 EUR
Cashbook Clerk990 EUR
Chartered Accountant1,910 EUR
Chief Accountant2,320 EUR
Chief Financial Technology Officer3,110 EUR
Collections Clerk930 EUR
Collections Representative1,320 EUR
Collections Specialist1,500 EUR
Corporate Controller2,420 EUR
Corporate Treasurer2,810 EUR
Cost Accountant1,510 EUR
Cost Accounting Manager3,080 EUR
Cost Accounting Supervisor2,510 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
Credit Manager3,130 EUR
Debt Adviser2,460 EUR
Debt Collector1,270 EUR
Debtors Clerk990 EUR
Debtors Controller1,120 EUR
Deputy CFO4,050 EUR
Deputy Head of Finance4,100 EUR
Derivative Trader2,640 EUR
Director of Finance4,530 EUR
E-commerce Accountant1,560 EUR
Economist3,400 EUR
Equity Analyst2,800 EUR
Escrow Assistant1,280 EUR
Executive Accountant1,630 EUR
External Auditor2,090 EUR
Finance Administrator1,740 EUR
Finance Analyst2,690 EUR
Finance Associate1,370 EUR
Finance Data Analyst2,370 EUR
Finance Director4,440 EUR
Finance Executive3,170 EUR
Finance Licensing Clerk1,090 EUR
Finance Licensing Manager2,760 EUR
Finance Licensing Specialist1,660 EUR
Finance Manager4,030 EUR
Finance Officer1,380 EUR
Finance President4,620 EUR
Finance Relationship Manager3,440 EUR
Finance Release Analyst1,660 EUR
Finance Specialist2,520 EUR
Finance Team Leader 3,500 EUR
Financial Accountant1,500 EUR
Financial Actuary2,380 EUR
Financial Administrator2,560 EUR
Financial Advisor2,640 EUR
Financial Analyst2,660 EUR
Financial Applications Specialist1,800 EUR
Financial Assistant1,230 EUR
Financial Associate1,190 EUR
Financial Associate1,470 EUR
Financial Claims Analyst1,930 EUR
Financial Claims Manager2,700 EUR
Financial Claims Supervisor2,400 EUR
Financial Clerk1,130 EUR
Financial Commercial Analyst2,260 EUR
Financial Compliance Analyst2,460 EUR
Financial Compliance Officer2,460 EUR
Financial Consultant2,000 EUR
Financial Controller2,390 EUR
Financial Controller2,320 EUR
Financial Coordinator1,390 EUR
Financial Customer Service Manager2,630 EUR
Financial Data Scientist2,760 EUR
Financial Dealer and Broker1,670 EUR
Financial Director4,320 EUR
Financial Encoder1,280 EUR
Financial Manager4,400 EUR
Financial Manager4,010 EUR
Financial Modelling Analyst2,820 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 Section Head2,980 EUR
Financial Services Manager3,830 EUR
Financial Services Sales Agent1,580 EUR
Financial Technology Consultant2,360 EUR
Financial Wellness Coach2,950 EUR
FinTech Analyst2,620 EUR
Fixed Assets Administrator1,500 EUR
Forensic Accountant1,740 EUR
Fraud Detection Supervisor1,880 EUR
Fraud Prevention Manager2,970 EUR
Fund Accountant1,470 EUR
Grants Coordinator1,130 EUR
Green Finance Analyst2,210 EUR
Group Financial Manager4,310 EUR
Internal Auditor2,110 EUR
Internal Control Adviser2,390 EUR
Internal Control Officer1,270 EUR
International Tax Director3,610 EUR
Inventory Accountant1,500 EUR
Investment Advisor3,940 EUR
Investment Analyst3,080 EUR
Investment Associate2,610 EUR
Investment Broker2,500 EUR
Investment Fund Manager3,330 EUR
Investment Operations Manager3,520 EUR
Investment Underwriter1,340 EUR
Investor1,940 EUR
Investor Relations Manager2,890 EUR
KYC Team Leader2,900 EUR
Loan Processor1,290 EUR
Management Accountant1,740 EUR
Management Economist3,340 EUR
Paymaster1,260 EUR
Payroll Administrator1,920 EUR
Payroll Benefits Coordinator1,670 EUR
Payroll Billing Manager2,650 EUR
Payroll Clerk1,350 EUR
Payroll Manager2,700 EUR
Payroll Officer1,340 EUR
Payroll Specialist1,530 EUR
Payroll Supervisor1,990 EUR
Pensions Administrator1,520 EUR
Personal Financial Advisor2,330 EUR
Pricing Analyst2,450 EUR
Private Equity Analyst2,560 EUR
Project Accountant1,590 EUR
Proposal Development Coordinator1,280 EUR
Quantitative Trader2,100 EUR
Receivables Accountant1,400 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
Staff Accountant1,490 EUR
Tax Accountant1,430 EUR
Tax Administrator1,690 EUR
Tax Advisor2,290 EUR
Tax Analyst2,190 EUR
Tax Associate1,230 EUR
Tax Consultant2,410 EUR
Tax Director3,360 EUR
Tax Examiner1,640 EUR
Tax Manager2,990 EUR
Tax Research Manager3,160 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 Pay Scale and Salaries in Cyprus

Median and salary distribution Cyprus Accounting and Finance monthly
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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?

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 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.
* 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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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

Salary comparison by gender Cyprus Accounting and Finance monthly
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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? 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

Salary comparison by gender monthly Cyprus
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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.

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 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

World Average Annual Salary Increment
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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?Annual Salary Bonus Rate Cyprus Accounting and Finance
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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.

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

CityAverage Salary
Larnaka1,980 EUR
Limassol2,340 EUR
Nicosia2,160 EUR

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


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