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Accounting and Finance Average Salaries in Ecuador 2020

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


Average Monthly Salary
1,400 USD
( 16,800 USD yearly)

LOW
570
USD
AVERAGE
1,400
USD
HIGH
2,820
USD

A person working in Accounting and Finance in Ecuador typically earns around 1,400 USD per month. Salaries range from 570 USD (lowest average) to 2,820 USD (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 Examiner680 USD
Account Executive1,170 USD
Accountant940 USD
Accounting Assistant710 USD
Accounting Associate670 USD
Accounting Clerk570 USD
Accounting Coordinator810 USD
Accounting Manager2,030 USD
Accounting Supervisor1,320 USD
Accounting Technician690 USD
Accounts Executive1,200 USD
Accounts Payable and Receivable Specialist920 USD
Accounts Payable Clerk680 USD
Accounts Payable Manager1,930 USD
Accounts Receivable Clerk700 USD
Accounts Receivable Manager1,770 USD
Assistant Accounting Manager1,750 USD
Assistant Auditor940 USD
Audit Supervisor1,690 USD
Auditing Clerk730 USD
Auditing Manager2,020 USD
Billing Coordinator850 USD
Billing Specialist980 USD
Billing Supervisor1,470 USD
Bookkeeper610 USD
Bookkeeping Specialist940 USD
Budget Analyst1,700 USD
Budget Manager1,960 USD
Business Support Analyst1,060 USD
Capital Markets Associate1,360 USD
Cash Flow Analyst1,380 USD
Cash Management Officer1,080 USD
Cashbook Clerk650 USD
Chartered Accountant1,150 USD
Collections Clerk610 USD
Collections Specialist940 USD
Corporate Treasurer1,760 USD
Cost Accountant920 USD
Cost Accounting Manager1,940 USD
Cost Analyst1,500 USD
Credit and Collection Manager1,900 USD
Credit and Collection Staff720 USD
Credit and Loans Officer660 USD
Credit Controller1,320 USD
Debt Adviser1,600 USD
Debt Collector750 USD
Debtors Clerk630 USD
Deputy CFO2,670 USD
Derivative Trader1,640 USD
Escrow Assistant830 USD
External Auditor1,310 USD
Finance Associate850 USD
Finance Executive1,990 USD
Finance Licensing Clerk680 USD
Finance Licensing Manager1,730 USD
Finance Licensing Specialist1,040 USD
Finance Officer860 USD
Finance President2,920 USD
Finance Relationship Manager2,080 USD
Finance Release Analyst1,060 USD
Finance Team Leader 2,030 USD
Financial Actuary1,410 USD
Financial Administrator1,600 USD
Financial Analyst1,650 USD
Financial Applications Specialist1,200 USD
Financial Assistant740 USD
Financial Associate770 USD
Financial Claims Analyst1,300 USD
Financial Claims Manager1,660 USD
Financial Commercial Analyst1,390 USD
Financial Compliance Analyst1,490 USD
Financial Consultant1,210 USD
Financial Controller1,560 USD
Financial Coordinator830 USD
Financial Customer Service Manager1,710 USD
Financial Dealer and Broker1,030 USD
Financial Encoder760 USD
Financial Manager2,620 USD
Financial Operations Manager2,480 USD
Financial Policy Analyst1,510 USD
Financial Project Manager2,020 USD
Financial Quantitative Analyst1,580 USD
Financial Reporting Consultant1,310 USD
Financial Reporting Manager1,870 USD
Financial Services Sales Agent1,040 USD
Fixed Assets Administrator1,010 USD
Forensic Accountant1,050 USD
Fraud Detection Supervisor1,110 USD
Fraud Prevention Manager1,950 USD
Fund Accountant880 USD
Grants Coordinator690 USD
Internal Auditor1,210 USD
Internal Control Adviser1,410 USD
Internal Control Officer830 USD
Inventory Accountant940 USD
Investment Analyst1,870 USD
Investment Fund Manager2,190 USD
Investment Underwriter810 USD
Investor1,270 USD
Investor Relations Manager1,900 USD
KYC Team Leader1,800 USD
Management Economist2,200 USD
Paymaster780 USD
Payroll Clerk860 USD
Payroll Manager1,740 USD
Pensions Administrator1,000 USD
Pricing Analyst1,580 USD
Private Equity Analyst1,690 USD
Proposal Development Coordinator840 USD
Receivables Accountant870 USD
Regulatory Accountant1,000 USD
Retirement Plan Analyst1,430 USD
Revenue Management Specialist1,590 USD
Revenue Recognition Analyst1,700 USD
Risk Management Director2,320 USD
Risk Management Supervisor1,840 USD
Tax Accountant910 USD
Tax Advisor1,390 USD
Tax Associate790 USD
Tax Manager1,830 USD
Teller550 USD
Treasury Accountant980 USD
Treasury Analyst1,510 USD
Underwriter690 USD
Underwriting Assistant620 USD
Vice President of Finance2,460 USD

Accounting and Finance Jobs Salary Distribution in Ecuador

Median and salary distribution monthly Ecuador Accounting and Finance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Accounting and Finance salaries in Ecuador range from 570 USD per month (minimum average salary) to 2,820 USD per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 1,510 USD per month, which means that half (50%) of people working in Accounting and Finance are earning less than 1,510 USD while the other half are earning more than 1,510 USD. 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 940 USD while 75% of them are earning more than 940 USD. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 2,340 USD while 25% are earning more than 2,340 USD.


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 Ecuador costs anywhere from 6,810 US Dollar(s) to 20,400 US Dollar(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 Ecuador 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 Ecuador who work in Accounting and Finance earn 10% more than their female counterparts on average.

Male
1,470 USD
Female-9%
1,340 USD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Ecuador for all Careers

Salary comparison by gender monthly Ecuador
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Accounting and Finance Average Annual Salary Increment Percentage in Ecuador

How much are annual salary increments in Ecuador for Accounting and Finance professionals? How often do employees get salary raises?

Accounting and Finance

Accounting and Finance professionals in Ecuador are likely to observe a salary increase of approximately 9% every 17 months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.

Annual Salary Increment Rate Ecuador 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.

Ecuador / 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 Ecuador is 4%.

Annual Increment Rate By Industry 2019

Banking
9%
Energy
9%
Information Technology
9%
Healthcare
9%
Travel
9%
Construction
9%
Education
9%

Listed above are the average annual increase rates for each industry in Ecuador 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 Ecuador

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

21% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 79% 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
79%
No Bonus
21%

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 Ecuador


8 USD per hour

The average hourly wage (pay per hour) in Ecuador is 8 USD. This means that the average person in Ecuador earns approximately 8 USD 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 Ecuador
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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
Cuenca1,380 USD
Duran1,290 USD
Guayaquil1,450 USD
Machala1,260 USD
Manta1,240 USD
Portoviejo1,200 USD
Quito1,420 USD
Santo Domingo1,340 USD

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 Ecuador earn 13% more than their private sector counterparts on average across all sectors.

Private Sector
1,280 USD
Public Sector+13%
1,450 USD
Percentage increase and decrease are relative to the previous value

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