A person working in Accounting and Finance in Eritrea typically earns around 6,940 ERN per month. Salaries range from 2,850 ERN (lowest average) to 14,100 ERN (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.
|Job Title||Average Salary|
|Account Examiner||3,480 ERN|
|Account Executive||6,230 ERN|
|Accounting Assistant||3,540 ERN|
|Accounting Associate||3,370 ERN|
|Accounting Clerk||2,850 ERN|
|Accounting Coordinator||4,170 ERN|
|Accounting Manager||10,200 ERN|
|Accounting Supervisor||6,670 ERN|
|Accounting Technician||3,410 ERN|
|Accounts Executive||6,160 ERN|
|Accounts Payable and Receivable Specialist||4,990 ERN|
|Accounts Payable Clerk||3,440 ERN|
|Accounts Payable Manager||8,840 ERN|
|Accounts Receivable Clerk||3,560 ERN|
|Accounts Receivable Manager||9,010 ERN|
|Assistant Accounting Manager||8,480 ERN|
|Assistant Auditor||4,870 ERN|
|Audit Supervisor||8,770 ERN|
|Auditing Clerk||3,770 ERN|
|Auditing Manager||9,680 ERN|
|Billing Coordinator||4,340 ERN|
|Billing Specialist||5,150 ERN|
|Billing Supervisor||7,120 ERN|
|Bookkeeping Specialist||4,640 ERN|
|Budget Analyst||8,290 ERN|
|Budget Manager||9,600 ERN|
|Business Support Analyst||5,490 ERN|
|Capital Markets Associate||7,130 ERN|
|Cash Flow Analyst||6,790 ERN|
|Cash Management Officer||5,350 ERN|
|Cashbook Clerk||3,080 ERN|
|Chartered Accountant||5,750 ERN|
|Collections Clerk||2,940 ERN|
|Collections Specialist||4,770 ERN|
|Corporate Treasurer||8,940 ERN|
|Cost Accountant||4,890 ERN|
|Cost Accounting Manager||8,980 ERN|
|Cost Analyst||7,700 ERN|
|Credit and Collection Manager||9,310 ERN|
|Credit and Collection Staff||3,660 ERN|
|Credit and Loans Officer||3,380 ERN|
|Credit Controller||6,310 ERN|
|Debt Adviser||7,430 ERN|
|Debt Collector||3,870 ERN|
|Debtors Clerk||3,260 ERN|
|Deputy CFO||13,200 ERN|
|Derivative Trader||8,310 ERN|
|Escrow Assistant||4,320 ERN|
|External Auditor||6,300 ERN|
|Finance Associate||3,970 ERN|
|Finance Executive||9,550 ERN|
|Finance Licensing Clerk||3,280 ERN|
|Finance Licensing Manager||9,280 ERN|
|Finance Licensing Specialist||5,090 ERN|
|Finance Officer||4,640 ERN|
|Finance President||14,500 ERN|
|Finance Relationship Manager||10,600 ERN|
|Finance Release Analyst||5,160 ERN|
|Finance Team Leader||10,400 ERN|
|Financial Actuary||7,470 ERN|
|Financial Administrator||7,850 ERN|
|Financial Analyst||8,680 ERN|
|Financial Applications Specialist||5,620 ERN|
|Financial Assistant||3,880 ERN|
|Financial Associate||3,800 ERN|
|Financial Claims Analyst||6,510 ERN|
|Financial Claims Manager||8,330 ERN|
|Financial Commercial Analyst||6,910 ERN|
|Financial Compliance Analyst||7,750 ERN|
|Financial Consultant||6,040 ERN|
|Financial Controller||7,400 ERN|
|Financial Coordinator||4,180 ERN|
|Financial Customer Service Manager||8,840 ERN|
|Financial Dealer and Broker||4,870 ERN|
|Financial Encoder||3,940 ERN|
|Financial Manager||13,500 ERN|
|Financial Operations Manager||12,100 ERN|
|Financial Policy Analyst||7,540 ERN|
|Financial Project Manager||9,310 ERN|
|Financial Quantitative Analyst||7,820 ERN|
|Financial Reporting Consultant||6,640 ERN|
|Financial Reporting Manager||9,300 ERN|
|Financial Services Sales Agent||5,200 ERN|
|Fixed Assets Administrator||4,930 ERN|
|Forensic Accountant||5,370 ERN|
|Fraud Detection Supervisor||5,770 ERN|
|Fraud Prevention Manager||9,240 ERN|
|Fund Accountant||4,630 ERN|
|Grants Coordinator||3,470 ERN|
|Internal Auditor||6,440 ERN|
|Internal Control Adviser||7,360 ERN|
|Internal Control Officer||3,940 ERN|
|Inventory Accountant||5,050 ERN|
|Investment Analyst||8,960 ERN|
|Investment Fund Manager||10,600 ERN|
|Investment Underwriter||3,890 ERN|
|Investor Relations Manager||9,500 ERN|
|KYC Team Leader||8,950 ERN|
|Management Economist||11,000 ERN|
|Payroll Clerk||4,230 ERN|
|Payroll Manager||8,590 ERN|
|Pensions Administrator||5,000 ERN|
|Pricing Analyst||7,790 ERN|
|Private Equity Analyst||8,190 ERN|
|Proposal Development Coordinator||4,200 ERN|
|Receivables Accountant||4,190 ERN|
|Regulatory Accountant||5,260 ERN|
|Retirement Plan Analyst||7,460 ERN|
|Revenue Management Specialist||7,500 ERN|
|Revenue Recognition Analyst||8,800 ERN|
|Risk Management Director||11,700 ERN|
|Risk Management Supervisor||9,310 ERN|
|Tax Accountant||4,400 ERN|
|Tax Advisor||6,900 ERN|
|Tax Associate||3,820 ERN|
|Tax Manager||9,290 ERN|
|Treasury Accountant||4,920 ERN|
|Treasury Analyst||7,680 ERN|
|Underwriting Assistant||3,180 ERN|
|Vice President of Finance||12,800 ERN|
Accounting and Finance salaries in Eritrea range from 2,850 ERN per month (minimum average salary) to 14,100 ERN per month (maximum average salary, actual maximum is higher).
The median salary is 7,220 ERN per month, which means that half (50%) of people working in Accounting and Finance are earning less than 7,220 ERN while the other half are earning more than 7,220 ERN. 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.
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 4,530 ERN while 75% of them are earning more than 4,530 ERN. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 11,100 ERN while 25% are earning more than 11,100 ERN.
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
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.
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.
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.
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.
A Master's degree program or any post-graduate program in Eritrea costs anywhere from 34,200 Nakfa(s) to 103,000 Nakfa(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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Eritrea who work in Accounting and Finance earn 12% more than their female counterparts on average.
Accounting and Finance professionals in Eritrea are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
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.
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
Listed above are the average annual increase rates for each industry in Eritrea 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.
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.
38% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 62% 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.
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.
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.
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.
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.
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.
Where can you get paid more, working for a private company or for the government? Public sector employees in Eritrea earn 21% more than their private sector counterparts on average across all sectors.
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.
The average salary for Accounting and Finance is 2% more than that of All Jobs.