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Accounting and Finance Average Salaries in Eritrea 2022

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

Average Monthly Salary
7,040 ERN
( 84,500 ERN yearly)


A person working in Accounting and Finance in Eritrea typically earns around 7,040 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.

Salaries for specific jobs

Job TitleAverage Salary
Account Examiner3,480 ERN
Account Executive6,230 ERN
Accountant4,670 ERN
Accounting Assistant3,540 ERN
Accounting Associate3,370 ERN
Accounting Clerk2,850 ERN
Accounting Coordinator4,170 ERN
Accounting Manager10,200 ERN
Accounting Supervisor6,670 ERN
Accounting Technician3,410 ERN
Accounts Executive6,160 ERN
Accounts Payable and Receivable Specialist4,990 ERN
Accounts Payable Clerk3,440 ERN
Accounts Payable Manager8,840 ERN
Accounts Receivable Clerk3,560 ERN
Accounts Receivable Manager9,010 ERN
Assistant Accounting Manager8,480 ERN
Assistant Auditor4,870 ERN
Audit Supervisor8,770 ERN
Auditing Clerk3,770 ERN
Auditing Manager9,680 ERN
Billing Coordinator4,340 ERN
Billing Specialist5,150 ERN
Billing Supervisor7,120 ERN
Bookkeeper2,960 ERN
Bookkeeping Specialist4,640 ERN
Budget Analyst8,290 ERN
Budget Manager9,600 ERN
Business Support Analyst5,490 ERN
Capital Markets Associate7,130 ERN
Cash Flow Analyst6,790 ERN
Cash Management Officer5,350 ERN
Cashbook Clerk3,080 ERN
Chartered Accountant5,750 ERN
Collections Clerk2,940 ERN
Collections Specialist4,770 ERN
Corporate Treasurer8,940 ERN
Cost Accountant4,890 ERN
Cost Accounting Manager8,980 ERN
Cost Analyst7,700 ERN
Credit and Collection Manager9,310 ERN
Credit and Collection Staff3,660 ERN
Credit and Loans Officer3,380 ERN
Credit Controller6,310 ERN
Debt Adviser7,430 ERN
Debt Collector3,870 ERN
Debtors Clerk3,260 ERN
Deputy CFO13,200 ERN
Derivative Trader8,310 ERN
Escrow Assistant4,320 ERN
External Auditor6,300 ERN
Finance Associate3,970 ERN
Finance Executive9,550 ERN
Finance Licensing Clerk3,280 ERN
Finance Licensing Manager9,280 ERN
Finance Licensing Specialist5,090 ERN
Finance Officer4,640 ERN
Finance President14,500 ERN
Finance Relationship Manager10,600 ERN
Finance Release Analyst5,160 ERN
Finance Team Leader 10,400 ERN
Financial Actuary7,470 ERN
Financial Administrator7,850 ERN
Financial Analyst8,680 ERN
Financial Applications Specialist5,620 ERN
Financial Assistant3,880 ERN
Financial Associate3,800 ERN
Financial Claims Analyst6,510 ERN
Financial Claims Manager8,330 ERN
Financial Commercial Analyst6,910 ERN
Financial Compliance Analyst7,750 ERN
Financial Consultant6,040 ERN
Financial Controller7,400 ERN
Financial Coordinator4,180 ERN
Financial Customer Service Manager8,840 ERN
Financial Dealer and Broker4,870 ERN
Financial Encoder3,940 ERN
Financial Manager12,500 ERN
Financial Operations Manager12,100 ERN
Financial Policy Analyst7,540 ERN
Financial Project Manager9,310 ERN
Financial Quantitative Analyst7,820 ERN
Financial Reporting Consultant6,640 ERN
Financial Reporting Manager9,300 ERN
Financial Services Sales Agent5,200 ERN
Fixed Assets Administrator4,930 ERN
Forensic Accountant5,370 ERN
Fraud Detection Supervisor5,770 ERN
Fraud Prevention Manager9,240 ERN
Fund Accountant4,630 ERN
Grants Coordinator3,470 ERN
Internal Auditor6,440 ERN
Internal Control Adviser7,360 ERN
Internal Control Officer3,940 ERN
Inventory Accountant5,050 ERN
Investment Analyst8,960 ERN
Investment Fund Manager10,600 ERN
Investment Underwriter3,890 ERN
Investor6,300 ERN
Investor Relations Manager9,500 ERN
KYC Team Leader8,950 ERN
Management Economist11,000 ERN
Paymaster3,860 ERN
Payroll Clerk4,230 ERN
Payroll Manager8,590 ERN
Pensions Administrator5,000 ERN
Pricing Analyst7,790 ERN
Private Equity Analyst8,190 ERN
Proposal Development Coordinator4,200 ERN
Receivables Accountant4,190 ERN
Regulatory Accountant5,260 ERN
Retirement Plan Analyst7,460 ERN
Revenue Management Specialist7,500 ERN
Revenue Recognition Analyst8,800 ERN
Risk Management Director11,700 ERN
Risk Management Supervisor9,310 ERN
Tax Accountant4,400 ERN
Tax Advisor6,900 ERN
Tax Associate3,820 ERN
Tax Manager9,290 ERN
Teller2,810 ERN
Treasury Accountant4,920 ERN
Treasury Analyst7,680 ERN
Underwriter3,170 ERN
Underwriting Assistant3,180 ERN
Vice President of Finance12,800 ERN

Accounting and Finance Jobs Salary Distribution in Eritrea

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

  • Salary Range

    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).

  • Median Salary

    The median salary is 7,320 ERN per month, which means that half (50%) of people working in Accounting and Finance are earning less than 7,320 ERN while the other half are earning more than 7,320 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.

  • 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 4,580 ERN while 75% of them are earning more than 4,580 ERN. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 11,200 ERN while 25% are earning more than 11,200 ERN.

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 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.

Accounting and Finance Salary Comparison By Gender

Salary comparison by gender monthly Eritrea 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 Eritrea who work in Accounting and Finance earn 9% more than their female counterparts on average.

7,440 ERN
6,850 ERN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Eritrea for all Careers

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

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

Accounting and Finance

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.

Annual Salary Increment Rate Eritrea 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.

Eritrea / 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 Eritrea is 2%.

Annual Increment Rate By Industry 2021

Information Technology

Listed above are the average annual increase rates for each industry in Eritrea for the year 2021. 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 Eritrea

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

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.

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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 Eritrea

41 ERN per hour

The average hourly wage (pay per hour) in Eritrea is 41 ERN. This means that the average person in Eritrea earns approximately 41 ERN 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 Eritrea
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The average salary for Accounting and Finance is 3% more than that of All Jobs.

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 Eritrea earn 21% more than their private sector counterparts on average across all sectors.

Private Sector
6,220 ERN
Public Sector+21%
7,520 ERN
Percentage increase and decrease are relative to the previous value

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