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Financial Manager Average Salary in Hungary 2020

How much money does a Financial Manager make in Hungary?


Average Monthly Salary
2,490,000 HUF
( 29,800,000 HUF yearly)

LOW
1,340,000
HUF
AVERAGE
2,490,000
HUF
HIGH
3,750,000
HUF

A person working as a Financial Manager in Hungary typically earns around 2,490,000 HUF per month. Salaries range from 1,340,000 HUF (lowest) to 3,750,000 HUF (highest).

This is the average monthly salary including housing, transport, and other benefits. Financial Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Financial Manager Salary Distribution in Hungary

Median and salary distribution monthly Hungary Financial Manager
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The median, the maximum, the minimum, and the range

  • Salary Range

    Financial Manager salaries in Hungary range from 1,340,000 HUF per month (minimum salary) to 3,750,000 HUF per month (maximum salary).

  • Median Salary

    The median salary is 2,290,000 HUF per month, which means that half (50%) of people working as Financial Manager(s) are earning less than 2,290,000 HUF while the other half are earning more than 2,290,000 HUF. 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 Financial Manager(s) are earning less than 1,630,000 HUF while 75% of them are earning more than 1,630,000 HUF. Also from the diagram, 75% of Financial Manager(s) are earning less than 2,780,000 HUF while 25% are earning more than 2,780,000 HUF.


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

Financial Manager Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Hungary Financial Manager
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Financial Manager salaries by experience level and this is what we found.

A Financial Manager with less than two years of experience makes approximately 1,560,000 HUF per month.

While someone with an experience level between two and five years is expected to earn 1,970,000 HUF per month, 26% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 2,600,000 HUF per month, 32% more than someone with two to five years of experience.

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.

Additionally, Financial Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 3,050,000 HUF per month, 18% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 3,380,000 HUF per month, 11% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 3,600,000 HUF per month, 6% more than people with fifteen to twenty years of experience.


Financial Manager average salary change by experience in Hungary

0 - 2 Years
1,560,000 HUF
2 - 5 Years+26%
1,970,000 HUF
5 - 10 Years+32%
2,600,000 HUF
10 - 15 Years+18%
3,050,000 HUF
15 - 20 Years+11%
3,380,000 HUF
20+ Years+6%
3,600,000 HUF
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Financial Manager Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Financial Manager(s) who have the same experience but different education levels.

Salary comparison by education level monthly Hungary Financial Manager
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We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Financial Manager salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of a Financial Manager is 1,970,000 HUF per month.

While someone with a Bachelor's Degree gets a salary of 2,600,000 HUF per month, 32% more than someone having a Certificate or Diploma degree.

A Master's Degree gets its holder an average salary of 3,560,000 HUF per month, 37% more than someone with a Bachelor's Degree.


Financial Manager average salary difference by education level in Hungary

Certificate or Diploma
1,970,000 HUF
Bachelor's Degree+32%
2,600,000 HUF
Master's Degree+37%
3,560,000 HUF
Percentage increase and decrease are relative to the previous value

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 Hungary costs anywhere from 6,390,000 Forint(s) to 19,200,000 Forint(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 the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Financial Manager Salary Comparison By Gender

Salary comparison by gender monthly Hungary Financial Manager
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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 Financial Manager employees in Hungary earn 7% more than their female counterparts.

Female
2,390,000 HUF
Male+7%
2,560,000 HUF
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Hungary for all Careers

Salary comparison by gender monthly Hungary
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Financial Manager Average Annual Salary Increment Percentage in Hungary

How much are annual salary increments in Hungary for Financial Manager(s)? How often do employees get salary raises?

Financial Manager

Financial Manager(s) in Hungary are likely to observe a salary increase of approximately 14% every 18 months. The national average annual increment for all professions combined is 9% granted to employees every 17 months.

Annual Salary Increment Rate Hungary Financial Manager
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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.

Hungary / All Professions

Annual Salary Increment Rate Hungary
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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 Hungary is 6%.

Annual Increment Rate By Industry 2019

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Listed above are the average annual increase rates for each industry in Hungary 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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Financial Manager Bonus and Incentive Rates in Hungary

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Hungary Financial Manager
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A Financial Manager is considered to be a high bonus-based job 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.

24% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 76% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.

Received Bonus
76%
No Bonus
24%

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.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Hungary
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Where can you get paid more, working for a private company or for the government? Public sector Financial Manager employees in Hungary earn 9% more than their private sector counterparts.

Private Sector
1,230,000 HUF
Public Sector+9%
1,340,000 HUF
Percentage increase and decrease are relative to the previous value

Financial Manager Salary Trend and Forecast in Hungary

How are Financial Manager salaries changing over time? Listed below is a chart that shows the average salary in recent years.

Salary trends and forecast monthly Hungary Financial Manager
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Average Salary 2016
2,290,000 HUF
Average Salary 2017+4%
2,370,000 HUF
Average Salary 2018+1%
2,400,000 HUF
Average Salary 2019+2%
2,440,000 HUF
Percentage increase and decrease are relative to the previous value

Financial Manager salaries in Hungary are on the rise in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 2% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.

Financial Manager Average Hourly Wage in Hungary


14,300 HUF per hour

The average hourly wage (pay per hour) in Hungary is 14,300 HUF. This means that the average Financial Manager in Hungary earns approximately 14,300 HUF 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.

Financial Manager VS Other Jobs

Salary Comparison Between Financial Manager and Accounting and Finance monthly Hungary
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The average salary for Financial Manager is 100% more than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% less than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner725,000 HUF-71%
Account Executive1,160,000 HUF-53%
Accountant773,000 HUF-69%
Accounting Assistant743,000 HUF-70%
Accounting Associate808,000 HUF-68%
Accounting Clerk599,000 HUF-76%
Accounting Coordinator651,000 HUF-74%
Accounting Manager1,650,000 HUF-34%
Accounting Supervisor1,120,000 HUF-55%
Accounting Technician704,000 HUF-72%
Accounts Executive1,010,000 HUF-59%
Accounts Payable and Receivable Specialist954,000 HUF-62%
Accounts Payable Clerk643,000 HUF-74%
Accounts Payable Manager1,300,000 HUF-48%
Accounts Receivable Clerk688,000 HUF-72%
Accounts Receivable Manager1,370,000 HUF-45%
Assistant Accounting Manager985,000 HUF-60%
Assistant Auditor915,000 HUF-63%
Audit Supervisor1,620,000 HUF-35%
Auditing Clerk819,000 HUF-67%
Auditing Manager1,690,000 HUF-32%
Billing Coordinator965,000 HUF-61%
Billing Specialist908,000 HUF-63%
Billing Supervisor1,160,000 HUF-53%
Bookkeeper639,000 HUF-74%
Bookkeeping Specialist805,000 HUF-68%
Budget Analyst987,000 HUF-60%
Budget Manager1,440,000 HUF-42%
Business Support Analyst1,120,000 HUF-55%
Capital Markets Associate1,280,000 HUF-49%
Cash Flow Analyst1,210,000 HUF-51%
Cash Management Officer1,130,000 HUF-55%
Cashbook Clerk734,000 HUF-70%
Chartered Accountant1,040,000 HUF-58%
Collections Clerk594,000 HUF-76%
Collections Specialist789,000 HUF-68%
Corporate Treasurer2,080,000 HUF-16%
Cost Accountant946,000 HUF-62%
Cost Accounting Manager1,260,000 HUF-49%
Cost Analyst1,190,000 HUF-52%
Credit and Collection Manager1,390,000 HUF-44%
Credit and Collection Staff703,000 HUF-72%
Credit and Loans Officer666,000 HUF-73%
Credit Controller1,170,000 HUF-53%
Debt Adviser1,530,000 HUF-38%
Debt Collector1,070,000 HUF-57%
Debtors Clerk898,000 HUF-64%
Deputy CFO2,080,000 HUF-16%
Derivative Trader1,660,000 HUF-33%
Escrow Assistant943,000 HUF-62%
External Auditor1,240,000 HUF-50%
Finance Associate948,000 HUF-62%
Finance Executive1,990,000 HUF-20%
Finance Licensing Clerk725,000 HUF-71%
Finance Licensing Manager1,160,000 HUF-53%
Finance Licensing Specialist909,000 HUF-63%
Finance Officer1,300,000 HUF-48%
Finance President2,410,000 HUF-3%
Finance Relationship Manager1,630,000 HUF-34%
Finance Release Analyst1,130,000 HUF-55%
Finance Team Leader 1,260,000 HUF-49%
Financial Actuary1,210,000 HUF-51%
Financial Administrator1,030,000 HUF-59%
Financial Analyst1,270,000 HUF-49%
Financial Applications Specialist836,000 HUF-66%
Financial Assistant757,000 HUF-70%
Financial Associate846,000 HUF-66%
Financial Claims Analyst1,130,000 HUF-55%
Financial Claims Manager1,270,000 HUF-49%
Financial Commercial Analyst987,000 HUF-60%
Financial Compliance Analyst1,250,000 HUF-50%
Financial Consultant1,130,000 HUF-55%
Financial Controller1,160,000 HUF-53%
Financial Coordinator1,070,000 HUF-57%
Financial Customer Service Manager1,400,000 HUF-44%
Financial Dealer and Broker1,090,000 HUF-56%
Financial Encoder698,000 HUF-72%
Financial Manager2,490,000 HUF+0%
Financial Operations Manager1,730,000 HUF-30%
Financial Policy Analyst1,130,000 HUF-55%
Financial Project Manager1,130,000 HUF-55%
Financial Quantitative Analyst1,240,000 HUF-50%
Financial Reporting Consultant1,160,000 HUF-53%
Financial Reporting Manager1,370,000 HUF-45%
Financial Services Sales Agent1,030,000 HUF-59%
Fixed Assets Administrator973,000 HUF-61%
Forensic Accountant919,000 HUF-63%
Fraud Detection Supervisor1,090,000 HUF-56%
Fraud Prevention Manager1,660,000 HUF-33%
Fund Accountant849,000 HUF-66%
Grants Coordinator763,000 HUF-69%
Internal Auditor1,250,000 HUF-50%
Internal Control Adviser1,220,000 HUF-51%
Internal Control Officer1,030,000 HUF-59%
Inventory Accountant1,810,000 HUF-27%
Investment Analyst1,490,000 HUF-40%
Investment Fund Manager1,640,000 HUF-34%
Investment Underwriter733,000 HUF-71%
Investor1,070,000 HUF-57%
Investor Relations Manager1,420,000 HUF-43%
KYC Team Leader1,360,000 HUF-45%
Management Economist1,270,000 HUF-49%
Paymaster859,000 HUF-65%
Payroll Clerk675,000 HUF-73%
Payroll Manager1,150,000 HUF-54%
Pensions Administrator884,000 HUF-64%
Pricing Analyst1,250,000 HUF-50%
Private Equity Analyst1,270,000 HUF-49%
Proposal Development Coordinator869,000 HUF-65%
Receivables Accountant768,000 HUF-69%
Regulatory Accountant952,000 HUF-62%
Retirement Plan Analyst1,190,000 HUF-52%
Revenue Management Specialist998,000 HUF-60%
Revenue Recognition Analyst1,510,000 HUF-39%
Risk Management Director1,960,000 HUF-21%
Risk Management Supervisor1,500,000 HUF-40%
Tax Accountant869,000 HUF-65%
Tax Advisor1,170,000 HUF-53%
Tax Associate928,000 HUF-63%
Tax Manager1,800,000 HUF-28%
Teller561,000 HUF-77%
Treasury Accountant912,000 HUF-63%
Treasury Analyst1,310,000 HUF-47%
Underwriter698,000 HUF-72%
Underwriting Assistant637,000 HUF-74%
Vice President of Finance1,680,000 HUF-32%

Salary Comparison By City

CityAverage Salary
Budapest2,540,000 HUF
Debrecen2,400,000 HUF
621667 - 6

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