A person working in Accounting and Finance in Lagos typically earns around 364,000 NGN. Salaries range from 146,000 NGN (lowest average) to 726,000 NGN (highest average, actual maximum salary is higher).
The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Accounting and Finance domain in Lagos 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.
|Accounting and Finance
|Accounting Unit Controller
|Accounts Payable and Receivable Specialist
|Accounts Payable Assistant
|Accounts Payable Associate
|Accounts Payable Clerk
|Accounts Payable Manager
|Accounts Receivable Administrator
|Accounts Receivable Clerk
|Accounts Receivable Financial Analyst
|Accounts Receivable Manager
|Accounts Receivable Team Leader
|Algorithmic Trading Specialist
|Assistant Accounting Manager
|Assistant Corporate Controller
|Assistant Finance Manager
|Assistant Financial Controller
|Business Support Analyst
|Capital Markets Associate
|Cash Flow Analyst
|Cash Management Manager
|Cash Management Officer
|Chief Financial Technology Officer
|Cost Accounting Manager
|Cost Accounting Supervisor
|Credit and Collection Manager
|Credit and Collection Staff
|Credit and Loans Officer
|Deputy Head of Finance
|Director of Finance
|Finance Data Analyst
|Finance Licensing Clerk
|Finance Licensing Manager
|Finance Licensing Specialist
|Finance Relationship Manager
|Finance Release Analyst
|Finance Team Leader
|Financial Applications Specialist
|Financial Claims Analyst
|Financial Claims Manager
|Financial Claims Supervisor
|Financial Commercial Analyst
|Financial Compliance Analyst
|Financial Compliance Officer
|Financial Customer Service Manager
|Financial Data Scientist
|Financial Dealer and Broker
|Financial Modelling Analyst
|Financial Operations Manager
|Financial Policy Analyst
|Financial Project Manager
|Financial Quantitative Analyst
|Financial Reporting Consultant
|Financial Reporting Manager
|Financial Section Head
|Financial Services Manager
|Financial Services Sales Agent
|Financial Technology Consultant
|Financial Wellness Coach
|Fixed Assets Administrator
|Fraud Detection Supervisor
|Fraud Prevention Manager
|Green Finance Analyst
|Group Financial Manager
|Internal Control Adviser
|Internal Control Officer
|International Tax Director
|Investment Fund Manager
|Investment Operations Manager
|Investor Relations Manager
|KYC Team Leader
|Payroll Benefits Coordinator
|Payroll Billing Manager
|Personal Financial Advisor
|Private Equity Analyst
|Proposal Development Coordinator
|Retirement Plan Analyst
|Revenue Management Specialist
|Revenue Recognition Analyst
|Risk Management Director
|Risk Management Supervisor
|Tax Research Manager
|Vice President of Finance
Salaries in Accounting and Finance in Lagos range from 146,000 NGN (starting average salary) to 726,000 NGN (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.
The median income in the field of Accounting and Finance is 328,000 NGN, implying that half of the workforce in Lagos 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.
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 Lagos earn less than 257,000 NGN, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 397,000 NGN, while 25% earn more than that.
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 Lagos. The analysis revealed that roughly 65% of all reported salaries fell within the range of 191,000 NGN to 317,000 NGN. Approximately 20% of salaries were below the 191,000 NGN mark, while 10% ranged from 317,000 NGN to 375,000 NGN. Only 5% of individuals earned a gross salary of 375,000 NGN or higher.
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 Lagos 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 degree levels across many jobs in Accounting and Finance in Lagos, 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.
A Master's degree program or any post-graduate program in Nigeria costs anywhere from 1,700,000 NGN to 5,100,000 NGN 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.
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 Nigeria, the average difference between the salary of male and female employees is 16%.
Professionals working in Accounting and Finance in Nigeria are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 8% granted to employees every 19 months.
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.
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
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.
100% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from % to % 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
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.
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.
The minimum pay rate per hour for people working in Accounting and Finance in Lagos is 840 NGN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
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 Nigeria is 6% on average across all career fields.
A good and competitive compensation would range anywhere between 328,000 NGN and 397,000 NGN. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
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.
The base salary for jobs in Accounting and Finance in Lagos ranges from 146,000 NGN to 257,000 NGN. 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.
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