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Fund Accountant Average Salary in Lagos 2024

How much money does a person working as Fund Accountant make in Lagos?


Average Monthly Salary
235,000 NGN
( 2,820,000 NGN yearly)

LOW
125,000
NGN
AVERAGE
235,000
NGN
HIGH
357,000
NGN
All salary figures displayed here are per month except when noted otherwise.
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.

A person working as Fund Accountant in Lagos typically earns around 235,000 NGN. Salaries range from 125,000 NGN (lowest) to 357,000 NGN (highest).


Salary Variance

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



Fund Accountant Pay Scale and Salaries in Lagos

Median and salary distribution Lagos Fund Accountant monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
211,000 NGN or more
10% of people earn
189,000 to 211,000 NGN
20% of people earn
139,000 NGN or less
65% of people earn
139,000 to 189,000 NGN
Minimum Salary
125,000 NGN
Median
212,000 NGN
Maximum
357,000 NGN




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries for the position Fund Accountant in Lagos range from 125,000 NGN (starting salary) to 357,000 NGN (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.

  • Median Salary

    With a median salary of 212,000 NGN, half of the professionals who work as Fund Accountant in Lagos earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.

  • Percentiles and Salary Scale

    The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Fund Accountant in Lagos earn less than 177,000 NGN, while 75% earn more. Similarly, the chart shows that 75% earn less than 240,000 NGN while 25% earn more.

  • Pay Scale Structure

    To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Fund Accountant in Lagos compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 139,000 NGN to 189,000 NGN. About 20% of salaries are below the 139,000 NGN mark, while 10% fall within the range of 189,000 NGN to 211,000 NGN. Only 5% of individuals have salaries exceeding 211,000 NGN.

Salary Comparison by Years of Experience / Fund Accountant / Lagos

How do experience and age affect pay?

0 - 2 Years
143,000 NGN
2 - 5 Years+23%
176,000 NGN
5 - 10 Years+42%
249,000 NGN
10 - 15 Years+17%
291,000 NGN
15 - 20 Years+10%
320,000 NGN
20+ Years+6%
339,000 NGN
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Lagos Fund Accountant
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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. We broke down salaries by experience level for people working as Fund Accountant and this is what we found.


All salary figures displayed here are per month except when noted otherwise.

Employees with less than two years of experience earn approximately 143,000 NGN.

While someone with an experience level between two and five years is expected to earn 176,000 NGN, 23% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 249,000 NGN, 42% more than someone with two to five years of experience.

Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 291,000 NGN, 17% 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 320,000 NGN, 10% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 339,000 NGN, 6% more than people with fifteen to twenty 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.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Salary Comparison By Education / Fund Accountant / Lagos

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Fund Accountant.

High School
173,000 NGN
Certificate or Diploma+13%
197,000 NGN
Bachelor's Degree+31%
257,000 NGN
Master's Degree+32%
339,000 NGN
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Lagos Fund Accountant
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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 salaries by education level for the position Fund Accountant in order to make a comparison.


Level 1: High School

Employees at this education level have an average salary of 173,000 NGN.


Level 2: Certificate or Diploma

At this level, the average salary becomes 197,000 NGN, 13% more than the previous level.


Level 3: Bachelor's Degree

At this level, the average salary becomes 257,000 NGN, 31% more than the previous level.


Level 4: Master's Degree

At this level, the average salary becomes 339,000 NGN, 32% more than the previous level.



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 Nigeria costs anywhere from 1,700,000 NGN to 5,100,000 NGN 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 to a higher-paying job. The numbers seem to support the theory. 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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Salary and Compensation Comparison By Gender / Fund Accountant / Lagos

Salary comparison by gender Nigeria Fund Accountant monthly
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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? For the people who work as Fund Accountant in Nigeria, the average difference between the salary of male and female employees is 10%.

Male
232,000 NGN
Female-9%
212,000 NGN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Nigeria for all Careers

Salary comparison by gender monthly Nigeria
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Average Annual Salary Increment Percentage / Fund Accountant / Lagos

How much are annual salary increments in Lagos for individuals working as Fund Accountant? How often do employees get salary raises?

Individuals working as Fund Accountant 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.

Annual Salary Increment Rate Nigeria Fund Accountant
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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.

Nigeria / All Professions

Annual Salary Increment Rate Nigeria
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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.

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 Nigeria is 5%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

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.



Bonus and Incentive Rates / Fund Accountant / Nigeria

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Nigeria Fund Accountant
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100% of surveyed staff 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.

Received Bonus
%
No Bonus
100%

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.

Average Hourly Wage / Fund Accountant / Lagos


1,360 NGN per hour

The average hourly wage (pay per hour) for individuals working as Fund Accountant in Lagos is 1,360 NGN.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working as Fund Accountant in Lagos is 720 NGN. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary comparison with similar jobs

Job TitleAverage Salary
Accounting and Finance-100%
Account Examiner183,000 NGN-22%
Account Executive314,000 NGN+34%
Accountant240,000 NGN+2%
Accounting Analyst303,000 NGN+29%
Accounting Assistant188,000 NGN-20%
Accounting Associate178,000 NGN-24%
Accounting Clerk157,000 NGN-33%
Accounting Coordinator219,000 NGN-7%
Accounting Head496,000 NGN+110%
Accounting Manager523,000 NGN+120%
Accounting Officer183,000 NGN-22%
Accounting Specialist334,000 NGN+42%
Accounting Supervisor340,000 NGN+45%
Accounting Technician172,000 NGN-27%
Accounting Unit Controller413,000 NGN+76%
Accounts Executive314,000 NGN+34%
Accounts Officer193,000 NGN-18%
Accounts Payable and Receivable Specialist251,000 NGN+7%
Accounts Payable Assistant199,000 NGN-15%
Accounts Payable Associate225,000 NGN-4%
Accounts Payable Clerk183,000 NGN-22%
Accounts Payable Manager486,000 NGN+110%
Accounts Receivable Administrator361,000 NGN+54%
Accounts Receivable Clerk183,000 NGN-22%
Accounts Receivable Financial Analyst345,000 NGN+47%
Accounts Receivable Manager478,000 NGN+100%
Accounts Receivable Team Leader361,000 NGN+54%
Algorithmic Trading Specialist434,000 NGN+85%
Assistant Accountant188,000 NGN-20%
Assistant Accounting Manager460,000 NGN+96%
Assistant Auditor246,000 NGN+5%
Assistant Corporate Controller334,000 NGN+42%
Assistant Finance Manager512,000 NGN+120%
Assistant Financial Controller334,000 NGN+42%
Audit Director564,000 NGN+140%
Audit Supervisor449,000 NGN+91%
Auditing Clerk193,000 NGN-18%
Auditing Manager512,000 NGN+120%
Billing Clerk188,000 NGN-20%
Billing Coordinator225,000 NGN-4%
Billing Specialist261,000 NGN+11%
Billing Supervisor376,000 NGN+60%
Bookkeeper162,000 NGN-31%
Bookkeeping Specialist235,000 NGN-0%
Budget Analyst423,000 NGN+80%
Budget Manager507,000 NGN+120%
Business Support Analyst277,000 NGN+18%
Capital Markets Associate371,000 NGN+58%
Cash Flow Analyst371,000 NGN+58%
Cash Management Manager486,000 NGN+110%
Cash Management Officer282,000 NGN+20%
Cashbook Clerk167,000 NGN-29%
Chartered Accountant314,000 NGN+34%
Chief Accountant366,000 NGN+56%
Chief Financial Technology Officer512,000 NGN+120%
Collections Clerk152,000 NGN-35%
Collections Representative214,000 NGN-9%
Collections Specialist251,000 NGN+7%
Corporate Controller392,000 NGN+67%
Corporate Treasurer470,000 NGN+100%
Cost Accountant248,000 NGN+5%
Cost Accounting Manager489,000 NGN+110%
Cost Accounting Supervisor397,000 NGN+69%
Cost Analyst392,000 NGN+67%
Credit and Collection Manager491,000 NGN+110%
Credit and Collection Staff188,000 NGN-20%
Credit and Loans Officer178,000 NGN-24%
Credit Controller340,000 NGN+45%
Credit Manager512,000 NGN+120%
Debt Adviser408,000 NGN+74%
Debt Collector199,000 NGN-15%
Debtors Clerk170,000 NGN-28%
Debtors Controller183,000 NGN-22%
Deputy CFO674,000 NGN+190%
Deputy Head of Finance674,000 NGN+190%
Derivative Trader423,000 NGN+80%
Director of Finance726,000 NGN+210%
E-commerce Accountant256,000 NGN+9%
Economist575,000 NGN+140%
Equity Analyst436,000 NGN+85%
Escrow Assistant219,000 NGN-7%
Executive Accountant277,000 NGN+18%
External Auditor345,000 NGN+47%
Finance Administrator287,000 NGN+22%
Finance Analyst444,000 NGN+89%
Finance Associate214,000 NGN-9%
Finance Data Analyst397,000 NGN+69%
Finance Director726,000 NGN+210%
Finance Executive523,000 NGN+120%
Finance Licensing Clerk178,000 NGN-24%
Finance Licensing Manager470,000 NGN+100%
Finance Licensing Specialist266,000 NGN+13%
Finance Manager690,000 NGN+190%
Finance Officer235,000 NGN-0%
Finance President726,000 NGN+210%
Finance Relationship Manager570,000 NGN+140%
Finance Release Analyst282,000 NGN+20%
Finance Specialist408,000 NGN+74%
Finance Team Leader 549,000 NGN+130%
Financial Accountant246,000 NGN+5%
Financial Actuary376,000 NGN+60%
Financial Administrator408,000 NGN+74%
Financial Advisor447,000 NGN+90%
Financial Analyst444,000 NGN+89%
Financial Applications Specialist308,000 NGN+31%
Financial Assistant199,000 NGN-15%
Financial Associate235,000 NGN-0%
Financial Claims Analyst332,000 NGN+41%
Financial Claims Manager439,000 NGN+87%
Financial Claims Supervisor408,000 NGN+74%
Financial Clerk188,000 NGN-20%
Financial Commercial Analyst355,000 NGN+51%
Financial Compliance Analyst397,000 NGN+69%
Financial Compliance Officer389,000 NGN+65%
Financial Consultant329,000 NGN+40%
Financial Controller392,000 NGN+67%
Financial Coordinator226,000 NGN-4%
Financial Customer Service Manager449,000 NGN+91%
Financial Data Scientist457,000 NGN+94%
Financial Dealer and Broker266,000 NGN+13%
Financial Director726,000 NGN+210%
Financial Encoder209,000 NGN-11%
Financial Manager690,000 NGN+190%
Financial Modelling Analyst442,000 NGN+88%
Financial Operations Manager627,000 NGN+170%
Financial Policy Analyst381,000 NGN+62%
Financial Project Manager507,000 NGN+120%
Financial Quantitative Analyst423,000 NGN+80%
Financial Reporting Consultant355,000 NGN+51%
Financial Reporting Manager470,000 NGN+100%
Financial Section Head470,000 NGN+100%
Financial Services Manager627,000 NGN+170%
Financial Services Sales Agent272,000 NGN+16%
Financial Technology Consultant387,000 NGN+65%
Financial Wellness Coach504,000 NGN+110%
FinTech Analyst423,000 NGN+80%
Fixed Assets Administrator256,000 NGN+9%
Forensic Accountant287,000 NGN+22%
Fraud Detection Supervisor303,000 NGN+29%
Fraud Prevention Manager502,000 NGN+110%
Fund Accountant235,000 NGN-0%
Grants Coordinator183,000 NGN-22%
Green Finance Analyst374,000 NGN+59%
Group Financial Manager705,000 NGN+200%
Internal Auditor329,000 NGN+40%
Internal Control Adviser387,000 NGN+65%
Internal Control Officer214,000 NGN-9%
International Tax Director596,000 NGN+150%
Inventory Accountant256,000 NGN+9%
Investment Advisor658,000 NGN+180%
Investment Analyst486,000 NGN+110%
Investment Associate413,000 NGN+76%
Investment Broker413,000 NGN+76%
Investment Fund Manager549,000 NGN+130%
Investment Operations Manager549,000 NGN+130%
Investment Underwriter209,000 NGN-11%
Investor319,000 NGN+36%
Investor Relations Manager496,000 NGN+110%
KYC Team Leader475,000 NGN+100%
Loan Processor204,000 NGN-13%
Management Accountant274,000 NGN+17%
Management Economist575,000 NGN+140%
Paymaster199,000 NGN-15%
Payroll Administrator324,000 NGN+38%
Payroll Benefits Coordinator272,000 NGN+16%
Payroll Billing Manager449,000 NGN+91%
Payroll Clerk214,000 NGN-9%
Payroll Manager449,000 NGN+91%
Payroll Officer214,000 NGN-9%
Payroll Specialist256,000 NGN+9%
Payroll Supervisor314,000 NGN+34%
Pensions Administrator261,000 NGN+11%
Personal Financial Advisor366,000 NGN+56%
Pricing Analyst408,000 NGN+74%
Private Equity Analyst436,000 NGN+85%
Project Accountant261,000 NGN+11%
Proposal Development Coordinator219,000 NGN-7%
Quantitative Trader353,000 NGN+50%
Receivables Accountant227,000 NGN-3%
Regulatory Accountant269,000 NGN+14%
Retirement Plan Analyst392,000 NGN+67%
Revenue Management Specialist408,000 NGN+74%
Revenue Recognition Analyst455,000 NGN+94%
Risk Management Director590,000 NGN+150%
Risk Management Supervisor486,000 NGN+110%
Staff Accountant235,000 NGN-0%
Tax Accountant233,000 NGN-1%
Tax Administrator266,000 NGN+13%
Tax Advisor376,000 NGN+60%
Tax Analyst376,000 NGN+60%
Tax Associate209,000 NGN-11%
Tax Consultant392,000 NGN+67%
Tax Director570,000 NGN+140%
Tax Examiner261,000 NGN+11%
Tax Manager502,000 NGN+110%
Tax Research Manager502,000 NGN+110%
Teller146,000 NGN-38%
Treasury Accountant270,000 NGN+15%
Treasury Analyst408,000 NGN+74%
Underwriter172,000 NGN-27%
Underwriting Assistant162,000 NGN-31%
Vice President of Finance674,000 NGN+190%

Salary Comparison By City

CityAverage Salary
Lagos235,000 NGN

Government vs Private Sector Salary Comparison

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.

Private Sector
329,000 NGN
Public Sector+6%
349,000 NGN
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for the job title Fund Accountant in Lagos?

A good and competitive compensation would range anywhere between 212,000 NGN and 240,000 NGN. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

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.

Base / Basic Salary

The base salary for a careers like Fund Accountant in Lagos ranges from 125,000 NGN to 177,000 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.


What is the difference between the median and the average salary?

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


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