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Financial Manager Average Salary in Saudi Arabia 2024

How much money does a person working as Financial Manager make in Saudi Arabia?


Average Monthly Salary
31,100 SAR
( 373,000 SAR yearly)

LOW
14,900
SAR
AVERAGE
31,100
SAR
HIGH
48,800
SAR
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 Financial Manager in Saudi Arabia typically earns around 31,100 SAR. Salaries range from 14,900 SAR (lowest) to 48,800 SAR (highest).


Salary Variance

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



Financial Manager Pay Scale and Salaries in Saudi Arabia

Median and salary distribution Saudi Arabia Financial Manager monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
29,100 SAR or more
10% of people earn
25,600 to 29,100 SAR
20% of people earn
18,000 SAR or less
65% of people earn
18,000 to 25,600 SAR
Minimum Salary
14,900 SAR
Median
29,300 SAR
Maximum
48,800 SAR




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 Financial Manager in Saudi Arabia range from 14,900 SAR (starting salary) to 48,800 SAR (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 29,300 SAR, half of the professionals who work as Financial Manager in Saudi Arabia 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 Financial Manager in Saudi Arabia earn less than 23,800 SAR, while 75% earn more. Similarly, the chart shows that 75% earn less than 33,500 SAR 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 Financial Manager in Saudi Arabia compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 18,000 SAR to 25,600 SAR. About 20% of salaries are below the 18,000 SAR mark, while 10% fall within the range of 25,600 SAR to 29,100 SAR. Only 5% of individuals have salaries exceeding 29,100 SAR.

Salary Comparison by Years of Experience / Financial Manager / Saudi Arabia

How do experience and age affect pay?

0 - 2 Years
17,500 SAR
2 - 5 Years+42%
24,800 SAR
5 - 10 Years+31%
32,600 SAR
10 - 15 Years+23%
40,000 SAR
15 - 20 Years+6%
42,600 SAR
20+ Years+10%
46,600 SAR
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Saudi Arabia 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 the wage. We broke down salaries by experience level for people working as Financial Manager 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 17,500 SAR.

While someone with an experience level between two and five years is expected to earn 24,800 SAR, 42% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 32,600 SAR, 31% 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 40,000 SAR, 23% 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 42,600 SAR, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 46,600 SAR, 10% 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 / Financial Manager / Saudi Arabia

How do education levels affect salaries?

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

Certificate or Diploma
21,700 SAR
Bachelor's Degree+59%
34,600 SAR
Master's Degree+33%
46,100 SAR
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Saudi Arabia 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 salaries by education level for the position Financial Manager in order to make a comparison.


Level 1: Certificate or Diploma

Employees at this education level have an average salary of 21,700 SAR.


Level 2: Bachelor's Degree

At this level, the average salary becomes 34,600 SAR, 59% more than the previous level.


Level 3: Master's Degree

At this level, the average salary becomes 46,100 SAR, 33% 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 Saudi Arabia costs anywhere from 83,800 SAR to 251,000 SAR 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 / Financial Manager / Saudi Arabia

Salary comparison by gender Saudi Arabia Financial Manager 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 Financial Manager in Saudi Arabia, the average difference between the salary of male and female employees is 9%.

Male
32,800 SAR
Female-8%
30,300 SAR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Saudi Arabia for all Careers

Salary comparison by gender monthly Saudi Arabia
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Average Annual Salary Increment Percentage / Financial Manager / Saudi Arabia

How much are annual salary increments in Saudi Arabia for individuals working as Financial Manager? How often do employees get salary raises?

Individuals working as Financial Manager in Saudi Arabia are likely to observe a salary increase of approximately 12% every 18 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.

Annual Salary Increment Rate Saudi Arabia 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.

Saudi Arabia / All Professions

Annual Salary Increment Rate Saudi Arabia
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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 Saudi Arabia is 6%.

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 / Financial Manager / Saudi Arabia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Saudi Arabia Financial Manager
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17% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 83% 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
83%
No Bonus
17%

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 / Financial Manager / Saudi Arabia


180 SAR per hour

The average hourly wage (pay per hour) for individuals working as Financial Manager in Saudi Arabia is 180 SAR.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 Financial Manager in Saudi Arabia is 86 SAR. 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 Examiner8,040 SAR-74%
Account Executive15,000 SAR-52%
Accountant10,600 SAR-66%
Accounting Analyst13,700 SAR-56%
Accounting Assistant8,240 SAR-74%
Accounting Associate8,250 SAR-73%
Accounting Clerk6,800 SAR-78%
Accounting Coordinator9,650 SAR-69%
Accounting Head23,700 SAR-24%
Accounting Manager24,900 SAR-20%
Accounting Officer8,170 SAR-74%
Accounting Specialist14,800 SAR-52%
Accounting Supervisor15,500 SAR-50%
Accounting Technician8,160 SAR-74%
Accounting Unit Controller18,400 SAR-41%
Accounts Executive13,900 SAR-55%
Accounts Officer8,480 SAR-73%
Accounts Payable and Receivable Specialist11,700 SAR-62%
Accounts Payable Assistant9,440 SAR-70%
Accounts Payable Associate10,300 SAR-67%
Accounts Payable Clerk8,620 SAR-72%
Accounts Payable Manager22,700 SAR-27%
Accounts Receivable Administrator17,100 SAR-45%
Accounts Receivable Clerk8,470 SAR-73%
Accounts Receivable Financial Analyst16,100 SAR-48%
Accounts Receivable Manager22,000 SAR-29%
Accounts Receivable Team Leader15,900 SAR-49%
Algorithmic Trading Specialist20,200 SAR-35%
Assistant Accountant8,360 SAR-73%
Assistant Accounting Manager20,400 SAR-34%
Assistant Auditor11,500 SAR-63%
Assistant Corporate Controller15,000 SAR-52%
Assistant Finance Manager24,400 SAR-22%
Assistant Financial Controller15,100 SAR-51%
Audit Director26,300 SAR-15%
Audit Supervisor19,700 SAR-37%
Auditing Clerk8,480 SAR-73%
Auditing Manager24,000 SAR-23%
Billing Clerk8,930 SAR-71%
Billing Coordinator10,600 SAR-66%
Billing Specialist12,100 SAR-61%
Billing Supervisor17,100 SAR-45%
Bookkeeper7,310 SAR-76%
Bookkeeping Specialist11,100 SAR-64%
Budget Analyst18,900 SAR-39%
Budget Manager22,500 SAR-28%
Business Support Analyst13,000 SAR-58%
Capital Markets Associate16,800 SAR-46%
Cash Flow Analyst16,300 SAR-48%
Cash Management Manager21,100 SAR-32%
Cash Management Officer13,400 SAR-57%
Cashbook Clerk7,840 SAR-75%
Chartered Accountant14,800 SAR-52%
Chief Accountant17,100 SAR-45%
Chief Financial Technology Officer24,300 SAR-22%
Collections Clerk7,080 SAR-77%
Collections Representative9,760 SAR-69%
Collections Specialist11,300 SAR-64%
Corporate Controller18,500 SAR-41%
Corporate Treasurer21,300 SAR-32%
Cost Accountant11,200 SAR-64%
Cost Accounting Manager21,900 SAR-30%
Cost Accounting Supervisor17,300 SAR-44%
Cost Analyst17,400 SAR-44%
Credit and Collection Manager21,800 SAR-30%
Credit and Collection Staff8,720 SAR-72%
Credit and Loans Officer7,810 SAR-75%
Credit Controller15,300 SAR-51%
Credit Manager22,300 SAR-28%
Debt Adviser18,500 SAR-41%
Debt Collector8,960 SAR-71%
Debtors Clerk7,910 SAR-75%
Debtors Controller8,170 SAR-74%
Deputy CFO29,300 SAR-6%
Deputy Head of Finance31,800 SAR+2%
Derivative Trader19,300 SAR-38%
Director of Finance32,300 SAR+4%
E-commerce Accountant11,500 SAR-63%
Economist25,000 SAR-20%
Equity Analyst20,100 SAR-35%
Escrow Assistant10,500 SAR-66%
Executive Accountant12,400 SAR-60%
External Auditor16,000 SAR-49%
Finance Administrator13,700 SAR-56%
Finance Analyst19,600 SAR-37%
Finance Associate10,200 SAR-67%
Finance Data Analyst17,500 SAR-44%
Finance Director34,100 SAR+10%
Finance Executive24,200 SAR-22%
Finance Licensing Clerk7,890 SAR-75%
Finance Licensing Manager20,700 SAR-33%
Finance Licensing Specialist11,600 SAR-63%
Finance Manager32,100 SAR+3%
Finance Officer10,300 SAR-67%
Finance President33,000 SAR+6%
Finance Relationship Manager26,600 SAR-14%
Finance Release Analyst12,700 SAR-59%
Finance Specialist18,800 SAR-40%
Finance Team Leader 24,100 SAR-23%
Financial Accountant11,000 SAR-65%
Financial Actuary16,700 SAR-46%
Financial Administrator18,800 SAR-40%
Financial Advisor20,400 SAR-34%
Financial Analyst21,000 SAR-32%
Financial Applications Specialist13,700 SAR-56%
Financial Assistant8,710 SAR-72%
Financial Associate10,700 SAR-66%
Financial Claims Analyst15,500 SAR-50%
Financial Claims Manager20,400 SAR-34%
Financial Claims Supervisor18,800 SAR-40%
Financial Clerk8,830 SAR-72%
Financial Commercial Analyst15,700 SAR-50%
Financial Compliance Analyst17,400 SAR-44%
Financial Compliance Officer17,000 SAR-45%
Financial Consultant15,600 SAR-50%
Financial Controller17,200 SAR-45%
Financial Coordinator10,200 SAR-67%
Financial Customer Service Manager21,400 SAR-31%
Financial Data Scientist21,900 SAR-30%
Financial Dealer and Broker12,700 SAR-59%
Financial Director33,900 SAR+9%
Financial Encoder9,340 SAR-70%
Financial Manager29,900 SAR-4%
Financial Modelling Analyst20,900 SAR-33%
Financial Operations Manager29,700 SAR-5%
Financial Policy Analyst17,600 SAR-43%
Financial Project Manager22,700 SAR-27%
Financial Quantitative Analyst19,700 SAR-37%
Financial Reporting Consultant17,000 SAR-45%
Financial Reporting Manager21,700 SAR-30%
Financial Section Head20,900 SAR-33%
Financial Services Manager28,000 SAR-10%
Financial Services Sales Agent12,400 SAR-60%
Financial Technology Consultant18,200 SAR-41%
Financial Wellness Coach23,500 SAR-24%
FinTech Analyst19,500 SAR-37%
Fixed Assets Administrator12,100 SAR-61%
Forensic Accountant13,400 SAR-57%
Fraud Detection Supervisor14,300 SAR-54%
Fraud Prevention Manager23,500 SAR-24%
Fund Accountant10,900 SAR-65%
Grants Coordinator8,490 SAR-73%
Green Finance Analyst16,200 SAR-48%
Group Financial Manager30,700 SAR-1%
Internal Auditor15,100 SAR-51%
Internal Control Adviser18,300 SAR-41%
Internal Control Officer10,000 SAR-68%
International Tax Director26,900 SAR-14%
Inventory Accountant11,300 SAR-64%
Investment Advisor30,300 SAR-3%
Investment Analyst22,200 SAR-29%
Investment Associate18,400 SAR-41%
Investment Broker18,700 SAR-40%
Investment Fund Manager24,200 SAR-22%
Investment Operations Manager24,600 SAR-21%
Investment Underwriter9,130 SAR-71%
Investor14,700 SAR-53%
Investor Relations Manager22,700 SAR-27%
KYC Team Leader20,800 SAR-33%
Loan Processor9,590 SAR-69%
Management Accountant12,800 SAR-59%
Management Economist26,300 SAR-15%
Paymaster8,780 SAR-72%
Payroll Administrator15,500 SAR-50%
Payroll Benefits Coordinator12,900 SAR-59%
Payroll Billing Manager21,200 SAR-32%
Payroll Clerk10,100 SAR-68%
Payroll Manager21,100 SAR-32%
Payroll Officer10,000 SAR-68%
Payroll Specialist11,900 SAR-62%
Payroll Supervisor14,600 SAR-53%
Pensions Administrator11,900 SAR-62%
Personal Financial Advisor16,900 SAR-46%
Pricing Analyst19,100 SAR-39%
Private Equity Analyst20,200 SAR-35%
Project Accountant11,400 SAR-63%
Proposal Development Coordinator10,000 SAR-68%
Quantitative Trader16,300 SAR-48%
Receivables Accountant10,100 SAR-68%
Regulatory Accountant12,700 SAR-59%
Retirement Plan Analyst18,500 SAR-41%
Revenue Management Specialist19,100 SAR-39%
Revenue Recognition Analyst20,800 SAR-33%
Risk Management Director26,500 SAR-15%
Risk Management Supervisor21,600 SAR-31%
Staff Accountant10,500 SAR-66%
Tax Accountant10,600 SAR-66%
Tax Administrator12,700 SAR-59%
Tax Advisor17,800 SAR-43%
Tax Analyst17,600 SAR-43%
Tax Associate9,440 SAR-70%
Tax Consultant18,200 SAR-41%
Tax Director26,200 SAR-16%
Tax Examiner11,800 SAR-62%
Tax Manager22,100 SAR-29%
Tax Research Manager21,900 SAR-30%
Teller6,990 SAR-78%
Treasury Accountant11,700 SAR-62%
Treasury Analyst18,700 SAR-40%
Underwriter7,720 SAR-75%
Underwriting Assistant7,190 SAR-77%
Vice President of Finance31,900 SAR+3%

Salary Comparison By City

CityAverage Salary
Jeddah34,300 SAR
Riyadh34,700 SAR

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 Saudi Arabia is 7% on average across all career fields.

Private Sector
16,100 SAR
Public Sector+7%
17,300 SAR
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 Financial Manager in Saudi Arabia?

A good and competitive compensation would range anywhere between 29,300 SAR and 33,500 SAR. 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 Financial Manager in Saudi Arabia ranges from 14,900 SAR to 23,800 SAR. 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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