Currently, the average salary of an employee in Nigeria is ₦600,000 a year. Depending on the work experience, degree in accounting and level of professionalism, the pricing varies.
As regards the Accountancy field, earnings are higher even with the different accounting job titles that are currently existing. Based on the data available, the average accountant salary per month is from ₦125,000 to ₦500,000 depending on the size of the company, your level of qualifications and sadly, your gender.
Although sadly, male employees with accounting jobs earn a lot more than their female counterparts, a lot more female accountants hold a professional accounting qualification. Additionally, salaries are either higher or lower when you choose a specific type of accounting job; general accounting, corporate accounting, etc.
If you have gotten the title of a Certified public accountant, you've most likely gotten a couple of work experience. However, we cannot take out the fact that you may be interested in new jobs; either in a different industry or company. We have listed below, the different job prospects and their salary ranges.
In the accounting department, an internal audit means you are to evaluate the company's financial and operational business activities objectively and independently. They ensure that the company adheres to laws and government regulations and make sure they follow the proper procedures and operate as effectively as possible.
As an internal auditor in Nigeria, the average wage of an accountant in this field range between ₦209, 695 (lowest salary) to ₦679,230 (highest salary) per month.
Your experience level will determine how much you're expected to earn each month. If you have less than two years of practice, your average salary would be approximate ₦237,837 monthly.
Someone with experience level between two and five years will earn ₦317,688 monthly. Technically, it is 34% higher than a person with lesser than two years of experience.
If your experience level is between five and ten years, you're expected to earn ₦392,814, usually 24% higher than the latter. Internal auditors whose expertise is within eleven to fifteen years earn ₦467,939 per month, 19% higher than someone with five to ten years of experience. For internal auditors whose expertise is between fifteen to twenty years, the expected wage is ₦543,065 monthly, while the ones with over twenty years of professional experience earn ₦648,710 monthly.
In terms of gender, female internal auditors earn 19% less than their male counterparts. Furthermore, the higher your educational and professional qualifications, the higher your earnings become. Also, you're most likely going to earn 32% higher working in the public sector than in the private sector.
Getting a chartered accountant qualification gives you a higher chance of getting a better paycheck than an accounting technician. Their focus is more on consultancy and auditing. Other tasks include managing budgets and financial systems. They are also expected to finalize internal audits or work with an internal auditor to evaluate the financial status of the company.
Chartered accountants, after inspection with auditors, advise clients on prospective business transactions which include mergers, and tax planning.
A chartered accountant's average salary is between ₦171,658 per month (minimum salary) to ₦625,327 per month (maximum accountant wage). The mean wage is ₦420,972 each month. This means that 50% of accountants earn higher than ₦420,972 while the second half is earning lower than ₦420,972. Below is a list of expected monthly salary based on experience years.
- Less than two years - ₦201,146
- Two to five years - ₦285,075 (42% higher than someone with less than two years experience)
- Five to ten years - ₦362,199 (27% higher than an accountant with less than five to ten years experience)
- Ten to fifteen years - ₦439,323 (21% higher than a person with less than ten to fifteen years of accounting experience)
- Fifteen to twenty years - ₦475,616 (8% higher than someone with less than fifteen to twenty years experience)
- Above twenty years - ₦589,033 (24 % higher than someone with less than twenty years experience)
Professional and educational qualifications also affect the price of a chartered accountant. It is expected that the higher your level of education, the more increase you have with your salary. Thus, someone with a Bachelor's degree will earn less than a Master's degree holder.
Typically, just like other accounting careers, women earn 17% lesser than men. Working as a chartered accountant in the public sector will earn you a 30% higher salary than when you work in a private sector in Nigeria.
An accounting technician job is mostly entry-level positions. You can easily access this through the ACCA Certified Accounting Technician qualification (CAT) or the AAT Accounting Qualification.
This job consists of basic accounting like traditional bookkeeping, invoice processing, ensuring ledgers are balanced, recording payments and receipts, National insurance contributions and as well as submitting tax and VAT returns.
A Senior Accounting Technician can also take on financial reporting, budgeting, tax returns preparation or even become an assistant controller.
In Nigeria, the median accountant salary of an accounting technician is ₦283,535. Typically, 50% of accountants earn more or less of this average salary while they train on getting their certification. You can make extra cash by being a finance tutor.
Investment Fund Manager
In the accountancy field, an investment fund manager often works in the banking sector. They give financial advice and services to private and corporate clients on a wide range of investment matters. Some of these include buying and selling investment shares, trusts or bonds. They help clients invest their money in the best of places.
As an investment fund manager in Nigeria, your average salary is ₦620,439. You're likely to earn more or lesser than this, depending on your level of professional experience, qualification, and educational experience. While this can be a lot of work, you can still make out time to be an accounting tutor.
Based on the Nigerian salary survey, 25% of people who work as investment fund managers earn less than ₦404,837 while 75% earn a lot more. Also, 75% of investment fund managers earn less than ₦864,396 while 25% are earning more than ₦864,396.
If you're interested in the role of a financial manager, it means you're interested in the financial health of a company. A Finance manager produces financial reports, develop strategies and plans for a long-term financial goal for the company. They also direct investment activities. You can find job opportunities in a lot of accounting firms including banking and insurance.
The average accountant salary of a Financial Manager in Nigeria is ₦869,493. So, depending on your qualifications, gender, and educational background, you tend to earn higher or lower. Men are most likely to earn more salary by 19% than their female counterparts.
Below is a list of expected monthly salary based on experience years.
- Less than two years - ₦453,702 - starting salary
- Two to five years - ₦609,950 (34% higher than someone with less than two years experience)
- Five to ten years - ₦749,242 (24% higher than an accountant with less than five to ten years experience)
- Ten to fifteen years - ₦892,534 (19% higher than a person with less than ten to fifteen years of accounting experience)
- Fifteen to twenty years - ₦1,035,827 (16% higher than someone with less than fifteen to twenty years experience)
- Above twenty years - ₦1, 237,331 (24 % higher than someone with less than twenty years experience)
Tax consultants are also known as tax advisors. They are experts in tax law, compliance, and planning. They stay current on new tax laws and position taxpayers for short and long-term tax optimization. They serve businesses and they typically expand on the roles of a tax preparer.
Below is a list of expected monthly salary based on experience years.
- Less than two years - ₦352,905
- Two to five years - ₦477,602 (35% higher than someone with less than two years experience)
- Five to ten years - ₦571,967 (20% higher than an accountant with less than five to ten years experience)
- Ten to fifteen years - ₦666,332 (16% higher than a person with less than ten to fifteen years of accounting experience)
- Fifteen to twenty years - ₦760,696 (14% higher than someone with less than fifteen to twenty years experience)
- Above twenty years - ₦908,984 (19 % higher than someone with less than twenty years experience)
Getting an accountant job in the government agencies also gives you a better payroll than in the private sector. Also, having a college degree births a salary increase.
With each job description, you would be required to do a lot more training. Getting more qualifications will increase your accounting career. You can check our website to find tutors specifically for the accounting jobs you're interested in.
Starting your journey as a professional accountant requires dedication If you want to become an accountant, check out our teachers as well.
While attaining some of the finance positions require qualifications and experience, it is usually worthwhile. Not only would you be content with your achievements, but you will also have higher access to a wide range of opportunities as accounting professionals.