Accountants Salary Structure in Nigeria

Accountants salary structure in Nigeria is one thing many people are curious to know about, seeing that accounting or accountancy is one of the top professional courses in Nigerian universities and highly competitive as well. Most top companies require the expertise of accountants for the smooth running of their day-to-day financial activities and pay them attractive amounts, making people to ask how much accountants truly earn per month to know if their take home pay ranks favourably with other top jobs in the country.

How To Become a Chartered Accountant in Nigeria

Accounting is simply the profession of keeping financial records for companies, organizations and every other place where the services of accountants are required. One good thing about being an accountant is that you can work almost anywhere as almost every company cannot do without your services. Accounting  may include micro-economic activities and contain different subsystems which are associated with economic activities and decisions.

These subsystems which we have highlighted are actually the main areas of accounting and they are: government accounting, auditing and taxation, business accounting and social accounting that contribute to capital formation, economic planning and other social and economic activities.

Accounting or accountancy developed because of the need for the creation of a system of recording financial transactions. In yesteryear, accounting was very pivotal for the enumeration and control of assets, tax-gathering, evidence of trade, control of production and doing business. Increases in capital, enlargement of trade and production ensured the need for financial control. Having stated that, accounting is a conscious decision to keep financial records of a firm or an organization, and how it affects the economy at large.

HOW MUCH ARE ACCOUNTANTS PAID IN NIGERIA CURRENTLY? 

For every job in the country, one very important factor that affects the payment of employees with time is experience, and this is not an exception to accountants. Experienced accountants are paid better than entry level workers who are new to their accounting journey but with time, these entry level accountants receive improved pay packets as they mature on the job.

On the average, entry level monthly salary for accountants in Nigeria is between ₦40,000 – ₦130,000. This salary scale increases as the accountants amass professional certifications which helps them climb the rungs of their professional career with ease. Chartered accountants in Nigeria are paid close to or over ₦300,000 per month. These earnings range between ₦140,000 – ₦400,000 or more, including allowances and bonuses.

There are different types of accountants and each type is paid the salaries peculiar to their job descriptions and functions. The monthly take home pay of all these accountants is what we shall be looking at as we continue below.

FINANCIAL ANALYSTS SALARY IN NIGERIA

The average salary of accountants who are financial analysts in Nigeria falls between the range of about ₦190,000 – ₦250,000 or more per month. As their name implies, these class of accountants help to analyze the financial condition of a business or asset to determine whether it is a sound investment. They help a business or organization to perform budgeting variance and forecasts, prepare balance sheets and forecast the outcome of a financial investment of a company.

AUDITORS SALARY IN NIGERIA

In Nigeria currently, the average monthly take home pay for auditors fall between the salary range of about ₦150,000 – ₦190,000 per month and the amount which they are paid is subject to change. Auditors prepare and examine financial records of businesses and firms who hire their expertise. They also make sure that financial records are accurate and that taxes are paid properly and at the right time. Auditors assess financial operations and work to help ensure that organizations run effectively and efficiently.

FINANCIAL ACCOUNTANTS SALARY IN NIGERIA

Financial accountants in the country earn between ₦150,000 – ₦300,000 per month which is subject to change. The job functions of a financial accountant include the following: reconciling sub-ledger to general ledger account balances, preparing financial statements, assessing internal controls, including risk assessments and reviews of risk areas, to mention but a few.

COST ACCOUNTANTS SALARY IN NIGERIA

The salary range for cost accountants in Nigeria is between ₦200,000 – ₦250,000 per month. Their job function according to wikipedia includes recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail, using methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs.

BUSINESS ANALYST SALARY IN NIGERIA

Business analysts are paid a salary in the range of about ₦130,000 – ₦170,000 or more per month and their job description include the following: creating detailed business analyses, outlining problems, opportunities and solutions for a business, budgeting and forecasting, planning and monitoring, financial modelling, variance analysis, pricing, reporting, defining business requirements and reporting them back to stakeholders.

CHARTERED ACCOUNTANTS SALARY IN NIGERIA

A chartered chartered accountant is one who has undergone professional training upon graduation from the university to earn prefessional certifications like ICAN or ACCA. These top certifications enable an accountant to be addressed as “chartered” and it exposes them to certain privileges and professional heights that normal or ordinary accountants are limited in getting. Chartered accountants also earn more than ordinary graduate accountants and their average salary in a month is between the range of ₦250,000 – ₦350,000 which is also subject to change.

CONCLUSION

Salaries listed in this post vary with time and experience and what we have detailed are ranges. The average take home pay of the professionals listed in this article may be lesser or higher but the figures revolve around the numbers we have made available. This is very important so that the reader is not misled that the salary  structure talked about herein is static.

The Author

Maduawuchi Obialo

Maduawuchi Obialo is the founder of Nigerian Guide and an Editor at Nigerian Infopedia. He is a professional Web Content Developer and a Biochemist.

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  1. Is nabteb result out?

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