An accountant is one who deals with the financial queries of the company and tackles the problem of losses and profits by auditing. It seems that the job is pretty hard because one has to dedicate hours searching data, analyzing the digits, and working on the audit processes. But it also indicates that the accountants earn thousands of naira monthly as they work assiduously.
|Monthly Salary Range:
|₦121000 – ₦366000
|Average Monthly Salary:
|An accountant is responsible for managing financial records, analyzing the data, and looking after the financial transactions made in a business.
|A candidate is required to have a bachelor’s degree in accounting and finance to practice as an accountant.
However, some accountants have claimed that their salaries are not enough as compared to their expenses. If the case is possible, then one should investigate the salary structure, responsibilities, and other facilities given to the accountants by the controlling body before applying for the job. Let’s discuss the wide range of factors that determine the salaries of accountants in an organization.
Overview of Accountant Salary
Accountants are considered one of the most respected positions in Nigeria as they work hard to manage the finances of businesses or controlling bodies. An accountant deals with the finances of a business or an organization, analyzing the present data and preparing a report for the relevant authorities. One should have a bachelor’s in accounting and finance or a chartered accountancy certificate to work as an accountant in an organization.
The entry-level salary of an accountant is about ₦121,000, whereas the highest earning record is ₦366,000. The average income of an accountant in the region is about ₦238,000, and the median salary is ₦218,000. The accountants also earn extras such as bonuses, allowances, and incentives or increments.
The bonuses ratio in the firms and organizations is not strange as 50% of employees get allowances while 50% are deprived of extras. The top bonuses are the performance base, overall company progress bonuses, and the other facilities. In the first one, an accountant gets a reward from the company for doing his previous performance better than other employees.
Furthermore, the accountant receives the company performance bonuses in which the controlling body offers a range of profits to the accountant. Medical insurance is also available for accountants as they can get free treatment from expensive hospitals. Some senior accountants get accommodation or rental expenses from the organization.
The salary structure of the accountants is not complicated, and it is not based on a list of ranks. There are differences on the basis of gender, education, and the type of sector in which you are working. However, accountants working in the bigger cities earn more money as compared to the small, backward areas.
|Salary For Education Level
|Salary For Women
|Entry-level/ Diploma Holder
|Senior Level/ Bachelor’s Degree Holder
|Average Salary/ Master’s Degree Holder
Gender differences are common in Nigeria in terms of salaries. According to a survey, women accountants get 7% less salaries than their male counterparts. The salary details may vary according to the company or organization, as some have 9% differences while others pay equal salaries.
Education is also important in determining the salary of an accountant in Nigeria. It is observed that people with a diploma earn 29% less than bachelor’s degree holders. In contrast, the master’s degree holders can get 23% more than the previous one. Sector Lastly, the type of sector can play a major role if you are working as an accountant. The public sector does not possess more seats, but it pays 6% more than private organizations. In contrast, accountants in the private sector have more demands but have lower salaries.
Responsibilities of Accountants
- Record: The very first task of an accountant is to record the transactions and the finance record carefully so that if he needs it again, he can have access to data quickly.
- Management: Record keeping is a skill that requires organized management. For this, accountants use multiple software to manage finance details.
- Preparing Reports: It is also important that the accountant prepare a report for the future. The report contains all the details one needs relating to the financial conditions.
How long does it take to study accounting in Nigeria?
It takes 4 years of 8 semesters to complete a bachelor’s in finance and accounting degree.
Who is the youngest chartered accountant in Nigeria?
Jonathan Adewale is a 17-year-old chartered accountant in Nigeria.
How many professional accounting bodies do we have in Nigeria?
There are two bodies: the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN).
To grow a business, one needs a dedicated person who can solve the financial problems and increase the overall profit of the company. An accountant is one who can deal with the finance records, manage them, prepare reports, and work on audits, it is true that the job is hard. But an accountant also earns a mouth-opening figure mentioned above with extras, so if you want to gather more money in a short period, pursue an accountant career.
Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.