Chartered Accountant Salary In Nigeria

chartered accountant salary In nigeria

In today’s guide, not only will you be intimated on the salaries of accountants in Nigeria, but you’ll also know why some accountants earn lower, the accounting positions that pay the highest, and how to prepare/position yourself for higher pay.

  1. ExxonMobil > ₦800,000 – ₦1 Million
  2. Chevron > ₦600,000 – ₦800,000
  3. NNPC > ₦190,000 – ₦200,000
  4. Shell > ₦500,000 – ₦600,000
  5. KPMG > ₦150,000 – ₦220,000
  6. Access Bank > ₦95,000 – ₦105,000
  7. MTN Nigeria > ₦180,000 – ₦200,000
  8. P&G > ₦200,000 – ₦250,000

You saw the above, right? Those, according to trending accounting, are the estimated monthly salary structure of accountants working in some of the top firms in Nigeria. 

It turns out, the employer, the establishment, or the industry a firm operates in aren’t the only factors that determine the salary of an accountant in Nigeria. Other critical factors include demand, location, roles, years of experience (particularly with one of the big 4), and certifications

 

How Much Do Accountants in Nigeria Earn Monthly?

Based on my research and consultations with accountants in my circle, the following typically applies.

  • Accounting graduates with zero experience can expect to earn between ₦30,000 and ₦70,000. 
  • Accountants with 3 to 5 years experience can expect up to ₦100,000 monthly salary. 
  • If you have more than 5 years of experience, your monthly payment could range between ₦120,000 and ₦150,000.
  • Accountants with 10 – 20 years’ experience can earn up to ₦350,000.
  • More than 20 years of accounting experience can result in a payday upwards of ₦500,000.

Take note I bolded the word “typically” above. Meaning you could be paid more (assuming it’s a multinational or a business that generates millions in revenue) or less (if it’s a private business or in a struggling vertical). The big 4, from what I hear, now pay over ₦200,000 for starters.

Why Do Some Companies Pay Accountants low Salary in Nigeria? 

Consider this scenario…

The GM of a company is a Chartered Accountant (CA) so does the fresh grad who just got hired. Would you expect the two to be earning the same pay? The GM’s salary can quadruple the fresh guy’s although both are CA.

Succinctly put, certification is necessary, but the experience is compulsory for a fat paycheck anywhere in the world, not just Nigeria. The lack of it could be the reason some firms pay low. They know you won’t get nearly as much elsewhere (other than the big 4 of course). Plus, they believe they are training you, and that you can always dump them as soon as you get enough experience.

Another possible reason some accountants are getting lower salaries in Nigeria is the company they’re working with or its sector (businesses/firms in the business-to-customer sector or non-revenue generating agencies, for example).

What Can be Done to Increase My Salary as Chartered Accountant in Nigeria?

To prepare yourself for a higher salary/increased pay as an accountant in Nigeria, you should… 

  • Focus on landing a chief financial officer, financial controller, accounting director, or finance roles in banking, oil, or trading coy
  • Gather plenty of work experience
  • Consider switching jobs
  • Consider specializing (tax accounting, cost accounting, account payable, etc.)
  • Build your network
  • Get certified (ICAN, ANAN, and ACA). This could count (in audit firms) or not (in banks) for entry-level roles.

What Accounting Positions Pay the Most?

Per Glassdoor, a job website, chief financial officer (₦5 million), financial controller (₦3.7 million), accounting director (₦3.5 million), tax (₦2.5 million), and finance manager (₦2.8 million) are some of the top accounting positions with the highest pay.

Conclusion

In summary, accountants’ salary in Nigeria (net) isn’t fixed as it depends on quite a number of factors including role, location, demand, experience, and the employer or its sector. However, expect to earn between ₦30,000-₦5,000,000 monthly salary.

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