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Salary Structure Of Accounting Professionals In Nigeria

Salary Structure Of Accounting Professionals In Nigeria

Before we delve into the main topic, let’s take a closer look at what accounting is all about.

Accounting is defined as the recording, analysis, and reporting of a company’s financial activities at their most basic level. 

It is a vital aspect of practically every business’s operations, and almost every company in Nigeria employs at least one accountant or bookkeeper to maintain track of the company’s finances. 

In a situation where the organization does not have an accountant, the task is performed by the administrative officer.

Accounting is one of the few occupations in Nigeria with a salary structure that is above average. Several reasons are associated with this, the most important of which being that most accounting professionals can operate in any sector or industry in the country. 

As an accountant you can work for the government, large or small firms, or even individuals, doing tasks such as auditing and filing taxes, as well as budgeting and financial planning. 

It is very crucial to understand that accounting is not just about financial reporting. There is more to accounting.

Accountants can provide a wide range of services, including taxation, budget preparation and analysis, internal and external audits, and consulting. 

As a result, those pursuing a career in accounting have a variety of possibilities.

In this article, we will be taking a look at the salary structures of General Accountants, Auditors, and Taxation accountants since these are the most popular elements of accounting. Keep reading we got it all covered. 

Bear in mind that various factors influence the compensation that individuals in the profession receive. 

Industry, firm, years of experience, personnel level, and professional credentials are all factors to consider. 

While an Audit Senior at Delloite may go home with up to #700,000 monthly, an Auditor at a medium-sized consulting firm may earn far less.

Salary Structure Of Accounting Professionals In Nigeria

The average monthly salary of accounts in Nigeria is around 160,000 Naira. However, an entry-level accountant can earn as low as 80,000 Naira to 100, 000 Naira while senior-level accountants can earn between 300,000 Naira to 1,200,000 Naira monthly. It all depends on where the accountant is working. 

Salaries of Account Auditors in Nigeria

In Nigeria, the average monthly salary of an auditor is 350,000 thousand Naira. An entry-level auditor can earn as low as 80,000 Naira to 100, 000 Naira while senior-level auditors can earn between 500,000 Naira to 2,000,000 Naira monthly. 

Salaries of Tax Consultants in Nigeria

The average salary of a tax consultant in Nigeria is currently 230, 000 Naira. An entry-level tax consultant can earn between 80,000 Naira to 100, 000 Naira monthly while a senior level tax consultant goes home with around 500,000 Naira to 2,000,000 Naira every month. 

Conclusion

Professional qualification is highly significant in accounting. Although this is not required by all companies in Nigeria, some do make it a requirement before you may practice with them. 

The Institute of Chartered Accountants of Nigeria (ICAN) and the Association of Chartered Certified Accountants (ACCA) are the two most popular certifying bodies in the profession. The former is the Nigerian professional body, whereas the latter is the global body. 

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