What do Finance Jobs Pay?

It is a popular belief that most finance jobs pay well. The financial sector is generally well-compensated, as companies are willing to pay much for financial expertise and skills that can make them reach their goals. However, not all finance jobs pay equally because salaries are influenced by different factors. These factors may include the type of organization, level of experience or education. While workers with senior positions earn more, entry-level workers may earn less. Finance professionals work in different industries which implies an obvious variation in pay. This article aims at discussing how much different finance jobs pay in Nigeria.

Entry-Level/ Mid-Career Finance Jobs

There are several finance jobs in the Entry-level and professional section, each with its unique job duties and salary range, some of which include Financial Analyst, Financial Planner, Credit Analyst, Accountant etc. Below is a general outline of some of these jobs and their salary range. 

Financial Analyst

Financial Analysts are expected to study market trends and economic situations so that they can provide recommendations to businesses or individuals about investment. According to Payscale, the average salary for financial analysts based on their level of experience is listed below.

• Entry Level - ₦215,000/ year
• Early Career - ₦2,000,000/ year
• Mid Career -₦2,069,453/ year

Some Financial Analysts who specialize in a particular area, such as healthcare or technology, may also have the potential to earn higher salaries due to the technical knowledge and skills required in these areas.

Credit Analyst

Credit Analysts evaluate the creditworthiness of businesses which helps them make valid suggestions about lending money. It simply means it is their responsibility to approve a person eligible for a loan.  They mostly work for financial institutions that lend money to small and big business owners. Per information obtained from Payscale, based on experience, the average base salary for Credit Analysts is as follows:

• Early career - ₦1,200,000/ year
• Mid-career - ₦3,500,000/ year

Also, Data from a survey conducted by Payscale verified the highest pay for a Credit Analyst to be 7 million naira per year.

Financial Planner

Individuals and businesses have financial goals that are primarily planned by Financial Planners. These goals may include saving for retirement, restructuring, or paying for a child's school fees. According to glassdoor, the total pay for a Financial Planner based on years of experience is outlined below:

• 0 - 1 year -  Total pay of NGN 218,503 per month. 
• 1 - 3 years - Total pay of NGN 440,000 per month
• 4 - 6 years - Total pay of NGN 555,000 per month

In general, Finance planners with more advanced degrees tend to earn higher salaries. The more you invest in yourself as a Financial planner, the better for you. Some other planners who can also command a higher salary are the ones with a Certified Financial Planner Certification.

Accountants

Accounting is a popular part of the finance field, and there are a large number of accountants in the workforce. They analyze and prepare financial records for business owners. Mysalaryscale recorded the salary for accountants according to their years of experience.

• Entry level - NGN 109,000/ month
• Mid-level - NGN 139,000/ month
• Senior level - NGN 226,000/ month 

Senior Level Finance Jobs

Senior-level finance jobs usually have bigger salaries. This is due to the increased level of responsibility, decision-making power and experience. As individuals progress in their careers and take on more refined roles, they have the opportunity to earn more. Here are some senior-level finance jobs and their corresponding salary ranges.

Risk Manager 

It is important to identify the potential risks a business may face, this is why risk managers are needed for every business, whether small, medium, or large. They identify potential risks and develop strategies to manage these risks. The actions taken towards the risk protect the financial stability and success of the business. Risk Managers have a strong background in finance which also contributes to higher salaries. SalaryExplorer says that someone working as a Risk Manager in Nigeria earns NGN 635,000 monthly. However, the salary can range from NGN 292,000 to NGN 1,010, 000 per month.

Financial Manager

Just like the name suggests, Financial managers oversee the financial operations of a business and decide how to allocate financial resources. They perform tasks which include:

• Preparing financial report
• Developing financial plans
• Monitoring financial performance 

Financial managers can choose to focus on a particular area such as corporate finance or healthcare finance. While financial managers perform their duties diligently, they are well-paid - salaries range from NGN 322,000  to NGN 972,000 per month according to SalaryExplorer. 

Portfolio Manager

Portfolio managers work mainly for investment firms and other companies in the finance industry by walking them through which securities to buy or sell. They determine the best investment opportunities for their clients. Also, they have a great knowledge of economics and how to use it to influence decisions. Wondering if portfolio managers earn well? PayScale states that Portfolio Managers earn an average base salary of ₦4,200,000/ year. 

Chief Financial Officer

Top financial officers are often referred to as Chief Financial Officers, they work hand-in-hand with the board of directors by reporting financial results. CFOs also work closely with other executive team members to develop and implement financial strategies. They ensure that these strategies align with the overall goals of an organization. The average base salary for a CFO as recorded by Payscale is ₦9,603,376 per year. Many CFOs earn significantly more because they have higher degrees, certifications, and experience.

Conclusion

The finance industry is a lucrative field for individuals who have the necessary education, skills, and experience. Entry-level workers and professionals earn salaries due to the specialized knowledge and expertise required for each role. However, it is worth noting that the salaries stated in this article are just estimates and the specific salaries for a given finance job may be higher or lower.