Types of Accounting Professionals in Nigeria and their Salary Structures

Introduction

The accounting profession is arguably one of the few professions in Nigeria with an above average-salary structure. The reasons for this are numerous but chiefly of them is the fact that most accounting professional can work in any sector or industry in the country – as long as money is involved in the business. Accountants can work in the public or private sector, for the government or large or small businesses, or even at an individual level, doing anything from auditing and filing taxes to budgeting and financial planning. This thus takes us to the different aspects of accounting. But first let’s look at what accounting is really all about.

At the most basic level of definition, accounting simply involves the recording, analysis and reporting of a business’ financial transactions. It is an important operational part of almost every business, and most companies in Nigeria have at least one accountant or bookkeeper who manages the organization’s financial records. Sometimes the duty is carried out by the admin officer where there is no accountant.

It is however important to state that, the accounting industry encompasses much more than just financial reporting. Accountants may also provide a broad range of services ranging from; taxation, preparation and analysis of budgets, internal and external auditing and consultancy services. Thus, there are a number of options open to those who are considering a career in accounting.

Since the most popular aspects of Accounting are General Accounting, Auditing and Taxation, we will consider the salary structures of these three above.

Salaries of Accountants in Nigeria 

The Average Salary of Accountants in Nigeria is around #130,000 monthly

Where most Entry Level Employees earn as low as #80,000 monthly

And most Senior Level Employees earn as high as #250,000 monthly

See specific salaries of Accountants here. There are however also variations as regards the name of the job titles depending on the company.

Salaries of Auditors in Nigeria 

The Average Salary of Auditors in Nigeria is around #300,000 monthly

Where most Entry Level Employees earn as low as #80,000 monthly

And most Senior Level Employees earn as high as #500,000 monthly

See specific salaries of Auditors here. There are however also variations as regards the name of the job titles depending on the company.

Salaries of Tax Consultants in Nigeria 

The Average Salary of Tax Consultants in Nigeria is around #170,000 monthly

Where most Entry Level Employees earn as low as #80,000 monthly

And most Senior Level Employees earn as high as #400,000 monthly.

See specific salaries of Tax Consultants here. There are however also variations as regards the name of the job titles depending on the company.

However, there are some factors that determine the specific salary received by each individual in the profession. Factors such as the industry, the company, the years of experience, the staff level and professional certifications. For example, while an Audit Senior in KPMG may earn as much as #500,000 monthly, an Auditor in a medium scale consulting firm may earn far less.

Conclusion

In accounting, having a professional certification is very important. Although not mandatory for all the companies in Nigeria generally, some companies however make it a compulsory pre-requisite before you can practice with them. The two most popular certification bodies of the profession are; The Institute of Chartered Accountants of Nigeria (ICAN) and Association of Chartered Certified Accountants (ACCA). While the former is the professional body for members in Nigeria, the latter is the global body. Both of them offers the Chartered Certified Accountant qualification.

See also Salaries of Occupational Health, Safety and Environmental (HSE) Professional