Average Salary For Financial Manager

Average Salary For Financial Manager – A person working as a finance manager in Bosnia and Herzegovina usually earns around 4,800 BAM per month. Salary varies from BAM 2,210 (lowest) to BAM 7,630 (highest).

This is the average monthly salary including housing, transport and other benefits. The finance manager’s salary varies drastically based on experience, skills, gender or location. Below you will find a detailed overview based on many different criteria.

Average Salary For Financial Manager

Both are pointers. If your salary is higher than the average and median, you are doing very well. If your salary is lower than both, then many people earn more than you and there is a lot of room for improvement. If your salary is between the average and the median, things can get a little tricky. We wrote a guide to explain everything about the different scenarios. How to compare your salary

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Experience level is the most important factor in determining salary. Naturally, the longer the experience, the higher the salary. We broke down CFO salaries by experience level, and here’s what we found.

While someone with an experience level between two and five years is expected to earn BAM 3,350 per month, 34% more than someone with less than two years of experience.

Going forward, an experience level between five and ten years brings a salary of 4,950 BAM per month, 48% higher than someone with two to five years of experience.

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“ On average, a person’s salary doubles their starting salary once they pass the 10-year experience mark*. “

Additionally, a CFO whose expertise spans anywhere between ten and fifteen years earns the equivalent of BAM 6,030 per month, 22% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, the expected salary is 6,570 BAM per month, 9% more than someone with ten to fifteen years of experience.

Finally, workers with more than twenty years of professional experience earn a salary of 7,120 BAM per month, 8% more than people with fifteen to twenty years of experience.

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Finance manager Salary comparison by education How does education level affect salary? Below is the average salary difference between different CFOs with similar experience but different levels of education.

We all know that higher education equals bigger paychecks, but how much more money can a degree add to your income? We break down CFO salaries by education level to make comparisons.

When the level of education is certificate or diploma, the average salary of a financial manager is BAM 2,860 per month.

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While someone with a bachelor’s degree earns a salary of 4,490 BAM per month, 57% more than someone with a certificate or diploma.

A master’s degree earns the holder an average salary of 7,520 BAM per month, 68% more than someone with a bachelor’s degree.

A master’s program or any postgraduate program in Bosnia and Herzegovina costs from 11,500 convertible marks to 34,500 convertible marks and lasts about two years. It’s quite a big investment.

You cannot expect any salary increase during your studies, provided you already have a job. In most cases, a salary review is carried out when the education is over and the degree has been obtained.

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Many take higher education as a tactic to switch to a higher paying job. The numbers seem to support thoery. The average increase in compensation when changing jobs is approx. 10% more than a normal salary increase.

If you can afford the cost of higher education, the return on investment is definitely worth it. You should be able to recoup the cost within a year or so.

Although gender should not have an effect on wages, in reality it does. So who gets paid more: men or women? Male CFOs in Bosnia and Herzegovina earn on average 11% more than their female counterparts.

Average Percentage of Annual Salary Increases for CFOs in Bosnia and HerzegovinaHow much is the annual salary increase in Bosnia and Herzegovina for CFOs? How often do employees get paid? Finance managers

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Finance managers in Bosnia and Herzegovina are likely to see a salary increase of around 9% every 30 months. The national average annual increase for all occupations combined is 4% given to workers every 29 months.

The figures given here are average figures. These figures should be taken as a general guideline. Raises will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remains the most important factor in determining how much and how often you will receive a raise.

The term “Annual salary increase” usually refers to an increase over a 12-calendar month period, but since it is rare for people to get the salary review exactly after one year, it is more meaningful to know the frequency and rate of it. time. of the increase.

The annual salary increase in one calendar year (12 months) can be easily calculated as follows: Annual salary increase = Rate of increase x 12 ÷ Frequency of increase

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Listed above is the average annual increase rate for each industry in Bosnia and Herzegovina for 2022. Companies in booming industries tend to give higher and more frequent wage increases. There are exceptions, but generally speaking, the situation of any company is closely linked to the economic situation in the country or region. These numbers tend to change frequently.

Bonus and incentive rates for CFOs in Bosnia and Herzegovina How much and how often are bonuses given? Share this chart TweetGet chart linkhttp:///carta/bosnia-and-herzegovina/accounting-and-finance/financial-manager/gaji-tahunan -bonus-rate-bosnia-and-herzegovina-financial-manager.jpg Finance managers are considered a high bonus based job due to generally limited involvement in direct income generation, with exceptions of course. People who get the highest bonuses are usually involved in the monetization cycle. 31% of employees surveyed reported receiving no bonus or incentive in the previous year, while 69% said they received at least one form of financial bonus. Those who received bonuses reported rates ranging from 5% to 9% of annual salary Bonuses received69%No bonus31% Bonus types considered Individual performance-based bonuses The most standard form of bonus given to employees based on their exceptional performance. Company Performance Bonuses Sometimes some companies like to celebrate excessive income and profits with their employees in the form of bonuses given to everyone. The bonus amount can vary from person to person depending on their role in the organization Goal-based bonuses given upon achievement of goals or milestones Holiday/year-end bonuses This type of bonus is given for no reason and usually resembles a token of appreciation. – Commission bonuses! People tend to confuse bonuses with commissions. Commission is an upfront rate where you are paid for goods sold or agreements completed, while bonuses are in most cases arbitrary and unplanned. What makes a position worthy of a good bonus and high salary? Two Main Types of Jobs Revenue Generator Support cast employees who are directly involved in generating revenue or profit for the organization. Their areas of expertise usually match the type of business. Employees who support and facilitate income-generating work. Their expertise is usually different from their core business. Example: A graphic designer works for a graphic design company. Example: Graphic designer in the marketing department of a hospital. Income generators usually get higher and higher bonuses, higher salaries and more frequent raises. The reason is quite simple: it is easier to measure your value to the company in financial terms when you participate in revenue generation.” Try to work for a company where your skills can generate revenue. We can’t all make money, and that’s okay.” Comparison of bonuses by seniority level Top managers and senior employees naturally show a higher rate and frequency of bonuses than juniors. This is very predictable because of the responsibility that comes with being higher up in the hierarchy. People at the top can easily earn double or triple the bonus rate of workers at the bottom of the pyramid.

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The average hourly wage (hourly wage) in Bosnia and Herzegovina is 28 BAM. This means that the average finance manager in Bosnia and Herzegovina earns around 28 BAM for each working hour.

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Hourly wages are wages paid for one hour’s work. Generally, jobs are classified into two categories:

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