If you wish to become an accountant someday in Nigeria, this article is for you. Also, if you are wondering how much an accountant would earn in Nigeria, this article is for you
This article aims to give you an overview of accountants’ salaries in Nigeria or how much an accountant would earn in Nigeria. Before, we go deep into the core of this article; it is of relevance that you know who an accountant is and what he or she does.
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Who is an Accountant?
An accountant is a professional who measures, processes and communicates financial and non-financial records about economic entities such as businesses and corporations. An accountant is, therefore, able to summarize, analyze, and report financial transactions concerning economic entities.
Duties or Responsibilities of an Accountant
Accountants typically do the following;
- Prepare financial records
- Examine financial records to make sure that it is accurate
- Ensure that financial statements are in compliance with laws and regulation
- Identify potential areas of opportunity and risks
- Make recommendations on ways to reduce costs, boost revenue and improve profit
Qualities Expected from an Accountant
A degree in accounting would enable you to be knowledgeable in accounting practices, finance and commerce. You must also be intentional at developing the following general skills, as most employers would require them;
- Problem solving skill
- Ability to pay attention to details
- Numerical skill
- Analytical skill
- Excellent presentation skill
- Good communication skill
- Entrepreneurship skill
- Must be current to global business trends.
Where can an Accountant Work in Nigeria
Accountants can work in almost any organization in Nigeria ranging from Small and Medium Enterprises (SMEs) to really big establishments.
Below is an overview of the employers of accounting graduates in Nigeria;
- Accountancy firms
- Insurance companies
- Management consultancies
Factors that Influences Accountant Salary in Nigeria
There are so many factors that influence how much accountants would earn in Nigeria. Some of these factors include; Place of employment, size of establishment, nature of job, qualification, experience and so on.
I would provide an overview of some of ‘accountant salary in Nigeria’ using the below sub-headings.
1. Place of Employment:
The place of employment determines to a large extent how much an accountant would earn in Nigeria.
Experience is another factor that influences accountants’ salaries in Nigeria. An accountant with many years of experience would be paid higher than an accountant with a few years of experience. The salary of an experienced accountant would depend on the establishment he or she works for.
More qualified accountants will earn higher than accountants with less qualification. For instance, being a member of ICAN makes you very much qualified as an accountant and will expose you to higher pay. However, how much you earn depends on the organization you are working for.
Accountant Salary in Nigeria
Below is an overview of where accountants can work in Nigeria and how much they earn in these places
Accountants working with the government in Nigeria are likely to earn between N80, 000 to N400, 000
Management of companies and enterprises:
Companies and enterprises vary in size. The size of establishments is another factor that influences accountants’ salaries in Nigeria. Accountants working with small establishments are likely to earn between N40, 000 to N80, 000. Accountants working with big firms are likely to earn between N150, 000 to N1, 000, 000
Finance and insurance:
Accountants working with financial institutions like banks, insurance companies etc. are likely to earn between N80, 000 to N1, 000, 000.
Note: The salaries provided above are not 100% accurate and are only for a guide. They can therefore be subject to change