Highest Paying Accounting Jobs In Nigeria (& Salaries) 2023
There is no denying that accountants are very important. They keep businesses afloat by keeping accurate records, monitoring finances, and complying with governmental regulations. That is why accounting is one of the highest paying jobs in Nigeria, and wherever you are in the world.
In this list, we take a look at the 10 highly paid accounting roles and what yearly average one can earn, in terms of an accountant salary in Nigeria. We also look at some of the most frequently asked questions regarding the field.
Top 10 Highest Paying Accounting Jobs in Nigeria
Chartered Accountants are the primary persons of a company's accounting department. They perform various tasks such as auditing, data tracking, reporting, and processing of all things related to an organization's finances. A professional accountant is versed in the whole accounting process and can perform adequately in each of the tasks.
A chartered accountant in Nigeria earns a yearly average of NGN 3,000,000. Note: Chartered Accountants are registered with professional accounting bodies in Nigeria.
2. Senior Accountant
Senior Accountants are a step higher than your average accountants. They are more experienced in the field and within the company. They handle most of the tasks of an accountant but with added responsibilities. They are usually team leaders tasked to manage subordinate accountants and accounting clerks.
They earn a yearly average of NGN 2,936,260.
Auditors specialize in checking the financial and accounting records of a business. They make sure that all records are in order and that no mistakes or discrepancies are present. They make sure that these records are accurate as well as in order according to best accounting practices. Auditors also look for signs of mishandling or misappropriation of funds and are usually called upon to investigate these matters.
They get an average salary of NGN 2,168,000 yearly.
4. Accounting Financial Analyst
Like auditors, Accounting Financial Analysts look at company records to do their work. They analyze this financial information and identify any trends. They then make recommendations based on these trends and report them to the decision-makers of the company. An Accounting Financial Analyst analyzes the current and projected performance of the company and proposes actions to capitalize on or improve certain aspects.
They earn an average salary of NGN 2,069,453 per year.
5. Finance Coordinator
These professionals are responsible for coordinating the financial side of an organization. They are tasked to make sure that financial record-keeping is accurate and precise. They monitor and check transactions for both money coming in and out. They are also responsible for making financial reports and presenting them to the shareholders.
They earn an average yearly salary of NGN 5,115,059.
6. Accounting Controller
The main task of an Accounting Controller is to oversee any and all accounting processes of an organisation. This includes the many sub-departments like payroll, tax compliance, and accounts payable among others. They oversee the financial well-being of an organisation by working with upper management.
They earn a yearly average salary of NGN 7,262,501.
7. Internal Auditing Manager
Internal auditing is an important accounting task within corporations or businesses. They ensure that financial records are in order and in compliance with existing laws. An Internal Auditing Manager is the point person for this task. They manage teams of internal auditors and make sure that it is done properly.
Internal Auditing Managers earn an average pay of NGN 5,364,829 yearly.
8. Forensic Accountant
Forensic Accountants are the sleuths of the accounting world. They are experts in analysing the financial statement to investigate any signs of fraud, embezzlement, and other questionable financial practices of a business. They are usually employed to help in civil or criminal proceedings. These specialized accountants are experts at scrutinizing data for any sign of foul play and making detailed reports on the matter.
They earn NGN 2,100,000 yearly average salary.
9. Actuarial Accountant
Actuarial Accountants specialize in analyzing statistics in order to assess risks. They assess the risks involved in a certain action using past financial records, sales projections, and current economic trends. They help companies make sound financial decisions by presenting thorough risk assessments before any major undertaking.
They earn a yearly average salary of NGN 12,000,000.
10. Chief Financial Officer
The CFO is the senior executive officer tasked to look after a business's financial operation. They manage cash flow and investment, analyze financial records, and make sound financial decisions that would benefit the company. They create strategies that would maximize profitability and would ensure growth for the organization, financially.
On average, they earn NGN 9,673,237 yearly.
Having an accounting degree can certainly make you succeed in the careers listed above. It prepares you for the challenges of the job by arming you with the right skills. But getting promoted to higher executive positions require you to have an understanding of the other aspects of business too. Something that can be learned with a degree in Business Administration.
Getting an online BBA or online MBA can definitely help you reach your career goals, providing you with the soft skills and hard skills that will best secure that job or promotional opportunity. You'll be able to study from home, since it's 100% online, and is US-accredited by the DEAC.
Download the free report now and discover how you can reach new heights in your career.
Types Of Accounting Roles In Nigeria
Accounts Payable handles the money coming out of the company. This function makes sure that amounts owed by the company are paid on time. They also ensure that the expenses are legitimate and of the agreed-upon amount. They make sure that all external expenses are settled. This role is usually done by Accounting Clerks or Junior Accountants.
Accounts Receivable handles all incoming revenue to the company. They make sure that all amount that the company is owed gets collected on time. They also track and record all incoming cash flow and make sure that they are coming in regularly. This is usually handled by Accounts Receivable Clerks.
This department handles the budgeting for the organization. They use past data to allocate funds to specific expenses. They handle both the budget for the entire company as well as for the individual departments within. Budget managers and their associates are the people in charge of this task.
Financial Analysis is the task of collating and analyzing both past data as well as future income projections to assess the current financial well-being of the company. In-house or third-party financial analysts make studies based on data collected to make sensible recommendations to the organization. they point out inefficiencies as well as suggest ways to address them.
Payroll handles the compensation of all employees within the organization. They make sure that everyone is paid their due on time. They also handle any agreed-upon benefits of the employee as well. They can be handled by internal Payroll Officers or a third party.
This sub department handles the compliance for taxes and other governmental and lawful dues of the company. They make sure that the organization is paying the correct amount of taxes. They are also responsible for making ad submitting monthly and annual financial reports to various governmental entities. This is usually handled by Staff Accountants or Finance Coordinators.
How To Get Into A High Paying Accounting Career In Nigeria
Growing your professional network is a must for any professional, especially in the Accounting field. This allows you to get to know other professionals in the field as well as get relevant connections to possible opportunities. You can network both offline and online, these days. Social media groups and Reddit are great places to find like-minded individuals. Real-world events, symposiums, and conventions are other great places to network offline. This is a simple yet effective way to increase your odds of landing your dream career as a fresh graduate.
Pass the CPA licensure
While you can land a few careers without becoming a CPA first, this becomes a necessity if you want to advance. Higher roles with more responsibility would require you to have at least a CPA license just to qualify. Getting this early on can give you the edge in the long run as you can focus on work without worrying about reviewing for the exams later on.
Earn a Degree
Before you even get a shot at becoming a CPA, a degree in Accounting is crucial in Nigeria. Having a degree qualification from a recognized University or Polytechnic will greatly increase your chances of landing a career in Accounting. Potential employers are looking for specific competencies from aspiring accounting officers. These competencies are mostly covered in an Accounting degree.
Gain ICAN or ACCA Qualifications
It's then very important to join either ICAN or ACCA, which are two of the government recognized accounting bodies in Nigeria. ICAN is the Institute of Chartered Accountants of Nigeria and ACCA is the Association of Chartered Certified Accountants.
Become A Specialist
Accounting is a broad field. The Accounting cycle involves many tasks that each require a specific set of skills. Specializing helps you become more successful in finding a niche of your own. This is because the type of accountant and experience of the accountant really has a large impact on the earned monthly salary.
Specialization helps you stand out among other generalists and leverage your skills to land a better opportunity, so that you can earn more salary.
Where Can Accountants Work In Nigeria
Banking and Finance
Banking and Finance is one of the biggest employers of accountants as they deal with finances primarily. This is a great place to start your accounting journey, however, competition can be fierce. But if you do land a job, you can earn up to NGN 1,407,622 yearly average salary as an entry-level Accountant in Nigeria.
This is another great place to apply for an accounting job. Government agencies are required to be meticulous with their finances. That is why there is a huge demand for skilled accounting professionals in the public sector. You can earn an annual average salary of NGN 1,450,700.
Independent third-party accounting firms are yet another great place to start your accounting career. In this field, you get to handle various businesses and their intricacies. You also get to work with some of the best accountants in the field. As an entry-level accountant, you can get up to an average yearly salary of NGN 1,668,000.
Finally, the tech industry makes for a good place to set out as an accountant. Though relatively in its infancy, the tech industry is one of the fastest growing by far. Here, you get to work at the cutting edge of innovation in a challenging environment.
Why Is It Beneficial For Accountants & Accounting Specialists To Gain An BBA/MBA Degree
Let you gain an understanding of business
While having an accounting degree lets you see how businesses run through the lens of finance, having a BA degree lets you see more. A degree in Business Administration gives you an overview of running a business as a whole. From managing cash flow, and securing cash flow, to management, and compliance.
Let you learn valuable soft skills
Business Administration, whether an undergraduate degree or a master's, prepares you for the challenges of running a business by teaching you important soft skills. High income skills in Nigeria like leadership, management, communication, and problem-solving are essential when running any business regardless of size.
Prepares you for running your own accounting business
If you have plans of starting a firm of your own, knowing how to run a business in its entirety is a must. The switch from accountant to business owner might not be as smooth as some might think. It involves other skills and know-how that isn't necessarily taught in accounting school. Having a BA degree also lets you leverage many aspects of the business that can help you grow the business in the long run.
Accounting is a challenging yet fulfilling field for many. With the right skills, network, and specialization, one can land a fulfilling job and start their journey in the accounting field.
One of the best ways to advance in any career including accounting is to upskill. This leads you to promotions with more responsibilities that fit your skill level and, of course, more pay. One of the best ways to do this is through education. A bachelor's degree in Business Administration or a master's can definitely go a long way. Check out our Online BBA Program and Online MBA Program.
Looking to Pursue A Career in Accounting?
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Known for strategy and attention to detail
Joe has more than 10 years of marketing experience, working within the public sector, client-side, and agency side.
He is passionate about using data and customer insights to improve marketing performance.
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