To combat inflation and keep up with the rising cost of living, employees are constantly looking for higher pay. It’s critical to understand the pay range of a position, regardless of whether you’re a recent graduate or an employee looking for new opportunities. Accountants are becoming more in demand as a result of the diversification of businesses in the Philippine economy. Even though accounting has always been one of the most popular professions, demand has now skyrocketed. The initial inquiry that everyone has is:
How much does an accountant make in the Philippines?
The average salary of an accountant in the Philippines is Php 29,812, according to indeed.com. This is more than twice the national average salary for an office worker.
Based on an average monthly salary of Php 29,812, your hourly pay would be around Php 124, assuming 5 workdays per week and 8 work hours per day, for a total of 40 hours per week. This figure is calculated by dividing your base salary by the number of hours, weeks, and months worked in a year.
Average Salary of Accountants in the Philippines
In the Philippines, an accountant typically earns around 30,100 PHP per month. Salaries range from Php 13,900 (minimum) to Php 47,900 (maximum). In the Philippines, the average monthly salary for an accountant is around Php 32,600. This is the average monthly accountant salary in the Philippines, which typically includes housing, transportation, and other benefits. Accountant pay varies widely based on experience, skills, gender, and location of employment.
According to the median salary value, which is the middle salary value, 50% of accountants make less than Php 32,600 and 50% make more than Php 32,600.
The median is closely correlated with the values at the 25th and 75th percentiles. A salary distribution diagram on salaryexplorer.com shows that 25% of accountants make less than Php 20,900 while 75% make more than Php 20,900. In addition, 75% of accountants make less than Php 43,500 annually, while 25% make more.
Where you work affects your pay as an accountant in the Philippines. You will earn more money by working for a public company or the government. In the Philippines, public sector employees across all industries make 12% more money on average than their private sector counterparts. Accountants make about Php 42,100 in the private sector and Php 47,100 in the public sector each month.
The 50th percentile, or middle value of all salaries, is what distinguishes the median salary from the average salary. In contrast, the average salary is determined by choosing a group of people—in this case, accountants—adding up their salaries, and then dividing the total number of accountants in the group.
Given that it eliminates the extremes at either end of the scale, the median salary serves as an accurate representation of average wages. In other words, half of the people in that field earn less than the median wage, and the other half earn more. This is crucial, especially when there is a significant pay disparity between senior executives and the average worker. The average and median are equal when continuous data has a symmetrical distribution.
Since the average takes into account all the data in the calculations, this is the situation where most analysts prefer to use it. The median is frequently the best indicator of central learning, though, if the distribution is skewed, or neither symmetrical nor normal because the data values fall off more sharply on one side than the other.
Despite the fact that the median does not utilize all of the data, it is frequently used in statistical tests because it is straightforward to understand, simple to calculate, and located in the middle of the series, where it is therefore unaffected by extreme values. You can determine whether you are being paid fairly based on the general population by looking at your median and average salaries.
Accountant Salaries in Different Filipino Cities
|Cagayan de Oro||Php 467,100|
|Las Pinas||Php 447,300|
|Quezon City||Php 555,800|
Salary Comparison for Accountants based on Years of Experience and Education
The degree of experience and education are the two key elements in determining salary. The expected salary for an accountant increases with both experience and education. It’s critical to comprehend the hiring criteria used by employers.
|Years of Experience||Salary|
|< 2 years||Php 15,700|
|2 to 5 years||Php 21,000|
|5 to 10 years||Php 31,000|
|10 to 15 years||Php 37,900|
|15 to 20 years||Php 41,300|
|20+ years||Php 44,700|
According to the table, a worker with two to five years of experience makes 34% more money than someone with only two years of experience. Five to ten years of experience pays 48% more than two to five years of experience. Additionally, the pay for accountants with ten to fifteen years of experience is 22% higher than for accountants with five to ten years of experience. If you have fifteen to twenty years of experience, you can expect to make 9% more money than someone with ten to fifteen years of experience. Finally, compared to someone with fifteen to twenty years of experience, someone with twenty or more years of experience will earn 8% more. When an accountant in the Philippines has 10 years of experience, their salary will have doubled. However, depending on the average change in salary over time, salaries may differ from person to person.
Higher education raises salaries, but how much more can a degree increase your take-home pay? The level of education and salary are displayed in the following table.
|Level of Education||Salary|
|High School||Php 19,300|
|Certificate or Diploma||Php 22,700|
|Bachelor’s Degree||Php 32,900|
|Master’s Degree||Php 43,200|
A high school graduate accountant makes an average monthly salary of Php 19,300. A certificate or diploma holder makes Php 22,700 per month, which is 180% more than a high school graduate. An average monthly salary for a bachelor’s degree holder is Php 32,900, or 45% more than that of a certificate or diploma holder. Master’s degree holders make an average salary of 43,200 PHP per month, which is 31% more than bachelor’s degree holders.
In the Philippines, an entry-level accountant can expect to make between Php 28,000 and Php 38,000. In the Philippines, a junior accountant makes about Php 22,318 per month. Senior accountants in the Philippines make Php 44,187 per month in wages. Given that they have no prior work experience, newly graduated accountants in the Philippines can expect to earn a starting salary of Php 15,700. In general, whether they are new hires or have worked in the field for a long time, accountants make a lot of money compared to other professionals.
Do you wish to learn more about the salary grade of the Philippine Accountant in 2023? Click the button provided below for further information.
Source: Philippine Go