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Philippine Accountant Salary Grade 2023

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 Accountant 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

CityAverage Salary
Cagayan de OroPhp 467,100 
CebuPhp 528,600 
DavaoPhp 498,000 
KalookanPhp 535,800 
Las PinasPhp 447,300 
MakatiPhp 442,200 
ManilaPhp 551,200 
ParanaquePhp 462,300 
PasigPhp 464,400 
Quezon CityPhp 555,800 
TaguigPhp 485,300 

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 ExperienceSalary
< 2 yearsPhp 15,700
2 to 5 yearsPhp 21,000
5 to 10 yearsPhp 31,000
10 to 15 yearsPhp 37,900
15 to 20 yearsPhp 41,300
20+ yearsPhp 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’ experience is 22% higher than for accountants with five to ten years’ 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 EducationSalary
High SchoolPhp 19,300
Certificate or DiplomaPhp 22,700
Bachelor’s DegreePhp 32,900
Master’s DegreePhp 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.

What are some ways that Certified Public Accountants can raise their salaries?

Advance degrees could make accountants eligible for promotions. With the right mix of accounting knowledge and ongoing education, CPAs can expand their career options by pursuing specialized roles like budget analyst, auditor, controller, tax accountant, or corporate financial officer. Along with these credentials, experience managing junior CPAs will increase your income.

How to be an Accountant?

The financial requirements of a business are assisted by financial or cost accountants. They assist with the profit, revenue, and loss of the business. There are several steps involved in becoming an accountant because of the demands of the position.

You must first complete a five-year Bachelor of Science in Accounting program in order to work as an accountant in the Philippines. You must pass the Certified Public Accountant’s Licensure Examination after completing your studies. Additionally, you need to learn additional skills related to accounting, such as computer proficiency.

Accountant Tasks and Skills

Most businesses favor Certified Public Accountants over those who have not only completed a BS in Accounting course or its equivalent (CPAs).

Knowledge of Accounting and Financial Reporting Standards is one of the competencies, or knowledge, skills, and attributes, needed to work as an accountant. In-depth computer skills, including the use of accounting and financial analysis software like accounting software, a proactive attitude toward work and the team, good communication skills, attention to detail and analytical skills, and the capacity to meet deadlines are among these.

Conclusion

Accountants’ pay varies according to the type of organization or company they work for, as well as their position or level of experience. The average monthly pay for accountants is around Php 30,000. This is one of the highest-paying jobs in the Philippines because of the significance of the position and the time needed to qualify.

Source: DIGIDO Philippines
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