How much is the Accountant’s salary in the Philippines?
Based on the information from Indeed, accountants in the Philippines earn an average monthly salary of ₱30,002. This figure is based on 3,800 salary reports and was last updated on May 12, 2024.
Are you excited to know more about accountant’s salaries in the Philippines?
Keep reading because this article has been crafted to provide you with the information you need!
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According to the Budget Circular from the Department of Budget and Management, the salaries for Accountants are outlined in the following table:
| POSITION | SALARY GRADE | SALARY AMOUNT |
|---|---|---|
| Accountant I | 12 | Php 30,705 |
| Accountant II | 16 | Php 41,616 |
| Accountant III | 19 | Php 53,873 |
| Accountant IV | 22 | Php 74,836 |
| Chief Accountant | 24 | Php 94,134 |
| Accounting Analyst | 11 | Php 28,512 |
Accountant Salary in Different Filipino Cities
| City | Average Salary |
|---|---|
| Cagayan de Oro | Php 31,300 |
| Cebu | Php 35,200 |
| Davao | Php 36,800 |
| Kalookan | Php 35,600 |
| Las Pinas | Php 30,000 |
| Makati | Php 29,600 |
| Manila | Php 36,600 |
| Paranaque | Php 31,000 |
| Pasig | Php 30,900 |
| Quezon City | Php 36,900 |
| Taguig | Php 32,300 |
If you want to compare the salaries in different parts of the Philippines, the table shows the average salary of accountants in some of the biggest cities in the country. (According to salaryexplorer.com)
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.
Accountants salary based on Years of Experience:
| Years of Experience | Salary |
|---|---|
| < 2 years | Php 16,200 |
| 2 to 5 years | Php 21,700 |
| 5 to 10 years | Php 32,100 |
| 10 to 15 years | Php 39,100 |
| 15 to 20 years | Php 42,600 |
| 20+ years | Php 46,100 |
The chart shows that accountants with two to five years of work experience make about 34% more money than those with under two years.
If you have five to ten years of experience, you earn 48% more than someone with two to five years.
Accountants who have worked ten to fifteen years make 22% more than those with five to ten years of experience.
Having fifteen to twenty years of experience means you can make 9% more than someone with ten to fifteen years.
And if you have more than twenty years of experience, you’ll make 8% more than someone with fifteen to twenty years.
A new accountant’s salary in the Philippines will double after they’ve worked for ten years. But, the amount someone’s salary increases can vary from one person to another as time passes.
Higher education raises salaries, but how much more can a degree increase your take-home pay? The following table displays the level of education and salary.
Accountants salary based on Education:
| Level of Education | Salary |
|---|---|
| High School | Php 19,900 |
| Certificate or Diploma | Php 23,400 |
| Bachelor’s Degree | Php 34,000 |
| Master’s Degree | Php 44,500 |
An accountant who finished high school makes about Php 19,900 a month on average.
If they have a Certificate or Diploma, they make Php 23,400 a month, which is 18% more than if they just finished high school.
Someone with a Bachelor’s Degree makes about Php 34,000 a month, 45% more than someone with a Certificate or Diploma.
If an accountant has a Master’s Degree, they earn about Php 44,500 a month, which is 31% more than someone with a Bachelor’s Degree.
The starting pay for an accountant in the Philippines is between Php 28,000 and Php 38,000. A junior accountant makes around Php 22,318, while a senior accountant earns about Php 44,187.
A new graduate starting out in accounting with no work experience can expect to earn Php 15,700.
Overall, accountants, whether they are just starting or have been working for a while, tend to earn quite a bit more than many other professionals.
What are some ways that Certified Public Accountants can raise their salaries?
- Advanced 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.
Further Reading: List of Salary Grades in the Philippines
Conclusion
In conclusion, accountants in the Philippines have various opportunities to increase their salaries, depending on factors like their location, years of experience, and level of education.
Starting from an entry-level position up to senior roles, salaries can significantly differ. Additionally, obtaining higher education or specialized certifications, like becoming a Certified Public Accountant (CPA), can further boost an accountant’s income.
With the right combination of experience, education, and certification, accountants can achieve rewarding salaries and advance in their careers.
References
- Accountant Salary in Philippines. (n.d.). Ph.indeed.com. https://ph.indeed.com/career/accountant/salaries
- Salary Explorer | Salary and Cost of Living Comparison. (n.d.). Www.salaryexplorer.com. https://www.salaryexplorer.com/
- Budget Circular No. 2022-2. (2023, August 25). Dbm.gov.ph. https://www.dbm.gov.ph/index.php/budget-2/budget-releases/18-budget-circular/28-budget-circular-2022/174-budget-circular-no-2022-2#volume-i
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