Accountant salary Philippines with high experience and education could reach 658,000 PHP annually, but starting at entry-level positions, it seems to be low. Many candidates are perplexed by the prospect of a simple job in the accounting profession because they do not know how much newly graduated accountants are paid.
This article will provide some thorough explanations of the situation.
Table of Contents
What Is The Current Accountant Salary Philippines?
Accounting is always an occupation that draws attention because every business or company, big or small, needs at least one accountant.
Some citizens perceive that the wage for this job is insufficient for the amount of effort they have put in; however, many others are completely satisfied with the compensation the company has paid them.
To put it more specifically: Depending on the worker’s level of education and experience, accountants in the Philippines can earn anywhere from PHP 13,900 per month to PHP 47,900 per month. We can see that the greater your experience or education, the greater the salary disparity between you and a novice accountant.
Comparing The Pay By Years Of Experience
Undoubtedly, individuals with experience working in the accounting field earn more than new graduates. With long working seniority, your salary will almost certainly be increased.
5 Years Or Less
The salary for new graduates with no experience or less than two years is around 15,700 PHP/month. This is because the amount of work employees do at this stage is not excessive; you are in the apprenticeship stage. During this time, you should endeavor to enhance your knowledge and skills to advance your career quickly.
Your pay could rise to about 21,000 PHP/month after you’ve gained 2 to 5 years of experience.
Between 5 And 15 Years
When you have more work experience at this time, especially candidates with more than three years of work experience, your income will be considered to increase gradually.
Particularly if you already hold a position in general accounting, this number also rises significantly. As a result, the average monthly salary for a general accountant in a business is 37,900 PHP.
Over 15 Years
With 15 years of experience, you are definitely in the role of Chief Accountant; accounting salaries vary the most between businesses. The average monthly salary for the Chief Accountant position in some companies is just 44,700 PHP. Of course, this difference is due to personal values, such as the number of tasks assigned.
Comparing The Pay By Education
We know that a degree entitles you to a higher salary, but how much more can a degree increase your take-home pay? To compare Accountant salaries, we divided them by education level.
Individuals with a bachelor’s degree receive wages of PHP 32,900 per month, which is 45 percent more than those with a certificate or diploma, at PHP 22,700 per month.
Master’s degree holders are compensated with an average salary of 43,200 PHP per month, which is 31% higher than that of a Bachelor’s degree holder.
See also: Employee Benefits Philippines Guide
Salary Evaluation of Accountant: Good Paying Labor or Not?
According to Payscale statistics, as of January 2023, the average annual salary for an accountant in the US is around 73,000 USD (equivalent to nearly 4,050,000 PHP). For those with little experience, the annual salary is around 43,000 USD (approximately 2,400,000 PHP).
For comparison, the pay for accountants in the Philippines is significantly lower than that of a developed, high-spending nation like the US. We will contrast the pay for this profession with all other occupations to get the most objective perspective.
In particular, as follows: Although engineers make 34% less money overall than other occupations on average, this job still has higher earnings when compared to other engineers, at a rate of 3% more.
Accounting is a promising profession. Accounting professionals are required in almost every field and industry, so numerous career opportunities exist. Each person has a different perspective on an accountant’s pay.
The pay is not competitive for those with little experience and education. But just like in any profession, if you excel in it, you will eventually be properly evaluated and recognized in terms of pay and job opportunities for advancement.
How to Become a Filipino Accountant?
Accounting is the process of gathering, analyzing, and disseminating data about all assets and the origin of their creation and movement within a company, business, or organization. It also serves to assess the efficiency of these activities.
Due to a low supply and high demand, there is an increase in accounting jobs in the Philippines. Never before has it been more important to strike while the iron is hot. This profession is more profitable than ever before.
In the Philippines, earning a Bachelor of Science in Accounting after five years of study is a prerequisite for becoming an accountant. After completing your studies, you must pass the Certified Public Accountant’s Licensure Examination. This is one of the highest-paying jobs in the Philippines because of how valuable the position is and how long it takes to become qualified.
In sum
After reading accountant salary Philippines, whether a person’s salary at work is low or high is not the only factor influencing a person’s decision to stay with a job and a workplace for an extended period.
For example, if you are a recent graduate, your first goal should be to choose a dynamic working environment where you can interact and learn a lot to gain more opportunities.
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