Average Chartered Accountant Salary in Barbados for 2024

In this article, we will look at the average Chartered Accountant salary for 2024 in Barbados and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Barbadian dollar. To keep things simple, we are using the BBD currency code instead of the currency symbol $.

How Much Does a Chartered Accountant Make in Barbados?

A Chartered Accountant working in Barbados will typically earn around 37,740 BBD per year, and this can range from the lowest average salary of about 15,700 BBD to the highest average salary of 57,080 BBD.

Average Annual Salary
37,740 BBD
Average Monthly Salary
3,145 BBD

Lowest Annual Salary
15,700 BBD
Lowest Monthly Salary
1,308 BBD

Highest Annual Salary
57,080 BBD
Highest Monthly Salary
4,756 BBD

These are average salaries for a Chartered Accountant in Barbados and include benefits such as housing and transport. It's also possible for a Chartered Accountant to earn more or less than the average salaries shown above.

Chartered Accountant salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Chartered Accountant Salaries in Barbados

So we've looked at the average salaries a Chartered Accountant will earn in Barbados. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Chartered Accountant can earn between 15,700 BBD and 57,080 BBD on average in Barbados. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Chartered Accountant in Barbados is 37,380 BBD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 37,380 BBD, and 50% of the population earn more than 37,380 BBD.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Chartered Accountant salary in Barbados, 25% of the population are earning less than 25,940 BBD while 75% of the population earn more than 25,940 BBD.

75% of the population earn less than 49,300 BBD, and 25% of the population earn more than 49,300 BBD.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Chartered Accountant Salary by Experience Level in Barbados

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average chartered accountant salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Chartered Accountant in Barbados that has less than two years of experience can expect to earn somewhere in the region of 21,100 BBD.
  • 2 - 5 Years Experience. With two to five years of experience the average Chartered Accountant salary would increase to 28,900 BBD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Chartered Accountant, the average salary would be 36,020 BBD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 47,760 BBD.
  • 15 - 20 Years Experience. A Chartered Accountant with 15 to 20 years of experience can earn an average of 48,760 BBD.
  • 20+ Years Experience. For a Chartered Accountant with more than 20 years, the expected average salary increases to 55,140 BBD.

Average Salary by Experience Chart

0-2 Years
21,100 BBD
2-5 Years +42%
28,900 BBD
5-10 Years +31%
36,020 BBD
10-15 Years +23%
47,760 BBD
15-20 Years +6%
48,760 BBD
20+ Years +10%
55,140 BBD

Chartered Accountant Salary by Education Level in Barbados

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Chartered Accountant in Barbados based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. A Chartered Accountant in Barbados with a certificate or diploma education can earn an average salary of 27,020 BBD.

  • Bachelor's Degree. A Chartered Accountant in Barbados with a bachelor's degree education can earn an average salary of 39,420 BBD.

  • Master's Degree. A Chartered Accountant in Barbados with a master's degree education can earn an average salary of 54,460 BBD.

Average Salary by Education Chart

Certificate or Diploma
27,020 BBD
Bachelor's Degree +59%
39,420 BBD
Master's Degree +33%
54,460 BBD

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Barbados is around 16,300 to 48,800 BBD and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Chartered Accountant Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Barbados, a male chartered accountant will earn an average of 36,020 BBD, while a female chartered accountant will earn around 34,280 BBD.

This means that a male chartered accountant earns approximately 5% more than a female chartered accountant for performing the same job.

Average Salary by Gender Chart in Barbados

Male
36,020 BBD
Female -5%
34,280 BBD

Chartered Accountant Average Pay Raise in Barbados

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Chartered Accountant in Barbados is around 7% every 29 months.

The national average pay raise across all professions and industries in Barbados is around 4% every 29 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 7 ÷ 29 ) × 12  = 3%

What this means is that a Chartered Accountant in Barbados can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Barbados for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Barbados.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Chartered Accountant Bonus and Incentive Rates in Barbados

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Chartered Accountant is a low bonus based job, with 39% of employees reporting at least one bonus in the last 12 months.

61% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 6%.

Received Bonus
39%
No Bonus
61%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Barbados earn approximately 8% more than private sector employees in the same role.

Public Sector
38,780 BBD
Private Sector -8%
36,020 BBD

Salaries for Jobs Similar to a Chartered Accountant

In the table below, we have salary information for jobs that are similar to a Chartered Accountant in Barbados.

Job Title Category Salary
Account Examiner Accounting and Finance 19,160 BBD
Account Executive Accounting and Finance 38,140 BBD
Accountant Accounting and Finance 28,660 BBD
Accounting Analyst Accounting and Finance 35,300 BBD
Accounting Assistant Accounting and Finance 22,420 BBD
Accounting Associate Accounting and Finance 21,640 BBD
Accounting Clerk Accounting and Finance 17,560 BBD
Accounting Coordinator Accounting and Finance 25,220 BBD
Accounting Head Accounting and Finance 57,620 BBD
Accounting Manager Accounting and Finance 59,000 BBD
Accounting Officer Accounting and Finance 21,400 BBD
Accounting Specialist Accounting and Finance 40,240 BBD
Accounting Supervisor Accounting and Finance 38,680 BBD
Accounting Technician Accounting and Finance 19,380 BBD
Accounting Unit Controller Accounting and Finance 45,720 BBD
Accounts Executive Accounting and Finance 37,740 BBD
Accounts Officer Accounting and Finance 24,840 BBD
Accounts Payable and Receivable Specialist Accounting and Finance 26,400 BBD
Accounts Payable Assistant Accounting and Finance 19,940 BBD
Accounts Payable Associate Accounting and Finance 25,940 BBD
Accounts Payable Clerk Accounting and Finance 19,060 BBD
Accounts Payable Manager Accounting and Finance 54,560 BBD
Accounts Receivable Administrator Accounting and Finance 40,560 BBD
Accounts Receivable Clerk Accounting and Finance 20,000 BBD
Accounts Receivable Financial Analyst Accounting and Finance 38,340 BBD
Accounts Receivable Manager Accounting and Finance 56,460 BBD
Accounts Receivable Team Leader Accounting and Finance 42,040 BBD
Assistant Accountant Accounting and Finance 20,940 BBD
Assistant Accounting Manager Accounting and Finance 55,020 BBD
Assistant Auditor Accounting and Finance 26,780 BBD
Assistant Corporate Controller Accounting and Finance 39,080 BBD
Assistant Finance Manager Accounting and Finance 59,480 BBD
Assistant Financial Controller Accounting and Finance 39,640 BBD
Audit Director Accounting and Finance 61,580 BBD
Audit Supervisor Accounting and Finance 54,140 BBD
Auditing Clerk Accounting and Finance 24,840 BBD
Auditing Manager Accounting and Finance 61,460 BBD
Billing Clerk Accounting and Finance 21,020 BBD
Billing Coordinator Accounting and Finance 25,680 BBD
Billing Specialist Accounting and Finance 26,860 BBD
Billing Supervisor Accounting and Finance 40,600 BBD
Bookkeeper Accounting and Finance 16,980 BBD
Bookkeeping Specialist Accounting and Finance 26,100 BBD
Budget Analyst Accounting and Finance 50,580 BBD
Budget Manager Accounting and Finance 61,400 BBD
Business Support Analyst Accounting and Finance 29,640 BBD
Capital Markets Associate Accounting and Finance 45,200 BBD
Cash Flow Analyst Accounting and Finance 44,540 BBD
Cash Management Manager Accounting and Finance 52,300 BBD
Cash Management Officer Accounting and Finance 33,120 BBD
Cashbook Clerk Accounting and Finance 20,500 BBD
Chief Accountant Accounting and Finance 43,220 BBD
Collections Clerk Accounting and Finance 15,700 BBD
Collections Representative Accounting and Finance 23,480 BBD
Collections Specialist Accounting and Finance 28,900 BBD
Corporate Controller Accounting and Finance 45,620 BBD
Corporate Treasurer Accounting and Finance 52,300 BBD
Cost Accountant Accounting and Finance 28,900 BBD
Cost Accounting Manager Accounting and Finance 56,640 BBD
Cost Accounting Supervisor Accounting and Finance 43,760 BBD
Cost Analyst Accounting and Finance 48,200 BBD
Credit and Collection Manager Accounting and Finance 59,480 BBD
Credit and Collection Staff Accounting and Finance 23,400 BBD
Credit and Loans Officer Accounting and Finance 19,860 BBD
Credit Controller Accounting and Finance 41,900 BBD
Credit Manager Accounting and Finance 59,380 BBD
Debt Adviser Accounting and Finance 46,720 BBD
Debt Collector Accounting and Finance 22,540 BBD
Debtors Clerk Accounting and Finance 19,360 BBD
Debtors Controller Accounting and Finance 21,400 BBD
Deputy CFO Accounting and Finance 73,980 BBD
Deputy Head of Finance Accounting and Finance 79,280 BBD
Derivative Trader Accounting and Finance 48,160 BBD
Director of Finance Accounting and Finance 79,000 BBD
Economist Accounting and Finance 64,040 BBD
Equity Analyst Accounting and Finance 48,160 BBD
Escrow Assistant Accounting and Finance 25,680 BBD
Executive Accountant Accounting and Finance 32,900 BBD
External Auditor Accounting and Finance 40,040 BBD
Finance Administrator Accounting and Finance 34,980 BBD
Finance Analyst Accounting and Finance 51,080 BBD
Finance Associate Accounting and Finance 25,940 BBD
Finance Director Accounting and Finance 79,240 BBD
Finance Executive Accounting and Finance 60,460 BBD
Finance Licensing Clerk Accounting and Finance 21,560 BBD
Finance Licensing Manager Accounting and Finance 53,600 BBD
Finance Licensing Specialist Accounting and Finance 32,020 BBD
Finance Manager Accounting and Finance 78,420 BBD
Finance Officer Accounting and Finance 25,160 BBD
Finance President Accounting and Finance 87,520 BBD
Finance Relationship Manager Accounting and Finance 64,180 BBD
Finance Release Analyst Accounting and Finance 32,960 BBD
Finance Specialist Accounting and Finance 47,120 BBD
Finance Team Leader Accounting and Finance 59,660 BBD
Financial Accountant Accounting and Finance 26,400 BBD
Financial Actuary Accounting and Finance 41,560 BBD
Financial Administrator Accounting and Finance 48,200 BBD
Financial Advisor Accounting and Finance 53,120 BBD
Financial Analyst Accounting and Finance 50,980 BBD
Financial Applications Specialist Accounting and Finance 37,620 BBD
Financial Assistant Accounting and Finance 23,660 BBD
Financial Associate Accounting and Finance 23,660 BBD
Financial Associate Accounting and Finance 27,620 BBD
Financial Claims Analyst Accounting and Finance 39,800 BBD
Financial Claims Manager Accounting and Finance 53,860 BBD
Financial Claims Supervisor Accounting and Finance 46,720 BBD
Financial Clerk Accounting and Finance 20,760 BBD
Financial Commercial Analyst Accounting and Finance 41,180 BBD
Financial Compliance Analyst Accounting and Finance 45,600 BBD
Financial Consultant Accounting and Finance 39,640 BBD
Financial Controller Accounting and Finance 44,800 BBD
Financial Controller Accounting and Finance 48,340 BBD
Financial Coordinator Accounting and Finance 27,300 BBD
Financial Customer Service Manager Accounting and Finance 50,660 BBD
Financial Dealer and Broker Accounting and Finance 28,680 BBD
Financial Director Accounting and Finance 80,520 BBD
Financial Encoder Accounting and Finance 22,400 BBD
Financial Manager Accounting and Finance 74,940 BBD
Financial Manager Accounting and Finance 79,280 BBD
Financial Operations Manager Accounting and Finance 75,500 BBD
Financial Policy Analyst Accounting and Finance 43,260 BBD
Financial Project Manager Accounting and Finance 58,000 BBD
Financial Quantitative Analyst Accounting and Finance 48,200 BBD
Financial Reporting Consultant Accounting and Finance 42,320 BBD
Financial Reporting Manager Accounting and Finance 51,120 BBD
Financial Section Head Accounting and Finance 53,600 BBD
Financial Services Manager Accounting and Finance 72,420 BBD
Financial Services Sales Agent Accounting and Finance 29,600 BBD
Fixed Assets Administrator Accounting and Finance 31,400 BBD
Forensic Accountant Accounting and Finance 31,040 BBD
Fraud Detection Supervisor Accounting and Finance 34,280 BBD
Fraud Prevention Manager Accounting and Finance 57,820 BBD
Fund Accountant Accounting and Finance 27,380 BBD
Grants Coordinator Accounting and Finance 20,460 BBD
Group Financial Manager Accounting and Finance 78,480 BBD
Internal Auditor Accounting and Finance 37,620 BBD
Internal Control Adviser Accounting and Finance 46,720 BBD
Internal Control Officer Accounting and Finance 25,940 BBD
International Tax Director Accounting and Finance 67,320 BBD
Inventory Accountant Accounting and Finance 29,840 BBD
Investment Advisor Accounting and Finance 75,040 BBD
Investment Analyst Accounting and Finance 55,020 BBD
Investment Associate Accounting and Finance 47,540 BBD
Investment Broker Accounting and Finance 47,580 BBD
Investment Fund Manager Accounting and Finance 61,840 BBD
Investment Operations Manager Accounting and Finance 63,400 BBD
Investment Underwriter Accounting and Finance 25,220 BBD
Investor Accounting and Finance 34,380 BBD
Investor Relations Manager Accounting and Finance 57,900 BBD
KYC Team Leader Accounting and Finance 55,580 BBD
Loan Processor Accounting and Finance 21,980 BBD
Management Accountant Accounting and Finance 31,660 BBD
Management Economist Accounting and Finance 65,800 BBD
Paymaster Accounting and Finance 24,840 BBD
Payroll Administrator Accounting and Finance 37,740 BBD
Payroll Benefits Coordinator Accounting and Finance 29,640 BBD
Payroll Billing Manager Accounting and Finance 51,100 BBD
Payroll Clerk Accounting and Finance 23,700 BBD
Payroll Manager Accounting and Finance 54,460 BBD
Payroll Officer Accounting and Finance 26,020 BBD
Payroll Specialist Accounting and Finance 32,020 BBD
Payroll Supervisor Accounting and Finance 33,980 BBD
Pensions Administrator Accounting and Finance 30,700 BBD
Personal Financial Advisor Accounting and Finance 43,360 BBD
Pricing Analyst Accounting and Finance 48,640 BBD
Private Equity Analyst Accounting and Finance 51,100 BBD
Project Accountant Accounting and Finance 29,160 BBD
Proposal Development Coordinator Accounting and Finance 23,700 BBD
Receivables Accountant Accounting and Finance 26,660 BBD
Regulatory Accountant Accounting and Finance 31,940 BBD
Retirement Plan Analyst Accounting and Finance 45,620 BBD
Revenue Management Specialist Accounting and Finance 49,360 BBD
Revenue Recognition Analyst Accounting and Finance 54,140 BBD
Risk Management Director Accounting and Finance 71,020 BBD
Risk Management Supervisor Accounting and Finance 51,900 BBD
Staff Accountant Accounting and Finance 27,040 BBD
Tax Accountant Accounting and Finance 24,720 BBD
Tax Administrator Accounting and Finance 29,640 BBD
Tax Advisor Accounting and Finance 44,140 BBD
Tax Analyst Accounting and Finance 45,580 BBD
Tax Associate Accounting and Finance 23,660 BBD
Tax Consultant Accounting and Finance 48,140 BBD
Tax Director Accounting and Finance 63,500 BBD
Tax Examiner Accounting and Finance 27,480 BBD
Tax Manager Accounting and Finance 54,560 BBD
Tax Research Manager Accounting and Finance 56,460 BBD
Teller Accounting and Finance 16,340 BBD
Treasury Accountant Accounting and Finance 29,320 BBD
Treasury Analyst Accounting and Finance 48,560 BBD
Underwriter Accounting and Finance 19,160 BBD
Underwriting Assistant Accounting and Finance 19,020 BBD
Vice President of Finance Accounting and Finance 77,100 BBD

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