Average Finance Manager Salary in Somalia for 2024

In this article, we will look at the average Finance Manager salary for 2024 in Somalia 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 Somali shilling. To keep things simple, we are using the SOS currency code instead of the currency symbol Sh.

How Much Does a Finance Manager Make in Somalia?

A Finance Manager working in Somalia will typically earn around 6,109,700 SOS per year, and this can range from the lowest average salary of about 2,807,200 SOS to the highest average salary of 9,720,400 SOS.

Average Annual Salary
6,109,700 SOS
Average Monthly Salary
509,141 SOS

Lowest Annual Salary
2,807,200 SOS
Lowest Monthly Salary
233,933 SOS

Highest Annual Salary
9,720,400 SOS
Highest Monthly Salary
810,033 SOS

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

Finance Manager 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 Finance Manager Salaries in Somalia

So we've looked at the average salaries a Finance Manager will earn in Somalia. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Finance Manager can earn between 2,807,200 SOS and 9,720,400 SOS on average in Somalia. 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 Finance Manager in Somalia is 6,600,900 SOS. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 6,600,900 SOS, and 50% of the population earn more than 6,600,900 SOS.

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 Finance Manager salary in Somalia, 25% of the population are earning less than 4,235,500 SOS while 75% of the population earn more than 4,235,500 SOS.

75% of the population earn less than 8,807,800 SOS, and 25% of the population earn more than 8,807,800 SOS.

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.

Finance Manager Salary by Experience Level in Somalia

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 finance manager 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 Finance Manager in Somalia that has less than two years of experience can expect to earn somewhere in the region of 3,192,300 SOS.
  • 2 - 5 Years Experience. With two to five years of experience the average Finance Manager salary would increase to 4,260,400 SOS.
  • 5 - 10 Years Experience. From five to ten years of experience as a Finance Manager, the average salary would be 6,300,400 SOS.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 7,680,400 SOS.
  • 15 - 20 Years Experience. A Finance Manager with 15 to 20 years of experience can earn an average of 8,362,500 SOS.
  • 20+ Years Experience. For a Finance Manager with more than 20 years, the expected average salary increases to 9,060,600 SOS.

Average Salary by Experience Chart

0-2 Years
3,192,300 SOS
2-5 Years +34%
4,260,400 SOS
5-10 Years +48%
6,300,400 SOS
10-15 Years +22%
7,680,400 SOS
15-20 Years +9%
8,362,500 SOS
20+ Years +8%
9,060,600 SOS

Finance Manager Salary by Education Level in Somalia

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 Finance Manager in Somalia 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 Finance Manager in Somalia with a certificate or diploma education can earn an average salary of 3,635,200 SOS.

  • Bachelor's Degree. A Finance Manager in Somalia with a bachelor's degree education can earn an average salary of 5,711,000 SOS.

  • Master's Degree. A Finance Manager in Somalia with a master's degree education can earn an average salary of 9,576,900 SOS.

Average Salary by Education Chart

Certificate or Diploma
3,635,200 SOS
Bachelor's Degree +57%
5,711,000 SOS
Master's Degree +68%
9,576,900 SOS

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 Somalia is around 1,300,000 to 3,890,000 SOS 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.

Finance Manager 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 Somalia, a male finance manager will earn an average of 6,745,700 SOS, while a female finance manager will earn around 5,483,600 SOS.

This means that a male finance manager earns approximately 23% more than a female finance manager for performing the same job.

Average Salary by Gender Chart in Somalia

Male
6,745,700 SOS
Female -23%
5,483,600 SOS

Finance Manager Average Pay Raise in Somalia

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 Finance Manager in Somalia is around 10% every 29 months.

The national average pay raise across all professions and industries in Somalia is around 5% every 28 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 = ( 10 ÷ 29 ) × 12  = 4%

What this means is that a Finance Manager in Somalia can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Somalia for 2024

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

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

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Finance Manager Bonus and Incentive Rates in Somalia

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 Finance Manager is a moderate bonus based job, with 68% of employees reporting at least one bonus in the last 12 months.

32% 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 5% to 9%.

Received Bonus
68%
No Bonus
32%

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 Somalia earn approximately 18% more than private sector employees in the same role.

Public Sector
3,299,800 SOS
Private Sector -18%
2,794,600 SOS

Salaries for Jobs Similar to a Finance Manager

In the table below, we have salary information for jobs that are similar to a Finance Manager in Somalia.

Job Title Category Salary
Account Examiner Accounting and Finance 1,621,400 SOS
Account Executive Accounting and Finance 2,773,700 SOS
Accountant Accounting and Finance 2,124,400 SOS
Accounting Analyst Accounting and Finance 2,688,800 SOS
Accounting Assistant Accounting and Finance 1,668,900 SOS
Accounting Associate Accounting and Finance 1,570,900 SOS
Accounting Clerk Accounting and Finance 1,391,600 SOS
Accounting Coordinator Accounting and Finance 1,942,700 SOS
Accounting Head Accounting and Finance 4,391,800 SOS
Accounting Manager Accounting and Finance 4,633,100 SOS
Accounting Officer Accounting and Finance 1,621,400 SOS
Accounting Specialist Accounting and Finance 2,964,800 SOS
Accounting Supervisor Accounting and Finance 3,013,500 SOS
Accounting Technician Accounting and Finance 1,524,300 SOS
Accounting Unit Controller Accounting and Finance 3,659,400 SOS
Accounts Executive Accounting and Finance 2,773,700 SOS
Accounts Officer Accounting and Finance 1,716,600 SOS
Accounts Payable and Receivable Specialist Accounting and Finance 2,221,600 SOS
Accounts Payable Assistant Accounting and Finance 1,765,300 SOS
Accounts Payable Associate Accounting and Finance 1,990,300 SOS
Accounts Payable Clerk Accounting and Finance 1,621,400 SOS
Accounts Payable Manager Accounting and Finance 4,309,300 SOS
Accounts Receivable Administrator Accounting and Finance 3,192,300 SOS
Accounts Receivable Clerk Accounting and Finance 1,621,400 SOS
Accounts Receivable Financial Analyst Accounting and Finance 3,061,300 SOS
Accounts Receivable Manager Accounting and Finance 4,235,500 SOS
Accounts Receivable Team Leader Accounting and Finance 3,192,300 SOS
Assistant Accountant Accounting and Finance 1,668,900 SOS
Assistant Accounting Manager Accounting and Finance 4,067,600 SOS
Assistant Auditor Accounting and Finance 2,173,000 SOS
Assistant Corporate Controller Accounting and Finance 2,964,800 SOS
Assistant Finance Manager Accounting and Finance 4,537,100 SOS
Assistant Financial Controller Accounting and Finance 2,964,800 SOS
Audit Director Accounting and Finance 5,003,800 SOS
Audit Supervisor Accounting and Finance 3,984,100 SOS
Auditing Clerk Accounting and Finance 1,716,600 SOS
Auditing Manager Accounting and Finance 4,537,100 SOS
Billing Clerk Accounting and Finance 1,668,900 SOS
Billing Coordinator Accounting and Finance 1,990,300 SOS
Billing Specialist Accounting and Finance 2,314,800 SOS
Billing Supervisor Accounting and Finance 3,335,900 SOS
Bookkeeper Accounting and Finance 1,440,700 SOS
Bookkeeping Specialist Accounting and Finance 2,086,500 SOS
Budget Analyst Accounting and Finance 3,745,100 SOS
Budget Manager Accounting and Finance 4,488,100 SOS
Business Support Analyst Accounting and Finance 2,447,200 SOS
Capital Markets Associate Accounting and Finance 3,288,400 SOS
Cash Flow Analyst Accounting and Finance 3,288,400 SOS
Cash Management Manager Accounting and Finance 4,309,300 SOS
Cash Management Officer Accounting and Finance 2,495,600 SOS
Cashbook Clerk Accounting and Finance 1,476,700 SOS
Chartered Accountant Accounting and Finance 2,773,700 SOS
Chief Accountant Accounting and Finance 3,239,400 SOS
Collections Clerk Accounting and Finance 1,345,400 SOS
Collections Representative Accounting and Finance 1,896,700 SOS
Collections Specialist Accounting and Finance 2,221,600 SOS
Corporate Controller Accounting and Finance 3,469,900 SOS
Corporate Treasurer Accounting and Finance 4,162,800 SOS
Cost Accountant Accounting and Finance 2,197,700 SOS
Cost Accounting Manager Accounting and Finance 4,332,900 SOS
Cost Accounting Supervisor Accounting and Finance 3,514,400 SOS
Cost Analyst Accounting and Finance 3,469,900 SOS
Credit and Collection Manager Accounting and Finance 4,355,800 SOS
Credit and Collection Staff Accounting and Finance 1,668,900 SOS
Credit and Loans Officer Accounting and Finance 1,570,900 SOS
Credit Controller Accounting and Finance 3,013,500 SOS
Credit Manager Accounting and Finance 4,537,100 SOS
Debt Adviser Accounting and Finance 3,610,800 SOS
Debt Collector Accounting and Finance 1,765,300 SOS
Debtors Clerk Accounting and Finance 1,500,800 SOS
Debtors Controller Accounting and Finance 1,621,400 SOS
Deputy CFO Accounting and Finance 5,975,000 SOS
Deputy Head of Finance Accounting and Finance 5,975,000 SOS
Derivative Trader Accounting and Finance 3,745,100 SOS
Director of Finance Accounting and Finance 6,433,500 SOS
Economist Accounting and Finance 5,088,900 SOS
Equity Analyst Accounting and Finance 3,863,700 SOS
Escrow Assistant Accounting and Finance 1,942,700 SOS
Executive Accountant Accounting and Finance 2,447,200 SOS
External Auditor Accounting and Finance 3,061,300 SOS
Finance Administrator Accounting and Finance 2,543,000 SOS
Finance Analyst Accounting and Finance 3,934,900 SOS
Finance Associate Accounting and Finance 1,896,700 SOS
Finance Director Accounting and Finance 6,433,500 SOS
Finance Executive Accounting and Finance 4,633,100 SOS
Finance Licensing Clerk Accounting and Finance 1,570,900 SOS
Finance Licensing Manager Accounting and Finance 4,162,800 SOS
Finance Licensing Specialist Accounting and Finance 2,362,300 SOS
Finance Officer Accounting and Finance 2,086,500 SOS
Finance President Accounting and Finance 6,433,500 SOS
Finance Relationship Manager Accounting and Finance 5,038,200 SOS
Finance Release Analyst Accounting and Finance 2,495,600 SOS
Finance Specialist Accounting and Finance 3,610,800 SOS
Finance Team Leader Accounting and Finance 4,860,800 SOS
Financial Accountant Accounting and Finance 2,173,000 SOS
Financial Actuary Accounting and Finance 3,335,900 SOS
Financial Administrator Accounting and Finance 3,610,800 SOS
Financial Advisor Accounting and Finance 3,959,700 SOS
Financial Analyst Accounting and Finance 3,934,900 SOS
Financial Applications Specialist Accounting and Finance 2,734,500 SOS
Financial Assistant Accounting and Finance 1,765,300 SOS
Financial Associate Accounting and Finance 1,765,300 SOS
Financial Associate Accounting and Finance 2,086,500 SOS
Financial Claims Analyst Accounting and Finance 2,941,000 SOS
Financial Claims Manager Accounting and Finance 3,889,500 SOS
Financial Claims Supervisor Accounting and Finance 3,610,800 SOS
Financial Clerk Accounting and Finance 1,668,900 SOS
Financial Commercial Analyst Accounting and Finance 3,144,700 SOS
Financial Compliance Analyst Accounting and Finance 3,514,400 SOS
Financial Consultant Accounting and Finance 2,914,600 SOS
Financial Controller Accounting and Finance 3,469,900 SOS
Financial Coordinator Accounting and Finance 2,003,200 SOS
Financial Customer Service Manager Accounting and Finance 3,984,100 SOS
Financial Dealer and Broker Accounting and Finance 2,362,300 SOS
Financial Director Accounting and Finance 6,433,500 SOS
Financial Encoder Accounting and Finance 1,846,200 SOS
Financial Manager Accounting and Finance 6,109,700 SOS
Financial Operations Manager Accounting and Finance 5,555,200 SOS
Financial Policy Analyst Accounting and Finance 3,385,800 SOS
Financial Project Manager Accounting and Finance 4,488,100 SOS
Financial Quantitative Analyst Accounting and Finance 3,745,100 SOS
Financial Reporting Consultant Accounting and Finance 3,144,700 SOS
Financial Reporting Manager Accounting and Finance 4,162,800 SOS
Financial Section Head Accounting and Finance 4,162,800 SOS
Financial Services Manager Accounting and Finance 5,555,200 SOS
Financial Services Sales Agent Accounting and Finance 2,411,500 SOS
Fixed Assets Administrator Accounting and Finance 2,266,400 SOS
Forensic Accountant Accounting and Finance 2,543,000 SOS
Fraud Detection Supervisor Accounting and Finance 2,688,800 SOS
Fraud Prevention Manager Accounting and Finance 4,439,200 SOS
Fund Accountant Accounting and Finance 2,086,500 SOS
Grants Coordinator Accounting and Finance 1,621,400 SOS
Group Financial Manager Accounting and Finance 6,251,400 SOS
Internal Auditor Accounting and Finance 2,914,600 SOS
Internal Control Adviser Accounting and Finance 3,421,600 SOS
Internal Control Officer Accounting and Finance 1,896,700 SOS
International Tax Director Accounting and Finance 5,280,300 SOS
Inventory Accountant Accounting and Finance 2,266,400 SOS
Investment Advisor Accounting and Finance 5,833,500 SOS
Investment Analyst Accounting and Finance 4,309,300 SOS
Investment Associate Accounting and Finance 3,659,400 SOS
Investment Broker Accounting and Finance 3,659,400 SOS
Investment Fund Manager Accounting and Finance 4,860,800 SOS
Investment Operations Manager Accounting and Finance 4,860,800 SOS
Investment Underwriter Accounting and Finance 1,846,200 SOS
Investor Accounting and Finance 2,819,600 SOS
Investor Relations Manager Accounting and Finance 4,391,800 SOS
KYC Team Leader Accounting and Finance 4,211,600 SOS
Loan Processor Accounting and Finance 1,800,200 SOS
Management Accountant Accounting and Finance 2,435,600 SOS
Management Economist Accounting and Finance 5,088,900 SOS
Paymaster Accounting and Finance 1,765,300 SOS
Payroll Administrator Accounting and Finance 2,868,600 SOS
Payroll Benefits Coordinator Accounting and Finance 2,411,500 SOS
Payroll Billing Manager Accounting and Finance 3,984,100 SOS
Payroll Clerk Accounting and Finance 1,896,700 SOS
Payroll Manager Accounting and Finance 3,984,100 SOS
Payroll Officer Accounting and Finance 1,896,700 SOS
Payroll Specialist Accounting and Finance 2,266,400 SOS
Payroll Supervisor Accounting and Finance 2,773,700 SOS
Pensions Administrator Accounting and Finance 2,314,800 SOS
Personal Financial Advisor Accounting and Finance 3,239,400 SOS
Pricing Analyst Accounting and Finance 3,610,800 SOS
Private Equity Analyst Accounting and Finance 3,863,700 SOS
Project Accountant Accounting and Finance 2,314,800 SOS
Proposal Development Coordinator Accounting and Finance 1,942,700 SOS
Receivables Accountant Accounting and Finance 2,015,600 SOS
Regulatory Accountant Accounting and Finance 2,389,200 SOS
Retirement Plan Analyst Accounting and Finance 3,469,900 SOS
Revenue Management Specialist Accounting and Finance 3,610,800 SOS
Revenue Recognition Analyst Accounting and Finance 4,032,100 SOS
Risk Management Director Accounting and Finance 5,232,400 SOS
Risk Management Supervisor Accounting and Finance 4,309,300 SOS
Staff Accountant Accounting and Finance 2,086,500 SOS
Tax Accountant Accounting and Finance 2,065,400 SOS
Tax Administrator Accounting and Finance 2,362,300 SOS
Tax Advisor Accounting and Finance 3,335,900 SOS
Tax Analyst Accounting and Finance 3,335,900 SOS
Tax Associate Accounting and Finance 1,846,200 SOS
Tax Consultant Accounting and Finance 3,469,900 SOS
Tax Director Accounting and Finance 5,038,200 SOS
Tax Examiner Accounting and Finance 2,314,800 SOS
Tax Manager Accounting and Finance 4,439,200 SOS
Tax Research Manager Accounting and Finance 4,439,200 SOS
Teller Accounting and Finance 1,296,900 SOS
Treasury Accountant Accounting and Finance 2,401,300 SOS
Treasury Analyst Accounting and Finance 3,610,800 SOS
Underwriter Accounting and Finance 1,524,300 SOS
Underwriting Assistant Accounting and Finance 1,440,700 SOS
Vice President of Finance Accounting and Finance 5,975,000 SOS

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