Average Financial Actuary Salary in Ghana for 2024

In this article, we will look at the average Financial Actuary salary for 2024 in Ghana 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 Ghanaian cedi. To keep things simple, we are using the GHS currency code instead of the currency symbol โ‚ต.

How Much Does a Financial Actuary Make in Ghana?

A Financial Actuary working in Ghana will typically earn around 63,500 GHS per year, and this can range from the lowest average salary of about 30,840 GHS to the highest average salary of 99,100 GHS.

Average Annual Salary
63,500 GHS
Average Monthly Salary
5,291 GHS

Lowest Annual Salary
30,840 GHS
Lowest Monthly Salary
2,570 GHS

Highest Annual Salary
99,100 GHS
Highest Monthly Salary
8,258 GHS

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

Financial Actuary 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 Financial Actuary Salaries in Ghana

So we've looked at the average salaries a Financial Actuary will earn in Ghana. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Financial Actuary can earn between 30,840 GHS and 99,100 GHS on average in Ghana. 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 Financial Actuary in Ghana is 69,240 GHS. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 69,240 GHS, and 50% of the population earn more than 69,240 GHS.

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 Financial Actuary salary in Ghana, 25% of the population are earning less than 43,080 GHS while 75% of the population earn more than 43,080 GHS.

75% of the population earn less than 89,340 GHS, and 25% of the population earn more than 89,340 GHS.

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.

Financial Actuary Salary by Experience Level in Ghana

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 financial actuary 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 Financial Actuary in Ghana that has less than two years of experience can expect to earn somewhere in the region of 31,980 GHS.
  • 2 - 5 Years Experience. With two to five years of experience the average Financial Actuary salary would increase to 43,520 GHS.
  • 5 - 10 Years Experience. From five to ten years of experience as a Financial Actuary, the average salary would be 66,820 GHS.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 78,400 GHS.
  • 15 - 20 Years Experience. A Financial Actuary with 15 to 20 years of experience can earn an average of 84,580 GHS.
  • 20+ Years Experience. For a Financial Actuary with more than 20 years, the expected average salary increases to 93,780 GHS.

Average Salary by Experience Chart

0-2 Years
31,980 GHS
2-5 Years +34%
43,520 GHS
5-10 Years +48%
66,820 GHS
10-15 Years +22%
78,400 GHS
15-20 Years +9%
84,580 GHS
20+ Years +8%
93,780 GHS

Financial Actuary Salary by Education Level in Ghana

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 Financial Actuary in Ghana based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Financial Actuary in Ghana with a high school education can earn an average salary of 42,040 GHS.

  • Certificate or Diploma. A Financial Actuary in Ghana with a certificate or diploma education can earn an average salary of 45,720 GHS.

  • Bachelor's Degree. A Financial Actuary in Ghana with a bachelor's degree education can earn an average salary of 69,580 GHS.

  • Master's Degree. A Financial Actuary in Ghana with a master's degree education can earn an average salary of 90,540 GHS.

Average Salary by Education Chart

High School
42,040 GHS
Certificate or Diploma +18%
45,720 GHS
Bachelor's Degree +45%
69,580 GHS
Master's Degree +31%
90,540 GHS

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 Ghana is around 25,300 to 76,000 GHS 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.

Financial Actuary 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 Ghana, a male financial actuary will earn an average of 66,260 GHS, while a female financial actuary will earn around 57,860 GHS.

This means that a male financial actuary earns approximately 15% more than a female financial actuary for performing the same job.

Average Salary by Gender Chart in Ghana

Male
66,260 GHS
Female -15%
57,860 GHS

Financial Actuary Average Pay Raise in Ghana

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 Financial Actuary in Ghana is around 11% every 19 months.

The national average pay raise across all professions and industries in Ghana is around 8% every 19 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 = ( 11 ÷ 19 ) × 12  = 7%

What this means is that a Financial Actuary in Ghana can expect to receive an average pay raise of around 7% every 12 months.

Annual Pay Raise by Industry in Ghana for 2024

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

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%

Financial Actuary Bonus and Incentive Rates in Ghana

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 Financial Actuary is a moderate bonus based job, with 55% of employees reporting at least one bonus in the last 12 months.

45% 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 2% to 7%.

Received Bonus
55%
No Bonus
45%

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

Public Sector
62,460 GHS
Private Sector -8%
57,620 GHS

Salaries for Jobs Similar to a Financial Actuary

In the table below, we have salary information for jobs that are similar to a Financial Actuary in Ghana.

Job Title Category Salary
Account Examiner Accounting and Finance 28,680 GHS
Account Executive Accounting and Finance 56,060 GHS
Accountant Accounting and Finance 38,620 GHS
Accounting Analyst Accounting and Finance 50,180 GHS
Accounting Assistant Accounting and Finance 31,400 GHS
Accounting Associate Accounting and Finance 27,480 GHS
Accounting Clerk Accounting and Finance 23,360 GHS
Accounting Coordinator Accounting and Finance 34,380 GHS
Accounting Head Accounting and Finance 85,700 GHS
Accounting Manager Accounting and Finance 91,380 GHS
Accounting Officer Accounting and Finance 31,940 GHS
Accounting Specialist Accounting and Finance 56,140 GHS
Accounting Supervisor Accounting and Finance 59,940 GHS
Accounting Technician Accounting and Finance 29,320 GHS
Accounting Unit Controller Accounting and Finance 68,320 GHS
Accounts Executive Accounting and Finance 53,600 GHS
Accounts Officer Accounting and Finance 31,340 GHS
Accounts Payable and Receivable Specialist Accounting and Finance 40,640 GHS
Accounts Payable Assistant Accounting and Finance 33,520 GHS
Accounts Payable Associate Accounting and Finance 35,260 GHS
Accounts Payable Clerk Accounting and Finance 31,380 GHS
Accounts Payable Manager Accounting and Finance 80,840 GHS
Accounts Receivable Administrator Accounting and Finance 60,460 GHS
Accounts Receivable Clerk Accounting and Finance 30,700 GHS
Accounts Receivable Financial Analyst Accounting and Finance 57,800 GHS
Accounts Receivable Manager Accounting and Finance 78,940 GHS
Accounts Receivable Team Leader Accounting and Finance 57,860 GHS
Assistant Accountant Accounting and Finance 31,340 GHS
Assistant Accounting Manager Accounting and Finance 75,980 GHS
Assistant Auditor Accounting and Finance 42,320 GHS
Assistant Corporate Controller Accounting and Finance 58,440 GHS
Assistant Finance Manager Accounting and Finance 87,640 GHS
Assistant Financial Controller Accounting and Finance 57,800 GHS
Audit Director Accounting and Finance 94,800 GHS
Audit Supervisor Accounting and Finance 71,400 GHS
Auditing Clerk Accounting and Finance 31,340 GHS
Auditing Manager Accounting and Finance 83,900 GHS
Billing Clerk Accounting and Finance 30,700 GHS
Billing Coordinator Accounting and Finance 39,640 GHS
Billing Specialist Accounting and Finance 44,800 GHS
Billing Supervisor Accounting and Finance 66,480 GHS
Bookkeeper Accounting and Finance 29,540 GHS
Bookkeeping Specialist Accounting and Finance 39,420 GHS
Budget Analyst Accounting and Finance 73,040 GHS
Budget Manager Accounting and Finance 85,940 GHS
Business Support Analyst Accounting and Finance 48,200 GHS
Capital Markets Associate Accounting and Finance 63,040 GHS
Cash Flow Analyst Accounting and Finance 60,180 GHS
Cash Management Manager Accounting and Finance 79,360 GHS
Cash Management Officer Accounting and Finance 50,580 GHS
Cashbook Clerk Accounting and Finance 26,280 GHS
Chartered Accountant Accounting and Finance 52,820 GHS
Chief Accountant Accounting and Finance 60,920 GHS
Collections Clerk Accounting and Finance 27,020 GHS
Collections Representative Accounting and Finance 39,160 GHS
Collections Specialist Accounting and Finance 41,820 GHS
Corporate Controller Accounting and Finance 66,680 GHS
Corporate Treasurer Accounting and Finance 83,020 GHS
Cost Accountant Accounting and Finance 43,260 GHS
Cost Accounting Manager Accounting and Finance 83,400 GHS
Cost Accounting Supervisor Accounting and Finance 64,560 GHS
Cost Analyst Accounting and Finance 66,580 GHS
Credit and Collection Manager Accounting and Finance 82,200 GHS
Credit and Collection Staff Accounting and Finance 31,940 GHS
Credit and Loans Officer Accounting and Finance 30,840 GHS
Credit Controller Accounting and Finance 57,360 GHS
Credit Manager Accounting and Finance 80,500 GHS
Debt Adviser Accounting and Finance 72,780 GHS
Debt Collector Accounting and Finance 34,480 GHS
Debtors Clerk Accounting and Finance 26,400 GHS
Debtors Controller Accounting and Finance 31,940 GHS
Deputy CFO Accounting and Finance 107,580 GHS
Deputy Head of Finance Accounting and Finance 117,100 GHS
Derivative Trader Accounting and Finance 75,280 GHS
Director of Finance Accounting and Finance 119,900 GHS
Economist Accounting and Finance 92,900 GHS
Equity Analyst Accounting and Finance 69,040 GHS
Escrow Assistant Accounting and Finance 38,680 GHS
Executive Accountant Accounting and Finance 45,260 GHS
External Auditor Accounting and Finance 56,460 GHS
Finance Administrator Accounting and Finance 51,080 GHS
Finance Analyst Accounting and Finance 71,280 GHS
Finance Associate Accounting and Finance 38,140 GHS
Finance Director Accounting and Finance 123,400 GHS
Finance Executive Accounting and Finance 86,520 GHS
Finance Licensing Clerk Accounting and Finance 31,540 GHS
Finance Licensing Manager Accounting and Finance 78,940 GHS
Finance Licensing Specialist Accounting and Finance 43,340 GHS
Finance Manager Accounting and Finance 115,260 GHS
Finance Officer Accounting and Finance 36,720 GHS
Finance President Accounting and Finance 127,700 GHS
Finance Relationship Manager Accounting and Finance 93,600 GHS
Finance Release Analyst Accounting and Finance 49,700 GHS
Finance Specialist Accounting and Finance 68,060 GHS
Finance Team Leader Accounting and Finance 87,940 GHS
Financial Accountant Accounting and Finance 42,320 GHS
Financial Administrator Accounting and Finance 65,080 GHS
Financial Advisor Accounting and Finance 70,700 GHS
Financial Analyst Accounting and Finance 73,820 GHS
Financial Applications Specialist Accounting and Finance 50,520 GHS
Financial Assistant Accounting and Finance 34,080 GHS
Financial Associate Accounting and Finance 34,980 GHS
Financial Associate Accounting and Finance 41,900 GHS
Financial Claims Analyst Accounting and Finance 54,280 GHS
Financial Claims Manager Accounting and Finance 73,260 GHS
Financial Claims Supervisor Accounting and Finance 65,800 GHS
Financial Clerk Accounting and Finance 31,180 GHS
Financial Commercial Analyst Accounting and Finance 60,400 GHS
Financial Compliance Analyst Accounting and Finance 64,180 GHS
Financial Consultant Accounting and Finance 55,580 GHS
Financial Controller Accounting and Finance 64,040 GHS
Financial Controller Accounting and Finance 64,720 GHS
Financial Coordinator Accounting and Finance 40,420 GHS
Financial Customer Service Manager Accounting and Finance 77,340 GHS
Financial Dealer and Broker Accounting and Finance 45,000 GHS
Financial Director Accounting and Finance 119,900 GHS
Financial Encoder Accounting and Finance 34,280 GHS
Financial Manager Accounting and Finance 108,340 GHS
Financial Manager Accounting and Finance 118,060 GHS
Financial Operations Manager Accounting and Finance 109,000 GHS
Financial Policy Analyst Accounting and Finance 62,420 GHS
Financial Project Manager Accounting and Finance 86,520 GHS
Financial Quantitative Analyst Accounting and Finance 69,180 GHS
Financial Reporting Consultant Accounting and Finance 63,700 GHS
Financial Reporting Manager Accounting and Finance 77,640 GHS
Financial Section Head Accounting and Finance 78,620 GHS
Financial Services Manager Accounting and Finance 104,140 GHS
Financial Services Sales Agent Accounting and Finance 41,820 GHS
Fixed Assets Administrator Accounting and Finance 43,340 GHS
Forensic Accountant Accounting and Finance 47,580 GHS
Fraud Detection Supervisor Accounting and Finance 51,340 GHS
Fraud Prevention Manager Accounting and Finance 83,060 GHS
Fund Accountant Accounting and Finance 39,080 GHS
Grants Coordinator Accounting and Finance 32,020 GHS
Group Financial Manager Accounting and Finance 112,760 GHS
Internal Auditor Accounting and Finance 53,660 GHS
Internal Control Adviser Accounting and Finance 66,440 GHS
Internal Control Officer Accounting and Finance 35,000 GHS
International Tax Director Accounting and Finance 102,160 GHS
Inventory Accountant Accounting and Finance 40,600 GHS
Investment Advisor Accounting and Finance 106,600 GHS
Investment Analyst Accounting and Finance 84,740 GHS
Investment Associate Accounting and Finance 67,320 GHS
Investment Broker Accounting and Finance 70,700 GHS
Investment Fund Manager Accounting and Finance 90,540 GHS
Investment Operations Manager Accounting and Finance 91,840 GHS
Investment Underwriter Accounting and Finance 32,420 GHS
Investor Accounting and Finance 51,340 GHS
Investor Relations Manager Accounting and Finance 78,400 GHS
KYC Team Leader Accounting and Finance 76,280 GHS
Loan Processor Accounting and Finance 34,960 GHS
Management Accountant Accounting and Finance 43,760 GHS
Management Economist Accounting and Finance 89,980 GHS
Paymaster Accounting and Finance 31,980 GHS
Payroll Administrator Accounting and Finance 57,320 GHS
Payroll Benefits Coordinator Accounting and Finance 48,140 GHS
Payroll Billing Manager Accounting and Finance 77,640 GHS
Payroll Clerk Accounting and Finance 36,020 GHS
Payroll Manager Accounting and Finance 73,820 GHS
Payroll Officer Accounting and Finance 36,160 GHS
Payroll Specialist Accounting and Finance 40,600 GHS
Payroll Supervisor Accounting and Finance 51,340 GHS
Pensions Administrator Accounting and Finance 40,640 GHS
Personal Financial Advisor Accounting and Finance 61,460 GHS
Pricing Analyst Accounting and Finance 66,840 GHS
Private Equity Analyst Accounting and Finance 72,120 GHS
Project Accountant Accounting and Finance 44,180 GHS
Proposal Development Coordinator Accounting and Finance 36,940 GHS
Receivables Accountant Accounting and Finance 36,020 GHS
Regulatory Accountant Accounting and Finance 47,540 GHS
Retirement Plan Analyst Accounting and Finance 66,680 GHS
Revenue Management Specialist Accounting and Finance 67,120 GHS
Revenue Recognition Analyst Accounting and Finance 72,260 GHS
Risk Management Director Accounting and Finance 101,840 GHS
Risk Management Supervisor Accounting and Finance 80,840 GHS
Staff Accountant Accounting and Finance 40,560 GHS
Tax Accountant Accounting and Finance 41,900 GHS
Tax Administrator Accounting and Finance 47,120 GHS
Tax Advisor Accounting and Finance 66,020 GHS
Tax Analyst Accounting and Finance 63,320 GHS
Tax Associate Accounting and Finance 35,000 GHS
Tax Consultant Accounting and Finance 62,860 GHS
Tax Director Accounting and Finance 93,660 GHS
Tax Examiner Accounting and Finance 42,960 GHS
Tax Manager Accounting and Finance 82,920 GHS
Tax Research Manager Accounting and Finance 82,480 GHS
Teller Accounting and Finance 24,860 GHS
Treasury Accountant Accounting and Finance 41,480 GHS
Treasury Analyst Accounting and Finance 66,940 GHS
Underwriter Accounting and Finance 27,480 GHS
Underwriting Assistant Accounting and Finance 26,500 GHS
Vice President of Finance Accounting and Finance 116,540 GHS

Salary Comparison by City

If you want to compare salaries with different cities in Ghana, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Accra 63,480 GHS
Kumasi 72,120 GHS

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