Average Financial Analyst Salary in Macedonia for 2024

In this article, we will look at the average Financial Analyst salary for 2024 in Macedonia 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 denar. To keep things simple, we are using the MKD currency code instead of the currency symbol den.

How Much Does a Financial Analyst Make in Macedonia?

A Financial Analyst working in Macedonia will typically earn around 713,900 MKD per year, and this can range from the lowest average salary of about 357,700 MKD to the highest average salary of 1,108,500 MKD.

Average Annual Salary
713,900 MKD
Average Monthly Salary
59,491 MKD

Lowest Annual Salary
357,700 MKD
Lowest Monthly Salary
29,808 MKD

Highest Annual Salary
1,108,500 MKD
Highest Monthly Salary
92,375 MKD

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

Financial Analyst 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 Analyst Salaries in Macedonia

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

Salary ranges

We already know that a Financial Analyst can earn between 357,700 MKD and 1,108,500 MKD on average in Macedonia. 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 Analyst in Macedonia is 713,900 MKD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 713,900 MKD, and 50% of the population earn more than 713,900 MKD.

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 Analyst salary in Macedonia, 25% of the population are earning less than 483,400 MKD while 75% of the population earn more than 483,400 MKD.

75% of the population earn less than 909,300 MKD, and 25% of the population earn more than 909,300 MKD.

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 Analyst Salary by Experience Level in Macedonia

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 analyst 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 Analyst in Macedonia that has less than two years of experience can expect to earn somewhere in the region of 426,700 MKD.
  • 2 - 5 Years Experience. With two to five years of experience the average Financial Analyst salary would increase to 566,900 MKD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Financial Analyst, the average salary would be 756,700 MKD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 904,700 MKD.
  • 15 - 20 Years Experience. A Financial Analyst with 15 to 20 years of experience can earn an average of 976,300 MKD.
  • 20+ Years Experience. For a Financial Analyst with more than 20 years, the expected average salary increases to 1,047,900 MKD.

Average Salary by Experience Chart

0-2 Years
426,700 MKD
2-5 Years +32%
566,900 MKD
5-10 Years +34%
756,700 MKD
10-15 Years +19%
904,700 MKD
15-20 Years +8%
976,300 MKD
20+ Years +7%
1,047,900 MKD

Financial Analyst Salary by Education Level in Macedonia

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 Analyst in Macedonia 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 Analyst in Macedonia with a high school education can earn an average salary of 535,900 MKD.

  • Certificate or Diploma. A Financial Analyst in Macedonia with a certificate or diploma education can earn an average salary of 610,100 MKD.

  • Bachelor's Degree. A Financial Analyst in Macedonia with a bachelor's degree education can earn an average salary of 832,100 MKD.

  • Master's Degree. A Financial Analyst in Macedonia with a master's degree education can earn an average salary of 1,047,900 MKD.

Average Salary by Education Chart

High School
535,900 MKD
Certificate or Diploma +14%
610,100 MKD
Bachelor's Degree +36%
832,100 MKD
Master's Degree +26%
1,047,900 MKD

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 Macedonia is around 230,000 to 689,000 MKD 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 Analyst 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 Macedonia, a male financial analyst will earn an average of 732,400 MKD, while a female financial analyst will earn around 696,700 MKD.

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

Average Salary by Gender Chart in Macedonia

Male
732,400 MKD
Female -5%
696,700 MKD

Financial Analyst Average Pay Raise in Macedonia

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 Analyst in Macedonia is around 8% every 29 months.

The national average pay raise across all professions and industries in Macedonia 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 = ( 8 ÷ 29 ) × 12  = 3%

What this means is that a Financial Analyst in Macedonia can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Macedonia for 2024

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

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 Analyst Bonus and Incentive Rates in Macedonia

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 Analyst is a low bonus based job, with 38% of employees reporting at least one bonus in the last 12 months.

62% 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
38%
No Bonus
62%

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 Macedonia earn approximately 10% more than private sector employees in the same role.

Public Sector
573,500 MKD
Private Sector -10%
519,300 MKD

Salaries for Jobs Similar to a Financial Analyst

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

Job Title Category Salary
Account Examiner Accounting and Finance 299,500 MKD
Account Executive Accounting and Finance 483,800 MKD
Accountant Accounting and Finance 384,500 MKD
Accounting Analyst Accounting and Finance 504,500 MKD
Accounting Assistant Accounting and Finance 308,300 MKD
Accounting Associate Accounting and Finance 273,300 MKD
Accounting Clerk Accounting and Finance 239,000 MKD
Accounting Coordinator Accounting and Finance 357,700 MKD
Accounting Head Accounting and Finance 767,000 MKD
Accounting Manager Accounting and Finance 819,000 MKD
Accounting Officer Accounting and Finance 282,500 MKD
Accounting Specialist Accounting and Finance 533,000 MKD
Accounting Supervisor Accounting and Finance 547,800 MKD
Accounting Technician Accounting and Finance 273,000 MKD
Accounting Unit Controller Accounting and Finance 641,900 MKD
Accounts Executive Accounting and Finance 499,300 MKD
Accounts Officer Accounting and Finance 315,900 MKD
Accounts Payable and Receivable Specialist Accounting and Finance 417,100 MKD
Accounts Payable Assistant Accounting and Finance 314,500 MKD
Accounts Payable Associate Accounting and Finance 353,600 MKD
Accounts Payable Clerk Accounting and Finance 294,700 MKD
Accounts Payable Manager Accounting and Finance 803,400 MKD
Accounts Receivable Administrator Accounting and Finance 568,500 MKD
Accounts Receivable Clerk Accounting and Finance 283,400 MKD
Accounts Receivable Financial Analyst Accounting and Finance 572,200 MKD
Accounts Receivable Manager Accounting and Finance 757,600 MKD
Accounts Receivable Team Leader Accounting and Finance 583,000 MKD
Assistant Accountant Accounting and Finance 296,000 MKD
Assistant Accounting Manager Accounting and Finance 725,700 MKD
Assistant Auditor Accounting and Finance 399,900 MKD
Assistant Corporate Controller Accounting and Finance 518,300 MKD
Assistant Finance Manager Accounting and Finance 800,500 MKD
Assistant Financial Controller Accounting and Finance 556,000 MKD
Audit Director Accounting and Finance 946,000 MKD
Audit Supervisor Accounting and Finance 735,200 MKD
Auditing Clerk Accounting and Finance 315,900 MKD
Auditing Manager Accounting and Finance 846,500 MKD
Billing Clerk Accounting and Finance 299,500 MKD
Billing Coordinator Accounting and Finance 363,000 MKD
Billing Specialist Accounting and Finance 442,200 MKD
Billing Supervisor Accounting and Finance 612,500 MKD
Bookkeeper Accounting and Finance 271,300 MKD
Bookkeeping Specialist Accounting and Finance 375,200 MKD
Budget Analyst Accounting and Finance 656,800 MKD
Budget Manager Accounting and Finance 807,900 MKD
Business Support Analyst Accounting and Finance 453,200 MKD
Capital Markets Associate Accounting and Finance 612,500 MKD
Cash Flow Analyst Accounting and Finance 605,700 MKD
Cash Management Manager Accounting and Finance 817,800 MKD
Cash Management Officer Accounting and Finance 442,200 MKD
Cashbook Clerk Accounting and Finance 273,000 MKD
Chartered Accountant Accounting and Finance 501,400 MKD
Chief Accountant Accounting and Finance 605,700 MKD
Collections Clerk Accounting and Finance 253,400 MKD
Collections Representative Accounting and Finance 349,300 MKD
Collections Specialist Accounting and Finance 417,200 MKD
Corporate Controller Accounting and Finance 626,800 MKD
Corporate Treasurer Accounting and Finance 780,600 MKD
Cost Accountant Accounting and Finance 411,400 MKD
Cost Accounting Manager Accounting and Finance 752,600 MKD
Cost Accounting Supervisor Accounting and Finance 660,500 MKD
Cost Analyst Accounting and Finance 619,800 MKD
Credit and Collection Manager Accounting and Finance 780,600 MKD
Credit and Collection Staff Accounting and Finance 290,800 MKD
Credit and Loans Officer Accounting and Finance 290,800 MKD
Credit Controller Accounting and Finance 518,900 MKD
Credit Manager Accounting and Finance 858,100 MKD
Debt Adviser Accounting and Finance 663,100 MKD
Debt Collector Accounting and Finance 330,900 MKD
Debtors Clerk Accounting and Finance 282,500 MKD
Debtors Controller Accounting and Finance 282,500 MKD
Deputy CFO Accounting and Finance 1,132,900 MKD
Deputy Head of Finance Accounting and Finance 1,079,600 MKD
Derivative Trader Accounting and Finance 684,900 MKD
Director of Finance Accounting and Finance 1,144,400 MKD
Economist Accounting and Finance 966,100 MKD
Equity Analyst Accounting and Finance 689,900 MKD
Escrow Assistant Accounting and Finance 341,400 MKD
Executive Accountant Accounting and Finance 424,900 MKD
External Auditor Accounting and Finance 528,600 MKD
Finance Administrator Accounting and Finance 445,100 MKD
Finance Analyst Accounting and Finance 717,900 MKD
Finance Associate Accounting and Finance 340,400 MKD
Finance Director Accounting and Finance 1,185,300 MKD
Finance Executive Accounting and Finance 802,400 MKD
Finance Licensing Clerk Accounting and Finance 281,500 MKD
Finance Licensing Manager Accounting and Finance 765,100 MKD
Finance Licensing Specialist Accounting and Finance 444,300 MKD
Finance Manager Accounting and Finance 1,157,300 MKD
Finance Officer Accounting and Finance 383,300 MKD
Finance President Accounting and Finance 1,192,400 MKD
Finance Relationship Manager Accounting and Finance 948,300 MKD
Finance Release Analyst Accounting and Finance 471,700 MKD
Finance Specialist Accounting and Finance 637,500 MKD
Finance Team Leader Accounting and Finance 895,900 MKD
Financial Accountant Accounting and Finance 383,300 MKD
Financial Actuary Accounting and Finance 592,600 MKD
Financial Administrator Accounting and Finance 632,400 MKD
Financial Advisor Accounting and Finance 718,000 MKD
Financial Applications Specialist Accounting and Finance 492,400 MKD
Financial Assistant Accounting and Finance 325,600 MKD
Financial Associate Accounting and Finance 325,600 MKD
Financial Associate Accounting and Finance 386,400 MKD
Financial Claims Analyst Accounting and Finance 548,800 MKD
Financial Claims Manager Accounting and Finance 671,000 MKD
Financial Claims Supervisor Accounting and Finance 643,400 MKD
Financial Clerk Accounting and Finance 309,800 MKD
Financial Commercial Analyst Accounting and Finance 566,900 MKD
Financial Compliance Analyst Accounting and Finance 650,700 MKD
Financial Consultant Accounting and Finance 528,500 MKD
Financial Controller Accounting and Finance 643,800 MKD
Financial Controller Accounting and Finance 659,200 MKD
Financial Coordinator Accounting and Finance 372,600 MKD
Financial Customer Service Manager Accounting and Finance 698,200 MKD
Financial Dealer and Broker Accounting and Finance 419,400 MKD
Financial Director Accounting and Finance 1,212,800 MKD
Financial Encoder Accounting and Finance 325,800 MKD
Financial Manager Accounting and Finance 1,053,900 MKD
Financial Manager Accounting and Finance 1,152,700 MKD
Financial Operations Manager Accounting and Finance 995,000 MKD
Financial Policy Analyst Accounting and Finance 595,300 MKD
Financial Project Manager Accounting and Finance 781,200 MKD
Financial Quantitative Analyst Accounting and Finance 712,100 MKD
Financial Reporting Consultant Accounting and Finance 545,300 MKD
Financial Reporting Manager Accounting and Finance 736,700 MKD
Financial Section Head Accounting and Finance 739,500 MKD
Financial Services Manager Accounting and Finance 974,600 MKD
Financial Services Sales Agent Accounting and Finance 437,300 MKD
Fixed Assets Administrator Accounting and Finance 404,600 MKD
Forensic Accountant Accounting and Finance 478,000 MKD
Fraud Detection Supervisor Accounting and Finance 485,300 MKD
Fraud Prevention Manager Accounting and Finance 823,400 MKD
Fund Accountant Accounting and Finance 394,500 MKD
Grants Coordinator Accounting and Finance 279,400 MKD
Group Financial Manager Accounting and Finance 1,180,700 MKD
Internal Auditor Accounting and Finance 518,900 MKD
Internal Control Adviser Accounting and Finance 618,800 MKD
Internal Control Officer Accounting and Finance 351,900 MKD
International Tax Director Accounting and Finance 986,700 MKD
Inventory Accountant Accounting and Finance 417,200 MKD
Investment Advisor Accounting and Finance 1,032,800 MKD
Investment Analyst Accounting and Finance 782,500 MKD
Investment Associate Accounting and Finance 650,800 MKD
Investment Broker Accounting and Finance 684,900 MKD
Investment Fund Manager Accounting and Finance 885,000 MKD
Investment Operations Manager Accounting and Finance 844,100 MKD
Investment Underwriter Accounting and Finance 345,700 MKD
Investor Accounting and Finance 499,300 MKD
Investor Relations Manager Accounting and Finance 798,900 MKD
KYC Team Leader Accounting and Finance 781,200 MKD
Loan Processor Accounting and Finance 330,900 MKD
Management Accountant Accounting and Finance 460,500 MKD
Management Economist Accounting and Finance 923,000 MKD
Paymaster Accounting and Finance 318,800 MKD
Payroll Administrator Accounting and Finance 501,400 MKD
Payroll Benefits Coordinator Accounting and Finance 428,400 MKD
Payroll Billing Manager Accounting and Finance 724,000 MKD
Payroll Clerk Accounting and Finance 341,400 MKD
Payroll Manager Accounting and Finance 736,700 MKD
Payroll Officer Accounting and Finance 354,000 MKD
Payroll Specialist Accounting and Finance 394,300 MKD
Payroll Supervisor Accounting and Finance 525,700 MKD
Pensions Administrator Accounting and Finance 421,400 MKD
Personal Financial Advisor Accounting and Finance 565,100 MKD
Pricing Analyst Accounting and Finance 665,300 MKD
Private Equity Analyst Accounting and Finance 675,100 MKD
Project Accountant Accounting and Finance 431,100 MKD
Proposal Development Coordinator Accounting and Finance 351,200 MKD
Receivables Accountant Accounting and Finance 361,600 MKD
Regulatory Accountant Accounting and Finance 431,300 MKD
Retirement Plan Analyst Accounting and Finance 626,800 MKD
Revenue Management Specialist Accounting and Finance 670,600 MKD
Revenue Recognition Analyst Accounting and Finance 724,000 MKD
Risk Management Director Accounting and Finance 906,500 MKD
Risk Management Supervisor Accounting and Finance 767,400 MKD
Staff Accountant Accounting and Finance 369,900 MKD
Tax Accountant Accounting and Finance 377,200 MKD
Tax Administrator Accounting and Finance 417,200 MKD
Tax Advisor Accounting and Finance 603,400 MKD
Tax Analyst Accounting and Finance 620,300 MKD
Tax Associate Accounting and Finance 349,300 MKD
Tax Consultant Accounting and Finance 598,600 MKD
Tax Director Accounting and Finance 896,700 MKD
Tax Examiner Accounting and Finance 436,200 MKD
Tax Manager Accounting and Finance 814,100 MKD
Tax Research Manager Accounting and Finance 836,800 MKD
Teller Accounting and Finance 228,500 MKD
Treasury Accountant Accounting and Finance 414,000 MKD
Treasury Analyst Accounting and Finance 645,800 MKD
Underwriter Accounting and Finance 266,000 MKD
Underwriting Assistant Accounting and Finance 258,400 MKD
Vice President of Finance Accounting and Finance 1,077,700 MKD

Salary Comparison by City

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

City Average Salary
Skopje 798,900 MKD

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