Financial Analyst Average Salary in Kenya 2024
How much money does a person working as Financial Analyst make in Kenya?
LOW
94,000
KES AVERAGE
192,000
KES HIGH
299,000
KES
A person working as Financial Analyst in Kenya typically earns around 192,000 KES. Salaries range from 94,000 KES (lowest) to 299,000 KES (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Financial Analyst salaries in Kenya vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Financial Analyst Pay Scale and Salaries in Kenya
Salary Structure and Pay Scale Comparison
178,000 KES or more
157,000 to 178,000 KES
112,000 KES or less
112,000 to 157,000 KES
 94,000 KES |
179,000 KES |
299,000 KES |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Financial Analyst in Kenya range from 94,000 KES (starting salary) to 299,000 KES (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 179,000 KES, half of the professionals who work as Financial Analyst in Kenya earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Financial Analyst in Kenya earn less than 146,000 KES, while 75% earn more. Similarly, the chart shows that 75% earn less than 205,000 KES while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Financial Analyst in Kenya compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 112,000 KES to 157,000 KES. About 20% of salaries are below the 112,000 KES mark, while 10% fall within the range of 157,000 KES to 178,000 KES. Only 5% of individuals have salaries exceeding 178,000 KES.
Salary Comparison by Years of Experience / Financial Analyst / Kenya
How do experience and age affect pay?
| 0 - 2 Years | 111,000 KES | |
| 2 - 5 Years | +29% | 143,000 KES |
| 5 - 10 Years | +38% | 198,000 KES |
| 10 - 15 Years | +24% | 245,000 KES |
| 15 - 20 Years | +7% | 262,000 KES |
| 20+ Years | +7% | 280,000 KES |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Financial Analyst and this is what we found.
Employees with less than two years of experience earn approximately 111,000 KES.
While someone with an experience level between two and five years is expected to earn 143,000 KES, 29% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 198,000 KES, 38% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 245,000 KES, 24% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 262,000 KES, 7% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 280,000 KES, 7% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Financial Analyst / Kenya
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Financial Analyst.
| High School | 139,000 KES | |
| Certificate or Diploma | +15% | 160,000 KES |
| Bachelor's Degree | +35% | 215,000 KES |
| Master's Degree | +26% | 271,000 KES |
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Financial Analyst in order to make a comparison.
Level 1: High School
Employees at this education level have an average salary of 139,000 KES.
Level 2: Certificate or Diploma
At this level, the average salary becomes 160,000 KES, 15% more than the previous level.
Level 3: Bachelor's Degree
At this level, the average salary becomes 215,000 KES, 35% more than the previous level.
Level 4: Master's Degree
At this level, the average salary becomes 271,000 KES, 26% more than the previous level.
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in Kenya costs anywhere from 737,000 KES to 2,210,000 KES and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Typical Salary Difference by Education for Most Careers
Salary and Compensation Comparison By Gender / Financial Analyst / Kenya
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Financial Analyst in Kenya, the average difference between the salary of male and female employees is 10%.
| Male | 199,000 KES | |
| Female | -9% | 181,000 KES |
Salary Comparison By Gender in Kenya for all Careers
Average Annual Salary Increment Percentage / Financial Analyst / Kenya
How much are annual salary increments in Kenya for individuals working as Financial Analyst? How often do employees get salary raises?
Individuals working as Financial Analyst in Kenya are likely to observe a salary increase of approximately 8% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
Kenya / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Bonus and Incentive Rates / Financial Analyst / Kenya
How much and how often are bonuses being awarded?
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61% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 39% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.
| Received Bonus | 39% | |
| No Bonus | 61% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Average Hourly Wage / Financial Analyst / Kenya
1,110 KES per hourThe average hourly wage (pay per hour) for individuals working as Financial Analyst in Kenya is 1,110 KES.This is the rate they get paid for every worked hour.
About The Hourly Pay Rate
The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for people working as Financial Analyst in Kenya is 540 KES. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Accounting and Finance |  -100% | |
| Account Examiner | 79,700 KES | -58% |
| Account Executive | 135,000 KES | -30% |
| Accountant | 108,000 KES | -44% |
| Accounting Analyst | 135,000 KES | -30% |
| Accounting Assistant | 85,100 KES | -56% |
| Accounting Associate | 80,100 KES | -58% |
| Accounting Clerk | 64,800 KES | -66% |
| Accounting Coordinator | 95,700 KES | -50% |
| Accounting Head | 213,000 KES |  +11% |
| Accounting Manager | 219,000 KES | +14% |
| Accounting Officer | 82,600 KES | -57% |
| Accounting Specialist | 153,000 KES | -20% |
| Accounting Supervisor | 142,000 KES | -26% |
| Accounting Technician | 71,700 KES | -63% |
| Accounting Unit Controller | 186,000 KES | -3% |
| Accounts Executive | 135,000 KES | -30% |
| Accounts Officer | 80,800 KES | -58% |
| Accounts Payable and Receivable Specialist | 111,000 KES | -42% |
| Accounts Payable Assistant | 89,900 KES | -53% |
| Accounts Payable Associate | 102,000 KES | -47% |
| Accounts Payable Clerk | 77,400 KES | -60% |
| Accounts Payable Manager | 208,000 KES | +8% |
| Accounts Receivable Administrator | 160,000 KES | -17% |
| Accounts Receivable Clerk | 79,100 KES | -59% |
| Accounts Receivable Financial Analyst | 148,000 KES | -23% |
| Accounts Receivable Manager | 209,000 KES | +9% |
| Accounts Receivable Team Leader | 164,000 KES | -15% |
| Algorithmic Trading Specialist | 193,000 KES | +1% |
| Assistant Accountant | 84,600 KES | -56% |
| Assistant Accounting Manager | 202,000 KES | +5% |
| Assistant Auditor | 106,000 KES | -45% |
| Assistant Corporate Controller | 140,000 KES | -27% |
| Assistant Finance Manager | 224,000 KES | +17% |
| Assistant Financial Controller | 153,000 KES | -20% |
| Audit Director | 245,000 KES | +28% |
| Audit Supervisor | 188,000 KES | -2% |
| Auditing Clerk | 80,800 KES | -58% |
| Auditing Manager | 224,000 KES | +17% |
| Billing Clerk | 83,400 KES | -57% |
| Billing Coordinator | 101,000 KES | -47% |
| Billing Specialist | 109,000 KES | -43% |
| Billing Supervisor | 170,000 KES | -11% |
| Bookkeeper | 73,900 KES | -61% |
| Bookkeeping Specialist | 97,800 KES | -49% |
| Budget Analyst | 177,000 KES | -8% |
| Budget Manager | 214,000 KES | +12% |
| Business Support Analyst | 119,000 KES | -38% |
| Capital Markets Associate | 167,000 KES | -13% |
| Cash Flow Analyst | 158,000 KES | -18% |
| Cash Management Manager | 210,000 KES | +9% |
| Cash Management Officer | 123,000 KES | -36% |
| Cashbook Clerk | 76,100 KES | -60% |
| Chartered Accountant | 138,000 KES | -28% |
| Chief Accountant | 160,000 KES | -17% |
| Chief Financial Technology Officer | 232,000 KES | +21% |
| Collections Clerk | 63,400 KES | -67% |
| Collections Representative | 96,700 KES | -50% |
| Collections Specialist | 106,000 KES | -45% |
| Corporate Controller | 177,000 KES | -8% |
| Corporate Treasurer | 198,000 KES | +3% |
| Cost Accountant | 107,000 KES | -44% |
| Cost Accounting Manager | 208,000 KES | +8% |
| Cost Accounting Supervisor | 165,000 KES | -14% |
| Cost Analyst | 169,000 KES | -12% |
| Credit and Collection Manager | 207,000 KES | +8% |
| Credit and Collection Staff | 81,400 KES | -58% |
| Credit and Loans Officer | 77,500 KES | -60% |
| Credit Controller | 154,000 KES | -20% |
| Credit Manager | 226,000 KES | +18% |
| Debt Adviser | 180,000 KES | -6% |
| Debt Collector | 88,700 KES | -54% |
| Debtors Clerk | 73,800 KES | -62% |
| Debtors Controller | 82,600 KES | -57% |
| Deputy CFO | 291,000 KES | +52% |
| Deputy Head of Finance | 297,000 KES | +55% |
| Derivative Trader | 176,000 KES | -8% |
| Director of Finance | 326,000 KES | +70% |
| E-commerce Accountant | 107,000 KES | -44% |
| Economist | 243,000 KES | +27% |
| Equity Analyst | 195,000 KES | +2% |
| Escrow Assistant | 97,800 KES | -49% |
| Executive Accountant | 123,000 KES | -36% |
| External Auditor | 152,000 KES | -21% |
| Finance Administrator | 121,000 KES | -37% |
| Finance Analyst | 187,000 KES | -3% |
| Finance Associate | 91,100 KES | -53% |
| Finance Data Analyst | 180,000 KES | -6% |
| Finance Director | 312,000 KES | +63% |
| Finance Executive | 231,000 KES | +20% |
| Finance Licensing Clerk | 78,200 KES | -59% |
| Finance Licensing Manager | 209,000 KES | +9% |
| Finance Licensing Specialist | 120,000 KES | -37% |
| Finance Manager | 300,000 KES | +56% |
| Finance Officer | 105,000 KES | -45% |
| Finance President | 301,000 KES | +57% |
| Finance Relationship Manager | 258,000 KES | +34% |
| Finance Release Analyst | 129,000 KES | -33% |
| Finance Specialist | 179,000 KES | -7% |
| Finance Team Leader | 239,000 KES | +25% |
| Financial Accountant | 111,000 KES | -42% |
| Financial Actuary | 156,000 KES | -19% |
| Financial Administrator | 183,000 KES | -5% |
| Financial Advisor | 198,000 KES | +3% |
| Financial Analyst | 192,000 KES | +0% |
| Financial Applications Specialist | 141,000 KES | -27% |
| Financial Assistant | 82,900 KES | -57% |
| Financial Associate | 106,000 KES | -45% |
| Financial Claims Analyst | 148,000 KES | -23% |
| Financial Claims Manager | 198,000 KES | +3% |
| Financial Claims Supervisor | 186,000 KES | -3% |
| Financial Clerk | 79,200 KES | -59% |
| Financial Commercial Analyst | 159,000 KES | -17% |
| Financial Compliance Analyst | 166,000 KES | -14% |
| Financial Compliance Officer | 162,000 KES | -16% |
| Financial Consultant | 145,000 KES | -24% |
| Financial Controller | 166,000 KES | -14% |
| Financial Coordinator | 99,300 KES | -48% |
| Financial Customer Service Manager | 200,000 KES | +4% |
| Financial Data Scientist | 192,000 KES | +0% |
| Financial Dealer and Broker | 114,000 KES | -41% |
| Financial Director | 322,000 KES | +68% |
| Financial Encoder | 94,400 KES | -51% |
| Financial Manager | 285,000 KES | +48% |
| Financial Modelling Analyst | 188,000 KES | -2% |
| Financial Operations Manager | 272,000 KES | +42% |
| Financial Policy Analyst | 164,000 KES | -15% |
| Financial Project Manager | 216,000 KES | +13% |
| Financial Quantitative Analyst | 180,000 KES | -6% |
| Financial Reporting Consultant | 156,000 KES | -19% |
| Financial Reporting Manager | 202,000 KES | +5% |
| Financial Section Head | 195,000 KES | +2% |
| Financial Services Manager | 283,000 KES | +47% |
| Financial Services Sales Agent | 118,000 KES | -39% |
| Financial Technology Consultant | 166,000 KES | -14% |
| Financial Wellness Coach | 219,000 KES | +14% |
| FinTech Analyst | 186,000 KES | -3% |
| Fixed Assets Administrator | 111,000 KES | -42% |
| Forensic Accountant | 130,000 KES | -32% |
| Fraud Detection Supervisor | 136,000 KES | -29% |
| Fraud Prevention Manager | 228,000 KES | +19% |
| Fund Accountant | 97,900 KES | -49% |
| Grants Coordinator | 82,400 KES | -57% |
| Green Finance Analyst | 158,000 KES | -18% |
| Group Financial Manager | 311,000 KES | +62% |
| Internal Auditor | 147,000 KES | -23% |
| Internal Control Adviser | 174,000 KES | -9% |
| Internal Control Officer | 97,500 KES | -49% |
| International Tax Director | 257,000 KES | +34% |
| Inventory Accountant | 114,000 KES | -41% |
| Investment Advisor | 277,000 KES | +44% |
| Investment Analyst | 207,000 KES | +8% |
| Investment Associate | 171,000 KES | -11% |
| Investment Broker | 178,000 KES | -7% |
| Investment Fund Manager | 230,000 KES | +20% |
| Investment Operations Manager | 239,000 KES | +25% |
| Investment Underwriter | 88,800 KES | -54% |
| Investor | 137,000 KES | -29% |
| Investor Relations Manager | 216,000 KES | +13% |
| KYC Team Leader | 215,000 KES | +12% |
| Loan Processor | 91,300 KES | -52% |
| Management Accountant | 117,000 KES | -39% |
| Management Economist | 250,000 KES | +30% |
| Paymaster | 88,800 KES | -54% |
| Payroll Administrator | 147,000 KES | -23% |
| Payroll Benefits Coordinator | 114,000 KES | -41% |
| Payroll Billing Manager | 190,000 KES | -1% |
| Payroll Clerk | 89,100 KES | -54% |
| Payroll Manager | 189,000 KES | -2% |
| Payroll Officer | 91,600 KES | -52% |
| Payroll Specialist | 111,000 KES | -42% |
| Payroll Supervisor | 133,000 KES | -31% |
| Pensions Administrator | 114,000 KES | -41% |
| Personal Financial Advisor | 152,000 KES | -21% |
| Pricing Analyst | 172,000 KES | -10% |
| Private Equity Analyst | 185,000 KES | -4% |
| Project Accountant | 118,000 KES | -39% |
| Proposal Development Coordinator | 95,500 KES | -50% |
| Quantitative Trader | 153,000 KES | -20% |
| Receivables Accountant | 100,000 KES | -48% |
| Regulatory Accountant | 116,000 KES | -40% |
| Retirement Plan Analyst | 177,000 KES | -8% |
| Revenue Management Specialist | 186,000 KES | -3% |
| Revenue Recognition Analyst | 191,000 KES | -0% |
| Risk Management Director | 263,000 KES | +37% |
| Risk Management Supervisor | 218,000 KES | +14% |
| Staff Accountant | 97,600 KES | -49% |
| Tax Accountant | 105,000 KES | -45% |
| Tax Administrator | 116,000 KES | -40% |
| Tax Advisor | 166,000 KES | -14% |
| Tax Analyst | 168,000 KES | -12% |
| Tax Associate | 95,300 KES | -50% |
| Tax Consultant | 177,000 KES | -8% |
| Tax Director | 259,000 KES | +35% |
| Tax Examiner | 114,000 KES | -41% |
| Tax Manager | 228,000 KES | +19% |
| Tax Research Manager | 208,000 KES | +8% |
| Teller | 61,500 KES | -68% |
| Treasury Accountant | 112,000 KES | -42% |
| Treasury Analyst | 178,000 KES | -7% |
| Underwriter | 73,500 KES | -62% |
| Underwriting Assistant | 69,900 KES | -64% |
| Vice President of Finance | 304,000 KES | +58% |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Kenya is 14% on average across all career fields.
| Private Sector | 140,000 KES | |
| Public Sector | +14% | 159,000 KES |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Financial Analyst in Kenya?
A good and competitive compensation would range anywhere between 179,000 KES and 205,000 KES. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Financial Analyst in Kenya ranges from 94,000 KES to 146,000 KES. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
