Accountant Salary in Kenya in 2023: A Guide to Earnings, Ranks, and Qualifications
Discover the comprehensive guide to accountant salaries in Kenya for 2023, including factors affecting earnings, qualifications, and more.
Accountants play a pivotal role in the economic fabric of any country, Kenya not excluded. They are highly skilled individuals responsible for inspecting, managing, and analyzing an organization's financial accounts, ensuring fiscal stability, and promoting economic growth. So, what does the accountant salary landscape in Kenya look like in 2023?
Accountant Salary in Kenya: An Overview
Accounting remains one of the most sought-after professions in Kenya. With the promise of a steady income and numerous opportunities across various sectors, it's a career that continues to attract many individuals. However, the salary varies significantly, depending mainly on factors such as education level, years of experience, and specific rank within the accounting field.
A Certified Public Accountant (CPA (K)) holder in Kenya could expect to earn a salary ranging between Kshs. 35,000 and Kshs. 50,000 per month. This figure includes allowances for housing and transport. However, it's important to note that this is an average range, and actual earnings may fall outside this spectrum based on the individual's qualifications, experience, and the specific company.
Hierarchy of Accountant Ranks and Their Earnings
Let's delve into the specifics of different accounting ranks and the respective remunerations for each.
Chief Accountant Salary
Often referred to as the principal accounting officer, the chief accountant is responsible for preparing financial reports and supervising all accounting operations within an organization. The chief accountant in Kenya typically earns around Ksh 160,000 per month, with salaries ranging between Ksh 83,100 (lowest) and Ksh 245,000 (highest). However, in more giant corporations, these professionals can earn between Ksh. 852,000 and Ksh 2,353,120 annually.
Chartered Accountant Salary
Chartered accountants are globally recognized accounting professionals whose tasks encompass auditing, financial, and management accounting. They generally earn a monthly salary ranging between Ksh 71,900 and Ksh 212,000.
Senior Accountant Salary
A senior accountant's salary in Kenya usually falls between Ksh 100,000 and Ksh 199,000 monthly. The prerequisites to becoming a senior accountant typically include the following:
- A bachelor's degree in a relevant field.
- A minimum of three years of experience.
- I am maintaining a CPA license in good standing.
Bank Accountant Salary
Bank accountants are in charge of managing a banking institution's financial accounts. They generally earn between Ksh. 34,000 and Ksh. 124,000 per month in Kenya.
Junior and Assistant Accountant Salaries
A junior accountant in Kenya can expect to earn between Ksh. 19,478 and Ksh. 71,239 per month. On the other hand, assistant accountants, primarily tasked with aiding the general accountant in managing and analyzing the company's financial systems, earn between Ksh. 39,000 and Ksh. 135,000 per month.
Quick Summary Of Accountant Salary in Kenya
| Rank | Salary Range per Month (KES) |
|---|---|
| Chief Accountant | 83,100 - 2,353,120 |
| Chartered Accountant | 71,900 - 212,000 |
| Senior Accountant | 100,000 - 199,000 |
| Bank Accountant | 34,000 - 124,000 |
| Junior Accountant | 19,478 - 71,239 |
| Assistant Accountant | 39,000 - 135,000 |
| CPA-K Holder | 35,000 - 50,000 |
| CPA Part II | 25,000 - 35,000 |
| CPA Part I | Starting from 20,000 |
| ATD Holder | 20,000 - 30,000 |
| Accounts Clerk | 20,000 - 30,000 |
Regional Variations in Accountant Salaries
There are also geographic variations in accountant salaries. For instance, an accountant in Nairobi, the capital city, earns an average of about Ksh 111,000 monthly. Meanwhile, accountants in other major towns like Kisumu and Mombasa earn around Ksh 95,400 and Ksh 103,000, respectively.
What are the educational requirements to become a Certified Public Accountant (CPA) in Kenya?
In Kenya, the Institute of Certified Public Accountants of Kenya (ICPAK) is the professional body that regulates the accounting profession. ICPAK offers the CPA qualification, recognized as the highest professional accounting qualification in Kenya. The educational requirements to become a CPA in Kenya are as follows:
- A bachelor's degree in accounting or a related field from a recognized university.
- Completion of the CPA professional examination.
- A minimum of two years of relevant work experience.
Bachelor's Degree in Accounting
The first step to becoming a CPA in Kenya is to obtain a bachelor's degree in accounting or a related field. Many accredited universities in Kenya offer accounting programs. Some of the most popular universities for accounting include:
- University of Nairobi
- Kenyatta University
- Strathmore University
- Daystar University
- Mount Kenya University
CPA Professional Examination
The CPA professional examination is a rigorous exam that tests candidates' knowledge of accounting, auditing, taxation, and other related topics. The exam is divided into four levels; candidates must pass all four levels to become a CPA. The CPA professional examination is offered twice yearly, in June and December. ICPAK administers the exam.
Relevant Work Experience
In addition to a bachelor's degree and passing the CPA professional examination, candidates must also have at least two years of relevant work experience. Relevant work experience can be obtained in various settings, such as public accounting firms, private businesses, and government agencies.
How Do International Certifications Affect Job Prospects and Salaries in Kenya?
Having international certifications can significantly improve your job prospects in Kenya. In a recent survey, 70% of employers said that they would be more likely to hire an accountant who had international certifications. These certifications show that you have the skills and knowledge necessary to work in a global environment.
In addition, international certifications can help you get your foot in the door at some of the top accounting firms in Kenya. These firms often require their employees to have international certificates, so having these certifications can give you a competitive edge.
READ ALSO: Kenya Police Salary Scale and Allowances
Conclusion
While the above figures provide a general overview, remember that several other factors, including academic qualifications, industry, years of experience, and gender, can influence an accountant's salary in Kenya in 2023. Although the field is highly competitive, with determination and the right qualifications, it is possible to secure a well-paying job in accounting in Kenya.
Frequently Asked Questions
- How much can a Certified Public Accountant (CPA (K)) holder expect to earn in Kenya? A CPA (K) holder in Kenya can expect to earn between Kshs. 35,000 and Kshs. 50,000 per month, inclusive of allowances.
- What is the salary range for a chief accountant in Kenya? The chief accountant in Kenya typically earns around Ksh 160,000 per month. However, in more giant corporations, these professionals can make significantly more.
- How much do chartered accountants in Kenya earn? Chartered accountants in Kenya typically earn between Ksh 71,900 and Ksh 212,000 per month.
- What is the average salary of a senior accountant in Kenya? A senior accountant's salary in Kenya usually falls between Ksh 100,000 and Ksh 199,000 monthly.
- How much does an accountant in Nairobi earn? An accountant in Nairobi makes about Ksh 111,000 per month on average.
- How much do junior and assistant accountants earn in Kenya? A junior accountant can expect to earn between Ksh. 19,478 and Ksh. 71,239 per month, while assistant accountants earn between Ksh. 39,000 and Ksh. 135,000 per month.
Disclaimer: The information in this article is intended to be informational and should not be considered financial advice. It's advisable to conduct your research or consult with a professional financial advisor before making any financial decisions.
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