- What is salary negotiation?
- Salary reference for accounting and finance industry
- Factors affecting the salary of finance and accounting personnel
Updated at 07/03/2023 - 03:03 pm
Today, skilled personnel are quite demanding in terms of salary and benefits, especially those in the finance and accounting industry. Because they are people with a combination of professional knowledge, soft skills and technology. Therefore, when businesses need to recruit finance and accounting experts, they need to understand the basic salary for this industry and prepare what for the salary negotiation that will definitely take place.
What is salary negotiation? #
Salary negotiation is a discussion between the candidate and the representative of the business to help the candidate get the salary that is expected and the business can pay. It doesn't matter if you are a longtime employee or newly hired, if you feel that your salary is not suitable for your job and dedication, you have the right to negotiate to receive a decent salary.
When the business determines a candidate worth the investment, the salary negotiation process will take place. This is the process of negotiating the allowances and benefits that the employer will pay when the candidate works at the company. Comments will be made and discussed between both parties until a final agreement is reached.
Salary reference for accounting and finance industry #
Salary for fresh graduates #
Many students studying finance and accounting today are confused with information about salaries for personnel in this industry. Normally, the salary for newly graduated employees is only in the range of VND 2,0 million - VND 3,0 million even if they have a formal degree. However, this is only a share of the salary of the "old" graduates.
Currently, according to the development momentum of Vietnam's economy, the salary for newly graduated finance and accounting personnel is much better. According to the latest report, the salary for newly graduated financial accountants ranges from 5,0 million VND to 8,0 million VND. For those with English skills or special skills, this salary can be even higher.
However, this average salary still varies by industry and type of business. Therefore, the first thing that needs to be focused on new graduates is to always learn, cultivate more experience and skills to improve their professional qualifications and receive a decent salary.
Salary of experienced finance and accounting personnel #
The State of Vietnam currently does not have a regulation on the maximum salary for personnel in the finance and accounting industry in the corporate sector, so whether the salary is high or low will depend entirely on the candidate's ability and the preferential treatment regime. of each company. The difference in salary of personnel in this field in the same positions in enterprises in different fields is easy to see today.
With inexperienced accounting and financial management personnel, the salary ranges from 5-10 million VND. For people with 3 years of experience or more, the salary can be from 12 -30 million VND. Particularly for the position of senior financial and accounting specialist, the salary of 30 million VND is completely normal and can be up to 50 million VND/month. With a few cases where the finance and accounting managers have very high qualifications (such as the CFO) and receive special treatment from the company, this number is recorded as 80-200. million dong.
Factors affecting the salary of finance and accounting personnel #
Professional knowledge and work experience #
Any job position, qualifications and experience have a significant impact on an employee's earnings. This is even more evident in the accounting and finance industry because this is an industry that requires a lot of professional knowledge, skills and work experience. Therefore, although fresh graduates have a lower salary than the average level of some other professions, it only takes half a year to a year of trying to accumulate experience and knowledge while working, the income will increase. significantly and change from year to year.
Finance and accounting is a profession with a very diverse income level based on professional qualifications. There are businesses that pay a financial and accounting manager only with a salary of about 15-20 million, but there are also businesses that are willing to pay for this position up to 80-100 million/month. This partly depends on the knowledge, experience and skills of the specialist.
Soft skills in each individual #
In addition to professional knowledge, soft skills are also a factor that directly affects the income of personnel in the finance and accounting industry. Professional knowledge of finance and accounting personnel will be accumulated and perfected over time. As for soft skills, it is more difficult to develop because it is associated with human personality, there is no standard as well as professional book knowledge related. Soft skills will help connect colleagues, good relationships with customers; Use acumen in problem solving or decision making…
Soft skills require conscious effort, continuous practice and a commitment to self-development and more than that, it makes the difference between candidates in the finance and accounting sector at a similar level of expertise.
Work location area #
A finance and accounting staff who chooses a location to work in economic centers such as Hanoi and Ho Chi Minh City often has a higher income than working in other areas. In addition, cities where people have high living standards such as Hai Phong and Da Nang have many job opportunities, their incomes are also increased.
The company the candidate is applying for #
In addition to the factors of professional knowledge, soft skills, working location, the type of business, business lines and company culture that the staff of the financial and accounting management department apply for also greatly affect the level of employment. income.
- The salary of personnel in the finance and accounting department at foreign enterprises will normally be slightly higher than that of domestic enterprises.
- Large enterprises and human resources are also better treated than small and medium enterprises and start-ups.
- Enterprises specializing in the field of services, IT will tend to pay higher wages than manufacturing enterprises.
- The financial situation of the business also has a significant impact on the income of this division's employees. When the company is at a loss, the operating situation is difficult, the salary cut of employees is easy to see. On the contrary, if the company is developing favorably, the personnel remuneration policy will also be more "generous".
In terms of income, basically the finance and accounting industry has nothing to worry about now and in the future. However, according to the Ministry of Labor, Invalids and Social Affairs, our country has more than 1 million people of working age who are unemployed every year and this number is still increasing. The business side is still short of personnel, from which it can be seen the competitiveness in job search as well as in attracting quality personnel.
To overcome this, candidates in the finance and accounting sector need to equip themselves with professional knowledge and improve their skills, especially students, please equip your knowledge while sitting in school to get a professional job and a dream salary. On the business side, let's build a reasonable welfare regime, take employees as the foundation for development to be able to attract suitable accounting and financial management experts.
Economic context #
Economic context and wages also have a close relationship with each other, this is a regular relationship. Not only the salary of the finance and accounting industry, but also the economic context will affect the salary of all professions. It can be seen that when the economy grows, wages will increase and vice versa, increasing income will stimulate economic growth.
Therefore, in the context of the developed economy in recent years, the income level of personnel in all industries has improved compared to before and is expected to continue to increase in the future.