Have you recently graduated, or will you graduate in 2024? Then you might also be keen to know what salary you can expect in your first job in finance.
There are currently more finance vacancies than there are jobseekers. So good news if you are taking your first steps into the job market now! But how do you get started? And what salary can you expect in your first job?
Possibly you would prefer to start immediately with a permanent contract. And that is of course possible. As many as 76% of all current finance vacancies offer an immediate permanent contract. But if you do not yet know exactly what you want, it may be advisable to start with a temporary or interim contract for a certain period of time. After all, this gives you the opportunity to try out different jobs and get to know the ins and outs of several organisations, so that you can discover for yourself what you like doing and what you want to pursue. Moreover, many organisations offer a permanent contract quickly after you have worked on an interim basis for a short period.
Thomas Vieuxjean, Senior Consultant at staffing specialist Walters People, explains what salary you can expect in 2024 as a starter and professional with up to three years' experience in a number of financial positions.
If you start your career in a role as a Junior Accountant or Assistant Accountant where you take care of accounts payable and accounts receivable, you can count on a minimum gross monthly salary of EUR 2,100. Thomas: "Some organisations even offer starters a bit more. At large international organisations, the starting salary for positions within accounting can even reach EUR 2,400 to 2,500 gross per month. If a job as a General Ledger Accountant or Credit Collector suits you, you can count on a starting salary between 2150 and 2900 EUR gross per month. "
Banking & Insurance
Thomas: "Have you always dreamed of working in banking? Then a job as a Back Office Assistant or Middle Office Assistant is a great position to start your career in banking." If you start in a back office position, you can expect a gross monthly salary of between EUR 2700-3100 per month. In a middle office position, the gross starting salary is just a bit higher, viz: EUR 2800-3300 per month.
Are you eager to learn and love being in daily contact with clients? As an entry-level Financial Advisor, you speak to clients on a daily basis and try to offer tailor-made solutions. Your commercial feeling will help you to further expand your own client portfolio. For this, you can count on a starting salary between EUR 2,800 and 3,100 per month.
"Within the insurance world, the demand for Insurance Specialists is extremely high at the moment. Working in your own region, with plenty of advancement opportunities are just a few benefits that come with such a job. As a starting Insurance Claims Handler, you can count on a gross monthly salary between 2,500 and 2,900 EUR, a salary that also applies to a role as Insurance Underwriter," Thomas explains.
Of course, on top of this salary, the banking sector also offers numerous other fringe benefits, and teleworking is now well established.
"The number of vacancies within finance has never been as high as it is now. Even starters have a wide range of interesting finance jobs to choose from. A first job within a Big4, for example, is an excellent start to your career."
As an External or Internal Junior Auditor, you can expect a starting salary around EUR 2,400 gross per month. In addition to fringe benefits, this also includes a company car in most organisations.
Are you analytically strong? Then you might aspire to a job as a Business Analyst or Financial Analyst. Depending on the organisation you end up in, you will receive a gross salary of between EUR 2500 and EUR 3700 per month as a starter.
Are you going to continue your studies, or would you rather earn some extra money as a student first? "There is nothing wrong with a student job in the local supermarket or restaurant, but know that a student job within your field of study looks very nice on your CV. Moreover, it offers the chance to get acquainted with the corporate world and the job opportunities available," Thomas knows. A student's salary depends on your age, but it should be between EUR 1800 and EUR 2500 gross per month.
Don't just look at salary
"When a potential employer makes you a salary proposal, they always talk about gross monthly amounts. Do you have a number of job applications pending, and received several job offers? If so, look beyond just this gross monthly amount. Most organisations also offer numerous fringe benefits such as meal vouchers, a company car or a kilometre allowance or assistance with transport costs if you use public transport, a mobile phone, an insurance package, a laptop, eco cheques, etc.
When comparing job offers, also consider the practical issues: is the employer easy to reach or do you lose a lot of time on the way to the office? Is hybrid working applied within the organisation? Are the working hours fixed or rather flexible?
Also, during the job interview, ask what your future will look like within the organisation. Are training opportunities offered, for example? Is a growth path outlined for starting professionals?
Only when you have an answer to these questions can you thoroughly compare several job offers and decide for yourself what you find most important, so that you make the right choice," Thomas concludes.
Want to know more?
Check out our finance jobs for starters or discover our tips and advice for starters. If you want more information on salaries for finance jobs, consult our free digital salary survey tool.