2022 Salary Guide

numbers worth knowing

This updated Salary Guide provides accessible and interactive information on salary benchmarks for various jobs and the latest labour market trends in Luxembourg.

Luxembourg labour market trends

Managers are taking a fresh look at the future. Many things have changed in recent times, with both employers and employees having to adapt to a new way of working, resulting in a new standard beginning to take shape and notable trends emerging.

Recovery of the labour market

  • In the run-up to 2022, six out of ten managers are increasingly confident about the labour market.
  • Increasing confidence means that companies are once again actively seeking new talent.
  • This recovery has made the War for Talent more intense than before. The corona crisis has made the need for quality staff even more apparent, driving managers to look for the very best employees.
  • Companies backed by private equity will emerge from the pandemic stronger and faster than others. During the COVID pandemic, private equity firms based in Luxembourg continued raising funds around the world. These funds have already been used in part to support companies affected by the pandemic, protect jobs and past investments, and facilitate the road to recovery.

Importance of a work-life balance

  • Following the tumultuous COVID period, many companies have prioritised a proper work-life balance on their agendas.
  • The ongoing teleworking trend has given us new insights into how we can efficiently go about our working day.

Possible causes of burnout

Possible causes of burnout

  • Lack of a proper work-life balance24%

  • Lack of recognition29%

  • Poor communication with employers27%

of the managers surveyed, mentioned the shorter application process as a significant outcome of COVID

Shorter application process is essential

  • The application process for middle management positions typically takes four to six weeks.

  • The War for Talent has made a swift application process essential for recruiting the best employees.

The impact of Brexit on the Luxembourg labour market

  • Many financial institutions have moved their headquarters to Luxembourg because of Brexit.

  • Not only did this result in a boom in finance jobs, but also created more diverse roles.

  • Asset management customers are seeking profiles in Luxembourg that previously were mainly centralised in London, such as front-office roles for asset managers.

In-demand skills in finance and accounting

  • Flexibility
  • Adaptability
  • Technical knowledge

In-demand accounting certifications

  • IFRS
  • ACCA
  • CIMA
  • CFA
  • CAIA
  • CPA

In-demand jobs in finance and accounting:

  • Accountants

  • Finance Managers

  • Accounting Managers

In an independent study, Robert Half surveyed 1.800 C-level managers in SMEs and large companies across Europe
and combined the results of an international online survey for employees.

Starting salaries in finance and accounting
on the Luxembourg labour market

Title 25th
percentile
50th
percentile
75th
percentile
Accounting Manager €80.604 €88.962 €102.321
AP/AR Accountant €39.786 €45.291 €47.562
Junior Accountant €41.485 €47.149 €50.852
Senior Accountant €61.473 €68.952 €73.306
Title 25th
percentile
50th
percentile
75th
percentile
Auditor €47.783 €53.975 €57.328
Title 25th
percentile
50th
percentile
75th
percentile
Controller €75.861 €91.963 €108.478
Title 25th
percentile
50th
percentile
75th
percentile
CFO/Finance Director €102.731 €112.357 €127.216
Finance Manager €87.346 €98.756 €107.857

How to use our Salary Tables

Starting salaries are not one-size-fits-all. That’s why we separate them into percentiles based on multiple factors. Any or all of these factors may apply when considering a job offer. You can calculate the gross monthly salary by dividing the yearly salary by 12. Salaries listed do not include bonuses, benefits and other forms of compensation.

25th

Candidate: has little or no prior experience in the position; still developing relevant skills

50th

Candidate: has average experience; has the majority of the necessary skills

75th

Candidate: has above-average experience; has most or all of the necessary skills; may have specialised certifications

Trends in perks and benefits

Fringe benefits frequently offered:

  • Meal vouchers

  • Year-end bonus

  • Retirement savings plan

  • Health insurances

  • Company car and fuel card

  • Parking spot

New benefits that companies will be offering in 2022:

  • Commuting discounts

  • Gym membership

  • Health insurance

  • Cell phone and/or subscription

  • Dental insurance

Diversity, equity and inclusion (DEI) is becoming a top priority
as companies are increasingly:

Developing programmes and guidelines to make sure that their employees are treated with respect and empathy.

Considering DEI as core to their corporate culture.

Offering transparency in their application processes.

Measuring DEI efforts and communicating their objectives.

Diversity, equity and inclusion in practice

of managers said that their DEI efforts improved the working atmosphere

of companies are improving their job ads to attract diverse talent

are using anonymous CVs