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Banking Average Salaries in Cyprus 2024

How much money does a person working in Banking make in Cyprus?


Average Monthly Salary
2,370 EUR
( 28,400 EUR yearly)

LOW
740
EUR
AVERAGE
2,370
EUR
HIGH
4,830
EUR
All salary figures displayed here are per month except when noted otherwise.
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.

A person working in Banking in Cyprus typically earns around 2,370 EUR. Salaries range from 740 EUR (lowest average) to 4,830 EUR (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Banking domain in Cyprus exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Banking
AML Analyst3,450 EUR
Assistant Bank Branch Manager2,920 EUR
Assistant Bank Manager3,720 EUR
ATM Manager3,000 EUR
ATM Service Technician880 EUR
Bank Accounts Analyst1,270 EUR
Bank Accounts Collector730 EUR
Bank Accounts Controller1,650 EUR
Bank Accounts Executive2,350 EUR
Bank Accounts Manager2,880 EUR
Bank Auditing Manager2,700 EUR
Bank Branch Manager3,770 EUR
Bank Branch Operations Coordinator1,680 EUR
Bank Clerk720 EUR
Bank Client Service Associate1,010 EUR
Bank Collector740 EUR
Bank Compliance Specialist2,080 EUR
Bank Manager4,540 EUR
Bank Operational Risk Manager4,300 EUR
Bank Operations Head4,590 EUR
Bank Operations Officer1,820 EUR
Bank Operations Specialist2,720 EUR
Bank Process Manager2,600 EUR
Bank Product Manager 2,790 EUR
Bank Programme Manager3,190 EUR
Bank Project Manager3,440 EUR
Bank Propositions Manager3,160 EUR
Bank Quantitative Analyst2,210 EUR
Bank Regional Manager4,640 EUR
Bank Regional Risk Officer2,340 EUR
Bank Relationship Manager3,250 EUR
Bank Relationship Officer1,540 EUR
Bank Sustainability Analyst2,610 EUR
Bank Teller770 EUR
Banker1,580 EUR
Banking Business Analyst2,380 EUR
Banking Business Development Officer1,480 EUR
Banking Business Planning Executive3,390 EUR
Banking Data Analyst2,830 EUR
Banking Product Manager2,810 EUR
Banking Reference Data Manager2,450 EUR
Banking Regulatory Compliance Officer2,780 EUR
Banking Risk Analyst2,420 EUR
Banking Technical Analyst1,250 EUR
Bankruptcy Coordinator1,710 EUR
Bill and Account Collector860 EUR
Blockchain Analyst2,000 EUR
Blockchain Architect2,220 EUR
Blockchain Auditor2,090 EUR
Blockchain Compliance Analyst2,060 EUR
Blockchain Consultant2,280 EUR
Blockchain Trade Facilitator1,940 EUR
Budget Analyst2,310 EUR
Capital Risk Manager4,230 EUR
Cards Marketing Manager3,000 EUR
Cash Management Manager3,960 EUR
Check Processing Manager3,100 EUR
Chief Blockchain Officer2,500 EUR
Commercial Vault Associate2,350 EUR
Corporate Banker1,630 EUR
Corporate Dealer2,380 EUR
Credit Analyst1,800 EUR
Credit and Collections Manager3,300 EUR
Credit Card Fraud Investigator2,420 EUR
Credit Portfolio Manager4,530 EUR
Credit Risk Analyst2,720 EUR
Credit Risk Associate2,470 EUR
Cryptocurrency Accountant1,450 EUR
Cryptocurrency Adviser2,970 EUR
Cryptocurrency Analyst2,130 EUR
Cryptocurrency Compliance Manager2,800 EUR
Cryptocurrency Trader2,400 EUR
Digital Banking Manager3,230 EUR
Digital Currency Analyst2,320 EUR
Direct Bank Sales Representative1,590 EUR
Exchange Control Consultant2,440 EUR
Executive Account Analyst2,300 EUR
Financial Bank Planning Consultant2,970 EUR
Financial Banking Analysis Manager3,340 EUR
Financial Banking Assistant1,150 EUR
Financial Banking Systems Manager3,130 EUR
Foreign Exchange Manager3,540 EUR
Fraud Analyst2,470 EUR
Fraud Detection Associate1,680 EUR
Fraud Detection Manager3,580 EUR
Fraud Detection Supervisor2,140 EUR
Internal Bank Audit Manager4,090 EUR
Internal Bank Auditor2,300 EUR
Internal Private Banker1,730 EUR
International Banking Manager4,660 EUR
Investment Banking Analyst3,240 EUR
Loan Analyst2,320 EUR
Loan Area Manager2,970 EUR
Loan Audit Team Leader2,780 EUR
Loan Branch Manager2,640 EUR
Loan Business Development Officer1,360 EUR
Loan Clerk840 EUR
Loan Collection and Recovery Manager2,880 EUR
Loan Collection Manager2,720 EUR
Loan Collector750 EUR
Loan Examiner1,060 EUR
Loan Officer880 EUR
Loan Processing Manager2,500 EUR
Loan Processor1,110 EUR
Loan Quality Assurance Auditor2,380 EUR
Loan Quality Assurance Manager2,530 EUR
Loan Quality Assurance Representative1,790 EUR
Loan Review Manager2,580 EUR
Loan Team Leader2,440 EUR
Loans Manager3,190 EUR
Mortgage Advisor1,600 EUR
Mortgage Collection Manager2,860 EUR
Mortgage Collector760 EUR
Mortgage Credit Analyst1,190 EUR
Mortgage Credit Manager2,640 EUR
Mortgage Development Manager2,890 EUR
Mortgage Document Reviewer1,040 EUR
Mortgage Funding Manager2,960 EUR
Mortgage Operations Manager3,880 EUR
Mortgage Payment Processing Clerk910 EUR
Mortgage Processing Manager2,770 EUR
Mortgage Processor1,040 EUR
Mortgage Quality Assurance Auditor2,240 EUR
Mortgage Quality Assurance Manager2,710 EUR
Mortgage Servicing Clerk850 EUR
Mortgage Servicing Manager2,590 EUR
Mortgage Underwriter970 EUR
Online Banking Manager4,190 EUR
Open Banking Strategist2,440 EUR
Payment Processing Clerk820 EUR
Personal Banker1,770 EUR
Personal Banking Advisor 1,650 EUR
Phone Banker1,080 EUR
Private Banker1,760 EUR
Reconciliation and Investigation Specialist1,880 EUR
Tax Officer1,430 EUR
Teller810 EUR
Trade Officer970 EUR
Trade Product Manager2,660 EUR
Trader1,180 EUR
Treasury Operations Officer2,090 EUR
Wealth Management Advisor3,270 EUR


Banking Jobs Pay Scale and Salaries in Cyprus

Median and salary distribution Cyprus Banking monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
2,450 EUR or more
10% of people earn
2,030 to 2,450 EUR
20% of people earn
1,100 EUR or less
65% of people earn
1,100 to 2,030 EUR
Minimum Salary
740 EUR
Median
2,190 EUR
Maximum
4,830 EUR




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Banking in Cyprus range from 740 EUR (starting average salary) to 4,830 EUR (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Banking is 2,190 EUR, implying that half of the workforce in Cyprus earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Banking in Cyprus earn less than 1,630 EUR, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 2,690 EUR, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Banking in Cyprus. The analysis revealed that roughly 65% of all reported salaries fell within the range of 1,100 EUR to 2,030 EUR. Approximately 20% of salaries were below the 1,100 EUR mark, while 10% ranged from 2,030 EUR to 2,450 EUR. Only 5% of individuals earned a gross salary of 2,450 EUR or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Banking in Cyprus having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income?

We compared the salaries of professionals at the same level but with different college degree levels across many jobs in Banking in Cyprus, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


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 Cyprus costs anywhere from 10,900 EUR to 32,600 EUR and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Banking / Cyprus

Salary comparison by gender Cyprus Banking monthly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Banking in Cyprus, the average difference between the salary of male and female employees is 6%.

Male
2,450 EUR
Female-6%
2,300 EUR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Cyprus for all Careers

Salary comparison by gender monthly Cyprus
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Average Annual Salary Increment Percentage / Banking / Cyprus

How much are annual salary increments in Cyprus for individuals working in Banking? How often do employees get salary raises?

Professionals working in Banking in Cyprus are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Cyprus Banking
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Cyprus / All Professions

Annual Salary Increment Rate Cyprus
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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

The average salary increase in one year (12 months) in Cyprus is 2%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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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 / Banking / Cyprus

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Cyprus Banking
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37% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 63% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
63%
No Bonus
37%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, 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 Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These 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 GeneratorsSupporting 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:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

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.

Hourly Average Wage / Banking / Cyprus


14 EUR per hour

The average hourly wage (pay per hour) in Banking in Cyprus is 14 EUR.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

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 in Banking in Cyprus is 4 EUR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Larnaka2,080 EUR
Limassol2,460 EUR
Nicosia2,280 EUR

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 Cyprus is 18% on average across all career fields.

Private Sector
1,950 EUR
Public Sector+18%
2,300 EUR
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Banking in Cyprus?

A good and competitive compensation would range anywhere between 2,190 EUR and 2,690 EUR. 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 jobs in Banking in Cyprus ranges from 740 EUR to 1,630 EUR. 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


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