Banking Average Salaries in Jamaica 2021
How much money does a person working in Banking make in Jamaica?
LOW
33,000
JMD AVERAGE
105,000
JMD HIGH
215,000
JMD
A person working in Banking in Jamaica typically earns around 105,000 JMD per month. Salaries range from 33,000 JMD (lowest average) to 215,000 JMD (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Banking careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Salaries for specific jobs
| Job Title | Average Salary |
| AML Analyst | 154,000 JMD |
| Assistant Bank Branch Manager | 137,000 JMD |
| Assistant Bank Manager | 174,000 JMD |
| ATM Manager | 148,000 JMD |
| ATM Service Technician | 41,100 JMD |
| Bank Accounts Analyst | 59,600 JMD |
| Bank Accounts Controller | 73,800 JMD |
| Bank Accounts Executive | 110,000 JMD |
| Bank Accounts Manager | 128,000 JMD |
| Bank Auditing Manager | 133,000 JMD |
| Bank Branch Manager | 186,000 JMD |
| Bank Clerk | 33,600 JMD |
| Bank Compliance Specialist | 92,600 JMD |
| Bank Manager | 202,000 JMD |
| Bank Operational Risk Manager | 212,000 JMD |
| Bank Operations Head | 204,000 JMD |
| Bank Operations Officer | 85,500 JMD |
| Bank Operations Specialist | 127,000 JMD |
| Bank Process Manager | 116,000 JMD |
| Bank Product Manager | 131,000 JMD |
| Bank Programme Manager | 149,000 JMD |
| Bank Project Manager | 170,000 JMD |
| Bank Propositions Manager | 148,000 JMD |
| Bank Quantitative Analyst | 109,000 JMD |
| Bank Regional Manager | 218,000 JMD |
| Bank Regional Risk Officer | 109,000 JMD |
| Bank Relationship Manager | 161,000 JMD |
| Bank Relationship Officer | 68,500 JMD |
| Banker | 78,000 JMD |
| Banking Business Analyst | 112,000 JMD |
| Banking Business Development Officer | 66,000 JMD |
| Banking Business Planning Executive | 159,000 JMD |
| Banking Product Manager | 139,000 JMD |
| Banking Reference Data Manager | 121,000 JMD |
| Banking Risk Analyst | 108,000 JMD |
| Banking Technical Analyst | 58,600 JMD |
| Bankruptcy Coordinator | 76,100 JMD |
| Budget Analyst | 114,000 JMD |
| Cards Marketing Manager | 140,000 JMD |
| Cash Management Manager | 185,000 JMD |
| Check Processing Manager | 138,000 JMD |
| Commercial Vault Associate | 105,000 JMD |
| Corporate Dealer | 117,000 JMD |
| Credit Analyst | 84,300 JMD |
| Credit and Collections Manager | 147,000 JMD |
| Credit Card Fraud Investigator | 114,000 JMD |
| Credit Portfolio Manager | 212,000 JMD |
| Credit Risk Analyst | 128,000 JMD |
| Credit Risk Associate | 116,000 JMD |
| Direct Bank Sales Representative | 78,300 JMD |
| Financial Bank Planning Consultant | 139,000 JMD |
| Financial Banking Analysis Manager | 165,000 JMD |
| Financial Banking Assistant | 53,700 JMD |
| Financial Banking Systems Manager | 154,000 JMD |
| Foreign Exchange Manager | 166,000 JMD |
| Fraud Analyst | 122,000 JMD |
| Fraud Detection Associate | 82,700 JMD |
| Fraud Detection Manager | 168,000 JMD |
| Fraud Detection Supervisor | 100,000 JMD |
| Internal Bank Audit Manager | 192,000 JMD |
| Internal Bank Auditor | 103,000 JMD |
| International Banking Manager | 218,000 JMD |
| Loan Analyst | 109,000 JMD |
| Loan Area Manager | 132,000 JMD |
| Loan Audit Team Leader | 124,000 JMD |
| Loan Branch Manager | 124,000 JMD |
| Loan Business Development Officer | 67,000 JMD |
| Loan Clerk | 39,400 JMD |
| Loan Collection Manager | 134,000 JMD |
| Loan Collector | 37,000 JMD |
| Loan Examiner | 49,600 JMD |
| Loan Processing Manager | 123,000 JMD |
| Loan Processor | 51,800 JMD |
| Loan Quality Assurance Auditor | 106,000 JMD |
| Loan Quality Assurance Manager | 119,000 JMD |
| Loan Quality Assurance Representative | 79,500 JMD |
| Loan Review Manager | 121,000 JMD |
| Loan Team Leader | 109,000 JMD |
| Mortgage Advisor | 75,100 JMD |
| Mortgage Collection Manager | 127,000 JMD |
| Mortgage Collector | 35,800 JMD |
| Mortgage Credit Analyst | 58,500 JMD |
| Mortgage Credit Manager | 124,000 JMD |
| Mortgage Development Manager | 143,000 JMD |
| Mortgage Document Reviewer | 48,900 JMD |
| Mortgage Funding Manager | 146,000 JMD |
| Mortgage Operations Manager | 182,000 JMD |
| Mortgage Payment Processing Clerk | 40,300 JMD |
| Mortgage Processing Manager | 130,000 JMD |
| Mortgage Processor | 51,300 JMD |
| Mortgage Quality Assurance Auditor | 105,000 JMD |
| Mortgage Quality Assurance Manager | 121,000 JMD |
| Mortgage Servicing Clerk | 39,900 JMD |
| Mortgage Servicing Manager | 127,000 JMD |
| Mortgage Underwriter | 45,500 JMD |
| Online Banking Manager | 187,000 JMD |
| Payment Processing Clerk | 38,300 JMD |
| Personal Banker | 82,800 JMD |
| Personal Banking Advisor | 81,300 JMD |
| Phone Banker | 50,600 JMD |
| Private Banker | 78,500 JMD |
| Reconciliation and Investigation Specialist | 88,000 JMD |
| Teller | 37,700 JMD |
| Trade Officer | 43,200 JMD |
| Trade Product Manager | 125,000 JMD |
| Trader | 52,500 JMD |
| Treasury Operations Officer | 93,200 JMD |
Banking Jobs Salary Distribution in Jamaica
The median, the maximum, the minimum, and the range
Salary Range
Banking salaries in Jamaica range from 33,000 JMD per month (minimum average salary) to 215,000 JMD per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 96,400 JMD per month, which means that half (50%) of people working in Banking are earning less than 96,400 JMD while the other half are earning more than 96,400 JMD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Banking are earning less than 58,200 JMD while 75% of them are earning more than 58,200 JMD. Also from the diagram, 75% of people working in Banking are earning less than 143,000 JMD while 25% are earning more than 143,000 JMD.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning 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
Salary Comparison by Years of Experience
How does a person's salary progress over time?
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 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.
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Salary Comparison By Education
How does the education level affect your salary?
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 degrees levels across many jobs, 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 cerificate 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 Jamaica costs anywhere from 482,000 Jamaican Dollar(s) to 1,450,000 Jamaican Dollar(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you 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 into 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 your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Banking Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Jamaica who work in Banking earn 6% more than their female counterparts on average.
| Male | 107,000 JMD | |
| Female | -5% | 102,000 JMD |
Salary Comparison By Gender in Jamaica for all Careers
Banking Average Annual Salary Increment Percentage in Jamaica
How much are annual salary increments in Jamaica for Banking professionals? How often do employees get salary raises?
Banking
Banking professionals in Jamaica 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.
Jamaica / All Professions
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely 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
Annual Increment Rate By Industry 2020
| Banking | 7% | |
| Energy | 5% | |
| Information Technology | 3% | |
| Healthcare | 1% | |
| Travel | 8% | |
| Construction | 6% | |
| Education | 4% |
Listed above are the average annual increase rates for each industry in Jamaica for the year 2020. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
Worldwide Salary Raises: All Countries and All Jobs
Banking Bonus and Incentive Rates in Jamaica
How much and how often are bonuses being awarded?
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Banking is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
44% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 56% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.
| Received Bonus | 56% | |
| No Bonus | 44% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 Generators | Supporting 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: | Example: |
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.
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.
Banking Hourly Average Wage in Jamaica
600 JMD per hourThe average hourly wage (pay per hour) in Jamaica is 600 JMD. This means that the average person in Jamaica earns approximately 600 JMD for every worked hour.
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 fix 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.
Banking VS Other Jobs
The average salary for Banking is 9% more than that of All Jobs.
Salary Comparison By City
| City | Average Salary |
| Kingston | 115,000 JMD |
Government vs Private Sector Salary Comparison
Where can you get paid more, working for a private company or for the government? Public sector employees in Jamaica earn 10% more than their private sector counterparts on average across all sectors.
| Private Sector | 93,500 JMD | |
| Public Sector | +10% | 103,000 JMD |
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