A person working in Banking in Baku typically earns around 3,510 AZN per month. Salaries range from 1,100 AZN (lowest average) to 7,200 AZN (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.
|Job Title||Average Salary|
|AML Analyst||4,990 AZN|
|Assistant Bank Branch Manager||4,540 AZN|
|Assistant Bank Manager||5,680 AZN|
|ATM Manager||4,840 AZN|
|ATM Service Technician||1,350 AZN|
|Bank Accounts Analyst||1,950 AZN|
|Bank Accounts Controller||2,380 AZN|
|Bank Accounts Executive||3,560 AZN|
|Bank Accounts Manager||4,170 AZN|
|Bank Auditing Manager||4,370 AZN|
|Bank Branch Manager||6,140 AZN|
|Bank Clerk||1,130 AZN|
|Bank Compliance Specialist||3,140 AZN|
|Bank Manager||6,800 AZN|
|Bank Operational Risk Manager||6,950 AZN|
|Bank Operations Head||6,820 AZN|
|Bank Operations Officer||2,670 AZN|
|Bank Operations Specialist||4,290 AZN|
|Bank Process Manager||4,130 AZN|
|Bank Product Manager||4,380 AZN|
|Bank Programme Manager||4,960 AZN|
|Bank Project Manager||5,510 AZN|
|Bank Propositions Manager||5,010 AZN|
|Bank Quantitative Analyst||3,410 AZN|
|Bank Regional Manager||7,060 AZN|
|Bank Regional Risk Officer||3,720 AZN|
|Bank Relationship Manager||5,220 AZN|
|Bank Relationship Officer||2,410 AZN|
|Banking Business Analyst||3,720 AZN|
|Banking Business Development Officer||2,210 AZN|
|Banking Business Planning Executive||5,460 AZN|
|Banking Product Manager||4,550 AZN|
|Banking Reference Data Manager||3,950 AZN|
|Banking Risk Analyst||3,490 AZN|
|Banking Technical Analyst||2,010 AZN|
|Bankruptcy Coordinator||2,570 AZN|
|Budget Analyst||3,780 AZN|
|Cards Marketing Manager||4,610 AZN|
|Cash Management Manager||6,220 AZN|
|Check Processing Manager||4,640 AZN|
|Commercial Vault Associate||3,730 AZN|
|Corporate Dealer||3,680 AZN|
|Credit Analyst||2,860 AZN|
|Credit and Collections Manager||5,020 AZN|
|Credit Card Fraud Investigator||3,880 AZN|
|Credit Portfolio Manager||7,030 AZN|
|Credit Risk Analyst||4,030 AZN|
|Credit Risk Associate||3,740 AZN|
|Direct Bank Sales Representative||2,680 AZN|
|Financial Bank Planning Consultant||4,720 AZN|
|Financial Banking Analysis Manager||5,670 AZN|
|Financial Banking Assistant||1,680 AZN|
|Financial Banking Systems Manager||4,840 AZN|
|Foreign Exchange Manager||5,220 AZN|
|Fraud Analyst||4,040 AZN|
|Fraud Detection Associate||2,610 AZN|
|Fraud Detection Manager||5,690 AZN|
|Fraud Detection Supervisor||3,180 AZN|
|Internal Bank Audit Manager||6,760 AZN|
|Internal Bank Auditor||3,630 AZN|
|International Banking Manager||7,730 AZN|
|Loan Analyst||3,530 AZN|
|Loan Area Manager||4,290 AZN|
|Loan Audit Team Leader||4,010 AZN|
|Loan Branch Manager||4,010 AZN|
|Loan Business Development Officer||2,180 AZN|
|Loan Clerk||1,290 AZN|
|Loan Collection Manager||4,400 AZN|
|Loan Collector||1,220 AZN|
|Loan Examiner||1,640 AZN|
|Loan Processing Manager||4,090 AZN|
|Loan Processor||1,720 AZN|
|Loan Quality Assurance Auditor||3,540 AZN|
|Loan Quality Assurance Manager||3,970 AZN|
|Loan Quality Assurance Representative||2,670 AZN|
|Loan Review Manager||4,070 AZN|
|Loan Team Leader||3,670 AZN|
|Mortgage Advisor||2,550 AZN|
|Mortgage Collection Manager||4,330 AZN|
|Mortgage Collector||1,220 AZN|
|Mortgage Credit Analyst||2,000 AZN|
|Mortgage Credit Manager||4,240 AZN|
|Mortgage Development Manager||4,900 AZN|
|Mortgage Document Reviewer||1,520 AZN|
|Mortgage Funding Manager||4,570 AZN|
|Mortgage Operations Manager||6,390 AZN|
|Mortgage Payment Processing Clerk||1,420 AZN|
|Mortgage Processing Manager||4,080 AZN|
|Mortgage Processor||1,620 AZN|
|Mortgage Quality Assurance Auditor||3,710 AZN|
|Mortgage Quality Assurance Manager||4,290 AZN|
|Mortgage Servicing Clerk||1,260 AZN|
|Mortgage Servicing Manager||4,040 AZN|
|Mortgage Underwriter||1,620 AZN|
|Online Banking Manager||6,630 AZN|
|Payment Processing Clerk||1,360 AZN|
|Personal Banker||2,750 AZN|
|Personal Banking Advisor||2,790 AZN|
|Phone Banker||1,780 AZN|
|Private Banker||2,540 AZN|
|Reconciliation and Investigation Specialist||3,130 AZN|
|Trade Officer||1,520 AZN|
|Trade Product Manager||4,410 AZN|
|Treasury Operations Officer||3,120 AZN|
Banking salaries in Baku range from 1,100 AZN per month (minimum average salary) to 7,200 AZN per month (maximum average salary, actual maximum is higher).
The median salary is 3,440 AZN per month, which means that half (50%) of people working in Banking are earning less than 3,440 AZN while the other half are earning more than 3,440 AZN. 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.
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 2,040 AZN while 75% of them are earning more than 2,040 AZN. Also from the diagram, 75% of people working in Banking are earning less than 5,210 AZN while 25% are earning more than 5,210 AZN.
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
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.
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.
A Master's degree program or any post-graduate program in Azerbaijan costs anywhere from 14,700 Azerbaijanian Manat(s) to 44,200 Azerbaijanian Manat(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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Azerbaijan who work in Banking earn 11% more than their female counterparts on average.
Banking professionals in Azerbaijan are likely to observe a salary increase of approximately 9% every 18 months. The national average annual increment for all professions combined is 7% granted to employees every 20 months.
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.
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
Listed above are the average annual increase rates for each industry in Azerbaijan for the year 2021. 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.
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.
25% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 75% 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.
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.
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.
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.
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.
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.
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.
The average salary for Banking is 9% more than that of All Jobs.
Where can you get paid more, working for a private company or for the government? Public sector employees in Azerbaijan earn 10% more than their private sector counterparts on average across all sectors.