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Banking Average Salaries in Baku 2024

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


Average Monthly Salary
3,530 AZN
( 42,300 AZN yearly)

LOW
1,100
AZN
AVERAGE
3,530
AZN
HIGH
7,200
AZN
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 Baku typically earns around 3,530 AZN. Salaries range from 1,100 AZN (lowest average) to 7,200 AZN (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 Baku 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 Analyst4,990 AZN
Assistant Bank Branch Manager4,540 AZN
Assistant Bank Manager5,680 AZN
ATM Manager4,840 AZN
ATM Service Technician1,350 AZN
Bank Accounts Analyst1,960 AZN
Bank Accounts Collector1,170 AZN
Bank Accounts Controller2,380 AZN
Bank Accounts Executive3,560 AZN
Bank Accounts Manager4,170 AZN
Bank Auditing Manager4,370 AZN
Bank Branch Manager6,140 AZN
Bank Branch Operations Coordinator2,550 AZN
Bank Clerk1,130 AZN
Bank Client Service Associate1,560 AZN
Bank Collector1,190 AZN
Bank Compliance Specialist3,140 AZN
Bank Manager6,800 AZN
Bank Operational Risk Manager6,950 AZN
Bank Operations Head6,820 AZN
Bank Operations Officer2,670 AZN
Bank Operations Specialist4,290 AZN
Bank Process Manager4,130 AZN
Bank Product Manager 4,380 AZN
Bank Programme Manager4,960 AZN
Bank Project Manager5,510 AZN
Bank Propositions Manager5,010 AZN
Bank Quantitative Analyst3,410 AZN
Bank Regional Manager7,060 AZN
Bank Regional Risk Officer3,720 AZN
Bank Relationship Manager5,220 AZN
Bank Relationship Officer2,410 AZN
Bank Sustainability Analyst4,060 AZN
Bank Teller1,210 AZN
Banker2,590 AZN
Banking Business Analyst3,720 AZN
Banking Business Development Officer2,210 AZN
Banking Business Planning Executive5,460 AZN
Banking Data Analyst4,200 AZN
Banking Product Manager4,550 AZN
Banking Reference Data Manager3,950 AZN
Banking Regulatory Compliance Officer4,350 AZN
Banking Risk Analyst3,490 AZN
Banking Technical Analyst2,010 AZN
Bankruptcy Coordinator2,570 AZN
Bill and Account Collector1,330 AZN
Blockchain Analyst3,280 AZN
Blockchain Architect3,480 AZN
Blockchain Auditor3,110 AZN
Blockchain Compliance Analyst3,250 AZN
Blockchain Consultant3,430 AZN
Blockchain Trade Facilitator3,110 AZN
Budget Analyst3,780 AZN
Capital Risk Manager6,780 AZN
Cards Marketing Manager4,610 AZN
Cash Management Manager6,220 AZN
Check Processing Manager4,640 AZN
Chief Blockchain Officer4,220 AZN
Commercial Vault Associate3,730 AZN
Corporate Banker2,570 AZN
Corporate Dealer3,680 AZN
Credit Analyst2,860 AZN
Credit and Collections Manager5,020 AZN
Credit Card Fraud Investigator3,880 AZN
Credit Portfolio Manager7,030 AZN
Credit Risk Analyst4,030 AZN
Credit Risk Associate3,740 AZN
Cryptocurrency Accountant2,290 AZN
Cryptocurrency Adviser4,480 AZN
Cryptocurrency Analyst3,390 AZN
Cryptocurrency Compliance Manager4,240 AZN
Cryptocurrency Trader3,830 AZN
Digital Banking Manager4,740 AZN
Digital Currency Analyst3,630 AZN
Direct Bank Sales Representative2,680 AZN
Exchange Control Consultant4,060 AZN
Executive Account Analyst3,770 AZN
Financial Bank Planning Consultant4,720 AZN
Financial Banking Analysis Manager5,670 AZN
Financial Banking Assistant1,680 AZN
Financial Banking Systems Manager4,840 AZN
Foreign Exchange Manager5,220 AZN
Fraud Analyst4,040 AZN
Fraud Detection Associate2,610 AZN
Fraud Detection Manager5,690 AZN
Fraud Detection Supervisor3,180 AZN
Internal Bank Audit Manager6,760 AZN
Internal Bank Auditor3,630 AZN
Internal Private Banker2,610 AZN
International Banking Manager7,730 AZN
Investment Banking Analyst5,470 AZN
Loan Analyst3,530 AZN
Loan Area Manager4,290 AZN
Loan Audit Team Leader4,010 AZN
Loan Branch Manager4,010 AZN
Loan Business Development Officer2,180 AZN
Loan Clerk1,290 AZN
Loan Collection and Recovery Manager4,440 AZN
Loan Collection Manager4,400 AZN
Loan Collector1,220 AZN
Loan Examiner1,640 AZN
Loan Officer1,470 AZN
Loan Processing Manager4,090 AZN
Loan Processor1,720 AZN
Loan Quality Assurance Auditor3,540 AZN
Loan Quality Assurance Manager3,970 AZN
Loan Quality Assurance Representative2,670 AZN
Loan Review Manager4,070 AZN
Loan Team Leader3,670 AZN
Loans Manager4,910 AZN
Mortgage Advisor2,550 AZN
Mortgage Collection Manager4,330 AZN
Mortgage Collector1,220 AZN
Mortgage Credit Analyst2,000 AZN
Mortgage Credit Manager4,240 AZN
Mortgage Development Manager4,900 AZN
Mortgage Document Reviewer1,520 AZN
Mortgage Funding Manager4,570 AZN
Mortgage Operations Manager6,390 AZN
Mortgage Payment Processing Clerk1,420 AZN
Mortgage Processing Manager4,080 AZN
Mortgage Processor1,620 AZN
Mortgage Quality Assurance Auditor3,710 AZN
Mortgage Quality Assurance Manager4,290 AZN
Mortgage Servicing Clerk1,260 AZN
Mortgage Servicing Manager4,040 AZN
Mortgage Underwriter1,620 AZN
Online Banking Manager6,630 AZN
Open Banking Strategist3,810 AZN
Payment Processing Clerk1,360 AZN
Personal Banker2,750 AZN
Personal Banking Advisor 2,790 AZN
Phone Banker1,780 AZN
Private Banker2,540 AZN
Reconciliation and Investigation Specialist3,130 AZN
Tax Officer2,210 AZN
Teller1,230 AZN
Trade Officer1,520 AZN
Trade Product Manager4,410 AZN
Trader1,860 AZN
Treasury Operations Officer3,120 AZN
Wealth Management Advisor5,120 AZN


Banking Jobs Pay Scale and Salaries in Baku

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

5% of people earn
3,510 AZN or more
10% of people earn
2,900 to 3,510 AZN
20% of people earn
1,580 AZN or less
65% of people earn
1,580 to 2,900 AZN
Minimum Salary
1,100 AZN
Median
3,130 AZN
Maximum
7,200 AZN




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 Baku range from 1,100 AZN (starting average salary) to 7,200 AZN (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 3,130 AZN, implying that half of the workforce in Baku 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 Baku earn less than 2,340 AZN, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 3,860 AZN, 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 Baku. The analysis revealed that roughly 65% of all reported salaries fell within the range of 1,580 AZN to 2,900 AZN. Approximately 20% of salaries were below the 1,580 AZN mark, while 10% ranged from 2,900 AZN to 3,510 AZN. Only 5% of individuals earned a gross salary of 3,510 AZN 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 Baku 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 Baku, 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 Azerbaijan costs anywhere from 14,800 AZN to 44,400 AZN 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 / Baku

Salary comparison by gender Azerbaijan 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 Azerbaijan, the average difference between the salary of male and female employees is 11%.

Male
3,360 AZN
Female-10%
3,020 AZN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Azerbaijan for all Careers

Salary comparison by gender monthly Azerbaijan
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Average Annual Salary Increment Percentage / Banking / Baku

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

Professionals working in Banking in Azerbaijan are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 7% granted to employees every 20 months.

Annual Salary Increment Rate Azerbaijan 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.

Azerbaijan / All Professions

Annual Salary Increment Rate Azerbaijan
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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 Azerbaijan is 4%.

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 / Azerbaijan

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Azerbaijan Banking
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100% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.

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

Received Bonus
%
No Bonus
100%

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 / Baku


20 AZN per hour

The average hourly wage (pay per hour) in Banking in Baku is 20 AZN.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 Baku is 6 AZN. 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
Baku3,530 AZN
Ganja3,270 AZN
Sumqayit3,000 AZN

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 Azerbaijan is 10% on average across all career fields.

Private Sector
2,800 AZN
Public Sector+10%
3,070 AZN
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 Baku?

A good and competitive compensation would range anywhere between 3,130 AZN and 3,860 AZN. 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 Baku ranges from 1,100 AZN to 2,340 AZN. 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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