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Banking Average Salaries in Armenia 2022

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


Average Monthly Salary
843,000 AMD
( 10,100,000 AMD yearly)

LOW
265,000
AMD
AVERAGE
843,000
AMD
HIGH
1,730,000
AMD

A person working in Banking in Armenia typically earns around 843,000 AMD per month. Salaries range from 265,000 AMD (lowest average) to 1,730,000 AMD (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 TitleAverage Salary
AML Analyst1,180,000 AMD
Assistant Bank Branch Manager1,090,000 AMD
Assistant Bank Manager1,340,000 AMD
ATM Manager1,140,000 AMD
ATM Service Technician319,000 AMD
Bank Accounts Analyst448,000 AMD
Bank Accounts Controller617,000 AMD
Bank Accounts Executive926,000 AMD
Bank Accounts Manager981,000 AMD
Bank Auditing Manager1,040,000 AMD
Bank Branch Manager1,460,000 AMD
Bank Clerk274,000 AMD
Bank Compliance Specialist760,000 AMD
Bank Manager1,700,000 AMD
Bank Operational Risk Manager1,700,000 AMD
Bank Operations Head1,690,000 AMD
Bank Operations Officer677,000 AMD
Bank Operations Specialist1,070,000 AMD
Bank Process Manager905,000 AMD
Bank Product Manager 1,090,000 AMD
Bank Programme Manager1,180,000 AMD
Bank Project Manager1,390,000 AMD
Bank Propositions Manager1,170,000 AMD
Bank Quantitative Analyst866,000 AMD
Bank Regional Manager1,780,000 AMD
Bank Regional Risk Officer902,000 AMD
Bank Relationship Manager1,320,000 AMD
Bank Relationship Officer597,000 AMD
Banker579,000 AMD
Banking Business Analyst893,000 AMD
Banking Business Development Officer530,000 AMD
Banking Business Planning Executive1,210,000 AMD
Banking Product Manager1,110,000 AMD
Banking Reference Data Manager934,000 AMD
Banking Risk Analyst850,000 AMD
Banking Technical Analyst474,000 AMD
Bankruptcy Coordinator643,000 AMD
Budget Analyst904,000 AMD
Cards Marketing Manager1,060,000 AMD
Cash Management Manager1,500,000 AMD
Check Processing Manager1,120,000 AMD
Commercial Vault Associate844,000 AMD
Corporate Dealer906,000 AMD
Credit Analyst695,000 AMD
Credit and Collections Manager1,220,000 AMD
Credit Card Fraud Investigator945,000 AMD
Credit Portfolio Manager1,570,000 AMD
Credit Risk Analyst962,000 AMD
Credit Risk Associate908,000 AMD
Direct Bank Sales Representative655,000 AMD
Financial Bank Planning Consultant1,150,000 AMD
Financial Banking Analysis Manager1,260,000 AMD
Financial Banking Assistant412,000 AMD
Financial Banking Systems Manager1,190,000 AMD
Foreign Exchange Manager1,290,000 AMD
Fraud Analyst903,000 AMD
Fraud Detection Associate646,000 AMD
Fraud Detection Manager1,430,000 AMD
Fraud Detection Supervisor788,000 AMD
Internal Bank Audit Manager1,680,000 AMD
Internal Bank Auditor817,000 AMD
International Banking Manager1,750,000 AMD
Loan Analyst860,000 AMD
Loan Area Manager1,040,000 AMD
Loan Audit Team Leader977,000 AMD
Loan Branch Manager978,000 AMD
Loan Business Development Officer533,000 AMD
Loan Clerk315,000 AMD
Loan Collection Manager1,080,000 AMD
Loan Collector300,000 AMD
Loan Examiner366,000 AMD
Loan Processing Manager915,000 AMD
Loan Processor386,000 AMD
Loan Quality Assurance Auditor878,000 AMD
Loan Quality Assurance Manager988,000 AMD
Loan Quality Assurance Representative666,000 AMD
Loan Review Manager1,020,000 AMD
Loan Team Leader918,000 AMD
Mortgage Advisor638,000 AMD
Mortgage Collection Manager983,000 AMD
Mortgage Collector278,000 AMD
Mortgage Credit Analyst456,000 AMD
Mortgage Credit Manager970,000 AMD
Mortgage Development Manager1,120,000 AMD
Mortgage Document Reviewer387,000 AMD
Mortgage Funding Manager1,160,000 AMD
Mortgage Operations Manager1,480,000 AMD
Mortgage Payment Processing Clerk331,000 AMD
Mortgage Processing Manager1,040,000 AMD
Mortgage Processor412,000 AMD
Mortgage Quality Assurance Auditor867,000 AMD
Mortgage Quality Assurance Manager1,000,000 AMD
Mortgage Servicing Clerk291,000 AMD
Mortgage Servicing Manager936,000 AMD
Mortgage Underwriter379,000 AMD
Online Banking Manager1,500,000 AMD
Payment Processing Clerk310,000 AMD
Personal Banker637,000 AMD
Personal Banking Advisor 680,000 AMD
Phone Banker443,000 AMD
Private Banker638,000 AMD
Reconciliation and Investigation Specialist733,000 AMD
Teller311,000 AMD
Trade Officer355,000 AMD
Trade Product Manager1,030,000 AMD
Trader435,000 AMD
Treasury Operations Officer750,000 AMD

Banking Jobs Salary Distribution in Armenia

Median and salary distribution monthly Armenia Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Armenia range from 265,000 AMD per month (minimum average salary) to 1,730,000 AMD per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 893,000 AMD per month, which means that half (50%) of people working in Banking are earning less than 893,000 AMD while the other half are earning more than 893,000 AMD. 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 521,000 AMD while 75% of them are earning more than 521,000 AMD. Also from the diagram, 75% of people working in Banking are earning less than 1,390,000 AMD while 25% are earning more than 1,390,000 AMD.


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?

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 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.


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.

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.

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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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.


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.

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 Armenia costs anywhere from 3,880,000 Armenian Dram(s) to 11,600,000 Armenian Dram(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

Salary comparison by gender monthly Armenia Banking
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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? Male employees in Armenia who work in Banking earn 10% more than their female counterparts on average.

Male
889,000 AMD
Female-9%
805,000 AMD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Armenia for all Careers

Salary comparison by gender monthly Armenia
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Banking Average Annual Salary Increment Percentage in Armenia

How much are annual salary increments in Armenia for Banking professionals? How often do employees get salary raises?

Banking

Banking professionals in Armenia are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Armenia 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.

Armenia / 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

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

Annual Increment Rate By Industry 2021

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Listed above are the average annual increase rates for each industry in Armenia 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.


Worldwide Salary Raises: All Countries and All Jobs

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Banking Bonus and Incentive Rates in Armenia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Armenia Banking
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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.

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.

Banking Hourly Average Wage in Armenia


4,860 AMD per hour

The average hourly wage (pay per hour) in Armenia is 4,860 AMD. This means that the average person in Armenia earns approximately 4,860 AMD for every worked hour.


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

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

Salary Comparison Between Banking and Banking monthly Armenia
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The average salary for Banking is 9% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Yerevan1,080,000 AMD

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 Armenia earn 18% more than their private sector counterparts on average across all sectors.

Private Sector
698,000 AMD
Public Sector+18%
822,000 AMD
Percentage increase and decrease are relative to the previous value

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