HOME BROWSE SALARIES ARTICLES BEST PAYING JOBS SUBMIT SALARY
Browse Salaries
Best Paying Jobs
Articles
Submit Salary
Salary Increase Letters

Private Banker Average Salary in Kenya 2024

How much money does a person working as Private Banker make in Kenya?


Average Monthly Salary
121,000 KES
( 1,450,000 KES yearly)

LOW
62,900
KES
AVERAGE
121,000
KES
HIGH
185,000
KES
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 as Private Banker in Kenya typically earns around 121,000 KES. Salaries range from 62,900 KES (lowest) to 185,000 KES (highest).


Salary Variance

This is the average salary including housing, transport, and other benefits. Private Banker salaries in Kenya vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.



Private Banker Pay Scale and Salaries in Kenya

Median and salary distribution Kenya Private Banker monthly
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/kenya/banking/private-banker/median-and-salary-distribution-monthly-kenya-private-banker.jpg

Salary Structure and Pay Scale Comparison

5% of people earn
109,000 KES or more
10% of people earn
97,500 to 109,000 KES
20% of people earn
71,200 KES or less
65% of people earn
71,200 to 97,500 KES
Minimum Salary
62,900 KES
Median
110,000 KES
Maximum
185,000 KES




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 for the position Private Banker in Kenya range from 62,900 KES (starting salary) to 185,000 KES (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.

  • Median Salary

    With a median salary of 110,000 KES, half of the professionals who work as Private Banker in Kenya earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.

  • Percentiles and Salary Scale

    The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Private Banker in Kenya earn less than 91,200 KES, while 75% earn more. Similarly, the chart shows that 75% earn less than 125,000 KES while 25% earn more.

  • Pay Scale Structure

    To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Private Banker in Kenya compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 71,200 KES to 97,500 KES. About 20% of salaries are below the 71,200 KES mark, while 10% fall within the range of 97,500 KES to 109,000 KES. Only 5% of individuals have salaries exceeding 109,000 KES.

Salary Comparison by Years of Experience / Private Banker / Kenya

How do experience and age affect pay?

0 - 2 Years
71,400 KES
2 - 5 Years+34%
95,800 KES
5 - 10 Years+30%
125,000 KES
10 - 15 Years+21%
151,000 KES
15 - 20 Years+9%
165,000 KES
20+ Years+5%
173,000 KES
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Kenya Private Banker
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/kenya/banking/private-banker/salary-comparison-by-years-of-experience-monthly-kenya-private-banker.jpg

The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Private Banker and this is what we found.


All salary figures displayed here are per month except when noted otherwise.

Employees with less than two years of experience earn approximately 71,400 KES.

While someone with an experience level between two and five years is expected to earn 95,800 KES, 34% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 125,000 KES, 30% more than someone with two to five years of experience.

Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 151,000 KES, 21% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 165,000 KES, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 173,000 KES, 5% more than people with fifteen to twenty years of experience.

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.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

Salary Comparison By Education / Private Banker / Kenya

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Private Banker.

High School
86,100 KES
Certificate or Diploma+14%
98,300 KES
Bachelor's Degree+41%
139,000 KES
Master's Degree+21%
168,000 KES
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Kenya Private Banker
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/kenya/banking/private-banker/salary-comparison-by-education-level-monthly-kenya-private-banker.jpg

We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Private Banker in order to make a comparison.


Level 1: High School

Employees at this education level have an average salary of 86,100 KES.


Level 2: Certificate or Diploma

At this level, the average salary becomes 98,300 KES, 14% more than the previous level.


Level 3: Bachelor's Degree

At this level, the average salary becomes 139,000 KES, 41% more than the previous level.


Level 4: Master's Degree

At this level, the average salary becomes 168,000 KES, 21% more than the previous level.



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 Kenya costs anywhere from 737,000 KES to 2,210,000 KES 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 to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg


Salary and Compensation Comparison By Gender / Private Banker / Kenya

Salary comparison by gender Kenya Private Banker monthly
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/kenya/banking/private-banker/salary-comparison-by-gender-monthly-kenya-private-banker.jpg

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Private Banker in Kenya, the average difference between the salary of male and female employees is 10%.

Male
128,000 KES
Female-9%
116,000 KES
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Kenya for all Careers

Salary comparison by gender monthly Kenya
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/kenya/salary-comparison-by-gender-monthly-kenya.jpg


Average Annual Salary Increment Percentage / Private Banker / Kenya

How much are annual salary increments in Kenya for individuals working as Private Banker? How often do employees get salary raises?

Individuals working as Private Banker in Kenya are likely to observe a salary increase of approximately 7% every 28 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Kenya Private Banker
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/kenya/banking/private-banker/annual-salary-increment-rate-kenya-private-banker.jpg


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.

Kenya / All Professions

Annual Salary Increment Rate Kenya
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/kenya/annual-salary-increment-rate-kenya.jpg

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 Kenya is 2%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

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 / Private Banker / Kenya

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Kenya Private Banker
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/kenya/banking/private-banker/annual-salary-bonus-rate-kenya-private-banker.jpg

65% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 35% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.

Received Bonus
35%
No Bonus
65%

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.

Average Hourly Wage / Private Banker / Kenya


700 KES per hour

The average hourly wage (pay per hour) for individuals working as Private Banker in Kenya is 700 KES.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 as Private Banker in Kenya is 360 KES. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary comparison with similar jobs

Job TitleAverage Salary
Banking-100%
AML Analyst223,000 KES+84%
Assistant Bank Branch Manager206,000 KES+70%
Assistant Bank Manager254,000 KES+110%
ATM Manager217,000 KES+80%
ATM Service Technician60,400 KES-50%
Bank Accounts Analyst85,000 KES-30%
Bank Accounts Collector55,900 KES-54%
Bank Accounts Controller117,000 KES-3%
Bank Accounts Executive175,000 KES+45%
Bank Accounts Manager186,000 KES+54%
Bank Auditing Manager197,000 KES+63%
Bank Branch Manager277,000 KES+130%
Bank Branch Operations Coordinator125,000 KES+3%
Bank Clerk52,000 KES-57%
Bank Client Service Associate75,300 KES-38%
Bank Collector53,100 KES-56%
Bank Compliance Specialist144,000 KES+19%
Bank Manager321,000 KES+170%
Bank Operational Risk Manager323,000 KES+170%
Bank Operations Head321,000 KES+170%
Bank Operations Officer128,000 KES+6%
Bank Operations Specialist203,000 KES+68%
Bank Process Manager172,000 KES+42%
Bank Product Manager 207,000 KES+71%
Bank Programme Manager224,000 KES+85%
Bank Project Manager263,000 KES+120%
Bank Propositions Manager222,000 KES+84%
Bank Quantitative Analyst164,000 KES+36%
Bank Regional Manager337,000 KES+180%
Bank Regional Risk Officer171,000 KES+41%
Bank Relationship Manager249,000 KES+110%
Bank Relationship Officer113,000 KES-7%
Bank Sustainability Analyst190,000 KES+57%
Bank Teller55,300 KES-54%
Banker110,000 KES-9%
Banking Business Analyst169,000 KES+40%
Banking Business Development Officer101,000 KES-16%
Banking Business Planning Executive229,000 KES+89%
Banking Data Analyst197,000 KES+63%
Banking Product Manager211,000 KES+75%
Banking Reference Data Manager177,000 KES+46%
Banking Regulatory Compliance Officer204,000 KES+69%
Banking Risk Analyst161,000 KES+33%
Banking Technical Analyst89,700 KES-26%
Bankruptcy Coordinator122,000 KES+1%
Bill and Account Collector57,900 KES-52%
Blockchain Analyst144,000 KES+19%
Blockchain Architect170,000 KES+41%
Blockchain Auditor152,000 KES+26%
Blockchain Compliance Analyst158,000 KES+31%
Blockchain Consultant152,000 KES+26%
Blockchain Trade Facilitator139,000 KES+15%
Budget Analyst171,000 KES+41%
Capital Risk Manager324,000 KES+170%
Cards Marketing Manager200,000 KES+65%
Cash Management Manager284,000 KES+130%
Check Processing Manager212,000 KES+75%
Chief Blockchain Officer182,000 KES+51%
Commercial Vault Associate160,000 KES+32%
Corporate Banker117,000 KES-3%
Corporate Dealer172,000 KES+42%
Credit Analyst132,000 KES+9%
Credit and Collections Manager231,000 KES+91%
Credit Card Fraud Investigator179,000 KES+48%
Credit Portfolio Manager297,000 KES+150%
Credit Risk Analyst182,000 KES+51%
Credit Risk Associate172,000 KES+42%
Cryptocurrency Accountant108,000 KES-11%
Cryptocurrency Adviser212,000 KES+75%
Cryptocurrency Analyst161,000 KES+33%
Cryptocurrency Compliance Manager182,000 KES+51%
Cryptocurrency Trader165,000 KES+37%
Digital Banking Manager221,000 KES+83%
Digital Currency Analyst170,000 KES+41%
Direct Bank Sales Representative124,000 KES+3%
Exchange Control Consultant175,000 KES+45%
Executive Account Analyst166,000 KES+37%
Financial Bank Planning Consultant217,000 KES+80%
Financial Banking Analysis Manager238,000 KES+97%
Financial Banking Assistant78,200 KES-35%
Financial Banking Systems Manager226,000 KES+87%
Foreign Exchange Manager244,000 KES+100%
Fraud Analyst171,000 KES+41%
Fraud Detection Associate122,000 KES+1%
Fraud Detection Manager270,000 KES+120%
Fraud Detection Supervisor149,000 KES+23%
Internal Bank Audit Manager318,000 KES+160%
Internal Bank Auditor155,000 KES+28%
Internal Private Banker115,000 KES-5%
International Banking Manager331,000 KES+170%
Investment Banking Analyst253,000 KES+110%
Loan Analyst163,000 KES+35%
Loan Area Manager198,000 KES+64%
Loan Audit Team Leader185,000 KES+53%
Loan Branch Manager185,000 KES+53%
Loan Business Development Officer101,000 KES-16%
Loan Clerk59,700 KES-51%
Loan Collection and Recovery Manager207,000 KES+71%
Loan Collection Manager204,000 KES+69%
Loan Collector56,900 KES-53%
Loan Examiner69,400 KES-43%
Loan Officer63,200 KES-48%
Loan Processing Manager173,000 KES+43%
Loan Processor73,200 KES-39%
Loan Quality Assurance Auditor166,000 KES+37%
Loan Quality Assurance Manager187,000 KES+55%
Loan Quality Assurance Representative126,000 KES+4%
Loan Review Manager193,000 KES+60%
Loan Team Leader174,000 KES+44%
Loans Manager213,000 KES+76%
Mortgage Advisor121,000 KES+0%
Mortgage Collection Manager186,000 KES+54%
Mortgage Collector52,600 KES-56%
Mortgage Credit Analyst86,500 KES-28%
Mortgage Credit Manager184,000 KES+52%
Mortgage Development Manager213,000 KES+76%
Mortgage Document Reviewer73,300 KES-39%
Mortgage Funding Manager220,000 KES+82%
Mortgage Operations Manager281,000 KES+130%
Mortgage Payment Processing Clerk62,700 KES-48%
Mortgage Processing Manager197,000 KES+63%
Mortgage Processor78,100 KES-35%
Mortgage Quality Assurance Auditor164,000 KES+36%
Mortgage Quality Assurance Manager190,000 KES+57%
Mortgage Servicing Clerk55,200 KES-54%
Mortgage Servicing Manager177,000 KES+46%
Mortgage Underwriter71,800 KES-41%
Online Banking Manager284,000 KES+130%
Open Banking Strategist179,000 KES+48%
Payment Processing Clerk58,600 KES-52%
Personal Banker121,000 KES+0%
Personal Banking Advisor 129,000 KES+7%
Phone Banker83,900 KES-31%
Private Banker121,000 KES+0%
Reconciliation and Investigation Specialist139,000 KES+15%
Tax Officer95,800 KES-21%
Teller58,900 KES-51%
Trade Officer67,200 KES-44%
Trade Product Manager195,000 KES+61%
Trader82,400 KES-32%
Treasury Operations Officer142,000 KES+17%
Wealth Management Advisor249,000 KES+110%

Salary Comparison By City

CityAverage Salary
Mombasa116,000 KES
Nairobi138,000 KES

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 Kenya is 14% on average across all career fields.

Private Sector
140,000 KES
Public Sector+14%
159,000 KES
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 for the job title Private Banker in Kenya?

A good and competitive compensation would range anywhere between 110,000 KES and 125,000 KES. 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 a careers like Private Banker in Kenya ranges from 62,900 KES to 91,200 KES. 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


Browse Salaries

Salary Increase Letters

Best Paying Jobs
Home BROWSE SALARIES ARTICLES BEST PAYING JOBS Salary Comparison

©Salary Explorer 2024