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Banking Average Salaries in Kuwait 2024

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


Average Monthly Salary
1,380 KWD
( 16,600 KWD yearly)

LOW
430
KWD
AVERAGE
1,380
KWD
HIGH
2,820
KWD
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 Kuwait typically earns around 1,380 KWD. Salaries range from 430 KWD (lowest average) to 2,820 KWD (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 Kuwait 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 Analyst2,040 KWD
Assistant Bank Branch Manager1,750 KWD
Assistant Bank Manager2,330 KWD
ATM Manager2,000 KWD
ATM Service Technician510 KWD
Bank Accounts Analyst740 KWD
Bank Accounts Collector480 KWD
Bank Accounts Controller960 KWD
Bank Accounts Executive1,450 KWD
Bank Accounts Manager1,700 KWD
Bank Auditing Manager1,650 KWD
Bank Branch Manager2,350 KWD
Bank Branch Operations Coordinator1,030 KWD
Bank Clerk450 KWD
Bank Client Service Associate660 KWD
Bank Collector490 KWD
Bank Compliance Specialist1,260 KWD
Bank Manager2,690 KWD
Bank Operational Risk Manager2,610 KWD
Bank Operations Head2,660 KWD
Bank Operations Officer1,110 KWD
Bank Operations Specialist1,710 KWD
Bank Process Manager1,500 KWD
Bank Product Manager 1,720 KWD
Bank Programme Manager1,910 KWD
Bank Project Manager2,260 KWD
Bank Propositions Manager2,010 KWD
Bank Quantitative Analyst1,430 KWD
Bank Regional Manager2,870 KWD
Bank Regional Risk Officer1,500 KWD
Bank Relationship Manager2,140 KWD
Bank Relationship Officer940 KWD
Bank Sustainability Analyst1,560 KWD
Bank Teller480 KWD
Banker1,000 KWD
Banking Business Analyst1,450 KWD
Banking Business Development Officer870 KWD
Banking Business Planning Executive2,050 KWD
Banking Data Analyst1,630 KWD
Banking Product Manager1,710 KWD
Banking Reference Data Manager1,630 KWD
Banking Regulatory Compliance Officer1,700 KWD
Banking Risk Analyst1,420 KWD
Banking Technical Analyst750 KWD
Bankruptcy Coordinator1,030 KWD
Bill and Account Collector510 KWD
Blockchain Analyst1,280 KWD
Blockchain Architect1,360 KWD
Blockchain Auditor1,230 KWD
Blockchain Compliance Analyst1,290 KWD
Blockchain Consultant1,370 KWD
Blockchain Trade Facilitator1,160 KWD
Budget Analyst1,460 KWD
Capital Risk Manager2,780 KWD
Cards Marketing Manager1,740 KWD
Cash Management Manager2,450 KWD
Check Processing Manager1,840 KWD
Chief Blockchain Officer1,560 KWD
Commercial Vault Associate1,350 KWD
Corporate Banker1,010 KWD
Corporate Dealer1,550 KWD
Credit Analyst1,160 KWD
Credit and Collections Manager1,840 KWD
Credit Card Fraud Investigator1,430 KWD
Credit Portfolio Manager2,700 KWD
Credit Risk Analyst1,550 KWD
Credit Risk Associate1,510 KWD
Cryptocurrency Accountant910 KWD
Cryptocurrency Adviser1,790 KWD
Cryptocurrency Analyst1,360 KWD
Cryptocurrency Compliance Manager1,720 KWD
Cryptocurrency Trader1,410 KWD
Digital Banking Manager1,980 KWD
Digital Currency Analyst1,420 KWD
Direct Bank Sales Representative1,000 KWD
Exchange Control Consultant1,480 KWD
Executive Account Analyst1,470 KWD
Financial Bank Planning Consultant1,910 KWD
Financial Banking Analysis Manager2,140 KWD
Financial Banking Assistant700 KWD
Financial Banking Systems Manager2,040 KWD
Foreign Exchange Manager2,000 KWD
Fraud Analyst1,560 KWD
Fraud Detection Associate1,010 KWD
Fraud Detection Manager2,290 KWD
Fraud Detection Supervisor1,240 KWD
Internal Bank Audit Manager2,650 KWD
Internal Bank Auditor1,430 KWD
Internal Private Banker1,040 KWD
International Banking Manager2,780 KWD
Investment Banking Analyst2,040 KWD
Loan Analyst1,440 KWD
Loan Area Manager1,740 KWD
Loan Audit Team Leader1,630 KWD
Loan Branch Manager1,640 KWD
Loan Business Development Officer900 KWD
Loan Clerk480 KWD
Loan Collection and Recovery Manager1,680 KWD
Loan Collection Manager1,660 KWD
Loan Collector470 KWD
Loan Examiner630 KWD
Loan Officer540 KWD
Loan Processing Manager1,580 KWD
Loan Processor670 KWD
Loan Quality Assurance Auditor1,380 KWD
Loan Quality Assurance Manager1,560 KWD
Loan Quality Assurance Representative1,060 KWD
Loan Review Manager1,620 KWD
Loan Team Leader1,470 KWD
Loans Manager1,850 KWD
Mortgage Advisor1,020 KWD
Mortgage Collection Manager1,750 KWD
Mortgage Collector450 KWD
Mortgage Credit Analyst740 KWD
Mortgage Credit Manager1,580 KWD
Mortgage Development Manager1,840 KWD
Mortgage Document Reviewer640 KWD
Mortgage Funding Manager1,920 KWD
Mortgage Operations Manager2,500 KWD
Mortgage Payment Processing Clerk560 KWD
Mortgage Processing Manager1,560 KWD
Mortgage Processor620 KWD
Mortgage Quality Assurance Auditor1,470 KWD
Mortgage Quality Assurance Manager1,550 KWD
Mortgage Servicing Clerk490 KWD
Mortgage Servicing Manager1,570 KWD
Mortgage Underwriter590 KWD
Online Banking Manager2,400 KWD
Open Banking Strategist1,490 KWD
Payment Processing Clerk500 KWD
Personal Banker1,060 KWD
Personal Banking Advisor 1,040 KWD
Phone Banker700 KWD
Private Banker1,030 KWD
Reconciliation and Investigation Specialist1,130 KWD
Tax Officer830 KWD
Teller510 KWD
Trade Officer600 KWD
Trade Product Manager1,740 KWD
Trader670 KWD
Treasury Operations Officer1,220 KWD
Wealth Management Advisor2,000 KWD


Banking Jobs Pay Scale and Salaries in Kuwait

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

5% of people earn
1,330 KWD or more
10% of people earn
1,100 to 1,330 KWD
20% of people earn
600 KWD or less
65% of people earn
600 to 1,100 KWD
Minimum Salary
430 KWD
Median
1,190 KWD
Maximum
2,820 KWD




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 Kuwait range from 430 KWD (starting average salary) to 2,820 KWD (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 1,190 KWD, implying that half of the workforce in Kuwait 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 Kuwait earn less than 890 KWD, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 1,470 KWD, 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 Kuwait. The analysis revealed that roughly 65% of all reported salaries fell within the range of 600 KWD to 1,100 KWD. Approximately 20% of salaries were below the 600 KWD mark, while 10% ranged from 1,100 KWD to 1,330 KWD. Only 5% of individuals earned a gross salary of 1,330 KWD 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 Kuwait 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 Kuwait, 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 Kuwait costs anywhere from 6,350 KWD to 19,000 KWD 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 / Kuwait

Salary comparison by gender Kuwait 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 Kuwait, the average difference between the salary of male and female employees is 8%.

Male
1,430 KWD
Female-7%
1,320 KWD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Kuwait for all Careers

Salary comparison by gender monthly Kuwait
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Average Annual Salary Increment Percentage / Banking / Kuwait

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

Professionals working in Banking in Kuwait 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 Kuwait 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.

Kuwait / All Professions

Annual Salary Increment Rate Kuwait
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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 Kuwait is 2%.

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 / Kuwait

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Kuwait Banking
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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 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 / Kuwait


8 KWD per hour

The average hourly wage (pay per hour) in Banking in Kuwait is 8 KWD.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 Kuwait is 2 KWD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

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 Kuwait is 10% on average across all career fields.

Private Sector
1,230 KWD
Public Sector+10%
1,360 KWD
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 Kuwait?

A good and competitive compensation would range anywhere between 1,190 KWD and 1,470 KWD. 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 Kuwait ranges from 430 KWD to 890 KWD. 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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