HOME BROWSE SALARIES BEST PAYING JOBS
Browse Salaries
Best Paying Jobs
Salary Increase Letters
Career Articles

Banking Average Salaries in Luxembourg 2021

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


Average Monthly Salary
5,340 EUR
( 64,100 EUR yearly)

LOW
1,680
EUR
AVERAGE
5,340
EUR
HIGH
11,000
EUR

A person working in Banking in Luxembourg typically earns around 5,340 EUR per month. Salaries range from 1,680 EUR (lowest average) to 11,000 EUR (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 Analyst7,920 EUR
Assistant Bank Branch Manager6,600 EUR
Assistant Bank Manager8,270 EUR
ATM Manager7,170 EUR
ATM Service Technician2,030 EUR
Bank Accounts Analyst2,780 EUR
Bank Accounts Controller3,660 EUR
Bank Accounts Executive5,560 EUR
Bank Accounts Manager6,610 EUR
Bank Auditing Manager6,690 EUR
Bank Branch Manager8,780 EUR
Bank Clerk1,640 EUR
Bank Compliance Specialist4,610 EUR
Bank Manager10,200 EUR
Bank Operational Risk Manager10,200 EUR
Bank Operations Head11,000 EUR
Bank Operations Officer4,200 EUR
Bank Operations Specialist6,560 EUR
Bank Process Manager6,070 EUR
Bank Product Manager 6,480 EUR
Bank Programme Manager7,200 EUR
Bank Project Manager8,260 EUR
Bank Propositions Manager7,580 EUR
Bank Quantitative Analyst5,450 EUR
Bank Regional Manager10,400 EUR
Bank Regional Risk Officer5,550 EUR
Bank Relationship Manager7,820 EUR
Bank Relationship Officer3,510 EUR
Banker3,660 EUR
Banking Business Analyst5,580 EUR
Banking Business Development Officer3,360 EUR
Banking Business Planning Executive7,880 EUR
Banking Product Manager6,650 EUR
Banking Reference Data Manager5,850 EUR
Banking Risk Analyst5,300 EUR
Banking Technical Analyst2,930 EUR
Bankruptcy Coordinator4,000 EUR
Budget Analyst5,570 EUR
Cards Marketing Manager6,560 EUR
Cash Management Manager9,640 EUR
Check Processing Manager7,300 EUR
Commercial Vault Associate5,240 EUR
Corporate Dealer5,560 EUR
Credit Analyst4,280 EUR
Credit and Collections Manager7,610 EUR
Credit Card Fraud Investigator5,400 EUR
Credit Portfolio Manager9,760 EUR
Credit Risk Analyst5,840 EUR
Credit Risk Associate5,580 EUR
Direct Bank Sales Representative3,800 EUR
Financial Bank Planning Consultant7,050 EUR
Financial Banking Analysis Manager8,300 EUR
Financial Banking Assistant2,490 EUR
Financial Banking Systems Manager7,310 EUR
Foreign Exchange Manager8,030 EUR
Fraud Analyst5,700 EUR
Fraud Detection Associate4,070 EUR
Fraud Detection Manager8,120 EUR
Fraud Detection Supervisor4,560 EUR
Internal Bank Audit Manager10,000 EUR
Internal Bank Auditor5,460 EUR
International Banking Manager10,700 EUR
Loan Analyst5,440 EUR
Loan Area Manager6,510 EUR
Loan Audit Team Leader6,090 EUR
Loan Branch Manager6,190 EUR
Loan Business Development Officer3,420 EUR
Loan Clerk1,850 EUR
Loan Collection Manager6,440 EUR
Loan Collector1,850 EUR
Loan Examiner2,280 EUR
Loan Processing Manager5,780 EUR
Loan Processor2,480 EUR
Loan Quality Assurance Auditor5,700 EUR
Loan Quality Assurance Manager5,880 EUR
Loan Quality Assurance Representative4,020 EUR
Loan Review Manager6,230 EUR
Loan Team Leader5,700 EUR
Mortgage Advisor3,630 EUR
Mortgage Collection Manager6,290 EUR
Mortgage Collector1,800 EUR
Mortgage Credit Analyst3,000 EUR
Mortgage Credit Manager5,840 EUR
Mortgage Development Manager6,870 EUR
Mortgage Document Reviewer2,400 EUR
Mortgage Funding Manager7,300 EUR
Mortgage Operations Manager9,050 EUR
Mortgage Payment Processing Clerk2,050 EUR
Mortgage Processing Manager5,990 EUR
Mortgage Processor2,410 EUR
Mortgage Quality Assurance Auditor5,440 EUR
Mortgage Quality Assurance Manager6,380 EUR
Mortgage Servicing Clerk1,910 EUR
Mortgage Servicing Manager6,230 EUR
Mortgage Underwriter2,210 EUR
Online Banking Manager9,320 EUR
Payment Processing Clerk1,950 EUR
Personal Banker3,780 EUR
Personal Banking Advisor 3,950 EUR
Phone Banker2,640 EUR
Private Banker4,070 EUR
Reconciliation and Investigation Specialist4,280 EUR
Teller1,880 EUR
Trade Officer2,190 EUR
Trade Product Manager6,450 EUR
Trader2,770 EUR
Treasury Operations Officer4,750 EUR

Banking Jobs Salary Distribution in Luxembourg

Median and salary distribution monthly Luxembourg Banking
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/luxembourg/banking/median-and-salary-distribution-monthly-luxembourg-banking.jpg

The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Luxembourg range from 1,680 EUR per month (minimum average salary) to 11,000 EUR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 5,340 EUR per month, which means that half (50%) of people working in Banking are earning less than 5,340 EUR while the other half are earning more than 5,340 EUR. 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 3,160 EUR while 75% of them are earning more than 3,160 EUR. Also from the diagram, 75% of people working in Banking are earning less than 8,160 EUR while 25% are earning more than 8,160 EUR.


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
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

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.
Get Paid to share this page with others!
Get $25 on sign up.

Salary Comparison By Education

How does the education level affect your salary?

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

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 Luxembourg costs anywhere from 24,600 Euro(s) to 73,700 Euro(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 Luxembourg Banking
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/luxembourg/banking/salary-comparison-by-gender-monthly-luxembourg-banking.jpg

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Luxembourg who work in Banking earn 4% more than their female counterparts on average.

Male
5,450 EUR
Female-4%
5,230 EUR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Luxembourg for all Careers

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

Banking Average Annual Salary Increment Percentage in Luxembourg

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

Banking

Banking professionals in Luxembourg are likely to observe a salary increase of approximately 10% every 15 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.

Annual Salary Increment Rate Luxembourg Banking
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/luxembourg/banking/annual-salary-increment-rate-luxembourg-banking.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.

Luxembourg / 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 Luxembourg is 6%.

Annual Increment Rate By Industry 2020

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Listed above are the average annual increase rates for each industry in Luxembourg for the year 2020. 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

Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

Banking Bonus and Incentive Rates in Luxembourg

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Luxembourg Banking
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/luxembourg/banking/annual-salary-bonus-rate-luxembourg-banking.jpg

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.

22% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 78% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 8% of their annual salary.

Received Bonus
78%
No Bonus
22%

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 Luxembourg


31 EUR per hour

The average hourly wage (pay per hour) in Luxembourg is 31 EUR. This means that the average person in Luxembourg earns approximately 31 EUR 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 Luxembourg
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/luxembourg/banking/salary-comparison-between-banking-and-banking-monthly-luxembourg.jpg

The average salary for Banking is 9% more than that of All Jobs.

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 Luxembourg earn 6% more than their private sector counterparts on average across all sectors.

Private Sector
4,780 EUR
Public Sector+6%
5,070 EUR
Percentage increase and decrease are relative to the previous value
Get Paid to share this page with others!
Get $25 on sign up.

Browse Salaries

Salary Increase Letters

Best Paying Jobs
HomePrivacy PolicySalary Comparison

©Salary Explorer 2021