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Broker Average Salary in Malaysia 2024

How much money does a person working as Broker make in Malaysia?


Average Monthly Salary
6,410 MYR
( 77,000 MYR yearly)

LOW
3,270
MYR
AVERAGE
6,410
MYR
HIGH
9,880
MYR
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 Broker in Malaysia typically earns around 6,410 MYR. Salaries range from 3,270 MYR (lowest) to 9,880 MYR (highest).


Salary Variance

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



Broker Pay Scale and Salaries in Malaysia

Median and salary distribution Malaysia Broker monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
5,850 MYR or more
10% of people earn
5,200 to 5,850 MYR
20% of people earn
3,760 MYR or less
65% of people earn
3,760 to 5,200 MYR
Minimum Salary
3,270 MYR
Median
5,880 MYR
Maximum
9,880 MYR




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 Broker in Malaysia range from 3,270 MYR (starting salary) to 9,880 MYR (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 5,880 MYR, half of the professionals who work as Broker in Malaysia 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 Broker in Malaysia earn less than 4,860 MYR, while 75% earn more. Similarly, the chart shows that 75% earn less than 6,690 MYR 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 Broker in Malaysia compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 3,760 MYR to 5,200 MYR. About 20% of salaries are below the 3,760 MYR mark, while 10% fall within the range of 5,200 MYR to 5,850 MYR. Only 5% of individuals have salaries exceeding 5,850 MYR.

Salary Comparison by Years of Experience / Broker / Malaysia

How do experience and age affect pay?

0 - 2 Years
3,670 MYR
2 - 5 Years+31%
4,790 MYR
5 - 10 Years+40%
6,710 MYR
10 - 15 Years+20%
8,060 MYR
15 - 20 Years+9%
8,750 MYR
20+ Years+8%
9,450 MYR
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Malaysia Broker
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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. We broke down salaries by experience level for people working as Broker 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 3,670 MYR.

While someone with an experience level between two and five years is expected to earn 4,790 MYR, 31% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 6,710 MYR, 40% 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 8,060 MYR, 20% 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 8,750 MYR, 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 9,450 MYR, 8% 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
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Salary Comparison By Education / Broker / Malaysia

How do education levels affect salaries?

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

Certificate or Diploma
4,200 MYR
Bachelor's Degree+50%
6,310 MYR
Master's Degree+48%
9,350 MYR
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Malaysia Broker
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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 Broker in order to make a comparison.


Level 1: Certificate or Diploma

Employees at this education level have an average salary of 4,200 MYR.


Level 2: Bachelor's Degree

At this level, the average salary becomes 6,310 MYR, 50% more than the previous level.


Level 3: Master's Degree

At this level, the average salary becomes 9,350 MYR, 48% 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 Malaysia costs anywhere from 33,100 MYR to 99,200 MYR 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
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Salary and Compensation Comparison By Gender / Broker / Malaysia

Salary comparison by gender Malaysia Broker 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? For the people who work as Broker in Malaysia, the average difference between the salary of male and female employees is 11%.

Male
6,770 MYR
Female-10%
6,090 MYR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Malaysia for all Careers

Salary comparison by gender monthly Malaysia
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Average Annual Salary Increment Percentage / Broker / Malaysia

How much are annual salary increments in Malaysia for individuals working as Broker? How often do employees get salary raises?

Individuals working as Broker in Malaysia are likely to observe a salary increase of approximately 12% every 17 months. The national average annual increment for all professions combined is 9% granted to employees every 17 months.

Annual Salary Increment Rate Malaysia Broker
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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.

Malaysia / All Professions

Annual Salary Increment Rate Malaysia
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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 Malaysia is 6%.

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 / Broker / Malaysia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Malaysia Broker
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72% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 28% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 1% to 3% of their annual salary.

Received Bonus
28%
No Bonus
72%

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 / Broker / Malaysia


37 MYR per hour

The average hourly wage (pay per hour) for individuals working as Broker in Malaysia is 37 MYR.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 Broker in Malaysia is 19 MYR. 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
Insurance-100%
Actuarial Analyst8,820 MYR+38%
Actuarial Assistant6,400 MYR-0%
Actuarial Specialist6,670 MYR+4%
Actuary9,000 MYR+40%
Adjustment Insurance Clerk2,380 MYR-63%
Assistant Broker4,250 MYR-34%
Assistant Claims Manager7,470 MYR+16%
Associate Insurance Representative3,400 MYR-47%
Auditing Insurance Manager9,800 MYR+53%
Blockchain Insurance Auditor6,320 MYR-1%
Broker6,410 MYR-0%
Claim Advocacy Professional6,620 MYR+3%
Claims Adjuster2,530 MYR-61%
Claims Analyst3,640 MYR-43%
Claims Examiner3,400 MYR-47%
Claims Manager9,500 MYR+48%
Claims Processor2,580 MYR-60%
Claims Representative2,850 MYR-56%
Claims Resolution Specialist7,320 MYR+14%
Claims Supervisor6,400 MYR-0%
Complaints Specialist5,920 MYR-8%
Compliance Examiner6,080 MYR-5%
Compliance Officer5,630 MYR-12%
Compliance Reviewer6,190 MYR-3%
Consultant6,400 MYR-0%
Drone Claims Adjuster3,090 MYR-52%
Eligibility Interviewer6,950 MYR+8%
Eligibility Specialist6,680 MYR+4%
Insurance Account Manager8,580 MYR+34%
Insurance Accounts Executive7,320 MYR+14%
Insurance Adjuster6,380 MYR-1%
Insurance Agent4,000 MYR-38%
Insurance Analyst6,720 MYR+5%
Insurance Appraiser6,890 MYR+7%
Insurance Claims Clerk2,380 MYR-63%
Insurance Compliance Officer7,520 MYR+17%
Insurance Data Scientist6,320 MYR-1%
Insurance Examiner6,040 MYR-6%
Insurance Fraud Investigator5,320 MYR-17%
Insurance Investigator6,400 MYR-0%
Insurance Manager11,400 MYR+78%
Insurance Operations Manager11,800 MYR+84%
Insurance Policy Processing Clerk2,600 MYR-59%
Insurance Pricing Assistant5,510 MYR-14%
Insurance Product Manager7,740 MYR+21%
Insurance Program Manager9,150 MYR+43%
Insurance Project Manager8,160 MYR+27%
Insurance Quality Assurance Agent5,800 MYR-10%
Insurance Sales Agent3,880 MYR-39%
Insurance Sales Director11,100 MYR+73%
Insurance Sales Manager8,930 MYR+39%
Insurance Sales Representative3,500 MYR-45%
Insurance Team Leader7,010 MYR+9%
Insurance Underwriter4,900 MYR-24%
Insurtech Analyst6,260 MYR-2%
Loss Control Specialist6,440 MYR+0%
Loss Prevention Investigator7,140 MYR+11%
Loss Prevention Manager9,310 MYR+45%
Loss Prevention Specialist7,020 MYR+9%
Marine Underwriter4,800 MYR-25%
Medical Auditor6,730 MYR+5%
Monitoring and Performance Officer4,750 MYR-26%
Parametric Insurance Specialist6,900 MYR+8%
Payment Services Specialist6,890 MYR+7%
Peer-to-Peer Insurance Manager8,420 MYR+31%
Policy Change Director9,980 MYR+56%
Policy Change Supervisor7,110 MYR+11%
Policy Change Technician3,280 MYR-49%
Risk Analyst7,280 MYR+14%
Risk Management Director13,000 MYR+100%
Risk Management Supervisor8,650 MYR+35%
Risk Manager12,000 MYR+87%
Risk Modeling Manager12,400 MYR+93%
Social Media Risk Analyst6,930 MYR+8%
Title Insurance Typist5,520 MYR-14%
Training Manager7,420 MYR+16%
Underwriting Assistant3,260 MYR-49%

Salary Comparison By City

CityAverage Salary
Johor Bahru7,090 MYR
Kuala Lumpur7,430 MYR

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 Malaysia is 9% on average across all career fields.

Private Sector
6,340 MYR
Public Sector+9%
6,900 MYR
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 Broker in Malaysia?

A good and competitive compensation would range anywhere between 5,880 MYR and 6,690 MYR. 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 Broker in Malaysia ranges from 3,270 MYR to 4,860 MYR. 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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