A person working as Business Analyst in Monaco typically earns around 4,960 EUR. Salaries range from 2,330 EUR (lowest) to 7,830 EUR (highest).
This is the average salary including housing, transport, and other benefits. Business Analyst salaries in Monaco vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Minimum Salary 2,330 EUR |
Median 4,700 EUR |
Maximum 7,830 EUR |
Salaries for the position Business Analyst in Monaco range from 2,330 EUR (starting salary) to 7,830 EUR (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.
With a median salary of 4,700 EUR, half of the professionals who work as Business Analyst in Monaco 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.
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 Business Analyst in Monaco earn less than 3,810 EUR, while 75% earn more. Similarly, the chart shows that 75% earn less than 5,400 EUR while 25% earn more.
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 Business Analyst in Monaco compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 2,850 EUR to 4,100 EUR. About 20% of salaries are below the 2,850 EUR mark, while 10% fall within the range of 4,100 EUR to 4,660 EUR. Only 5% of individuals have salaries exceeding 4,660 EUR.
0 - 2 Years | 2,690 EUR | |
2 - 5 Years | +38% | 3,700 EUR |
5 - 10 Years | +42% | 5,270 EUR |
10 - 15 Years | +22% | 6,430 EUR |
15 - 20 Years | +6% | 6,780 EUR |
20+ Years | +9% | 7,390 EUR |
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 Business Analyst and this is what we found.
Employees with less than two years of experience earn approximately 2,690 EUR.
While someone with an experience level between two and five years is expected to earn 3,700 EUR, 38% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 5,270 EUR, 42% 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 6,430 EUR, 22% 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 6,780 EUR, 6% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 7,390 EUR, 9% more than people with fifteen to twenty years of experience.
High School | 3,320 EUR | |
Certificate or Diploma | +17% | 3,870 EUR |
Bachelor's Degree | +45% | 5,630 EUR |
Master's Degree | +31% | 7,390 EUR |
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 Business Analyst in order to make a comparison.
Employees at this education level have an average salary of 3,320 EUR.
At this level, the average salary becomes 3,870 EUR, 17% more than the previous level.
At this level, the average salary becomes 5,630 EUR, 45% more than the previous level.
At this level, the average salary becomes 7,390 EUR, 31% more than the previous level.
A Master's degree program or any post-graduate program in Monaco costs anywhere from 21,300 EUR to 63,800 EUR 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.
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 Business Analyst in Monaco, the average difference between the salary of male and female employees is 14%.
Male | 5,310 EUR | |
Female | -12% | 4,670 EUR |
Individuals working as Business Analyst in Monaco are likely to observe a salary increase of approximately 10% every 27 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.
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.
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
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.
34% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 66% 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 | 66% | |
No Bonus | 34% |
The most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
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.
The main two types of jobs | |
Revenue Generators | Supporting 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: | Example: |
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.
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.
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.
The minimum pay rate per hour for people working as Business Analyst in Monaco is 13 EUR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Job Title | Average Salary |
Business Planning | -100% | |
Agile Coach | 4,710 EUR | -5% |
Assistant Business Development Manager | 5,440 EUR | +10% |
Assistant Merchandise Planner | 3,440 EUR | -31% |
Business Advisor | 5,320 EUR | +7% |
Business Analyst | 4,960 EUR | +0% |
Business Consultant | 5,050 EUR | +2% |
Business Continuity Associate | 3,320 EUR | -33% |
Business Developer | 3,490 EUR | -30% |
Business Development Analyst | 3,820 EUR | -23% |
Business Development Associate | 2,880 EUR | -42% |
Business Development Coordinator | 2,990 EUR | -40% |
Business Development Director | 7,430 EUR | +50% |
Business Development Engineer | 4,040 EUR | -18% |
Business Development Executive | 5,420 EUR | +9% |
Business Development Manager | 6,550 EUR | +32% |
Business Development Specialist | 5,060 EUR | +2% |
Business Manager | 5,880 EUR | +19% |
Business Operations Specialist | 5,070 EUR | +2% |
Business Process Writer | 3,220 EUR | -35% |
Business Systems Analyst | 5,340 EUR | +8% |
Capacity Planner | 3,650 EUR | -26% |
Capacity Planning Supervisor | 4,980 EUR | +1% |
Change Communications Analyst | 5,010 EUR | +1% |
Change Control Analyst | 4,830 EUR | -3% |
Change Impact Analyst | 5,090 EUR | +3% |
Chief Automation Officer | 6,060 EUR | +22% |
Chief Innovation Officer | 6,670 EUR | +35% |
Contracts Executive | 5,210 EUR | +5% |
Corporate Strategy Analyst | 5,300 EUR | +7% |
Cost Control Engineer | 3,440 EUR | -31% |
Cost Controller | 4,020 EUR | -19% |
Cost Estimator | 3,630 EUR | -27% |
Crisis Management Specialist | 5,530 EUR | +12% |
Data Executive | 2,910 EUR | -41% |
Data Manager | 3,940 EUR | -20% |
Data Processing Manager | 4,650 EUR | -6% |
Development Researcher | 4,040 EUR | -18% |
Digital Strategist | 5,330 EUR | +8% |
Digital Transformation Manager | 5,490 EUR | +11% |
Director of Business Development | 7,430 EUR | +50% |
Director of Production Planning | 6,420 EUR | +30% |
Drop Shipping Consultant | 4,640 EUR | -6% |
Due Diligence Analyst | 5,550 EUR | +12% |
Estimating Manager | 5,360 EUR | +8% |
General Manager | 6,320 EUR | +28% |
Growth Hacker | 4,060 EUR | -18% |
Impact Assessment Specialist | 4,550 EUR | -8% |
Impact Investing Analyst | 4,750 EUR | -4% |
Incident Handler | 3,650 EUR | -26% |
Incident Specialist | 4,600 EUR | -7% |
Lean Consultant | 3,950 EUR | -20% |
Manager | 6,590 EUR | +33% |
Marketing and Business Development Manager | 6,150 EUR | +24% |
Materials Planner | 2,440 EUR | -51% |
Merchandise Assistant | 2,330 EUR | -53% |
Merchandise Controller | 2,430 EUR | -51% |
Merchandise Planner | 2,550 EUR | -49% |
Online Consultant | 4,160 EUR | -16% |
Online Reputation Manager | 4,020 EUR | -19% |
Operations Analyst | 4,590 EUR | -7% |
Operations Manager | 5,160 EUR | +4% |
Operations Research Analyst | 3,250 EUR | -34% |
Planning and Reporting Manager | 5,620 EUR | +13% |
Planning Director | 6,570 EUR | +33% |
Product Designer | 3,880 EUR | -22% |
Product Manager | 4,220 EUR | -15% |
Project Administrator | 3,500 EUR | -29% |
Project Manager | 5,480 EUR | +11% |
Project Planner | 3,280 EUR | -34% |
Research Assistant | 3,010 EUR | -39% |
Research Engineer | 3,340 EUR | -33% |
Research Officer | 2,800 EUR | -43% |
Risk Management Specialist | 4,940 EUR | -0% |
Scholarship Coordinator | 2,640 EUR | -47% |
Store Planner | 2,780 EUR | -44% |
Strategy Director | 6,640 EUR | +34% |
Top Research and Development Executive | 7,420 EUR | +50% |
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 Monaco is 10% on average across all career fields.
Private Sector | 4,130 EUR | |
Public Sector | +10% | 4,550 EUR |
A good and competitive compensation would range anywhere between 4,700 EUR and 5,400 EUR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
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.
The base salary for a careers like Business Analyst in Monaco ranges from 2,330 EUR to 3,810 EUR. 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.
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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