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Banking Average Salaries in Azerbaijan 2022

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


Average Monthly Salary
3,210 AZN
( 38,500 AZN yearly)

LOW
1,010
AZN
AVERAGE
3,210
AZN
HIGH
6,580
AZN

A person working in Banking in Azerbaijan typically earns around 3,210 AZN per month. Salaries range from 1,010 AZN (lowest average) to 6,580 AZN (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 Analyst4,750 AZN
Assistant Bank Branch Manager4,080 AZN
Assistant Bank Manager5,430 AZN
ATM Manager4,660 AZN
ATM Service Technician1,180 AZN
Bank Accounts Analyst1,720 AZN
Bank Accounts Controller2,240 AZN
Bank Accounts Executive3,370 AZN
Bank Accounts Manager3,970 AZN
Bank Auditing Manager3,860 AZN
Bank Branch Manager5,480 AZN
Bank Clerk1,060 AZN
Bank Compliance Specialist2,940 AZN
Bank Manager6,270 AZN
Bank Operational Risk Manager6,100 AZN
Bank Operations Head6,210 AZN
Bank Operations Officer2,600 AZN
Bank Operations Specialist3,980 AZN
Bank Process Manager3,500 AZN
Bank Product Manager 4,010 AZN
Bank Programme Manager4,450 AZN
Bank Project Manager5,270 AZN
Bank Propositions Manager4,690 AZN
Bank Quantitative Analyst3,330 AZN
Bank Regional Manager6,710 AZN
Bank Regional Risk Officer3,500 AZN
Bank Relationship Manager4,990 AZN
Bank Relationship Officer2,190 AZN
Banker2,330 AZN
Banking Business Analyst3,380 AZN
Banking Business Development Officer2,020 AZN
Banking Business Planning Executive4,780 AZN
Banking Product Manager3,990 AZN
Banking Reference Data Manager3,800 AZN
Banking Risk Analyst3,310 AZN
Banking Technical Analyst1,740 AZN
Bankruptcy Coordinator2,400 AZN
Budget Analyst3,410 AZN
Cards Marketing Manager4,060 AZN
Cash Management Manager5,730 AZN
Check Processing Manager4,300 AZN
Commercial Vault Associate3,150 AZN
Corporate Dealer3,610 AZN
Credit Analyst2,700 AZN
Credit and Collections Manager4,300 AZN
Credit Card Fraud Investigator3,350 AZN
Credit Portfolio Manager6,290 AZN
Credit Risk Analyst3,620 AZN
Credit Risk Associate3,530 AZN
Direct Bank Sales Representative2,330 AZN
Financial Bank Planning Consultant4,450 AZN
Financial Banking Analysis Manager4,990 AZN
Financial Banking Assistant1,640 AZN
Financial Banking Systems Manager4,750 AZN
Foreign Exchange Manager4,670 AZN
Fraud Analyst3,640 AZN
Fraud Detection Associate2,350 AZN
Fraud Detection Manager5,340 AZN
Fraud Detection Supervisor2,880 AZN
Internal Bank Audit Manager6,190 AZN
Internal Bank Auditor3,340 AZN
International Banking Manager6,480 AZN
Loan Analyst3,360 AZN
Loan Area Manager4,070 AZN
Loan Audit Team Leader3,810 AZN
Loan Branch Manager3,830 AZN
Loan Business Development Officer2,090 AZN
Loan Clerk1,120 AZN
Loan Collection Manager3,860 AZN
Loan Collector1,090 AZN
Loan Examiner1,470 AZN
Loan Processing Manager3,680 AZN
Loan Processor1,560 AZN
Loan Quality Assurance Auditor3,220 AZN
Loan Quality Assurance Manager3,640 AZN
Loan Quality Assurance Representative2,460 AZN
Loan Review Manager3,770 AZN
Loan Team Leader3,420 AZN
Mortgage Advisor2,390 AZN
Mortgage Collection Manager4,090 AZN
Mortgage Collector1,050 AZN
Mortgage Credit Analyst1,730 AZN
Mortgage Credit Manager3,690 AZN
Mortgage Development Manager4,300 AZN
Mortgage Document Reviewer1,480 AZN
Mortgage Funding Manager4,470 AZN
Mortgage Operations Manager5,830 AZN
Mortgage Payment Processing Clerk1,310 AZN
Mortgage Processing Manager3,630 AZN
Mortgage Processor1,450 AZN
Mortgage Quality Assurance Auditor3,430 AZN
Mortgage Quality Assurance Manager3,600 AZN
Mortgage Servicing Clerk1,140 AZN
Mortgage Servicing Manager3,670 AZN
Mortgage Underwriter1,370 AZN
Online Banking Manager5,600 AZN
Payment Processing Clerk1,160 AZN
Personal Banker2,480 AZN
Personal Banking Advisor 2,420 AZN
Phone Banker1,630 AZN
Private Banker2,400 AZN
Reconciliation and Investigation Specialist2,650 AZN
Teller1,180 AZN
Trade Officer1,400 AZN
Trade Product Manager4,070 AZN
Trader1,560 AZN
Treasury Operations Officer2,850 AZN

Banking Jobs Salary Distribution in Azerbaijan

Median and salary distribution monthly Azerbaijan Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Azerbaijan range from 1,010 AZN per month (minimum average salary) to 6,580 AZN per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 3,270 AZN per month, which means that half (50%) of people working in Banking are earning less than 3,270 AZN while the other half are earning more than 3,270 AZN. 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 1,930 AZN while 75% of them are earning more than 1,930 AZN. Also from the diagram, 75% of people working in Banking are earning less than 5,030 AZN while 25% are earning more than 5,030 AZN.


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
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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 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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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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 Azerbaijan costs anywhere from 14,700 Azerbaijanian Manat(s) to 44,200 Azerbaijanian Manat(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 Azerbaijan Banking
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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? Male employees in Azerbaijan who work in Banking earn 11% more than their female counterparts on average.

Male
3,340 AZN
Female-10%
3,000 AZN
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Azerbaijan for all Careers

Salary comparison by gender monthly Azerbaijan
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Banking Average Annual Salary Increment Percentage in Azerbaijan

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

Banking

Banking professionals in Azerbaijan are likely to observe a salary increase of approximately 9% every 18 months. The national average annual increment for all professions combined is 7% granted to employees every 20 months.

Annual Salary Increment Rate Azerbaijan 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.

Azerbaijan / 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 Azerbaijan is 4%.

Annual Increment Rate By Industry 2021

Banking
6%
Energy
3%
Information Technology
9%
Healthcare
6%
Travel
3%
Construction
9%
Education
6%

Listed above are the average annual increase rates for each industry in Azerbaijan for the year 2021. 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

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Banking Bonus and Incentive Rates in Azerbaijan

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Azerbaijan Banking
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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.

25% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 75% 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
75%
No Bonus
25%

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 Azerbaijan


19 AZN per hour

The average hourly wage (pay per hour) in Azerbaijan is 19 AZN. This means that the average person in Azerbaijan earns approximately 19 AZN 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 Azerbaijan
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The average salary for Banking is 9% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Baku3,510 AZN
Ganja3,250 AZN
Sumqayit2,980 AZN

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 Azerbaijan earn 10% more than their private sector counterparts on average across all sectors.

Private Sector
2,790 AZN
Public Sector+10%
3,060 AZN
Percentage increase and decrease are relative to the previous value

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