Banking Average Salaries in Azerbaijan 2022
How much money does a person working in Banking make in Azerbaijan?
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 Title | Average Salary |
| AML Analyst | 4,750 AZN |
| Assistant Bank Branch Manager | 4,080 AZN |
| Assistant Bank Manager | 5,430 AZN |
| ATM Manager | 4,660 AZN |
| ATM Service Technician | 1,180 AZN |
| Bank Accounts Analyst | 1,720 AZN |
| Bank Accounts Controller | 2,240 AZN |
| Bank Accounts Executive | 3,370 AZN |
| Bank Accounts Manager | 3,970 AZN |
| Bank Auditing Manager | 3,860 AZN |
| Bank Branch Manager | 5,480 AZN |
| Bank Clerk | 1,060 AZN |
| Bank Compliance Specialist | 2,940 AZN |
| Bank Manager | 6,270 AZN |
| Bank Operational Risk Manager | 6,100 AZN |
| Bank Operations Head | 6,210 AZN |
| Bank Operations Officer | 2,600 AZN |
| Bank Operations Specialist | 3,980 AZN |
| Bank Process Manager | 3,500 AZN |
| Bank Product Manager | 4,010 AZN |
| Bank Programme Manager | 4,450 AZN |
| Bank Project Manager | 5,270 AZN |
| Bank Propositions Manager | 4,690 AZN |
| Bank Quantitative Analyst | 3,330 AZN |
| Bank Regional Manager | 6,710 AZN |
| Bank Regional Risk Officer | 3,500 AZN |
| Bank Relationship Manager | 4,990 AZN |
| Bank Relationship Officer | 2,190 AZN |
| Banker | 2,330 AZN |
| Banking Business Analyst | 3,380 AZN |
| Banking Business Development Officer | 2,020 AZN |
| Banking Business Planning Executive | 4,780 AZN |
| Banking Product Manager | 3,990 AZN |
| Banking Reference Data Manager | 3,800 AZN |
| Banking Risk Analyst | 3,310 AZN |
| Banking Technical Analyst | 1,740 AZN |
| Bankruptcy Coordinator | 2,400 AZN |
| Budget Analyst | 3,410 AZN |
| Cards Marketing Manager | 4,060 AZN |
| Cash Management Manager | 5,730 AZN |
| Check Processing Manager | 4,300 AZN |
| Commercial Vault Associate | 3,150 AZN |
| Corporate Dealer | 3,610 AZN |
| Credit Analyst | 2,700 AZN |
| Credit and Collections Manager | 4,300 AZN |
| Credit Card Fraud Investigator | 3,350 AZN |
| Credit Portfolio Manager | 6,290 AZN |
| Credit Risk Analyst | 3,620 AZN |
| Credit Risk Associate | 3,530 AZN |
| Direct Bank Sales Representative | 2,330 AZN |
| Financial Bank Planning Consultant | 4,450 AZN |
| Financial Banking Analysis Manager | 4,990 AZN |
| Financial Banking Assistant | 1,640 AZN |
| Financial Banking Systems Manager | 4,750 AZN |
| Foreign Exchange Manager | 4,670 AZN |
| Fraud Analyst | 3,640 AZN |
| Fraud Detection Associate | 2,350 AZN |
| Fraud Detection Manager | 5,340 AZN |
| Fraud Detection Supervisor | 2,880 AZN |
| Internal Bank Audit Manager | 6,190 AZN |
| Internal Bank Auditor | 3,340 AZN |
| International Banking Manager | 6,480 AZN |
| Loan Analyst | 3,360 AZN |
| Loan Area Manager | 4,070 AZN |
| Loan Audit Team Leader | 3,810 AZN |
| Loan Branch Manager | 3,830 AZN |
| Loan Business Development Officer | 2,090 AZN |
| Loan Clerk | 1,120 AZN |
| Loan Collection Manager | 3,860 AZN |
| Loan Collector | 1,090 AZN |
| Loan Examiner | 1,470 AZN |
| Loan Processing Manager | 3,680 AZN |
| Loan Processor | 1,560 AZN |
| Loan Quality Assurance Auditor | 3,220 AZN |
| Loan Quality Assurance Manager | 3,640 AZN |
| Loan Quality Assurance Representative | 2,460 AZN |
| Loan Review Manager | 3,770 AZN |
| Loan Team Leader | 3,420 AZN |
| Mortgage Advisor | 2,390 AZN |
| Mortgage Collection Manager | 4,090 AZN |
| Mortgage Collector | 1,050 AZN |
| Mortgage Credit Analyst | 1,730 AZN |
| Mortgage Credit Manager | 3,690 AZN |
| Mortgage Development Manager | 4,300 AZN |
| Mortgage Document Reviewer | 1,480 AZN |
| Mortgage Funding Manager | 4,470 AZN |
| Mortgage Operations Manager | 5,830 AZN |
| Mortgage Payment Processing Clerk | 1,310 AZN |
| Mortgage Processing Manager | 3,630 AZN |
| Mortgage Processor | 1,450 AZN |
| Mortgage Quality Assurance Auditor | 3,430 AZN |
| Mortgage Quality Assurance Manager | 3,600 AZN |
| Mortgage Servicing Clerk | 1,140 AZN |
| Mortgage Servicing Manager | 3,670 AZN |
| Mortgage Underwriter | 1,370 AZN |
| Online Banking Manager | 5,600 AZN |
| Payment Processing Clerk | 1,160 AZN |
| Personal Banker | 2,480 AZN |
| Personal Banking Advisor | 2,420 AZN |
| Phone Banker | 1,630 AZN |
| Private Banker | 2,400 AZN |
| Reconciliation and Investigation Specialist | 2,650 AZN |
| Teller | 1,180 AZN |
| Trade Officer | 1,400 AZN |
| Trade Product Manager | 4,070 AZN |
| Trader | 1,560 AZN |
| Treasury Operations Officer | 2,850 AZN |
Banking Jobs Salary Distribution in Azerbaijan
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?
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.
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.
Salary Comparison By Education
How does the education level affect your salary?
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.
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
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 |
Salary Comparison By Gender in Azerbaijan for all Careers
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.
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
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
Banking Bonus and Incentive Rates in Azerbaijan
How much and how often are bonuses being awarded?
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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 BonusesThe 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.
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 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.
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 hourThe 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.
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
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 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 |
