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Banking Average Salaries in Bahamas 2022

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


Average Yearly Salary
50,800 BSD
( 4,240 BSD monthly)

LOW
16,000
BSD
AVERAGE
50,800
BSD
HIGH
104,000
BSD

A person working in Banking in Bahamas typically earns around 50,800 BSD per year. Salaries range from 16,000 BSD (lowest average) to 104,000 BSD (highest average, actual maximum salary is higher).

This is the average yearly 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 Analyst74,600 BSD
Assistant Bank Branch Manager64,500 BSD
Assistant Bank Manager85,400 BSD
ATM Manager73,200 BSD
ATM Service Technician18,500 BSD
Bank Accounts Analyst28,000 BSD
Bank Accounts Controller35,100 BSD
Bank Accounts Executive52,900 BSD
Bank Accounts Manager62,300 BSD
Bank Auditing Manager60,800 BSD
Bank Branch Manager86,600 BSD
Bank Clerk16,800 BSD
Bank Compliance Specialist46,700 BSD
Bank Manager96,200 BSD
Bank Operational Risk Manager103,000 BSD
Bank Operations Head105,000 BSD
Bank Operations Officer40,200 BSD
Bank Operations Specialist61,100 BSD
Bank Process Manager58,600 BSD
Bank Product Manager 68,000 BSD
Bank Programme Manager70,400 BSD
Bank Project Manager77,300 BSD
Bank Propositions Manager69,700 BSD
Bank Quantitative Analyst51,700 BSD
Bank Regional Manager109,000 BSD
Bank Regional Risk Officer55,700 BSD
Bank Relationship Manager73,200 BSD
Bank Relationship Officer35,300 BSD
Banker35,600 BSD
Banking Business Analyst53,600 BSD
Banking Business Development Officer32,000 BSD
Banking Business Planning Executive76,400 BSD
Banking Product Manager67,200 BSD
Banking Reference Data Manager59,800 BSD
Banking Risk Analyst50,200 BSD
Banking Technical Analyst28,700 BSD
Bankruptcy Coordinator36,900 BSD
Budget Analyst54,000 BSD
Cards Marketing Manager66,100 BSD
Cash Management Manager90,900 BSD
Check Processing Manager68,300 BSD
Commercial Vault Associate50,900 BSD
Corporate Dealer52,400 BSD
Credit Analyst42,900 BSD
Credit and Collections Manager68,600 BSD
Credit Card Fraud Investigator53,400 BSD
Credit Portfolio Manager96,100 BSD
Credit Risk Analyst60,100 BSD
Credit Risk Associate59,000 BSD
Direct Bank Sales Representative37,200 BSD
Financial Bank Planning Consultant70,800 BSD
Financial Banking Analysis Manager79,800 BSD
Financial Banking Assistant26,300 BSD
Financial Banking Systems Manager69,000 BSD
Foreign Exchange Manager75,000 BSD
Fraud Analyst55,600 BSD
Fraud Detection Associate37,800 BSD
Fraud Detection Manager82,200 BSD
Fraud Detection Supervisor46,400 BSD
Internal Bank Audit Manager99,800 BSD
Internal Bank Auditor48,800 BSD
International Banking Manager105,000 BSD
Loan Analyst51,100 BSD
Loan Area Manager61,600 BSD
Loan Audit Team Leader57,700 BSD
Loan Branch Manager58,100 BSD
Loan Business Development Officer31,800 BSD
Loan Clerk18,900 BSD
Loan Collection Manager65,000 BSD
Loan Collector16,600 BSD
Loan Examiner22,400 BSD
Loan Processing Manager56,300 BSD
Loan Processor23,900 BSD
Loan Quality Assurance Auditor54,600 BSD
Loan Quality Assurance Manager61,700 BSD
Loan Quality Assurance Representative37,800 BSD
Loan Review Manager58,000 BSD
Loan Team Leader52,700 BSD
Mortgage Advisor36,800 BSD
Mortgage Collection Manager63,000 BSD
Mortgage Collector17,900 BSD
Mortgage Credit Analyst26,700 BSD
Mortgage Credit Manager57,000 BSD
Mortgage Development Manager66,500 BSD
Mortgage Document Reviewer23,000 BSD
Mortgage Funding Manager69,400 BSD
Mortgage Operations Manager90,900 BSD
Mortgage Payment Processing Clerk20,400 BSD
Mortgage Processing Manager62,300 BSD
Mortgage Processor24,900 BSD
Mortgage Quality Assurance Auditor53,600 BSD
Mortgage Quality Assurance Manager62,300 BSD
Mortgage Servicing Clerk17,700 BSD
Mortgage Servicing Manager57,000 BSD
Mortgage Underwriter21,400 BSD
Online Banking Manager90,500 BSD
Payment Processing Clerk18,800 BSD
Personal Banker36,700 BSD
Personal Banking Advisor 38,600 BSD
Phone Banker26,300 BSD
Private Banker38,800 BSD
Reconciliation and Investigation Specialist41,400 BSD
Teller17,400 BSD
Trade Officer21,800 BSD
Trade Product Manager63,500 BSD
Trader27,000 BSD
Treasury Operations Officer45,200 BSD

Banking Jobs Salary Distribution in Bahamas

Median and salary distribution yearly Bahamas Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Bahamas range from 16,000 BSD per year (minimum average salary) to 104,000 BSD per year (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 46,800 BSD per year, which means that half (50%) of people working in Banking are earning less than 46,800 BSD while the other half are earning more than 46,800 BSD. 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 28,200 BSD while 75% of them are earning more than 28,200 BSD. Also from the diagram, 75% of people working in Banking are earning less than 69,500 BSD while 25% are earning more than 69,500 BSD.


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 Bahamas costs anywhere from 19,500 Bahamian Dollar(s) to 58,400 Bahamian Dollar(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 yearly Bahamas 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 Bahamas who work in Banking earn 9% more than their female counterparts on average.

Male
52,600 BSD
Female-8%
48,300 BSD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Bahamas for all Careers

Salary comparison by gender yearly Bahamas
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Banking Average Annual Salary Increment Percentage in Bahamas

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

Banking

Banking professionals in Bahamas are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Bahamas 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.

Bahamas / 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 Bahamas is 2%.

Annual Increment Rate By Industry 2021

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Listed above are the average annual increase rates for each industry in Bahamas 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 Bahamas

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

44% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 56% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.

Received Bonus
56%
No Bonus
44%

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 Bahamas


24 BSD per hour

The average hourly wage (pay per hour) in Bahamas is 24 BSD. This means that the average person in Bahamas earns approximately 24 BSD 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 yearly Bahamas
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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 Bahamas earn 10% more than their private sector counterparts on average across all sectors.

Private Sector
45,300 BSD
Public Sector+10%
50,000 BSD
Percentage increase and decrease are relative to the previous value

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