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Banking Average Salaries in Oman 2021

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


Average Monthly Salary
1,920 OMR
( 23,100 OMR yearly)

LOW
610
OMR
AVERAGE
1,920
OMR
HIGH
3,950
OMR

A person working in Banking in Oman typically earns around 1,920 OMR per month. Salaries range from 610 OMR (lowest average) to 3,950 OMR (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 Analyst2,630 OMR
Assistant Bank Branch Manager2,340 OMR
Assistant Bank Manager3,150 OMR
ATM Manager2,570 OMR
ATM Service Technician680 OMR
Bank Accounts Analyst1,030 OMR
Bank Accounts Controller1,240 OMR
Bank Accounts Executive1,970 OMR
Bank Accounts Manager2,200 OMR
Bank Auditing Manager2,340 OMR
Bank Branch Manager3,000 OMR
Bank Clerk600 OMR
Bank Compliance Specialist1,580 OMR
Bank Manager3,630 OMR
Bank Operational Risk Manager3,590 OMR
Bank Operations Head3,610 OMR
Bank Operations Officer1,400 OMR
Bank Operations Specialist2,180 OMR
Bank Process Manager2,080 OMR
Bank Product Manager 2,450 OMR
Bank Programme Manager2,550 OMR
Bank Project Manager3,010 OMR
Bank Propositions Manager2,740 OMR
Bank Quantitative Analyst1,890 OMR
Bank Regional Manager3,650 OMR
Bank Regional Risk Officer1,980 OMR
Bank Relationship Manager2,850 OMR
Bank Relationship Officer1,270 OMR
Banker1,360 OMR
Banking Business Analyst1,930 OMR
Banking Business Development Officer1,210 OMR
Banking Business Planning Executive2,670 OMR
Banking Product Manager2,350 OMR
Banking Reference Data Manager2,100 OMR
Banking Risk Analyst1,960 OMR
Banking Technical Analyst1,010 OMR
Bankruptcy Coordinator1,380 OMR
Budget Analyst1,860 OMR
Cards Marketing Manager2,420 OMR
Cash Management Manager3,260 OMR
Check Processing Manager2,570 OMR
Commercial Vault Associate1,810 OMR
Corporate Dealer1,910 OMR
Credit Analyst1,520 OMR
Credit and Collections Manager2,550 OMR
Credit Card Fraud Investigator1,880 OMR
Credit Portfolio Manager3,500 OMR
Credit Risk Analyst2,080 OMR
Credit Risk Associate1,990 OMR
Direct Bank Sales Representative1,370 OMR
Financial Bank Planning Consultant2,510 OMR
Financial Banking Analysis Manager2,930 OMR
Financial Banking Assistant910 OMR
Financial Banking Systems Manager2,520 OMR
Foreign Exchange Manager2,870 OMR
Fraud Analyst2,120 OMR
Fraud Detection Associate1,370 OMR
Fraud Detection Manager2,920 OMR
Fraud Detection Supervisor1,590 OMR
Internal Bank Audit Manager3,410 OMR
Internal Bank Auditor1,930 OMR
International Banking Manager3,940 OMR
Loan Analyst1,890 OMR
Loan Area Manager2,410 OMR
Loan Audit Team Leader2,250 OMR
Loan Branch Manager2,150 OMR
Loan Business Development Officer1,120 OMR
Loan Clerk700 OMR
Loan Collection Manager2,270 OMR
Loan Collector640 OMR
Loan Examiner820 OMR
Loan Processing Manager2,150 OMR
Loan Processor860 OMR
Loan Quality Assurance Auditor1,870 OMR
Loan Quality Assurance Manager2,220 OMR
Loan Quality Assurance Representative1,420 OMR
Loan Review Manager2,070 OMR
Loan Team Leader1,970 OMR
Mortgage Advisor1,310 OMR
Mortgage Collection Manager2,340 OMR
Mortgage Collector630 OMR
Mortgage Credit Analyst990 OMR
Mortgage Credit Manager2,210 OMR
Mortgage Development Manager2,450 OMR
Mortgage Document Reviewer800 OMR
Mortgage Funding Manager2,540 OMR
Mortgage Operations Manager3,440 OMR
Mortgage Payment Processing Clerk730 OMR
Mortgage Processing Manager2,160 OMR
Mortgage Processor820 OMR
Mortgage Quality Assurance Auditor1,820 OMR
Mortgage Quality Assurance Manager2,220 OMR
Mortgage Servicing Clerk670 OMR
Mortgage Servicing Manager2,060 OMR
Mortgage Underwriter800 OMR
Online Banking Manager3,220 OMR
Payment Processing Clerk700 OMR
Personal Banker1,330 OMR
Personal Banking Advisor 1,430 OMR
Phone Banker900 OMR
Private Banker1,380 OMR
Reconciliation and Investigation Specialist1,550 OMR
Teller640 OMR
Trade Officer780 OMR
Trade Product Manager2,160 OMR
Trader960 OMR
Treasury Operations Officer1,710 OMR

Banking Jobs Salary Distribution in Oman

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

  • Salary Range

    Banking salaries in Oman range from 610 OMR per month (minimum average salary) to 3,950 OMR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 1,890 OMR per month, which means that half (50%) of people working in Banking are earning less than 1,890 OMR while the other half are earning more than 1,890 OMR. 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 1,120 OMR while 75% of them are earning more than 1,120 OMR. Also from the diagram, 75% of people working in Banking are earning less than 2,860 OMR while 25% are earning more than 2,860 OMR.


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 Oman costs anywhere from 8,850 Rial Omani(s) to 26,500 Rial Omani(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 Oman 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 Oman who work in Banking earn 16% more than their female counterparts on average.

Male
2,080 OMR
Female-14%
1,780 OMR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Oman for all Careers

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

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

Banking

Banking professionals in Oman are likely to observe a salary increase of approximately 9% every 17 months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.

Annual Salary Increment Rate Oman 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.

Oman / 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 Oman is 4%.

Annual Increment Rate By Industry 2020

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Listed above are the average annual increase rates for each industry in Oman for the year 2020. 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 Oman

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

26% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 74% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.

Received Bonus
74%
No Bonus
26%

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 Oman


11 OMR per hour

The average hourly wage (pay per hour) in Oman is 11 OMR. This means that the average person in Oman earns approximately 11 OMR 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 Oman
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The average salary for Banking is 9% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Muscat2,040 OMR
Salalah1,950 OMR

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 Oman earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
1,700 OMR
Public Sector+7%
1,820 OMR
Percentage increase and decrease are relative to the previous value

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