Drilling Engineer Average Salary in Panama 2022
How much money does a Drilling Engineer make in Panama?
LOW
960
PAB AVERAGE
1,850
PAB HIGH
2,830
PAB
A person working as a Drilling Engineer in Panama typically earns around 1,850 PAB per month. Salaries range from 960 PAB (lowest) to 2,830 PAB (highest).
This is the average monthly salary including housing, transport, and other benefits. Drilling Engineer salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Drilling Engineer Salary Distribution in Panama
The median, the maximum, the minimum, and the range
Salary Range
Drilling Engineer salaries in Panama range from 960 PAB per month (minimum salary) to 2,830 PAB per month (maximum salary).
Median Salary
The median salary is 1,770 PAB per month, which means that half (50%) of people working as Drilling Engineer(s) are earning less than 1,770 PAB while the other half are earning more than 1,770 PAB. 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 Drilling Engineer(s) are earning less than 1,230 PAB while 75% of them are earning more than 1,230 PAB. Also from the diagram, 75% of Drilling Engineer(s) are earning less than 2,210 PAB while 25% are earning more than 2,210 PAB.
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
Drilling Engineer Salary Comparison by Years of Experience
How does experience and age affect your pay?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Drilling Engineer salaries by experience level and this is what we found.
A Drilling Engineer with less than two years of experience makes approximately 1,090 PAB per month.
While someone with an experience level between two and five years is expected to earn 1,460 PAB per month, 34% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 1,900 PAB per month, 30% more than someone with two to five years of experience.
Additionally, Drilling Engineer(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 2,300 PAB per month, 21% 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 2,520 PAB per month, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 2,650 PAB per month, 5% more than people with fifteen to twenty years of experience.
Drilling Engineer average salary change by experience in Panama
| 0 - 2 Years | 1,090 PAB | |
| 2 - 5 Years | +34% | 1,460 PAB |
| 5 - 10 Years | +30% | 1,900 PAB |
| 10 - 15 Years | +21% | 2,300 PAB |
| 15 - 20 Years | +9% | 2,520 PAB |
| 20+ Years | +5% | 2,650 PAB |
Typical Salary Progress for Most Careers
Drilling Engineer Salary Comparison By Education
How do education levels affect salaries?
Displayed below is the average salary difference between different Drilling Engineer(s) who have the same experience but different education levels.
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 Drilling Engineer salaries by education level in order to make a comparison.
When the education level is Certificate or Diploma, the average salary of a Drilling Engineer is 1,300 PAB per month.
While someone with a Bachelor's Degree gets a salary of 1,970 PAB per month, 52% more than someone having a Certificate or Diploma degree.
A Master's Degree gets its holder an average salary of 2,790 PAB per month, 42% more than someone with a Bachelor's Degree.
Drilling Engineer average salary difference by education level in Panama
| Certificate or Diploma | 1,300 PAB | |
| Bachelor's Degree | +52% | 1,970 PAB |
| Master's Degree | +42% | 2,790 PAB |
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 Panama costs anywhere from 10,600 Balboa(s) to 31,800 Balboa(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 the thoery. 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.
Typical Salary Difference by Education for Most Careers
Drilling Engineer 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 Drilling Engineer employees in Panama earn 8% more than their female counterparts on average.
| Male | 1,930 PAB | |
| Female | -7% | 1,790 PAB |
Salary Comparison By Gender in Panama for all Careers
Drilling Engineer Average Annual Salary Increment Percentage in Panama
How much are annual salary increments in Panama for Drilling Engineer(s)? How often do employees get salary raises?
Drilling Engineer
Drilling Engineer(s) in Panama are likely to observe a salary increase of approximately 10% every 19 months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.
Panama / 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 | 5% | |
| Energy | 1% | |
| Information Technology | 6% | |
| Healthcare | 2% | |
| Travel | 7% | |
| Construction | 3% | |
| Education | 8% |
Listed above are the average annual increase rates for each industry in Panama 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
Drilling Engineer Bonus and Incentive Rates in Panama
How much and how often are bonuses being awarded?
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A Drilling Engineer is considered to be a low bonus-based job 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.
74% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 26% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 1% to 3% of their annual salary.
| Received Bonus | 26% | |
| No Bonus | 74% |
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.
Drilling Engineer Average Hourly Wage in Panama
11 PAB per hourThe average hourly wage (pay per hour) in Panama is 11 PAB. This means that the average Drilling Engineer in Panama earns approximately 11 PAB 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.
Drilling Engineer VS Other Jobs
The average salary for Drilling Engineer is 3% more than that of Engineering. Also, Engineering salaries are 16% less than those of All Jobs.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Acoustics Engineer | 1,760 PAB |  -5% |
| Assembly Engineering Technician | 1,410 PAB | -24% |
| Assistant Chief Engineer | 1,980 PAB |  +7% |
| Associate Engineer | 1,590 PAB | -14% |
| Autocad Operator | 1,150 PAB | -38% |
| Automation Engineer | 2,030 PAB | +10% |
| Avionic System Support Engineer | 1,690 PAB | -9% |
| Biochemical Engineer | 1,750 PAB | -5% |
| BMS Engineer | 1,730 PAB | -6% |
| Bridge and Lock Tender | 960 PAB | -48% |
| Broadcast Engineer | 1,880 PAB | +2% |
| CAD Design Engineer | 1,930 PAB | +4% |
| CAD Designer | 1,130 PAB | -39% |
| CAE Engineer | 1,720 PAB | -7% |
| Ceramics Engineer | 1,730 PAB | -6% |
| Civil Engineer | 1,890 PAB | +2% |
| Commissioning Engineer | 1,750 PAB | -5% |
| Communications Engineer | 2,010 PAB | +9% |
| Condition Monitoring Engineer | 1,530 PAB | -17% |
| Contract Associate Engineer | 1,780 PAB | -4% |
| Control Systems Engineer | 1,730 PAB | -6% |
| Controls Engineer | 1,850 PAB | +0% |
| Controls Software Engineer | 1,660 PAB | -10% |
| Corrosion Engineer | 1,680 PAB | -9% |
| Design Engineer | 1,820 PAB | -1% |
| Drafter | 1,190 PAB | -36% |
| Drafting Manager | 2,120 PAB | +15% |
| Drilling Engineer | 1,850 PAB | +0% |
| Electrical Draughtsman | 910 PAB | -51% |
| Electrical Engineer | 2,020 PAB | +9% |
| Electrical Engineering Manager | 2,560 PAB | +39% |
| Electromechanical Engineering Technologist | 2,010 PAB | +9% |
| Electromechanical Equipment Assembler | 950 PAB | -49% |
| Energy Engineer | 1,880 PAB | +2% |
| Engine Assembler | 790 PAB | -57% |
| Engineer | 2,010 PAB | +9% |
| Engineering Account Manager | 2,060 PAB | +12% |
| Engineering Chief Designer | 2,160 PAB | +17% |
| Engineering Consultant | 2,460 PAB | +33% |
| Engineering Key Account Manager | 2,760 PAB | +49% |
| Engineering Lab Technician | 1,710 PAB | -7% |
| Engineering Planning Manager | 2,620 PAB | +42% |
| Engineering Production Manager | 3,120 PAB | +69% |
| Engineering Project Analyst | 2,110 PAB | +14% |
| Engineering Project Coordinator | 2,020 PAB | +9% |
| Engineering Project Director | 3,690 PAB | +100% |
| Engineering Project Manager | 2,590 PAB | +40% |
| Engineering Research and Development Manager | 2,820 PAB | +53% |
| Engineering Safety Coordinator | 1,380 PAB | -25% |
| Engineering Sales Manager | 2,450 PAB | +33% |
| Engineering Technician | 1,430 PAB | -23% |
| Engineering Technologist | 1,360 PAB | -26% |
| Environmental Engineer | 1,810 PAB | -2% |
| Equipment Engineer | 1,630 PAB | -12% |
| Equipment Engineering Manager | 2,510 PAB | +36% |
| Estimator | 1,630 PAB | -12% |
| Fabrication Specialist | 1,340 PAB | -27% |
| Fabricator | 830 PAB | -55% |
| Facade Engineer | 1,810 PAB | -2% |
| Fiber Analyst | 1,090 PAB | -41% |
| Field Engineer | 1,920 PAB | +4% |
| Field Engineering Manager | 3,010 PAB | +63% |
| Fire Engineer | 1,850 PAB | +0% |
| Fitter and Turner | 570 PAB | -69% |
| Forestry Strategic Planner | 2,090 PAB | +13% |
| Generation Engineer | 1,830 PAB | -1% |
| Genetic Engineer | 1,990 PAB | +8% |
| Geological Engineer | 1,910 PAB | +3% |
| Geotechnical Engineer | 2,030 PAB | +10% |
| Heavy Equipment Mechanic | 1,000 PAB | -46% |
| Highway Engineer | 1,840 PAB | -0% |
| HSE Professional | 1,670 PAB | -10% |
| HVAC Engineer | 1,900 PAB | +3% |
| HVAC Supervisor | 1,590 PAB | -14% |
| Industrial Engineer | 1,840 PAB | -0% |
| Industrial Engineering Technologist | 1,760 PAB | -5% |
| Instrument Engineer | 1,810 PAB | -2% |
| Instrumentation and Control Engineer | 1,860 PAB | +1% |
| Instrumentation Engineer | 1,870 PAB | +1% |
| Instrumentation Manager | 1,740 PAB | -6% |
| Irrigation Engineer | 1,790 PAB | -3% |
| Licensed Aircraft Engineer | 2,020 PAB | +9% |
| Locomotive Engineer | 1,790 PAB | -3% |
| Maintenance Engineer | 1,680 PAB | -9% |
| Maintenance Fitter | 670 PAB | -64% |
| Maintenance Manager | 1,760 PAB | -5% |
| Manufacturing Engineer | 1,840 PAB | -0% |
| Marine Engineer | 1,860 PAB | +1% |
| Materials Engineer | 1,750 PAB | -5% |
| Materials Researcher | 1,630 PAB | -12% |
| Materials Technician | 1,340 PAB | -27% |
| Mechanical and Electrical Engineer | 2,060 PAB | +12% |
| Mechanical Design Engineer | 1,940 PAB | +5% |
| Mechanical Designer | 1,520 PAB | -18% |
| Mechanical Engineer | 2,040 PAB | +10% |
| Mechanical Engineering Manager | 2,600 PAB | +41% |
| Mechanical Inspector | 1,800 PAB | -3% |
| Mechatronics Engineer | 1,930 PAB | +4% |
| Mining Engineer | 1,870 PAB | +1% |
| Oil and Petrochemical Engineer | 2,090 PAB | +13% |
| Optical Engineer | 1,790 PAB | -3% |
| Optical Instrument Assembler | 900 PAB | -51% |
| PCB Assembler | 660 PAB | -64% |
| Photonics Engineer | 1,970 PAB | +7% |
| Photonics Technician | 1,720 PAB | -7% |
| Pipeline Engineer | 1,600 PAB | -13% |
| Piping Designer | 1,020 PAB | -45% |
| Piping Engineer | 1,660 PAB | -10% |
| Planning Engineer | 1,850 PAB | +0% |
| Pressure Vessel Inspector | 830 PAB | -55% |
| Principal Cost Engineer | 1,930 PAB | +4% |
| Principal Engineer | 1,860 PAB | +1% |
| Principal Support Engineer | 1,800 PAB | -3% |
| Process Engineer | 1,830 PAB | -1% |
| Process Operator | 1,130 PAB | -39% |
| Product Development Engineer | 1,860 PAB | +1% |
| Product Development Technician | 1,380 PAB | -25% |
| Product Engineer | 1,990 PAB | +8% |
| Product Safety Engineer | 1,710 PAB | -7% |
| Production Engineer | 1,820 PAB | -1% |
| Project Engineer | 1,960 PAB | +6% |
| Proposal Manager | 2,440 PAB | +32% |
| Purchasing Engineer | 1,660 PAB | -10% |
| Quality Assurance Engineer | 1,770 PAB | -4% |
| Rail Engineer | 1,930 PAB | +4% |
| Robotics Engineer | 2,010 PAB | +9% |
| Robotics Technician | 1,560 PAB | -16% |
| Safety Engineer | 1,850 PAB | +0% |
| Safety Inspector | 1,400 PAB | -24% |
| Safety Manager | 2,210 PAB | +20% |
| Safety Officer | 960 PAB | -48% |
| Sales Engineer | 1,940 PAB | +5% |
| Scheduling Engineer | 1,640 PAB | -11% |
| Service Engineer | 1,900 PAB | +3% |
| Solar Engineer | 1,980 PAB | +7% |
| Staff Engineer | 1,820 PAB | -1% |
| Static Equipment Engineer | 1,850 PAB | +0% |
| Stationary Engineer | 1,680 PAB | -9% |
| Stress Engineer | 1,780 PAB | -4% |
| Structural Analysis Engineer | 1,820 PAB | -1% |
| Structural Designer | 1,640 PAB | -11% |
| Structural Engineer | 1,760 PAB | -5% |
| Structural Technician | 1,230 PAB | -33% |
| Supply Chain Specialist | 1,830 PAB | -1% |
| Surveyor | 1,410 PAB | -24% |
| Technical Affairs Officer | 930 PAB | -50% |
| Technical Assistant | 930 PAB | -50% |
| Technical Engineer | 1,610 PAB | -13% |
| Technical Support Engineer | 1,530 PAB | -17% |
| Tender Engineer | 1,650 PAB | -11% |
| Test Development Engineer | 1,750 PAB | -5% |
| Transportation Engineer | 1,700 PAB | -8% |
| Validation Engineer | 1,620 PAB | -12% |
| Verification Engineer | 1,770 PAB | -4% |
| Wastewater Engineer | 1,780 PAB | -4% |
| Wind Energy Engineer | 1,790 PAB | -3% |
| Wind Energy Operations Manager | 2,500 PAB | +35% |
| Work Planner | 1,340 PAB | -27% |
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 Panama earn 5% more than their private sector counterparts on average across all sectors.
| Private Sector | 2,060 PAB | |
| Public Sector | +5% | 2,170 PAB |
