A person working as a Petroleum Geologist in Panama typically earns around 3,550 PAB per month. Salaries range from 1,850 PAB (lowest) to 5,430 PAB (highest).
This is the average monthly salary including housing, transport, and other benefits. Petroleum Geologist salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Petroleum Geologist salaries in Panama range from 1,850 PAB per month (minimum salary) to 5,430 PAB per month (maximum salary).
The median salary is 3,410 PAB per month, which means that half (50%) of people working as Petroleum Geologist(s) are earning less than 3,410 PAB while the other half are earning more than 3,410 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.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Petroleum Geologist(s) are earning less than 2,360 PAB while 75% of them are earning more than 2,360 PAB. Also from the diagram, 75% of Petroleum Geologist(s) are earning less than 4,240 PAB while 25% are earning more than 4,240 PAB.
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
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 Petroleum Geologist salaries by experience level and this is what we found.
A Petroleum Geologist with less than two years of experience makes approximately 2,100 PAB per month.
While someone with an experience level between two and five years is expected to earn 2,810 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 3,660 PAB per month, 30% more than someone with two to five years of experience.
Additionally, Petroleum Geologist(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 4,430 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 4,840 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 5,090 PAB per month, 5% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+30%|
|10 - 15 Years||+21%|
|15 - 20 Years||+9%|
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 Petroleum Geologist salaries by education level in order to make a comparison.
When the education level is Bachelor's Degree, the average salary of a Petroleum Geologist is 2,710 PAB per month.
While someone with a Master's Degree gets a salary of 3,350 PAB per month, 24% more than someone having a Bachelor's Degree degree.
A PhD gets its holder an average salary of 5,360 PAB per month, 60% more than someone with a Master's Degree.
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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Petroleum Geologist employees in Panama earn 8% more than their female counterparts on average.
Petroleum Geologist(s) in Panama are likely to observe a salary increase of approximately 12% every 19 months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.
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.
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
Listed above are the average annual increase rates for each industry in Panama 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.
A Petroleum Geologist is considered to be a moderate 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.
47% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 53% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.
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.
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.
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.
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.
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.
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.
The average salary for Petroleum Geologist is 86% more than that of Oil / Gas / Energy / Mining. Also, Oil / Gas / Energy / Mining salaries are 10% less than those of All Jobs.
|Job Title||Average Salary|
|Assistant Yard Manager||1,770 PAB||-50%|
|Associate Analyst||2,040 PAB||-43%|
|Associate Landman||850 PAB||-76%|
|Auxiliary Equipment Operator||770 PAB||-78%|
|Biomass Plant Technician||930 PAB||-74%|
|Biomass Power Plant Manager||2,570 PAB||-28%|
|Chemical Plant Operator||1,560 PAB||-56%|
|Chief Contract Compliance Engineer||1,990 PAB||-44%|
|Completions Engineer||1,780 PAB||-50%|
|Cost Controller||1,430 PAB||-60%|
|Crude Oil Marketing Representative||2,050 PAB||-42%|
|Distribution Manager||2,610 PAB||-26%|
|Dragline Operator||880 PAB||-75%|
|Driller Offsider||690 PAB||-81%|
|Dump Truck Driver||760 PAB||-79%|
|Electric and Gas Operations Manager||4,360 PAB||+23%|
|Energy Advisor||2,850 PAB||-20%|
|Energy Analyst||2,760 PAB||-22%|
|Energy Auditor||2,360 PAB||-34%|
|Energy Dispatch Director||3,180 PAB||-10%|
|Energy Technical Assistant||1,210 PAB||-66%|
|Energy Technical Manager||2,250 PAB||-37%|
|Energy Technical Trainer||1,650 PAB||-54%|
|Exploration Manager||3,450 PAB||-3%|
|Field Safety Auditor||2,070 PAB||-42%|
|Fluids Engineer||1,820 PAB||-49%|
|Fuel Cell Engineer||2,100 PAB||-41%|
|Fuel Cell Technician||970 PAB||-73%|
|Fuels Handler||890 PAB||-75%|
|Gas Compressor Operator||840 PAB||-76%|
|Gas Distribution Plant Operator||1,510 PAB||-57%|
|Gas Supply Manager||2,810 PAB||-21%|
|Geothermal Production Manager||3,190 PAB||-10%|
|Geothermal Technician||1,400 PAB||-61%|
|HSE Engineer||2,000 PAB||-44%|
|HSE Officer||1,180 PAB||-67%|
|HSEQ Administrator||1,290 PAB||-64%|
|Instrument Designer||1,470 PAB||-59%|
|Lead Technical Field Advisor||2,370 PAB||-33%|
|Logistics and Tool Coordinator||1,690 PAB||-52%|
|Maintenance Engineer||1,930 PAB||-46%|
|Maintenance Superintendent||1,760 PAB||-50%|
|Material Controller||1,240 PAB||-65%|
|Mine Engineer||1,850 PAB||-48%|
|Mine Surveyor||2,140 PAB||-40%|
|Mining Project Administrator||1,590 PAB||-55%|
|Mining Project Assistant||1,270 PAB||-64%|
|Mining Project Controls Consultant||2,150 PAB||-39%|
|Mining Project Coordinator||1,710 PAB||-52%|
|Mining Project Engineer||1,810 PAB||-49%|
|Mining Project Manager||2,400 PAB||-32%|
|Mining Site Manager||2,420 PAB||-32%|
|Mining Team Leader||2,010 PAB||-43%|
|NDT Technician||1,150 PAB||-68%|
|Oil Service Unit Operator||990 PAB||-72%|
|Oil Trader||2,370 PAB||-33%|
|Oilwell Pumper||690 PAB||-81%|
|Petroleum Engineer||2,080 PAB||-41%|
|Petroleum Geologist||3,550 PAB||=|
|Petroleum Pump System Operator||1,030 PAB||-71%|
|Pipeline Technician||730 PAB||-79%|
|Power Coordinator||1,210 PAB||-66%|
|Power Plant Operations Manager||3,630 PAB||+2%|
|Power Plant Operator||1,520 PAB||-57%|
|Radio Operator||820 PAB||-77%|
|Reliability Engineer||1,900 PAB||-46%|
|Reservoir Engineer||1,770 PAB||-50%|
|Risk Analyst||2,320 PAB||-35%|
|Shutdown Engineer||1,630 PAB||-54%|
|Solar Energy Installation Manager||2,820 PAB||-21%|
|Solar Energy Systems Engineer||1,920 PAB||-46%|
|Solar Photovoltaic Installer||1,290 PAB||-64%|
|Solar Thermal Technician||1,190 PAB||-66%|
|Supply Operations Manager||3,100 PAB||-13%|
|Sustainability Specialist||3,180 PAB||-10%|
|System Development Advisor||2,150 PAB||-39%|
|Tanker Truck Driver||750 PAB||-79%|
|Utility Operator||1,010 PAB||-72%|
|Wind Energy Project Manager||2,620 PAB||-26%|
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.