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Petroleum Geologist Average Salary in Panama 2021

How much money does a Petroleum Geologist make in Panama?


Average Monthly Salary
3,550 PAB
( 42,600 PAB yearly)

LOW
1,850
PAB
AVERAGE
3,550
PAB
HIGH
5,430
PAB

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 Salary Distribution in Panama

Median and salary distribution monthly Panama Petroleum Geologist
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The median, the maximum, the minimum, and the range

  • Salary Range

    Petroleum Geologist salaries in Panama range from 1,850 PAB per month (minimum salary) to 5,430 PAB per month (maximum salary).

  • Median 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.

  • Percentiles

    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.


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

Petroleum Geologist Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Panama Petroleum Geologist
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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.

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.

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.


Petroleum Geologist average salary change by experience in Panama

0 - 2 Years
2,100 PAB
2 - 5 Years+34%
2,810 PAB
5 - 10 Years+30%
3,660 PAB
10 - 15 Years+21%
4,430 PAB
15 - 20 Years+9%
4,840 PAB
20+ Years+5%
5,090 PAB
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Petroleum Geologist Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Petroleum Geologist(s) who have the same experience but different education levels.

Salary comparison by education level monthly Panama Petroleum Geologist
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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.


Petroleum Geologist average salary difference by education level in Panama

Bachelor's Degree
2,710 PAB
Master's Degree+24%
3,350 PAB
PhD+60%
5,360 PAB
Percentage increase and decrease are relative to the previous value

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

Salary Comparison By Education Level
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Petroleum Geologist Salary Comparison By Gender

Salary comparison by gender monthly Panama Petroleum Geologist
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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 Petroleum Geologist employees in Panama earn 8% more than their female counterparts on average.

Male
3,710 PAB
Female-7%
3,430 PAB
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Panama for all Careers

Salary comparison by gender monthly Panama
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Petroleum Geologist Average Annual Salary Increment Percentage in Panama

How much are annual salary increments in Panama for Petroleum Geologist(s)? How often do employees get salary raises?

Petroleum Geologist

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.

Annual Salary Increment Rate Panama Petroleum Geologist
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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.

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

The average salary increase in one year (12 months) in Panama is 4%.

Annual Increment Rate By Industry 2020

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 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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Petroleum Geologist Bonus and Incentive Rates in Panama

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Panama Petroleum Geologist
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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.

Received Bonus
53%
No Bonus
47%

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.

Petroleum Geologist Average Hourly Wage in Panama


20 PAB per hour

The average hourly wage (pay per hour) in Panama is 20 PAB. This means that the average Petroleum Geologist in Panama earns approximately 20 PAB 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.

Petroleum Geologist VS Other Jobs

Salary Comparison Between Petroleum Geologist and Oil  / Gas / Energy / Mining monthly Panama
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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.

Salary comparison with similar jobs

Job TitleAverage Salary
Assistant Yard Manager1,770 PAB-50%
Associate Analyst2,040 PAB-43%
Associate Landman850 PAB-76%
Auxiliary Equipment Operator770 PAB-78%
Biomass Plant Technician930 PAB-74%
Biomass Power Plant Manager2,570 PAB-28%
Chemical Plant Operator1,560 PAB-56%
Chief Contract Compliance Engineer1,990 PAB-44%
Completions Engineer1,780 PAB-50%
Cost Controller1,430 PAB-60%
Crude Oil Marketing Representative2,050 PAB-42%
Dispatcher770 PAB-78%
Distribution Manager2,610 PAB-26%
Dragline Operator880 PAB-75%
Driller Offsider690 PAB-81%
Dump Truck Driver760 PAB-79%
Electric and Gas Operations Manager4,360 PAB+23%
Energy Advisor2,850 PAB-20%
Energy Analyst2,760 PAB-22%
Energy Auditor2,360 PAB-34%
Energy Dispatch Director3,180 PAB-10%
Energy Technical Assistant1,210 PAB-66%
Energy Technical Manager2,250 PAB-37%
Energy Technical Trainer1,650 PAB-54%
Exploration Manager3,450 PAB-3%
Field Safety Auditor2,070 PAB-42%
Fluids Engineer1,820 PAB-49%
Fuel Cell Engineer2,100 PAB-41%
Fuel Cell Technician970 PAB-73%
Fuels Handler890 PAB-75%
Gas Compressor Operator840 PAB-76%
Gas Distribution Plant Operator1,510 PAB-57%
Gas Supply Manager2,810 PAB-21%
Geologist3,550 PAB=
Geophysicist3,310 PAB-7%
Geothermal Production Manager3,190 PAB-10%
Geothermal Technician1,400 PAB-61%
HSE Engineer2,000 PAB-44%
HSE Officer1,180 PAB-67%
HSEQ Administrator1,290 PAB-64%
Inspector1,750 PAB-51%
Instructor1,480 PAB-58%
Instrument Designer1,470 PAB-59%
Lead Technical Field Advisor2,370 PAB-33%
Logistics and Tool Coordinator1,690 PAB-52%
Maintenance Engineer1,930 PAB-46%
Maintenance Superintendent1,760 PAB-50%
Material Controller1,240 PAB-65%
Mine Engineer1,850 PAB-48%
Mine Surveyor2,140 PAB-40%
Mining Project Administrator1,590 PAB-55%
Mining Project Assistant1,270 PAB-64%
Mining Project Controls Consultant2,150 PAB-39%
Mining Project Coordinator1,710 PAB-52%
Mining Project Engineer1,810 PAB-49%
Mining Project Manager2,400 PAB-32%
Mining Site Manager2,420 PAB-32%
Mining Team Leader2,010 PAB-43%
NDT Technician1,150 PAB-68%
Oil Service Unit Operator990 PAB-72%
Oil Trader2,370 PAB-33%
Oilwell Pumper690 PAB-81%
Petroleum Engineer 2,080 PAB-41%
Petroleum Geologist3,550 PAB=
Petroleum Pump System Operator1,030 PAB-71%
Pipeline Technician730 PAB-79%
Power Coordinator1,210 PAB-66%
Power Plant Operations Manager3,630 PAB+2%
Power Plant Operator1,520 PAB-57%
Radio Operator820 PAB-77%
Reliability Engineer1,900 PAB-46%
Reservoir Engineer1,770 PAB-50%
Risk Analyst2,320 PAB-35%
Roughneck1,870 PAB-47%
Scaffolder1,300 PAB-63%
Shutdown Engineer1,630 PAB-54%
Solar Energy Installation Manager2,820 PAB-21%
Solar Energy Systems Engineer1,920 PAB-46%
Solar Photovoltaic Installer1,290 PAB-64%
Solar Thermal Technician1,190 PAB-66%
Supply Operations Manager3,100 PAB-13%
Sustainability Specialist3,180 PAB-10%
System Development Advisor2,150 PAB-39%
Tanker Truck Driver750 PAB-79%
Utility Operator1,010 PAB-72%
Wind Energy Project Manager2,620 PAB-26%

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
Percentage increase and decrease are relative to the previous value

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