Financial Manager Average Salary in Saint Lucia 2024
How much money does a person working as Financial Manager make in Saint Lucia?
LOW
2,780
XCD AVERAGE
5,560
XCD HIGH
8,620
XCD
A person working as Financial Manager in Saint Lucia typically earns around 5,560 XCD. Salaries range from 2,780 XCD (lowest) to 8,620 XCD (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Financial Manager salaries in Saint Lucia vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Financial Manager Pay Scale and Salaries in Saint Lucia
Salary Structure and Pay Scale Comparison
5,120 XCD or more
4,530 to 5,120 XCD
3,250 XCD or less
3,250 to 4,530 XCD
 2,780 XCD |
5,150 XCD |
8,620 XCD |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Financial Manager in Saint Lucia range from 2,780 XCD (starting salary) to 8,620 XCD (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 5,150 XCD, half of the professionals who work as Financial Manager in Saint Lucia earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Financial Manager in Saint Lucia earn less than 4,230 XCD, while 75% earn more. Similarly, the chart shows that 75% earn less than 5,870 XCD while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Financial Manager in Saint Lucia compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 3,250 XCD to 4,530 XCD. About 20% of salaries are below the 3,250 XCD mark, while 10% fall within the range of 4,530 XCD to 5,120 XCD. Only 5% of individuals have salaries exceeding 5,120 XCD.
Salary Comparison by Years of Experience / Financial Manager / Saint Lucia
How do experience and age affect pay?
| 0 - 2 Years | 3,340 XCD | |
| 2 - 5 Years | +32% | 4,420 XCD |
| 5 - 10 Years | +34% | 5,910 XCD |
| 10 - 15 Years | +19% | 7,050 XCD |
| 15 - 20 Years | +8% | 7,600 XCD |
| 20+ Years | +7% | 8,160 XCD |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Financial Manager and this is what we found.
Employees with less than two years of experience earn approximately 3,340 XCD.
While someone with an experience level between two and five years is expected to earn 4,420 XCD, 32% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 5,910 XCD, 34% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 7,050 XCD, 19% 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 7,600 XCD, 8% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 8,160 XCD, 7% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Financial Manager / Saint Lucia
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Financial Manager.
| Certificate or Diploma | 4,420 XCD | |
| Bachelor's Degree | +37% | 6,050 XCD |
| Master's Degree | +29% | 7,810 XCD |
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 salaries by education level for the position Financial Manager in order to make a comparison.
Level 1: Certificate or Diploma
Employees at this education level have an average salary of 4,420 XCD.
Level 2: Bachelor's Degree
At this level, the average salary becomes 6,050 XCD, 37% more than the previous level.
Level 3: Master's Degree
At this level, the average salary becomes 7,810 XCD, 29% more than the previous level.
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 Saint Lucia costs anywhere from 14,200 XCD to 42,500 XCD 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 to a higher-paying job. The numbers seem to support the theory. 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 and Compensation Comparison By Gender / Financial Manager / Saint Lucia
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Financial Manager in Saint Lucia, the average difference between the salary of male and female employees is 6%.
| Male | 5,720 XCD | |
| Female | -6% | 5,370 XCD |
Salary Comparison By Gender in Saint Lucia for all Careers
Average Annual Salary Increment Percentage / Financial Manager / Saint Lucia
How much are annual salary increments in Saint Lucia for individuals working as Financial Manager? How often do employees get salary raises?
Individuals working as Financial Manager in Saint Lucia are likely to observe a salary increase of approximately 10% every 29 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.
Saint Lucia / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Bonus and Incentive Rates / Financial Manager / Saint Lucia
How much and how often are bonuses being awarded?
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36% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 64% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 5% to 8% of their annual salary.
| Received Bonus | 64% | |
| No Bonus | 36% |
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.
Average Hourly Wage / Financial Manager / Saint Lucia
32 XCD per hourThe average hourly wage (pay per hour) for individuals working as Financial Manager in Saint Lucia is 32 XCD.This is the rate they get paid for every worked hour.
About The Hourly Pay Rate
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 fixed 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.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for people working as Financial Manager in Saint Lucia is 16 XCD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Accounting and Finance |  -100% | |
| Accountant | 1,830 XCD | -67% |
| Accounting Assistant | 1,410 XCD | -75% |
| Accounting Manager | 4,200 XCD | -25% |
| Bookkeeper | 1,210 XCD | -78% |
| Chartered Accountant | 2,350 XCD | -58% |
| Corporate Treasurer | 3,600 XCD | -35% |
| Financial Analyst | 3,600 XCD | -35% |
| Financial Manager | 5,560 XCD | -0% |
| Internal Auditor | 2,540 XCD | -54% |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Saint Lucia is 21% on average across all career fields.
| Private Sector | 2,580 XCD | |
| Public Sector | +21% | 3,120 XCD |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Financial Manager in Saint Lucia?
A good and competitive compensation would range anywhere between 5,150 XCD and 5,870 XCD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Financial Manager in Saint Lucia ranges from 2,780 XCD to 4,230 XCD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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
