A person working in Banking in Saudi Arabia typically earns around 18,200 SAR per month. Salaries range from 5,720 SAR (lowest average) to 37,300 SAR (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.
|Job Title||Average Salary|
|AML Analyst||25,400 SAR|
|Assistant Bank Branch Manager||20,300 SAR|
|Assistant Bank Manager||28,300 SAR|
|ATM Manager||23,700 SAR|
|ATM Service Technician||6,470 SAR|
|Bank Accounts Analyst||9,290 SAR|
|Bank Accounts Controller||12,500 SAR|
|Bank Accounts Executive||18,400 SAR|
|Bank Accounts Manager||21,200 SAR|
|Bank Auditing Manager||20,700 SAR|
|Bank Branch Manager||28,000 SAR|
|Bank Clerk||5,570 SAR|
|Bank Compliance Specialist||15,100 SAR|
|Bank Manager||34,400 SAR|
|Bank Operational Risk Manager||33,200 SAR|
|Bank Operations Head||35,700 SAR|
|Bank Operations Officer||14,000 SAR|
|Bank Operations Specialist||21,300 SAR|
|Bank Process Manager||18,000 SAR|
|Bank Product Manager||22,600 SAR|
|Bank Programme Manager||22,200 SAR|
|Bank Project Manager||27,700 SAR|
|Bank Propositions Manager||24,300 SAR|
|Bank Quantitative Analyst||17,600 SAR|
|Bank Regional Manager||36,000 SAR|
|Bank Regional Risk Officer||17,600 SAR|
|Bank Relationship Manager||26,200 SAR|
|Bank Relationship Officer||11,400 SAR|
|Banking Business Analyst||17,800 SAR|
|Banking Business Development Officer||11,400 SAR|
|Banking Business Planning Executive||24,100 SAR|
|Banking Product Manager||21,700 SAR|
|Banking Reference Data Manager||19,300 SAR|
|Banking Risk Analyst||18,000 SAR|
|Banking Technical Analyst||9,050 SAR|
|Bankruptcy Coordinator||12,600 SAR|
|Budget Analyst||16,600 SAR|
|Cards Marketing Manager||21,900 SAR|
|Cash Management Manager||31,700 SAR|
|Check Processing Manager||23,200 SAR|
|Commercial Vault Associate||16,400 SAR|
|Corporate Dealer||18,700 SAR|
|Credit Analyst||13,600 SAR|
|Credit and Collections Manager||23,300 SAR|
|Credit Card Fraud Investigator||17,700 SAR|
|Credit Portfolio Manager||31,900 SAR|
|Credit Risk Analyst||19,900 SAR|
|Credit Risk Associate||19,600 SAR|
|Direct Bank Sales Representative||12,000 SAR|
|Financial Bank Planning Consultant||22,400 SAR|
|Financial Banking Analysis Manager||24,500 SAR|
|Financial Banking Assistant||8,710 SAR|
|Financial Banking Systems Manager||24,700 SAR|
|Foreign Exchange Manager||26,200 SAR|
|Fraud Analyst||18,000 SAR|
|Fraud Detection Associate||12,800 SAR|
|Fraud Detection Manager||27,300 SAR|
|Fraud Detection Supervisor||15,400 SAR|
|Internal Bank Audit Manager||31,500 SAR|
|Internal Bank Auditor||16,600 SAR|
|International Banking Manager||34,700 SAR|
|Loan Analyst||17,800 SAR|
|Loan Area Manager||22,000 SAR|
|Loan Audit Team Leader||20,600 SAR|
|Loan Branch Manager||20,200 SAR|
|Loan Business Development Officer||10,800 SAR|
|Loan Clerk||6,270 SAR|
|Loan Collection Manager||21,000 SAR|
|Loan Collector||5,630 SAR|
|Loan Examiner||7,440 SAR|
|Loan Processing Manager||18,200 SAR|
|Loan Processor||7,530 SAR|
|Loan Quality Assurance Auditor||18,500 SAR|
|Loan Quality Assurance Manager||20,400 SAR|
|Loan Quality Assurance Representative||13,500 SAR|
|Loan Review Manager||20,200 SAR|
|Loan Team Leader||17,900 SAR|
|Mortgage Advisor||12,200 SAR|
|Mortgage Collection Manager||20,400 SAR|
|Mortgage Collector||5,640 SAR|
|Mortgage Credit Analyst||9,080 SAR|
|Mortgage Credit Manager||18,900 SAR|
|Mortgage Development Manager||21,500 SAR|
|Mortgage Document Reviewer||8,010 SAR|
|Mortgage Funding Manager||23,600 SAR|
|Mortgage Operations Manager||30,100 SAR|
|Mortgage Payment Processing Clerk||6,580 SAR|
|Mortgage Processing Manager||20,700 SAR|
|Mortgage Processor||8,040 SAR|
|Mortgage Quality Assurance Auditor||16,900 SAR|
|Mortgage Quality Assurance Manager||19,200 SAR|
|Mortgage Servicing Clerk||6,160 SAR|
|Mortgage Servicing Manager||19,400 SAR|
|Mortgage Underwriter||7,090 SAR|
|Online Banking Manager||29,300 SAR|
|Payment Processing Clerk||5,910 SAR|
|Personal Banker||12,200 SAR|
|Personal Banking Advisor||12,500 SAR|
|Phone Banker||8,300 SAR|
|Private Banker||13,200 SAR|
|Reconciliation and Investigation Specialist||13,700 SAR|
|Trade Officer||7,060 SAR|
|Trade Product Manager||20,000 SAR|
|Treasury Operations Officer||16,200 SAR|
Banking salaries in Saudi Arabia range from 5,720 SAR per month (minimum average salary) to 37,300 SAR per month (maximum average salary, actual maximum is higher).
The median salary is 19,300 SAR per month, which means that half (50%) of people working in Banking are earning less than 19,300 SAR while the other half are earning more than 19,300 SAR. 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 people working in Banking are earning less than 11,200 SAR while 75% of them are earning more than 11,200 SAR. Also from the diagram, 75% of people working in Banking are earning less than 30,000 SAR while 25% are earning more than 30,000 SAR.
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 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.
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.
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.
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.
A Master's degree program or any post-graduate program in Saudi Arabia costs anywhere from 83,500 Saudi Riyal(s) to 251,000 Saudi Riyal(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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Saudi Arabia who work in Banking earn 13% more than their female counterparts on average.
Banking professionals in Saudi Arabia are likely to observe a salary increase of approximately 10% every 15 months. The national average annual increment for all professions combined is 8% granted to employees every 17 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 Saudi Arabia 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.
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.
20% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 80% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 5% to 9% 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 Banking is 9% more than that of All Jobs.
Where can you get paid more, working for a private company or for the government? Public sector employees in Saudi Arabia earn 7% more than their private sector counterparts on average across all sectors.