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Banking Average Salaries in Riyadh 2021

How much money does a person working in Banking make in Riyadh?

Average Monthly Salary
19,200 SAR
( 230,000 SAR yearly)


A person working in Banking in Riyadh typically earns around 19,200 SAR per month. Salaries range from 6,040 SAR (lowest average) to 39,400 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.

Salaries for specific jobs

Job TitleAverage Salary
AML Analyst27,100 SAR
Assistant Bank Branch Manager22,000 SAR
Assistant Bank Manager28,900 SAR
ATM Manager25,700 SAR
ATM Service Technician6,740 SAR
Bank Accounts Analyst9,730 SAR
Bank Accounts Controller13,100 SAR
Bank Accounts Executive18,500 SAR
Bank Accounts Manager22,600 SAR
Bank Auditing Manager22,800 SAR
Bank Branch Manager31,500 SAR
Bank Clerk5,740 SAR
Bank Compliance Specialist16,500 SAR
Bank Manager36,800 SAR
Bank Operational Risk Manager36,500 SAR
Bank Operations Head37,600 SAR
Bank Operations Officer14,000 SAR
Bank Operations Specialist21,800 SAR
Bank Process Manager20,700 SAR
Bank Product Manager 22,700 SAR
Bank Programme Manager24,000 SAR
Bank Project Manager29,700 SAR
Bank Propositions Manager25,200 SAR
Bank Quantitative Analyst18,600 SAR
Bank Regional Manager36,400 SAR
Bank Regional Risk Officer18,500 SAR
Bank Relationship Manager28,100 SAR
Bank Relationship Officer12,600 SAR
Banker13,100 SAR
Banking Business Analyst19,500 SAR
Banking Business Development Officer12,100 SAR
Banking Business Planning Executive26,200 SAR
Banking Product Manager23,900 SAR
Banking Reference Data Manager21,000 SAR
Banking Risk Analyst19,000 SAR
Banking Technical Analyst9,730 SAR
Bankruptcy Coordinator13,700 SAR
Budget Analyst19,000 SAR
Cards Marketing Manager23,000 SAR
Cash Management Manager32,100 SAR
Check Processing Manager24,900 SAR
Commercial Vault Associate18,800 SAR
Corporate Dealer20,000 SAR
Credit Analyst14,200 SAR
Credit and Collections Manager26,000 SAR
Credit Card Fraud Investigator18,900 SAR
Credit Portfolio Manager34,200 SAR
Credit Risk Analyst20,500 SAR
Credit Risk Associate19,500 SAR
Direct Bank Sales Representative13,700 SAR
Financial Bank Planning Consultant23,500 SAR
Financial Banking Analysis Manager28,400 SAR
Financial Banking Assistant8,730 SAR
Financial Banking Systems Manager26,300 SAR
Foreign Exchange Manager26,700 SAR
Fraud Analyst20,500 SAR
Fraud Detection Associate13,900 SAR
Fraud Detection Manager28,400 SAR
Fraud Detection Supervisor16,000 SAR
Internal Bank Audit Manager33,300 SAR
Internal Bank Auditor18,600 SAR
International Banking Manager37,400 SAR
Loan Analyst18,100 SAR
Loan Area Manager23,400 SAR
Loan Audit Team Leader21,900 SAR
Loan Branch Manager20,600 SAR
Loan Business Development Officer11,700 SAR
Loan Clerk6,490 SAR
Loan Collection Manager23,100 SAR
Loan Collector6,300 SAR
Loan Examiner7,980 SAR
Loan Processing Manager20,700 SAR
Loan Processor8,230 SAR
Loan Quality Assurance Auditor19,500 SAR
Loan Quality Assurance Manager20,600 SAR
Loan Quality Assurance Representative14,400 SAR
Loan Review Manager20,700 SAR
Loan Team Leader19,500 SAR
Mortgage Advisor12,700 SAR
Mortgage Collection Manager22,600 SAR
Mortgage Collector5,990 SAR
Mortgage Credit Analyst10,200 SAR
Mortgage Credit Manager20,500 SAR
Mortgage Development Manager24,700 SAR
Mortgage Document Reviewer7,980 SAR
Mortgage Funding Manager24,900 SAR
Mortgage Operations Manager31,700 SAR
Mortgage Payment Processing Clerk7,350 SAR
Mortgage Processing Manager21,000 SAR
Mortgage Processor8,670 SAR
Mortgage Quality Assurance Auditor18,100 SAR
Mortgage Quality Assurance Manager21,800 SAR
Mortgage Servicing Clerk6,360 SAR
Mortgage Servicing Manager21,300 SAR
Mortgage Underwriter7,730 SAR
Online Banking Manager33,500 SAR
Payment Processing Clerk6,490 SAR
Personal Banker13,200 SAR
Personal Banking Advisor 14,200 SAR
Phone Banker8,780 SAR
Private Banker13,900 SAR
Reconciliation and Investigation Specialist15,000 SAR
Teller6,240 SAR
Trade Officer7,880 SAR
Trade Product Manager21,500 SAR
Trader9,450 SAR
Treasury Operations Officer17,100 SAR

Banking Jobs Salary Distribution in Riyadh

Median and salary distribution monthly Riyadh Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Riyadh range from 6,040 SAR per month (minimum average salary) to 39,400 SAR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 19,200 SAR per month, which means that half (50%) of people working in Banking are earning less than 19,200 SAR while the other half are earning more than 19,200 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.

  • Percentiles

    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 11,400 SAR while 75% of them are earning more than 11,400 SAR. Also from the diagram, 75% of people working in Banking are earning less than 29,300 SAR while 25% are earning more than 29,300 SAR.

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

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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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.

Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

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.

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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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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.

Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

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.

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 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.

Banking Salary Comparison By Gender

Salary comparison by gender monthly Saudi Arabia Banking
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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 employees in Saudi Arabia who work in Banking earn 13% more than their female counterparts on average.

19,400 SAR
17,100 SAR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Saudi Arabia for all Careers

Salary comparison by gender monthly Saudi Arabia
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Banking Average Annual Salary Increment Percentage in Saudi Arabia

How much are annual salary increments in Saudi Arabia for Banking professionals? How often do employees get salary raises?


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.

Annual Salary Increment Rate Saudi Arabia Banking
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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.

Saudi Arabia / 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 Saudi Arabia is 6%.

Annual Increment Rate By Industry 2020

Information Technology

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.

Worldwide Salary Raises: All Countries and All Jobs

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Banking Bonus and Incentive Rates in Saudi Arabia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Saudi Arabia Banking
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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.

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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.

Banking Hourly Average Wage in Riyadh

110 SAR per hour

The average hourly wage (pay per hour) in Riyadh is 110 SAR. This means that the average person in Riyadh earns approximately 110 SAR 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.

Banking VS Other Jobs

Salary Comparison Between Banking and Banking monthly Riyadh
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The average salary for Banking is 9% more than that of All Jobs.

Riyadh VS Saudi Arabia

Salary Comparison Between Riyadh and Saudi Arabia monthly Banking
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We compared Banking salaries in Riyadh and Saudi Arabia and we found that Riyadh salaries are 6% more than those of Saudi Arabia.

Salary Comparison By City

CityAverage Salary
Abha17,200 SAR
Dammam17,900 SAR
Jeddah18,900 SAR
Khubar17,600 SAR
Mecca18,500 SAR
Medina18,200 SAR
Riyadh19,200 SAR
Tabuk16,500 SAR
Taif16,800 SAR

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 Saudi Arabia earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
16,000 SAR
Public Sector+7%
17,200 SAR
Percentage increase and decrease are relative to the previous value

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