HOME BROWSE SALARIES ARTICLES BEST PAYING JOBS SUBMIT SALARY
Browse Salaries
Best Paying Jobs
Articles
Submit Salary
Salary Increase Letters

Internal Auditor Average Salary in Trinidad and Tobago 2024

How much money does a person working as Internal Auditor make in Trinidad and Tobago?


Average Monthly Salary
9,020 TTD
( 108,000 TTD yearly)

LOW
4,420
TTD
AVERAGE
9,020
TTD
HIGH
14,100
TTD
All salary figures displayed here are per month except when noted otherwise.
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.

A person working as Internal Auditor in Trinidad and Tobago typically earns around 9,020 TTD. Salaries range from 4,420 TTD (lowest) to 14,100 TTD (highest).


Salary Variance

This is the average salary including housing, transport, and other benefits. Internal Auditor salaries in Trinidad and Tobago vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.



Internal Auditor Pay Scale and Salaries in Trinidad and Tobago

Median and salary distribution Trinidad and Tobago Internal Auditor monthly
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/trinidad-and-tobago/accounting-and-finance/internal-auditor/median-and-salary-distribution-monthly-trinidad-and-tobago-internal-auditor.jpg

Salary Structure and Pay Scale Comparison

5% of people earn
8,360 TTD or more
10% of people earn
7,380 to 8,360 TTD
20% of people earn
5,240 TTD or less
65% of people earn
5,240 to 7,380 TTD
Minimum Salary
4,420 TTD
Median
8,410 TTD
Maximum
14,100 TTD




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries for the position Internal Auditor in Trinidad and Tobago range from 4,420 TTD (starting salary) to 14,100 TTD (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 8,410 TTD, half of the professionals who work as Internal Auditor in Trinidad and Tobago 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 Internal Auditor in Trinidad and Tobago earn less than 6,880 TTD, while 75% earn more. Similarly, the chart shows that 75% earn less than 9,620 TTD 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 Internal Auditor in Trinidad and Tobago compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 5,240 TTD to 7,380 TTD. About 20% of salaries are below the 5,240 TTD mark, while 10% fall within the range of 7,380 TTD to 8,360 TTD. Only 5% of individuals have salaries exceeding 8,360 TTD.

Salary Comparison by Years of Experience / Internal Auditor / Trinidad and Tobago

How do experience and age affect pay?

0 - 2 Years
5,240 TTD
2 - 5 Years+29%
6,730 TTD
5 - 10 Years+38%
9,290 TTD
10 - 15 Years+24%
11,500 TTD
15 - 20 Years+7%
12,300 TTD
20+ Years+7%
13,100 TTD
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Trinidad and Tobago Internal Auditor
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/trinidad-and-tobago/accounting-and-finance/internal-auditor/salary-comparison-by-years-of-experience-monthly-trinidad-and-tobago-internal-auditor.jpg

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 Internal Auditor and this is what we found.


All salary figures displayed here are per month except when noted otherwise.

Employees with less than two years of experience earn approximately 5,240 TTD.

While someone with an experience level between two and five years is expected to earn 6,730 TTD, 29% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 9,290 TTD, 38% 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 11,500 TTD, 24% 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 12,300 TTD, 7% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 13,100 TTD, 7% more than people with fifteen to twenty 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.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

Salary Comparison By Education / Internal Auditor / Trinidad and Tobago

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Internal Auditor.

Certificate or Diploma
6,730 TTD
Bachelor's Degree+34%
9,050 TTD
Master's Degree+53%
13,900 TTD
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Trinidad and Tobago Internal Auditor
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/trinidad-and-tobago/accounting-and-finance/internal-auditor/salary-comparison-by-education-level-monthly-trinidad-and-tobago-internal-auditor.jpg

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 Internal Auditor in order to make a comparison.


Level 1: Certificate or Diploma

Employees at this education level have an average salary of 6,730 TTD.


Level 2: Bachelor's Degree

At this level, the average salary becomes 9,050 TTD, 34% more than the previous level.


Level 3: Master's Degree

At this level, the average salary becomes 13,900 TTD, 53% 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 Trinidad and Tobago costs anywhere from 49,000 TTD to 147,000 TTD 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 Comparison By Education Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg


Salary and Compensation Comparison By Gender / Internal Auditor / Trinidad and Tobago

Salary comparison by gender Trinidad and Tobago Internal Auditor monthly
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/trinidad-and-tobago/accounting-and-finance/internal-auditor/salary-comparison-by-gender-monthly-trinidad-and-tobago-internal-auditor.jpg

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 Internal Auditor in Trinidad and Tobago, the average difference between the salary of male and female employees is 6%.

Male
9,260 TTD
Female-6%
8,700 TTD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Trinidad and Tobago for all Careers

Salary comparison by gender monthly Trinidad and Tobago
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/trinidad-and-tobago/salary-comparison-by-gender-monthly-trinidad-and-tobago.jpg


Average Annual Salary Increment Percentage / Internal Auditor / Trinidad and Tobago

How much are annual salary increments in Trinidad and Tobago for individuals working as Internal Auditor? How often do employees get salary raises?

Individuals working as Internal Auditor in Trinidad and Tobago are likely to observe a salary increase of approximately 7% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Trinidad and Tobago Internal Auditor
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/trinidad-and-tobago/accounting-and-finance/internal-auditor/annual-salary-increment-rate-trinidad-and-tobago-internal-auditor.jpg


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.

Trinidad and Tobago / All Professions

Annual Salary Increment Rate Trinidad and Tobago
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/trinidad-and-tobago/annual-salary-increment-rate-trinidad-and-tobago.jpg

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

The average salary increase in one year (12 months) in Trinidad and Tobago is 2%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

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 / Internal Auditor / Trinidad and Tobago

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Trinidad and Tobago Internal Auditor
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/trinidad-and-tobago/accounting-and-finance/internal-auditor/annual-salary-bonus-rate-trinidad-and-tobago-internal-auditor.jpg

62% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 38% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus
38%
No Bonus
62%

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.

Average Hourly Wage / Internal Auditor / Trinidad and Tobago


52 TTD per hour

The average hourly wage (pay per hour) for individuals working as Internal Auditor in Trinidad and Tobago is 52 TTD.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

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 Internal Auditor in Trinidad and Tobago is 25 TTD. 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 TitleAverage Salary
Accounting and Finance-100%
Accountant6,980 TTD-23%
Accounting Assistant5,570 TTD-38%
Accounting Manager14,500 TTD+61%
Bookkeeper4,610 TTD-49%
Chartered Accountant9,050 TTD+0%
Corporate Treasurer13,500 TTD+50%
Financial Analyst12,700 TTD+41%
Financial Manager19,500 TTD+120%
Internal Auditor9,020 TTD+0%

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 Trinidad and Tobago is 14% on average across all career fields.

Private Sector
9,310 TTD
Public Sector+14%
10,600 TTD
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for the job title Internal Auditor in Trinidad and Tobago?

A good and competitive compensation would range anywhere between 8,410 TTD and 9,620 TTD. 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 Internal Auditor in Trinidad and Tobago ranges from 4,420 TTD to 6,880 TTD. 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


Browse Salaries

Salary Increase Letters

Best Paying Jobs
Home BROWSE SALARIES ARTICLES BEST PAYING JOBS Salary Comparison

©Salary Explorer 2024