A person working in Banking in Turks and Caicos Islands typically earns around 1,620 USD per month. Salaries range from 510 USD (lowest average) to 3,320 USD (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||2,440 USD|
|Assistant Bank Branch Manager||2,010 USD|
|Assistant Bank Manager||2,550 USD|
|ATM Manager||2,200 USD|
|ATM Service Technician||620 USD|
|Bank Accounts Analyst||880 USD|
|Bank Accounts Controller||1,130 USD|
|Bank Accounts Executive||1,720 USD|
|Bank Accounts Manager||2,040 USD|
|Bank Auditing Manager||2,050 USD|
|Bank Branch Manager||2,680 USD|
|Bank Clerk||540 USD|
|Bank Compliance Specialist||1,380 USD|
|Bank Manager||3,300 USD|
|Bank Operational Risk Manager||3,010 USD|
|Bank Operations Head||3,220 USD|
|Bank Operations Officer||1,330 USD|
|Bank Operations Specialist||1,910 USD|
|Bank Process Manager||1,820 USD|
|Bank Product Manager||2,100 USD|
|Bank Programme Manager||2,190 USD|
|Bank Project Manager||2,630 USD|
|Bank Propositions Manager||2,350 USD|
|Bank Quantitative Analyst||1,560 USD|
|Bank Regional Manager||3,330 USD|
|Bank Regional Risk Officer||1,660 USD|
|Bank Relationship Manager||2,490 USD|
|Bank Relationship Officer||1,140 USD|
|Banking Business Analyst||1,690 USD|
|Banking Business Development Officer||1,020 USD|
|Banking Business Planning Executive||2,340 USD|
|Banking Product Manager||1,970 USD|
|Banking Reference Data Manager||1,800 USD|
|Banking Risk Analyst||1,580 USD|
|Banking Technical Analyst||900 USD|
|Bankruptcy Coordinator||1,160 USD|
|Budget Analyst||1,690 USD|
|Cards Marketing Manager||2,080 USD|
|Cash Management Manager||2,910 USD|
|Check Processing Manager||2,200 USD|
|Commercial Vault Associate||1,680 USD|
|Corporate Dealer||1,810 USD|
|Credit Analyst||1,280 USD|
|Credit and Collections Manager||2,280 USD|
|Credit Card Fraud Investigator||1,780 USD|
|Credit Portfolio Manager||3,180 USD|
|Credit Risk Analyst||1,780 USD|
|Credit Risk Associate||1,850 USD|
|Direct Bank Sales Representative||1,130 USD|
|Financial Bank Planning Consultant||2,110 USD|
|Financial Banking Analysis Manager||2,460 USD|
|Financial Banking Assistant||820 USD|
|Financial Banking Systems Manager||2,390 USD|
|Foreign Exchange Manager||2,360 USD|
|Fraud Analyst||1,850 USD|
|Fraud Detection Associate||1,200 USD|
|Fraud Detection Manager||2,610 USD|
|Fraud Detection Supervisor||1,480 USD|
|Internal Bank Audit Manager||2,930 USD|
|Internal Bank Auditor||1,590 USD|
|International Banking Manager||3,440 USD|
|Loan Analyst||1,620 USD|
|Loan Area Manager||1,940 USD|
|Loan Audit Team Leader||1,820 USD|
|Loan Branch Manager||1,850 USD|
|Loan Business Development Officer||1,020 USD|
|Loan Clerk||610 USD|
|Loan Collection Manager||1,910 USD|
|Loan Collector||550 USD|
|Loan Examiner||740 USD|
|Loan Processing Manager||1,880 USD|
|Loan Processor||730 USD|
|Loan Quality Assurance Auditor||1,670 USD|
|Loan Quality Assurance Manager||1,900 USD|
|Loan Quality Assurance Representative||1,300 USD|
|Loan Review Manager||1,810 USD|
|Loan Team Leader||1,660 USD|
|Mortgage Advisor||1,170 USD|
|Mortgage Collection Manager||2,010 USD|
|Mortgage Collector||520 USD|
|Mortgage Credit Analyst||860 USD|
|Mortgage Credit Manager||1,860 USD|
|Mortgage Development Manager||2,180 USD|
|Mortgage Document Reviewer||760 USD|
|Mortgage Funding Manager||2,090 USD|
|Mortgage Operations Manager||2,840 USD|
|Mortgage Payment Processing Clerk||640 USD|
|Mortgage Processing Manager||1,890 USD|
|Mortgage Processor||760 USD|
|Mortgage Quality Assurance Auditor||1,690 USD|
|Mortgage Quality Assurance Manager||1,790 USD|
|Mortgage Servicing Clerk||600 USD|
|Mortgage Servicing Manager||1,770 USD|
|Mortgage Underwriter||690 USD|
|Online Banking Manager||2,990 USD|
|Payment Processing Clerk||570 USD|
|Personal Banker||1,190 USD|
|Personal Banking Advisor||1,180 USD|
|Phone Banker||770 USD|
|Private Banker||1,180 USD|
|Reconciliation and Investigation Specialist||1,330 USD|
|Trade Officer||690 USD|
|Trade Product Manager||2,010 USD|
|Treasury Operations Officer||1,440 USD|
Banking salaries in Turks and Caicos Islands range from 510 USD per month (minimum average salary) to 3,320 USD per month (maximum average salary, actual maximum is higher).
The median salary is 1,490 USD per month, which means that half (50%) of people working in Banking are earning less than 1,490 USD while the other half are earning more than 1,490 USD. 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 900 USD while 75% of them are earning more than 900 USD. Also from the diagram, 75% of people working in Banking are earning less than 2,210 USD while 25% are earning more than 2,210 USD.
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 Turks and Caicos Islands costs anywhere from 7,430 US Dollar(s) to 22,300 US Dollar(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 Turks and Caicos Islands who work in Banking earn 9% more than their female counterparts on average.
Banking professionals in Turks and Caicos Islands are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 4% granted to employees every 29 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 Turks and Caicos Islands for the year 2021. 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.
44% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 56% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 7% 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 Turks and Caicos Islands earn 10% more than their private sector counterparts on average across all sectors.