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Banking Average Salaries in Turks and Caicos Islands 2022

How much money does a person working in Banking make in Turks and Caicos Islands?


Average Monthly Salary
1,620 USD
( 19,400 USD yearly)

LOW
510
USD
AVERAGE
1,620
USD
HIGH
3,320
USD

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.

Salaries for specific jobs

Job TitleAverage Salary
AML Analyst2,440 USD
Assistant Bank Branch Manager2,010 USD
Assistant Bank Manager2,550 USD
ATM Manager2,200 USD
ATM Service Technician620 USD
Bank Accounts Analyst880 USD
Bank Accounts Controller1,130 USD
Bank Accounts Executive1,720 USD
Bank Accounts Manager2,040 USD
Bank Auditing Manager2,050 USD
Bank Branch Manager2,680 USD
Bank Clerk540 USD
Bank Compliance Specialist1,380 USD
Bank Manager3,300 USD
Bank Operational Risk Manager3,010 USD
Bank Operations Head3,220 USD
Bank Operations Officer1,330 USD
Bank Operations Specialist1,910 USD
Bank Process Manager1,820 USD
Bank Product Manager 2,100 USD
Bank Programme Manager2,190 USD
Bank Project Manager2,630 USD
Bank Propositions Manager2,350 USD
Bank Quantitative Analyst1,560 USD
Bank Regional Manager3,330 USD
Bank Regional Risk Officer1,660 USD
Bank Relationship Manager2,490 USD
Bank Relationship Officer1,140 USD
Banker1,190 USD
Banking Business Analyst1,690 USD
Banking Business Development Officer1,020 USD
Banking Business Planning Executive2,340 USD
Banking Product Manager1,970 USD
Banking Reference Data Manager1,800 USD
Banking Risk Analyst1,580 USD
Banking Technical Analyst900 USD
Bankruptcy Coordinator1,160 USD
Budget Analyst1,690 USD
Cards Marketing Manager2,080 USD
Cash Management Manager2,910 USD
Check Processing Manager2,200 USD
Commercial Vault Associate1,680 USD
Corporate Dealer1,810 USD
Credit Analyst1,280 USD
Credit and Collections Manager2,280 USD
Credit Card Fraud Investigator1,780 USD
Credit Portfolio Manager3,180 USD
Credit Risk Analyst1,780 USD
Credit Risk Associate1,850 USD
Direct Bank Sales Representative1,130 USD
Financial Bank Planning Consultant2,110 USD
Financial Banking Analysis Manager2,460 USD
Financial Banking Assistant820 USD
Financial Banking Systems Manager2,390 USD
Foreign Exchange Manager2,360 USD
Fraud Analyst1,850 USD
Fraud Detection Associate1,200 USD
Fraud Detection Manager2,610 USD
Fraud Detection Supervisor1,480 USD
Internal Bank Audit Manager2,930 USD
Internal Bank Auditor1,590 USD
International Banking Manager3,440 USD
Loan Analyst1,620 USD
Loan Area Manager1,940 USD
Loan Audit Team Leader1,820 USD
Loan Branch Manager1,850 USD
Loan Business Development Officer1,020 USD
Loan Clerk610 USD
Loan Collection Manager1,910 USD
Loan Collector550 USD
Loan Examiner740 USD
Loan Processing Manager1,880 USD
Loan Processor730 USD
Loan Quality Assurance Auditor1,670 USD
Loan Quality Assurance Manager1,900 USD
Loan Quality Assurance Representative1,300 USD
Loan Review Manager1,810 USD
Loan Team Leader1,660 USD
Mortgage Advisor1,170 USD
Mortgage Collection Manager2,010 USD
Mortgage Collector520 USD
Mortgage Credit Analyst860 USD
Mortgage Credit Manager1,860 USD
Mortgage Development Manager2,180 USD
Mortgage Document Reviewer760 USD
Mortgage Funding Manager2,090 USD
Mortgage Operations Manager2,840 USD
Mortgage Payment Processing Clerk640 USD
Mortgage Processing Manager1,890 USD
Mortgage Processor760 USD
Mortgage Quality Assurance Auditor1,690 USD
Mortgage Quality Assurance Manager1,790 USD
Mortgage Servicing Clerk600 USD
Mortgage Servicing Manager1,770 USD
Mortgage Underwriter690 USD
Online Banking Manager2,990 USD
Payment Processing Clerk570 USD
Personal Banker1,190 USD
Personal Banking Advisor 1,180 USD
Phone Banker770 USD
Private Banker1,180 USD
Reconciliation and Investigation Specialist1,330 USD
Teller600 USD
Trade Officer690 USD
Trade Product Manager2,010 USD
Trader780 USD
Treasury Operations Officer1,440 USD

Banking Jobs Salary Distribution in Turks and Caicos Islands

Median and salary distribution monthly Turks and Caicos Islands Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    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).

  • Median Salary

    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.

  • 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 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.


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 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.

Banking Salary Comparison By Gender

Salary comparison by gender monthly Turks and Caicos Islands 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 Turks and Caicos Islands who work in Banking earn 9% more than their female counterparts on average.

Male
1,670 USD
Female-8%
1,540 USD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Turks and Caicos Islands for all Careers

Salary comparison by gender monthly Turks and Caicos Islands
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Banking Average Annual Salary Increment Percentage in Turks and Caicos Islands

How much are annual salary increments in Turks and Caicos Islands for Banking professionals? How often do employees get salary raises?

Banking

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.

Annual Salary Increment Rate Turks and Caicos Islands 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.

Turks and Caicos Islands / 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 Turks and Caicos Islands is 2%.

Annual Increment Rate By Industry 2021

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

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.


Worldwide Salary Raises: All Countries and All Jobs

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Banking Bonus and Incentive Rates in Turks and Caicos Islands

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Turks and Caicos Islands 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.

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.

Received Bonus
56%
No Bonus
44%

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.

Banking Hourly Average Wage in Turks and Caicos Islands


9 USD per hour

The average hourly wage (pay per hour) in Turks and Caicos Islands is 9 USD. This means that the average person in Turks and Caicos Islands earns approximately 9 USD 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 Turks and Caicos Islands
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The average salary for Banking is 9% more than that of All Jobs.

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 Turks and Caicos Islands earn 10% more than their private sector counterparts on average across all sectors.

Private Sector
1,440 USD
Public Sector+10%
1,590 USD
Percentage increase and decrease are relative to the previous value

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