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Loan Business Development Officer Average Salary in Colombia 2024

How much money does a person working as Loan Business Development Officer make in Colombia?


Average Monthly Salary
3,190,000 COP
( 38,200,000 COP yearly)

LOW
1,660,000
COP
AVERAGE
3,190,000
COP
HIGH
4,880,000
COP
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 Loan Business Development Officer in Colombia typically earns around 3,190,000 COP. Salaries range from 1,660,000 COP (lowest) to 4,880,000 COP (highest).


Salary Variance

This is the average salary including housing, transport, and other benefits. Loan Business Development Officer salaries in Colombia vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.



Loan Business Development Officer Pay Scale and Salaries in Colombia

Median and salary distribution Colombia Loan Business Development Officer monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
2,890,000 COP or more
10% of people earn
2,570,000 to 2,890,000 COP
20% of people earn
1,880,000 COP or less
65% of people earn
1,880,000 to 2,570,000 COP
Minimum Salary
1,660,000
COP
Median
2,900,000
COP
Maximum
4,880,000
COP




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 Loan Business Development Officer in Colombia range from 1,660,000 COP (starting salary) to 4,880,000 COP (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 2,900,000 COP, half of the professionals who work as Loan Business Development Officer in Colombia 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 Loan Business Development Officer in Colombia earn less than 2,400,000 COP, while 75% earn more. Similarly, the chart shows that 75% earn less than 3,290,000 COP 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 Loan Business Development Officer in Colombia compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 1,880,000 COP to 2,570,000 COP. About 20% of salaries are below the 1,880,000 COP mark, while 10% fall within the range of 2,570,000 COP to 2,890,000 COP. Only 5% of individuals have salaries exceeding 2,890,000 COP.

Salary Comparison by Years of Experience / Loan Business Development Officer / Colombia

How do experience and age affect pay?

0 - 2 Years
1,880,000 COP
2 - 5 Years+34%
2,530,000 COP
5 - 10 Years+30%
3,280,000 COP
10 - 15 Years+21%
3,970,000 COP
15 - 20 Years+9%
4,340,000 COP
20+ Years+5%
4,570,000 COP
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Colombia Loan Business Development Officer
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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. We broke down salaries by experience level for people working as Loan Business Development Officer 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 1,880,000 COP.

While someone with an experience level between two and five years is expected to earn 2,530,000 COP, 34% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 3,280,000 COP, 30% 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 3,970,000 COP, 21% 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 4,340,000 COP, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 4,570,000 COP, 5% 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
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Salary Comparison By Education / Loan Business Development Officer / Colombia

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Loan Business Development Officer.

Certificate or Diploma
2,240,000 COP
Bachelor's Degree+52%
3,400,000 COP
Master's Degree+42%
4,810,000 COP
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Colombia Loan Business Development Officer
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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 Loan Business Development Officer in order to make a comparison.


Level 1: Certificate or Diploma

Employees at this education level have an average salary of 2,240,000 COP.


Level 2: Bachelor's Degree

At this level, the average salary becomes 3,400,000 COP, 52% more than the previous level.


Level 3: Master's Degree

At this level, the average salary becomes 4,810,000 COP, 42% 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 Colombia costs anywhere from 23,500,000 COP to 70,600,000 COP 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
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Salary and Compensation Comparison By Gender / Loan Business Development Officer / Colombia

Salary comparison by gender Colombia Loan Business Development Officer monthly
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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? For the people who work as Loan Business Development Officer in Colombia, the average difference between the salary of male and female employees is 10%.

Male
3,370,000 COP
Female-9%
3,060,000 COP
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Colombia for all Careers

Salary comparison by gender monthly Colombia
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Average Annual Salary Increment Percentage / Loan Business Development Officer / Colombia

How much are annual salary increments in Colombia for individuals working as Loan Business Development Officer? How often do employees get salary raises?

Individuals working as Loan Business Development Officer in Colombia are likely to observe a salary increase of approximately 10% every 18 months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.

Annual Salary Increment Rate Colombia Loan Business Development Officer
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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.

Colombia / All Professions

Annual Salary Increment Rate Colombia
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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 Colombia is 4%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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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 / Loan Business Development Officer / Colombia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Colombia Loan Business Development Officer
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25% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 75% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.

Received Bonus
75%
No Bonus
25%

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 / Loan Business Development Officer / Colombia


18,400 COP per hour

The average hourly wage (pay per hour) for individuals working as Loan Business Development Officer in Colombia is 18,400 COP.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 Loan Business Development Officer in Colombia is 9,560 COP. 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
Banking-100%
AML Analyst7,400,000 COP+130%
Assistant Bank Branch Manager5,890,000 COP+85%
Assistant Bank Manager7,910,000 COP+150%
ATM Manager7,000,000 COP+120%
ATM Service Technician1,830,000 COP-43%
Bank Accounts Analyst2,640,000 COP-17%
Bank Accounts Collector1,720,000 COP-46%
Bank Accounts Controller3,620,000 COP+14%
Bank Accounts Executive5,090,000 COP+60%
Bank Accounts Manager6,180,000 COP+94%
Bank Auditing Manager6,180,000 COP+94%
Bank Branch Manager8,480,000 COP+170%
Bank Branch Operations Coordinator3,640,000 COP+14%
Bank Clerk1,670,000 COP-48%
Bank Client Service Associate2,190,000 COP-31%
Bank Collector1,720,000 COP-46%
Bank Compliance Specialist4,340,000 COP+36%
Bank Manager9,730,000 COP+210%
Bank Operational Risk Manager9,900,000 COP+210%
Bank Operations Head10,000,000 COP+210%
Bank Operations Officer3,980,000 COP+25%
Bank Operations Specialist6,370,000 COP+100%
Bank Process Manager5,720,000 COP+79%
Bank Product Manager 6,660,000 COP+110%
Bank Programme Manager6,420,000 COP+100%
Bank Project Manager8,110,000 COP+150%
Bank Propositions Manager7,320,000 COP+130%
Bank Quantitative Analyst4,770,000 COP+50%
Bank Regional Manager10,000,000 COP+210%
Bank Regional Risk Officer5,350,000 COP+68%
Bank Relationship Manager7,680,000 COP+140%
Bank Relationship Officer3,520,000 COP+10%
Bank Sustainability Analyst5,500,000 COP+73%
Bank Teller1,830,000 COP-43%
Banker3,520,000 COP+10%
Banking Business Analyst5,210,000 COP+63%
Banking Business Development Officer3,210,000 COP+1%
Banking Business Planning Executive7,500,000 COP+140%
Banking Data Analyst5,930,000 COP+86%
Banking Product Manager6,480,000 COP+100%
Banking Reference Data Manager5,720,000 COP+79%
Banking Regulatory Compliance Officer6,370,000 COP+100%
Banking Risk Analyst5,220,000 COP+64%
Banking Technical Analyst2,800,000 COP-12%
Bankruptcy Coordinator3,590,000 COP+13%
Bill and Account Collector1,750,000 COP-45%
Blockchain Analyst4,390,000 COP+38%
Blockchain Architect5,340,000 COP+68%
Blockchain Auditor4,490,000 COP+41%
Blockchain Compliance Analyst4,860,000 COP+53%
Blockchain Consultant4,830,000 COP+52%
Blockchain Trade Facilitator4,340,000 COP+36%
Budget Analyst5,090,000 COP+60%
Capital Risk Manager9,970,000 COP+210%
Cards Marketing Manager6,220,000 COP+95%
Cash Management Manager9,390,000 COP+190%
Check Processing Manager6,590,000 COP+110%
Chief Blockchain Officer5,620,000 COP+76%
Commercial Vault Associate5,200,000 COP+63%
Corporate Banker3,870,000 COP+21%
Corporate Dealer5,110,000 COP+60%
Credit Analyst4,120,000 COP+29%
Credit and Collections Manager6,780,000 COP+110%
Credit Card Fraud Investigator5,450,000 COP+71%
Credit Portfolio Manager9,190,000 COP+190%
Credit Risk Analyst5,770,000 COP+81%
Credit Risk Associate5,380,000 COP+69%
Cryptocurrency Accountant3,390,000 COP+6%
Cryptocurrency Adviser6,250,000 COP+96%
Cryptocurrency Analyst4,910,000 COP+54%
Cryptocurrency Compliance Manager5,780,000 COP+81%
Cryptocurrency Trader5,430,000 COP+70%
Digital Banking Manager7,010,000 COP+120%
Digital Currency Analyst5,310,000 COP+67%
Direct Bank Sales Representative3,540,000 COP+11%
Exchange Control Consultant5,340,000 COP+68%
Executive Account Analyst5,050,000 COP+58%
Financial Bank Planning Consultant6,790,000 COP+110%
Financial Banking Analysis Manager7,310,000 COP+130%
Financial Banking Assistant2,480,000 COP-22%
Financial Banking Systems Manager6,730,000 COP+110%
Foreign Exchange Manager7,550,000 COP+140%
Fraud Analyst5,490,000 COP+72%
Fraud Detection Associate3,540,000 COP+11%
Fraud Detection Manager8,250,000 COP+160%
Fraud Detection Supervisor4,490,000 COP+41%
Internal Bank Audit Manager9,310,000 COP+190%
Internal Bank Auditor5,180,000 COP+63%
Internal Private Banker3,670,000 COP+15%
International Banking Manager10,400,000 COP+230%
Investment Banking Analyst7,220,000 COP+130%
Loan Analyst4,950,000 COP+55%
Loan Area Manager6,410,000 COP+100%
Loan Audit Team Leader6,000,000 COP+88%
Loan Branch Manager5,640,000 COP+77%
Loan Business Development Officer3,190,000 COP+0%
Loan Clerk1,770,000 COP-44%
Loan Collection and Recovery Manager5,940,000 COP+86%
Loan Collection Manager6,260,000 COP+96%
Loan Collector1,700,000 COP-47%
Loan Examiner2,150,000 COP-33%
Loan Officer1,930,000 COP-39%
Loan Processing Manager5,560,000 COP+74%
Loan Processor2,200,000 COP-31%
Loan Quality Assurance Auditor5,190,000 COP+63%
Loan Quality Assurance Manager6,040,000 COP+90%
Loan Quality Assurance Representative3,820,000 COP+20%
Loan Review Manager6,040,000 COP+90%
Loan Team Leader5,120,000 COP+61%
Loans Manager6,630,000 COP+110%
Mortgage Advisor3,690,000 COP+16%
Mortgage Collection Manager5,910,000 COP+85%
Mortgage Collector1,730,000 COP-46%
Mortgage Credit Analyst2,660,000 COP-17%
Mortgage Credit Manager5,870,000 COP+84%
Mortgage Development Manager6,380,000 COP+100%
Mortgage Document Reviewer2,280,000 COP-28%
Mortgage Funding Manager6,400,000 COP+100%
Mortgage Operations Manager8,870,000 COP+180%
Mortgage Payment Processing Clerk2,050,000 COP-36%
Mortgage Processing Manager5,940,000 COP+86%
Mortgage Processor2,210,000 COP-31%
Mortgage Quality Assurance Auditor5,030,000 COP+58%
Mortgage Quality Assurance Manager6,040,000 COP+90%
Mortgage Servicing Clerk1,790,000 COP-44%
Mortgage Servicing Manager5,390,000 COP+69%
Mortgage Underwriter2,140,000 COP-33%
Online Banking Manager9,260,000 COP+190%
Open Banking Strategist5,580,000 COP+75%
Payment Processing Clerk1,790,000 COP-44%
Personal Banker3,540,000 COP+11%
Personal Banking Advisor 3,680,000 COP+15%
Phone Banker2,450,000 COP-23%
Private Banker3,830,000 COP+20%
Reconciliation and Investigation Specialist4,140,000 COP+30%
Tax Officer2,980,000 COP-6%
Teller1,700,000 COP-47%
Trade Officer2,190,000 COP-31%
Trade Product Manager5,970,000 COP+87%
Trader2,620,000 COP-18%
Treasury Operations Officer4,540,000 COP+42%
Wealth Management Advisor7,850,000 COP+150%

Salary Comparison By City

CityAverage Salary
Bogota3,330,000 COP

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 Colombia is 11% on average across all career fields.

Private Sector
4,410,000 COP
Public Sector+11%
4,900,000 COP
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 Loan Business Development Officer in Colombia?

A good and competitive compensation would range anywhere between 2,900,000 COP and 3,290,000 COP. 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 Loan Business Development Officer in Colombia ranges from 1,660,000 COP to 2,400,000 COP. 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


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