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Banking Average Salaries in Colombia 2020

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

Average Monthly Salary
5,180,000 COP
( 62,100,000 COP yearly)


A person working in Banking in Colombia typically earns around 5,180,000 COP per month. Salaries range from 1,610,000 COP (lowest average) to 10,500,000 COP (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 Analyst7,400,000 COP
Assistant Bank Branch Manager5,890,000 COP
Assistant Bank Manager7,910,000 COP
ATM Manager7,000,000 COP
ATM Service Technician1,830,000 COP
Bank Accounts Analyst2,640,000 COP
Bank Accounts Controller3,620,000 COP
Bank Accounts Executive5,090,000 COP
Bank Accounts Manager6,180,000 COP
Bank Auditing Manager6,180,000 COP
Bank Branch Manager8,480,000 COP
Bank Clerk1,670,000 COP
Bank Compliance Specialist4,340,000 COP
Bank Manager9,730,000 COP
Bank Operational Risk Manager9,900,000 COP
Bank Operations Head10,000,000 COP
Bank Operations Officer3,980,000 COP
Bank Operations Specialist6,370,000 COP
Bank Process Manager5,720,000 COP
Bank Product Manager 6,660,000 COP
Bank Programme Manager6,420,000 COP
Bank Project Manager8,110,000 COP
Bank Propositions Manager7,320,000 COP
Bank Quantitative Analyst4,770,000 COP
Bank Regional Manager10,000,000 COP
Bank Regional Risk Officer5,350,000 COP
Bank Relationship Manager7,680,000 COP
Bank Relationship Officer3,520,000 COP
Banker3,520,000 COP
Banking Business Analyst5,210,000 COP
Banking Business Development Officer3,210,000 COP
Banking Business Planning Executive7,500,000 COP
Banking Product Manager6,480,000 COP
Banking Reference Data Manager5,720,000 COP
Banking Risk Analyst5,220,000 COP
Banking Technical Analyst2,800,000 COP
Bankruptcy Coordinator3,590,000 COP
Budget Analyst5,090,000 COP
Cards Marketing Manager6,220,000 COP
Cash Management Manager9,390,000 COP
Check Processing Manager6,590,000 COP
Commercial Vault Associate5,200,000 COP
Corporate Dealer5,110,000 COP
Credit Analyst4,120,000 COP
Credit and Collections Manager6,780,000 COP
Credit Card Fraud Investigator5,450,000 COP
Credit Portfolio Manager9,190,000 COP
Credit Risk Analyst5,770,000 COP
Credit Risk Associate5,380,000 COP
Direct Bank Sales Representative3,540,000 COP
Financial Bank Planning Consultant6,790,000 COP
Financial Banking Analysis Manager7,310,000 COP
Financial Banking Assistant2,480,000 COP
Financial Banking Systems Manager6,730,000 COP
Foreign Exchange Manager7,550,000 COP
Fraud Analyst5,490,000 COP
Fraud Detection Associate3,540,000 COP
Fraud Detection Manager8,250,000 COP
Fraud Detection Supervisor4,490,000 COP
Internal Bank Audit Manager9,310,000 COP
Internal Bank Auditor5,180,000 COP
International Banking Manager10,400,000 COP
Loan Analyst4,950,000 COP
Loan Area Manager6,410,000 COP
Loan Audit Team Leader6,000,000 COP
Loan Branch Manager5,640,000 COP
Loan Business Development Officer3,190,000 COP
Loan Clerk1,770,000 COP
Loan Collection Manager6,260,000 COP
Loan Collector1,700,000 COP
Loan Examiner2,150,000 COP
Loan Processing Manager5,560,000 COP
Loan Processor2,200,000 COP
Loan Quality Assurance Auditor5,190,000 COP
Loan Quality Assurance Manager6,040,000 COP
Loan Quality Assurance Representative3,820,000 COP
Loan Review Manager6,040,000 COP
Loan Team Leader5,120,000 COP
Mortgage Advisor3,690,000 COP
Mortgage Collection Manager5,910,000 COP
Mortgage Collector1,730,000 COP
Mortgage Credit Analyst2,660,000 COP
Mortgage Credit Manager5,870,000 COP
Mortgage Development Manager6,380,000 COP
Mortgage Document Reviewer2,280,000 COP
Mortgage Funding Manager6,400,000 COP
Mortgage Operations Manager8,870,000 COP
Mortgage Payment Processing Clerk2,050,000 COP
Mortgage Processing Manager5,940,000 COP
Mortgage Processor2,210,000 COP
Mortgage Quality Assurance Auditor5,030,000 COP
Mortgage Quality Assurance Manager6,040,000 COP
Mortgage Servicing Clerk1,790,000 COP
Mortgage Servicing Manager5,390,000 COP
Mortgage Underwriter2,140,000 COP
Online Banking Manager9,260,000 COP
Payment Processing Clerk1,790,000 COP
Personal Banker3,540,000 COP
Personal Banking Advisor 3,680,000 COP
Phone Banker2,450,000 COP
Private Banker3,830,000 COP
Reconciliation and Investigation Specialist4,140,000 COP
Teller1,700,000 COP
Trade Officer2,190,000 COP
Trade Product Manager5,970,000 COP
Trader2,620,000 COP
Treasury Operations Officer4,540,000 COP

Banking Jobs Salary Distribution in Colombia

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

  • Salary Range

    Banking salaries in Colombia range from 1,610,000 COP per month (minimum average salary) to 10,500,000 COP per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 5,490,000 COP per month, which means that half (50%) of people working in Banking are earning less than 5,490,000 COP while the other half are earning more than 5,490,000 COP. 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 3,190,000 COP while 75% of them are earning more than 3,190,000 COP. Also from the diagram, 75% of people working in Banking are earning less than 8,460,000 COP while 25% are earning more than 8,460,000 COP.

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 Colombia costs anywhere from 23,500,000 Colombian Peso(s) to 70,400,000 Colombian Peso(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 Colombia 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 Colombia who work in Banking earn 18% more than their female counterparts on average.

4,800,000 COP
5,660,000 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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Banking Average Annual Salary Increment Percentage in Colombia

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


Banking professionals in Colombia are likely to observe a salary increase of approximately 9% every 17 months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.

Annual Salary Increment Rate Colombia 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.

Colombia / 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 Colombia is 4%.

Annual Increment Rate By Industry 2019

Information Technology

Listed above are the average annual increase rates for each industry in Colombia for the year 2019. 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 Colombia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Colombia 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.

22% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 78% 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.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Colombia
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Where can you get paid more, working for a private company or for the government? Public sector employees in Colombia earn 11% more than their private sector counterparts on average across all sectors.

Private Sector
4,400,000 COP
Public Sector+11%
4,880,000 COP
Percentage increase and decrease are relative to the previous value

Banking Hourly Average Wage in Colombia

29,900 COP per hour

The average hourly wage (pay per hour) in Colombia is 29,900 COP. This means that the average person in Colombia earns approximately 29,900 COP 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 Colombia
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The average salary for Banking is 10% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Barranquilla5,330,000 COP
Bello4,920,000 COP
Bogota5,980,000 COP
Bucaramanga5,050,000 COP
Buenaventura4,790,000 COP
Cartagena5,280,000 COP
Cucuta5,240,000 COP
Ibague5,160,000 COP
Manizales4,690,000 COP
Medellin5,930,000 COP
Monteria4,820,000 COP
Neiva4,630,000 COP
Pereira4,810,000 COP
Santa Marta4,960,000 COP
Soacha5,150,000 COP
Soledad5,240,000 COP
Valledupar4,910,000 COP
Villavicencio5,050,000 COP
7600000 - 2

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