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Banking Average Salaries in Cuba 2022

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


Average Monthly Salary
23,900 CUP
( 286,000 CUP yearly)

LOW
7,510
CUP
AVERAGE
23,900
CUP
HIGH
49,000
CUP

A person working in Banking in Cuba typically earns around 23,900 CUP per month. Salaries range from 7,510 CUP (lowest average) to 49,000 CUP (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 Analyst32,000 CUP
Assistant Bank Branch Manager29,700 CUP
Assistant Bank Manager38,100 CUP
ATM Manager30,700 CUP
ATM Service Technician8,950 CUP
Bank Accounts Analyst12,500 CUP
Bank Accounts Controller17,000 CUP
Bank Accounts Executive24,100 CUP
Bank Accounts Manager26,700 CUP
Bank Auditing Manager27,600 CUP
Bank Branch Manager38,400 CUP
Bank Clerk7,250 CUP
Bank Compliance Specialist21,000 CUP
Bank Manager47,500 CUP
Bank Operational Risk Manager45,400 CUP
Bank Operations Head48,100 CUP
Bank Operations Officer18,900 CUP
Bank Operations Specialist28,400 CUP
Bank Process Manager25,000 CUP
Bank Product Manager 29,300 CUP
Bank Programme Manager32,400 CUP
Bank Project Manager37,600 CUP
Bank Propositions Manager34,100 CUP
Bank Quantitative Analyst22,900 CUP
Bank Regional Manager46,000 CUP
Bank Regional Risk Officer23,600 CUP
Bank Relationship Manager35,600 CUP
Bank Relationship Officer15,400 CUP
Banker16,600 CUP
Banking Business Analyst24,200 CUP
Banking Business Development Officer15,000 CUP
Banking Business Planning Executive34,100 CUP
Banking Product Manager29,700 CUP
Banking Reference Data Manager25,100 CUP
Banking Risk Analyst23,200 CUP
Banking Technical Analyst12,200 CUP
Bankruptcy Coordinator16,100 CUP
Budget Analyst23,400 CUP
Cards Marketing Manager29,600 CUP
Cash Management Manager40,100 CUP
Check Processing Manager31,300 CUP
Commercial Vault Associate23,400 CUP
Corporate Dealer23,800 CUP
Credit Analyst18,100 CUP
Credit and Collections Manager33,300 CUP
Credit Card Fraud Investigator24,400 CUP
Credit Portfolio Manager43,200 CUP
Credit Risk Analyst26,400 CUP
Credit Risk Associate26,200 CUP
Direct Bank Sales Representative17,700 CUP
Financial Bank Planning Consultant29,900 CUP
Financial Banking Analysis Manager33,500 CUP
Financial Banking Assistant11,500 CUP
Financial Banking Systems Manager31,300 CUP
Foreign Exchange Manager35,500 CUP
Fraud Analyst26,000 CUP
Fraud Detection Associate16,800 CUP
Fraud Detection Manager37,400 CUP
Fraud Detection Supervisor21,400 CUP
Internal Bank Audit Manager45,100 CUP
Internal Bank Auditor22,900 CUP
International Banking Manager46,300 CUP
Loan Analyst24,500 CUP
Loan Area Manager28,500 CUP
Loan Audit Team Leader26,700 CUP
Loan Branch Manager27,900 CUP
Loan Business Development Officer14,400 CUP
Loan Clerk8,020 CUP
Loan Collection Manager28,700 CUP
Loan Collector7,910 CUP
Loan Examiner10,100 CUP
Loan Processing Manager26,300 CUP
Loan Processor10,500 CUP
Loan Quality Assurance Auditor24,900 CUP
Loan Quality Assurance Manager26,500 CUP
Loan Quality Assurance Representative18,700 CUP
Loan Review Manager27,000 CUP
Loan Team Leader23,000 CUP
Mortgage Advisor16,700 CUP
Mortgage Collection Manager27,000 CUP
Mortgage Collector7,950 CUP
Mortgage Credit Analyst12,400 CUP
Mortgage Credit Manager27,400 CUP
Mortgage Development Manager30,100 CUP
Mortgage Document Reviewer10,800 CUP
Mortgage Funding Manager30,700 CUP
Mortgage Operations Manager40,000 CUP
Mortgage Payment Processing Clerk9,320 CUP
Mortgage Processing Manager25,900 CUP
Mortgage Processor10,800 CUP
Mortgage Quality Assurance Auditor23,100 CUP
Mortgage Quality Assurance Manager27,900 CUP
Mortgage Servicing Clerk7,950 CUP
Mortgage Servicing Manager26,700 CUP
Mortgage Underwriter9,970 CUP
Online Banking Manager41,600 CUP
Payment Processing Clerk8,110 CUP
Personal Banker17,400 CUP
Personal Banking Advisor 18,300 CUP
Phone Banker11,900 CUP
Private Banker17,500 CUP
Reconciliation and Investigation Specialist19,300 CUP
Teller7,960 CUP
Trade Officer9,990 CUP
Trade Product Manager27,400 CUP
Trader12,100 CUP
Treasury Operations Officer21,200 CUP

Banking Jobs Salary Distribution in Cuba

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

  • Salary Range

    Banking salaries in Cuba range from 7,510 CUP per month (minimum average salary) to 49,000 CUP per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 23,400 CUP per month, which means that half (50%) of people working in Banking are earning less than 23,400 CUP while the other half are earning more than 23,400 CUP. 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 13,900 CUP while 75% of them are earning more than 13,900 CUP. Also from the diagram, 75% of people working in Banking are earning less than 35,500 CUP while 25% are earning more than 35,500 CUP.


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 Cuba costs anywhere from 110,000 Cuban Peso(s) to 329,000 Cuban 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 Cuba 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 Cuba who work in Banking earn 16% more than their female counterparts on average.

Male
25,800 CUP
Female-14%
22,100 CUP
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Cuba for all Careers

Salary comparison by gender monthly Cuba
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Banking Average Annual Salary Increment Percentage in Cuba

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

Banking

Banking professionals in Cuba 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 Cuba 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.

Cuba / 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 Cuba is 2%.

Annual Increment Rate By Industry 2021

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Listed above are the average annual increase rates for each industry in Cuba 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 Cuba

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

41% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 59% 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
59%
No Bonus
41%

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 Cuba


140 CUP per hour

The average hourly wage (pay per hour) in Cuba is 140 CUP. This means that the average person in Cuba earns approximately 140 CUP 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 Cuba
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The average salary for Banking is 9% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Camaguey23,400 CUP
Havana27,000 CUP
Holguin22,200 CUP
Santiago de Cuba25,800 CUP

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 Cuba earn 11% more than their private sector counterparts on average across all sectors.

Private Sector
20,600 CUP
Public Sector+11%
22,800 CUP
Percentage increase and decrease are relative to the previous value

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