A person working in Banking in Cyprus typically earns around 2,350 EUR per month. Salaries range from 740 EUR (lowest average) to 4,830 EUR (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||3,450 EUR|
|Assistant Bank Branch Manager||2,920 EUR|
|Assistant Bank Manager||3,720 EUR|
|ATM Manager||3,000 EUR|
|ATM Service Technician||880 EUR|
|Bank Accounts Analyst||1,270 EUR|
|Bank Accounts Controller||1,650 EUR|
|Bank Accounts Executive||2,350 EUR|
|Bank Accounts Manager||2,880 EUR|
|Bank Auditing Manager||2,700 EUR|
|Bank Branch Manager||3,770 EUR|
|Bank Clerk||720 EUR|
|Bank Compliance Specialist||2,080 EUR|
|Bank Manager||4,540 EUR|
|Bank Operational Risk Manager||4,300 EUR|
|Bank Operations Head||4,590 EUR|
|Bank Operations Officer||1,820 EUR|
|Bank Operations Specialist||2,720 EUR|
|Bank Process Manager||2,600 EUR|
|Bank Product Manager||2,790 EUR|
|Bank Programme Manager||3,190 EUR|
|Bank Project Manager||3,440 EUR|
|Bank Propositions Manager||3,160 EUR|
|Bank Quantitative Analyst||2,210 EUR|
|Bank Regional Manager||4,640 EUR|
|Bank Regional Risk Officer||2,330 EUR|
|Bank Relationship Manager||3,250 EUR|
|Bank Relationship Officer||1,540 EUR|
|Banking Business Analyst||2,380 EUR|
|Banking Business Development Officer||1,480 EUR|
|Banking Business Planning Executive||3,390 EUR|
|Banking Product Manager||2,810 EUR|
|Banking Reference Data Manager||2,450 EUR|
|Banking Risk Analyst||2,420 EUR|
|Banking Technical Analyst||1,250 EUR|
|Bankruptcy Coordinator||1,710 EUR|
|Budget Analyst||2,310 EUR|
|Cards Marketing Manager||3,000 EUR|
|Cash Management Manager||3,960 EUR|
|Check Processing Manager||3,090 EUR|
|Commercial Vault Associate||2,350 EUR|
|Corporate Dealer||2,380 EUR|
|Credit Analyst||1,800 EUR|
|Credit and Collections Manager||3,300 EUR|
|Credit Card Fraud Investigator||2,420 EUR|
|Credit Portfolio Manager||4,530 EUR|
|Credit Risk Analyst||2,720 EUR|
|Credit Risk Associate||2,470 EUR|
|Direct Bank Sales Representative||1,590 EUR|
|Financial Bank Planning Consultant||2,970 EUR|
|Financial Banking Analysis Manager||3,340 EUR|
|Financial Banking Assistant||1,140 EUR|
|Financial Banking Systems Manager||3,130 EUR|
|Foreign Exchange Manager||3,540 EUR|
|Fraud Analyst||2,470 EUR|
|Fraud Detection Associate||1,680 EUR|
|Fraud Detection Manager||3,580 EUR|
|Fraud Detection Supervisor||2,140 EUR|
|Internal Bank Audit Manager||4,090 EUR|
|Internal Bank Auditor||2,300 EUR|
|International Banking Manager||4,660 EUR|
|Loan Analyst||2,320 EUR|
|Loan Area Manager||2,970 EUR|
|Loan Audit Team Leader||2,780 EUR|
|Loan Branch Manager||2,630 EUR|
|Loan Business Development Officer||1,360 EUR|
|Loan Clerk||840 EUR|
|Loan Collection Manager||2,720 EUR|
|Loan Collector||750 EUR|
|Loan Examiner||1,060 EUR|
|Loan Processing Manager||2,500 EUR|
|Loan Processor||1,100 EUR|
|Loan Quality Assurance Auditor||2,380 EUR|
|Loan Quality Assurance Manager||2,530 EUR|
|Loan Quality Assurance Representative||1,780 EUR|
|Loan Review Manager||2,580 EUR|
|Loan Team Leader||2,440 EUR|
|Mortgage Advisor||1,600 EUR|
|Mortgage Collection Manager||2,860 EUR|
|Mortgage Collector||760 EUR|
|Mortgage Credit Analyst||1,190 EUR|
|Mortgage Credit Manager||2,640 EUR|
|Mortgage Development Manager||2,890 EUR|
|Mortgage Document Reviewer||1,040 EUR|
|Mortgage Funding Manager||2,960 EUR|
|Mortgage Operations Manager||3,880 EUR|
|Mortgage Payment Processing Clerk||900 EUR|
|Mortgage Processing Manager||2,770 EUR|
|Mortgage Processor||1,040 EUR|
|Mortgage Quality Assurance Auditor||2,240 EUR|
|Mortgage Quality Assurance Manager||2,710 EUR|
|Mortgage Servicing Clerk||850 EUR|
|Mortgage Servicing Manager||2,590 EUR|
|Mortgage Underwriter||970 EUR|
|Online Banking Manager||4,190 EUR|
|Payment Processing Clerk||820 EUR|
|Personal Banker||1,770 EUR|
|Personal Banking Advisor||1,650 EUR|
|Phone Banker||1,080 EUR|
|Private Banker||1,760 EUR|
|Reconciliation and Investigation Specialist||1,880 EUR|
|Trade Officer||970 EUR|
|Trade Product Manager||2,660 EUR|
|Treasury Operations Officer||2,090 EUR|
Banking salaries in Cyprus range from 740 EUR per month (minimum average salary) to 4,830 EUR per month (maximum average salary, actual maximum is higher).
The median salary is 2,490 EUR per month, which means that half (50%) of people working in Banking are earning less than 2,490 EUR while the other half are earning more than 2,490 EUR. 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 1,460 EUR while 75% of them are earning more than 1,460 EUR. Also from the diagram, 75% of people working in Banking are earning less than 3,880 EUR while 25% are earning more than 3,880 EUR.
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 Cyprus costs anywhere from 10,800 Euro(s) to 32,500 Euro(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 Cyprus who work in Banking earn 6% more than their female counterparts on average.
Banking professionals in Cyprus are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 5% granted to employees every 28 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 Cyprus 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.
37% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 63% 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.
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 Cyprus earn 18% more than their private sector counterparts on average across all sectors.