Banking Average Salaries in Dominican Republic 2023
How much money does a person working in Banking make in Dominican Republic?
LOW
6,800
DOP AVERAGE
21,600
DOP HIGH
44,300
DOP
A person working in Banking in Dominican Republic typically earns around 21,600 DOP per month. Salaries range from 6,800 DOP (lowest average) to 44,300 DOP (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 Title | Average Salary |
| AML Analyst | 30,100 DOP |
| Assistant Bank Branch Manager | 26,400 DOP |
| Assistant Bank Manager | 32,600 DOP |
| ATM Manager | 29,300 DOP |
| ATM Service Technician | 7,770 DOP |
| Bank Accounts Analyst | 10,900 DOP |
| Bank Accounts Controller | 14,300 DOP |
| Bank Accounts Executive | 22,600 DOP |
| Bank Accounts Manager | 25,200 DOP |
| Bank Auditing Manager | 26,600 DOP |
| Bank Branch Manager | 33,900 DOP |
| Bank Clerk | 6,680 DOP |
| Bank Compliance Specialist | 17,600 DOP |
| Bank Manager | 39,300 DOP |
| Bank Operational Risk Manager | 39,500 DOP |
| Bank Operations Head | 43,400 DOP |
| Bank Operations Officer | 16,500 DOP |
| Bank Operations Specialist | 26,100 DOP |
| Bank Process Manager | 23,200 DOP |
| Bank Product Manager | 26,600 DOP |
| Bank Programme Manager | 28,900 DOP |
| Bank Project Manager | 32,200 DOP |
| Bank Propositions Manager | 28,600 DOP |
| Bank Quantitative Analyst | 20,100 DOP |
| Bank Regional Manager | 43,300 DOP |
| Bank Regional Risk Officer | 22,000 DOP |
| Bank Relationship Manager | 30,500 DOP |
| Bank Relationship Officer | 13,900 DOP |
| Banker | 14,800 DOP |
| Banking Business Analyst | 21,800 DOP |
| Banking Business Development Officer | 13,600 DOP |
| Banking Business Planning Executive | 29,500 DOP |
| Banking Product Manager | 25,800 DOP |
| Banking Reference Data Manager | 23,900 DOP |
| Banking Risk Analyst | 21,800 DOP |
| Banking Technical Analyst | 11,500 DOP |
| Bankruptcy Coordinator | 14,900 DOP |
| Budget Analyst | 21,000 DOP |
| Cards Marketing Manager | 25,800 DOP |
| Cash Management Manager | 36,500 DOP |
| Check Processing Manager | 28,700 DOP |
| Commercial Vault Associate | 21,600 DOP |
| Corporate Dealer | 23,200 DOP |
| Credit Analyst | 16,900 DOP |
| Credit and Collections Manager | 28,300 DOP |
| Credit Card Fraud Investigator | 23,000 DOP |
| Credit Portfolio Manager | 38,200 DOP |
| Credit Risk Analyst | 23,400 DOP |
| Credit Risk Associate | 22,100 DOP |
| Direct Bank Sales Representative | 15,200 DOP |
| Financial Bank Planning Consultant | 27,900 DOP |
| Financial Banking Analysis Manager | 32,200 DOP |
| Financial Banking Assistant | 10,000 DOP |
| Financial Banking Systems Manager | 30,500 DOP |
| Foreign Exchange Manager | 31,400 DOP |
| Fraud Analyst | 23,100 DOP |
| Fraud Detection Associate | 15,000 DOP |
| Fraud Detection Manager | 34,700 DOP |
| Fraud Detection Supervisor | 19,200 DOP |
| Internal Bank Audit Manager | 40,900 DOP |
| Internal Bank Auditor | 20,900 DOP |
| International Banking Manager | 42,500 DOP |
| Loan Analyst | 20,900 DOP |
| Loan Area Manager | 26,700 DOP |
| Loan Audit Team Leader | 25,000 DOP |
| Loan Branch Manager | 23,800 DOP |
| Loan Business Development Officer | 13,600 DOP |
| Loan Clerk | 7,680 DOP |
| Loan Collection Manager | 25,000 DOP |
| Loan Collector | 6,970 DOP |
| Loan Examiner | 8,920 DOP |
| Loan Processing Manager | 23,400 DOP |
| Loan Processor | 9,420 DOP |
| Loan Quality Assurance Auditor | 22,500 DOP |
| Loan Quality Assurance Manager | 24,100 DOP |
| Loan Quality Assurance Representative | 15,400 DOP |
| Loan Review Manager | 24,800 DOP |
| Loan Team Leader | 21,300 DOP |
| Mortgage Advisor | 15,500 DOP |
| Mortgage Collection Manager | 25,200 DOP |
| Mortgage Collector | 6,760 DOP |
| Mortgage Credit Analyst | 11,700 DOP |
| Mortgage Credit Manager | 23,600 DOP |
| Mortgage Development Manager | 28,800 DOP |
| Mortgage Document Reviewer | 9,430 DOP |
| Mortgage Funding Manager | 26,900 DOP |
| Mortgage Operations Manager | 36,200 DOP |
| Mortgage Payment Processing Clerk | 8,470 DOP |
| Mortgage Processing Manager | 25,300 DOP |
| Mortgage Processor | 9,560 DOP |
| Mortgage Quality Assurance Auditor | 21,100 DOP |
| Mortgage Quality Assurance Manager | 23,200 DOP |
| Mortgage Servicing Clerk | 7,100 DOP |
| Mortgage Servicing Manager | 24,000 DOP |
| Mortgage Underwriter | 9,230 DOP |
| Online Banking Manager | 38,400 DOP |
| Payment Processing Clerk | 7,540 DOP |
| Personal Banker | 15,500 DOP |
| Personal Banking Advisor | 15,800 DOP |
| Phone Banker | 10,800 DOP |
| Private Banker | 14,800 DOP |
| Reconciliation and Investigation Specialist | 17,900 DOP |
| Teller | 7,570 DOP |
| Trade Officer | 9,080 DOP |
| Trade Product Manager | 25,000 DOP |
| Trader | 10,100 DOP |
| Treasury Operations Officer | 19,200 DOP |
Banking Jobs Salary Distribution in Dominican Republic
The median, the maximum, the minimum, and the range
Salary Range
Banking salaries in Dominican Republic range from 6,800 DOP per month (minimum average salary) to 44,300 DOP per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 19,900 DOP per month, which means that half (50%) of people working in Banking are earning less than 19,900 DOP while the other half are earning more than 19,900 DOP. 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 12,000 DOP while 75% of them are earning more than 12,000 DOP. Also from the diagram, 75% of people working in Banking are earning less than 29,500 DOP while 25% are earning more than 29,500 DOP.
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?
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.
Salary Comparison By Education
How does the education level affect your salary?
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.
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 Dominican Republic costs anywhere from 99,300 Dominican Peso(s) to 298,000 Dominican 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
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Dominican Republic who work in Banking earn 7% more than their female counterparts on average.
| Male | 22,200 DOP | |
| Female | -6% | 20,800 DOP |
Salary Comparison By Gender in Dominican Republic for all Careers
Banking Average Annual Salary Increment Percentage in Dominican Republic
How much are annual salary increments in Dominican Republic for Banking professionals? How often do employees get salary raises?
Banking
Banking professionals in Dominican Republic are likely to observe a salary increase of approximately 10% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.
Dominican Republic / 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
Annual Increment Rate By Industry 2022
| 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 Dominican Republic for the year 2022. 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
Banking Bonus and Incentive Rates in Dominican Republic
How much and how often are bonuses being awarded?
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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.
28% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 72% 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 | 72% | |
| No Bonus | 28% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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 Dominican Republic
120 DOP per hourThe average hourly wage (pay per hour) in Dominican Republic is 120 DOP. This means that the average person in Dominican Republic earns approximately 120 DOP for every worked hour.
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
The average salary for Banking is 9% more than that of All Jobs.
Salary Comparison By City
| City | Average Salary |
| Santo Domingo | 24,300 DOP |
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 Dominican Republic earn 7% more than their private sector counterparts on average across all sectors.
| Private Sector | 19,400 DOP | |
| Public Sector | +7% | 20,700 DOP |
