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Insurance Project Manager Average Salary in Hungary 2020

How much money does an Insurance Project Manager make in Hungary?


Average Monthly Salary
593,000 HUF
( 7,110,000 HUF yearly)

LOW
279,000
HUF
AVERAGE
593,000
HUF
HIGH
936,000
HUF

A person working as an Insurance Project Manager in Hungary typically earns around 593,000 HUF per month. Salaries range from 279,000 HUF (lowest) to 936,000 HUF (highest).

This is the average monthly salary including housing, transport, and other benefits. Insurance Project Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Insurance Project Manager Salary Distribution in Hungary

Median and salary distribution monthly Hungary Insurance Project Manager
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The median, the maximum, the minimum, and the range

  • Salary Range

    Insurance Project Manager salaries in Hungary range from 279,000 HUF per month (minimum salary) to 936,000 HUF per month (maximum salary).

  • Median Salary

    The median salary is 628,000 HUF per month, which means that half (50%) of people working as Insurance Project Manager(s) are earning less than 628,000 HUF while the other half are earning more than 628,000 HUF. 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 Insurance Project Manager(s) are earning less than 408,000 HUF while 75% of them are earning more than 408,000 HUF. Also from the diagram, 75% of Insurance Project Manager(s) are earning less than 829,000 HUF while 25% are earning more than 829,000 HUF.


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

Insurance Project Manager Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Hungary Insurance Project Manager
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Insurance Project Manager salaries by experience level and this is what we found.

An Insurance Project Manager with less than two years of experience makes approximately 321,000 HUF per month.

While someone with an experience level between two and five years is expected to earn 443,000 HUF per month, 38% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 630,000 HUF per month, 42% more than someone with two to five 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.

Additionally, Insurance Project Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 769,000 HUF per month, 22% 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 811,000 HUF per month, 6% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 884,000 HUF per month, 9% more than people with fifteen to twenty years of experience.


Insurance Project Manager average salary change by experience in Hungary

0 - 2 Years
321,000 HUF
2 - 5 Years+38%
443,000 HUF
5 - 10 Years+42%
630,000 HUF
10 - 15 Years+22%
769,000 HUF
15 - 20 Years+6%
811,000 HUF
20+ Years+9%
884,000 HUF
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Insurance Project Manager Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Insurance Project Manager(s) who have the same experience but different education levels.

Salary comparison by education level monthly Hungary Insurance Project Manager
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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 Insurance Project Manager salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary of an Insurance Project Manager is 443,000 HUF per month.

While someone with a Master's Degree gets a salary of 811,000 HUF per month, 83% more than someone having a Bachelor's Degree degree.


Insurance Project Manager average salary difference by education level in Hungary

Bachelor's Degree
443,000 HUF
Master's Degree+83%
811,000 HUF
Percentage increase and decrease are relative to the previous value

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 Hungary costs anywhere from 2,470,000 Forint(s) to 7,400,000 Forint(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 the thoery. 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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Insurance Project Manager Salary Comparison By Gender

Salary comparison by gender monthly Hungary Insurance Project Manager
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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 Insurance Project Manager employees in Hungary earn 8% more than their female counterparts on average.

Male
617,000 HUF
Female-7%
572,000 HUF
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Hungary for all Careers

Salary comparison by gender monthly Hungary
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Insurance Project Manager Average Annual Salary Increment Percentage in Hungary

How much are annual salary increments in Hungary for Insurance Project Manager(s)? How often do employees get salary raises?

Insurance Project Manager

Insurance Project Manager(s) in Hungary are likely to observe a salary increase of approximately 12% every 18 months. The national average annual increment for all professions combined is 9% granted to employees every 17 months.

Annual Salary Increment Rate Hungary Insurance Project Manager
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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.

Hungary / 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 Hungary is 6%.

Annual Increment Rate By Industry 2019

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Listed above are the average annual increase rates for each industry in Hungary 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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Insurance Project Manager Bonus and Incentive Rates in Hungary

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Hungary Insurance Project Manager
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An Insurance Project Manager is considered to be a moderate bonus-based job 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.

43% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 57% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 2% to 7% of their annual salary.

Received Bonus
57%
No Bonus
43%

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.

Insurance Project Manager Average Hourly Wage in Hungary


3,420 HUF per hour

The average hourly wage (pay per hour) in Hungary is 3,420 HUF. This means that the average Insurance Project Manager in Hungary earns approximately 3,420 HUF 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.

Insurance Project Manager VS Other Jobs

Salary Comparison Between Insurance Project Manager and Insurance monthly Hungary
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The average salary for Insurance Project Manager is 20% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst648,000 HUF+9%
Actuarial Assistant455,000 HUF-23%
Actuary655,000 HUF+11%
Adjustment Insurance Clerk180,000 HUF-70%
Assistant Broker286,000 HUF-52%
Assistant Claims Manager517,000 HUF-13%
Associate Insurance Representative255,000 HUF-57%
Auditing Insurance Manager720,000 HUF+21%
Broker487,000 HUF-18%
Claim Advocacy Professional457,000 HUF-23%
Claims Adjuster180,000 HUF-70%
Claims Analyst251,000 HUF-58%
Claims Examiner250,000 HUF-58%
Claims Manager678,000 HUF+14%
Claims Processor178,000 HUF-70%
Claims Representative212,000 HUF-64%
Claims Resolution Specialist490,000 HUF-17%
Claims Supervisor474,000 HUF-20%
Complaints Specialist447,000 HUF-25%
Compliance Officer388,000 HUF-35%
Consultant465,000 HUF-22%
Eligibility Specialist479,000 HUF-19%
Insurance Account Manager603,000 HUF+2%
Insurance Accounts Executive521,000 HUF-12%
Insurance Agent291,000 HUF-51%
Insurance Analyst466,000 HUF-21%
Insurance Appraiser450,000 HUF-24%
Insurance Claims Clerk166,000 HUF-72%
Insurance Examiner452,000 HUF-24%
Insurance Investigator464,000 HUF-22%
Insurance Manager798,000 HUF+35%
Insurance Operations Manager803,000 HUF+35%
Insurance Policy Processing Clerk183,000 HUF-69%
Insurance Pricing Assistant372,000 HUF-37%
Insurance Program Manager594,000 HUF+0%
Insurance Project Manager593,000 HUF+0%
Insurance Quality Assurance Agent414,000 HUF-30%
Insurance Sales Agent292,000 HUF-51%
Insurance Sales Director790,000 HUF+33%
Insurance Team Leader483,000 HUF-18%
Insurance Underwriter339,000 HUF-43%
Loss Control Specialist434,000 HUF-27%
Loss Prevention Investigator466,000 HUF-21%
Loss Prevention Manager652,000 HUF+10%
Loss Prevention Specialist526,000 HUF-11%
Marine Underwriter356,000 HUF-40%
Medical Auditor471,000 HUF-21%
Monitoring and Performance Officer333,000 HUF-44%
Payment Services Specialist450,000 HUF-24%
Policy Change Director742,000 HUF+25%
Policy Change Supervisor512,000 HUF-14%
Policy Change Technician229,000 HUF-61%
Risk Analyst526,000 HUF-11%
Risk Management Director910,000 HUF+54%
Risk Management Supervisor587,000 HUF-1%
Risk Manager872,000 HUF+47%
Risk Modeling Manager870,000 HUF+47%
Title Insurance Typist401,000 HUF-32%
Training Manager498,000 HUF-16%

Salary Comparison By City

CityAverage Salary
Budapest643,000 HUF
Debrecen618,000 HUF

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 Hungary earn 9% more than their private sector counterparts on average across all sectors.

Private Sector
474,000 HUF
Public Sector+9%
516,000 HUF
Percentage increase and decrease are relative to the previous value

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