Psychologist Average Salary in Bahamas 2023

How much money does a person working as Psychologist make in Bahamas?

Average Yearly Salary

79,700 BSD

( 6,640 BSD monthly)

LOW
39,000
BSD AVERAGE
79,700
BSD HIGH
124,000
BSD

Psychologist Pay Scale and Salaries in Bahamas

Salary Structure and Pay Scale Comparison

5% of people earn
73,900 BSD or more

10% of people earn
65,300 to 73,900 BSD

20% of people earn
46,300 BSD or less

65% of people earn
46,300 to 65,300 BSD

Minimum Salary 39,000 BSD

Median 74,300 BSD

Maximum 124,000 BSD

Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

• Salary Range, Minimum Wage, and Starting Salary

  Psychologist salaries in Bahamas range from 39,000 BSD per year (starting salary) to 124,000 BSD per year (maximum salary). This is not the minimum wage as per the law, only the lowest reported number in the salary survey that had thousands of participants and professionals from all over the country.

• Median Salary

  The median salary is 74,300 BSD per year, which means that half (50%) of people working as Psychologist(s) are earning less than 74,300 BSD while the other half are earning more than 74,300 BSD. 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 and Salary Scale

  Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Psychologist(s) are earning less than 60,800 BSD while 75% of them are earning more than 60,800 BSD. Also from the diagram, 75% of Psychologist(s) are earning less than 85,000 BSD while 25% are earning more than 85,000 BSD.

• Pay Scale Structure

  We grouped the most common and recurring salaries into brackets to give more insight into what salary to expect. This method is more accurate than just the average salary and gives more insights on how salaries are actually distributed. Around 65% of all reported figures are in the range 46,300 BSD to 65,300 BSD. Approximatly 20% fall under the 46,300 BSD cap. Ten percent of wages are from 65,300 BSD to 73,900 BSD. Only 5% of people grossed 73,900 BSD or more.

Psychologist Salary Comparison by Years of Experience

How does experience and age affect your pay?

Psychologist average salary change by experience in Bahamas

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 Psychologist salaries by experience level and this is what we found.

Employees with less than two years of experience makes approximately 46,300 BSD per year.

While someone with an experience level between two and five years is expected to earn 59,500 BSD per year, 29% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 82,100 BSD per year, 38% more than someone with two to five years of experience.

Additionally, Psychologist whose expertise span anywhere between ten and fifteen years get a salary equivalent to 102,000 BSD per year, 24% 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 109,000 BSD per year, 7% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 116,000 BSD per year, 7% more than people with fifteen to twenty years of experience.

Typical Salary Progress for Most Careers

Salary and Compensation Comparison By Gender - Psychologist

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Psychologist employees in Bahamas earn 11% more than their female counterparts on average.

Salary Comparison By Gender in Bahamas for all Careers

Psychologist Average Annual Salary Increment Percentage in Bahamas

How much are annual salary increments in Bahamas for Psychologist(s)? How often do employees get salary raises?

Psychologist

Psychologist(s) in Bahamas are likely to observe a salary increase of approximately 10% every 29 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Bahamas / 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

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

Psychologist Bonus and Incentive Rates in Bahamas

How much and how often are bonuses being awarded?

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"Psychologist" is considered to be a high bonus-based job. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

35% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 65% 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		65%
No Bonus		35%

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?

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.

Psychologist Salary Trend and Forecast in Bahamas

How are Psychologist salaries changing over time? Listed below is a chart that shows the average salary in recent years.

Psychologist salaries in Bahamas are on the rise in the year 2023 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2022 are 2% higher than those of 2021. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from industry to another.

Psychologist Average Hourly Wage in Bahamas

38 BSD per hour

The average hourly wage (pay per hour) in Bahamas is 38 BSD. This means that the average Psychologist in Bahamas earns approximately 38 BSD for every worked hour.

About The Hourly Pay Rate

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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for 'Psychologist' in Bahamas is 19 BSD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Psychologist VS Other Jobs

The average salary for Psychologist is 54% more than that of Counseling. Also, Counseling salaries are 11% more than those of All Jobs.

Salary comparison with similar jobs

Adoption Services Director	65,000 BSD	-18%
Alcohol and Drug Counselor	50,800 BSD	-36%
Assistant Instructor	23,000 BSD	-71%
Career Counselor	57,500 BSD	-28%
Consultant	57,900 BSD	-27%
Director of Rehabilitation Services	76,700 BSD	-4%
Disability Consultant	45,000 BSD	-44%
Employment Counselor	59,300 BSD	-26%
Family Advocate	41,100 BSD	-48%
Family Services Specialist	43,500 BSD	-45%
Family Support Specialist	62,500 BSD	-22%
Family Youth Worker	18,900 BSD	-76%
Guidance Counselor	60,400 BSD	-24%
Guidance Director	71,500 BSD	-10%
Mental Health Counselor	62,300 BSD	-22%
Programs Coordinator	33,000 BSD	-59%
Psychologist	79,700 BSD	+0%
Supervising Counselor	61,500 BSD	-23%
Vocational Rehabilitation Counselor	58,900 BSD	-26%
Youth Advocate	33,200 BSD	-58%
Youth Care Counselor	59,100 BSD	-26%
Youth Care Specialist	37,500 BSD	-53%
Youth Development Manager	69,000 BSD	-13%

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 Bahamas earn 10% more than their private sector counterparts on average across all sectors.

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for Psychologist in Bahamas?

A good and competitive compensation would range anywhere between 74,300 BSD and 85,000 BSD. This is a very rough estimate and your experience and education will play a very huge part into your final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salart after tax for every career.

Base / Basic Salary

The base salary for Psychologist in Bahamas is ranges from 60,800 BSD to 85,000 BSD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range in a grain of salt.