A person working in Banking in Saudi Arabia typically earns around 18,300 SAR. Salaries range from 5,720 SAR (lowest average) to 37,300 SAR (highest average, actual maximum salary is higher).
The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Banking domain in Saudi Arabia exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.
|Job Title||Average Salary|
|AML Analyst||25,400 SAR|
|Assistant Bank Branch Manager||20,300 SAR|
|Assistant Bank Manager||28,300 SAR|
|ATM Manager||23,700 SAR|
|ATM Service Technician||6,470 SAR|
|Bank Accounts Analyst||9,290 SAR|
|Bank Accounts Collector||5,870 SAR|
|Bank Accounts Controller||12,500 SAR|
|Bank Accounts Executive||18,400 SAR|
|Bank Accounts Manager||21,200 SAR|
|Bank Auditing Manager||20,700 SAR|
|Bank Branch Manager||28,000 SAR|
|Bank Branch Operations Coordinator||13,200 SAR|
|Bank Clerk||5,570 SAR|
|Bank Client Service Associate||8,060 SAR|
|Bank Collector||5,810 SAR|
|Bank Compliance Specialist||15,100 SAR|
|Bank Manager||34,400 SAR|
|Bank Operational Risk Manager||33,200 SAR|
|Bank Operations Head||35,700 SAR|
|Bank Operations Officer||14,000 SAR|
|Bank Operations Specialist||21,300 SAR|
|Bank Process Manager||18,000 SAR|
|Bank Product Manager||22,600 SAR|
|Bank Programme Manager||22,200 SAR|
|Bank Project Manager||27,700 SAR|
|Bank Propositions Manager||24,300 SAR|
|Bank Quantitative Analyst||17,600 SAR|
|Bank Regional Manager||36,000 SAR|
|Bank Regional Risk Officer||17,600 SAR|
|Bank Relationship Manager||26,200 SAR|
|Bank Relationship Officer||11,400 SAR|
|Bank Sustainability Analyst||19,900 SAR|
|Bank Teller||6,160 SAR|
|Banking Business Analyst||17,800 SAR|
|Banking Business Development Officer||11,400 SAR|
|Banking Business Planning Executive||24,100 SAR|
|Banking Data Analyst||20,300 SAR|
|Banking Product Manager||21,700 SAR|
|Banking Reference Data Manager||19,300 SAR|
|Banking Regulatory Compliance Officer||20,600 SAR|
|Banking Risk Analyst||18,000 SAR|
|Banking Technical Analyst||9,050 SAR|
|Bankruptcy Coordinator||12,600 SAR|
|Bill and Account Collector||6,080 SAR|
|Blockchain Analyst||14,300 SAR|
|Blockchain Architect||18,100 SAR|
|Blockchain Auditor||15,900 SAR|
|Blockchain Compliance Analyst||16,300 SAR|
|Blockchain Consultant||16,900 SAR|
|Blockchain Trade Facilitator||14,000 SAR|
|Budget Analyst||16,600 SAR|
|Capital Risk Manager||34,000 SAR|
|Cards Marketing Manager||21,900 SAR|
|Cash Management Manager||31,700 SAR|
|Check Processing Manager||23,200 SAR|
|Chief Blockchain Officer||19,200 SAR|
|Commercial Vault Associate||16,400 SAR|
|Corporate Banker||13,100 SAR|
|Corporate Dealer||18,700 SAR|
|Credit Analyst||13,600 SAR|
|Credit and Collections Manager||23,300 SAR|
|Credit Card Fraud Investigator||17,700 SAR|
|Credit Portfolio Manager||31,900 SAR|
|Credit Risk Analyst||19,900 SAR|
|Credit Risk Associate||19,600 SAR|
|Cryptocurrency Accountant||11,300 SAR|
|Cryptocurrency Adviser||21,800 SAR|
|Cryptocurrency Analyst||16,200 SAR|
|Cryptocurrency Compliance Manager||20,000 SAR|
|Cryptocurrency Trader||17,700 SAR|
|Digital Banking Manager||24,600 SAR|
|Digital Currency Analyst||17,200 SAR|
|Direct Bank Sales Representative||12,000 SAR|
|Exchange Control Consultant||17,600 SAR|
|Executive Account Analyst||16,400 SAR|
|Financial Bank Planning Consultant||22,400 SAR|
|Financial Banking Analysis Manager||24,500 SAR|
|Financial Banking Assistant||8,710 SAR|
|Financial Banking Systems Manager||24,700 SAR|
|Foreign Exchange Manager||26,200 SAR|
|Fraud Analyst||18,000 SAR|
|Fraud Detection Associate||12,800 SAR|
|Fraud Detection Manager||27,300 SAR|
|Fraud Detection Supervisor||15,400 SAR|
|Internal Bank Audit Manager||31,500 SAR|
|Internal Bank Auditor||16,600 SAR|
|Internal Private Banker||12,900 SAR|
|International Banking Manager||34,700 SAR|
|Investment Banking Analyst||24,500 SAR|
|Loan Analyst||17,800 SAR|
|Loan Area Manager||22,000 SAR|
|Loan Audit Team Leader||20,600 SAR|
|Loan Branch Manager||20,200 SAR|
|Loan Business Development Officer||10,800 SAR|
|Loan Clerk||6,270 SAR|
|Loan Collection and Recovery Manager||20,800 SAR|
|Loan Collection Manager||21,000 SAR|
|Loan Collector||5,630 SAR|
|Loan Examiner||7,440 SAR|
|Loan Officer||6,360 SAR|
|Loan Processing Manager||18,200 SAR|
|Loan Processor||7,530 SAR|
|Loan Quality Assurance Auditor||18,500 SAR|
|Loan Quality Assurance Manager||20,400 SAR|
|Loan Quality Assurance Representative||13,500 SAR|
|Loan Review Manager||20,200 SAR|
|Loan Team Leader||17,900 SAR|
|Loans Manager||23,400 SAR|
|Mortgage Advisor||12,200 SAR|
|Mortgage Collection Manager||20,400 SAR|
|Mortgage Collector||5,640 SAR|
|Mortgage Credit Analyst||9,080 SAR|
|Mortgage Credit Manager||18,900 SAR|
|Mortgage Development Manager||21,500 SAR|
|Mortgage Document Reviewer||8,010 SAR|
|Mortgage Funding Manager||23,600 SAR|
|Mortgage Operations Manager||30,100 SAR|
|Mortgage Payment Processing Clerk||6,590 SAR|
|Mortgage Processing Manager||20,700 SAR|
|Mortgage Processor||8,040 SAR|
|Mortgage Quality Assurance Auditor||16,900 SAR|
|Mortgage Quality Assurance Manager||19,200 SAR|
|Mortgage Servicing Clerk||6,160 SAR|
|Mortgage Servicing Manager||19,400 SAR|
|Mortgage Underwriter||7,090 SAR|
|Online Banking Manager||29,300 SAR|
|Open Banking Strategist||18,100 SAR|
|Payment Processing Clerk||5,910 SAR|
|Personal Banker||12,200 SAR|
|Personal Banking Advisor||12,500 SAR|
|Phone Banker||8,300 SAR|
|Private Banker||13,200 SAR|
|Reconciliation and Investigation Specialist||13,700 SAR|
|Tax Officer||10,500 SAR|
|Trade Officer||7,060 SAR|
|Trade Product Manager||20,000 SAR|
|Treasury Operations Officer||16,200 SAR|
|Wealth Management Advisor||26,700 SAR|
Salaries in Banking in Saudi Arabia range from 5,720 SAR (starting average salary) to 37,300 SAR (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.
The median income in the field of Banking is 16,900 SAR, implying that half of the workforce in Saudi Arabia earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.
Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Banking in Saudi Arabia earn less than 12,600 SAR, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 20,800 SAR, while 25% earn more than that.
Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Banking in Saudi Arabia. The analysis revealed that roughly 65% of all reported salaries fell within the range of 8,490 SAR to 15,600 SAR. Approximately 20% of salaries were below the 8,490 SAR mark, while 10% ranged from 15,600 SAR to 18,900 SAR. Only 5% of individuals earned a gross salary of 18,900 SAR or higher.
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 in Banking in Saudi Arabia 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 degree levels across many jobs in Banking in Saudi Arabia, 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 certificate 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 Saudi Arabia costs anywhere from 83,800 SAR to 251,000 SAR and lasts approximately two years. That is quite an investment.
Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in 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? In the field of Banking in Saudi Arabia, the average difference between the salary of male and female employees is 13%.
Professionals working in Banking in Saudi Arabia are likely to observe a salary increase of approximately 10% every 15 months. The national average annual increment for all professions combined is 8% granted to employees every 17 months.
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
20% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 80% 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 fixed 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 minimum pay rate per hour for people working in Banking in Saudi Arabia is 33 SAR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Saudi Arabia is 7% on average across all career fields.
A good and competitive compensation would range anywhere between 16,900 SAR and 20,800 SAR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
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 salary after tax for every career.
The base salary for jobs in Banking in Saudi Arabia ranges from 5,720 SAR to 12,600 SAR. 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 with a grain of salt.
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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