A person working as a Petroleum Geologist in Monaco typically earns around 6,910 EUR per month. Salaries range from 3,380 EUR (lowest) to 10,800 EUR (highest).
This is the average monthly salary including housing, transport, and other benefits. Petroleum Geologist salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Petroleum Geologist salaries in Monaco range from 3,380 EUR per month (minimum salary) to 10,800 EUR per month (maximum salary).
The median salary is 7,040 EUR per month, which means that half (50%) of people working as Petroleum Geologist(s) are earning less than 7,040 EUR while the other half are earning more than 7,040 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 Petroleum Geologist(s) are earning less than 4,690 EUR while 75% of them are earning more than 4,690 EUR. Also from the diagram, 75% of Petroleum Geologist(s) are earning less than 9,090 EUR while 25% are earning more than 9,090 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 your wage. We broke down Petroleum Geologist salaries by experience level and this is what we found.
A Petroleum Geologist with less than two years of experience makes approximately 4,010 EUR per month.
While someone with an experience level between two and five years is expected to earn 5,160 EUR per month, 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 7,120 EUR per month, 38% more than someone with two to five years of experience.
Additionally, Petroleum Geologist(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 8,810 EUR per month, 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 9,440 EUR per month, 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 10,100 EUR per month, 7% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+29%|
|5 - 10 Years||+38%|
|10 - 15 Years||+24%|
|15 - 20 Years||+7%|
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 Petroleum Geologist salaries by education level in order to make a comparison.
When the education level is Bachelor's Degree, the average salary of a Petroleum Geologist is 4,710 EUR per month.
While someone with a Master's Degree gets a salary of 6,490 EUR per month, 38% more than someone having a Bachelor's Degree degree.
A PhD gets its holder an average salary of 10,600 EUR per month, 64% more than someone with a Master's Degree.
A Master's degree program or any post-graduate program in Monaco costs anywhere from 21,200 Euro(s) to 63,600 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 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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Petroleum Geologist employees in Monaco earn 12% more than their female counterparts on average.
Petroleum Geologist(s) in Monaco are likely to observe a salary increase of approximately 10% every 28 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 Monaco for the year 2020. 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.
A Petroleum Geologist 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.
60% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 40% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% 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 Petroleum Geologist is 79% more than that of Oil / Gas / Energy / Mining. Also, Oil / Gas / Energy / Mining salaries are 9% less than those of All Jobs.
|Job Title||Average Salary|
|Assistant Yard Manager||3,660 EUR||-47%|
|Associate Analyst||4,070 EUR||-41%|
|Associate Landman||1,880 EUR||-73%|
|Auxiliary Equipment Operator||1,720 EUR||-75%|
|Biomass Plant Technician||2,170 EUR||-69%|
|Biomass Power Plant Manager||5,320 EUR||-23%|
|Chemical Plant Operator||3,120 EUR||-55%|
|Chief Contract Compliance Engineer||3,900 EUR||-44%|
|Completions Engineer||3,700 EUR||-46%|
|Cost Controller||2,890 EUR||-58%|
|Crude Oil Marketing Representative||4,220 EUR||-39%|
|Distribution Manager||5,550 EUR||-20%|
|Dragline Operator||1,970 EUR||-71%|
|Driller Offsider||1,580 EUR||-77%|
|Dump Truck Driver||1,690 EUR||-76%|
|Electric and Gas Operations Manager||8,390 EUR||+22%|
|Energy Advisor||5,570 EUR||-19%|
|Energy Analyst||5,300 EUR||-23%|
|Energy Auditor||4,910 EUR||-29%|
|Energy Dispatch Director||6,670 EUR||-3%|
|Energy Technical Assistant||2,440 EUR||-65%|
|Energy Technical Manager||4,570 EUR||-34%|
|Energy Technical Trainer||3,440 EUR||-50%|
|Exploration Manager||6,380 EUR||-8%|
|Field Safety Auditor||4,350 EUR||-37%|
|Fluids Engineer||3,960 EUR||-43%|
|Fuel Cell Engineer||4,100 EUR||-41%|
|Fuel Cell Technician||2,210 EUR||-68%|
|Fuels Handler||2,000 EUR||-71%|
|Gas Compressor Operator||1,870 EUR||-73%|
|Gas Distribution Plant Operator||3,340 EUR||-52%|
|Gas Supply Manager||6,070 EUR||-12%|
|Geothermal Production Manager||6,700 EUR||-3%|
|Geothermal Technician||2,770 EUR||-60%|
|HSE Engineer||3,840 EUR||-44%|
|HSE Officer||2,560 EUR||-63%|
|HSEQ Administrator||2,750 EUR||-60%|
|Instrument Designer||3,190 EUR||-54%|
|Lead Technical Field Advisor||4,800 EUR||-30%|
|Logistics and Tool Coordinator||3,360 EUR||-51%|
|Maintenance Engineer||3,880 EUR||-44%|
|Maintenance Superintendent||3,490 EUR||-49%|
|Material Controller||2,670 EUR||-61%|
|Mine Engineer||3,920 EUR||-43%|
|Mine Surveyor||4,180 EUR||-39%|
|Mining Project Administrator||3,410 EUR||-51%|
|Mining Project Assistant||2,850 EUR||-59%|
|Mining Project Controls Consultant||4,510 EUR||-35%|
|Mining Project Coordinator||3,480 EUR||-50%|
|Mining Project Engineer||3,660 EUR||-47%|
|Mining Project Manager||4,880 EUR||-29%|
|Mining Site Manager||5,030 EUR||-27%|
|Mining Team Leader||4,330 EUR||-37%|
|NDT Technician||2,490 EUR||-64%|
|Oil Service Unit Operator||2,260 EUR||-67%|
|Oil Trader||4,940 EUR||-28%|
|Oilwell Pumper||1,620 EUR||-77%|
|Petroleum Engineer||4,360 EUR||-37%|
|Petroleum Geologist||6,910 EUR||+0%|
|Petroleum Pump System Operator||2,260 EUR||-67%|
|Pipeline Technician||1,620 EUR||-77%|
|Power Coordinator||2,630 EUR||-62%|
|Power Plant Operations Manager||7,390 EUR||+7%|
|Power Plant Operator||3,280 EUR||-52%|
|Radio Operator||1,830 EUR||-73%|
|Reliability Engineer||4,030 EUR||-42%|
|Reservoir Engineer||3,670 EUR||-47%|
|Risk Analyst||4,600 EUR||-33%|
|Shutdown Engineer||3,240 EUR||-53%|
|Solar Energy Installation Manager||5,530 EUR||-20%|
|Solar Energy Systems Engineer||4,150 EUR||-40%|
|Solar Photovoltaic Installer||2,580 EUR||-63%|
|Solar Thermal Technician||2,580 EUR||-63%|
|Supply Operations Manager||6,060 EUR||-12%|
|Sustainability Specialist||6,080 EUR||-12%|
|System Development Advisor||4,280 EUR||-38%|
|Tanker Truck Driver||1,700 EUR||-75%|
|Utility Operator||2,220 EUR||-68%|
|Wind Energy Project Manager||5,290 EUR||-23%|
Where can you get paid more, working for a private company or for the government? Public sector employees in Monaco earn 10% more than their private sector counterparts on average across all sectors.