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Petroleum Geologist Average Salary in Bahamas 2021

How much money does a Petroleum Geologist make in Bahamas?


Average Yearly Salary
80,600 BSD
( 6,720 BSD monthly)

LOW
39,500
BSD
AVERAGE
80,600
BSD
HIGH
126,000
BSD

A person working as a Petroleum Geologist in Bahamas typically earns around 80,600 BSD per year. Salaries range from 39,500 BSD (lowest) to 126,000 BSD (highest).

This is the average yearly 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 Salary Distribution in Bahamas

Median and salary distribution yearly Bahamas Petroleum Geologist
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The median, the maximum, the minimum, and the range

  • Salary Range

    Petroleum Geologist salaries in Bahamas range from 39,500 BSD per year (minimum salary) to 126,000 BSD per year (maximum salary).

  • Median Salary

    The median salary is 82,200 BSD per year, which means that half (50%) of people working as Petroleum Geologist(s) are earning less than 82,200 BSD while the other half are earning more than 82,200 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

    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 54,800 BSD while 75% of them are earning more than 54,800 BSD. Also from the diagram, 75% of Petroleum Geologist(s) are earning less than 106,000 BSD while 25% are earning more than 106,000 BSD.


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

Petroleum Geologist Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience yearly Bahamas Petroleum Geologist
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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 Petroleum Geologist salaries by experience level and this is what we found.

A Petroleum Geologist with less than two years of experience makes approximately 46,800 BSD per year.

While someone with an experience level between two and five years is expected to earn 60,200 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 83,100 BSD per year, 38% 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, Petroleum Geologist(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 103,000 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 110,000 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 118,000 BSD per year, 7% more than people with fifteen to twenty years of experience.


Petroleum Geologist average salary change by experience in Bahamas

0 - 2 Years
46,800 BSD
2 - 5 Years+29%
60,200 BSD
5 - 10 Years+38%
83,100 BSD
10 - 15 Years+24%
103,000 BSD
15 - 20 Years+7%
110,000 BSD
20+ Years+7%
118,000 BSD
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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Petroleum Geologist Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level yearly Bahamas Petroleum Geologist
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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 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 55,000 BSD per year.

While someone with a Master's Degree gets a salary of 75,700 BSD per year, 38% more than someone having a Bachelor's Degree degree.

A PhD gets its holder an average salary of 124,000 BSD per year, 64% more than someone with a Master's Degree.


Petroleum Geologist average salary difference by education level in Bahamas

Bachelor's Degree
55,000 BSD
Master's Degree+38%
75,700 BSD
PhD+64%
124,000 BSD
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 Bahamas costs anywhere from 19,500 Bahamian Dollar(s) to 58,400 Bahamian Dollar(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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Petroleum Geologist Salary Comparison By Gender

Salary comparison by gender yearly Bahamas Petroleum Geologist
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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 Petroleum Geologist employees in Bahamas earn 11% more than their female counterparts on average.

Male
84,100 BSD
Female-10%
75,400 BSD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Bahamas for all Careers

Salary comparison by gender yearly Bahamas
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Petroleum Geologist Average Annual Salary Increment Percentage in Bahamas

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

Petroleum Geologist

Petroleum Geologist(s) in Bahamas 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.

Annual Salary Increment Rate Bahamas Petroleum Geologist
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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.

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

The average salary increase in one year (12 months) in Bahamas is 2%.

Annual Increment Rate By Industry 2020

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 Bahamas 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.


Worldwide Salary Raises: All Countries and All Jobs

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Petroleum Geologist Bonus and Incentive Rates in Bahamas

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Bahamas Petroleum Geologist
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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.

Received Bonus
40%
No Bonus
60%

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.

Petroleum Geologist Average Hourly Wage in Bahamas


39 BSD per hour

The average hourly wage (pay per hour) in Bahamas is 39 BSD. This means that the average Petroleum Geologist in Bahamas earns approximately 39 BSD 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.

Petroleum Geologist VS Other Jobs

Salary Comparison Between Petroleum Geologist and Oil  / Gas / Energy / Mining yearly Bahamas
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The average salary for Petroleum Geologist is 92% more than that of Oil / Gas / Energy / Mining. Also, Oil / Gas / Energy / Mining salaries are 10% less than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Assistant Yard Manager43,200 BSD-46%
Associate Analyst49,400 BSD-39%
Associate Landman20,800 BSD-74%
Auxiliary Equipment Operator18,400 BSD-77%
Biomass Plant Technician20,700 BSD-74%
Biomass Power Plant Manager60,300 BSD-25%
Chemical Plant Operator37,200 BSD-54%
Chief Contract Compliance Engineer48,000 BSD-40%
Completions Engineer41,100 BSD-49%
Cost Controller31,300 BSD-61%
Crude Oil Marketing Representative49,200 BSD-39%
Dispatcher18,300 BSD-77%
Distribution Manager59,100 BSD-27%
Dragline Operator20,900 BSD-74%
Driller Offsider15,700 BSD-81%
Dump Truck Driver17,200 BSD-79%
Electric and Gas Operations Manager99,800 BSD+24%
Energy Advisor70,800 BSD-12%
Energy Analyst62,800 BSD-22%
Energy Auditor56,200 BSD-30%
Energy Dispatch Director76,400 BSD-5%
Energy Technical Assistant28,400 BSD-65%
Energy Technical Manager55,000 BSD-32%
Energy Technical Trainer39,900 BSD-51%
Exploration Manager78,700 BSD-2%
Field Safety Auditor48,100 BSD-40%
Fluids Engineer41,200 BSD-49%
Fuel Cell Engineer45,400 BSD-44%
Fuel Cell Technician22,000 BSD-73%
Fuels Handler21,300 BSD-74%
Gas Compressor Operator19,100 BSD-76%
Gas Distribution Plant Operator35,900 BSD-55%
Gas Supply Manager63,900 BSD-21%
Geologist76,800 BSD-5%
Geophysicist84,300 BSD+5%
Geothermal Production Manager74,800 BSD-7%
Geothermal Technician31,100 BSD-61%
HSE Engineer44,700 BSD-45%
HSE Officer27,600 BSD-66%
HSEQ Administrator32,400 BSD-60%
Inspector39,800 BSD-51%
Instructor37,700 BSD-53%
Instrument Designer35,200 BSD-56%
Lead Technical Field Advisor60,000 BSD-26%
Logistics and Tool Coordinator37,900 BSD-53%
Maintenance Engineer45,300 BSD-44%
Maintenance Superintendent39,000 BSD-52%
Material Controller29,300 BSD-64%
Mine Engineer42,000 BSD-48%
Mine Surveyor48,700 BSD-40%
Mining Project Administrator38,800 BSD-52%
Mining Project Assistant32,400 BSD-60%
Mining Project Controls Consultant47,100 BSD-42%
Mining Project Coordinator37,200 BSD-54%
Mining Project Engineer43,500 BSD-46%
Mining Project Manager54,700 BSD-32%
Mining Site Manager56,800 BSD-30%
Mining Team Leader44,800 BSD-44%
NDT Technician26,400 BSD-67%
Oil Service Unit Operator22,900 BSD-72%
Oil Trader55,100 BSD-32%
Oilwell Pumper16,600 BSD-79%
Petroleum Engineer 47,600 BSD-41%
Petroleum Geologist80,600 BSD-0%
Petroleum Pump System Operator24,300 BSD-70%
Pipeline Technician17,500 BSD-78%
Power Coordinator27,100 BSD-66%
Power Plant Operations Manager82,100 BSD+2%
Power Plant Operator37,200 BSD-54%
Radio Operator20,000 BSD-75%
Reliability Engineer41,200 BSD-49%
Reservoir Engineer42,400 BSD-47%
Risk Analyst54,300 BSD-33%
Roughneck43,700 BSD-46%
Scaffolder27,500 BSD-66%
Shutdown Engineer36,500 BSD-55%
Solar Energy Installation Manager63,600 BSD-21%
Solar Energy Systems Engineer45,500 BSD-44%
Solar Photovoltaic Installer29,200 BSD-64%
Solar Thermal Technician28,200 BSD-65%
Supply Operations Manager71,900 BSD-11%
Sustainability Specialist67,300 BSD-17%
System Development Advisor51,500 BSD-36%
Tanker Truck Driver16,800 BSD-79%
Utility Operator23,200 BSD-71%
Wind Energy Project Manager58,900 BSD-27%

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.

Private Sector
45,300 BSD
Public Sector+10%
50,000 BSD
Percentage increase and decrease are relative to the previous value

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