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 salaries in Bahamas range from 39,500 BSD per year (minimum salary) to 126,000 BSD per year (maximum 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.
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.
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 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.
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.
|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 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.
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.
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.
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.
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 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.
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 92% more than that of Oil / Gas / Energy / Mining. Also, Oil / Gas / Energy / Mining salaries are 10% less than those of All Jobs.
|Job Title||Average Salary|
|Assistant Yard Manager||43,200 BSD||-46%|
|Associate Analyst||49,400 BSD||-39%|
|Associate Landman||20,800 BSD||-74%|
|Auxiliary Equipment Operator||18,400 BSD||-77%|
|Biomass Plant Technician||20,700 BSD||-74%|
|Biomass Power Plant Manager||60,300 BSD||-25%|
|Chemical Plant Operator||37,200 BSD||-54%|
|Chief Contract Compliance Engineer||48,000 BSD||-40%|
|Completions Engineer||41,100 BSD||-49%|
|Cost Controller||31,300 BSD||-61%|
|Crude Oil Marketing Representative||49,200 BSD||-39%|
|Distribution Manager||59,100 BSD||-27%|
|Dragline Operator||20,900 BSD||-74%|
|Driller Offsider||15,700 BSD||-81%|
|Dump Truck Driver||17,200 BSD||-79%|
|Electric and Gas Operations Manager||99,800 BSD||+24%|
|Energy Advisor||70,800 BSD||-12%|
|Energy Analyst||62,800 BSD||-22%|
|Energy Auditor||56,200 BSD||-30%|
|Energy Dispatch Director||76,400 BSD||-5%|
|Energy Technical Assistant||28,400 BSD||-65%|
|Energy Technical Manager||55,000 BSD||-32%|
|Energy Technical Trainer||39,900 BSD||-51%|
|Exploration Manager||78,700 BSD||-2%|
|Field Safety Auditor||48,100 BSD||-40%|
|Fluids Engineer||41,200 BSD||-49%|
|Fuel Cell Engineer||45,400 BSD||-44%|
|Fuel Cell Technician||22,000 BSD||-73%|
|Fuels Handler||21,300 BSD||-74%|
|Gas Compressor Operator||19,100 BSD||-76%|
|Gas Distribution Plant Operator||35,900 BSD||-55%|
|Gas Supply Manager||63,900 BSD||-21%|
|Geothermal Production Manager||74,800 BSD||-7%|
|Geothermal Technician||31,100 BSD||-61%|
|HSE Engineer||44,700 BSD||-45%|
|HSE Officer||27,600 BSD||-66%|
|HSEQ Administrator||32,400 BSD||-60%|
|Instrument Designer||35,200 BSD||-56%|
|Lead Technical Field Advisor||60,000 BSD||-26%|
|Logistics and Tool Coordinator||37,900 BSD||-53%|
|Maintenance Engineer||45,300 BSD||-44%|
|Maintenance Superintendent||39,000 BSD||-52%|
|Material Controller||29,300 BSD||-64%|
|Mine Engineer||42,000 BSD||-48%|
|Mine Surveyor||48,700 BSD||-40%|
|Mining Project Administrator||38,800 BSD||-52%|
|Mining Project Assistant||32,400 BSD||-60%|
|Mining Project Controls Consultant||47,100 BSD||-42%|
|Mining Project Coordinator||37,200 BSD||-54%|
|Mining Project Engineer||43,500 BSD||-46%|
|Mining Project Manager||54,700 BSD||-32%|
|Mining Site Manager||56,800 BSD||-30%|
|Mining Team Leader||44,800 BSD||-44%|
|NDT Technician||26,400 BSD||-67%|
|Oil Service Unit Operator||22,900 BSD||-72%|
|Oil Trader||55,100 BSD||-32%|
|Oilwell Pumper||16,600 BSD||-79%|
|Petroleum Engineer||47,600 BSD||-41%|
|Petroleum Geologist||80,600 BSD||-0%|
|Petroleum Pump System Operator||24,300 BSD||-70%|
|Pipeline Technician||17,500 BSD||-78%|
|Power Coordinator||27,100 BSD||-66%|
|Power Plant Operations Manager||82,100 BSD||+2%|
|Power Plant Operator||37,200 BSD||-54%|
|Radio Operator||20,000 BSD||-75%|
|Reliability Engineer||41,200 BSD||-49%|
|Reservoir Engineer||42,400 BSD||-47%|
|Risk Analyst||54,300 BSD||-33%|
|Shutdown Engineer||36,500 BSD||-55%|
|Solar Energy Installation Manager||63,600 BSD||-21%|
|Solar Energy Systems Engineer||45,500 BSD||-44%|
|Solar Photovoltaic Installer||29,200 BSD||-64%|
|Solar Thermal Technician||28,200 BSD||-65%|
|Supply Operations Manager||71,900 BSD||-11%|
|Sustainability Specialist||67,300 BSD||-17%|
|System Development Advisor||51,500 BSD||-36%|
|Tanker Truck Driver||16,800 BSD||-79%|
|Utility Operator||23,200 BSD||-71%|
|Wind Energy Project Manager||58,900 BSD||-27%|
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.