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Risk Manager Average Salary in Ukraine 2021

How much money does a Risk Manager make in Ukraine?


Average Monthly Salary
41,700 UAH
( 500,000 UAH yearly)

LOW
19,200
UAH
AVERAGE
41,700
UAH
HIGH
66,200
UAH

A person working as a Risk Manager in Ukraine typically earns around 41,700 UAH per month. Salaries range from 19,200 UAH (lowest) to 66,200 UAH (highest).

This is the average monthly salary including housing, transport, and other benefits. Risk Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Risk Manager Salary Distribution in Ukraine

Median and salary distribution monthly Ukraine Risk Manager
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The median, the maximum, the minimum, and the range

  • Salary Range

    Risk Manager salaries in Ukraine range from 19,200 UAH per month (minimum salary) to 66,200 UAH per month (maximum salary).

  • Median Salary

    The median salary is 45,000 UAH per month, which means that half (50%) of people working as Risk Manager(s) are earning less than 45,000 UAH while the other half are earning more than 45,000 UAH. 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 Risk Manager(s) are earning less than 28,900 UAH while 75% of them are earning more than 28,900 UAH. Also from the diagram, 75% of Risk Manager(s) are earning less than 60,100 UAH while 25% are earning more than 60,100 UAH.


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

Risk Manager Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Ukraine Risk Manager
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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 Risk Manager salaries by experience level and this is what we found.

A Risk Manager with less than two years of experience makes approximately 21,700 UAH per month.

While someone with an experience level between two and five years is expected to earn 29,000 UAH per month, 34% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 42,900 UAH per month, 48% 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, Risk Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 52,300 UAH per month, 22% 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 57,000 UAH per month, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 61,800 UAH per month, 8% more than people with fifteen to twenty years of experience.


Risk Manager average salary change by experience in Ukraine

0 - 2 Years
21,700 UAH
2 - 5 Years+34%
29,000 UAH
5 - 10 Years+48%
42,900 UAH
10 - 15 Years+22%
52,300 UAH
15 - 20 Years+9%
57,000 UAH
20+ Years+8%
61,800 UAH
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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Risk Manager Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Ukraine Risk Manager
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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 Risk Manager salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary of a Risk Manager is 25,300 UAH per month.

While someone with a Master's Degree gets a salary of 48,800 UAH per month, 93% more than someone having a Bachelor's Degree degree.


Risk Manager average salary difference by education level in Ukraine

Bachelor's Degree
25,300 UAH
Master's Degree+93%
48,800 UAH
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 Ukraine costs anywhere from 115,000 Hryvnia(s) to 344,000 Hryvnia(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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Risk Manager Salary Comparison By Gender

Salary comparison by gender monthly Ukraine Risk Manager
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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 Risk Manager employees in Ukraine earn 17% more than their female counterparts on average.

Male
44,800 UAH
Female-14%
38,500 UAH
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Ukraine for all Careers

Salary comparison by gender monthly Ukraine
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Risk Manager Average Annual Salary Increment Percentage in Ukraine

How much are annual salary increments in Ukraine for Risk Manager(s)? How often do employees get salary raises?

Risk Manager

Risk Manager(s) in Ukraine are likely to observe a salary increase of approximately 12% every 20 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

Annual Salary Increment Rate Ukraine Risk Manager
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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.

Ukraine / 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 Ukraine is 5%.

Annual Increment Rate By Industry 2020

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Listed above are the average annual increase rates for each industry in Ukraine 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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Risk Manager Bonus and Incentive Rates in Ukraine

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Ukraine Risk Manager
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A Risk Manager is considered to be a high 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.

17% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 83% 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
83%
No Bonus
17%

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.

Risk Manager Average Hourly Wage in Ukraine


240 UAH per hour

The average hourly wage (pay per hour) in Ukraine is 240 UAH. This means that the average Risk Manager in Ukraine earns approximately 240 UAH 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.

Risk Manager VS Other Jobs

Salary Comparison Between Risk Manager and Insurance monthly Ukraine
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The average salary for Risk Manager is 81% more than that of Insurance. Also, Insurance salaries are 0% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Actuarial Analyst32,600 UAH-22%
Actuarial Assistant21,300 UAH-49%
Actuary30,900 UAH-26%
Adjustment Insurance Clerk8,840 UAH-79%
Assistant Broker15,200 UAH-64%
Assistant Claims Manager24,500 UAH-41%
Associate Insurance Representative11,700 UAH-72%
Auditing Insurance Manager36,300 UAH-13%
Broker23,900 UAH-43%
Claim Advocacy Professional24,000 UAH-42%
Claims Adjuster8,420 UAH-80%
Claims Analyst12,100 UAH-71%
Claims Examiner12,400 UAH-70%
Claims Manager34,600 UAH-17%
Claims Processor8,450 UAH-80%
Claims Representative10,200 UAH-76%
Claims Resolution Specialist26,400 UAH-37%
Claims Supervisor23,100 UAH-45%
Complaints Specialist22,300 UAH-46%
Compliance Officer18,700 UAH-55%
Consultant22,200 UAH-47%
Eligibility Specialist24,100 UAH-42%
Insurance Account Manager29,700 UAH-29%
Insurance Accounts Executive24,400 UAH-41%
Insurance Agent13,700 UAH-67%
Insurance Analyst24,100 UAH-42%
Insurance Appraiser24,200 UAH-42%
Insurance Claims Clerk8,310 UAH-80%
Insurance Examiner21,100 UAH-49%
Insurance Investigator22,200 UAH-47%
Insurance Manager39,900 UAH-4%
Insurance Operations Manager41,300 UAH-1%
Insurance Policy Processing Clerk9,000 UAH-78%
Insurance Pricing Assistant19,400 UAH-53%
Insurance Program Manager29,800 UAH-28%
Insurance Project Manager28,300 UAH-32%
Insurance Quality Assurance Agent21,100 UAH-49%
Insurance Sales Agent13,400 UAH-68%
Insurance Sales Director37,000 UAH-11%
Insurance Team Leader25,700 UAH-38%
Insurance Underwriter17,800 UAH-57%
Loss Control Specialist22,700 UAH-45%
Loss Prevention Investigator25,100 UAH-40%
Loss Prevention Manager32,600 UAH-22%
Loss Prevention Specialist24,500 UAH-41%
Marine Underwriter17,400 UAH-58%
Medical Auditor23,600 UAH-43%
Monitoring and Performance Officer16,600 UAH-60%
Payment Services Specialist24,200 UAH-42%
Policy Change Director35,600 UAH-15%
Policy Change Supervisor25,300 UAH-39%
Policy Change Technician11,600 UAH-72%
Risk Analyst25,600 UAH-39%
Risk Management Director45,500 UAH+9%
Risk Management Supervisor30,200 UAH-27%
Risk Manager41,700 UAH+0%
Risk Modeling Manager42,800 UAH+3%
Title Insurance Typist19,200 UAH-54%
Training Manager26,500 UAH-36%

Salary Comparison By City

CityAverage Salary
Kyiv48,400 UAH
Lviv44,000 UAH

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 Ukraine earn 7% more than their private sector counterparts on average across all sectors.

Private Sector
22,000 UAH
Public Sector+7%
23,700 UAH
Percentage increase and decrease are relative to the previous value

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