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Petroleum Geologist Average Salary in Cayman Islands 2021

How much money does a Petroleum Geologist make in Cayman Islands?


Average Yearly Salary
62,400 KYD
( 5,200 KYD monthly)

LOW
30,600
KYD
AVERAGE
62,400
KYD
HIGH
97,300
KYD

A person working as a Petroleum Geologist in Cayman Islands typically earns around 62,400 KYD per year. Salaries range from 30,600 KYD (lowest) to 97,300 KYD (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 Cayman Islands

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

  • Salary Range

    Petroleum Geologist salaries in Cayman Islands range from 30,600 KYD per year (minimum salary) to 97,300 KYD per year (maximum salary).

  • Median Salary

    The median salary is 63,600 KYD per year, which means that half (50%) of people working as Petroleum Geologist(s) are earning less than 63,600 KYD while the other half are earning more than 63,600 KYD. 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 42,400 KYD while 75% of them are earning more than 42,400 KYD. Also from the diagram, 75% of Petroleum Geologist(s) are earning less than 82,100 KYD while 25% are earning more than 82,100 KYD.


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 Cayman Islands 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 36,200 KYD per year.

While someone with an experience level between two and five years is expected to earn 46,600 KYD 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 64,300 KYD 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 79,600 KYD 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 85,300 KYD 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 91,000 KYD per year, 7% more than people with fifteen to twenty years of experience.


Petroleum Geologist average salary change by experience in Cayman Islands

0 - 2 Years
36,200 KYD
2 - 5 Years+29%
46,600 KYD
5 - 10 Years+38%
64,300 KYD
10 - 15 Years+24%
79,600 KYD
15 - 20 Years+7%
85,300 KYD
20+ Years+7%
91,000 KYD
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 Cayman Islands 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 42,600 KYD per year.

While someone with a Master's Degree gets a salary of 58,600 KYD per year, 38% more than someone having a Bachelor's Degree degree.

A PhD gets its holder an average salary of 96,000 KYD per year, 64% more than someone with a Master's Degree.


Petroleum Geologist average salary difference by education level in Cayman Islands

Bachelor's Degree
42,600 KYD
Master's Degree+38%
58,600 KYD
PhD+64%
96,000 KYD
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 Cayman Islands costs anywhere from 16,200 Cayman Islands Dollar(s) to 48,600 Cayman Islands 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 Cayman Islands 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 Cayman Islands earn 11% more than their female counterparts on average.

Male
65,000 KYD
Female-10%
58,300 KYD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Cayman Islands for all Careers

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

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

Petroleum Geologist

Petroleum Geologist(s) in Cayman Islands 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 Cayman Islands 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.

Cayman Islands / 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 Cayman Islands is 2%.

Annual Increment Rate By Industry 2020

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Listed above are the average annual increase rates for each industry in Cayman Islands 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 Cayman Islands

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Cayman Islands 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 Cayman Islands


30 KYD per hour

The average hourly wage (pay per hour) in Cayman Islands is 30 KYD. This means that the average Petroleum Geologist in Cayman Islands earns approximately 30 KYD 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 Cayman Islands
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The average salary for Petroleum Geologist is 78% 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 Manager33,500 KYD-46%
Associate Analyst37,000 KYD-41%
Associate Landman15,600 KYD-75%
Auxiliary Equipment Operator15,100 KYD-76%
Biomass Plant Technician17,000 KYD-73%
Biomass Power Plant Manager50,800 KYD-19%
Chemical Plant Operator29,500 KYD-53%
Chief Contract Compliance Engineer38,500 KYD-38%
Completions Engineer33,100 KYD-47%
Cost Controller25,200 KYD-60%
Crude Oil Marketing Representative37,300 KYD-40%
Dispatcher14,700 KYD-76%
Distribution Manager49,200 KYD-21%
Dragline Operator17,500 KYD-72%
Driller Offsider12,200 KYD-80%
Dump Truck Driver14,200 KYD-77%
Electric and Gas Operations Manager77,800 KYD+25%
Energy Advisor54,400 KYD-13%
Energy Analyst52,400 KYD-16%
Energy Auditor43,500 KYD-30%
Energy Dispatch Director61,100 KYD-2%
Energy Technical Assistant21,600 KYD-65%
Energy Technical Manager42,500 KYD-32%
Energy Technical Trainer30,700 KYD-51%
Exploration Manager64,400 KYD+3%
Field Safety Auditor40,000 KYD-36%
Fluids Engineer34,300 KYD-45%
Fuel Cell Engineer36,100 KYD-42%
Fuel Cell Technician17,900 KYD-71%
Fuels Handler16,200 KYD-74%
Gas Compressor Operator16,300 KYD-74%
Gas Distribution Plant Operator28,400 KYD-54%
Gas Supply Manager54,900 KYD-12%
Geologist61,100 KYD-2%
Geophysicist64,800 KYD+4%
Geothermal Production Manager58,300 KYD-7%
Geothermal Technician24,900 KYD-60%
HSE Engineer35,700 KYD-43%
HSE Officer22,600 KYD-64%
HSEQ Administrator25,700 KYD-59%
Inspector31,700 KYD-49%
Instructor28,900 KYD-54%
Instrument Designer27,200 KYD-56%
Lead Technical Field Advisor48,200 KYD-23%
Logistics and Tool Coordinator31,300 KYD-50%
Maintenance Engineer36,200 KYD-42%
Maintenance Superintendent31,800 KYD-49%
Material Controller24,200 KYD-61%
Mine Engineer34,300 KYD-45%
Mine Surveyor40,700 KYD-35%
Mining Project Administrator30,600 KYD-51%
Mining Project Assistant24,900 KYD-60%
Mining Project Controls Consultant41,000 KYD-34%
Mining Project Coordinator30,600 KYD-51%
Mining Project Engineer35,600 KYD-43%
Mining Project Manager43,500 KYD-30%
Mining Site Manager47,800 KYD-23%
Mining Team Leader36,900 KYD-41%
NDT Technician21,300 KYD-66%
Oil Service Unit Operator18,900 KYD-70%
Oil Trader45,800 KYD-27%
Oilwell Pumper13,900 KYD-78%
Petroleum Engineer 39,100 KYD-37%
Petroleum Geologist62,400 KYD+0%
Petroleum Pump System Operator20,100 KYD-68%
Pipeline Technician13,900 KYD-78%
Power Coordinator21,100 KYD-66%
Power Plant Operations Manager66,700 KYD+7%
Power Plant Operator29,500 KYD-53%
Radio Operator15,000 KYD-76%
Reliability Engineer35,400 KYD-43%
Reservoir Engineer32,100 KYD-49%
Risk Analyst43,400 KYD-30%
Roughneck34,700 KYD-44%
Scaffolder23,600 KYD-62%
Shutdown Engineer30,100 KYD-52%
Solar Energy Installation Manager54,200 KYD-13%
Solar Energy Systems Engineer35,900 KYD-42%
Solar Photovoltaic Installer23,600 KYD-62%
Solar Thermal Technician21,100 KYD-66%
Supply Operations Manager56,700 KYD-9%
Sustainability Specialist57,900 KYD-7%
System Development Advisor42,200 KYD-32%
Tanker Truck Driver14,200 KYD-77%
Utility Operator18,700 KYD-70%
Wind Energy Project Manager51,200 KYD-18%

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 Cayman Islands earn 21% more than their private sector counterparts on average across all sectors.

Private Sector
35,400 KYD
Public Sector+21%
42,800 KYD
Percentage increase and decrease are relative to the previous value

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