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 salaries in Cayman Islands range from 30,600 KYD per year (minimum salary) to 97,300 KYD per year (maximum 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.
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.
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 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.
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.
|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 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.
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.
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.
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.
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 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.
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 78% 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||33,500 KYD||-46%|
|Associate Analyst||37,000 KYD||-41%|
|Associate Landman||15,600 KYD||-75%|
|Auxiliary Equipment Operator||15,100 KYD||-76%|
|Biomass Plant Technician||17,000 KYD||-73%|
|Biomass Power Plant Manager||50,800 KYD||-19%|
|Chemical Plant Operator||29,500 KYD||-53%|
|Chief Contract Compliance Engineer||38,500 KYD||-38%|
|Completions Engineer||33,100 KYD||-47%|
|Cost Controller||25,200 KYD||-60%|
|Crude Oil Marketing Representative||37,300 KYD||-40%|
|Distribution Manager||49,200 KYD||-21%|
|Dragline Operator||17,500 KYD||-72%|
|Driller Offsider||12,200 KYD||-80%|
|Dump Truck Driver||14,200 KYD||-77%|
|Electric and Gas Operations Manager||77,800 KYD||+25%|
|Energy Advisor||54,400 KYD||-13%|
|Energy Analyst||52,400 KYD||-16%|
|Energy Auditor||43,500 KYD||-30%|
|Energy Dispatch Director||61,100 KYD||-2%|
|Energy Technical Assistant||21,600 KYD||-65%|
|Energy Technical Manager||42,500 KYD||-32%|
|Energy Technical Trainer||30,700 KYD||-51%|
|Exploration Manager||64,400 KYD||+3%|
|Field Safety Auditor||40,000 KYD||-36%|
|Fluids Engineer||34,300 KYD||-45%|
|Fuel Cell Engineer||36,100 KYD||-42%|
|Fuel Cell Technician||17,900 KYD||-71%|
|Fuels Handler||16,200 KYD||-74%|
|Gas Compressor Operator||16,300 KYD||-74%|
|Gas Distribution Plant Operator||28,400 KYD||-54%|
|Gas Supply Manager||54,900 KYD||-12%|
|Geothermal Production Manager||58,300 KYD||-7%|
|Geothermal Technician||24,900 KYD||-60%|
|HSE Engineer||35,700 KYD||-43%|
|HSE Officer||22,600 KYD||-64%|
|HSEQ Administrator||25,700 KYD||-59%|
|Instrument Designer||27,200 KYD||-56%|
|Lead Technical Field Advisor||48,200 KYD||-23%|
|Logistics and Tool Coordinator||31,300 KYD||-50%|
|Maintenance Engineer||36,200 KYD||-42%|
|Maintenance Superintendent||31,800 KYD||-49%|
|Material Controller||24,200 KYD||-61%|
|Mine Engineer||34,300 KYD||-45%|
|Mine Surveyor||40,700 KYD||-35%|
|Mining Project Administrator||30,600 KYD||-51%|
|Mining Project Assistant||24,900 KYD||-60%|
|Mining Project Controls Consultant||41,000 KYD||-34%|
|Mining Project Coordinator||30,600 KYD||-51%|
|Mining Project Engineer||35,600 KYD||-43%|
|Mining Project Manager||43,500 KYD||-30%|
|Mining Site Manager||47,800 KYD||-23%|
|Mining Team Leader||36,900 KYD||-41%|
|NDT Technician||21,300 KYD||-66%|
|Oil Service Unit Operator||18,900 KYD||-70%|
|Oil Trader||45,800 KYD||-27%|
|Oilwell Pumper||13,900 KYD||-78%|
|Petroleum Engineer||39,100 KYD||-37%|
|Petroleum Geologist||62,400 KYD||+0%|
|Petroleum Pump System Operator||20,100 KYD||-68%|
|Pipeline Technician||13,900 KYD||-78%|
|Power Coordinator||21,100 KYD||-66%|
|Power Plant Operations Manager||66,700 KYD||+7%|
|Power Plant Operator||29,500 KYD||-53%|
|Radio Operator||15,000 KYD||-76%|
|Reliability Engineer||35,400 KYD||-43%|
|Reservoir Engineer||32,100 KYD||-49%|
|Risk Analyst||43,400 KYD||-30%|
|Shutdown Engineer||30,100 KYD||-52%|
|Solar Energy Installation Manager||54,200 KYD||-13%|
|Solar Energy Systems Engineer||35,900 KYD||-42%|
|Solar Photovoltaic Installer||23,600 KYD||-62%|
|Solar Thermal Technician||21,100 KYD||-66%|
|Supply Operations Manager||56,700 KYD||-9%|
|Sustainability Specialist||57,900 KYD||-7%|
|System Development Advisor||42,200 KYD||-32%|
|Tanker Truck Driver||14,200 KYD||-77%|
|Utility Operator||18,700 KYD||-70%|
|Wind Energy Project Manager||51,200 KYD||-18%|
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.