Average Assistant Broker Salary in Bahamas for 2024

In this article, we will look at the average Assistant Broker salary for 2024 in Bahamas and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Bahamian dollar. To keep things simple, we are using the BSD currency code instead of the currency symbol $.

How Much Does an Assistant Broker Make in Bahamas?

An Assistant Broker working in Bahamas will typically earn around 29,200 BSD per year, and this can range from the lowest average salary of about 14,500 BSD to the highest average salary of 46,200 BSD.

Average Annual Salary
29,200 BSD
Average Monthly Salary
2,433 BSD

Lowest Annual Salary
14,500 BSD
Lowest Monthly Salary
1,208 BSD

Highest Annual Salary
46,200 BSD
Highest Monthly Salary
3,850 BSD

These are average salaries for an Assistant Broker in Bahamas and include benefits such as housing and transport. It's also possible for an Assistant Broker to earn more or less than the average salaries shown above.

Assistant Broker salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Assistant Broker Salaries in Bahamas

So we've looked at the average salaries an Assistant Broker will earn in Bahamas. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Assistant Broker can earn between 14,500 BSD and 46,200 BSD on average in Bahamas. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for an Assistant Broker in Bahamas is 30,600 BSD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 30,600 BSD, and 50% of the population earn more than 30,600 BSD.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Assistant Broker salary in Bahamas, 25% of the population are earning less than 21,100 BSD while 75% of the population earn more than 21,100 BSD.

75% of the population earn less than 41,000 BSD, and 25% of the population earn more than 41,000 BSD.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Assistant Broker Salary by Experience Level in Bahamas

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average assistant broker salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. An Assistant Broker in Bahamas that has less than two years of experience can expect to earn somewhere in the region of 15,500 BSD.
  • 2 - 5 Years Experience. With two to five years of experience the average Assistant Broker salary would increase to 23,400 BSD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Assistant Broker, the average salary would be 31,800 BSD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 36,800 BSD.
  • 15 - 20 Years Experience. An Assistant Broker with 15 to 20 years of experience can earn an average of 42,000 BSD.
  • 20+ Years Experience. For an Assistant Broker with more than 20 years, the expected average salary increases to 42,700 BSD.

Average Salary by Experience Chart

0-2 Years
15,500 BSD
2-5 Years +38%
23,400 BSD
5-10 Years +42%
31,800 BSD
10-15 Years +22%
36,800 BSD
15-20 Years +6%
42,000 BSD
20+ Years +9%
42,700 BSD

Assistant Broker Salary by Education Level in Bahamas

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for an Assistant Broker in Bahamas based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. An Assistant Broker in Bahamas with a certificate or diploma education can earn an average salary of 22,000 BSD.

  • Bachelor's Degree. An Assistant Broker in Bahamas with a bachelor's degree education can earn an average salary of 37,900 BSD.

Average Salary by Education Chart

Certificate or Diploma
22,000 BSD
Bachelor's Degree +91%
37,900 BSD

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Bahamas is around 19,500 to 58,400 BSD and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Assistant Broker Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Bahamas, a male assistant broker will earn an average of 32,200 BSD, while a female assistant broker will earn around 26,300 BSD.

This means that a male assistant broker earns approximately 22% more than a female assistant broker for performing the same job.

Average Salary by Gender Chart in Bahamas

Male
32,200 BSD
Female -22%
26,300 BSD

Assistant Broker Average Pay Raise in Bahamas

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for an Assistant Broker in Bahamas is around 7% every 28 months.

The national average pay raise across all professions and industries in Bahamas is around 5% every 28 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 7 ÷ 28 ) × 12  = 3%

What this means is that an Assistant Broker in Bahamas can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Bahamas for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Bahamas.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Assistant Broker Bonus and Incentive Rates in Bahamas

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

An Assistant Broker is a low bonus based job, with 14% of employees reporting at least one bonus in the last 12 months.

86% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 0% to 4%.

Received Bonus
14%
No Bonus
86%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Bahamas earn approximately 11% more than private sector employees in the same role.

Public Sector
51,500 BSD
Private Sector -11%
46,300 BSD

Salaries for Jobs Similar to an Assistant Broker

In the table below, we have salary information for jobs that are similar to an Assistant Broker in Bahamas.

Job Title Category Salary
Actuarial Analyst Insurance 67,400 BSD
Actuarial Assistant Insurance 48,600 BSD
Actuarial Specialist Insurance 42,700 BSD
Actuary Insurance 65,900 BSD
Adjustment Insurance Clerk Insurance 17,100 BSD
Assistant Claims Manager Insurance 53,300 BSD
Associate Insurance Representative Insurance 27,400 BSD
Auditing Insurance Manager Insurance 73,500 BSD
Broker Insurance 47,400 BSD
Claim Advocacy Professional Insurance 48,500 BSD
Claims Adjuster Insurance 20,300 BSD
Claims Analyst Insurance 22,400 BSD
Claims Examiner Insurance 25,400 BSD
Claims Manager Insurance 66,200 BSD
Claims Processor Insurance 16,300 BSD
Claims Representative Insurance 21,400 BSD
Claims Resolution Specialist Insurance 52,300 BSD
Claims Supervisor Insurance 47,400 BSD
Complaints Specialist Insurance 41,500 BSD
Compliance Examiner Insurance 44,700 BSD
Compliance Officer Insurance 38,700 BSD
Compliance Reviewer Insurance 43,100 BSD
Consultant Insurance 47,600 BSD
Eligibility Interviewer Insurance 49,100 BSD
Eligibility Specialist Insurance 49,200 BSD
Insurance Account Manager Insurance 59,200 BSD
Insurance Accounts Executive Insurance 53,800 BSD
Insurance Adjuster Insurance 43,800 BSD
Insurance Agent Insurance 29,200 BSD
Insurance Analyst Insurance 45,700 BSD
Insurance Appraiser Insurance 49,100 BSD
Insurance Claims Clerk Insurance 16,900 BSD
Insurance Examiner Insurance 42,300 BSD
Insurance Investigator Insurance 44,700 BSD
Insurance Manager Insurance 81,400 BSD
Insurance Operations Manager Insurance 80,700 BSD
Insurance Policy Processing Clerk Insurance 19,200 BSD
Insurance Pricing Assistant Insurance 39,100 BSD
Insurance Program Manager Insurance 64,400 BSD
Insurance Project Manager Insurance 60,200 BSD
Insurance Quality Assurance Agent Insurance 40,700 BSD
Insurance Sales Agent Insurance 30,800 BSD
Insurance Sales Director Insurance 83,800 BSD
Insurance Sales Manager Insurance 65,500 BSD
Insurance Sales Representative Insurance 26,600 BSD
Insurance Team Leader Insurance 48,500 BSD
Insurance Underwriter Insurance 35,600 BSD
Loss Control Specialist Insurance 49,000 BSD
Loss Prevention Investigator Insurance 52,000 BSD
Loss Prevention Manager Insurance 65,800 BSD
Loss Prevention Specialist Insurance 48,300 BSD
Marine Underwriter Insurance 37,300 BSD
Medical Auditor Insurance 47,200 BSD
Monitoring and Performance Officer Insurance 34,100 BSD
Payment Services Specialist Insurance 49,100 BSD
Policy Change Director Insurance 74,500 BSD
Policy Change Supervisor Insurance 52,000 BSD
Policy Change Technician Insurance 23,500 BSD
Risk Analyst Insurance 54,500 BSD
Risk Management Director Insurance 87,800 BSD
Risk Management Supervisor Insurance 59,700 BSD
Risk Manager Insurance 86,800 BSD
Risk Modeling Manager Insurance 89,200 BSD
Title Insurance Typist Insurance 38,900 BSD
Training Manager Insurance 50,100 BSD

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