Average Bank Operational Risk Manager Salary in Madagascar for 2024

In this article, we will look at the average Bank Operational Risk Manager salary for 2024 in Madagascar 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 Malagasy ariary. To keep things simple, we are using the MGA currency code instead of the currency symbol Ar.

How Much Does a Bank Operational Risk Manager Make in Madagascar?

A Bank Operational Risk Manager working in Madagascar will typically earn around 31,919,300 MGA per year, and this can range from the lowest average salary of about 16,561,800 MGA to the highest average salary of 48,841,700 MGA.

Average Annual Salary
31,919,300 MGA
Average Monthly Salary
2,659,941 MGA

Lowest Annual Salary
16,561,800 MGA
Lowest Monthly Salary
1,380,150 MGA

Highest Annual Salary
48,841,700 MGA
Highest Monthly Salary
4,070,141 MGA

These are average salaries for a Bank Operational Risk Manager in Madagascar and include benefits such as housing and transport. It's also possible for a Bank Operational Risk Manager to earn more or less than the average salaries shown above.

Bank Operational Risk Manager 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 Bank Operational Risk Manager Salaries in Madagascar

So we've looked at the average salaries a Bank Operational Risk Manager will earn in Madagascar. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Bank Operational Risk Manager can earn between 16,561,800 MGA and 48,841,700 MGA on average in Madagascar. 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 a Bank Operational Risk Manager in Madagascar is 30,721,900 MGA. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 30,721,900 MGA, and 50% of the population earn more than 30,721,900 MGA.

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 Bank Operational Risk Manager salary in Madagascar, 25% of the population are earning less than 21,241,100 MGA while 75% of the population earn more than 21,241,100 MGA.

75% of the population earn less than 38,158,300 MGA, and 25% of the population earn more than 38,158,300 MGA.

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.

Bank Operational Risk Manager Salary by Experience Level in Madagascar

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 bank operational risk manager 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. A Bank Operational Risk Manager in Madagascar that has less than two years of experience can expect to earn somewhere in the region of 18,840,100 MGA.
  • 2 - 5 Years Experience. With two to five years of experience the average Bank Operational Risk Manager salary would increase to 25,321,400 MGA.
  • 5 - 10 Years Experience. From five to ten years of experience as a Bank Operational Risk Manager, the average salary would be 32,879,500 MGA.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 39,840,400 MGA.
  • 15 - 20 Years Experience. A Bank Operational Risk Manager with 15 to 20 years of experience can earn an average of 43,559,400 MGA.
  • 20+ Years Experience. For a Bank Operational Risk Manager with more than 20 years, the expected average salary increases to 45,839,700 MGA.

Average Salary by Experience Chart

0-2 Years
18,840,100 MGA
2-5 Years +34%
25,321,400 MGA
5-10 Years +30%
32,879,500 MGA
10-15 Years +21%
39,840,400 MGA
15-20 Years +9%
43,559,400 MGA
20+ Years +5%
45,839,700 MGA

Bank Operational Risk Manager Salary by Education Level in Madagascar

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 a Bank Operational Risk Manager in Madagascar based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Bank Operational Risk Manager in Madagascar with a bachelor's degree education can earn an average salary of 26,639,300 MGA.

  • Master's Degree. A Bank Operational Risk Manager in Madagascar with a master's degree education can earn an average salary of 36,960,300 MGA.

Average Salary by Education Chart

Bachelor's Degree
26,639,300 MGA
Master's Degree +39%
36,960,300 MGA

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 Madagascar is around 6,570,000 to 19,700,000 MGA 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.

Bank Operational Risk Manager 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 Madagascar, a male bank operational risk manager will earn an average of 34,198,600 MGA, while a female bank operational risk manager will earn around 30,479,000 MGA.

This means that a male bank operational risk manager earns approximately 12% more than a female bank operational risk manager for performing the same job.

Average Salary by Gender Chart in Madagascar

Male
34,198,600 MGA
Female -12%
30,479,000 MGA

Bank Operational Risk Manager Average Pay Raise in Madagascar

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 a Bank Operational Risk Manager in Madagascar is around 10% every 28 months.

The national average pay raise across all professions and industries in Madagascar 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 = ( 10 ÷ 28 ) × 12  = 4%

What this means is that a Bank Operational Risk Manager in Madagascar can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Madagascar for 2024

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

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

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Bank Operational Risk Manager Bonus and Incentive Rates in Madagascar

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.

A Bank Operational Risk Manager is a moderate bonus based job, with 63% of employees reporting at least one bonus in the last 12 months.

37% 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 6% to 8%.

Received Bonus
63%
No Bonus
37%

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 Madagascar earn approximately 18% more than private sector employees in the same role.

Public Sector
16,679,800 MGA
Private Sector -18%
14,158,800 MGA

Salaries for Jobs Similar to a Bank Operational Risk Manager

In the table below, we have salary information for jobs that are similar to a Bank Operational Risk Manager in Madagascar.

Job Title Category Salary
AML Analyst Banking 24,718,600 MGA
Assistant Bank Branch Manager Banking 20,999,200 MGA
Assistant Bank Manager Banking 28,560,900 MGA
ATM Manager Banking 22,441,700 MGA
ATM Service Technician Banking 6,360,600 MGA
Bank Accounts Analyst Banking 9,684,600 MGA
Bank Accounts Collector Banking 5,471,700 MGA
Bank Accounts Controller Banking 12,481,200 MGA
Bank Accounts Executive Banking 17,278,100 MGA
Bank Accounts Manager Banking 20,639,100 MGA
Bank Auditing Manager Banking 21,121,400 MGA
Bank Branch Manager Banking 27,841,200 MGA
Bank Branch Operations Coordinator Banking 12,361,500 MGA
Bank Clerk Banking 5,315,900 MGA
Bank Client Service Associate Banking 7,499,500 MGA
Bank Collector Banking 5,495,200 MGA
Bank Compliance Specialist Banking 15,001,200 MGA
Bank Manager Banking 33,001,000 MGA
Bank Operations Head Banking 35,159,900 MGA
Bank Operations Officer Banking 13,919,600 MGA
Bank Operations Specialist Banking 21,241,100 MGA
Bank Process Manager Banking 18,720,200 MGA
Bank Product Manager Banking 20,878,800 MGA
Bank Programme Manager Banking 22,918,100 MGA
Bank Project Manager Banking 25,801,200 MGA
Bank Propositions Manager Banking 24,599,500 MGA
Bank Quantitative Analyst Banking 16,320,700 MGA
Bank Regional Manager Banking 35,758,400 MGA
Bank Regional Risk Officer Banking 18,121,700 MGA
Bank Relationship Manager Banking 24,359,000 MGA
Bank Relationship Officer Banking 11,818,500 MGA
Bank Teller Banking 6,035,400 MGA
Banker Banking 11,638,300 MGA
Banking Business Analyst Banking 17,879,000 MGA
Banking Business Development Officer Banking 10,801,300 MGA
Banking Business Planning Executive Banking 25,919,400 MGA
Banking Product Manager Banking 20,878,800 MGA
Banking Reference Data Manager Banking 18,359,600 MGA
Banking Risk Analyst Banking 18,239,400 MGA
Banking Technical Analyst Banking 9,599,200 MGA
Bankruptcy Coordinator Banking 12,958,200 MGA
Bill and Account Collector Banking 6,179,700 MGA
Budget Analyst Banking 17,758,500 MGA
Capital Risk Manager Banking 31,678,800 MGA
Cards Marketing Manager Banking 22,799,000 MGA
Cash Management Manager Banking 31,081,900 MGA
Check Processing Manager Banking 23,520,800 MGA
Commercial Vault Associate Banking 17,879,000 MGA
Corporate Banker Banking 12,841,200 MGA
Corporate Dealer Banking 18,479,600 MGA
Credit Analyst Banking 13,919,600 MGA
Credit and Collections Manager Banking 24,841,800 MGA
Credit Card Fraud Investigator Banking 17,758,500 MGA
Credit Portfolio Manager Banking 34,319,800 MGA
Credit Risk Analyst Banking 19,558,300 MGA
Credit Risk Associate Banking 19,078,500 MGA
Direct Bank Sales Representative Banking 12,481,200 MGA
Exchange Control Consultant Banking 18,001,100 MGA
Executive Account Analyst Banking 16,799,900 MGA
Financial Bank Planning Consultant Banking 22,918,100 MGA
Financial Banking Analysis Manager Banking 24,841,800 MGA
Financial Banking Assistant Banking 8,279,300 MGA
Financial Banking Systems Manager Banking 24,359,000 MGA
Foreign Exchange Manager Banking 26,759,500 MGA
Fraud Analyst Banking 18,121,700 MGA
Fraud Detection Associate Banking 12,361,500 MGA
Fraud Detection Manager Banking 26,399,200 MGA
Fraud Detection Supervisor Banking 15,360,400 MGA
Internal Bank Audit Manager Banking 30,600,900 MGA
Internal Bank Auditor Banking 16,679,800 MGA
Internal Private Banker Banking 12,600,600 MGA
International Banking Manager Banking 36,358,600 MGA
Investment Banking Analyst Banking 25,440,400 MGA
Loan Analyst Banking 16,918,700 MGA
Loan Area Manager Banking 22,321,900 MGA
Loan Audit Team Leader Banking 20,878,800 MGA
Loan Branch Manager Banking 19,321,100 MGA
Loan Business Development Officer Banking 10,704,700 MGA
Loan Clerk Banking 6,433,500 MGA
Loan Collection and Recovery Manager Banking 20,878,800 MGA
Loan Collection Manager Banking 20,281,100 MGA
Loan Collector Banking 5,843,600 MGA
Loan Examiner Banking 8,004,700 MGA
Loan Officer Banking 6,493,000 MGA
Loan Processing Manager Banking 18,359,600 MGA
Loan Processor Banking 7,907,600 MGA
Loan Quality Assurance Auditor Banking 18,239,400 MGA
Loan Quality Assurance Manager Banking 18,840,100 MGA
Loan Quality Assurance Representative Banking 12,958,200 MGA
Loan Review Manager Banking 20,159,800 MGA
Loan Team Leader Banking 18,479,600 MGA
Loans Manager Banking 24,359,000 MGA
Mortgage Advisor Banking 11,818,500 MGA
Mortgage Collection Manager Banking 20,518,900 MGA
Mortgage Collector Banking 5,890,200 MGA
Mortgage Credit Analyst Banking 8,891,600 MGA
Mortgage Credit Manager Banking 19,200,400 MGA
Mortgage Development Manager Banking 22,681,800 MGA
Mortgage Document Reviewer Banking 7,942,800 MGA
Mortgage Funding Manager Banking 21,961,700 MGA
Mortgage Operations Manager Banking 30,600,900 MGA
Mortgage Payment Processing Clerk Banking 6,922,100 MGA
Mortgage Processing Manager Banking 19,921,600 MGA
Mortgage Processor Banking 8,062,900 MGA
Mortgage Quality Assurance Auditor Banking 16,679,800 MGA
Mortgage Quality Assurance Manager Banking 19,678,200 MGA
Mortgage Servicing Clerk Banking 6,395,900 MGA
Mortgage Servicing Manager Banking 18,958,500 MGA
Mortgage Underwriter Banking 7,548,300 MGA
Online Banking Manager Banking 31,800,300 MGA
Payment Processing Clerk Banking 6,024,400 MGA
Personal Banker Banking 13,319,300 MGA
Personal Banking Advisor Banking 12,958,200 MGA
Phone Banker Banking 8,062,900 MGA
Private Banker Banking 12,600,600 MGA
Reconciliation and Investigation Specialist Banking 14,639,900 MGA
Tax Officer Banking 10,919,400 MGA
Teller Banking 5,868,200 MGA
Trade Officer Banking 7,416,400 MGA
Trade Product Manager Banking 19,799,400 MGA
Trader Banking 8,521,700 MGA
Treasury Operations Officer Banking 15,238,200 MGA

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