Average Banker Salary in Kuwait for 2024

In this article, we will look at the average Banker salary for 2024 in Kuwait 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 Kuwaiti dinar. To keep things simple, we are using the KWD currency code instead of the currency symbol ุฏ.ูƒ.

How Much Does a Banker Make in Kuwait?

A Banker working in Kuwait will typically earn around 12,200 KWD per year, and this can range from the lowest average salary of about 6,080 KWD to the highest average salary of 19,220 KWD.

Average Annual Salary
12,200 KWD
Average Monthly Salary
1,016 KWD

Lowest Annual Salary
6,080 KWD
Lowest Monthly Salary
506 KWD

Highest Annual Salary
19,220 KWD
Highest Monthly Salary
1,601 KWD

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

Banker 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 Banker Salaries in Kuwait

So we've looked at the average salaries a Banker will earn in Kuwait. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Banker can earn between 6,080 KWD and 19,220 KWD on average in Kuwait. 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 Banker in Kuwait is 12,840 KWD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 12,840 KWD, and 50% of the population earn more than 12,840 KWD.

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 Banker salary in Kuwait, 25% of the population are earning less than 8,420 KWD while 75% of the population earn more than 8,420 KWD.

75% of the population earn less than 14,540 KWD, and 25% of the population earn more than 14,540 KWD.

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.

Banker Salary by Experience Level in Kuwait

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 banker 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 Banker in Kuwait that has less than two years of experience can expect to earn somewhere in the region of 5,960 KWD.
  • 2 - 5 Years Experience. With two to five years of experience the average Banker salary would increase to 10,380 KWD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Banker, the average salary would be 10,980 KWD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 14,660 KWD.
  • 15 - 20 Years Experience. A Banker with 15 to 20 years of experience can earn an average of 17,620 KWD.
  • 20+ Years Experience. For a Banker with more than 20 years, the expected average salary increases to 15,700 KWD.

Average Salary by Experience Chart

0-2 Years
5,960 KWD
2-5 Years +26%
10,380 KWD
5-10 Years +32%
10,980 KWD
10-15 Years +18%
14,660 KWD
15-20 Years +11%
17,620 KWD
20+ Years +6%
15,700 KWD

Banker Salary by Education Level in Kuwait

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 Banker in Kuwait based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Banker in Kuwait with a high school education can earn an average salary of 10,320 KWD.

  • Certificate or Diploma. A Banker in Kuwait with a certificate or diploma education can earn an average salary of 12,020 KWD.

  • Bachelor's Degree. A Banker in Kuwait with a bachelor's degree education can earn an average salary of 13,960 KWD.

  • Master's Degree. A Banker in Kuwait with a master's degree education can earn an average salary of 15,300 KWD.

Average Salary by Education Chart

High School
10,320 KWD
Certificate or Diploma +13%
12,020 KWD
Bachelor's Degree +32%
13,960 KWD
Master's Degree +24%
15,300 KWD

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 Kuwait is around 6,320 to 19,000 KWD 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.

Banker 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 Kuwait, a male banker will earn an average of 13,060 KWD, while a female banker will earn around 12,520 KWD.

This means that a male banker earns approximately 4% more than a female banker for performing the same job.

Average Salary by Gender Chart in Kuwait

Male
13,060 KWD
Female -4%
12,520 KWD

Banker Average Pay Raise in Kuwait

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 Banker in Kuwait is around 7% every 28 months.

The national average pay raise across all professions and industries in Kuwait is around 4% every 29 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 a Banker in Kuwait can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Kuwait for 2024

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

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%

Banker Bonus and Incentive Rates in Kuwait

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 Banker is a low bonus based job, with 33% of employees reporting at least one bonus in the last 12 months.

67% 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 4% to 5%.

Received Bonus
33%
No Bonus
67%

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 Kuwait earn approximately 12% more than private sector employees in the same role.

Public Sector
16,400 KWD
Private Sector -12%
14,660 KWD

Salaries for Jobs Similar to a Banker

In the table below, we have salary information for jobs that are similar to a Banker in Kuwait.

Job Title Category Salary
AML Analyst Banking 23,080 KWD
Assistant Bank Branch Manager Banking 21,400 KWD
Assistant Bank Manager Banking 28,660 KWD
ATM Manager Banking 22,400 KWD
ATM Service Technician Banking 5,620 KWD
Bank Accounts Analyst Banking 7,080 KWD
Bank Accounts Collector Banking 5,160 KWD
Bank Accounts Controller Banking 12,520 KWD
Bank Accounts Executive Banking 15,700 KWD
Bank Accounts Manager Banking 21,100 KWD
Bank Auditing Manager Banking 20,500 KWD
Bank Branch Manager Banking 26,400 KWD
Bank Branch Operations Coordinator Banking 13,060 KWD
Bank Clerk Banking 6,700 KWD
Bank Client Service Associate Banking 8,420 KWD
Bank Collector Banking 6,180 KWD
Bank Compliance Specialist Banking 17,020 KWD
Bank Manager Banking 34,080 KWD
Bank Operational Risk Manager Banking 32,620 KWD
Bank Operations Head Banking 33,120 KWD
Bank Operations Officer Banking 14,620 KWD
Bank Operations Specialist Banking 21,020 KWD
Bank Process Manager Banking 19,200 KWD
Bank Product Manager Banking 20,940 KWD
Bank Programme Manager Banking 22,420 KWD
Bank Project Manager Banking 28,820 KWD
Bank Propositions Manager Banking 25,220 KWD
Bank Quantitative Analyst Banking 17,560 KWD
Bank Regional Manager Banking 35,340 KWD
Bank Regional Risk Officer Banking 19,200 KWD
Bank Relationship Manager Banking 27,380 KWD
Bank Relationship Officer Banking 10,080 KWD
Bank Teller Banking 5,160 KWD
Banking Business Analyst Banking 15,700 KWD
Banking Business Development Officer Banking 9,740 KWD
Banking Business Planning Executive Banking 24,800 KWD
Banking Product Manager Banking 21,020 KWD
Banking Reference Data Manager Banking 19,860 KWD
Banking Risk Analyst Banking 16,340 KWD
Banking Technical Analyst Banking 7,080 KWD
Bankruptcy Coordinator Banking 13,060 KWD
Bill and Account Collector Banking 5,620 KWD
Budget Analyst Banking 15,920 KWD
Capital Risk Manager Banking 34,160 KWD
Cards Marketing Manager Banking 21,380 KWD
Cash Management Manager Banking 30,800 KWD
Check Processing Manager Banking 23,380 KWD
Commercial Vault Associate Banking 16,400 KWD
Corporate Banker Banking 12,620 KWD
Corporate Dealer Banking 20,300 KWD
Credit Analyst Banking 12,620 KWD
Credit and Collections Manager Banking 23,380 KWD
Credit Card Fraud Investigator Banking 17,560 KWD
Credit Portfolio Manager Banking 30,700 KWD
Credit Risk Analyst Banking 20,300 KWD
Credit Risk Associate Banking 19,220 KWD
Direct Bank Sales Representative Banking 12,200 KWD
Exchange Control Consultant Banking 17,860 KWD
Executive Account Analyst Banking 16,140 KWD
Financial Bank Planning Consultant Banking 22,420 KWD
Financial Banking Analysis Manager Banking 27,380 KWD
Financial Banking Assistant Banking 10,100 KWD
Financial Banking Systems Manager Banking 23,080 KWD
Foreign Exchange Manager Banking 22,400 KWD
Fraud Analyst Banking 20,120 KWD
Fraud Detection Associate Banking 12,620 KWD
Fraud Detection Manager Banking 28,180 KWD
Fraud Detection Supervisor Banking 14,660 KWD
Internal Bank Audit Manager Banking 32,200 KWD
Internal Bank Auditor Banking 17,560 KWD
Internal Private Banker Banking 10,980 KWD
International Banking Manager Banking 34,160 KWD
Investment Banking Analyst Banking 23,260 KWD
Loan Analyst Banking 18,780 KWD
Loan Area Manager Banking 21,380 KWD
Loan Audit Team Leader Banking 19,860 KWD
Loan Branch Manager Banking 19,480 KWD
Loan Business Development Officer Banking 12,300 KWD
Loan Clerk Banking 5,160 KWD
Loan Collection and Recovery Manager Banking 19,160 KWD
Loan Collection Manager Banking 20,520 KWD
Loan Collector Banking 3,940 KWD
Loan Examiner Banking 5,960 KWD
Loan Officer Banking 6,960 KWD
Loan Processing Manager Banking 19,360 KWD
Loan Processor Banking 6,440 KWD
Loan Quality Assurance Auditor Banking 18,260 KWD
Loan Quality Assurance Manager Banking 20,120 KWD
Loan Quality Assurance Representative Banking 12,120 KWD
Loan Review Manager Banking 18,940 KWD
Loan Team Leader Banking 16,140 KWD
Loans Manager Banking 23,400 KWD
Mortgage Advisor Banking 11,040 KWD
Mortgage Collection Manager Banking 21,400 KWD
Mortgage Collector Banking 6,700 KWD
Mortgage Credit Analyst Banking 7,080 KWD
Mortgage Credit Manager Banking 19,360 KWD
Mortgage Development Manager Banking 23,380 KWD
Mortgage Document Reviewer Banking 6,280 KWD
Mortgage Funding Manager Banking 24,840 KWD
Mortgage Operations Manager Banking 30,700 KWD
Mortgage Payment Processing Clerk Banking 5,520 KWD
Mortgage Processing Manager Banking 20,120 KWD
Mortgage Processor Banking 7,040 KWD
Mortgage Quality Assurance Auditor Banking 16,140 KWD
Mortgage Quality Assurance Manager Banking 16,980 KWD
Mortgage Servicing Clerk Banking 6,180 KWD
Mortgage Servicing Manager Banking 17,740 KWD
Mortgage Underwriter Banking 6,080 KWD
Online Banking Manager Banking 28,900 KWD
Payment Processing Clerk Banking 5,400 KWD
Personal Banker Banking 12,120 KWD
Personal Banking Advisor Banking 10,980 KWD
Phone Banker Banking 10,100 KWD
Private Banker Banking 13,060 KWD
Reconciliation and Investigation Specialist Banking 13,960 KWD
Tax Officer Banking 9,460 KWD
Teller Banking 5,620 KWD
Trade Officer Banking 6,200 KWD
Trade Product Manager Banking 21,380 KWD
Trader Banking 6,440 KWD
Treasury Operations Officer Banking 14,840 KWD

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