Average Banking Product Manager Salary in Micronesia for 2024

In this article, we will look at the average Banking Product Manager salary for 2024 in Micronesia 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 United States dollar. To keep things simple, we are using the USD currency code instead of the currency symbol $.

How Much Does a Banking Product Manager Make in Micronesia?

A Banking Product Manager working in Micronesia will typically earn around 21,300 USD per year, and this can range from the lowest average salary of about 10,220 USD to the highest average salary of 34,380 USD.

Average Annual Salary
21,300 USD
Average Monthly Salary
1,775 USD

Lowest Annual Salary
10,220 USD
Lowest Monthly Salary
851 USD

Highest Annual Salary
34,380 USD
Highest Monthly Salary
2,865 USD

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

Banking Product 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 Banking Product Manager Salaries in Micronesia

So we've looked at the average salaries a Banking Product Manager will earn in Micronesia. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Banking Product Manager can earn between 10,220 USD and 34,380 USD on average in Micronesia. 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 Banking Product Manager in Micronesia is 23,660 USD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 23,660 USD, and 50% of the population earn more than 23,660 USD.

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 Banking Product Manager salary in Micronesia, 25% of the population are earning less than 17,100 USD while 75% of the population earn more than 17,100 USD.

75% of the population earn less than 29,160 USD, and 25% of the population earn more than 29,160 USD.

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.

Banking Product Manager Salary by Experience Level in Micronesia

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 banking product 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 Banking Product Manager in Micronesia that has less than two years of experience can expect to earn somewhere in the region of 13,540 USD.
  • 2 - 5 Years Experience. With two to five years of experience the average Banking Product Manager salary would increase to 19,220 USD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Banking Product Manager, the average salary would be 23,480 USD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 30,800 USD.
  • 15 - 20 Years Experience. A Banking Product Manager with 15 to 20 years of experience can earn an average of 29,600 USD.
  • 20+ Years Experience. For a Banking Product Manager with more than 20 years, the expected average salary increases to 35,300 USD.

Average Salary by Experience Chart

0-2 Years
13,540 USD
2-5 Years +42%
19,220 USD
5-10 Years +32%
23,480 USD
10-15 Years +23%
30,800 USD
15-20 Years +6%
29,600 USD
20+ Years +10%
35,300 USD

Banking Product Manager Salary by Education Level in Micronesia

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 Banking Product Manager in Micronesia 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 Banking Product Manager in Micronesia with a bachelor's degree education can earn an average salary of 19,160 USD.

  • Master's Degree. A Banking Product Manager in Micronesia with a master's degree education can earn an average salary of 27,020 USD.

Average Salary by Education Chart

Bachelor's Degree
19,160 USD
Master's Degree +43%
27,020 USD

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 Micronesia is around 7,020 to 21,100 USD 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.

Banking Product 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 Micronesia, a male banking product manager will earn an average of 25,220 USD, while a female banking product manager will earn around 23,400 USD.

This means that a male banking product manager earns approximately 8% more than a female banking product manager for performing the same job.

Average Salary by Gender Chart in Micronesia

Male
25,220 USD
Female -8%
23,400 USD

Banking Product Manager Average Pay Raise in Micronesia

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 Banking Product Manager in Micronesia is around 9% every 28 months.

The national average pay raise across all professions and industries in Micronesia 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 = ( 9 ÷ 28 ) × 12  = 4%

What this means is that a Banking Product Manager in Micronesia can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Micronesia for 2024

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

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

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Banking Product Manager Bonus and Incentive Rates in Micronesia

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 Banking Product Manager is a moderate bonus based job, with 65% of employees reporting at least one bonus in the last 12 months.

35% 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 5% to 9%.

Received Bonus
65%
No Bonus
35%

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 Micronesia earn approximately 4% less than private sector employees in the same role.

Public Sector
15,700 USD
Private Sector +4%
16,400 USD

Salaries for Jobs Similar to a Banking Product Manager

In the table below, we have salary information for jobs that are similar to a Banking Product Manager in Micronesia.

Job Title Category Salary
AML Analyst Banking 24,200 USD
Assistant Bank Branch Manager Banking 20,000 USD
Assistant Bank Manager Banking 29,640 USD
ATM Manager Banking 25,220 USD
ATM Service Technician Banking 6,760 USD
Bank Accounts Analyst Banking 8,100 USD
Bank Accounts Collector Banking 5,160 USD
Bank Accounts Controller Banking 13,540 USD
Bank Accounts Executive Banking 18,780 USD
Bank Accounts Manager Banking 20,000 USD
Bank Auditing Manager Banking 21,400 USD
Bank Branch Manager Banking 32,620 USD
Bank Branch Operations Coordinator Banking 12,120 USD
Bank Clerk Banking 6,180 USD
Bank Client Service Associate Banking 8,780 USD
Bank Collector Banking 6,180 USD
Bank Compliance Specialist Banking 17,020 USD
Bank Manager Banking 34,380 USD
Bank Operational Risk Manager Banking 35,520 USD
Bank Operations Head Banking 35,420 USD
Bank Operations Officer Banking 12,000 USD
Bank Operations Specialist Banking 21,020 USD
Bank Process Manager Banking 19,360 USD
Bank Product Manager Banking 22,420 USD
Bank Programme Manager Banking 22,340 USD
Bank Project Manager Banking 29,040 USD
Bank Propositions Manager Banking 25,940 USD
Bank Quantitative Analyst Banking 19,220 USD
Bank Regional Manager Banking 35,420 USD
Bank Regional Risk Officer Banking 20,300 USD
Bank Relationship Manager Banking 24,200 USD
Bank Relationship Officer Banking 10,980 USD
Bank Teller Banking 6,080 USD
Banker Banking 12,200 USD
Banking Business Analyst Banking 17,740 USD
Banking Business Development Officer Banking 12,520 USD
Banking Business Planning Executive Banking 27,020 USD
Banking Reference Data Manager Banking 19,480 USD
Banking Risk Analyst Banking 19,360 USD
Banking Technical Analyst Banking 11,300 USD
Bankruptcy Coordinator Banking 13,780 USD
Bill and Account Collector Banking 5,040 USD
Budget Analyst Banking 20,300 USD
Capital Risk Manager Banking 34,980 USD
Cards Marketing Manager Banking 20,760 USD
Cash Management Manager Banking 34,980 USD
Check Processing Manager Banking 23,500 USD
Commercial Vault Associate Banking 19,200 USD
Corporate Banker Banking 12,000 USD
Corporate Dealer Banking 20,120 USD
Credit Analyst Banking 12,580 USD
Credit and Collections Manager Banking 24,200 USD
Credit Card Fraud Investigator Banking 20,300 USD
Credit Portfolio Manager Banking 36,940 USD
Credit Risk Analyst Banking 19,160 USD
Credit Risk Associate Banking 19,480 USD
Direct Bank Sales Representative Banking 14,620 USD
Exchange Control Consultant Banking 19,380 USD
Executive Account Analyst Banking 16,140 USD
Financial Bank Planning Consultant Banking 24,820 USD
Financial Banking Analysis Manager Banking 28,820 USD
Financial Banking Assistant Banking 10,320 USD
Financial Banking Systems Manager Banking 24,800 USD
Foreign Exchange Manager Banking 26,660 USD
Fraud Analyst Banking 20,120 USD
Fraud Detection Associate Banking 12,120 USD
Fraud Detection Manager Banking 28,860 USD
Fraud Detection Supervisor Banking 16,880 USD
Internal Bank Audit Manager Banking 33,960 USD
Internal Bank Auditor Banking 19,220 USD
Internal Private Banker Banking 12,000 USD
International Banking Manager Banking 37,620 USD
Investment Banking Analyst Banking 28,820 USD
Loan Analyst Banking 17,860 USD
Loan Area Manager Banking 24,280 USD
Loan Audit Team Leader Banking 23,520 USD
Loan Branch Manager Banking 19,380 USD
Loan Business Development Officer Banking 10,000 USD
Loan Clerk Banking 5,040 USD
Loan Collection and Recovery Manager Banking 22,420 USD
Loan Collection Manager Banking 23,380 USD
Loan Collector Banking 6,180 USD
Loan Examiner Banking 8,960 USD
Loan Officer Banking 7,620 USD
Loan Processing Manager Banking 19,360 USD
Loan Processor Banking 8,780 USD
Loan Quality Assurance Auditor Banking 19,020 USD
Loan Quality Assurance Manager Banking 19,380 USD
Loan Quality Assurance Representative Banking 12,240 USD
Loan Review Manager Banking 20,520 USD
Loan Team Leader Banking 20,300 USD
Loans Manager Banking 25,220 USD
Mortgage Advisor Banking 14,620 USD
Mortgage Collection Manager Banking 21,020 USD
Mortgage Collector Banking 5,620 USD
Mortgage Credit Analyst Banking 8,560 USD
Mortgage Credit Manager Banking 21,020 USD
Mortgage Development Manager Banking 23,080 USD
Mortgage Document Reviewer Banking 8,420 USD
Mortgage Funding Manager Banking 23,260 USD
Mortgage Operations Manager Banking 31,520 USD
Mortgage Payment Processing Clerk Banking 5,520 USD
Mortgage Processing Manager Banking 19,160 USD
Mortgage Processor Banking 8,780 USD
Mortgage Quality Assurance Auditor Banking 19,640 USD
Mortgage Quality Assurance Manager Banking 23,520 USD
Mortgage Servicing Clerk Banking 5,200 USD
Mortgage Servicing Manager Banking 20,520 USD
Mortgage Underwriter Banking 5,960 USD
Online Banking Manager Banking 33,440 USD
Payment Processing Clerk Banking 8,440 USD
Personal Banker Banking 12,000 USD
Personal Banking Advisor Banking 12,000 USD
Phone Banker Banking 7,240 USD
Private Banker Banking 13,780 USD
Reconciliation and Investigation Specialist Banking 14,660 USD
Tax Officer Banking 12,300 USD
Teller Banking 5,040 USD
Trade Officer Banking 6,200 USD
Trade Product Manager Banking 20,000 USD
Trader Banking 8,560 USD
Treasury Operations Officer Banking 17,620 USD

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