Average Barber Salary in Monaco for 2024

In this article, we will look at the average Barber salary for 2024 in Monaco 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 Euro. To keep things simple, we are using the EUR currency code instead of the currency symbol โ‚ฌ.

How Much Does a Barber Make in Monaco?

A Barber working in Monaco will typically earn around 19,940 EUR per year, and this can range from the lowest average salary of about 9,960 EUR to the highest average salary of 33,520 EUR.

Average Annual Salary
19,940 EUR
Average Monthly Salary
1,661 EUR

Lowest Annual Salary
9,960 EUR
Lowest Monthly Salary
830 EUR

Highest Annual Salary
33,520 EUR
Highest Monthly Salary
2,793 EUR

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

Barber 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 Barber Salaries in Monaco

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

Salary ranges

We already know that a Barber can earn between 9,960 EUR and 33,520 EUR on average in Monaco. 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 Barber in Monaco is 21,300 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 21,300 EUR, and 50% of the population earn more than 21,300 EUR.

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 Barber salary in Monaco, 25% of the population are earning less than 13,100 EUR while 75% of the population earn more than 13,100 EUR.

75% of the population earn less than 31,540 EUR, and 25% of the population earn more than 31,540 EUR.

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.

Barber Salary by Experience Level in Monaco

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 barber 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 Barber in Monaco that has less than two years of experience can expect to earn somewhere in the region of 11,040 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Barber salary would increase to 15,700 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as a Barber, the average salary would be 22,420 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 26,400 EUR.
  • 15 - 20 Years Experience. A Barber with 15 to 20 years of experience can earn an average of 28,680 EUR.
  • 20+ Years Experience. For a Barber with more than 20 years, the expected average salary increases to 33,960 EUR.

Average Salary by Experience Chart

0-2 Years
11,040 EUR
2-5 Years +42%
15,700 EUR
5-10 Years +31%
22,420 EUR
10-15 Years +23%
26,400 EUR
15-20 Years +6%
28,680 EUR
20+ Years +10%
33,960 EUR

Barber Salary by Education Level in Monaco

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 Barber in Monaco 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 Barber in Monaco with a high school education can earn an average salary of 17,540 EUR.

  • Certificate or Diploma. A Barber in Monaco with a certificate or diploma education can earn an average salary of 29,840 EUR.

Average Salary by Education Chart

High School
17,540 EUR
Certificate or Diploma +72%
29,840 EUR

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 Monaco is around 21,200 to 63,600 EUR 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.

Barber 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 Monaco, a male barber will earn an average of 21,640 EUR, while a female barber will earn around 22,660 EUR.

This means that a male barber earns approximately 5% less than a female barber for performing the same job.

Average Salary by Gender Chart in Monaco

Male
21,640 EUR
Female +5%
22,660 EUR

Barber Average Pay Raise in Monaco

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 Barber in Monaco is around 6% every 28 months.

The national average pay raise across all professions and industries in Monaco 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 = ( 6 ÷ 28 ) × 12  = 3%

What this means is that a Barber in Monaco can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Monaco for 2024

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

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%

Barber Bonus and Incentive Rates in Monaco

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 Barber is a low bonus based job, with 13% of employees reporting at least one bonus in the last 12 months.

87% 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
13%
No Bonus
87%

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 Monaco earn approximately 6% more than private sector employees in the same role.

Public Sector
52,880 EUR
Private Sector -6%
49,820 EUR

Salaries for Jobs Similar to a Barber

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

Job Title Category Salary
Alterations Specialist Fashion and Apparel 22,660 EUR
Bench Jeweler Fashion and Apparel 19,020 EUR
Clothing and Textile Technologist Fashion and Apparel 48,200 EUR
Cosmetology Educator Fashion and Apparel 50,340 EUR
Diamond Setter Fashion and Apparel 23,260 EUR
Diamond Worker Fashion and Apparel 28,720 EUR
Fabric Manager Fashion and Apparel 55,140 EUR
Fashion Design Manager Fashion and Apparel 74,380 EUR
Fashion Designer Fashion and Apparel 66,440 EUR
Fashion Merchandiser Fashion and Apparel 33,520 EUR
Fashion Model Fashion and Apparel 45,260 EUR
Freelance Fashion Stylist Fashion and Apparel 73,040 EUR
Garment Technologist Fashion and Apparel 43,480 EUR
Hairstylist Fashion and Apparel 23,360 EUR
Jeweler Fashion and Apparel 40,240 EUR
Jewelry Mold Maker Fashion and Apparel 30,800 EUR
Jewelry Polisher Fashion and Apparel 19,160 EUR
Jewelry Sales Fashion and Apparel 32,420 EUR
Plating Manager Fashion and Apparel 55,940 EUR
Product Development Manager Fashion and Apparel 93,140 EUR
Sewing Machine Operator Fashion and Apparel 15,700 EUR
Shoe Sales Fashion and Apparel 25,680 EUR
Supply Chain Manager Fashion and Apparel 80,520 EUR
Tailor / Fitter Fashion and Apparel 22,660 EUR
Trend Forecaster Fashion and Apparel 46,880 EUR
Visual Merchandising Coordinator Fashion and Apparel 35,420 EUR
Visual Merchandising Projects Manager Fashion and Apparel 66,100 EUR

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