Average Broker Salary in Namibia for 2024

In this article, we will look at the average Broker salary for 2024 in Namibia 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 Namibian dollar. To keep things simple, we are using the NAD currency code instead of the currency symbol $.

How Much Does a Broker Make in Namibia?

A Broker working in Namibia will typically earn around 217,900 NAD per year, and this can range from the lowest average salary of about 111,240 NAD to the highest average salary of 340,400 NAD.

Average Annual Salary
217,900 NAD
Average Monthly Salary
18,158 NAD

Lowest Annual Salary
111,240 NAD
Lowest Monthly Salary
9,270 NAD

Highest Annual Salary
340,400 NAD
Highest Monthly Salary
28,366 NAD

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

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 Broker Salaries in Namibia

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

Salary ranges

We already know that a Broker can earn between 111,240 NAD and 340,400 NAD on average in Namibia. 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 Broker in Namibia is 217,900 NAD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 217,900 NAD, and 50% of the population earn more than 217,900 NAD.

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 Broker salary in Namibia, 25% of the population are earning less than 148,300 NAD while 75% of the population earn more than 148,300 NAD.

75% of the population earn less than 279,400 NAD, and 25% of the population earn more than 279,400 NAD.

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.

Broker Salary by Experience Level in Namibia

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 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. A Broker in Namibia that has less than two years of experience can expect to earn somewhere in the region of 128,900 NAD.
  • 2 - 5 Years Experience. With two to five years of experience the average Broker salary would increase to 172,200 NAD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Broker, the average salary would be 232,400 NAD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 275,500 NAD.
  • 15 - 20 Years Experience. A Broker with 15 to 20 years of experience can earn an average of 297,000 NAD.
  • 20+ Years Experience. For a Broker with more than 20 years, the expected average salary increases to 319,600 NAD.

Average Salary by Experience Chart

0-2 Years
128,900 NAD
2-5 Years +32%
172,200 NAD
5-10 Years +34%
232,400 NAD
10-15 Years +19%
275,500 NAD
15-20 Years +8%
297,000 NAD
20+ Years +7%
319,600 NAD

Broker Salary by Education Level in Namibia

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 Broker in Namibia 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. A Broker in Namibia with a certificate or diploma education can earn an average salary of 172,200 NAD.

  • Bachelor's Degree. A Broker in Namibia with a bachelor's degree education can earn an average salary of 239,000 NAD.

  • Master's Degree. A Broker in Namibia with a master's degree education can earn an average salary of 308,900 NAD.

Average Salary by Education Chart

Certificate or Diploma
172,200 NAD
Bachelor's Degree +37%
239,000 NAD
Master's Degree +29%
308,900 NAD

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 Namibia is around 87,200 to 262,000 NAD 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.

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 Namibia, a male broker will earn an average of 225,700 NAD, while a female broker will earn around 210,500 NAD.

This means that a male broker earns approximately 7% more than a female broker for performing the same job.

Average Salary by Gender Chart in Namibia

Male
225,700 NAD
Female -7%
210,500 NAD

Broker Average Pay Raise in Namibia

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 Broker in Namibia is around 7% every 30 months.

The national average pay raise across all professions and industries in Namibia 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 ÷ 30 ) × 12  = 3%

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

Annual Pay Raise by Industry in Namibia for 2024

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

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%

Broker Bonus and Incentive Rates in Namibia

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

88% 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 3%.

Received Bonus
12%
No Bonus
88%

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 Namibia earn approximately 8% more than private sector employees in the same role.

Public Sector
215,100 NAD
Private Sector -8%
200,000 NAD

Salaries for Jobs Similar to a Broker

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

Job Title Category Salary
Actuarial Analyst Insurance 292,000 NAD
Actuarial Assistant Insurance 196,800 NAD
Actuarial Specialist Insurance 207,700 NAD
Actuary Insurance 294,700 NAD
Adjustment Insurance Clerk Insurance 78,960 NAD
Assistant Broker Insurance 134,600 NAD
Assistant Claims Manager Insurance 233,600 NAD
Associate Insurance Representative Insurance 113,420 NAD
Auditing Insurance Manager Insurance 325,800 NAD
Claim Advocacy Professional Insurance 210,500 NAD
Claims Adjuster Insurance 78,940 NAD
Claims Analyst Insurance 112,760 NAD
Claims Examiner Insurance 106,440 NAD
Claims Manager Insurance 308,900 NAD
Claims Processor Insurance 75,980 NAD
Claims Representative Insurance 97,060 NAD
Claims Resolution Specialist Insurance 215,100 NAD
Claims Supervisor Insurance 214,000 NAD
Complaints Specialist Insurance 192,000 NAD
Compliance Examiner Insurance 192,600 NAD
Compliance Officer Insurance 168,100 NAD
Compliance Reviewer Insurance 197,600 NAD
Consultant Insurance 204,700 NAD
Eligibility Interviewer Insurance 232,900 NAD
Eligibility Specialist Insurance 207,800 NAD
Insurance Account Manager Insurance 258,400 NAD
Insurance Accounts Executive Insurance 233,900 NAD
Insurance Adjuster Insurance 190,500 NAD
Insurance Agent Insurance 125,100 NAD
Insurance Analyst Insurance 209,500 NAD
Insurance Appraiser Insurance 200,000 NAD
Insurance Claims Clerk Insurance 79,600 NAD
Insurance Examiner Insurance 201,100 NAD
Insurance Investigator Insurance 195,200 NAD
Insurance Manager Insurance 354,000 NAD
Insurance Operations Manager Insurance 348,300 NAD
Insurance Policy Processing Clerk Insurance 82,200 NAD
Insurance Pricing Assistant Insurance 169,000 NAD
Insurance Program Manager Insurance 275,800 NAD
Insurance Project Manager Insurance 257,700 NAD
Insurance Quality Assurance Agent Insurance 187,300 NAD
Insurance Sales Agent Insurance 124,400 NAD
Insurance Sales Director Insurance 340,000 NAD
Insurance Sales Manager Insurance 277,400 NAD
Insurance Sales Representative Insurance 114,900 NAD
Insurance Team Leader Insurance 221,500 NAD
Insurance Underwriter Insurance 158,700 NAD
Loss Control Specialist Insurance 191,600 NAD
Loss Prevention Investigator Insurance 217,900 NAD
Loss Prevention Manager Insurance 288,700 NAD
Loss Prevention Specialist Insurance 221,500 NAD
Marine Underwriter Insurance 159,500 NAD
Medical Auditor Insurance 209,700 NAD
Monitoring and Performance Officer Insurance 142,300 NAD
Payment Services Specialist Insurance 209,500 NAD
Policy Change Director Insurance 319,600 NAD
Policy Change Supervisor Insurance 232,400 NAD
Policy Change Technician Insurance 101,020 NAD
Risk Analyst Insurance 227,600 NAD
Risk Management Director Insurance 415,900 NAD
Risk Management Supervisor Insurance 254,800 NAD
Risk Manager Insurance 398,300 NAD
Risk Modeling Manager Insurance 378,800 NAD
Title Insurance Typist Insurance 183,700 NAD
Training Manager Insurance 232,400 NAD

Salary Comparison by City

If you want to compare salaries with different cities in Namibia, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Windhoek 238,900 NAD

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  • "Average Broker Salary in Namibia for 2024". World Salaries. Accessed on March 28, 2024. https://worldsalaries.com/average-broker-salary-in-namibia/.

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