Average Business Advisor Salary in Barbados for 2024

In this article, we will look at the average Business Advisor salary for 2024 in Barbados 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 Barbadian dollar. To keep things simple, we are using the BBD currency code instead of the currency symbol $.

How Much Does a Business Advisor Make in Barbados?

A Business Advisor working in Barbados will typically earn around 50,660 BBD per year, and this can range from the lowest average salary of about 26,080 BBD to the highest average salary of 78,400 BBD.

Average Annual Salary
50,660 BBD
Average Monthly Salary
4,221 BBD

Lowest Annual Salary
26,080 BBD
Lowest Monthly Salary
2,173 BBD

Highest Annual Salary
78,400 BBD
Highest Monthly Salary
6,533 BBD

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

Business Advisor 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 Business Advisor Salaries in Barbados

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

Salary ranges

We already know that a Business Advisor can earn between 26,080 BBD and 78,400 BBD on average in Barbados. 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 Business Advisor in Barbados is 49,200 BBD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 49,200 BBD, and 50% of the population earn more than 49,200 BBD.

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 Business Advisor salary in Barbados, 25% of the population are earning less than 35,340 BBD while 75% of the population earn more than 35,340 BBD.

75% of the population earn less than 61,680 BBD, and 25% of the population earn more than 61,680 BBD.

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.

Business Advisor Salary by Experience Level in Barbados

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 business advisor 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 Business Advisor in Barbados that has less than two years of experience can expect to earn somewhere in the region of 30,800 BBD.
  • 2 - 5 Years Experience. With two to five years of experience the average Business Advisor salary would increase to 37,800 BBD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Business Advisor, the average salary would be 54,460 BBD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 62,860 BBD.
  • 15 - 20 Years Experience. A Business Advisor with 15 to 20 years of experience can earn an average of 71,700 BBD.
  • 20+ Years Experience. For a Business Advisor with more than 20 years, the expected average salary increases to 73,820 BBD.

Average Salary by Experience Chart

0-2 Years
30,800 BBD
2-5 Years +31%
37,800 BBD
5-10 Years +40%
54,460 BBD
10-15 Years +20%
62,860 BBD
15-20 Years +9%
71,700 BBD
20+ Years +8%
73,820 BBD

Business Advisor Salary by Education Level in Barbados

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 Business Advisor in Barbados 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 Business Advisor in Barbados with a high school education can earn an average salary of 34,280 BBD.

  • Certificate or Diploma. A Business Advisor in Barbados with a certificate or diploma education can earn an average salary of 41,660 BBD.

  • Bachelor's Degree. A Business Advisor in Barbados with a bachelor's degree education can earn an average salary of 57,080 BBD.

  • Master's Degree. A Business Advisor in Barbados with a master's degree education can earn an average salary of 74,620 BBD.

Average Salary by Education Chart

High School
34,280 BBD
Certificate or Diploma +15%
41,660 BBD
Bachelor's Degree +41%
57,080 BBD
Master's Degree +29%
74,620 BBD

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 Barbados is around 16,300 to 48,800 BBD 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.

Business Advisor 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 Barbados, a male business advisor will earn an average of 54,700 BBD, while a female business advisor will earn around 46,880 BBD.

This means that a male business advisor earns approximately 17% more than a female business advisor for performing the same job.

Average Salary by Gender Chart in Barbados

Male
54,700 BBD
Female -17%
46,880 BBD

Business Advisor Average Pay Raise in Barbados

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 Business Advisor in Barbados is around 9% every 28 months.

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

What this means is that a Business Advisor in Barbados can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Barbados for 2024

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

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

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Business Advisor Bonus and Incentive Rates in Barbados

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 Business Advisor is a moderate bonus based job, with 62% of employees reporting at least one bonus in the last 12 months.

38% 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
62%
No Bonus
38%

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

Public Sector
38,780 BBD
Private Sector -8%
36,020 BBD

Salaries for Jobs Similar to a Business Advisor

In the table below, we have salary information for jobs that are similar to a Business Advisor in Barbados.

Job Title Category Salary
Assistant Business Development Manager Business Planning 53,660 BBD
Assistant Merchandise Planner Business Planning 33,440 BBD
Business Analyst Business Planning 53,120 BBD
Business Consultant Business Planning 48,340 BBD
Business Continuity Associate Business Planning 27,480 BBD
Business Developer Business Planning 32,900 BBD
Business Development Analyst Business Planning 35,520 BBD
Business Development Associate Business Planning 27,040 BBD
Business Development Coordinator Business Planning 26,660 BBD
Business Development Director Business Planning 67,320 BBD
Business Development Engineer Business Planning 40,240 BBD
Business Development Executive Business Planning 50,620 BBD
Business Development Manager Business Planning 60,600 BBD
Business Development Specialist Business Planning 46,880 BBD
Business Manager Business Planning 57,800 BBD
Business Operations Specialist Business Planning 47,400 BBD
Business Process Writer Business Planning 27,560 BBD
Business Systems Analyst Business Planning 48,560 BBD
Capacity Planner Business Planning 33,980 BBD
Capacity Planning Supervisor Business Planning 45,260 BBD
Change Communications Analyst Business Planning 43,080 BBD
Change Control Analyst Business Planning 43,800 BBD
Change Impact Analyst Business Planning 48,820 BBD
Contracts Executive Business Planning 48,820 BBD
Corporate Strategy Analyst Business Planning 50,540 BBD
Cost Control Engineer Business Planning 34,080 BBD
Cost Controller Business Planning 36,700 BBD
Cost Estimator Business Planning 31,520 BBD
Data Executive Business Planning 24,860 BBD
Data Manager Business Planning 36,580 BBD
Data Processing Manager Business Planning 41,480 BBD
Development Researcher Business Planning 35,260 BBD
Director of Business Development Business Planning 73,820 BBD
Director of Production Planning Business Planning 61,780 BBD
Due Diligence Analyst Business Planning 50,540 BBD
Estimating Manager Business Planning 55,020 BBD
General Manager Business Planning 62,060 BBD
Incident Handler Business Planning 33,960 BBD
Incident Specialist Business Planning 40,040 BBD
Lean Consultant Business Planning 36,580 BBD
Manager Business Planning 64,200 BBD
Marketing and Business Development Manager Business Planning 60,400 BBD
Materials Planner Business Planning 20,940 BBD
Merchandise Assistant Business Planning 23,520 BBD
Merchandise Controller Business Planning 21,540 BBD
Merchandise Planner Business Planning 21,400 BBD
Operations Analyst Business Planning 48,200 BBD
Operations Manager Business Planning 49,820 BBD
Operations Research Analyst Business Planning 31,340 BBD
Planning and Reporting Manager Business Planning 55,020 BBD
Planning Director Business Planning 64,560 BBD
Project Administrator Business Planning 31,040 BBD
Project Manager Business Planning 52,180 BBD
Project Planner Business Planning 32,960 BBD
Research Assistant Business Planning 28,720 BBD
Research Engineer Business Planning 32,960 BBD
Research Officer Business Planning 25,680 BBD
Risk Management Specialist Business Planning 46,040 BBD
Scholarship Coordinator Business Planning 25,940 BBD
Store Planner Business Planning 23,480 BBD
Strategy Director Business Planning 66,580 BBD
Top Research and Development Executive Business Planning 72,120 BBD

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