Average Business Advisor Salary in Cyprus for 2024

In this article, we will look at the average Business Advisor salary for 2024 in Cyprus 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 Business Advisor Make in Cyprus?

A Business Advisor working in Cyprus will typically earn around 34,240 EUR per year, and this can range from the lowest average salary of about 17,100 EUR to the highest average salary of 50,540 EUR.

Average Annual Salary
34,240 EUR
Average Monthly Salary
2,853 EUR

Lowest Annual Salary
17,100 EUR
Lowest Monthly Salary
1,425 EUR

Highest Annual Salary
50,540 EUR
Highest Monthly Salary
4,211 EUR

These are average salaries for a Business Advisor in Cyprus 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 Cyprus

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

Salary ranges

We already know that a Business Advisor can earn between 17,100 EUR and 50,540 EUR on average in Cyprus. 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 Cyprus is 34,280 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 34,280 EUR, and 50% of the population earn more than 34,280 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 Business Advisor salary in Cyprus, 25% of the population are earning less than 22,420 EUR while 75% of the population earn more than 22,420 EUR.

75% of the population earn less than 48,340 EUR, and 25% of the population earn more than 48,340 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.

Business Advisor Salary by Experience Level in Cyprus

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 Cyprus that has less than two years of experience can expect to earn somewhere in the region of 19,200 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Business Advisor salary would increase to 25,940 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as a Business Advisor, the average salary would be 37,200 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 41,480 EUR.
  • 15 - 20 Years Experience. A Business Advisor with 15 to 20 years of experience can earn an average of 44,780 EUR.
  • 20+ Years Experience. For a Business Advisor with more than 20 years, the expected average salary increases to 48,760 EUR.

Average Salary by Experience Chart

0-2 Years
19,200 EUR
2-5 Years +38%
25,940 EUR
5-10 Years +42%
37,200 EUR
10-15 Years +22%
41,480 EUR
15-20 Years +6%
44,780 EUR
20+ Years +9%
48,760 EUR

Business Advisor Salary by Education Level in Cyprus

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 Cyprus 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 Cyprus with a high school education can earn an average salary of 23,400 EUR.

  • Certificate or Diploma. A Business Advisor in Cyprus with a certificate or diploma education can earn an average salary of 24,720 EUR.

  • Bachelor's Degree. A Business Advisor in Cyprus with a bachelor's degree education can earn an average salary of 36,700 EUR.

  • Master's Degree. A Business Advisor in Cyprus with a master's degree education can earn an average salary of 48,760 EUR.

Average Salary by Education Chart

High School
23,400 EUR
Certificate or Diploma +17%
24,720 EUR
Bachelor's Degree +46%
36,700 EUR
Master's Degree +31%
48,760 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 Cyprus is around 10,800 to 32,500 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.

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 Cyprus, a male business advisor will earn an average of 33,520 EUR, while a female business advisor will earn around 34,080 EUR.

This means that a male business advisor earns approximately 2% less than a female business advisor for performing the same job.

Average Salary by Gender Chart in Cyprus

Male
33,520 EUR
Female +2%
34,080 EUR

Business Advisor Average Pay Raise in Cyprus

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 Cyprus is around 10% every 27 months.

The national average pay raise across all professions and industries in Cyprus 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 = ( 10 ÷ 27 ) × 12  = 4%

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

Annual Pay Raise by Industry in Cyprus for 2024

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

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

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Business Advisor Bonus and Incentive Rates in Cyprus

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 66% of employees reporting at least one bonus in the last 12 months.

34% 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
66%
No Bonus
34%

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 Cyprus earn approximately 20% more than private sector employees in the same role.

Public Sector
28,180 EUR
Private Sector -20%
23,500 EUR

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 Cyprus.

Job Title Category Salary
Assistant Business Development Manager Business Planning 31,040 EUR
Assistant Merchandise Planner Business Planning 18,940 EUR
Business Analyst Business Planning 31,340 EUR
Business Consultant Business Planning 30,700 EUR
Business Continuity Associate Business Planning 20,120 EUR
Business Developer Business Planning 21,020 EUR
Business Development Analyst Business Planning 22,660 EUR
Business Development Associate Business Planning 15,760 EUR
Business Development Coordinator Business Planning 19,640 EUR
Business Development Director Business Planning 41,480 EUR
Business Development Engineer Business Planning 25,940 EUR
Business Development Executive Business Planning 32,200 EUR
Business Development Manager Business Planning 41,980 EUR
Business Development Specialist Business Planning 31,400 EUR
Business Manager Business Planning 36,020 EUR
Business Operations Specialist Business Planning 27,480 EUR
Business Process Writer Business Planning 17,740 EUR
Business Systems Analyst Business Planning 30,700 EUR
Capacity Planner Business Planning 21,640 EUR
Capacity Planning Supervisor Business Planning 30,700 EUR
Change Communications Analyst Business Planning 29,320 EUR
Change Control Analyst Business Planning 27,020 EUR
Change Impact Analyst Business Planning 31,940 EUR
Contracts Executive Business Planning 31,400 EUR
Corporate Strategy Analyst Business Planning 33,440 EUR
Cost Control Engineer Business Planning 21,540 EUR
Cost Controller Business Planning 22,400 EUR
Cost Estimator Business Planning 19,160 EUR
Data Executive Business Planning 16,400 EUR
Data Manager Business Planning 23,660 EUR
Data Processing Manager Business Planning 27,480 EUR
Development Researcher Business Planning 26,020 EUR
Director of Business Development Business Planning 41,480 EUR
Director of Production Planning Business Planning 38,260 EUR
Due Diligence Analyst Business Planning 32,420 EUR
Estimating Manager Business Planning 31,520 EUR
General Manager Business Planning 37,740 EUR
Incident Handler Business Planning 21,300 EUR
Incident Specialist Business Planning 26,780 EUR
Lean Consultant Business Planning 24,280 EUR
Manager Business Planning 43,220 EUR
Marketing and Business Development Manager Business Planning 36,700 EUR
Materials Planner Business Planning 13,560 EUR
Merchandise Assistant Business Planning 14,620 EUR
Merchandise Controller Business Planning 12,240 EUR
Merchandise Planner Business Planning 13,960 EUR
Operations Analyst Business Planning 30,840 EUR
Operations Manager Business Planning 31,980 EUR
Operations Research Analyst Business Planning 20,120 EUR
Planning and Reporting Manager Business Planning 31,980 EUR
Planning Director Business Planning 43,220 EUR
Project Administrator Business Planning 20,500 EUR
Project Manager Business Planning 34,080 EUR
Project Planner Business Planning 21,380 EUR
Research Assistant Business Planning 18,780 EUR
Research Engineer Business Planning 19,020 EUR
Research Officer Business Planning 13,100 EUR
Risk Management Specialist Business Planning 31,540 EUR
Scholarship Coordinator Business Planning 17,620 EUR
Store Planner Business Planning 15,580 EUR
Strategy Director Business Planning 42,400 EUR
Top Research and Development Executive Business Planning 48,140 EUR

Salary Comparison by City

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

City Average Salary
Larnaka 29,640 EUR
Limassol 35,300 EUR
Nicosia 29,600 EUR

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