Average Business Development Analyst Salary in Panama for 2024

In this article, we will look at the average Business Development Analyst salary for 2024 in Panama 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 Panamanian balboa. To keep things simple, we are using the PAB currency code instead of the currency symbol B/..

How Much Does a Business Development Analyst Make in Panama?

A Business Development Analyst working in Panama will typically earn around 21,980 PAB per year, and this can range from the lowest average salary of about 11,040 PAB to the highest average salary of 33,520 PAB.

Average Annual Salary
21,980 PAB
Average Monthly Salary
1,831 PAB

Lowest Annual Salary
11,040 PAB
Lowest Monthly Salary
920 PAB

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

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

Business Development Analyst 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 Development Analyst Salaries in Panama

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

Salary ranges

We already know that a Business Development Analyst can earn between 11,040 PAB and 33,520 PAB on average in Panama. 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 Development Analyst in Panama is 21,380 PAB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 21,380 PAB, and 50% of the population earn more than 21,380 PAB.

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 Development Analyst salary in Panama, 25% of the population are earning less than 15,880 PAB while 75% of the population earn more than 15,880 PAB.

75% of the population earn less than 27,020 PAB, and 25% of the population earn more than 27,020 PAB.

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 Development Analyst Salary by Experience Level in Panama

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 development analyst 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 Development Analyst in Panama that has less than two years of experience can expect to earn somewhere in the region of 12,580 PAB.
  • 2 - 5 Years Experience. With two to five years of experience the average Business Development Analyst salary would increase to 19,200 PAB.
  • 5 - 10 Years Experience. From five to ten years of experience as a Business Development Analyst, the average salary would be 23,660 PAB.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 29,540 PAB.
  • 15 - 20 Years Experience. A Business Development Analyst with 15 to 20 years of experience can earn an average of 31,940 PAB.
  • 20+ Years Experience. For a Business Development Analyst with more than 20 years, the expected average salary increases to 31,980 PAB.

Average Salary by Experience Chart

0-2 Years
12,580 PAB
2-5 Years +26%
19,200 PAB
5-10 Years +32%
23,660 PAB
10-15 Years +18%
29,540 PAB
15-20 Years +11%
31,940 PAB
20+ Years +6%
31,980 PAB

Business Development Analyst Salary by Education Level in Panama

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 Development Analyst in Panama 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 Development Analyst in Panama with a high school education can earn an average salary of 18,780 PAB.

  • Certificate or Diploma. A Business Development Analyst in Panama with a certificate or diploma education can earn an average salary of 19,860 PAB.

  • Bachelor's Degree. A Business Development Analyst in Panama with a bachelor's degree education can earn an average salary of 27,380 PAB.

  • Master's Degree. A Business Development Analyst in Panama with a master's degree education can earn an average salary of 32,200 PAB.

Average Salary by Education Chart

High School
18,780 PAB
Certificate or Diploma +13%
19,860 PAB
Bachelor's Degree +32%
27,380 PAB
Master's Degree +24%
32,200 PAB

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 Panama is around 10,600 to 31,800 PAB 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 Development Analyst 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 Panama, a male business development analyst will earn an average of 23,500 PAB, while a female business development analyst will earn around 19,940 PAB.

This means that a male business development analyst earns approximately 18% more than a female business development analyst for performing the same job.

Average Salary by Gender Chart in Panama

Male
23,500 PAB
Female -18%
19,940 PAB

Business Development Analyst Average Pay Raise in Panama

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 Development Analyst in Panama is around 11% every 18 months.

The national average pay raise across all professions and industries in Panama is around 7% every 19 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 = ( 11 ÷ 18 ) × 12  = 7%

What this means is that a Business Development Analyst in Panama can expect to receive an average pay raise of around 7% every 12 months.

Annual Pay Raise by Industry in Panama for 2024

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

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%

Business Development Analyst Bonus and Incentive Rates in Panama

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 Development Analyst is a high bonus based job, with 74% of employees reporting at least one bonus in the last 12 months.

26% 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 7%.

Received Bonus
74%
No Bonus
26%

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 Panama earn approximately 4% more than private sector employees in the same role.

Public Sector
27,040 PAB
Private Sector -4%
26,020 PAB

Salaries for Jobs Similar to a Business Development Analyst

In the table below, we have salary information for jobs that are similar to a Business Development Analyst in Panama.

Job Title Category Salary
Assistant Business Development Manager Business Planning 34,480 PAB
Assistant Merchandise Planner Business Planning 19,480 PAB
Business Advisor Business Planning 30,700 PAB
Business Analyst Business Planning 31,180 PAB
Business Consultant Business Planning 28,680 PAB
Business Continuity Associate Business Planning 19,200 PAB
Business Developer Business Planning 21,020 PAB
Business Development Associate Business Planning 18,260 PAB
Business Development Coordinator Business Planning 17,540 PAB
Business Development Director Business Planning 43,220 PAB
Business Development Engineer Business Planning 24,840 PAB
Business Development Executive Business Planning 32,960 PAB
Business Development Manager Business Planning 39,420 PAB
Business Development Specialist Business Planning 29,840 PAB
Business Manager Business Planning 34,360 PAB
Business Operations Specialist Business Planning 27,620 PAB
Business Process Writer Business Planning 16,720 PAB
Business Systems Analyst Business Planning 31,180 PAB
Capacity Planner Business Planning 23,400 PAB
Capacity Planning Supervisor Business Planning 27,480 PAB
Change Communications Analyst Business Planning 28,180 PAB
Change Control Analyst Business Planning 30,700 PAB
Change Impact Analyst Business Planning 30,800 PAB
Contracts Executive Business Planning 26,860 PAB
Corporate Strategy Analyst Business Planning 28,680 PAB
Cost Control Engineer Business Planning 20,500 PAB
Cost Controller Business Planning 20,000 PAB
Cost Estimator Business Planning 18,940 PAB
Data Executive Business Planning 15,300 PAB
Data Manager Business Planning 22,420 PAB
Data Processing Manager Business Planning 26,280 PAB
Development Researcher Business Planning 24,820 PAB
Director of Business Development Business Planning 46,280 PAB
Director of Production Planning Business Planning 36,720 PAB
Due Diligence Analyst Business Planning 32,900 PAB
Estimating Manager Business Planning 33,120 PAB
General Manager Business Planning 36,020 PAB
Incident Handler Business Planning 21,020 PAB
Incident Specialist Business Planning 25,680 PAB
Lean Consultant Business Planning 24,820 PAB
Manager Business Planning 38,620 PAB
Marketing and Business Development Manager Business Planning 40,140 PAB
Materials Planner Business Planning 12,000 PAB
Merchandise Assistant Business Planning 10,980 PAB
Merchandise Controller Business Planning 14,620 PAB
Merchandise Planner Business Planning 14,620 PAB
Operations Analyst Business Planning 29,840 PAB
Operations Manager Business Planning 34,080 PAB
Operations Research Analyst Business Planning 19,220 PAB
Planning and Reporting Manager Business Planning 33,520 PAB
Planning Director Business Planning 36,720 PAB
Project Administrator Business Planning 21,540 PAB
Project Manager Business Planning 31,520 PAB
Project Planner Business Planning 19,020 PAB
Research Assistant Business Planning 16,880 PAB
Research Engineer Business Planning 18,900 PAB
Research Officer Business Planning 14,920 PAB
Risk Management Specialist Business Planning 27,560 PAB
Scholarship Coordinator Business Planning 15,580 PAB
Store Planner Business Planning 15,580 PAB
Strategy Director Business Planning 44,800 PAB
Top Research and Development Executive Business Planning 46,280 PAB

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