Average Business Development Executive Salary in Bermuda for 2024

In this article, we will look at the average Business Development Executive salary for 2024 in Bermuda 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 Bermudian dollar. To keep things simple, we are using the BMD currency code instead of the currency symbol $.

How Much Does a Business Development Executive Make in Bermuda?

A Business Development Executive working in Bermuda will typically earn around 27,040 BMD per year, and this can range from the lowest average salary of about 13,960 BMD to the highest average salary of 38,620 BMD.

Average Annual Salary
27,040 BMD
Average Monthly Salary
2,253 BMD

Lowest Annual Salary
13,960 BMD
Lowest Monthly Salary
1,163 BMD

Highest Annual Salary
38,620 BMD
Highest Monthly Salary
3,218 BMD

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

Business Development Executive 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 Executive Salaries in Bermuda

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

Salary ranges

We already know that a Business Development Executive can earn between 13,960 BMD and 38,620 BMD on average in Bermuda. 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 Executive in Bermuda is 23,360 BMD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 23,360 BMD, and 50% of the population earn more than 23,360 BMD.

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 Executive salary in Bermuda, 25% of the population are earning less than 18,780 BMD while 75% of the population earn more than 18,780 BMD.

75% of the population earn less than 31,380 BMD, and 25% of the population earn more than 31,380 BMD.

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 Executive Salary by Experience Level in Bermuda

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 executive 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 Executive in Bermuda that has less than two years of experience can expect to earn somewhere in the region of 17,260 BMD.
  • 2 - 5 Years Experience. With two to five years of experience the average Business Development Executive salary would increase to 20,940 BMD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Business Development Executive, the average salary would be 25,660 BMD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 30,700 BMD.
  • 15 - 20 Years Experience. A Business Development Executive with 15 to 20 years of experience can earn an average of 37,200 BMD.
  • 20+ Years Experience. For a Business Development Executive with more than 20 years, the expected average salary increases to 35,420 BMD.

Average Salary by Experience Chart

0-2 Years
17,260 BMD
2-5 Years +34%
20,940 BMD
5-10 Years +30%
25,660 BMD
10-15 Years +21%
30,700 BMD
15-20 Years +9%
37,200 BMD
20+ Years +5%
35,420 BMD

Business Development Executive Salary by Education Level in Bermuda

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 Executive in Bermuda 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 Executive in Bermuda with a high school education can earn an average salary of 16,980 BMD.

  • Certificate or Diploma. A Business Development Executive in Bermuda with a certificate or diploma education can earn an average salary of 21,020 BMD.

  • Bachelor's Degree. A Business Development Executive in Bermuda with a bachelor's degree education can earn an average salary of 28,860 BMD.

  • Master's Degree. A Business Development Executive in Bermuda with a master's degree education can earn an average salary of 37,620 BMD.

Average Salary by Education Chart

High School
16,980 BMD
Certificate or Diploma +14%
21,020 BMD
Bachelor's Degree +41%
28,860 BMD
Master's Degree +21%
37,620 BMD

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 Bermuda is around 7,970 to 23,900 BMD 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 Executive 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 Bermuda, a male business development executive will earn an average of 27,620 BMD, while a female business development executive will earn around 25,940 BMD.

This means that a male business development executive earns approximately 6% more than a female business development executive for performing the same job.

Average Salary by Gender Chart in Bermuda

Male
27,620 BMD
Female -6%
25,940 BMD

Business Development Executive Average Pay Raise in Bermuda

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 Executive in Bermuda is around 10% every 27 months.

The national average pay raise across all professions and industries in Bermuda 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 Development Executive in Bermuda can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Bermuda for 2024

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

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

Banking
6%
Energy
3%
Information Technology
9%
Healthcare
6%
Travel
3%
Construction
9%
Education
6%

Business Development Executive Bonus and Incentive Rates in Bermuda

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 Executive is a moderate bonus based job, with 61% of employees reporting at least one bonus in the last 12 months.

39% 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
61%
No Bonus
39%

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 Bermuda earn approximately 33% more than private sector employees in the same role.

Public Sector
21,540 BMD
Private Sector -33%
16,140 BMD

Salaries for Jobs Similar to a Business Development Executive

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

Job Title Category Salary
Assistant Business Development Manager Business Planning 25,680 BMD
Assistant Merchandise Planner Business Planning 15,760 BMD
Business Advisor Business Planning 23,480 BMD
Business Analyst Business Planning 25,220 BMD
Business Consultant Business Planning 22,400 BMD
Business Continuity Associate Business Planning 14,540 BMD
Business Developer Business Planning 15,580 BMD
Business Development Analyst Business Planning 16,340 BMD
Business Development Associate Business Planning 12,120 BMD
Business Development Coordinator Business Planning 13,900 BMD
Business Development Director Business Planning 34,480 BMD
Business Development Engineer Business Planning 18,940 BMD
Business Development Manager Business Planning 31,340 BMD
Business Development Specialist Business Planning 23,500 BMD
Business Manager Business Planning 27,560 BMD
Business Operations Specialist Business Planning 23,380 BMD
Business Process Writer Business Planning 12,240 BMD
Business Systems Analyst Business Planning 25,940 BMD
Capacity Planner Business Planning 17,620 BMD
Capacity Planning Supervisor Business Planning 22,540 BMD
Change Communications Analyst Business Planning 22,420 BMD
Change Control Analyst Business Planning 24,280 BMD
Change Impact Analyst Business Planning 19,940 BMD
Contracts Executive Business Planning 23,260 BMD
Corporate Strategy Analyst Business Planning 24,280 BMD
Cost Control Engineer Business Planning 17,260 BMD
Cost Controller Business Planning 18,780 BMD
Cost Estimator Business Planning 17,620 BMD
Data Executive Business Planning 11,040 BMD
Data Manager Business Planning 19,200 BMD
Data Processing Manager Business Planning 21,020 BMD
Development Researcher Business Planning 17,860 BMD
Director of Business Development Business Planning 34,480 BMD
Director of Production Planning Business Planning 27,560 BMD
Due Diligence Analyst Business Planning 23,080 BMD
Estimating Manager Business Planning 27,300 BMD
General Manager Business Planning 31,400 BMD
Incident Handler Business Planning 16,720 BMD
Incident Specialist Business Planning 21,560 BMD
Lean Consultant Business Planning 15,700 BMD
Manager Business Planning 32,200 BMD
Marketing and Business Development Manager Business Planning 32,020 BMD
Materials Planner Business Planning 10,220 BMD
Merchandise Assistant Business Planning 12,020 BMD
Merchandise Controller Business Planning 9,960 BMD
Merchandise Planner Business Planning 9,980 BMD
Operations Analyst Business Planning 23,520 BMD
Operations Manager Business Planning 24,200 BMD
Operations Research Analyst Business Planning 12,240 BMD
Planning and Reporting Manager Business Planning 23,360 BMD
Planning Director Business Planning 29,160 BMD
Project Administrator Business Planning 16,400 BMD
Project Manager Business Planning 25,680 BMD
Project Planner Business Planning 14,820 BMD
Research Assistant Business Planning 13,700 BMD
Research Engineer Business Planning 17,100 BMD
Research Officer Business Planning 12,520 BMD
Risk Management Specialist Business Planning 21,300 BMD
Scholarship Coordinator Business Planning 12,200 BMD
Store Planner Business Planning 10,000 BMD
Strategy Director Business Planning 34,080 BMD
Top Research and Development Executive Business Planning 34,120 BMD

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