Average Business Development Specialist Salary in Jamaica for 2024

In this article, we will look at the average Business Development Specialist salary for 2024 in Jamaica 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 Jamaican dollar. To keep things simple, we are using the JMD currency code instead of the currency symbol $.

How Much Does a Business Development Specialist Make in Jamaica?

A Business Development Specialist working in Jamaica will typically earn around 1,440,700 JMD per year, and this can range from the lowest average salary of about 689,900 JMD to the highest average salary of 2,254,400 JMD.

Average Annual Salary
1,440,700 JMD
Average Monthly Salary
120,058 JMD

Lowest Annual Salary
689,900 JMD
Lowest Monthly Salary
57,491 JMD

Highest Annual Salary
2,254,400 JMD
Highest Monthly Salary
187,866 JMD

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

Business Development Specialist 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 Specialist Salaries in Jamaica

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

Salary ranges

We already know that a Business Development Specialist can earn between 689,900 JMD and 2,254,400 JMD on average in Jamaica. 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 Specialist in Jamaica is 1,487,200 JMD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 1,487,200 JMD, and 50% of the population earn more than 1,487,200 JMD.

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 Specialist salary in Jamaica, 25% of the population are earning less than 983,100 JMD while 75% of the population earn more than 983,100 JMD.

75% of the population earn less than 1,942,700 JMD, and 25% of the population earn more than 1,942,700 JMD.

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 Specialist Salary by Experience Level in Jamaica

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 specialist 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 Specialist in Jamaica that has less than two years of experience can expect to earn somewhere in the region of 807,900 JMD.
  • 2 - 5 Years Experience. With two to five years of experience the average Business Development Specialist salary would increase to 1,141,000 JMD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Business Development Specialist, the average salary would be 1,500,800 JMD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 1,846,200 JMD.
  • 15 - 20 Years Experience. A Business Development Specialist with 15 to 20 years of experience can earn an average of 1,967,000 JMD.
  • 20+ Years Experience. For a Business Development Specialist with more than 20 years, the expected average salary increases to 2,146,100 JMD.

Average Salary by Experience Chart

0-2 Years
807,900 JMD
2-5 Years +42%
1,141,000 JMD
5-10 Years +31%
1,500,800 JMD
10-15 Years +23%
1,846,200 JMD
15-20 Years +6%
1,967,000 JMD
20+ Years +10%
2,146,100 JMD

Business Development Specialist Salary by Education Level in Jamaica

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 Specialist in Jamaica 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 Specialist in Jamaica with a high school education can earn an average salary of 1,003,800 JMD.

  • Certificate or Diploma. A Business Development Specialist in Jamaica with a certificate or diploma education can earn an average salary of 1,159,000 JMD.

  • Bachelor's Degree. A Business Development Specialist in Jamaica with a bachelor's degree education can earn an average salary of 1,693,600 JMD.

  • Master's Degree. A Business Development Specialist in Jamaica with a master's degree education can earn an average salary of 2,076,600 JMD.

Average Salary by Education Chart

High School
1,003,800 JMD
Certificate or Diploma +16%
1,159,000 JMD
Bachelor's Degree +46%
1,693,600 JMD
Master's Degree +23%
2,076,600 JMD

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 Jamaica is around 482,000 to 1,450,000 JMD 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 Specialist 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 Jamaica, a male business development specialist will earn an average of 1,487,200 JMD, while a female business development specialist will earn around 1,405,700 JMD.

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

Average Salary by Gender Chart in Jamaica

Male
1,487,200 JMD
Female -6%
1,405,700 JMD

Business Development Specialist Average Pay Raise in Jamaica

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 Specialist in Jamaica is around 10% every 27 months.

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

Annual Pay Raise by Industry in Jamaica for 2024

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

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

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Business Development Specialist Bonus and Incentive Rates in Jamaica

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 Specialist is a moderate bonus based job, with 65% of employees reporting at least one bonus in the last 12 months.

35% 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
65%
No Bonus
35%

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 Jamaica earn approximately 10% more than private sector employees in the same role.

Public Sector
1,235,600 JMD
Private Sector -10%
1,122,900 JMD

Salaries for Jobs Similar to a Business Development Specialist

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

Job Title Category Salary
Assistant Business Development Manager Business Planning 1,524,300 JMD
Assistant Merchandise Planner Business Planning 913,400 JMD
Business Advisor Business Planning 1,560,800 JMD
Business Analyst Business Planning 1,547,500 JMD
Business Consultant Business Planning 1,510,400 JMD
Business Continuity Associate Business Planning 877,300 JMD
Business Developer Business Planning 943,800 JMD
Business Development Analyst Business Planning 1,031,200 JMD
Business Development Associate Business Planning 785,400 JMD
Business Development Coordinator Business Planning 814,500 JMD
Business Development Director Business Planning 2,015,600 JMD
Business Development Engineer Business Planning 1,134,500 JMD
Business Development Executive Business Planning 1,487,200 JMD
Business Development Manager Business Planning 1,967,000 JMD
Business Manager Business Planning 1,716,600 JMD
Business Operations Specialist Business Planning 1,417,600 JMD
Business Process Writer Business Planning 838,100 JMD
Business Systems Analyst Business Planning 1,524,300 JMD
Capacity Planner Business Planning 995,200 JMD
Capacity Planning Supervisor Business Planning 1,345,400 JMD
Change Communications Analyst Business Planning 1,320,500 JMD
Change Control Analyst Business Planning 1,357,900 JMD
Change Impact Analyst Business Planning 1,380,400 JMD
Contracts Executive Business Planning 1,510,400 JMD
Corporate Strategy Analyst Business Planning 1,500,800 JMD
Cost Control Engineer Business Planning 939,600 JMD
Cost Controller Business Planning 1,069,800 JMD
Cost Estimator Business Planning 991,000 JMD
Data Executive Business Planning 800,500 JMD
Data Manager Business Planning 1,110,500 JMD
Data Processing Manager Business Planning 1,273,300 JMD
Development Researcher Business Planning 1,159,900 JMD
Director of Business Development Business Planning 2,015,600 JMD
Director of Production Planning Business Planning 1,728,900 JMD
Due Diligence Analyst Business Planning 1,583,700 JMD
Estimating Manager Business Planning 1,547,500 JMD
General Manager Business Planning 1,751,700 JMD
Incident Handler Business Planning 1,067,500 JMD
Incident Specialist Business Planning 1,320,500 JMD
Lean Consultant Business Planning 1,147,500 JMD
Manager Business Planning 2,003,200 JMD
Marketing and Business Development Manager Business Planning 1,751,700 JMD
Materials Planner Business Planning 629,800 JMD
Merchandise Assistant Business Planning 656,800 JMD
Merchandise Controller Business Planning 658,300 JMD
Merchandise Planner Business Planning 632,400 JMD
Operations Analyst Business Planning 1,369,700 JMD
Operations Manager Business Planning 1,537,500 JMD
Operations Research Analyst Business Planning 925,900 JMD
Planning and Reporting Manager Business Planning 1,621,400 JMD
Planning Director Business Planning 1,908,800 JMD
Project Administrator Business Planning 929,700 JMD
Project Manager Business Planning 1,510,400 JMD
Project Planner Business Planning 932,800 JMD
Research Assistant Business Planning 810,500 JMD
Research Engineer Business Planning 907,100 JMD
Research Officer Business Planning 741,500 JMD
Risk Management Specialist Business Planning 1,391,600 JMD
Scholarship Coordinator Business Planning 767,000 JMD
Store Planner Business Planning 724,000 JMD
Strategy Director Business Planning 2,038,500 JMD
Top Research and Development Executive Business Planning 2,207,600 JMD

Salary Comparison by City

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

City Average Salary
Kingston 1,547,500 JMD

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