Average Contracts Associate Salary in Bahamas for 2024

In this article, we will look at the average Contracts Associate salary for 2024 in Bahamas 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 Bahamian dollar. To keep things simple, we are using the BSD currency code instead of the currency symbol $.

How Much Does a Contracts Associate Make in Bahamas?

A Contracts Associate working in Bahamas will typically earn around 29,300 BSD per year, and this can range from the lowest average salary of about 17,100 BSD to the highest average salary of 44,700 BSD.

Average Annual Salary
29,300 BSD
Average Monthly Salary
2,441 BSD

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

Highest Annual Salary
44,700 BSD
Highest Monthly Salary
3,725 BSD

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

Contracts Associate 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 Contracts Associate Salaries in Bahamas

So we've looked at the average salaries a Contracts Associate will earn in Bahamas. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Contracts Associate can earn between 17,100 BSD and 44,700 BSD on average in Bahamas. 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 Contracts Associate in Bahamas is 27,400 BSD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 27,400 BSD, and 50% of the population earn more than 27,400 BSD.

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 Contracts Associate salary in Bahamas, 25% of the population are earning less than 19,400 BSD while 75% of the population earn more than 19,400 BSD.

75% of the population earn less than 35,300 BSD, and 25% of the population earn more than 35,300 BSD.

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.

Contracts Associate Salary by Experience Level in Bahamas

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 contracts associate 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 Contracts Associate in Bahamas that has less than two years of experience can expect to earn somewhere in the region of 18,000 BSD.
  • 2 - 5 Years Experience. With two to five years of experience the average Contracts Associate salary would increase to 23,200 BSD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Contracts Associate, the average salary would be 29,600 BSD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 35,000 BSD.
  • 15 - 20 Years Experience. A Contracts Associate with 15 to 20 years of experience can earn an average of 41,100 BSD.
  • 20+ Years Experience. For a Contracts Associate with more than 20 years, the expected average salary increases to 43,500 BSD.

Average Salary by Experience Chart

0-2 Years
18,000 BSD
2-5 Years +23%
23,200 BSD
5-10 Years +42%
29,600 BSD
10-15 Years +17%
35,000 BSD
15-20 Years +10%
41,100 BSD
20+ Years +6%
43,500 BSD

Contracts Associate Salary by Education Level in Bahamas

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 Contracts Associate in Bahamas based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Contracts Associate in Bahamas with a bachelor's degree education can earn an average salary of 20,900 BSD.

  • Master's Degree. A Contracts Associate in Bahamas with a master's degree education can earn an average salary of 38,000 BSD.

Average Salary by Education Chart

Bachelor's Degree
20,900 BSD
Master's Degree +93%
38,000 BSD

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 Bahamas is around 19,500 to 58,400 BSD 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.

Contracts Associate 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 Bahamas, a male contracts associate will earn an average of 30,300 BSD, while a female contracts associate will earn around 26,900 BSD.

This means that a male contracts associate earns approximately 13% more than a female contracts associate for performing the same job.

Average Salary by Gender Chart in Bahamas

Male
30,300 BSD
Female -13%
26,900 BSD

Contracts Associate Average Pay Raise in Bahamas

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 Contracts Associate in Bahamas is around 7% every 27 months.

The national average pay raise across all professions and industries in Bahamas 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 = ( 7 ÷ 27 ) × 12  = 3%

What this means is that a Contracts Associate in Bahamas can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Bahamas for 2024

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

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%

Contracts Associate Bonus and Incentive Rates in Bahamas

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 Contracts Associate is a low bonus based job, with 8% of employees reporting at least one bonus in the last 12 months.

92% 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 1% to 3%.

Received Bonus
8%
No Bonus
92%

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 Bahamas earn approximately 11% more than private sector employees in the same role.

Public Sector
51,500 BSD
Private Sector -11%
46,300 BSD

Salaries for Jobs Similar to a Contracts Associate

In the table below, we have salary information for jobs that are similar to a Contracts Associate in Bahamas.

Job Title Category Salary
Administrative Law Judge Legal 125,400 BSD
Arbitrator Legal 62,100 BSD
Associate Attorney Legal 59,900 BSD
Attorney Legal 91,000 BSD
Bailiff Legal 31,300 BSD
Barrister Legal 25,700 BSD
Candidate Attorney Legal 54,500 BSD
Conciliator Legal 45,600 BSD
Contracts Manager Legal 57,800 BSD
Contracts Negotiator Legal 42,300 BSD
Contracts Specialist Legal 30,800 BSD
Conveyancing Secretary Legal 24,200 BSD
Corporate Counsel Legal 71,700 BSD
Counsel Legal 68,500 BSD
Court Clerk Legal 20,000 BSD
Court Judicial Assistant Legal 36,800 BSD
Court Liaison Specialist Legal 44,800 BSD
Court Reporter Legal 35,300 BSD
Court Representative Legal 25,500 BSD
Crown Prosecution Service Lawyer Legal 132,000 BSD
General Counsel Legal 114,300 BSD
Immigration Executive Legal 65,900 BSD
In House Counsel Legal 72,800 BSD
Intellectual Property Specialist Legal 49,400 BSD
Judge Advocate Legal 94,300 BSD
Law Clerk Legal 23,800 BSD
Lawyer Legal 90,900 BSD
Legal Administrative Assistant Legal 25,700 BSD
Legal Advisor Legal 54,100 BSD
Legal Assistant Legal 25,400 BSD
Legal Associate Legal 44,900 BSD
Legal Consultant Legal 54,200 BSD
Legal Consultant Legal 59,500 BSD
Legal Counsel Legal 69,700 BSD
Legal Editor Legal 44,200 BSD
Legal Executive Legal 90,900 BSD
Legal Executive Secretary Legal 22,800 BSD
Legal IP Officer Legal 20,400 BSD
Legal Officer Legal 25,800 BSD
Legal Secretary Legal 25,800 BSD
Legal Services Director Legal 107,700 BSD
Legal Services Manager Legal 112,700 BSD
Legal Support Worker Legal 20,300 BSD
Legislative Liaison Legal 43,500 BSD
Litigation Attorney Legal 108,200 BSD
Litigation Paralegal Legal 58,100 BSD
Magistrate Judge Legal 147,900 BSD
Paralegal Legal 35,500 BSD
Patent Attorney Legal 68,400 BSD
Staff Attorney Legal 72,400 BSD

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