Average Contracts Executive Salary in Colombia for 2024

In this article, we will look at the average Contracts Executive salary for 2024 in Colombia 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 Colombian peso. To keep things simple, we are using the COP currency code instead of the currency symbol $.

How Much Does a Contracts Executive Make in Colombia?

A Contracts Executive working in Colombia will typically earn around 67,321,200 COP per year, and this can range from the lowest average salary of about 30,961,800 COP to the highest average salary of 106,921,000 COP.

Average Annual Salary
67,321,200 COP
Average Monthly Salary
5,610,100 COP

Lowest Annual Salary
30,961,800 COP
Lowest Monthly Salary
2,580,150 COP

Highest Annual Salary
106,921,000 COP
Highest Monthly Salary
8,910,083 COP

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

Contracts 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 Contracts Executive Salaries in Colombia

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

Salary ranges

We already know that a Contracts Executive can earn between 30,961,800 COP and 106,921,000 COP on average in Colombia. 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 Executive in Colombia is 72,601,900 COP. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 72,601,900 COP, and 50% of the population earn more than 72,601,900 COP.

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 Executive salary in Colombia, 25% of the population are earning less than 46,560,900 COP while 75% of the population earn more than 46,560,900 COP.

75% of the population earn less than 96,959,900 COP, and 25% of the population earn more than 96,959,900 COP.

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 Executive Salary by Experience Level in Colombia

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 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 Contracts Executive in Colombia that has less than two years of experience can expect to earn somewhere in the region of 35,159,900 COP.
  • 2 - 5 Years Experience. With two to five years of experience the average Contracts Executive salary would increase to 46,921,300 COP.
  • 5 - 10 Years Experience. From five to ten years of experience as a Contracts Executive, the average salary would be 69,359,500 COP.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 84,479,000 COP.
  • 15 - 20 Years Experience. A Contracts Executive with 15 to 20 years of experience can earn an average of 92,158,600 COP.
  • 20+ Years Experience. For a Contracts Executive with more than 20 years, the expected average salary increases to 99,721,200 COP.

Average Salary by Experience Chart

0-2 Years
35,159,900 COP
2-5 Years +34%
46,921,300 COP
5-10 Years +48%
69,359,500 COP
10-15 Years +22%
84,479,000 COP
15-20 Years +9%
92,158,600 COP
20+ Years +8%
99,721,200 COP

Contracts Executive Salary by Education Level in Colombia

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 Executive in Colombia 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 Contracts Executive in Colombia with a high school education can earn an average salary of 43,081,400 COP.

  • Certificate or Diploma. A Contracts Executive in Colombia with a certificate or diploma education can earn an average salary of 50,759,100 COP.

  • Bachelor's Degree. A Contracts Executive in Colombia with a bachelor's degree education can earn an average salary of 73,558,300 COP.

  • Master's Degree. A Contracts Executive in Colombia with a master's degree education can earn an average salary of 96,358,400 COP.

Average Salary by Education Chart

High School
43,081,400 COP
Certificate or Diploma +18%
50,759,100 COP
Bachelor's Degree +45%
73,558,300 COP
Master's Degree +31%
96,358,400 COP

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 Colombia is around 23,500,000 to 70,400,000 COP 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 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 Colombia, a male contracts executive will earn an average of 72,361,800 COP, while a female contracts executive will earn around 62,159,000 COP.

This means that a male contracts executive earns approximately 16% more than a female contracts executive for performing the same job.

Average Salary by Gender Chart in Colombia

Male
72,361,800 COP
Female -16%
62,159,000 COP

Contracts Executive Average Pay Raise in Colombia

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 Executive in Colombia is around 12% every 18 months.

The national average pay raise across all professions and industries in Colombia 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 = ( 12 ÷ 18 ) × 12  = 8%

What this means is that a Contracts Executive in Colombia can expect to receive an average pay raise of around 8% every 12 months.

Annual Pay Raise by Industry in Colombia for 2024

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

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%

Contracts Executive Bonus and Incentive Rates in Colombia

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 Executive is a moderate bonus based job, with 57% of employees reporting at least one bonus in the last 12 months.

43% 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 2% to 7%.

Received Bonus
57%
No Bonus
43%

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

Public Sector
58,559,300 COP
Private Sector -11%
52,800,100 COP

Salaries for Jobs Similar to a Contracts Executive

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

Job Title Category Salary
Assistant Business Development Manager Business Planning 78,358,100 COP
Assistant Merchandise Planner Business Planning 45,361,500 COP
Business Advisor Business Planning 67,681,200 COP
Business Analyst Business Planning 70,199,400 COP
Business Consultant Business Planning 64,801,300 COP
Business Continuity Associate Business Planning 41,520,800 COP
Business Developer Business Planning 43,680,700 COP
Business Development Analyst Business Planning 50,281,100 COP
Business Development Associate Business Planning 36,718,100 COP
Business Development Coordinator Business Planning 38,039,000 COP
Business Development Director Business Planning 102,359,100 COP
Business Development Engineer Business Planning 54,118,500 COP
Business Development Executive Business Planning 74,161,900 COP
Business Development Manager Business Planning 84,001,900 COP
Business Development Specialist Business Planning 66,841,000 COP
Business Manager Business Planning 82,561,600 COP
Business Operations Specialist Business Planning 64,079,200 COP
Business Process Writer Business Planning 40,679,700 COP
Business Systems Analyst Business Planning 67,321,200 COP
Capacity Planner Business Planning 50,998,800 COP
Capacity Planning Supervisor Business Planning 64,801,300 COP
Change Communications Analyst Business Planning 63,241,900 COP
Change Control Analyst Business Planning 67,681,200 COP
Change Impact Analyst Business Planning 64,920,700 COP
Corporate Strategy Analyst Business Planning 71,641,100 COP
Cost Control Engineer Business Planning 43,680,700 COP
Cost Controller Business Planning 51,841,000 COP
Cost Estimator Business Planning 43,800,600 COP
Data Executive Business Planning 36,480,500 COP
Data Manager Business Planning 51,841,000 COP
Data Processing Manager Business Planning 62,159,000 COP
Development Researcher Business Planning 53,040,100 COP
Director of Business Development Business Planning 97,441,800 COP
Director of Production Planning Business Planning 83,521,700 COP
Due Diligence Analyst Business Planning 71,641,100 COP
Estimating Manager Business Planning 78,000,700 COP
General Manager Business Planning 87,240,100 COP
Incident Handler Business Planning 45,719,900 COP
Incident Specialist Business Planning 58,798,900 COP
Lean Consultant Business Planning 50,039,800 COP
Manager Business Planning 89,639,700 COP
Marketing and Business Development Manager Business Planning 87,358,200 COP
Materials Planner Business Planning 29,881,100 COP
Merchandise Assistant Business Planning 28,078,900 COP
Merchandise Controller Business Planning 29,399,100 COP
Merchandise Planner Business Planning 31,320,700 COP
Operations Analyst Business Planning 64,319,500 COP
Operations Manager Business Planning 74,279,700 COP
Operations Research Analyst Business Planning 42,479,000 COP
Planning and Reporting Manager Business Planning 77,519,100 COP
Planning Director Business Planning 88,799,900 COP
Project Administrator Business Planning 46,199,800 COP
Project Manager Business Planning 73,558,300 COP
Project Planner Business Planning 42,719,800 COP
Research Assistant Business Planning 38,760,100 COP
Research Engineer Business Planning 43,198,900 COP
Research Officer Business Planning 33,481,400 COP
Risk Management Specialist Business Planning 64,560,300 COP
Scholarship Coordinator Business Planning 32,879,500 COP
Store Planner Business Planning 34,319,800 COP
Strategy Director Business Planning 91,801,600 COP
Top Research and Development Executive Business Planning 103,318,700 COP

Salary Comparison by City

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

City Average Salary
Barranquilla 69,001,000 COP
Bello 65,280,600 COP
Bogota 70,318,900 COP
Bucaramanga 71,878,800 COP
Buenaventura 66,598,300 COP
Cartagena 70,679,800 COP
Cucuta 72,361,800 COP
Ibague 73,198,300 COP
Manizales 61,919,600 COP
Medellin 72,119,000 COP
Monteria 65,280,600 COP
Neiva 65,401,000 COP
Pereira 63,959,400 COP
Santa Marta 68,158,300 COP
Soacha 67,798,800 COP
Soledad 71,521,400 COP
Valledupar 68,760,500 COP
Villavicencio 71,039,200 COP

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