Average Finance Officer Salary in Bahamas for 2024

In this article, we will look at the average Finance Officer 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 Finance Officer Make in Bahamas?

A Finance Officer working in Bahamas will typically earn around 35,500 BSD per year, and this can range from the lowest average salary of about 15,500 BSD to the highest average salary of 51,800 BSD.

Average Annual Salary
35,500 BSD
Average Monthly Salary
2,958 BSD

Lowest Annual Salary
15,500 BSD
Lowest Monthly Salary
1,291 BSD

Highest Annual Salary
51,800 BSD
Highest Monthly Salary
4,316 BSD

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

Finance Officer 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 Finance Officer Salaries in Bahamas

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

Salary ranges

We already know that a Finance Officer can earn between 15,500 BSD and 51,800 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 Finance Officer in Bahamas is 34,400 BSD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 34,400 BSD, and 50% of the population earn more than 34,400 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 Finance Officer salary in Bahamas, 25% of the population are earning less than 23,800 BSD while 75% of the population earn more than 23,800 BSD.

75% of the population earn less than 43,800 BSD, and 25% of the population earn more than 43,800 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.

Finance Officer 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 finance officer 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 Finance Officer in Bahamas that has less than two years of experience can expect to earn somewhere in the region of 19,200 BSD.
  • 2 - 5 Years Experience. With two to five years of experience the average Finance Officer salary would increase to 27,100 BSD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Finance Officer, the average salary would be 33,300 BSD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 45,100 BSD.
  • 15 - 20 Years Experience. A Finance Officer with 15 to 20 years of experience can earn an average of 44,500 BSD.
  • 20+ Years Experience. For a Finance Officer with more than 20 years, the expected average salary increases to 49,200 BSD.

Average Salary by Experience Chart

0-2 Years
19,200 BSD
2-5 Years +42%
27,100 BSD
5-10 Years +31%
33,300 BSD
10-15 Years +23%
45,100 BSD
15-20 Years +6%
44,500 BSD
20+ Years +10%
49,200 BSD

Finance Officer 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 Finance Officer in Bahamas 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 Finance Officer in Bahamas with a high school education can earn an average salary of 23,400 BSD.

  • Certificate or Diploma. A Finance Officer in Bahamas with a certificate or diploma education can earn an average salary of 35,100 BSD.

  • Bachelor's Degree. A Finance Officer in Bahamas with a bachelor's degree education can earn an average salary of 45,000 BSD.

Average Salary by Education Chart

High School
23,400 BSD
Certificate or Diploma +47%
35,100 BSD
Bachelor's Degree +34%
45,000 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.

Finance Officer 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 finance officer will earn an average of 35,500 BSD, while a female finance officer will earn around 32,300 BSD.

This means that a male finance officer earns approximately 10% more than a female finance officer for performing the same job.

Average Salary by Gender Chart in Bahamas

Male
35,500 BSD
Female -10%
32,300 BSD

Finance Officer 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 Finance Officer in Bahamas is around 8% 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 = ( 8 ÷ 27 ) × 12  = 4%

What this means is that a Finance Officer in Bahamas can expect to receive an average pay raise of around 4% 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%

Finance Officer 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 Finance Officer is a low bonus based job, with 14% of employees reporting at least one bonus in the last 12 months.

86% 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 0% to 4%.

Received Bonus
14%
No Bonus
86%

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 Finance Officer

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

Job Title Category Salary
Account Examiner Accounting and Finance 25,300 BSD
Account Executive Accounting and Finance 43,800 BSD
Accountant Accounting and Finance 33,500 BSD
Accounting Analyst Accounting and Finance 41,700 BSD
Accounting Assistant Accounting and Finance 27,100 BSD
Accounting Associate Accounting and Finance 23,100 BSD
Accounting Clerk Accounting and Finance 21,200 BSD
Accounting Coordinator Accounting and Finance 27,300 BSD
Accounting Head Accounting and Finance 70,900 BSD
Accounting Manager Accounting and Finance 67,800 BSD
Accounting Officer Accounting and Finance 24,800 BSD
Accounting Specialist Accounting and Finance 45,600 BSD
Accounting Supervisor Accounting and Finance 48,600 BSD
Accounting Technician Accounting and Finance 23,500 BSD
Accounting Unit Controller Accounting and Finance 54,900 BSD
Accounts Executive Accounting and Finance 45,700 BSD
Accounts Officer Accounting and Finance 27,300 BSD
Accounts Payable and Receivable Specialist Accounting and Finance 31,700 BSD
Accounts Payable Assistant Accounting and Finance 26,900 BSD
Accounts Payable Associate Accounting and Finance 29,600 BSD
Accounts Payable Clerk Accounting and Finance 22,800 BSD
Accounts Payable Manager Accounting and Finance 66,400 BSD
Accounts Receivable Administrator Accounting and Finance 49,200 BSD
Accounts Receivable Clerk Accounting and Finance 27,400 BSD
Accounts Receivable Financial Analyst Accounting and Finance 45,600 BSD
Accounts Receivable Manager Accounting and Finance 69,400 BSD
Accounts Receivable Team Leader Accounting and Finance 49,200 BSD
Assistant Accountant Accounting and Finance 27,400 BSD
Assistant Accounting Manager Accounting and Finance 63,400 BSD
Assistant Auditor Accounting and Finance 33,300 BSD
Assistant Corporate Controller Accounting and Finance 45,300 BSD
Assistant Finance Manager Accounting and Finance 73,700 BSD
Assistant Financial Controller Accounting and Finance 49,400 BSD
Audit Director Accounting and Finance 76,900 BSD
Audit Supervisor Accounting and Finance 61,500 BSD
Auditing Clerk Accounting and Finance 27,300 BSD
Auditing Manager Accounting and Finance 69,100 BSD
Billing Clerk Accounting and Finance 25,800 BSD
Billing Coordinator Accounting and Finance 31,400 BSD
Billing Specialist Accounting and Finance 38,100 BSD
Billing Supervisor Accounting and Finance 54,300 BSD
Bookkeeper Accounting and Finance 22,200 BSD
Bookkeeping Specialist Accounting and Finance 31,400 BSD
Budget Analyst Accounting and Finance 54,900 BSD
Budget Manager Accounting and Finance 66,200 BSD
Business Support Analyst Accounting and Finance 35,600 BSD
Capital Markets Associate Accounting and Finance 52,300 BSD
Cash Flow Analyst Accounting and Finance 49,200 BSD
Cash Management Manager Accounting and Finance 68,900 BSD
Cash Management Officer Accounting and Finance 38,700 BSD
Cashbook Clerk Accounting and Finance 23,100 BSD
Chartered Accountant Accounting and Finance 45,600 BSD
Chief Accountant Accounting and Finance 47,400 BSD
Collections Clerk Accounting and Finance 20,000 BSD
Collections Representative Accounting and Finance 28,900 BSD
Collections Specialist Accounting and Finance 34,400 BSD
Corporate Controller Accounting and Finance 55,700 BSD
Corporate Treasurer Accounting and Finance 65,900 BSD
Cost Accountant Accounting and Finance 33,000 BSD
Cost Accounting Manager Accounting and Finance 69,200 BSD
Cost Accounting Supervisor Accounting and Finance 58,200 BSD
Cost Analyst Accounting and Finance 57,100 BSD
Credit and Collection Manager Accounting and Finance 65,100 BSD
Credit and Collection Staff Accounting and Finance 25,800 BSD
Credit and Loans Officer Accounting and Finance 23,400 BSD
Credit Controller Accounting and Finance 44,700 BSD
Credit Manager Accounting and Finance 68,400 BSD
Debt Adviser Accounting and Finance 58,400 BSD
Debt Collector Accounting and Finance 25,800 BSD
Debtors Clerk Accounting and Finance 22,200 BSD
Debtors Controller Accounting and Finance 24,800 BSD
Deputy CFO Accounting and Finance 92,900 BSD
Deputy Head of Finance Accounting and Finance 96,600 BSD
Derivative Trader Accounting and Finance 59,000 BSD
Director of Finance Accounting and Finance 100,900 BSD
Economist Accounting and Finance 80,300 BSD
Equity Analyst Accounting and Finance 60,700 BSD
Escrow Assistant Accounting and Finance 29,100 BSD
Executive Accountant Accounting and Finance 38,100 BSD
External Auditor Accounting and Finance 47,800 BSD
Finance Administrator Accounting and Finance 42,400 BSD
Finance Analyst Accounting and Finance 58,800 BSD
Finance Associate Accounting and Finance 27,200 BSD
Finance Director Accounting and Finance 97,400 BSD
Finance Executive Accounting and Finance 71,600 BSD
Finance Licensing Clerk Accounting and Finance 23,600 BSD
Finance Licensing Manager Accounting and Finance 67,500 BSD
Finance Licensing Specialist Accounting and Finance 34,400 BSD
Finance Manager Accounting and Finance 95,100 BSD
Finance President Accounting and Finance 103,600 BSD
Finance Relationship Manager Accounting and Finance 81,400 BSD
Finance Release Analyst Accounting and Finance 40,300 BSD
Finance Specialist Accounting and Finance 58,600 BSD
Finance Team Leader Accounting and Finance 73,500 BSD
Financial Accountant Accounting and Finance 33,300 BSD
Financial Actuary Accounting and Finance 51,600 BSD
Financial Administrator Accounting and Finance 54,100 BSD
Financial Advisor Accounting and Finance 64,100 BSD
Financial Analyst Accounting and Finance 58,200 BSD
Financial Applications Specialist Accounting and Finance 42,700 BSD
Financial Assistant Accounting and Finance 26,100 BSD
Financial Associate Accounting and Finance 25,500 BSD
Financial Associate Accounting and Finance 34,000 BSD
Financial Claims Analyst Accounting and Finance 44,500 BSD
Financial Claims Manager Accounting and Finance 59,700 BSD
Financial Claims Supervisor Accounting and Finance 54,200 BSD
Financial Clerk Accounting and Finance 26,600 BSD
Financial Commercial Analyst Accounting and Finance 48,300 BSD
Financial Compliance Analyst Accounting and Finance 54,700 BSD
Financial Consultant Accounting and Finance 46,200 BSD
Financial Controller Accounting and Finance 54,100 BSD
Financial Controller Accounting and Finance 54,500 BSD
Financial Coordinator Accounting and Finance 30,700 BSD
Financial Customer Service Manager Accounting and Finance 61,600 BSD
Financial Dealer and Broker Accounting and Finance 39,100 BSD
Financial Director Accounting and Finance 98,800 BSD
Financial Encoder Accounting and Finance 26,400 BSD
Financial Manager Accounting and Finance 89,400 BSD
Financial Manager Accounting and Finance 90,900 BSD
Financial Operations Manager Accounting and Finance 91,000 BSD
Financial Policy Analyst Accounting and Finance 52,800 BSD
Financial Project Manager Accounting and Finance 73,100 BSD
Financial Quantitative Analyst Accounting and Finance 58,000 BSD
Financial Reporting Consultant Accounting and Finance 48,500 BSD
Financial Reporting Manager Accounting and Finance 65,800 BSD
Financial Section Head Accounting and Finance 64,300 BSD
Financial Services Manager Accounting and Finance 86,100 BSD
Financial Services Sales Agent Accounting and Finance 35,500 BSD
Fixed Assets Administrator Accounting and Finance 36,800 BSD
Forensic Accountant Accounting and Finance 42,400 BSD
Fraud Detection Supervisor Accounting and Finance 42,700 BSD
Fraud Prevention Manager Accounting and Finance 72,400 BSD
Fund Accountant Accounting and Finance 34,000 BSD
Grants Coordinator Accounting and Finance 26,200 BSD
Group Financial Manager Accounting and Finance 94,200 BSD
Internal Auditor Accounting and Finance 43,800 BSD
Internal Control Adviser Accounting and Finance 53,500 BSD
Internal Control Officer Accounting and Finance 30,800 BSD
International Tax Director Accounting and Finance 80,300 BSD
Inventory Accountant Accounting and Finance 36,800 BSD
Investment Advisor Accounting and Finance 86,300 BSD
Investment Analyst Accounting and Finance 67,000 BSD
Investment Associate Accounting and Finance 54,100 BSD
Investment Broker Accounting and Finance 57,800 BSD
Investment Fund Manager Accounting and Finance 73,300 BSD
Investment Operations Manager Accounting and Finance 76,600 BSD
Investment Underwriter Accounting and Finance 27,400 BSD
Investor Accounting and Finance 44,200 BSD
Investor Relations Manager Accounting and Finance 63,500 BSD
KYC Team Leader Accounting and Finance 66,200 BSD
Loan Processor Accounting and Finance 27,700 BSD
Management Accountant Accounting and Finance 36,800 BSD
Management Economist Accounting and Finance 74,600 BSD
Paymaster Accounting and Finance 29,600 BSD
Payroll Administrator Accounting and Finance 45,100 BSD
Payroll Benefits Coordinator Accounting and Finance 35,600 BSD
Payroll Billing Manager Accounting and Finance 59,800 BSD
Payroll Clerk Accounting and Finance 27,300 BSD
Payroll Manager Accounting and Finance 63,100 BSD
Payroll Officer Accounting and Finance 29,300 BSD
Payroll Specialist Accounting and Finance 36,500 BSD
Payroll Supervisor Accounting and Finance 45,300 BSD
Pensions Administrator Accounting and Finance 35,300 BSD
Personal Financial Advisor Accounting and Finance 50,000 BSD
Pricing Analyst Accounting and Finance 57,800 BSD
Private Equity Analyst Accounting and Finance 63,700 BSD
Project Accountant Accounting and Finance 36,700 BSD
Proposal Development Coordinator Accounting and Finance 29,300 BSD
Receivables Accountant Accounting and Finance 33,200 BSD
Regulatory Accountant Accounting and Finance 36,600 BSD
Retirement Plan Analyst Accounting and Finance 55,700 BSD
Revenue Management Specialist Accounting and Finance 57,800 BSD
Revenue Recognition Analyst Accounting and Finance 59,900 BSD
Risk Management Director Accounting and Finance 78,700 BSD
Risk Management Supervisor Accounting and Finance 66,400 BSD
Staff Accountant Accounting and Finance 31,800 BSD
Tax Accountant Accounting and Finance 32,300 BSD
Tax Administrator Accounting and Finance 38,700 BSD
Tax Advisor Accounting and Finance 54,100 BSD
Tax Analyst Accounting and Finance 49,300 BSD
Tax Associate Accounting and Finance 30,800 BSD
Tax Consultant Accounting and Finance 53,600 BSD
Tax Director Accounting and Finance 75,800 BSD
Tax Examiner Accounting and Finance 36,600 BSD
Tax Manager Accounting and Finance 71,100 BSD
Tax Research Manager Accounting and Finance 71,800 BSD
Teller Accounting and Finance 23,000 BSD
Treasury Accountant Accounting and Finance 37,200 BSD
Treasury Analyst Accounting and Finance 56,900 BSD
Underwriter Accounting and Finance 25,400 BSD
Underwriting Assistant Accounting and Finance 22,200 BSD
Vice President of Finance Accounting and Finance 95,300 BSD

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