Average Group Financial Manager Salary in Cayman Islands for 2024

In this article, we will look at the average Group Financial Manager salary for 2024 in Cayman Islands 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 Cayman Islands dollar. To keep things simple, we are using the KYD currency code instead of the currency symbol $.

How Much Does a Group Financial Manager Make in Cayman Islands?

A Group Financial Manager working in Cayman Islands will typically earn around 75,900 KYD per year, and this can range from the lowest average salary of about 35,000 KYD to the highest average salary of 121,800 KYD.

Average Annual Salary
75,900 KYD
Average Monthly Salary
6,325 KYD

Lowest Annual Salary
35,000 KYD
Lowest Monthly Salary
2,916 KYD

Highest Annual Salary
121,800 KYD
Highest Monthly Salary
10,150 KYD

These are average salaries for a Group Financial Manager in Cayman Islands and include benefits such as housing and transport. It's also possible for a Group Financial Manager to earn more or less than the average salaries shown above.

Group Financial Manager 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 Group Financial Manager Salaries in Cayman Islands

So we've looked at the average salaries a Group Financial Manager will earn in Cayman Islands. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Group Financial Manager can earn between 35,000 KYD and 121,800 KYD on average in Cayman Islands. 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 Group Financial Manager in Cayman Islands is 79,800 KYD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 79,800 KYD, and 50% of the population earn more than 79,800 KYD.

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 Group Financial Manager salary in Cayman Islands, 25% of the population are earning less than 51,300 KYD while 75% of the population earn more than 51,300 KYD.

75% of the population earn less than 107,700 KYD, and 25% of the population earn more than 107,700 KYD.

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.

Group Financial Manager Salary by Experience Level in Cayman Islands

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 group financial manager 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 Group Financial Manager in Cayman Islands that has less than two years of experience can expect to earn somewhere in the region of 41,000 KYD.
  • 2 - 5 Years Experience. With two to five years of experience the average Group Financial Manager salary would increase to 55,300 KYD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Group Financial Manager, the average salary would be 79,600 KYD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 98,900 KYD.
  • 15 - 20 Years Experience. A Group Financial Manager with 15 to 20 years of experience can earn an average of 105,800 KYD.
  • 20+ Years Experience. For a Group Financial Manager with more than 20 years, the expected average salary increases to 114,900 KYD.

Average Salary by Experience Chart

0-2 Years
41,000 KYD
2-5 Years +38%
55,300 KYD
5-10 Years +42%
79,600 KYD
10-15 Years +22%
98,900 KYD
15-20 Years +6%
105,800 KYD
20+ Years +9%
114,900 KYD

Group Financial Manager Salary by Education Level in Cayman Islands

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 Group Financial Manager in Cayman Islands based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. A Group Financial Manager in Cayman Islands with a certificate or diploma education can earn an average salary of 49,200 KYD.

  • Bachelor's Degree. A Group Financial Manager in Cayman Islands with a bachelor's degree education can earn an average salary of 79,000 KYD.

  • Master's Degree. A Group Financial Manager in Cayman Islands with a master's degree education can earn an average salary of 109,700 KYD.

Average Salary by Education Chart

Certificate or Diploma
49,200 KYD
Bachelor's Degree +58%
79,000 KYD
Master's Degree +39%
109,700 KYD

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 Cayman Islands is around 16,200 to 48,600 KYD 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.

Group Financial Manager 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 Cayman Islands, a male group financial manager will earn an average of 81,400 KYD, while a female group financial manager will earn around 71,400 KYD.

This means that a male group financial manager earns approximately 14% more than a female group financial manager for performing the same job.

Average Salary by Gender Chart in Cayman Islands

Male
81,400 KYD
Female -14%
71,400 KYD

Group Financial Manager Average Pay Raise in Cayman Islands

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 Group Financial Manager in Cayman Islands is around 10% every 29 months.

The national average pay raise across all professions and industries in Cayman Islands 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 ÷ 29 ) × 12  = 4%

What this means is that a Group Financial Manager in Cayman Islands can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Cayman Islands for 2024

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

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

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Group Financial Manager Bonus and Incentive Rates in Cayman Islands

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 Group Financial Manager is a moderate bonus based job, with 67% of employees reporting at least one bonus in the last 12 months.

33% 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
67%
No Bonus
33%

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 Cayman Islands earn approximately 17% more than private sector employees in the same role.

Public Sector
43,500 KYD
Private Sector -17%
37,200 KYD

Salaries for Jobs Similar to a Group Financial Manager

In the table below, we have salary information for jobs that are similar to a Group Financial Manager in Cayman Islands.

Job Title Category Salary
Account Examiner Accounting and Finance 23,000 KYD
Account Executive Accounting and Finance 34,900 KYD
Accountant Accounting and Finance 27,800 KYD
Accounting Analyst Accounting and Finance 33,800 KYD
Accounting Assistant Accounting and Finance 20,000 KYD
Accounting Associate Accounting and Finance 20,400 KYD
Accounting Clerk Accounting and Finance 18,300 KYD
Accounting Coordinator Accounting and Finance 26,500 KYD
Accounting Head Accounting and Finance 55,300 KYD
Accounting Manager Accounting and Finance 58,500 KYD
Accounting Officer Accounting and Finance 18,200 KYD
Accounting Specialist Accounting and Finance 36,700 KYD
Accounting Supervisor Accounting and Finance 35,200 KYD
Accounting Technician Accounting and Finance 20,900 KYD
Accounting Unit Controller Accounting and Finance 44,700 KYD
Accounts Executive Accounting and Finance 33,000 KYD
Accounts Officer Accounting and Finance 19,300 KYD
Accounts Payable and Receivable Specialist Accounting and Finance 27,000 KYD
Accounts Payable Assistant Accounting and Finance 23,000 KYD
Accounts Payable Associate Accounting and Finance 27,400 KYD
Accounts Payable Clerk Accounting and Finance 23,000 KYD
Accounts Payable Manager Accounting and Finance 51,300 KYD
Accounts Receivable Administrator Accounting and Finance 38,900 KYD
Accounts Receivable Clerk Accounting and Finance 22,600 KYD
Accounts Receivable Financial Analyst Accounting and Finance 38,700 KYD
Accounts Receivable Manager Accounting and Finance 50,000 KYD
Accounts Receivable Team Leader Accounting and Finance 38,900 KYD
Assistant Accountant Accounting and Finance 21,100 KYD
Assistant Accounting Manager Accounting and Finance 54,300 KYD
Assistant Auditor Accounting and Finance 27,000 KYD
Assistant Corporate Controller Accounting and Finance 36,700 KYD
Assistant Finance Manager Accounting and Finance 54,900 KYD
Assistant Financial Controller Accounting and Finance 36,400 KYD
Audit Director Accounting and Finance 64,500 KYD
Audit Supervisor Accounting and Finance 49,400 KYD
Auditing Clerk Accounting and Finance 19,300 KYD
Auditing Manager Accounting and Finance 58,500 KYD
Billing Clerk Accounting and Finance 20,000 KYD
Billing Coordinator Accounting and Finance 23,300 KYD
Billing Specialist Accounting and Finance 29,100 KYD
Billing Supervisor Accounting and Finance 44,500 KYD
Bookkeeper Accounting and Finance 18,600 KYD
Bookkeeping Specialist Accounting and Finance 26,600 KYD
Budget Analyst Accounting and Finance 49,400 KYD
Budget Manager Accounting and Finance 55,200 KYD
Business Support Analyst Accounting and Finance 29,100 KYD
Capital Markets Associate Accounting and Finance 43,500 KYD
Cash Flow Analyst Accounting and Finance 40,200 KYD
Cash Management Manager Accounting and Finance 55,500 KYD
Cash Management Officer Accounting and Finance 31,400 KYD
Cashbook Clerk Accounting and Finance 17,900 KYD
Chartered Accountant Accounting and Finance 37,200 KYD
Chief Accountant Accounting and Finance 40,700 KYD
Collections Clerk Accounting and Finance 19,100 KYD
Collections Representative Accounting and Finance 22,800 KYD
Collections Specialist Accounting and Finance 26,900 KYD
Corporate Controller Accounting and Finance 42,500 KYD
Corporate Treasurer Accounting and Finance 53,300 KYD
Cost Accountant Accounting and Finance 27,300 KYD
Cost Accounting Manager Accounting and Finance 51,300 KYD
Cost Accounting Supervisor Accounting and Finance 42,700 KYD
Cost Analyst Accounting and Finance 44,500 KYD
Credit and Collection Manager Accounting and Finance 53,600 KYD
Credit and Collection Staff Accounting and Finance 20,000 KYD
Credit and Loans Officer Accounting and Finance 21,200 KYD
Credit Controller Accounting and Finance 35,200 KYD
Credit Manager Accounting and Finance 54,900 KYD
Debt Adviser Accounting and Finance 45,700 KYD
Debt Collector Accounting and Finance 21,500 KYD
Debtors Clerk Accounting and Finance 18,900 KYD
Debtors Controller Accounting and Finance 18,200 KYD
Deputy CFO Accounting and Finance 78,100 KYD
Deputy Head of Finance Accounting and Finance 74,300 KYD
Derivative Trader Accounting and Finance 46,400 KYD
Director of Finance Accounting and Finance 80,200 KYD
Economist Accounting and Finance 62,300 KYD
Equity Analyst Accounting and Finance 49,400 KYD
Escrow Assistant Accounting and Finance 26,400 KYD
Executive Accountant Accounting and Finance 31,400 KYD
External Auditor Accounting and Finance 37,100 KYD
Finance Administrator Accounting and Finance 32,200 KYD
Finance Analyst Accounting and Finance 45,300 KYD
Finance Associate Accounting and Finance 22,800 KYD
Finance Director Accounting and Finance 80,200 KYD
Finance Executive Accounting and Finance 54,100 KYD
Finance Licensing Clerk Accounting and Finance 21,200 KYD
Finance Licensing Manager Accounting and Finance 51,100 KYD
Finance Licensing Specialist Accounting and Finance 29,100 KYD
Finance Manager Accounting and Finance 79,600 KYD
Finance Officer Accounting and Finance 24,400 KYD
Finance President Accounting and Finance 80,200 KYD
Finance Relationship Manager Accounting and Finance 64,300 KYD
Finance Release Analyst Accounting and Finance 31,400 KYD
Finance Specialist Accounting and Finance 45,100 KYD
Finance Team Leader Accounting and Finance 64,100 KYD
Financial Accountant Accounting and Finance 27,000 KYD
Financial Actuary Accounting and Finance 42,800 KYD
Financial Administrator Accounting and Finance 45,700 KYD
Financial Advisor Accounting and Finance 49,800 KYD
Financial Analyst Accounting and Finance 46,700 KYD
Financial Applications Specialist Accounting and Finance 35,300 KYD
Financial Assistant Accounting and Finance 23,000 KYD
Financial Associate Accounting and Finance 21,500 KYD
Financial Associate Accounting and Finance 26,900 KYD
Financial Claims Analyst Accounting and Finance 34,300 KYD
Financial Claims Manager Accounting and Finance 49,700 KYD
Financial Claims Supervisor Accounting and Finance 47,800 KYD
Financial Clerk Accounting and Finance 22,300 KYD
Financial Commercial Analyst Accounting and Finance 38,000 KYD
Financial Compliance Analyst Accounting and Finance 42,700 KYD
Financial Consultant Accounting and Finance 36,700 KYD
Financial Controller Accounting and Finance 42,700 KYD
Financial Controller Accounting and Finance 44,500 KYD
Financial Coordinator Accounting and Finance 23,600 KYD
Financial Customer Service Manager Accounting and Finance 50,000 KYD
Financial Dealer and Broker Accounting and Finance 29,100 KYD
Financial Director Accounting and Finance 76,900 KYD
Financial Encoder Accounting and Finance 23,700 KYD
Financial Manager Accounting and Finance 74,500 KYD
Financial Manager Accounting and Finance 79,600 KYD
Financial Operations Manager Accounting and Finance 67,800 KYD
Financial Policy Analyst Accounting and Finance 45,000 KYD
Financial Project Manager Accounting and Finance 55,200 KYD
Financial Quantitative Analyst Accounting and Finance 46,400 KYD
Financial Reporting Consultant Accounting and Finance 38,000 KYD
Financial Reporting Manager Accounting and Finance 53,300 KYD
Financial Section Head Accounting and Finance 53,300 KYD
Financial Services Manager Accounting and Finance 67,800 KYD
Financial Services Sales Agent Accounting and Finance 27,700 KYD
Fixed Assets Administrator Accounting and Finance 26,500 KYD
Forensic Accountant Accounting and Finance 32,200 KYD
Fraud Detection Supervisor Accounting and Finance 30,300 KYD
Fraud Prevention Manager Accounting and Finance 54,900 KYD
Fund Accountant Accounting and Finance 26,900 KYD
Grants Coordinator Accounting and Finance 20,900 KYD
Internal Auditor Accounting and Finance 35,000 KYD
Internal Control Adviser Accounting and Finance 40,200 KYD
Internal Control Officer Accounting and Finance 22,000 KYD
International Tax Director Accounting and Finance 64,900 KYD
Inventory Accountant Accounting and Finance 26,500 KYD
Investment Advisor Accounting and Finance 72,800 KYD
Investment Analyst Accounting and Finance 56,100 KYD
Investment Associate Accounting and Finance 48,600 KYD
Investment Broker Accounting and Finance 45,000 KYD
Investment Fund Manager Accounting and Finance 58,200 KYD
Investment Operations Manager Accounting and Finance 59,800 KYD
Investment Underwriter Accounting and Finance 22,200 KYD
Investor Accounting and Finance 35,000 KYD
Investor Relations Manager Accounting and Finance 51,800 KYD
KYC Team Leader Accounting and Finance 52,800 KYD
Loan Processor Accounting and Finance 22,300 KYD
Management Accountant Accounting and Finance 31,200 KYD
Management Economist Accounting and Finance 62,500 KYD
Paymaster Accounting and Finance 20,000 KYD
Payroll Administrator Accounting and Finance 33,000 KYD
Payroll Benefits Coordinator Accounting and Finance 29,100 KYD
Payroll Billing Manager Accounting and Finance 50,100 KYD
Payroll Clerk Accounting and Finance 22,000 KYD
Payroll Manager Accounting and Finance 50,100 KYD
Payroll Officer Accounting and Finance 22,200 KYD
Payroll Specialist Accounting and Finance 27,700 KYD
Payroll Supervisor Accounting and Finance 35,400 KYD
Pensions Administrator Accounting and Finance 26,500 KYD
Personal Financial Advisor Accounting and Finance 42,700 KYD
Pricing Analyst Accounting and Finance 47,800 KYD
Private Equity Analyst Accounting and Finance 45,600 KYD
Project Accountant Accounting and Finance 29,300 KYD
Proposal Development Coordinator Accounting and Finance 22,200 KYD
Receivables Accountant Accounting and Finance 24,800 KYD
Regulatory Accountant Accounting and Finance 30,800 KYD
Retirement Plan Analyst Accounting and Finance 42,500 KYD
Revenue Management Specialist Accounting and Finance 45,700 KYD
Revenue Recognition Analyst Accounting and Finance 50,800 KYD
Risk Management Director Accounting and Finance 67,800 KYD
Risk Management Supervisor Accounting and Finance 51,300 KYD
Staff Accountant Accounting and Finance 27,300 KYD
Tax Accountant Accounting and Finance 27,100 KYD
Tax Administrator Accounting and Finance 27,700 KYD
Tax Advisor Accounting and Finance 42,800 KYD
Tax Analyst Accounting and Finance 41,300 KYD
Tax Associate Accounting and Finance 23,700 KYD
Tax Consultant Accounting and Finance 44,500 KYD
Tax Director Accounting and Finance 65,100 KYD
Tax Examiner Accounting and Finance 27,700 KYD
Tax Manager Accounting and Finance 58,600 KYD
Tax Research Manager Accounting and Finance 52,300 KYD
Teller Accounting and Finance 16,400 KYD
Treasury Accountant Accounting and Finance 29,300 KYD
Treasury Analyst Accounting and Finance 45,100 KYD
Underwriter Accounting and Finance 19,000 KYD
Underwriting Assistant Accounting and Finance 18,000 KYD
Vice President of Finance Accounting and Finance 73,100 KYD

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