Average HSE Engineer Salary in Monaco for 2024

In this article, we will look at the average HSE Engineer salary for 2024 in Monaco 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 Euro. To keep things simple, we are using the EUR currency code instead of the currency symbol โ‚ฌ.

How Much Does an HSE Engineer Make in Monaco?

An HSE Engineer working in Monaco will typically earn around 47,180 EUR per year, and this can range from the lowest average salary of about 20,760 EUR to the highest average salary of 70,880 EUR.

Average Annual Salary
47,180 EUR
Average Monthly Salary
3,931 EUR

Lowest Annual Salary
20,760 EUR
Lowest Monthly Salary
1,730 EUR

Highest Annual Salary
70,880 EUR
Highest Monthly Salary
5,906 EUR

These are average salaries for an HSE Engineer in Monaco and include benefits such as housing and transport. It's also possible for an HSE Engineer to earn more or less than the average salaries shown above.

HSE Engineer 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 HSE Engineer Salaries in Monaco

So we've looked at the average salaries an HSE Engineer will earn in Monaco. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an HSE Engineer can earn between 20,760 EUR and 70,880 EUR on average in Monaco. 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 an HSE Engineer in Monaco is 48,820 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 48,820 EUR, and 50% of the population earn more than 48,820 EUR.

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 HSE Engineer salary in Monaco, 25% of the population are earning less than 32,620 EUR while 75% of the population earn more than 32,620 EUR.

75% of the population earn less than 58,800 EUR, and 25% of the population earn more than 58,800 EUR.

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.

HSE Engineer Salary by Experience Level in Monaco

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 hse engineer 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. An HSE Engineer in Monaco that has less than two years of experience can expect to earn somewhere in the region of 25,660 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average HSE Engineer salary would increase to 35,340 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as an HSE Engineer, the average salary would be 45,600 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 60,400 EUR.
  • 15 - 20 Years Experience. An HSE Engineer with 15 to 20 years of experience can earn an average of 63,500 EUR.
  • 20+ Years Experience. For an HSE Engineer with more than 20 years, the expected average salary increases to 67,900 EUR.

Average Salary by Experience Chart

0-2 Years
25,660 EUR
2-5 Years +29%
35,340 EUR
5-10 Years +38%
45,600 EUR
10-15 Years +24%
60,400 EUR
15-20 Years +7%
63,500 EUR
20+ Years +7%
67,900 EUR

HSE Engineer Salary by Education Level in Monaco

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 an HSE Engineer in Monaco 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. An HSE Engineer in Monaco with a bachelor's degree education can earn an average salary of 34,160 EUR.

  • Master's Degree. An HSE Engineer in Monaco with a master's degree education can earn an average salary of 54,140 EUR.

Average Salary by Education Chart

Bachelor's Degree
34,160 EUR
Master's Degree +60%
54,140 EUR

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 Monaco is around 21,200 to 63,600 EUR 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.

HSE Engineer 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 Monaco, a male hse engineer will earn an average of 47,400 EUR, while a female hse engineer will earn around 41,480 EUR.

This means that a male hse engineer earns approximately 14% more than a female hse engineer for performing the same job.

Average Salary by Gender Chart in Monaco

Male
47,400 EUR
Female -14%
41,480 EUR

HSE Engineer Average Pay Raise in Monaco

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 an HSE Engineer in Monaco is around 9% every 27 months.

The national average pay raise across all professions and industries in Monaco 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 = ( 9 ÷ 27 ) × 12  = 4%

What this means is that an HSE Engineer in Monaco can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Monaco for 2024

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

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%

HSE Engineer Bonus and Incentive Rates in Monaco

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.

An HSE Engineer is a low bonus based job, with 38% of employees reporting at least one bonus in the last 12 months.

62% 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 3% to 6%.

Received Bonus
38%
No Bonus
62%

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 Monaco earn approximately 6% more than private sector employees in the same role.

Public Sector
52,880 EUR
Private Sector -6%
49,820 EUR

Salaries for Jobs Similar to an HSE Engineer

In the table below, we have salary information for jobs that are similar to an HSE Engineer in Monaco.

Job Title Category Salary
Assistant Yard Manager Oil / Gas / Energy / Mining 43,520 EUR
Associate Analyst Oil / Gas / Energy / Mining 48,640 EUR
Associate Landman Oil / Gas / Energy / Mining 20,760 EUR
Auxiliary Equipment Operator Oil / Gas / Energy / Mining 20,940 EUR
Biomass Plant Technician Oil / Gas / Energy / Mining 27,040 EUR
Biomass Power Plant Manager Oil / Gas / Energy / Mining 64,640 EUR
Chemical Plant Operator Oil / Gas / Energy / Mining 37,740 EUR
Chief Contract Compliance Engineer Oil / Gas / Energy / Mining 48,200 EUR
Completions Engineer Oil / Gas / Energy / Mining 45,600 EUR
Cost Controller Oil / Gas / Energy / Mining 33,980 EUR
Cost Engineer Oil / Gas / Energy / Mining 45,720 EUR
Crude Oil Marketing Representative Oil / Gas / Energy / Mining 50,340 EUR
Dispatcher Oil / Gas / Energy / Mining 22,420 EUR
Distribution Manager Oil / Gas / Energy / Mining 66,100 EUR
Dragline Operator Oil / Gas / Energy / Mining 22,340 EUR
Driller Offsider Oil / Gas / Energy / Mining 19,360 EUR
Dump Truck Driver Oil / Gas / Energy / Mining 19,380 EUR
Electric and Gas Operations Manager Oil / Gas / Energy / Mining 100,280 EUR
Energy Advisor Oil / Gas / Energy / Mining 66,140 EUR
Energy Analyst Oil / Gas / Energy / Mining 64,300 EUR
Energy Auditor Oil / Gas / Energy / Mining 58,520 EUR
Energy Dispatch Director Oil / Gas / Energy / Mining 80,340 EUR
Energy Technical Assistant Oil / Gas / Energy / Mining 27,480 EUR
Energy Technical Manager Oil / Gas / Energy / Mining 55,940 EUR
Energy Technical Support Manager Oil / Gas / Energy / Mining 52,880 EUR
Energy Technical Trainer Oil / Gas / Energy / Mining 41,180 EUR
Engineering Geologist Oil / Gas / Energy / Mining 83,200 EUR
Exploration Manager Oil / Gas / Energy / Mining 78,160 EUR
Field Safety Auditor Oil / Gas / Energy / Mining 53,600 EUR
Fluids Engineer Oil / Gas / Energy / Mining 45,720 EUR
Fuel Cell Engineer Oil / Gas / Energy / Mining 49,300 EUR
Fuel Cell Technician Oil / Gas / Energy / Mining 25,720 EUR
Fuels Handler Oil / Gas / Energy / Mining 22,400 EUR
Gas Compressor Operator Oil / Gas / Energy / Mining 22,540 EUR
Gas Distribution Plant Operator Oil / Gas / Energy / Mining 41,980 EUR
Gas Supply Manager Oil / Gas / Energy / Mining 74,540 EUR
Geologist Oil / Gas / Energy / Mining 80,060 EUR
Geophysicist Oil / Gas / Energy / Mining 83,760 EUR
Geothermal Production Manager Oil / Gas / Energy / Mining 80,800 EUR
Geothermal Technician Oil / Gas / Energy / Mining 34,240 EUR
HSE Officer Oil / Gas / Energy / Mining 30,220 EUR
HSE Supervisor Oil / Gas / Energy / Mining 38,260 EUR
HSEQ Administrator Oil / Gas / Energy / Mining 32,900 EUR
Inspector Oil / Gas / Energy / Mining 45,060 EUR
Instructor Oil / Gas / Energy / Mining 40,240 EUR
Instrument Designer Oil / Gas / Energy / Mining 38,680 EUR
Lead Technical Field Advisor Oil / Gas / Energy / Mining 57,800 EUR
Logistics and Tool Coordinator Oil / Gas / Energy / Mining 39,420 EUR
Maintenance Engineer Oil / Gas / Energy / Mining 47,760 EUR
Maintenance Superintendent Oil / Gas / Energy / Mining 43,480 EUR
Material Controller Oil / Gas / Energy / Mining 33,440 EUR
Mine Engineer Oil / Gas / Energy / Mining 48,140 EUR
Mine Surveyor Oil / Gas / Energy / Mining 49,560 EUR
Mining Project Administrator Oil / Gas / Energy / Mining 42,320 EUR
Mining Project Assistant Oil / Gas / Energy / Mining 35,300 EUR
Mining Project Controls Consultant Oil / Gas / Energy / Mining 55,220 EUR
Mining Project Coordinator Oil / Gas / Energy / Mining 41,560 EUR
Mining Project Engineer Oil / Gas / Energy / Mining 43,520 EUR
Mining Project Manager Oil / Gas / Energy / Mining 58,860 EUR
Mining Site Manager Oil / Gas / Energy / Mining 59,660 EUR
Mining Team Leader Oil / Gas / Energy / Mining 50,560 EUR
NDT Technician Oil / Gas / Energy / Mining 28,680 EUR
Oil Service Unit Operator Oil / Gas / Energy / Mining 28,820 EUR
Oil Trader Oil / Gas / Energy / Mining 58,280 EUR
Oilwell Pumper Oil / Gas / Energy / Mining 18,940 EUR
Petroleum Engineer Oil / Gas / Energy / Mining 50,620 EUR
Petroleum Geologist Oil / Gas / Energy / Mining 83,420 EUR
Petroleum Pump System Operator Oil / Gas / Energy / Mining 28,820 EUR
Petroleum Technician Oil / Gas / Energy / Mining 27,020 EUR
Pipeline Technician Oil / Gas / Energy / Mining 18,940 EUR
Power Coordinator Oil / Gas / Energy / Mining 31,960 EUR
Power Plant Operations Manager Oil / Gas / Energy / Mining 89,280 EUR
Power Plant Operator Oil / Gas / Energy / Mining 40,560 EUR
Radio Operator Oil / Gas / Energy / Mining 20,460 EUR
Reliability Engineer Oil / Gas / Energy / Mining 49,360 EUR
Reservoir Engineer Oil / Gas / Energy / Mining 43,340 EUR
Risk Analyst Oil / Gas / Energy / Mining 56,100 EUR
Roughneck Oil / Gas / Energy / Mining 50,020 EUR
Scaffolder Oil / Gas / Energy / Mining 33,120 EUR
Shutdown Engineer Oil / Gas / Energy / Mining 39,080 EUR
Solar Energy Installation Manager Oil / Gas / Energy / Mining 68,060 EUR
Solar Energy Systems Engineer Oil / Gas / Energy / Mining 48,300 EUR
Solar Photovoltaic Installer Oil / Gas / Energy / Mining 29,160 EUR
Solar Thermal Technician Oil / Gas / Energy / Mining 29,160 EUR
Supply Operations Manager Oil / Gas / Energy / Mining 73,820 EUR
Sustainability Specialist Oil / Gas / Energy / Mining 72,260 EUR
System Development Advisor Oil / Gas / Energy / Mining 50,660 EUR
Tanker Truck Driver Oil / Gas / Energy / Mining 21,100 EUR
Utility Operator Oil / Gas / Energy / Mining 25,440 EUR
Wind Energy Project Manager Oil / Gas / Energy / Mining 61,680 EUR

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