Average Instrument Designer Salary in Panama for 2024

In this article, we will look at the average Instrument Designer salary for 2024 in Panama 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 Panamanian balboa. To keep things simple, we are using the PAB currency code instead of the currency symbol B/..

How Much Does an Instrument Designer Make in Panama?

An Instrument Designer working in Panama will typically earn around 16,140 PAB per year, and this can range from the lowest average salary of about 8,100 PAB to the highest average salary of 25,660 PAB.

Average Annual Salary
16,140 PAB
Average Monthly Salary
1,345 PAB

Lowest Annual Salary
8,100 PAB
Lowest Monthly Salary
675 PAB

Highest Annual Salary
25,660 PAB
Highest Monthly Salary
2,138 PAB

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

Instrument Designer 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 Instrument Designer Salaries in Panama

So we've looked at the average salaries an Instrument Designer will earn in Panama. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Instrument Designer can earn between 8,100 PAB and 25,660 PAB on average in Panama. 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 Instrument Designer in Panama is 17,620 PAB. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 17,620 PAB, and 50% of the population earn more than 17,620 PAB.

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 Instrument Designer salary in Panama, 25% of the population are earning less than 9,940 PAB while 75% of the population earn more than 9,940 PAB.

75% of the population earn less than 20,500 PAB, and 25% of the population earn more than 20,500 PAB.

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.

Instrument Designer Salary by Experience Level in Panama

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 instrument designer 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 Instrument Designer in Panama that has less than two years of experience can expect to earn somewhere in the region of 12,760 PAB.
  • 2 - 5 Years Experience. With two to five years of experience the average Instrument Designer salary would increase to 12,240 PAB.
  • 5 - 10 Years Experience. From five to ten years of experience as an Instrument Designer, the average salary would be 16,980 PAB.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 23,520 PAB.
  • 15 - 20 Years Experience. An Instrument Designer with 15 to 20 years of experience can earn an average of 25,220 PAB.
  • 20+ Years Experience. For an Instrument Designer with more than 20 years, the expected average salary increases to 24,860 PAB.

Average Salary by Experience Chart

0-2 Years
12,760 PAB
2-5 Years +26%
12,240 PAB
5-10 Years +32%
16,980 PAB
10-15 Years +18%
23,520 PAB
15-20 Years +11%
25,220 PAB
20+ Years +6%
24,860 PAB

Instrument Designer Salary by Education Level in Panama

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 Instrument Designer in Panama based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. An Instrument Designer in Panama with a high school education can earn an average salary of 13,960 PAB.

  • Certificate or Diploma. An Instrument Designer in Panama with a certificate or diploma education can earn an average salary of 14,540 PAB.

  • Bachelor's Degree. An Instrument Designer in Panama with a bachelor's degree education can earn an average salary of 21,540 PAB.

  • Master's Degree. An Instrument Designer in Panama with a master's degree education can earn an average salary of 25,940 PAB.

Average Salary by Education Chart

High School
13,960 PAB
Certificate or Diploma +13%
14,540 PAB
Bachelor's Degree +32%
21,540 PAB
Master's Degree +24%
25,940 PAB

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 Panama is around 10,600 to 31,800 PAB 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.

Instrument Designer 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 Panama, a male instrument designer will earn an average of 19,640 PAB, while a female instrument designer will earn around 16,340 PAB.

This means that a male instrument designer earns approximately 20% more than a female instrument designer for performing the same job.

Average Salary by Gender Chart in Panama

Male
19,640 PAB
Female -20%
16,340 PAB

Instrument Designer Average Pay Raise in Panama

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 Instrument Designer in Panama is around 10% every 18 months.

The national average pay raise across all professions and industries in Panama 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 = ( 10 ÷ 18 ) × 12  = 7%

What this means is that an Instrument Designer in Panama can expect to receive an average pay raise of around 7% every 12 months.

Annual Pay Raise by Industry in Panama for 2024

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

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

Banking
5%
Energy
1%
Information Technology
6%
Healthcare
2%
Travel
7%
Construction
3%
Education
8%

Instrument Designer Bonus and Incentive Rates in Panama

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 Instrument Designer is a low bonus based job, with 24% of employees reporting at least one bonus in the last 12 months.

76% 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 2%.

Received Bonus
24%
No Bonus
76%

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 Panama earn approximately 4% more than private sector employees in the same role.

Public Sector
27,040 PAB
Private Sector -4%
26,020 PAB

Salaries for Jobs Similar to an Instrument Designer

In the table below, we have salary information for jobs that are similar to an Instrument Designer in Panama.

Job Title Category Salary
Assistant Yard Manager Oil / Gas / Energy / Mining 21,640 PAB
Associate Analyst Oil / Gas / Energy / Mining 23,080 PAB
Associate Landman Oil / Gas / Energy / Mining 11,300 PAB
Auxiliary Equipment Operator Oil / Gas / Energy / Mining 9,440 PAB
Biomass Plant Technician Oil / Gas / Energy / Mining 12,760 PAB
Biomass Power Plant Manager Oil / Gas / Energy / Mining 31,940 PAB
Chemical Plant Operator Oil / Gas / Energy / Mining 20,120 PAB
Chief Contract Compliance Engineer Oil / Gas / Energy / Mining 23,480 PAB
Completions Engineer Oil / Gas / Energy / Mining 21,560 PAB
Cost Controller Oil / Gas / Energy / Mining 17,560 PAB
Cost Engineer Oil / Gas / Energy / Mining 22,540 PAB
Crude Oil Marketing Representative Oil / Gas / Energy / Mining 24,800 PAB
Dispatcher Oil / Gas / Energy / Mining 9,440 PAB
Distribution Manager Oil / Gas / Energy / Mining 32,620 PAB
Dragline Operator Oil / Gas / Energy / Mining 9,960 PAB
Driller Offsider Oil / Gas / Energy / Mining 8,780 PAB
Dump Truck Driver Oil / Gas / Energy / Mining 10,320 PAB
Electric and Gas Operations Manager Oil / Gas / Energy / Mining 50,620 PAB
Energy Advisor Oil / Gas / Energy / Mining 35,300 PAB
Energy Analyst Oil / Gas / Energy / Mining 31,520 PAB
Energy Auditor Oil / Gas / Energy / Mining 28,720 PAB
Energy Dispatch Director Oil / Gas / Energy / Mining 38,060 PAB
Energy Technical Assistant Oil / Gas / Energy / Mining 14,920 PAB
Energy Technical Manager Oil / Gas / Energy / Mining 26,500 PAB
Energy Technical Support Manager Oil / Gas / Energy / Mining 27,020 PAB
Energy Technical Trainer Oil / Gas / Energy / Mining 20,500 PAB
Engineering Geologist Oil / Gas / Energy / Mining 43,480 PAB
Exploration Manager Oil / Gas / Energy / Mining 42,400 PAB
Field Safety Auditor Oil / Gas / Energy / Mining 25,940 PAB
Fluids Engineer Oil / Gas / Energy / Mining 19,940 PAB
Fuel Cell Engineer Oil / Gas / Energy / Mining 23,700 PAB
Fuel Cell Technician Oil / Gas / Energy / Mining 9,940 PAB
Fuels Handler Oil / Gas / Energy / Mining 8,880 PAB
Gas Compressor Operator Oil / Gas / Energy / Mining 9,980 PAB
Gas Distribution Plant Operator Oil / Gas / Energy / Mining 19,220 PAB
Gas Supply Manager Oil / Gas / Energy / Mining 32,420 PAB
Geologist Oil / Gas / Energy / Mining 44,300 PAB
Geophysicist Oil / Gas / Energy / Mining 38,620 PAB
Geothermal Production Manager Oil / Gas / Energy / Mining 38,680 PAB
Geothermal Technician Oil / Gas / Energy / Mining 15,300 PAB
HSE Engineer Oil / Gas / Energy / Mining 22,400 PAB
HSE Officer Oil / Gas / Energy / Mining 13,560 PAB
HSE Supervisor Oil / Gas / Energy / Mining 16,340 PAB
HSEQ Administrator Oil / Gas / Energy / Mining 15,580 PAB
Inspector Oil / Gas / Energy / Mining 21,400 PAB
Instructor Oil / Gas / Energy / Mining 17,860 PAB
Lead Technical Field Advisor Oil / Gas / Energy / Mining 29,840 PAB
Logistics and Tool Coordinator Oil / Gas / Energy / Mining 19,380 PAB
Maintenance Engineer Oil / Gas / Energy / Mining 22,660 PAB
Maintenance Superintendent Oil / Gas / Energy / Mining 21,020 PAB
Material Controller Oil / Gas / Energy / Mining 15,880 PAB
Mine Engineer Oil / Gas / Energy / Mining 23,400 PAB
Mine Surveyor Oil / Gas / Energy / Mining 27,380 PAB
Mining Project Administrator Oil / Gas / Energy / Mining 18,280 PAB
Mining Project Assistant Oil / Gas / Energy / Mining 14,540 PAB
Mining Project Controls Consultant Oil / Gas / Energy / Mining 24,200 PAB
Mining Project Coordinator Oil / Gas / Energy / Mining 21,020 PAB
Mining Project Engineer Oil / Gas / Energy / Mining 23,520 PAB
Mining Project Manager Oil / Gas / Energy / Mining 28,900 PAB
Mining Site Manager Oil / Gas / Energy / Mining 30,840 PAB
Mining Team Leader Oil / Gas / Energy / Mining 25,220 PAB
NDT Technician Oil / Gas / Energy / Mining 12,000 PAB
Oil Service Unit Operator Oil / Gas / Energy / Mining 12,180 PAB
Oil Trader Oil / Gas / Energy / Mining 29,840 PAB
Oilwell Pumper Oil / Gas / Energy / Mining 8,780 PAB
Petroleum Engineer Oil / Gas / Energy / Mining 23,360 PAB
Petroleum Geologist Oil / Gas / Energy / Mining 44,300 PAB
Petroleum Pump System Operator Oil / Gas / Energy / Mining 13,060 PAB
Petroleum Technician Oil / Gas / Energy / Mining 14,620 PAB
Pipeline Technician Oil / Gas / Energy / Mining 9,360 PAB
Power Coordinator Oil / Gas / Energy / Mining 14,920 PAB
Power Plant Operations Manager Oil / Gas / Energy / Mining 45,060 PAB
Power Plant Operator Oil / Gas / Energy / Mining 19,640 PAB
Radio Operator Oil / Gas / Energy / Mining 9,140 PAB
Reliability Engineer Oil / Gas / Energy / Mining 21,300 PAB
Reservoir Engineer Oil / Gas / Energy / Mining 21,640 PAB
Risk Analyst Oil / Gas / Energy / Mining 29,540 PAB
Roughneck Oil / Gas / Energy / Mining 22,540 PAB
Scaffolder Oil / Gas / Energy / Mining 17,100 PAB
Shutdown Engineer Oil / Gas / Energy / Mining 19,860 PAB
Solar Energy Installation Manager Oil / Gas / Energy / Mining 34,540 PAB
Solar Energy Systems Engineer Oil / Gas / Energy / Mining 24,840 PAB
Solar Photovoltaic Installer Oil / Gas / Energy / Mining 15,580 PAB
Solar Thermal Technician Oil / Gas / Energy / Mining 12,580 PAB
Supply Operations Manager Oil / Gas / Energy / Mining 36,700 PAB
Sustainability Specialist Oil / Gas / Energy / Mining 38,060 PAB
System Development Advisor Oil / Gas / Energy / Mining 24,200 PAB
Tanker Truck Driver Oil / Gas / Energy / Mining 7,800 PAB
Utility Operator Oil / Gas / Energy / Mining 12,620 PAB
Wind Energy Project Manager Oil / Gas / Energy / Mining 31,340 PAB

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