Average Internal Bank Audit Manager Salary in Monaco for 2024

In this article, we will look at the average Internal Bank Audit Manager 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 Internal Bank Audit Manager Make in Monaco?

An Internal Bank Audit Manager working in Monaco will typically earn around 97,260 EUR per year, and this can range from the lowest average salary of about 48,940 EUR to the highest average salary of 152,300 EUR.

Average Annual Salary
97,260 EUR
Average Monthly Salary
8,105 EUR

Lowest Annual Salary
48,940 EUR
Lowest Monthly Salary
4,078 EUR

Highest Annual Salary
152,300 EUR
Highest Monthly Salary
12,691 EUR

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

Internal Bank Audit 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 Internal Bank Audit Manager Salaries in Monaco

So we've looked at the average salaries an Internal Bank Audit Manager will earn in Monaco. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Internal Bank Audit Manager can earn between 48,940 EUR and 152,300 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 Internal Bank Audit Manager in Monaco is 97,260 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 97,260 EUR, and 50% of the population earn more than 97,260 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 Internal Bank Audit Manager salary in Monaco, 25% of the population are earning less than 67,020 EUR while 75% of the population earn more than 67,020 EUR.

75% of the population earn less than 127,700 EUR, and 25% of the population earn more than 127,700 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.

Internal Bank Audit Manager 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 internal bank audit 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. An Internal Bank Audit Manager in Monaco that has less than two years of experience can expect to earn somewhere in the region of 58,280 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Internal Bank Audit Manager salary would increase to 80,180 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as an Internal Bank Audit Manager, the average salary would be 105,880 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 124,400 EUR.
  • 15 - 20 Years Experience. An Internal Bank Audit Manager with 15 to 20 years of experience can earn an average of 136,100 EUR.
  • 20+ Years Experience. For an Internal Bank Audit Manager with more than 20 years, the expected average salary increases to 146,200 EUR.

Average Salary by Experience Chart

0-2 Years
58,280 EUR
2-5 Years +32%
80,180 EUR
5-10 Years +34%
105,880 EUR
10-15 Years +19%
124,400 EUR
15-20 Years +8%
136,100 EUR
20+ Years +7%
146,200 EUR

Internal Bank Audit Manager 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 Internal Bank Audit Manager 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 Internal Bank Audit Manager in Monaco with a bachelor's degree education can earn an average salary of 85,020 EUR.

  • Master's Degree. An Internal Bank Audit Manager in Monaco with a master's degree education can earn an average salary of 134,600 EUR.

Average Salary by Education Chart

Bachelor's Degree
85,020 EUR
Master's Degree +58%
134,600 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.

Internal Bank Audit 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 Monaco, a male internal bank audit manager will earn an average of 102,020 EUR, while a female internal bank audit manager will earn around 96,980 EUR.

This means that a male internal bank audit manager earns approximately 5% more than a female internal bank audit manager for performing the same job.

Average Salary by Gender Chart in Monaco

Male
102,020 EUR
Female -5%
96,980 EUR

Internal Bank Audit Manager 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 Internal Bank Audit Manager in Monaco is around 10% every 28 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 = ( 10 ÷ 28 ) × 12  = 4%

What this means is that an Internal Bank Audit Manager 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%

Internal Bank Audit Manager 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 Internal Bank Audit Manager is a moderate bonus based job, with 65% of employees reporting at least one bonus in the last 12 months.

35% 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 8%.

Received Bonus
65%
No Bonus
35%

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 Internal Bank Audit Manager

In the table below, we have salary information for jobs that are similar to an Internal Bank Audit Manager in Monaco.

Job Title Category Salary
AML Analyst Banking 73,020 EUR
Assistant Bank Branch Manager Banking 64,720 EUR
Assistant Bank Manager Banking 85,700 EUR
ATM Manager Banking 69,540 EUR
ATM Service Technician Banking 21,300 EUR
Bank Accounts Analyst Banking 32,960 EUR
Bank Accounts Collector Banking 19,060 EUR
Bank Accounts Controller Banking 40,140 EUR
Bank Accounts Executive Banking 59,240 EUR
Bank Accounts Manager Banking 62,460 EUR
Bank Auditing Manager Banking 66,120 EUR
Bank Branch Manager Banking 91,520 EUR
Bank Branch Operations Coordinator Banking 44,180 EUR
Bank Clerk Banking 21,100 EUR
Bank Client Service Associate Banking 24,720 EUR
Bank Collector Banking 20,500 EUR
Bank Compliance Specialist Banking 47,120 EUR
Bank Manager Banking 106,960 EUR
Bank Operational Risk Manager Banking 103,820 EUR
Bank Operations Head Banking 102,460 EUR
Bank Operations Officer Banking 44,720 EUR
Bank Operations Specialist Banking 65,940 EUR
Bank Process Manager Banking 56,640 EUR
Bank Product Manager Banking 67,120 EUR
Bank Programme Manager Banking 70,940 EUR
Bank Project Manager Banking 84,040 EUR
Bank Propositions Manager Banking 77,100 EUR
Bank Quantitative Analyst Banking 50,180 EUR
Bank Regional Manager Banking 104,080 EUR
Bank Regional Risk Officer Banking 54,560 EUR
Bank Relationship Manager Banking 79,240 EUR
Bank Relationship Officer Banking 35,260 EUR
Bank Teller Banking 23,400 EUR
Banker Banking 38,680 EUR
Banking Business Analyst Banking 54,560 EUR
Banking Business Development Officer Banking 35,000 EUR
Banking Business Planning Executive Banking 73,820 EUR
Banking Product Manager Banking 69,580 EUR
Banking Reference Data Manager Banking 57,320 EUR
Banking Risk Analyst Banking 59,380 EUR
Banking Technical Analyst Banking 32,200 EUR
Bankruptcy Coordinator Banking 41,560 EUR
Bill and Account Collector Banking 22,420 EUR
Budget Analyst Banking 56,140 EUR
Capital Risk Manager Banking 102,720 EUR
Cards Marketing Manager Banking 69,260 EUR
Cash Management Manager Banking 98,820 EUR
Check Processing Manager Banking 70,940 EUR
Commercial Vault Associate Banking 54,560 EUR
Corporate Banker Banking 44,300 EUR
Corporate Dealer Banking 56,640 EUR
Credit Analyst Banking 45,560 EUR
Credit and Collections Manager Banking 78,940 EUR
Credit Card Fraud Investigator Banking 57,320 EUR
Credit Portfolio Manager Banking 104,620 EUR
Credit Risk Analyst Banking 59,940 EUR
Credit Risk Associate Banking 58,280 EUR
Direct Bank Sales Representative Banking 40,640 EUR
Exchange Control Consultant Banking 57,900 EUR
Executive Account Analyst Banking 58,440 EUR
Financial Bank Planning Consultant Banking 71,020 EUR
Financial Banking Analysis Manager Banking 83,020 EUR
Financial Banking Assistant Banking 28,820 EUR
Financial Banking Systems Manager Banking 73,760 EUR
Foreign Exchange Manager Banking 80,640 EUR
Fraud Analyst Banking 57,320 EUR
Fraud Detection Associate Banking 42,040 EUR
Fraud Detection Manager Banking 80,500 EUR
Fraud Detection Supervisor Banking 50,240 EUR
Internal Bank Auditor Banking 57,320 EUR
Internal Private Banker Banking 42,400 EUR
International Banking Manager Banking 106,820 EUR
Investment Banking Analyst Banking 82,480 EUR
Loan Analyst Banking 55,140 EUR
Loan Area Manager Banking 67,800 EUR
Loan Audit Team Leader Banking 64,200 EUR
Loan Branch Manager Banking 62,100 EUR
Loan Business Development Officer Banking 37,740 EUR
Loan Clerk Banking 19,980 EUR
Loan Collection and Recovery Manager Banking 63,500 EUR
Loan Collection Manager Banking 66,140 EUR
Loan Collector Banking 20,940 EUR
Loan Examiner Banking 26,660 EUR
Loan Officer Banking 22,420 EUR
Loan Processing Manager Banking 58,240 EUR
Loan Processor Banking 27,620 EUR
Loan Quality Assurance Auditor Banking 55,140 EUR
Loan Quality Assurance Manager Banking 61,620 EUR
Loan Quality Assurance Representative Banking 44,540 EUR
Loan Review Manager Banking 60,600 EUR
Loan Team Leader Banking 57,360 EUR
Loans Manager Banking 75,500 EUR
Mortgage Advisor Banking 39,960 EUR
Mortgage Collection Manager Banking 66,940 EUR
Mortgage Collector Banking 20,500 EUR
Mortgage Credit Analyst Banking 32,620 EUR
Mortgage Credit Manager Banking 66,020 EUR
Mortgage Development Manager Banking 67,320 EUR
Mortgage Document Reviewer Banking 26,500 EUR
Mortgage Funding Manager Banking 66,840 EUR
Mortgage Operations Manager Banking 89,960 EUR
Mortgage Payment Processing Clerk Banking 22,400 EUR
Mortgage Processing Manager Banking 64,640 EUR
Mortgage Processor Banking 24,200 EUR
Mortgage Quality Assurance Auditor Banking 51,120 EUR
Mortgage Quality Assurance Manager Banking 62,460 EUR
Mortgage Servicing Clerk Banking 20,000 EUR
Mortgage Servicing Manager Banking 64,040 EUR
Mortgage Underwriter Banking 26,780 EUR
Online Banking Manager Banking 97,760 EUR
Payment Processing Clerk Banking 20,000 EUR
Personal Banker Banking 42,320 EUR
Personal Banking Advisor Banking 41,480 EUR
Phone Banker Banking 28,900 EUR
Private Banker Banking 43,480 EUR
Reconciliation and Investigation Specialist Banking 49,360 EUR
Tax Officer Banking 36,160 EUR
Teller Banking 22,420 EUR
Trade Officer Banking 25,940 EUR
Trade Product Manager Banking 60,460 EUR
Trader Banking 27,480 EUR
Treasury Operations Officer Banking 49,820 EUR

Link To or Reference This Page

We spend a lot of time collecting, cleaning, merging, and formatting the data that is shown on the site to be as useful to you as possible.

If you found the data or information on this page useful in your research, please use the tool below to properly cite or reference World Salaries as the source. We appreciate your support!

  • "Average Internal Bank Audit Manager Salary in Monaco for 2024". World Salaries. Accessed on March 28, 2024. https://worldsalaries.com/average-internal-bank-audit-manager-salary-in-monaco/.

  • "Average Internal Bank Audit Manager Salary in Monaco for 2024". World Salaries, https://worldsalaries.com/average-internal-bank-audit-manager-salary-in-monaco/. Accessed 28 March, 2024

  • Average Internal Bank Audit Manager Salary in Monaco for 2024. World Salaries. Retrieved from https://worldsalaries.com/average-internal-bank-audit-manager-salary-in-monaco/.