Average Loan Officer Salary in Guinea for 2024

In this article, we will look at the average Loan Officer salary for 2024 in Guinea 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 Guinean franc. To keep things simple, we are using the GNF currency code instead of the currency symbol Fr.

How Much Does a Loan Officer Make in Guinea?

A Loan Officer working in Guinea will typically earn around 32,038,500 GNF per year, and this can range from the lowest average salary of about 15,960,700 GNF to the highest average salary of 49,561,800 GNF.

Average Annual Salary
32,038,500 GNF
Average Monthly Salary
2,669,875 GNF

Lowest Annual Salary
15,960,700 GNF
Lowest Monthly Salary
1,330,058 GNF

Highest Annual Salary
49,561,800 GNF
Highest Monthly Salary
4,130,150 GNF

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

Loan 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 Loan Officer Salaries in Guinea

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

Salary ranges

We already know that a Loan Officer can earn between 15,960,700 GNF and 49,561,800 GNF on average in Guinea. 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 Loan Officer in Guinea is 32,038,500 GNF. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 32,038,500 GNF, and 50% of the population earn more than 32,038,500 GNF.

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 Loan Officer salary in Guinea, 25% of the population are earning less than 21,599,000 GNF while 75% of the population earn more than 21,599,000 GNF.

75% of the population earn less than 40,799,600 GNF, and 25% of the population earn more than 40,799,600 GNF.

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.

Loan Officer Salary by Experience Level in Guinea

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 loan 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 Loan Officer in Guinea that has less than two years of experience can expect to earn somewhere in the region of 19,200,400 GNF.
  • 2 - 5 Years Experience. With two to five years of experience the average Loan Officer salary would increase to 25,440,400 GNF.
  • 5 - 10 Years Experience. From five to ten years of experience as a Loan Officer, the average salary would be 33,961,700 GNF.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 40,559,300 GNF.
  • 15 - 20 Years Experience. A Loan Officer with 15 to 20 years of experience can earn an average of 43,680,700 GNF.
  • 20+ Years Experience. For a Loan Officer with more than 20 years, the expected average salary increases to 46,921,300 GNF.

Average Salary by Experience Chart

0-2 Years
19,200,400 GNF
2-5 Years +32%
25,440,400 GNF
5-10 Years +34%
33,961,700 GNF
10-15 Years +19%
40,559,300 GNF
15-20 Years +8%
43,680,700 GNF
20+ Years +7%
46,921,300 GNF

Loan Officer Salary by Education Level in Guinea

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 Loan Officer in Guinea 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 Loan Officer in Guinea with a high school education can earn an average salary of 25,440,400 GNF.

  • Certificate or Diploma. A Loan Officer in Guinea with a certificate or diploma education can earn an average salary of 35,521,100 GNF.

  • Bachelor's Degree. A Loan Officer in Guinea with a bachelor's degree education can earn an average salary of 44,161,600 GNF.

Average Salary by Education Chart

High School
25,440,400 GNF
Certificate or Diploma +40%
35,521,100 GNF
Bachelor's Degree +25%
44,161,600 GNF

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 Guinea is around 35,000,000 to 105,000,000 GNF 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.

Loan 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 Guinea, a male loan officer will earn an average of 32,879,500 GNF, while a female loan officer will earn around 30,841,400 GNF.

This means that a male loan officer earns approximately 7% more than a female loan officer for performing the same job.

Average Salary by Gender Chart in Guinea

Male
32,879,500 GNF
Female -7%
30,841,400 GNF

Loan Officer Average Pay Raise in Guinea

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 Loan Officer in Guinea is around 7% every 27 months.

The national average pay raise across all professions and industries in Guinea is around 4% every 29 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 = ( 7 ÷ 27 ) × 12  = 3%

What this means is that a Loan Officer in Guinea can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Guinea for 2024

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

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

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Loan Officer Bonus and Incentive Rates in Guinea

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 Loan Officer is a low bonus based job, with 36% of employees reporting at least one bonus in the last 12 months.

64% 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
36%
No Bonus
64%

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 Guinea earn approximately 11% more than private sector employees in the same role.

Public Sector
87,358,200 GNF
Private Sector -11%
78,960,300 GNF

Salaries for Jobs Similar to a Loan Officer

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

Job Title Category Salary
AML Analyst Banking 127,201,600 GNF
Assistant Bank Branch Manager Banking 102,241,700 GNF
Assistant Bank Manager Banking 142,799,100 GNF
ATM Manager Banking 119,161,200 GNF
ATM Service Technician Banking 32,519,500 GNF
Bank Accounts Analyst Banking 46,680,900 GNF
Bank Accounts Collector Banking 29,519,900 GNF
Bank Accounts Controller Banking 63,000,700 GNF
Bank Accounts Executive Banking 92,518,400 GNF
Bank Accounts Manager Banking 106,439,300 GNF
Bank Auditing Manager Banking 103,920,800 GNF
Bank Branch Manager Banking 140,401,100 GNF
Bank Branch Operations Coordinator Banking 66,119,000 GNF
Bank Clerk Banking 27,960,400 GNF
Bank Client Service Associate Banking 40,559,300 GNF
Bank Collector Banking 29,161,000 GNF
Bank Compliance Specialist Banking 75,959,500 GNF
Bank Manager Banking 172,800,900 GNF
Bank Operational Risk Manager Banking 166,799,600 GNF
Bank Operations Head Banking 180,000,500 GNF
Bank Operations Officer Banking 70,438,600 GNF
Bank Operations Specialist Banking 107,161,400 GNF
Bank Process Manager Banking 90,479,600 GNF
Bank Product Manager Banking 113,399,400 GNF
Bank Programme Manager Banking 111,480,700 GNF
Bank Project Manager Banking 139,199,500 GNF
Bank Propositions Manager Banking 122,398,700 GNF
Bank Quantitative Analyst Banking 88,321,100 GNF
Bank Regional Manager Banking 181,199,700 GNF
Bank Regional Risk Officer Banking 88,440,900 GNF
Bank Relationship Manager Banking 131,998,300 GNF
Bank Relationship Officer Banking 57,479,000 GNF
Bank Teller Banking 30,961,800 GNF
Banker Banking 57,961,400 GNF
Banking Business Analyst Banking 89,281,500 GNF
Banking Business Development Officer Banking 57,479,000 GNF
Banking Business Planning Executive Banking 121,199,300 GNF
Banking Product Manager Banking 109,320,600 GNF
Banking Reference Data Manager Banking 97,199,500 GNF
Banking Risk Analyst Banking 90,241,700 GNF
Banking Technical Analyst Banking 45,478,500 GNF
Bankruptcy Coordinator Banking 63,120,600 GNF
Bill and Account Collector Banking 30,600,900 GNF
Budget Analyst Banking 83,401,700 GNF
Capital Risk Manager Banking 170,399,900 GNF
Cards Marketing Manager Banking 110,158,800 GNF
Cash Management Manager Banking 159,601,400 GNF
Check Processing Manager Banking 116,640,100 GNF
Commercial Vault Associate Banking 82,678,400 GNF
Corporate Banker Banking 65,641,400 GNF
Corporate Dealer Banking 94,201,900 GNF
Credit Analyst Banking 68,158,300 GNF
Credit and Collections Manager Banking 117,240,500 GNF
Credit Card Fraud Investigator Banking 89,041,300 GNF
Credit Portfolio Manager Banking 159,601,400 GNF
Credit Risk Analyst Banking 100,200,300 GNF
Credit Risk Associate Banking 98,281,900 GNF
Direct Bank Sales Representative Banking 60,481,000 GNF
Exchange Control Consultant Banking 88,560,900 GNF
Executive Account Analyst Banking 82,321,100 GNF
Financial Bank Planning Consultant Banking 112,319,100 GNF
Financial Banking Analysis Manager Banking 123,599,800 GNF
Financial Banking Assistant Banking 43,800,600 GNF
Financial Banking Systems Manager Banking 123,599,800 GNF
Foreign Exchange Manager Banking 131,998,300 GNF
Fraud Analyst Banking 90,358,800 GNF
Fraud Detection Associate Banking 64,560,300 GNF
Fraud Detection Manager Banking 136,800,100 GNF
Fraud Detection Supervisor Banking 77,278,600 GNF
Internal Bank Audit Manager Banking 158,398,200 GNF
Internal Bank Auditor Banking 83,401,700 GNF
Internal Private Banker Banking 64,681,900 GNF
International Banking Manager Banking 175,200,500 GNF
Investment Banking Analyst Banking 123,599,800 GNF
Loan Analyst Banking 89,398,800 GNF
Loan Area Manager Banking 110,761,500 GNF
Loan Audit Team Leader Banking 103,681,100 GNF
Loan Branch Manager Banking 101,759,700 GNF
Loan Business Development Officer Banking 54,358,300 GNF
Loan Clerk Banking 31,559,900 GNF
Loan Collection and Recovery Manager Banking 104,758,300 GNF
Loan Collection Manager Banking 105,719,800 GNF
Loan Collector Banking 28,318,900 GNF
Loan Examiner Banking 37,441,100 GNF
Loan Processing Manager Banking 91,439,200 GNF
Loan Processor Banking 37,800,500 GNF
Loan Quality Assurance Auditor Banking 93,239,900 GNF
Loan Quality Assurance Manager Banking 102,718,900 GNF
Loan Quality Assurance Representative Banking 67,920,100 GNF
Loan Review Manager Banking 101,641,100 GNF
Loan Team Leader Banking 89,999,900 GNF
Loans Manager Banking 117,358,400 GNF
Mortgage Advisor Banking 61,321,600 GNF
Mortgage Collection Manager Banking 102,478,200 GNF
Mortgage Collector Banking 28,318,900 GNF
Mortgage Credit Analyst Banking 45,599,600 GNF
Mortgage Credit Manager Banking 95,040,800 GNF
Mortgage Development Manager Banking 108,000,700 GNF
Mortgage Document Reviewer Banking 40,199,100 GNF
Mortgage Funding Manager Banking 118,441,000 GNF
Mortgage Operations Manager Banking 151,201,000 GNF
Mortgage Payment Processing Clerk Banking 33,119,100 GNF
Mortgage Processing Manager Banking 103,800,400 GNF
Mortgage Processor Banking 40,439,700 GNF
Mortgage Quality Assurance Auditor Banking 84,960,400 GNF
Mortgage Quality Assurance Manager Banking 96,358,400 GNF
Mortgage Servicing Clerk Banking 30,961,800 GNF
Mortgage Servicing Manager Banking 97,441,800 GNF
Mortgage Underwriter Banking 35,640,500 GNF
Online Banking Manager Banking 147,600,500 GNF
Payment Processing Clerk Banking 29,761,800 GNF
Personal Banker Banking 61,199,900 GNF
Personal Banking Advisor Banking 62,760,700 GNF
Phone Banker Banking 41,761,800 GNF
Private Banker Banking 66,359,800 GNF
Reconciliation and Investigation Specialist Banking 69,001,000 GNF
Tax Officer Banking 52,681,700 GNF
Teller Banking 30,479,000 GNF
Trade Officer Banking 35,521,100 GNF
Trade Product Manager Banking 100,679,100 GNF
Trader Banking 41,761,800 GNF
Treasury Operations Officer Banking 81,240,300 GNF

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