Average Loan Review Manager Salary in Bermuda for 2024

In this article, we will look at the average Loan Review Manager salary for 2024 in Bermuda 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 Bermudian dollar. To keep things simple, we are using the BMD currency code instead of the currency symbol $.

How Much Does a Loan Review Manager Make in Bermuda?

A Loan Review Manager working in Bermuda will typically earn around 23,360 BMD per year, and this can range from the lowest average salary of about 11,360 BMD to the highest average salary of 38,680 BMD.

Average Annual Salary
23,360 BMD
Average Monthly Salary
1,946 BMD

Lowest Annual Salary
11,360 BMD
Lowest Monthly Salary
946 BMD

Highest Annual Salary
38,680 BMD
Highest Monthly Salary
3,223 BMD

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

Loan Review 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 Loan Review Manager Salaries in Bermuda

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

Salary ranges

We already know that a Loan Review Manager can earn between 11,360 BMD and 38,680 BMD on average in Bermuda. 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 Review Manager in Bermuda is 22,400 BMD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 22,400 BMD, and 50% of the population earn more than 22,400 BMD.

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 Review Manager salary in Bermuda, 25% of the population are earning less than 15,380 BMD while 75% of the population earn more than 15,380 BMD.

75% of the population earn less than 28,680 BMD, and 25% of the population earn more than 28,680 BMD.

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 Review Manager Salary by Experience Level in Bermuda

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 review 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 Loan Review Manager in Bermuda that has less than two years of experience can expect to earn somewhere in the region of 14,660 BMD.
  • 2 - 5 Years Experience. With two to five years of experience the average Loan Review Manager salary would increase to 20,500 BMD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Loan Review Manager, the average salary would be 24,200 BMD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 29,600 BMD.
  • 15 - 20 Years Experience. A Loan Review Manager with 15 to 20 years of experience can earn an average of 34,480 BMD.
  • 20+ Years Experience. For a Loan Review Manager with more than 20 years, the expected average salary increases to 34,380 BMD.

Average Salary by Experience Chart

0-2 Years
14,660 BMD
2-5 Years +34%
20,500 BMD
5-10 Years +30%
24,200 BMD
10-15 Years +21%
29,600 BMD
15-20 Years +9%
34,480 BMD
20+ Years +5%
34,380 BMD

Loan Review Manager Salary by Education Level in Bermuda

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 Review Manager in Bermuda 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. A Loan Review Manager in Bermuda with a bachelor's degree education can earn an average salary of 21,380 BMD.

  • Master's Degree. A Loan Review Manager in Bermuda with a master's degree education can earn an average salary of 27,020 BMD.

Average Salary by Education Chart

Bachelor's Degree
21,380 BMD
Master's Degree +39%
27,020 BMD

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 Bermuda is around 7,970 to 23,900 BMD 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 Review 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 Bermuda, a male loan review manager will earn an average of 25,440 BMD, while a female loan review manager will earn around 23,480 BMD.

This means that a male loan review manager earns approximately 8% more than a female loan review manager for performing the same job.

Average Salary by Gender Chart in Bermuda

Male
25,440 BMD
Female -8%
23,480 BMD

Loan Review Manager Average Pay Raise in Bermuda

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 Review Manager in Bermuda is around 9% every 27 months.

The national average pay raise across all professions and industries in Bermuda 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 a Loan Review Manager in Bermuda can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Bermuda for 2024

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

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

Banking
6%
Energy
3%
Information Technology
9%
Healthcare
6%
Travel
3%
Construction
9%
Education
6%

Loan Review Manager Bonus and Incentive Rates in Bermuda

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 Review Manager is a moderate bonus based job, with 61% of employees reporting at least one bonus in the last 12 months.

39% 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 6% to 8%.

Received Bonus
61%
No Bonus
39%

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 Bermuda earn approximately 33% more than private sector employees in the same role.

Public Sector
21,540 BMD
Private Sector -33%
16,140 BMD

Salaries for Jobs Similar to a Loan Review Manager

In the table below, we have salary information for jobs that are similar to a Loan Review Manager in Bermuda.

Job Title Category Salary
AML Analyst Banking 31,380 BMD
Assistant Bank Branch Manager Banking 24,200 BMD
Assistant Bank Manager Banking 31,520 BMD
ATM Manager Banking 26,280 BMD
ATM Service Technician Banking 8,420 BMD
Bank Accounts Analyst Banking 9,940 BMD
Bank Accounts Collector Banking 5,520 BMD
Bank Accounts Controller Banking 14,200 BMD
Bank Accounts Executive Banking 20,460 BMD
Bank Accounts Manager Banking 27,040 BMD
Bank Auditing Manager Banking 25,160 BMD
Bank Branch Manager Banking 33,520 BMD
Bank Branch Operations Coordinator Banking 17,100 BMD
Bank Clerk Banking 6,080 BMD
Bank Client Service Associate Banking 9,460 BMD
Bank Collector Banking 8,440 BMD
Bank Compliance Specialist Banking 18,780 BMD
Bank Manager Banking 42,460 BMD
Bank Operational Risk Manager Banking 42,460 BMD
Bank Operations Head Banking 41,980 BMD
Bank Operations Officer Banking 15,380 BMD
Bank Operations Specialist Banking 27,300 BMD
Bank Process Manager Banking 22,540 BMD
Bank Product Manager Banking 25,160 BMD
Bank Programme Manager Banking 26,280 BMD
Bank Project Manager Banking 31,340 BMD
Bank Propositions Manager Banking 29,840 BMD
Bank Quantitative Analyst Banking 20,000 BMD
Bank Regional Manager Banking 45,200 BMD
Bank Regional Risk Officer Banking 19,980 BMD
Bank Relationship Manager Banking 28,860 BMD
Bank Relationship Officer Banking 14,540 BMD
Bank Teller Banking 7,620 BMD
Banker Banking 14,660 BMD
Banking Business Analyst Banking 23,520 BMD
Banking Business Development Officer Banking 13,780 BMD
Banking Business Planning Executive Banking 31,660 BMD
Banking Product Manager Banking 26,500 BMD
Banking Reference Data Manager Banking 22,420 BMD
Banking Risk Analyst Banking 20,000 BMD
Banking Technical Analyst Banking 10,220 BMD
Bankruptcy Coordinator Banking 14,920 BMD
Bill and Account Collector Banking 7,620 BMD
Budget Analyst Banking 23,520 BMD
Capital Risk Manager Banking 40,140 BMD
Cards Marketing Manager Banking 28,180 BMD
Cash Management Manager Banking 37,740 BMD
Check Processing Manager Banking 29,840 BMD
Commercial Vault Associate Banking 21,540 BMD
Corporate Banker Banking 15,580 BMD
Corporate Dealer Banking 21,560 BMD
Credit Analyst Banking 18,260 BMD
Credit and Collections Manager Banking 29,320 BMD
Credit Card Fraud Investigator Banking 22,660 BMD
Credit Portfolio Manager Banking 37,880 BMD
Credit Risk Analyst Banking 22,400 BMD
Credit Risk Associate Banking 21,300 BMD
Direct Bank Sales Representative Banking 14,840 BMD
Exchange Control Consultant Banking 23,400 BMD
Executive Account Analyst Banking 20,460 BMD
Financial Bank Planning Consultant Banking 26,660 BMD
Financial Banking Analysis Manager Banking 33,440 BMD
Financial Banking Assistant Banking 8,880 BMD
Financial Banking Systems Manager Banking 26,280 BMD
Foreign Exchange Manager Banking 31,940 BMD
Fraud Analyst Banking 24,840 BMD
Fraud Detection Associate Banking 17,100 BMD
Fraud Detection Manager Banking 31,040 BMD
Fraud Detection Supervisor Banking 19,020 BMD
Internal Bank Audit Manager Banking 38,680 BMD
Internal Bank Auditor Banking 21,380 BMD
Internal Private Banker Banking 16,880 BMD
International Banking Manager Banking 46,720 BMD
Investment Banking Analyst Banking 28,680 BMD
Loan Analyst Banking 23,380 BMD
Loan Area Manager Banking 25,720 BMD
Loan Audit Team Leader Banking 25,940 BMD
Loan Branch Manager Banking 25,680 BMD
Loan Business Development Officer Banking 13,700 BMD
Loan Clerk Banking 5,960 BMD
Loan Collection and Recovery Manager Banking 25,660 BMD
Loan Collection Manager Banking 27,040 BMD
Loan Collector Banking 5,520 BMD
Loan Examiner Banking 9,440 BMD
Loan Officer Banking 6,440 BMD
Loan Processing Manager Banking 24,280 BMD
Loan Processor Banking 9,460 BMD
Loan Quality Assurance Auditor Banking 19,060 BMD
Loan Quality Assurance Manager Banking 22,340 BMD
Loan Quality Assurance Representative Banking 16,400 BMD
Loan Team Leader Banking 20,940 BMD
Loans Manager Banking 27,480 BMD
Mortgage Advisor Banking 14,840 BMD
Mortgage Collection Manager Banking 23,700 BMD
Mortgage Collector Banking 6,200 BMD
Mortgage Credit Analyst Banking 12,300 BMD
Mortgage Credit Manager Banking 23,500 BMD
Mortgage Development Manager Banking 28,180 BMD
Mortgage Document Reviewer Banking 8,100 BMD
Mortgage Funding Manager Banking 30,840 BMD
Mortgage Operations Manager Banking 34,380 BMD
Mortgage Payment Processing Clerk Banking 8,960 BMD
Mortgage Processing Manager Banking 23,480 BMD
Mortgage Processor Banking 8,100 BMD
Mortgage Quality Assurance Auditor Banking 19,980 BMD
Mortgage Quality Assurance Manager Banking 23,700 BMD
Mortgage Servicing Clerk Banking 5,960 BMD
Mortgage Servicing Manager Banking 26,020 BMD
Mortgage Underwriter Banking 9,360 BMD
Online Banking Manager Banking 34,120 BMD
Payment Processing Clerk Banking 7,040 BMD
Personal Banker Banking 14,820 BMD
Personal Banking Advisor Banking 14,540 BMD
Phone Banker Banking 9,980 BMD
Private Banker Banking 15,580 BMD
Reconciliation and Investigation Specialist Banking 16,720 BMD
Tax Officer Banking 13,900 BMD
Teller Banking 6,080 BMD
Trade Officer Banking 7,240 BMD
Trade Product Manager Banking 25,940 BMD
Trader Banking 10,220 BMD
Treasury Operations Officer Banking 16,980 BMD

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