Average Loss Control Specialist Salary in Burkina Faso for 2024

In this article, we will look at the average Loss Control Specialist salary for 2024 in Burkina Faso 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 West African CFA franc. To keep things simple, we are using the XOF currency code instead of the currency symbol Fr.

How Much Does a Loss Control Specialist Make in Burkina Faso?

A Loss Control Specialist working in Burkina Faso will typically earn around 3,840,400 XOF per year, and this can range from the lowest average salary of about 1,882,700 XOF to the highest average salary of 5,989,600 XOF.

Average Annual Salary
3,840,400 XOF
Average Monthly Salary
320,033 XOF

Lowest Annual Salary
1,882,700 XOF
Lowest Monthly Salary
156,891 XOF

Highest Annual Salary
5,989,600 XOF
Highest Monthly Salary
499,133 XOF

These are average salaries for a Loss Control Specialist in Burkina Faso and include benefits such as housing and transport. It's also possible for a Loss Control Specialist to earn more or less than the average salaries shown above.

Loss Control Specialist 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 Loss Control Specialist Salaries in Burkina Faso

So we've looked at the average salaries a Loss Control Specialist will earn in Burkina Faso. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Loss Control Specialist can earn between 1,882,700 XOF and 5,989,600 XOF on average in Burkina Faso. 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 Loss Control Specialist in Burkina Faso is 3,912,600 XOF. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 3,912,600 XOF, and 50% of the population earn more than 3,912,600 XOF.

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 Loss Control Specialist salary in Burkina Faso, 25% of the population are earning less than 2,605,500 XOF while 75% of the population earn more than 2,605,500 XOF.

75% of the population earn less than 5,053,200 XOF, and 25% of the population earn more than 5,053,200 XOF.

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.

Loss Control Specialist Salary by Experience Level in Burkina Faso

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 loss control specialist 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 Loss Control Specialist in Burkina Faso that has less than two years of experience can expect to earn somewhere in the region of 2,230,100 XOF.
  • 2 - 5 Years Experience. With two to five years of experience the average Loss Control Specialist salary would increase to 2,868,600 XOF.
  • 5 - 10 Years Experience. From five to ten years of experience as a Loss Control Specialist, the average salary would be 3,946,200 XOF.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 4,895,800 XOF.
  • 15 - 20 Years Experience. A Loss Control Specialist with 15 to 20 years of experience can earn an average of 5,242,700 XOF.
  • 20+ Years Experience. For a Loss Control Specialist with more than 20 years, the expected average salary increases to 5,591,900 XOF.

Average Salary by Experience Chart

0-2 Years
2,230,100 XOF
2-5 Years +29%
2,868,600 XOF
5-10 Years +38%
3,946,200 XOF
10-15 Years +24%
4,895,800 XOF
15-20 Years +7%
5,242,700 XOF
20+ Years +7%
5,591,900 XOF

Loss Control Specialist Salary by Education Level in Burkina Faso

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 Loss Control Specialist in Burkina Faso 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 Loss Control Specialist in Burkina Faso with a bachelor's degree education can earn an average salary of 2,782,600 XOF.

  • Master's Degree. A Loss Control Specialist in Burkina Faso with a master's degree education can earn an average salary of 4,465,800 XOF.

Average Salary by Education Chart

Bachelor's Degree
2,782,600 XOF
Master's Degree +60%
4,465,800 XOF

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 Burkina Faso is around 1,660,000 to 4,970,000 XOF 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.

Loss Control Specialist 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 Burkina Faso, a male loss control specialist will earn an average of 4,006,500 XOF, while a female loss control specialist will earn around 3,577,600 XOF.

This means that a male loss control specialist earns approximately 12% more than a female loss control specialist for performing the same job.

Average Salary by Gender Chart in Burkina Faso

Male
4,006,500 XOF
Female -12%
3,577,600 XOF

Loss Control Specialist Average Pay Raise in Burkina Faso

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 Loss Control Specialist in Burkina Faso is around 8% every 28 months.

The national average pay raise across all professions and industries in Burkina Faso 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 = ( 8 ÷ 28 ) × 12  = 3%

What this means is that a Loss Control Specialist in Burkina Faso can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Burkina Faso for 2024

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

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%

Loss Control Specialist Bonus and Incentive Rates in Burkina Faso

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 Loss Control Specialist 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 Burkina Faso earn approximately 10% more than private sector employees in the same role.

Public Sector
4,249,700 XOF
Private Sector -10%
3,850,500 XOF

Salaries for Jobs Similar to a Loss Control Specialist

In the table below, we have salary information for jobs that are similar to a Loss Control Specialist in Burkina Faso.

Job Title Category Salary
Actuarial Analyst Insurance 5,545,500 XOF
Actuarial Assistant Insurance 3,648,200 XOF
Actuarial Specialist Insurance 3,829,500 XOF
Actuary Insurance 5,518,700 XOF
Adjustment Insurance Clerk Insurance 1,487,200 XOF
Assistant Broker Insurance 2,508,300 XOF
Assistant Claims Manager Insurance 4,332,900 XOF
Associate Insurance Representative Insurance 2,076,600 XOF
Auditing Insurance Manager Insurance 6,156,100 XOF
Broker Insurance 4,019,900 XOF
Claim Advocacy Professional Insurance 4,235,500 XOF
Claims Adjuster Insurance 1,440,700 XOF
Claims Analyst Insurance 2,086,500 XOF
Claims Examiner Insurance 2,161,200 XOF
Claims Manager Insurance 5,483,600 XOF
Claims Processor Insurance 1,487,200 XOF
Claims Representative Insurance 1,858,200 XOF
Claims Resolution Specialist Insurance 4,260,400 XOF
Claims Supervisor Insurance 4,116,600 XOF
Complaints Specialist Insurance 3,659,400 XOF
Compliance Examiner Insurance 3,685,200 XOF
Compliance Officer Insurance 3,229,900 XOF
Compliance Reviewer Insurance 3,769,500 XOF
Consultant Insurance 3,875,100 XOF
Eligibility Interviewer Insurance 4,414,800 XOF
Eligibility Specialist Insurance 3,898,100 XOF
Insurance Account Manager Insurance 4,714,900 XOF
Insurance Accounts Executive Insurance 4,176,700 XOF
Insurance Adjuster Insurance 3,889,500 XOF
Insurance Agent Insurance 2,447,200 XOF
Insurance Analyst Insurance 3,934,900 XOF
Insurance Appraiser Insurance 4,129,300 XOF
Insurance Claims Clerk Insurance 1,428,800 XOF
Insurance Examiner Insurance 3,648,200 XOF
Insurance Investigator Insurance 3,875,100 XOF
Insurance Manager Insurance 6,850,500 XOF
Insurance Operations Manager Insurance 7,150,200 XOF
Insurance Policy Processing Clerk Insurance 1,428,800 XOF
Insurance Pricing Assistant Insurance 3,288,400 XOF
Insurance Program Manager Insurance 5,351,400 XOF
Insurance Project Manager Insurance 4,943,500 XOF
Insurance Quality Assurance Agent Insurance 3,349,100 XOF
Insurance Sales Agent Insurance 2,374,400 XOF
Insurance Sales Director Insurance 6,335,800 XOF
Insurance Sales Manager Insurance 5,447,200 XOF
Insurance Sales Representative Insurance 2,146,100 XOF
Insurance Team Leader Insurance 4,439,200 XOF
Insurance Underwriter Insurance 3,132,800 XOF
Loss Prevention Investigator Insurance 4,270,100 XOF
Loss Prevention Manager Insurance 5,591,900 XOF
Loss Prevention Specialist Insurance 4,235,500 XOF
Marine Underwriter Insurance 3,085,500 XOF
Medical Auditor Insurance 4,043,600 XOF
Monitoring and Performance Officer Insurance 2,854,700 XOF
Payment Services Specialist Insurance 4,129,300 XOF
Policy Change Director Insurance 6,505,500 XOF
Policy Change Supervisor Insurance 4,201,000 XOF
Policy Change Technician Insurance 1,942,700 XOF
Risk Analyst Insurance 4,355,800 XOF
Risk Management Director Insurance 7,812,200 XOF
Risk Management Supervisor Insurance 5,221,800 XOF
Risk Manager Insurance 7,271,300 XOF
Risk Modeling Manager Insurance 7,523,300 XOF
Title Insurance Typist Insurance 3,349,100 XOF
Training Manager Insurance 4,369,800 XOF

Salary Comparison by City

If you want to compare salaries with different cities in Burkina Faso, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Ouagadougou 4,355,800 XOF

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