Average Loss Control Specialist Salary in Liberia for 2024

In this article, we will look at the average Loss Control Specialist salary for 2024 in Liberia 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 Liberian dollar. To keep things simple, we are using the LRD currency code instead of the currency symbol $.

How Much Does a Loss Control Specialist Make in Liberia?

A Loss Control Specialist working in Liberia will typically earn around 864,900 LRD per year, and this can range from the lowest average salary of about 424,300 LRD to the highest average salary of 1,345,400 LRD.

Average Annual Salary
864,900 LRD
Average Monthly Salary
72,075 LRD

Lowest Annual Salary
424,300 LRD
Lowest Monthly Salary
35,358 LRD

Highest Annual Salary
1,345,400 LRD
Highest Monthly Salary
112,116 LRD

These are average salaries for a Loss Control Specialist in Liberia 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 Liberia

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

Salary ranges

We already know that a Loss Control Specialist can earn between 424,300 LRD and 1,345,400 LRD on average in Liberia. 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 Liberia is 883,500 LRD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 883,500 LRD, and 50% of the population earn more than 883,500 LRD.

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 Liberia, 25% of the population are earning less than 587,800 LRD while 75% of the population earn more than 587,800 LRD.

75% of the population earn less than 1,136,700 LRD, and 25% of the population earn more than 1,136,700 LRD.

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 Liberia

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 Liberia that has less than two years of experience can expect to earn somewhere in the region of 501,400 LRD.
  • 2 - 5 Years Experience. With two to five years of experience the average Loss Control Specialist salary would increase to 645,800 LRD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Loss Control Specialist, the average salary would be 890,100 LRD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 1,102,100 LRD.
  • 15 - 20 Years Experience. A Loss Control Specialist with 15 to 20 years of experience can earn an average of 1,182,400 LRD.
  • 20+ Years Experience. For a Loss Control Specialist with more than 20 years, the expected average salary increases to 1,259,300 LRD.

Average Salary by Experience Chart

0-2 Years
501,400 LRD
2-5 Years +29%
645,800 LRD
5-10 Years +38%
890,100 LRD
10-15 Years +24%
1,102,100 LRD
15-20 Years +7%
1,182,400 LRD
20+ Years +7%
1,259,300 LRD

Loss Control Specialist Salary by Education Level in Liberia

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 Liberia 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 Liberia with a bachelor's degree education can earn an average salary of 628,000 LRD.

  • Master's Degree. A Loss Control Specialist in Liberia with a master's degree education can earn an average salary of 1,007,400 LRD.

Average Salary by Education Chart

Bachelor's Degree
628,000 LRD
Master's Degree +60%
1,007,400 LRD

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 Liberia is around 359,000 to 1,080,000 LRD 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 Liberia, a male loss control specialist will earn an average of 904,700 LRD, while a female loss control specialist will earn around 802,400 LRD.

This means that a male loss control specialist earns approximately 13% more than a female loss control specialist for performing the same job.

Average Salary by Gender Chart in Liberia

Male
904,700 LRD
Female -13%
802,400 LRD

Loss Control Specialist Average Pay Raise in Liberia

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 Liberia is around 7% every 29 months.

The national average pay raise across all professions and industries in Liberia 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 ÷ 29 ) × 12  = 3%

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

Annual Pay Raise by Industry in Liberia for 2024

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

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

Banking
4%
Energy
8%
Information Technology
3%
Healthcare
7%
Travel
2%
Construction
6%
Education
1%

Loss Control Specialist Bonus and Incentive Rates in Liberia

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 Liberia earn approximately 21% more than private sector employees in the same role.

Public Sector
948,900 LRD
Private Sector -21%
782,500 LRD

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 Liberia.

Job Title Category Salary
Actuarial Analyst Insurance 1,224,800 LRD
Actuarial Assistant Insurance 794,900 LRD
Actuarial Specialist Insurance 823,400 LRD
Actuary Insurance 1,195,600 LRD
Adjustment Insurance Clerk Insurance 332,100 LRD
Assistant Broker Insurance 588,500 LRD
Assistant Claims Manager Insurance 942,700 LRD
Associate Insurance Representative Insurance 476,600 LRD
Auditing Insurance Manager Insurance 1,357,900 LRD
Broker Insurance 854,300 LRD
Claim Advocacy Professional Insurance 858,100 LRD
Claims Adjuster Insurance 315,700 LRD
Claims Analyst Insurance 451,000 LRD
Claims Examiner Insurance 459,300 LRD
Claims Manager Insurance 1,273,300 LRD
Claims Processor Insurance 341,400 LRD
Claims Representative Insurance 382,600 LRD
Claims Resolution Specialist Insurance 939,000 LRD
Claims Supervisor Insurance 843,600 LRD
Complaints Specialist Insurance 810,500 LRD
Compliance Examiner Insurance 851,200 LRD
Compliance Officer Insurance 731,700 LRD
Compliance Reviewer Insurance 858,100 LRD
Consultant Insurance 893,500 LRD
Eligibility Interviewer Insurance 988,600 LRD
Eligibility Specialist Insurance 870,700 LRD
Insurance Account Manager Insurance 1,104,400 LRD
Insurance Accounts Executive Insurance 958,700 LRD
Insurance Adjuster Insurance 791,200 LRD
Insurance Agent Insurance 504,400 LRD
Insurance Analyst Insurance 866,900 LRD
Insurance Appraiser Insurance 874,300 LRD
Insurance Claims Clerk Insurance 330,700 LRD
Insurance Examiner Insurance 830,500 LRD
Insurance Investigator Insurance 870,700 LRD
Insurance Manager Insurance 1,500,800 LRD
Insurance Operations Manager Insurance 1,583,700 LRD
Insurance Policy Processing Clerk Insurance 318,800 LRD
Insurance Pricing Assistant Insurance 688,900 LRD
Insurance Program Manager Insurance 1,165,300 LRD
Insurance Project Manager Insurance 1,141,600 LRD
Insurance Quality Assurance Agent Insurance 778,500 LRD
Insurance Sales Agent Insurance 518,900 LRD
Insurance Sales Director Insurance 1,380,400 LRD
Insurance Sales Manager Insurance 1,165,300 LRD
Insurance Sales Representative Insurance 466,300 LRD
Insurance Team Leader Insurance 978,900 LRD
Insurance Underwriter Insurance 633,300 LRD
Loss Prevention Investigator Insurance 949,600 LRD
Loss Prevention Manager Insurance 1,224,800 LRD
Loss Prevention Specialist Insurance 918,500 LRD
Marine Underwriter Insurance 633,100 LRD
Medical Auditor Insurance 888,400 LRD
Monitoring and Performance Officer Insurance 612,500 LRD
Payment Services Specialist Insurance 917,700 LRD
Policy Change Director Insurance 1,417,600 LRD
Policy Change Supervisor Insurance 995,200 LRD
Policy Change Technician Insurance 414,000 LRD
Risk Analyst Insurance 995,000 LRD
Risk Management Director Insurance 1,765,300 LRD
Risk Management Supervisor Insurance 1,161,000 LRD
Risk Manager Insurance 1,594,500 LRD
Risk Modeling Manager Insurance 1,632,100 LRD
Title Insurance Typist Insurance 735,500 LRD
Training Manager Insurance 1,023,000 LRD

Salary Comparison by City

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

City Average Salary
Monrovia 896,700 LRD

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