Average Psychologist Salary in Cayman Islands for 2024

In this article, we will look at the average Psychologist salary for 2024 in Cayman Islands 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 Cayman Islands dollar. To keep things simple, we are using the KYD currency code instead of the currency symbol $.

How Much Does a Psychologist Make in Cayman Islands?

A Psychologist working in Cayman Islands will typically earn around 62,300 KYD per year, and this can range from the lowest average salary of about 29,600 KYD to the highest average salary of 98,900 KYD.

Average Annual Salary
62,300 KYD
Average Monthly Salary
5,191 KYD

Lowest Annual Salary
29,600 KYD
Lowest Monthly Salary
2,466 KYD

Highest Annual Salary
98,900 KYD
Highest Monthly Salary
8,241 KYD

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

Psychologist 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 Psychologist Salaries in Cayman Islands

So we've looked at the average salaries a Psychologist will earn in Cayman Islands. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Psychologist can earn between 29,600 KYD and 98,900 KYD on average in Cayman Islands. 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 Psychologist in Cayman Islands is 63,500 KYD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 63,500 KYD, and 50% of the population earn more than 63,500 KYD.

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 Psychologist salary in Cayman Islands, 25% of the population are earning less than 45,100 KYD while 75% of the population earn more than 45,100 KYD.

75% of the population earn less than 81,900 KYD, and 25% of the population earn more than 81,900 KYD.

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.

Psychologist Salary by Experience Level in Cayman Islands

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 psychologist 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 Psychologist in Cayman Islands that has less than two years of experience can expect to earn somewhere in the region of 35,400 KYD.
  • 2 - 5 Years Experience. With two to five years of experience the average Psychologist salary would increase to 49,000 KYD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Psychologist, the average salary would be 65,100 KYD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 80,300 KYD.
  • 15 - 20 Years Experience. A Psychologist with 15 to 20 years of experience can earn an average of 86,100 KYD.
  • 20+ Years Experience. For a Psychologist with more than 20 years, the expected average salary increases to 94,300 KYD.

Average Salary by Experience Chart

0-2 Years
35,400 KYD
2-5 Years +29%
49,000 KYD
5-10 Years +38%
65,100 KYD
10-15 Years +24%
80,300 KYD
15-20 Years +7%
86,100 KYD
20+ Years +7%
94,300 KYD

Psychologist Salary by Education Level in Cayman Islands

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.

The data we have below is combined across all professions. To view the most accurate data possible, you can select a specific job from the list below.

Employees that have earned a certificate or diploma from a post-secondary program can expect to earn approximately 17% more than those who only completed high school level.

If you have a bachelor's degree, you can expect to earn approximately 25% more than those who only completed to a certificate or diploma level.

For professionals reaching the master's degree level, your salary would be around 30% higher than those with a bachelor's degree.

If you are able to achieve a PhD, you can expect to earn approximately 22% more than those with a master's degree for the same job role.

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 Cayman Islands is around 16,200 to 48,600 KYD 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.

Psychologist 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 Cayman Islands, a male psychologist will earn an average of 66,900 KYD, while a female psychologist will earn around 58,600 KYD.

This means that a male psychologist earns approximately 14% more than a female psychologist for performing the same job.

Average Salary by Gender Chart in Cayman Islands

Male
66,900 KYD
Female -14%
58,600 KYD

Psychologist Average Pay Raise in Cayman Islands

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 Psychologist in Cayman Islands is around 10% every 29 months.

The national average pay raise across all professions and industries in Cayman Islands 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 ÷ 29 ) × 12  = 4%

What this means is that a Psychologist in Cayman Islands can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Cayman Islands for 2024

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

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%

Psychologist Bonus and Incentive Rates in Cayman Islands

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 Psychologist 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 9%.

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 Cayman Islands earn approximately 17% more than private sector employees in the same role.

Public Sector
43,500 KYD
Private Sector -17%
37,200 KYD

Salaries for Jobs Similar to a Psychologist

In the table below, we have salary information for jobs that are similar to a Psychologist in Cayman Islands.

Job Title Category Salary
Adoption Services Director Counseling 51,800 KYD
Alcohol and Drug Counselor Counseling 41,500 KYD
Assistant Instructor Counseling 19,100 KYD
Career Counselor Counseling 44,200 KYD
Consultant Counseling 44,700 KYD
Director of Rehabilitation Services Counseling 63,100 KYD
Disability Consultant Counseling 39,600 KYD
Employment Counselor Counseling 45,600 KYD
Family Advocate Counseling 29,600 KYD
Family Services Specialist Counseling 33,000 KYD
Family Support Specialist Counseling 49,700 KYD
Family Youth Worker Counseling 13,100 KYD
Guidance Counselor Counseling 46,300 KYD
Guidance Director Counseling 54,100 KYD
Mental Health Counselor Counseling 55,600 KYD
Mental Health Therapist Counseling 46,700 KYD
Programs Coordinator Counseling 24,400 KYD
Supervising Counselor Counseling 50,000 KYD
Vocational Rehabilitation Counselor Counseling 47,400 KYD
Youth Advocate Counseling 26,600 KYD
Youth Care Counselor Counseling 49,000 KYD
Youth Care Specialist Counseling 29,100 KYD
Youth Development Manager Counseling 58,600 KYD

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