Average Relationship Manager Salary in Latvia for 2024

In this article, we will look at the average Relationship Manager salary for 2024 in Latvia 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 Euro. To keep things simple, we are using the EUR currency code instead of the currency symbol โ‚ฌ.

How Much Does a Relationship Manager Make in Latvia?

A Relationship Manager working in Latvia will typically earn around 22,660 EUR per year, and this can range from the lowest average salary of about 12,520 EUR to the highest average salary of 34,380 EUR.

Average Annual Salary
22,660 EUR
Average Monthly Salary
1,888 EUR

Lowest Annual Salary
12,520 EUR
Lowest Monthly Salary
1,043 EUR

Highest Annual Salary
34,380 EUR
Highest Monthly Salary
2,865 EUR

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

Relationship 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 Relationship Manager Salaries in Latvia

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

Salary ranges

We already know that a Relationship Manager can earn between 12,520 EUR and 34,380 EUR on average in Latvia. 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 Relationship Manager in Latvia is 22,660 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 22,660 EUR, and 50% of the population earn more than 22,660 EUR.

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 Relationship Manager salary in Latvia, 25% of the population are earning less than 17,100 EUR while 75% of the population earn more than 17,100 EUR.

75% of the population earn less than 29,320 EUR, and 25% of the population earn more than 29,320 EUR.

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.

Relationship Manager Salary by Experience Level in Latvia

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 relationship 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 Relationship Manager in Latvia that has less than two years of experience can expect to earn somewhere in the region of 12,620 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Relationship Manager salary would increase to 17,760 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as a Relationship Manager, the average salary would be 24,800 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 27,480 EUR.
  • 15 - 20 Years Experience. A Relationship Manager with 15 to 20 years of experience can earn an average of 31,960 EUR.
  • 20+ Years Experience. For a Relationship Manager with more than 20 years, the expected average salary increases to 35,560 EUR.

Average Salary by Experience Chart

0-2 Years
12,620 EUR
2-5 Years +32%
17,760 EUR
5-10 Years +34%
24,800 EUR
10-15 Years +19%
27,480 EUR
15-20 Years +8%
31,960 EUR
20+ Years +7%
35,560 EUR

Relationship Manager Salary by Education Level in Latvia

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 Relationship Manager in Latvia 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 Relationship Manager in Latvia with a high school education can earn an average salary of 15,700 EUR.

  • Certificate or Diploma. A Relationship Manager in Latvia with a certificate or diploma education can earn an average salary of 20,500 EUR.

  • Bachelor's Degree. A Relationship Manager in Latvia with a bachelor's degree education can earn an average salary of 26,780 EUR.

  • Master's Degree. A Relationship Manager in Latvia with a master's degree education can earn an average salary of 35,560 EUR.

Average Salary by Education Chart

High School
15,700 EUR
Certificate or Diploma +14%
20,500 EUR
Bachelor's Degree +36%
26,780 EUR
Master's Degree +26%
35,560 EUR

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 Latvia is around 6,510 to 19,500 EUR 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.

Relationship 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 Latvia, a male relationship manager will earn an average of 22,340 EUR, while a female relationship manager will earn around 20,760 EUR.

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

Average Salary by Gender Chart in Latvia

Male
22,340 EUR
Female -8%
20,760 EUR

Relationship Manager Average Pay Raise in Latvia

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 Relationship Manager in Latvia is around 13% every 17 months.

The national average pay raise across all professions and industries in Latvia is around 8% every 18 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 = ( 13 ÷ 17 ) × 12  = 9%

What this means is that a Relationship Manager in Latvia can expect to receive an average pay raise of around 9% every 12 months.

Annual Pay Raise by Industry in Latvia for 2024

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

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%

Relationship Manager Bonus and Incentive Rates in Latvia

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 Relationship Manager is a high bonus based job, with 79% of employees reporting at least one bonus in the last 12 months.

21% 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 8%.

Received Bonus
79%
No Bonus
21%

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 Latvia earn approximately 29% more than private sector employees in the same role.

Public Sector
16,880 EUR
Private Sector -29%
13,100 EUR

Salaries for Jobs Similar to a Relationship Manager

In the table below, we have salary information for jobs that are similar to a Relationship Manager in Latvia.

Job Title Category Salary
Account Coordinator Executive and Management 12,580 EUR
Account Director Executive and Management 19,220 EUR
Account Executive Executive and Management 16,140 EUR
Account Manager Executive and Management 15,380 EUR
Administration Manager Executive and Management 15,700 EUR
Administration Officer Executive and Management 10,380 EUR
Administration Supervisor Executive and Management 13,100 EUR
Administrative Clerk Executive and Management 7,620 EUR
Administrative Officer Executive and Management 7,620 EUR
Area Director Executive and Management 17,560 EUR
Area Manager Executive and Management 17,560 EUR
Asset Protection Associate Executive and Management 18,900 EUR
Assistant Director Executive and Management 18,280 EUR
Assistant General Manager Executive and Management 19,860 EUR
Assistant Manager Executive and Management 19,380 EUR
Assistant Managing Director Executive and Management 21,300 EUR
Assistant Operations Manager Executive and Management 19,160 EUR
Assistant Project Manager Executive and Management 19,360 EUR
Assistant Section Head Executive and Management 16,400 EUR
Assistant to CEO Executive and Management 16,340 EUR
Assistant Vice President Executive and Management 19,380 EUR
Associate Account Director Executive and Management 19,200 EUR
Associate Director Executive and Management 17,740 EUR
Bid Manager Executive and Management 19,940 EUR
Branch Manager Executive and Management 21,020 EUR
Business Development Manager Executive and Management 23,400 EUR
Business Operations Associate Executive and Management 19,860 EUR
Business Operations Lead Executive and Management 20,300 EUR
Campaign Manager Executive and Management 21,540 EUR
Catering Coordinator Executive and Management 12,760 EUR
Catering Manager Executive and Management 19,360 EUR
CEO Executive and Management 34,960 EUR
Chairman of The Board Executive and Management 34,360 EUR
Chairman Office Manager Executive and Management 24,820 EUR
Chief Commercial Officer Executive and Management 29,040 EUR
Chief Corporate Officer Executive and Management 26,860 EUR
Chief Executive Officer Executive and Management 38,180 EUR
Chief Financial Officer Executive and Management 31,180 EUR
Chief Investment Officer Executive and Management 27,040 EUR
Chief of Staff Executive and Management 15,380 EUR
Chief Operating Officer Executive and Management 29,540 EUR
Chief Risk Officer Executive and Management 20,760 EUR
Client Account Manager Executive and Management 20,460 EUR
Client Accounts Officer Executive and Management 17,740 EUR
Client Services Manager Executive and Management 24,280 EUR
Commercial Director Executive and Management 23,700 EUR
Commercial Manager Executive and Management 21,020 EUR
Commercial Project Manager Executive and Management 18,900 EUR
Commodity Broker Executive and Management 17,100 EUR
COO Executive and Management 27,300 EUR
Corporate Affairs Executive Executive and Management 23,380 EUR
Corporate Compliance Director Executive and Management 23,080 EUR
Corporate Director Executive and Management 23,660 EUR
Corporate Officer Executive and Management 16,400 EUR
Corporate Partnerships Officer Executive and Management 18,260 EUR
Country Manager Executive and Management 26,280 EUR
Department Head Executive and Management 21,300 EUR
Department Manager Executive and Management 21,400 EUR
Department Supervisor Executive and Management 16,980 EUR
Deputy Director Executive and Management 23,360 EUR
Deputy Manager Executive and Management 24,860 EUR
Director Executive and Management 28,660 EUR
Director of Accreditation Executive and Management 23,480 EUR
Director of Catering Services Executive and Management 19,940 EUR
Director of Client Services Executive and Management 22,400 EUR
Director of Facilities Management Executive and Management 21,100 EUR
Director of Operations Executive and Management 23,480 EUR
Director of Process Simplification Executive and Management 19,640 EUR
Director of Product Management Executive and Management 21,300 EUR
Director of Project Management Executive and Management 22,400 EUR
Director of Revenue Management Executive and Management 22,540 EUR
Director of Training and Development Executive and Management 22,540 EUR
Distribution Manager Executive and Management 23,260 EUR
Division Manager Executive and Management 21,400 EUR
Duty Manager Executive and Management 19,480 EUR
Engagement Manager Executive and Management 25,940 EUR
Executive Director Executive and Management 36,160 EUR
Executive Manager Executive and Management 29,640 EUR
Franchise Manager Executive and Management 29,320 EUR
General Manager Executive and Management 28,900 EUR
Global Master Data Manager Executive and Management 23,260 EUR
Global Technical Lead Executive and Management 16,340 EUR
Head of Investment Executive and Management 22,400 EUR
Head of Middle Office Executive and Management 24,280 EUR
Head of Projects Executive and Management 24,840 EUR
Head of Strategy Executive and Management 26,780 EUR
Head of Supply Chain Executive and Management 22,420 EUR
Head of Sustainability Executive and Management 19,060 EUR
Housing Manager Executive and Management 19,860 EUR
HSE Manager Executive and Management 20,940 EUR
Key Account Manager Executive and Management 21,380 EUR
Knowledge Manager Executive and Management 23,480 EUR
Location Manager Executive and Management 20,760 EUR
Logistics Executive Executive and Management 19,640 EUR
Logistics Manager Executive and Management 16,980 EUR
Management Consultant Executive and Management 20,520 EUR
Management Executive Executive and Management 23,360 EUR
Manager Executive and Management 23,140 EUR
Managing Director Executive and Management 27,620 EUR
MIS Executive Executive and Management 23,260 EUR
Ocean Services Manager Executive and Management 27,040 EUR
Operational Manager Executive and Management 24,720 EUR
Operations Analyst Executive and Management 19,380 EUR
Operations Assistant Executive and Management 15,700 EUR
Operations Director Executive and Management 25,440 EUR
Operations Executive Executive and Management 25,720 EUR
Operations Manager Executive and Management 26,100 EUR
Operations Supervisor Executive and Management 22,420 EUR
Planning Director Executive and Management 23,360 EUR
PMO Manager Executive and Management 23,500 EUR
Policy Administration Executive Executive and Management 21,540 EUR
Private Sector Executive Executive and Management 19,380 EUR
Product Development Manager Executive and Management 23,080 EUR
Product Executive Executive and Management 20,000 EUR
Production Executive Executive and Management 23,140 EUR
Production Manager Executive and Management 22,340 EUR
Production Supervisor Executive and Management 19,480 EUR
Program Director Executive and Management 23,140 EUR
Program Manager Executive and Management 27,020 EUR
Programme Coordinator Executive and Management 15,300 EUR
Project Control Manager Executive and Management 22,400 EUR
Project Coordinator Executive and Management 15,580 EUR
Project Management Officer Executive and Management 15,700 EUR
Project Manager Executive and Management 17,760 EUR
Project Portfolio Manager Executive and Management 21,540 EUR
Quality Manager Executive and Management 21,540 EUR
R/D Director Executive and Management 22,420 EUR
Regional Director Executive and Management 31,340 EUR
Regional Manager Executive and Management 23,080 EUR
Retail District Manager Executive and Management 16,400 EUR
Revenue Manager Executive and Management 19,020 EUR
Risk and Capital Manager Executive and Management 26,660 EUR
Risk Officer Executive and Management 20,300 EUR
Safety Manager Executive and Management 20,300 EUR
Section Head Executive and Management 19,200 EUR
Service Manager Executive and Management 20,520 EUR
Shift Supervisor Executive and Management 14,840 EUR
Solutions Manager Executive and Management 16,140 EUR
Supervisor Executive and Management 14,840 EUR
Supply Chain Manager Executive and Management 23,700 EUR
Surveyor Executive and Management 16,720 EUR
Technical Director Executive and Management 23,380 EUR
Technical Manager Executive and Management 22,420 EUR
Territory Manager Executive and Management 23,660 EUR
Validation Manager Executive and Management 21,100 EUR
Vice President Executive and Management 27,480 EUR
Zone Manager Executive and Management 27,380 EUR

Salary Comparison by City

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

City Average Salary
Riga 24,850 EUR

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