Average Risk Analyst Salary in Eritrea for 2024

In this article, we will look at the average Risk Analyst salary for 2024 in Eritrea 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 Eritrean nakfa. To keep things simple, we are using the ERN currency code instead of the currency symbol Nfk.

How Much Does a Risk Analyst Make in Eritrea?

A Risk Analyst working in Eritrea will typically earn around 91,520 ERN per year, and this can range from the lowest average salary of about 45,600 ERN to the highest average salary of 142,300 ERN.

Average Annual Salary
91,520 ERN
Average Monthly Salary
7,626 ERN

Lowest Annual Salary
45,600 ERN
Lowest Monthly Salary
3,800 ERN

Highest Annual Salary
142,300 ERN
Highest Monthly Salary
11,858 ERN

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

Risk Analyst 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 Risk Analyst Salaries in Eritrea

So we've looked at the average salaries a Risk Analyst will earn in Eritrea. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Risk Analyst can earn between 45,600 ERN and 142,300 ERN on average in Eritrea. 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 Risk Analyst in Eritrea is 91,520 ERN. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 91,520 ERN, and 50% of the population earn more than 91,520 ERN.

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 Risk Analyst salary in Eritrea, 25% of the population are earning less than 63,380 ERN while 75% of the population earn more than 63,380 ERN.

75% of the population earn less than 117,600 ERN, and 25% of the population earn more than 117,600 ERN.

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.

Risk Analyst Salary by Experience Level in Eritrea

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 risk analyst 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 Risk Analyst in Eritrea that has less than two years of experience can expect to earn somewhere in the region of 52,380 ERN.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Analyst salary would increase to 67,300 ERN.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Analyst, the average salary would be 93,780 ERN.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 114,000 ERN.
  • 15 - 20 Years Experience. A Risk Analyst with 15 to 20 years of experience can earn an average of 125,100 ERN.
  • 20+ Years Experience. For a Risk Analyst with more than 20 years, the expected average salary increases to 130,400 ERN.

Average Salary by Experience Chart

0-2 Years
52,380 ERN
2-5 Years +29%
67,300 ERN
5-10 Years +38%
93,780 ERN
10-15 Years +24%
114,000 ERN
15-20 Years +7%
125,100 ERN
20+ Years +7%
130,400 ERN

Risk Analyst Salary by Education Level in Eritrea

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 Risk Analyst in Eritrea 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 Risk Analyst in Eritrea with a bachelor's degree education can earn an average salary of 67,560 ERN.

  • Master's Degree. A Risk Analyst in Eritrea with a master's degree education can earn an average salary of 105,300 ERN.

Average Salary by Education Chart

Bachelor's Degree
67,560 ERN
Master's Degree +60%
105,300 ERN

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 Eritrea is around 34,200 to 103,000 ERN 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.

Risk Analyst 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 Eritrea, a male risk analyst will earn an average of 95,860 ERN, while a female risk analyst will earn around 83,640 ERN.

This means that a male risk analyst earns approximately 15% more than a female risk analyst for performing the same job.

Average Salary by Gender Chart in Eritrea

Male
95,860 ERN
Female -15%
83,640 ERN

Risk Analyst Average Pay Raise in Eritrea

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 Risk Analyst in Eritrea is around 7% every 30 months.

The national average pay raise across all professions and industries in Eritrea 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 ÷ 30 ) × 12  = 3%

What this means is that a Risk Analyst in Eritrea can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Eritrea for 2024

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

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%

Risk Analyst Bonus and Incentive Rates in Eritrea

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 Risk Analyst 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 Eritrea earn approximately 24% more than private sector employees in the same role.

Public Sector
90,540 ERN
Private Sector -24%
72,740 ERN

Salaries for Jobs Similar to a Risk Analyst

In the table below, we have salary information for jobs that are similar to a Risk Analyst in Eritrea.

Job Title Category Salary
Actuarial Analyst Insurance 112,560 ERN
Actuarial Assistant Insurance 77,620 ERN
Actuarial Specialist Insurance 75,260 ERN
Actuary Insurance 110,340 ERN
Adjustment Insurance Clerk Insurance 27,560 ERN
Assistant Broker Insurance 53,120 ERN
Assistant Claims Manager Insurance 88,020 ERN
Associate Insurance Representative Insurance 43,220 ERN
Auditing Insurance Manager Insurance 124,400 ERN
Broker Insurance 81,180 ERN
Claim Advocacy Professional Insurance 83,640 ERN
Claims Adjuster Insurance 32,020 ERN
Claims Analyst Insurance 41,900 ERN
Claims Examiner Insurance 45,060 ERN
Claims Manager Insurance 113,700 ERN
Claims Processor Insurance 27,560 ERN
Claims Representative Insurance 35,340 ERN
Claims Resolution Specialist Insurance 89,800 ERN
Claims Supervisor Insurance 83,760 ERN
Complaints Specialist Insurance 77,060 ERN
Compliance Examiner Insurance 74,540 ERN
Compliance Officer Insurance 68,060 ERN
Compliance Reviewer Insurance 78,420 ERN
Consultant Insurance 75,980 ERN
Eligibility Interviewer Insurance 86,460 ERN
Eligibility Specialist Insurance 81,880 ERN
Insurance Account Manager Insurance 94,900 ERN
Insurance Accounts Executive Insurance 83,140 ERN
Insurance Adjuster Insurance 73,020 ERN
Insurance Agent Insurance 45,580 ERN
Insurance Analyst Insurance 78,420 ERN
Insurance Appraiser Insurance 84,040 ERN
Insurance Claims Clerk Insurance 30,700 ERN
Insurance Examiner Insurance 72,120 ERN
Insurance Investigator Insurance 77,100 ERN
Insurance Manager Insurance 137,400 ERN
Insurance Operations Manager Insurance 142,300 ERN
Insurance Policy Processing Clerk Insurance 30,700 ERN
Insurance Pricing Assistant Insurance 66,440 ERN
Insurance Program Manager Insurance 101,960 ERN
Insurance Project Manager Insurance 98,000 ERN
Insurance Quality Assurance Agent Insurance 69,060 ERN
Insurance Sales Agent Insurance 48,340 ERN
Insurance Sales Director Insurance 130,400 ERN
Insurance Sales Manager Insurance 111,460 ERN
Insurance Sales Representative Insurance 44,140 ERN
Insurance Team Leader Insurance 83,100 ERN
Insurance Underwriter Insurance 61,580 ERN
Loss Control Specialist Insurance 78,400 ERN
Loss Prevention Investigator Insurance 81,960 ERN
Loss Prevention Manager Insurance 112,420 ERN
Loss Prevention Specialist Insurance 87,880 ERN
Marine Underwriter Insurance 63,700 ERN
Medical Auditor Insurance 80,060 ERN
Monitoring and Performance Officer Insurance 58,240 ERN
Payment Services Specialist Insurance 80,580 ERN
Policy Change Director Insurance 128,900 ERN
Policy Change Supervisor Insurance 86,800 ERN
Policy Change Technician Insurance 39,640 ERN
Risk Management Director Insurance 152,000 ERN
Risk Management Supervisor Insurance 105,800 ERN
Risk Manager Insurance 152,100 ERN
Risk Modeling Manager Insurance 148,300 ERN
Title Insurance Typist Insurance 67,800 ERN
Training Manager Insurance 89,460 ERN

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