Average Risk Analyst Salary in Sri Lanka for 2024

In this article, we will look at the average Risk Analyst salary for 2024 in Sri Lanka 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 Sri Lankan rupee. To keep things simple, we are using the LKR currency code instead of the currency symbol Rs රු.

How Much Does a Risk Analyst Make in Sri Lanka?

A Risk Analyst working in Sri Lanka will typically earn around 1,320,500 LKR per year, and this can range from the lowest average salary of about 605,700 LKR to the highest average salary of 2,100,900 LKR.

Average Annual Salary
1,320,500 LKR
Average Monthly Salary
110,041 LKR

Lowest Annual Salary
605,700 LKR
Lowest Monthly Salary
50,475 LKR

Highest Annual Salary
2,100,900 LKR
Highest Monthly Salary
175,075 LKR

These are average salaries for a Risk Analyst in Sri Lanka 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 Sri Lanka

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

Salary ranges

We already know that a Risk Analyst can earn between 605,700 LKR and 2,100,900 LKR on average in Sri Lanka. 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 Sri Lanka is 1,428,800 LKR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 1,428,800 LKR, and 50% of the population earn more than 1,428,800 LKR.

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 Sri Lanka, 25% of the population are earning less than 915,100 LKR while 75% of the population earn more than 915,100 LKR.

75% of the population earn less than 1,896,700 LKR, and 25% of the population earn more than 1,896,700 LKR.

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 Sri Lanka

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 Sri Lanka that has less than two years of experience can expect to earn somewhere in the region of 688,900 LKR.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Analyst salary would increase to 918,500 LKR.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Analyst, the average salary would be 1,357,900 LKR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 1,655,500 LKR.
  • 15 - 20 Years Experience. A Risk Analyst with 15 to 20 years of experience can earn an average of 1,800,200 LKR.
  • 20+ Years Experience. For a Risk Analyst with more than 20 years, the expected average salary increases to 1,955,300 LKR.

Average Salary by Experience Chart

0-2 Years
688,900 LKR
2-5 Years +34%
918,500 LKR
5-10 Years +48%
1,357,900 LKR
10-15 Years +22%
1,655,500 LKR
15-20 Years +9%
1,800,200 LKR
20+ Years +8%
1,955,300 LKR

Risk Analyst Salary by Education Level in Sri Lanka

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 Sri Lanka 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 Sri Lanka with a bachelor's degree education can earn an average salary of 799,300 LKR.

  • Master's Degree. A Risk Analyst in Sri Lanka with a master's degree education can earn an average salary of 1,547,500 LKR.

Average Salary by Education Chart

Bachelor's Degree
799,300 LKR
Master's Degree +93%
1,547,500 LKR

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 Sri Lanka is around 449,000 to 1,350,000 LKR 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 Sri Lanka, a male risk analyst will earn an average of 1,417,600 LKR, while a female risk analyst will earn around 1,212,800 LKR.

This means that a male risk analyst earns approximately 17% more than a female risk analyst for performing the same job.

Average Salary by Gender Chart in Sri Lanka

Male
1,417,600 LKR
Female -17%
1,212,800 LKR

Risk Analyst Average Pay Raise in Sri Lanka

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 Sri Lanka is around 12% every 18 months.

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

What this means is that a Risk Analyst in Sri Lanka can expect to receive an average pay raise of around 8% every 12 months.

Annual Pay Raise by Industry in Sri Lanka for 2024

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

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

Banking
6%
Energy
3%
Information Technology
9%
Healthcare
6%
Travel
3%
Construction
9%
Education
6%

Risk Analyst Bonus and Incentive Rates in Sri Lanka

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 moderate bonus based job, with 58% of employees reporting at least one bonus in the last 12 months.

42% 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 2% to 7%.

Received Bonus
58%
No Bonus
42%

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 Sri Lanka earn approximately 8% more than private sector employees in the same role.

Public Sector
1,109,200 LKR
Private Sector -8%
1,031,200 LKR

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 Sri Lanka.

Job Title Category Salary
Actuarial Analyst Insurance 1,500,800 LKR
Actuarial Assistant Insurance 1,062,500 LKR
Actuarial Specialist Insurance 1,080,400 LKR
Actuary Insurance 1,464,200 LKR
Adjustment Insurance Clerk Insurance 417,200 LKR
Assistant Broker Insurance 736,700 LKR
Assistant Claims Manager Insurance 1,235,600 LKR
Associate Insurance Representative Insurance 566,900 LKR
Auditing Insurance Manager Insurance 1,668,900 LKR
Broker Insurance 1,124,200 LKR
Claim Advocacy Professional Insurance 1,148,200 LKR
Claims Adjuster Insurance 417,100 LKR
Claims Analyst Insurance 589,400 LKR
Claims Examiner Insurance 592,600 LKR
Claims Manager Insurance 1,606,100 LKR
Claims Processor Insurance 425,100 LKR
Claims Representative Insurance 518,900 LKR
Claims Resolution Specialist Insurance 1,235,600 LKR
Claims Supervisor Insurance 1,138,300 LKR
Complaints Specialist Insurance 1,011,300 LKR
Compliance Examiner Insurance 1,019,200 LKR
Compliance Officer Insurance 913,400 LKR
Compliance Reviewer Insurance 1,009,200 LKR
Consultant Insurance 1,074,600 LKR
Eligibility Interviewer Insurance 1,212,800 LKR
Eligibility Specialist Insurance 1,159,900 LKR
Insurance Account Manager Insurance 1,333,900 LKR
Insurance Accounts Executive Insurance 1,212,800 LKR
Insurance Adjuster Insurance 1,012,100 LKR
Insurance Agent Insurance 650,700 LKR
Insurance Analyst Insurance 1,134,100 LKR
Insurance Appraiser Insurance 1,184,200 LKR
Insurance Claims Clerk Insurance 397,900 LKR
Insurance Examiner Insurance 987,200 LKR
Insurance Investigator Insurance 1,019,200 LKR
Insurance Manager Insurance 1,921,500 LKR
Insurance Operations Manager Insurance 1,846,200 LKR
Insurance Policy Processing Clerk Insurance 406,300 LKR
Insurance Pricing Assistant Insurance 927,000 LKR
Insurance Program Manager Insurance 1,510,400 LKR
Insurance Project Manager Insurance 1,369,700 LKR
Insurance Quality Assurance Agent Insurance 985,700 LKR
Insurance Sales Agent Insurance 650,800 LKR
Insurance Sales Director Insurance 1,846,200 LKR
Insurance Sales Manager Insurance 1,417,600 LKR
Insurance Sales Representative Insurance 568,500 LKR
Insurance Team Leader Insurance 1,192,500 LKR
Insurance Underwriter Insurance 852,900 LKR
Loss Control Specialist Insurance 1,136,700 LKR
Loss Prevention Investigator Insurance 1,235,600 LKR
Loss Prevention Manager Insurance 1,560,800 LKR
Loss Prevention Specialist Insurance 1,147,600 LKR
Marine Underwriter Insurance 854,300 LKR
Medical Auditor Insurance 1,130,200 LKR
Monitoring and Performance Officer Insurance 756,700 LKR
Payment Services Specialist Insurance 1,184,200 LKR
Policy Change Director Insurance 1,811,000 LKR
Policy Change Supervisor Insurance 1,259,300 LKR
Policy Change Technician Insurance 565,100 LKR
Risk Management Director Insurance 2,076,600 LKR
Risk Management Supervisor Insurance 1,345,400 LKR
Risk Manager Insurance 2,015,600 LKR
Risk Modeling Manager Insurance 2,015,600 LKR
Title Insurance Typist Insurance 925,900 LKR
Training Manager Insurance 1,283,600 LKR

Salary Comparison by City

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

City Average Salary
Colombo 1,421,150 LKR

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