Average Risk Management Specialist Salary in Guyana for 2024

In this article, we will look at the average Risk Management Specialist salary for 2024 in Guyana 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 Guyanese dollar. To keep things simple, we are using the GYD currency code instead of the currency symbol $.

How Much Does a Risk Management Specialist Make in Guyana?

A Risk Management Specialist working in Guyana will typically earn around 2,254,400 GYD per year, and this can range from the lowest average salary of about 1,104,400 GYD to the highest average salary of 3,514,400 GYD.

Average Annual Salary
2,254,400 GYD
Average Monthly Salary
187,866 GYD

Lowest Annual Salary
1,104,400 GYD
Lowest Monthly Salary
92,033 GYD

Highest Annual Salary
3,514,400 GYD
Highest Monthly Salary
292,866 GYD

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

Risk Management 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 Risk Management Specialist Salaries in Guyana

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

Salary ranges

We already know that a Risk Management Specialist can earn between 1,104,400 GYD and 3,514,400 GYD on average in Guyana. 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 Management Specialist in Guyana is 2,290,300 GYD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 2,290,300 GYD, and 50% of the population earn more than 2,290,300 GYD.

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 Management Specialist salary in Guyana, 25% of the population are earning less than 1,524,300 GYD while 75% of the population earn more than 1,524,300 GYD.

75% of the population earn less than 2,964,800 GYD, and 25% of the population earn more than 2,964,800 GYD.

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 Management Specialist Salary by Experience Level in Guyana

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 management 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 Risk Management Specialist in Guyana that has less than two years of experience can expect to earn somewhere in the region of 1,306,100 GYD.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Management Specialist salary would increase to 1,678,300 GYD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Management Specialist, the average salary would be 2,314,800 GYD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 2,868,600 GYD.
  • 15 - 20 Years Experience. A Risk Management Specialist with 15 to 20 years of experience can earn an average of 3,085,500 GYD.
  • 20+ Years Experience. For a Risk Management Specialist with more than 20 years, the expected average salary increases to 3,288,400 GYD.

Average Salary by Experience Chart

0-2 Years
1,306,100 GYD
2-5 Years +29%
1,678,300 GYD
5-10 Years +38%
2,314,800 GYD
10-15 Years +24%
2,868,600 GYD
15-20 Years +7%
3,085,500 GYD
20+ Years +7%
3,288,400 GYD

Risk Management Specialist Salary by Education Level in Guyana

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 Management Specialist in Guyana 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 Management Specialist in Guyana with a bachelor's degree education can earn an average salary of 1,632,100 GYD.

  • Master's Degree. A Risk Management Specialist in Guyana with a master's degree education can earn an average salary of 2,617,900 GYD.

Average Salary by Education Chart

Bachelor's Degree
1,632,100 GYD
Master's Degree +60%
2,617,900 GYD

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 Guyana is around 876,000 to 2,630,000 GYD 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 Management 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 Guyana, a male risk management specialist will earn an average of 2,327,100 GYD, while a female risk management specialist will earn around 2,146,100 GYD.

This means that a male risk management specialist earns approximately 8% more than a female risk management specialist for performing the same job.

Average Salary by Gender Chart in Guyana

Male
2,327,100 GYD
Female -8%
2,146,100 GYD

Risk Management Specialist Average Pay Raise in Guyana

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 Management Specialist in Guyana is around 9% every 28 months.

The national average pay raise across all professions and industries in Guyana 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 = ( 9 ÷ 28 ) × 12  = 4%

What this means is that a Risk Management Specialist in Guyana can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Guyana for 2024

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

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

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

Risk Management Specialist Bonus and Incentive Rates in Guyana

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 Management Specialist is a moderate bonus based job, with 63% of employees reporting at least one bonus in the last 12 months.

37% 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
63%
No Bonus
37%

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 Guyana earn approximately 14% more than private sector employees in the same role.

Public Sector
2,266,400 GYD
Private Sector -14%
1,990,300 GYD

Salaries for Jobs Similar to a Risk Management Specialist

In the table below, we have salary information for jobs that are similar to a Risk Management Specialist in Guyana.

Job Title Category Salary
Assistant Business Development Manager Business Planning 2,698,900 GYD
Assistant Merchandise Planner Business Planning 1,594,500 GYD
Business Advisor Business Planning 2,617,900 GYD
Business Analyst Business Planning 2,566,100 GYD
Business Consultant Business Planning 2,485,800 GYD
Business Continuity Associate Business Planning 1,464,200 GYD
Business Developer Business Planning 1,655,500 GYD
Business Development Analyst Business Planning 1,870,400 GYD
Business Development Associate Business Planning 1,320,500 GYD
Business Development Coordinator Business Planning 1,345,400 GYD
Business Development Director Business Planning 3,622,400 GYD
Business Development Engineer Business Planning 2,003,200 GYD
Business Development Executive Business Planning 2,605,500 GYD
Business Development Manager Business Planning 3,168,300 GYD
Business Development Specialist Business Planning 2,362,300 GYD
Business Manager Business Planning 2,854,700 GYD
Business Operations Specialist Business Planning 2,314,800 GYD
Business Process Writer Business Planning 1,345,400 GYD
Business Systems Analyst Business Planning 2,374,400 GYD
Capacity Planner Business Planning 1,765,300 GYD
Capacity Planning Supervisor Business Planning 2,339,200 GYD
Change Communications Analyst Business Planning 2,197,700 GYD
Change Control Analyst Business Planning 2,230,100 GYD
Change Impact Analyst Business Planning 2,242,500 GYD
Contracts Executive Business Planning 2,447,200 GYD
Corporate Strategy Analyst Business Planning 2,389,200 GYD
Cost Control Engineer Business Planning 1,524,300 GYD
Cost Controller Business Planning 1,716,600 GYD
Cost Estimator Business Planning 1,678,300 GYD
Data Executive Business Planning 1,249,900 GYD
Data Manager Business Planning 1,846,200 GYD
Data Processing Manager Business Planning 2,314,800 GYD
Development Researcher Business Planning 1,858,200 GYD
Director of Business Development Business Planning 3,455,900 GYD
Director of Production Planning Business Planning 2,964,800 GYD
Due Diligence Analyst Business Planning 2,641,300 GYD
Estimating Manager Business Planning 2,662,900 GYD
General Manager Business Planning 3,071,100 GYD
Incident Handler Business Planning 1,751,700 GYD
Incident Specialist Business Planning 2,136,200 GYD
Lean Consultant Business Planning 1,788,300 GYD
Manager Business Planning 3,395,900 GYD
Marketing and Business Development Manager Business Planning 2,878,300 GYD
Materials Planner Business Planning 1,070,600 GYD
Merchandise Assistant Business Planning 1,095,900 GYD
Merchandise Controller Business Planning 1,088,600 GYD
Merchandise Planner Business Planning 1,064,100 GYD
Operations Analyst Business Planning 2,207,600 GYD
Operations Manager Business Planning 2,662,900 GYD
Operations Research Analyst Business Planning 1,510,400 GYD
Planning and Reporting Manager Business Planning 2,629,100 GYD
Planning Director Business Planning 3,156,400 GYD
Project Administrator Business Planning 1,621,400 GYD
Project Manager Business Planning 2,471,700 GYD
Project Planner Business Planning 1,500,800 GYD
Research Assistant Business Planning 1,296,900 GYD
Research Engineer Business Planning 1,570,900 GYD
Research Officer Business Planning 1,212,800 GYD
Scholarship Coordinator Business Planning 1,184,200 GYD
Store Planner Business Planning 1,224,800 GYD
Strategy Director Business Planning 3,539,100 GYD
Top Research and Development Executive Business Planning 3,781,400 GYD

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