Average Risk Management Specialist Salary in Jersey for 2024

In this article, we will look at the average Risk Management Specialist salary for 2024 in Jersey 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 British pound. To keep things simple, we are using the GBP currency code instead of the currency symbol £.

How Much Does a Risk Management Specialist Make in Jersey?

A Risk Management Specialist working in Jersey will typically earn around 75,500 GBP per year, and this can range from the lowest average salary of about 34,960 GBP to the highest average salary of 119,080 GBP.

Average Annual Salary
75,500 GBP
Average Monthly Salary
6,291 GBP

Lowest Annual Salary
34,960 GBP
Lowest Monthly Salary
2,913 GBP

Highest Annual Salary
119,080 GBP
Highest Monthly Salary
9,923 GBP

These are average salaries for a Risk Management Specialist in Jersey 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 Jersey

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

Salary ranges

We already know that a Risk Management Specialist can earn between 34,960 GBP and 119,080 GBP on average in Jersey. 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 Jersey is 79,500 GBP. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 79,500 GBP, and 50% of the population earn more than 79,500 GBP.

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 Jersey, 25% of the population are earning less than 50,560 GBP while 75% of the population earn more than 50,560 GBP.

75% of the population earn less than 109,740 GBP, and 25% of the population earn more than 109,740 GBP.

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 Jersey

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 Jersey that has less than two years of experience can expect to earn somewhere in the region of 40,240 GBP.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Management Specialist salary would increase to 50,620 GBP.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Management Specialist, the average salary would be 78,500 GBP.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 93,220 GBP.
  • 15 - 20 Years Experience. A Risk Management Specialist with 15 to 20 years of experience can earn an average of 103,140 GBP.
  • 20+ Years Experience. For a Risk Management Specialist with more than 20 years, the expected average salary increases to 109,340 GBP.

Average Salary by Experience Chart

0-2 Years
40,240 GBP
2-5 Years +34%
50,620 GBP
5-10 Years +48%
78,500 GBP
10-15 Years +22%
93,220 GBP
15-20 Years +9%
103,140 GBP
20+ Years +8%
109,340 GBP

Risk Management Specialist Salary by Education Level in Jersey

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 Jersey 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 Jersey with a bachelor's degree education can earn an average salary of 43,800 GBP.

  • Master's Degree. A Risk Management Specialist in Jersey with a master's degree education can earn an average salary of 87,060 GBP.

Average Salary by Education Chart

Bachelor's Degree
43,800 GBP
Master's Degree +93%
87,060 GBP

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 Jersey is around 25,800 to 77,300 GBP 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 Jersey, a male risk management specialist will earn an average of 82,200 GBP, while a female risk management specialist will earn around 67,120 GBP.

This means that a male risk management specialist earns approximately 22% more than a female risk management specialist for performing the same job.

Average Salary by Gender Chart in Jersey

Male
82,200 GBP
Female -22%
67,120 GBP

Risk Management Specialist Average Pay Raise in Jersey

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 Jersey is around 10% every 27 months.

The national average pay raise across all professions and industries in Jersey 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 ÷ 27 ) × 12  = 4%

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

Annual Pay Raise by Industry in Jersey for 2024

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

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

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

Risk Management Specialist Bonus and Incentive Rates in Jersey

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 67% of employees reporting at least one bonus in the last 12 months.

33% 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
67%
No Bonus
33%

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 Jersey earn approximately 19% more than private sector employees in the same role.

Public Sector
66,840 GBP
Private Sector -19%
56,060 GBP

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 Jersey.

Job Title Category Salary
Assistant Business Development Manager Business Planning 88,260 GBP
Assistant Merchandise Planner Business Planning 50,580 GBP
Business Advisor Business Planning 79,000 GBP
Business Analyst Business Planning 77,860 GBP
Business Consultant Business Planning 77,120 GBP
Business Continuity Associate Business Planning 45,260 GBP
Business Developer Business Planning 53,860 GBP
Business Development Analyst Business Planning 56,100 GBP
Business Development Associate Business Planning 43,340 GBP
Business Development Coordinator Business Planning 44,180 GBP
Business Development Director Business Planning 109,740 GBP
Business Development Engineer Business Planning 60,020 GBP
Business Development Executive Business Planning 78,260 GBP
Business Development Manager Business Planning 105,800 GBP
Business Development Specialist Business Planning 71,400 GBP
Business Manager Business Planning 91,840 GBP
Business Operations Specialist Business Planning 75,100 GBP
Business Process Writer Business Planning 43,760 GBP
Business Systems Analyst Business Planning 76,440 GBP
Capacity Planner Business Planning 57,080 GBP
Capacity Planning Supervisor Business Planning 75,980 GBP
Change Communications Analyst Business Planning 72,260 GBP
Change Control Analyst Business Planning 75,220 GBP
Change Impact Analyst Business Planning 78,160 GBP
Contracts Executive Business Planning 79,280 GBP
Corporate Strategy Analyst Business Planning 78,940 GBP
Cost Control Engineer Business Planning 52,460 GBP
Cost Controller Business Planning 57,360 GBP
Cost Estimator Business Planning 50,620 GBP
Data Executive Business Planning 43,360 GBP
Data Manager Business Planning 58,280 GBP
Data Processing Manager Business Planning 68,360 GBP
Development Researcher Business Planning 58,000 GBP
Director of Business Development Business Planning 109,740 GBP
Director of Production Planning Business Planning 91,960 GBP
Due Diligence Analyst Business Planning 83,400 GBP
Estimating Manager Business Planning 88,600 GBP
General Manager Business Planning 93,220 GBP
Incident Handler Business Planning 56,880 GBP
Incident Specialist Business Planning 68,360 GBP
Lean Consultant Business Planning 56,460 GBP
Manager Business Planning 106,820 GBP
Marketing and Business Development Manager Business Planning 97,760 GBP
Materials Planner Business Planning 37,620 GBP
Merchandise Assistant Business Planning 31,040 GBP
Merchandise Controller Business Planning 31,980 GBP
Merchandise Planner Business Planning 32,900 GBP
Operations Analyst Business Planning 73,760 GBP
Operations Manager Business Planning 85,440 GBP
Operations Research Analyst Business Planning 47,540 GBP
Planning and Reporting Manager Business Planning 80,280 GBP
Planning Director Business Planning 98,540 GBP
Project Administrator Business Planning 50,020 GBP
Project Manager Business Planning 78,400 GBP
Project Planner Business Planning 48,640 GBP
Research Assistant Business Planning 44,300 GBP
Research Engineer Business Planning 49,200 GBP
Research Officer Business Planning 41,700 GBP
Scholarship Coordinator Business Planning 38,780 GBP
Store Planner Business Planning 38,140 GBP
Strategy Director Business Planning 109,000 GBP
Top Research and Development Executive Business Planning 116,180 GBP

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