Average Risk Manager Salary in Luxembourg for 2024

In this article, we will look at the average Risk Manager salary for 2024 in Luxembourg 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 Risk Manager Make in Luxembourg?

A Risk Manager working in Luxembourg will typically earn around 107,880 EUR per year, and this can range from the lowest average salary of about 49,020 EUR to the highest average salary of 172,200 EUR.

Average Annual Salary
107,880 EUR
Average Monthly Salary
8,990 EUR

Lowest Annual Salary
49,020 EUR
Lowest Monthly Salary
4,085 EUR

Highest Annual Salary
172,200 EUR
Highest Monthly Salary
14,350 EUR

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

Risk 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 Risk Manager Salaries in Luxembourg

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

Salary ranges

We already know that a Risk Manager can earn between 49,020 EUR and 172,200 EUR on average in Luxembourg. 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 Manager in Luxembourg is 116,740 EUR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 116,740 EUR, and 50% of the population earn more than 116,740 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 Risk Manager salary in Luxembourg, 25% of the population are earning less than 77,380 EUR while 75% of the population earn more than 77,380 EUR.

75% of the population earn less than 159,100 EUR, and 25% of the population earn more than 159,100 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.

Risk Manager Salary by Experience Level in Luxembourg

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 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 Risk Manager in Luxembourg that has less than two years of experience can expect to earn somewhere in the region of 56,640 EUR.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Manager salary would increase to 77,640 EUR.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Manager, the average salary would be 114,940 EUR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 139,100 EUR.
  • 15 - 20 Years Experience. A Risk Manager with 15 to 20 years of experience can earn an average of 151,800 EUR.
  • 20+ Years Experience. For a Risk Manager with more than 20 years, the expected average salary increases to 161,600 EUR.

Average Salary by Experience Chart

0-2 Years
56,640 EUR
2-5 Years +34%
77,640 EUR
5-10 Years +48%
114,940 EUR
10-15 Years +22%
139,100 EUR
15-20 Years +9%
151,800 EUR
20+ Years +8%
161,600 EUR

Risk Manager Salary by Education Level in Luxembourg

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 Manager in Luxembourg 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 Manager in Luxembourg with a bachelor's degree education can earn an average salary of 66,100 EUR.

  • Master's Degree. A Risk Manager in Luxembourg with a master's degree education can earn an average salary of 129,000 EUR.

Average Salary by Education Chart

Bachelor's Degree
66,100 EUR
Master's Degree +93%
129,000 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 Luxembourg is around 24,600 to 73,700 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.

Risk 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 Luxembourg, a male risk manager will earn an average of 112,620 EUR, while a female risk manager will earn around 105,940 EUR.

This means that a male risk manager earns approximately 6% more than a female risk manager for performing the same job.

Average Salary by Gender Chart in Luxembourg

Male
112,620 EUR
Female -6%
105,940 EUR

Risk Manager Average Pay Raise in Luxembourg

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 Manager in Luxembourg is around 12% every 19 months.

The national average pay raise across all professions and industries in Luxembourg is around 8% 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 ÷ 19 ) × 12  = 8%

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

Annual Pay Raise by Industry in Luxembourg for 2024

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

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

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Risk Manager Bonus and Incentive Rates in Luxembourg

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 Manager is a high bonus based job, with 86% of employees reporting at least one bonus in the last 12 months.

14% 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
86%
No Bonus
14%

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 Luxembourg earn approximately 7% more than private sector employees in the same role.

Public Sector
60,340 EUR
Private Sector -7%
56,460 EUR

Salaries for Jobs Similar to a Risk Manager

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

Job Title Category Salary
Actuarial Analyst Insurance 79,260 EUR
Actuarial Assistant Insurance 57,900 EUR
Actuarial Specialist Insurance 57,860 EUR
Actuary Insurance 83,140 EUR
Adjustment Insurance Clerk Insurance 21,560 EUR
Assistant Broker Insurance 40,240 EUR
Assistant Claims Manager Insurance 61,840 EUR
Associate Insurance Representative Insurance 28,680 EUR
Auditing Insurance Manager Insurance 88,620 EUR
Broker Insurance 60,020 EUR
Claim Advocacy Professional Insurance 61,780 EUR
Claims Adjuster Insurance 20,760 EUR
Claims Analyst Insurance 34,080 EUR
Claims Examiner Insurance 28,680 EUR
Claims Manager Insurance 83,200 EUR
Claims Processor Insurance 20,760 EUR
Claims Representative Insurance 27,380 EUR
Claims Resolution Specialist Insurance 61,840 EUR
Claims Supervisor Insurance 62,060 EUR
Complaints Specialist Insurance 57,080 EUR
Compliance Examiner Insurance 58,240 EUR
Compliance Officer Insurance 45,720 EUR
Compliance Reviewer Insurance 51,900 EUR
Consultant Insurance 62,060 EUR
Eligibility Interviewer Insurance 62,860 EUR
Eligibility Specialist Insurance 57,320 EUR
Insurance Account Manager Insurance 77,380 EUR
Insurance Accounts Executive Insurance 61,840 EUR
Insurance Adjuster Insurance 55,940 EUR
Insurance Agent Insurance 34,360 EUR
Insurance Analyst Insurance 57,320 EUR
Insurance Appraiser Insurance 58,280 EUR
Insurance Claims Clerk Insurance 20,760 EUR
Insurance Examiner Insurance 57,080 EUR
Insurance Investigator Insurance 55,220 EUR
Insurance Manager Insurance 103,900 EUR
Insurance Operations Manager Insurance 99,080 EUR
Insurance Policy Processing Clerk Insurance 20,460 EUR
Insurance Pricing Assistant Insurance 47,760 EUR
Insurance Program Manager Insurance 76,280 EUR
Insurance Project Manager Insurance 78,160 EUR
Insurance Quality Assurance Agent Insurance 50,980 EUR
Insurance Sales Agent Insurance 35,000 EUR
Insurance Sales Director Insurance 97,300 EUR
Insurance Sales Manager Insurance 80,060 EUR
Insurance Sales Representative Insurance 34,080 EUR
Insurance Team Leader Insurance 64,720 EUR
Insurance Underwriter Insurance 47,180 EUR
Loss Control Specialist Insurance 58,860 EUR
Loss Prevention Investigator Insurance 62,860 EUR
Loss Prevention Manager Insurance 85,460 EUR
Loss Prevention Specialist Insurance 61,580 EUR
Marine Underwriter Insurance 47,180 EUR
Medical Auditor Insurance 58,800 EUR
Monitoring and Performance Officer Insurance 40,640 EUR
Payment Services Specialist Insurance 61,780 EUR
Policy Change Director Insurance 95,860 EUR
Policy Change Supervisor Insurance 66,140 EUR
Policy Change Technician Insurance 29,540 EUR
Risk Analyst Insurance 67,360 EUR
Risk Management Director Insurance 120,880 EUR
Risk Management Supervisor Insurance 70,880 EUR
Risk Modeling Manager Insurance 112,660 EUR
Title Insurance Typist Insurance 49,200 EUR
Training Manager Insurance 68,900 EUR

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