Average Risk Modeling Manager Salary in Peru for 2024

In this article, we will look at the average Risk Modeling Manager salary for 2024 in Peru 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 Peruvian sol. To keep things simple, we are using the PEN currency code instead of the currency symbol S/ .

How Much Does a Risk Modeling Manager Make in Peru?

A Risk Modeling Manager working in Peru will typically earn around 168,100 PEN per year, and this can range from the lowest average salary of about 78,160 PEN to the highest average salary of 263,100 PEN.

Average Annual Salary
168,100 PEN
Average Monthly Salary
14,008 PEN

Lowest Annual Salary
78,160 PEN
Lowest Monthly Salary
6,513 PEN

Highest Annual Salary
263,100 PEN
Highest Monthly Salary
21,925 PEN

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

Risk Modeling 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 Modeling Manager Salaries in Peru

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

Salary ranges

We already know that a Risk Modeling Manager can earn between 78,160 PEN and 263,100 PEN on average in Peru. 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 Modeling Manager in Peru is 176,800 PEN. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 176,800 PEN, and 50% of the population earn more than 176,800 PEN.

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 Modeling Manager salary in Peru, 25% of the population are earning less than 115,520 PEN while 75% of the population earn more than 115,520 PEN.

75% of the population earn less than 232,400 PEN, and 25% of the population earn more than 232,400 PEN.

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 Modeling Manager Salary by Experience Level in Peru

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 modeling 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 Modeling Manager in Peru that has less than two years of experience can expect to earn somewhere in the region of 89,460 PEN.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Modeling Manager salary would increase to 124,400 PEN.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Modeling Manager, the average salary would be 175,900 PEN.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 215,100 PEN.
  • 15 - 20 Years Experience. A Risk Modeling Manager with 15 to 20 years of experience can earn an average of 227,600 PEN.
  • 20+ Years Experience. For a Risk Modeling Manager with more than 20 years, the expected average salary increases to 247,800 PEN.

Average Salary by Experience Chart

0-2 Years
89,460 PEN
2-5 Years +38%
124,400 PEN
5-10 Years +42%
175,900 PEN
10-15 Years +22%
215,100 PEN
15-20 Years +6%
227,600 PEN
20+ Years +9%
247,800 PEN

Risk Modeling Manager Salary by Education Level in Peru

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 Modeling Manager in Peru 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 Modeling Manager in Peru with a bachelor's degree education can earn an average salary of 124,400 PEN.

  • Master's Degree. A Risk Modeling Manager in Peru with a master's degree education can earn an average salary of 227,600 PEN.

Average Salary by Education Chart

Bachelor's Degree
124,400 PEN
Master's Degree +83%
227,600 PEN

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 Peru is around 37,700 to 113,000 PEN 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 Modeling 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 Peru, a male risk modeling manager will earn an average of 174,000 PEN, while a female risk modeling manager will earn around 159,400 PEN.

This means that a male risk modeling manager earns approximately 9% more than a female risk modeling manager for performing the same job.

Average Salary by Gender Chart in Peru

Male
174,000 PEN
Female -9%
159,400 PEN

Risk Modeling Manager Average Pay Raise in Peru

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 Modeling Manager in Peru is around 13% every 19 months.

The national average pay raise across all professions and industries in Peru 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 = ( 13 ÷ 19 ) × 12  = 8%

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

Annual Pay Raise by Industry in Peru for 2024

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

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 Modeling Manager Bonus and Incentive Rates in Peru

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 Modeling Manager is a high bonus based job, with 83% of employees reporting at least one bonus in the last 12 months.

17% 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
83%
No Bonus
17%

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 Peru earn approximately 10% more than private sector employees in the same role.

Public Sector
93,880 PEN
Private Sector -10%
85,700 PEN

Salaries for Jobs Similar to a Risk Modeling Manager

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

Job Title Category Salary
Actuarial Analyst Insurance 119,900 PEN
Actuarial Assistant Insurance 83,400 PEN
Actuarial Specialist Insurance 80,760 PEN
Actuary Insurance 118,200 PEN
Adjustment Insurance Clerk Insurance 32,620 PEN
Assistant Broker Insurance 54,560 PEN
Assistant Claims Manager Insurance 93,280 PEN
Associate Insurance Representative Insurance 46,040 PEN
Auditing Insurance Manager Insurance 136,100 PEN
Broker Insurance 83,100 PEN
Claim Advocacy Professional Insurance 89,340 PEN
Claims Adjuster Insurance 31,040 PEN
Claims Analyst Insurance 45,600 PEN
Claims Examiner Insurance 46,040 PEN
Claims Manager Insurance 127,700 PEN
Claims Processor Insurance 33,440 PEN
Claims Representative Insurance 37,380 PEN
Claims Resolution Specialist Insurance 93,600 PEN
Claims Supervisor Insurance 89,960 PEN
Complaints Specialist Insurance 85,020 PEN
Compliance Examiner Insurance 88,580 PEN
Compliance Officer Insurance 66,840 PEN
Compliance Reviewer Insurance 84,780 PEN
Consultant Insurance 89,960 PEN
Eligibility Interviewer Insurance 98,440 PEN
Eligibility Specialist Insurance 90,900 PEN
Insurance Account Manager Insurance 104,620 PEN
Insurance Accounts Executive Insurance 93,600 PEN
Insurance Adjuster Insurance 82,480 PEN
Insurance Agent Insurance 51,800 PEN
Insurance Analyst Insurance 84,800 PEN
Insurance Appraiser Insurance 88,260 PEN
Insurance Claims Clerk Insurance 32,620 PEN
Insurance Examiner Insurance 83,140 PEN
Insurance Investigator Insurance 83,400 PEN
Insurance Manager Insurance 151,800 PEN
Insurance Operations Manager Insurance 148,300 PEN
Insurance Policy Processing Clerk Insurance 31,180 PEN
Insurance Pricing Assistant Insurance 67,900 PEN
Insurance Program Manager Insurance 112,280 PEN
Insurance Project Manager Insurance 115,740 PEN
Insurance Quality Assurance Agent Insurance 78,160 PEN
Insurance Sales Agent Insurance 53,160 PEN
Insurance Sales Director Insurance 142,300 PEN
Insurance Sales Manager Insurance 112,760 PEN
Insurance Sales Representative Insurance 45,000 PEN
Insurance Team Leader Insurance 96,340 PEN
Insurance Underwriter Insurance 65,920 PEN
Loss Control Specialist Insurance 86,740 PEN
Loss Prevention Investigator Insurance 92,300 PEN
Loss Prevention Manager Insurance 123,400 PEN
Loss Prevention Specialist Insurance 96,680 PEN
Marine Underwriter Insurance 66,840 PEN
Medical Auditor Insurance 88,600 PEN
Monitoring and Performance Officer Insurance 62,460 PEN
Payment Services Specialist Insurance 88,260 PEN
Policy Change Director Insurance 130,400 PEN
Policy Change Supervisor Insurance 96,560 PEN
Policy Change Technician Insurance 44,180 PEN
Risk Analyst Insurance 103,600 PEN
Risk Management Director Insurance 172,200 PEN
Risk Management Supervisor Insurance 107,320 PEN
Risk Manager Insurance 172,200 PEN
Title Insurance Typist Insurance 79,260 PEN
Training Manager Insurance 98,820 PEN

Salary Comparison by City

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

City Average Salary
Arequipa 185,100 PEN
Chiclayo 168,100 PEN
Cusco 161,300 PEN
Huancayo 159,400 PEN
Iquitos 142,300 PEN
Lima 174,000 PEN
Trujillo 174,000 PEN

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