Average Risk Modeling Manager Salary in Tanzania for 2024

In this article, we will look at the average Risk Modeling Manager salary for 2024 in Tanzania 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 Tanzanian shilling. To keep things simple, we are using the TZS currency code instead of the currency symbol Sh.

How Much Does a Risk Modeling Manager Make in Tanzania?

A Risk Modeling Manager working in Tanzania will typically earn around 30,479,000 TZS per year, and this can range from the lowest average salary of about 14,639,900 TZS to the highest average salary of 47,880,300 TZS.

Average Annual Salary
30,479,000 TZS
Average Monthly Salary
2,539,916 TZS

Lowest Annual Salary
14,639,900 TZS
Lowest Monthly Salary
1,219,991 TZS

Highest Annual Salary
47,880,300 TZS
Highest Monthly Salary
3,990,025 TZS

These are average salaries for a Risk Modeling Manager in Tanzania 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 Tanzania

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

Salary ranges

We already know that a Risk Modeling Manager can earn between 14,639,900 TZS and 47,880,300 TZS on average in Tanzania. 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 Tanzania is 31,678,800 TZS. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 31,678,800 TZS, and 50% of the population earn more than 31,678,800 TZS.

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 Tanzania, 25% of the population are earning less than 20,878,800 TZS while 75% of the population earn more than 20,878,800 TZS.

75% of the population earn less than 41,399,600 TZS, and 25% of the population earn more than 41,399,600 TZS.

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 Tanzania

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 Tanzania that has less than two years of experience can expect to earn somewhere in the region of 17,159,700 TZS.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Modeling Manager salary would increase to 24,239,000 TZS.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Modeling Manager, the average salary would be 31,919,300 TZS.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 39,241,100 TZS.
  • 15 - 20 Years Experience. A Risk Modeling Manager with 15 to 20 years of experience can earn an average of 41,638,700 TZS.
  • 20+ Years Experience. For a Risk Modeling Manager with more than 20 years, the expected average salary increases to 45,719,900 TZS.

Average Salary by Experience Chart

0-2 Years
17,159,700 TZS
2-5 Years +42%
24,239,000 TZS
5-10 Years +31%
31,919,300 TZS
10-15 Years +23%
39,241,100 TZS
15-20 Years +6%
41,638,700 TZS
20+ Years +10%
45,719,900 TZS

Risk Modeling Manager Salary by Education Level in Tanzania

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 Tanzania 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 Tanzania with a bachelor's degree education can earn an average salary of 26,880,900 TZS.

  • Master's Degree. A Risk Modeling Manager in Tanzania with a master's degree education can earn an average salary of 38,521,100 TZS.

Average Salary by Education Chart

Bachelor's Degree
26,880,900 TZS
Master's Degree +43%
38,521,100 TZS

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 Tanzania is around 6,310,000 to 18,900,000 TZS 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 Tanzania, a male risk modeling manager will earn an average of 31,919,300 TZS, while a female risk modeling manager will earn around 29,641,500 TZS.

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

Average Salary by Gender Chart in Tanzania

Male
31,919,300 TZS
Female -8%
29,641,500 TZS

Risk Modeling Manager Average Pay Raise in Tanzania

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 Tanzania is around 12% every 20 months.

The national average pay raise across all professions and industries in Tanzania is around 8% every 18 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 ÷ 20 ) × 12  = 7%

What this means is that a Risk Modeling Manager in Tanzania can expect to receive an average pay raise of around 7% every 12 months.

Annual Pay Raise by Industry in Tanzania for 2024

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

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

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Risk Modeling Manager Bonus and Incentive Rates in Tanzania

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

Public Sector
15,838,200 TZS
Private Sector -7%
14,760,200 TZS

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 Tanzania.

Job Title Category Salary
Actuarial Analyst Insurance 21,121,400 TZS
Actuarial Assistant Insurance 15,118,700 TZS
Actuarial Specialist Insurance 15,480,300 TZS
Actuary Insurance 21,478,100 TZS
Adjustment Insurance Clerk Insurance 5,784,200 TZS
Assistant Broker Insurance 9,744,400 TZS
Assistant Claims Manager Insurance 16,561,800 TZS
Associate Insurance Representative Insurance 8,232,100 TZS
Auditing Insurance Manager Insurance 23,520,800 TZS
Broker Insurance 15,599,800 TZS
Claim Advocacy Professional Insurance 16,198,300 TZS
Claims Adjuster Insurance 5,952,700 TZS
Claims Analyst Insurance 8,448,800 TZS
Claims Examiner Insurance 8,568,100 TZS
Claims Manager Insurance 21,361,700 TZS
Claims Processor Insurance 5,698,400 TZS
Claims Representative Insurance 7,224,700 TZS
Claims Resolution Specialist Insurance 17,640,500 TZS
Claims Supervisor Insurance 15,360,400 TZS
Complaints Specialist Insurance 15,118,700 TZS
Compliance Examiner Insurance 15,238,200 TZS
Compliance Officer Insurance 13,079,500 TZS
Compliance Reviewer Insurance 15,238,200 TZS
Consultant Insurance 16,079,800 TZS
Eligibility Interviewer Insurance 17,519,700 TZS
Eligibility Specialist Insurance 15,838,200 TZS
Insurance Account Manager Insurance 19,200,400 TZS
Insurance Accounts Executive Insurance 17,278,100 TZS
Insurance Adjuster Insurance 13,919,600 TZS
Insurance Agent Insurance 9,538,800 TZS
Insurance Analyst Insurance 15,599,800 TZS
Insurance Appraiser Insurance 16,320,700 TZS
Insurance Claims Clerk Insurance 5,555,200 TZS
Insurance Examiner Insurance 13,919,600 TZS
Insurance Investigator Insurance 14,519,400 TZS
Insurance Manager Insurance 26,639,300 TZS
Insurance Operations Manager Insurance 27,241,100 TZS
Insurance Policy Processing Clerk Insurance 5,794,900 TZS
Insurance Pricing Assistant Insurance 11,998,600 TZS
Insurance Program Manager Insurance 19,558,300 TZS
Insurance Project Manager Insurance 20,400,600 TZS
Insurance Quality Assurance Agent Insurance 13,079,500 TZS
Insurance Sales Agent Insurance 9,409,200 TZS
Insurance Sales Director Insurance 26,158,200 TZS
Insurance Sales Manager Insurance 19,558,300 TZS
Insurance Sales Representative Insurance 8,352,700 TZS
Insurance Team Leader Insurance 16,320,700 TZS
Insurance Underwriter Insurance 11,974,500 TZS
Loss Control Specialist Insurance 15,480,300 TZS
Loss Prevention Investigator Insurance 16,918,700 TZS
Loss Prevention Manager Insurance 21,719,900 TZS
Loss Prevention Specialist Insurance 16,198,300 TZS
Marine Underwriter Insurance 11,557,500 TZS
Medical Auditor Insurance 15,719,900 TZS
Monitoring and Performance Officer Insurance 11,113,100 TZS
Payment Services Specialist Insurance 16,320,700 TZS
Policy Change Director Insurance 25,321,400 TZS
Policy Change Supervisor Insurance 17,758,500 TZS
Policy Change Technician Insurance 7,285,700 TZS
Risk Analyst Insurance 17,278,100 TZS
Risk Management Director Insurance 30,360,800 TZS
Risk Management Supervisor Insurance 19,921,600 TZS
Risk Manager Insurance 30,001,600 TZS
Title Insurance Typist Insurance 13,798,900 TZS
Training Manager Insurance 17,039,100 TZS

Salary Comparison by City

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

City Average Salary
Dar es Salaam 31,201,500 TZS
Dodoma 27,118,300 TZS
Mwanza 29,761,800 TZS

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