Average Tax Analyst Salary in Bermuda for 2024

In this article, we will look at the average Tax Analyst salary for 2024 in Bermuda 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 Bermudian dollar. To keep things simple, we are using the BMD currency code instead of the currency symbol $.

How Much Does a Tax Analyst Make in Bermuda?

A Tax Analyst working in Bermuda will typically earn around 21,540 BMD per year, and this can range from the lowest average salary of about 9,440 BMD to the highest average salary of 32,200 BMD.

Average Annual Salary
21,540 BMD
Average Monthly Salary
1,795 BMD

Lowest Annual Salary
9,440 BMD
Lowest Monthly Salary
786 BMD

Highest Annual Salary
32,200 BMD
Highest Monthly Salary
2,683 BMD

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

Tax Analyst 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 Tax Analyst Salaries in Bermuda

So we've looked at the average salaries a Tax Analyst will earn in Bermuda. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Tax Analyst can earn between 9,440 BMD and 32,200 BMD on average in Bermuda. 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 Tax Analyst in Bermuda is 20,000 BMD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 20,000 BMD, and 50% of the population earn more than 20,000 BMD.

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 Tax Analyst salary in Bermuda, 25% of the population are earning less than 12,620 BMD while 75% of the population earn more than 12,620 BMD.

75% of the population earn less than 28,900 BMD, and 25% of the population earn more than 28,900 BMD.

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.

Tax Analyst Salary by Experience Level in Bermuda

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 tax analyst 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 Tax Analyst in Bermuda that has less than two years of experience can expect to earn somewhere in the region of 9,740 BMD.
  • 2 - 5 Years Experience. With two to five years of experience the average Tax Analyst salary would increase to 12,620 BMD.
  • 5 - 10 Years Experience. From five to ten years of experience as a Tax Analyst, the average salary would be 20,940 BMD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 23,700 BMD.
  • 15 - 20 Years Experience. A Tax Analyst with 15 to 20 years of experience can earn an average of 26,660 BMD.
  • 20+ Years Experience. For a Tax Analyst with more than 20 years, the expected average salary increases to 31,540 BMD.

Average Salary by Experience Chart

0-2 Years
9,740 BMD
2-5 Years +33%
12,620 BMD
5-10 Years +48%
20,940 BMD
10-15 Years +22%
23,700 BMD
15-20 Years +9%
26,660 BMD
20+ Years +8%
31,540 BMD

Tax Analyst Salary by Education Level in Bermuda

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 Tax Analyst in Bermuda based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Tax Analyst in Bermuda with a high school education can earn an average salary of 13,540 BMD.

  • Certificate or Diploma. A Tax Analyst in Bermuda with a certificate or diploma education can earn an average salary of 17,020 BMD.

  • Bachelor's Degree. A Tax Analyst in Bermuda with a bachelor's degree education can earn an average salary of 19,940 BMD.

  • Master's Degree. A Tax Analyst in Bermuda with a master's degree education can earn an average salary of 27,480 BMD.

Average Salary by Education Chart

High School
13,540 BMD
Certificate or Diploma +18%
17,020 BMD
Bachelor's Degree +45%
19,940 BMD
Master's Degree +31%
27,480 BMD

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 Bermuda is around 7,970 to 23,900 BMD 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.

Tax Analyst 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 Bermuda, a male tax analyst will earn an average of 23,520 BMD, while a female tax analyst will earn around 19,640 BMD.

This means that a male tax analyst earns approximately 20% more than a female tax analyst for performing the same job.

Average Salary by Gender Chart in Bermuda

Male
23,520 BMD
Female -20%
19,640 BMD

Tax Analyst Average Pay Raise in Bermuda

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 Tax Analyst in Bermuda is around 8% every 28 months.

The national average pay raise across all professions and industries in Bermuda 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 = ( 8 ÷ 28 ) × 12  = 3%

What this means is that a Tax Analyst in Bermuda can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Bermuda for 2024

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

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

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

Tax Analyst Bonus and Incentive Rates in Bermuda

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 Tax Analyst is a low bonus based job, with 41% of employees reporting at least one bonus in the last 12 months.

59% 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 2% to 7%.

Received Bonus
41%
No Bonus
59%

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 Bermuda earn approximately 33% more than private sector employees in the same role.

Public Sector
21,540 BMD
Private Sector -33%
16,140 BMD

Salaries for Jobs Similar to a Tax Analyst

In the table below, we have salary information for jobs that are similar to a Tax Analyst in Bermuda.

Job Title Category Salary
Account Examiner Accounting and Finance 9,740 BMD
Account Executive Accounting and Finance 15,300 BMD
Accountant Accounting and Finance 14,540 BMD
Accounting Analyst Accounting and Finance 18,780 BMD
Accounting Assistant Accounting and Finance 12,300 BMD
Accounting Associate Accounting and Finance 7,820 BMD
Accounting Clerk Accounting and Finance 8,780 BMD
Accounting Coordinator Accounting and Finance 10,980 BMD
Accounting Head Accounting and Finance 25,440 BMD
Accounting Manager Accounting and Finance 29,840 BMD
Accounting Officer Accounting and Finance 8,880 BMD
Accounting Specialist Accounting and Finance 19,220 BMD
Accounting Supervisor Accounting and Finance 18,940 BMD
Accounting Technician Accounting and Finance 9,440 BMD
Accounting Unit Controller Accounting and Finance 25,220 BMD
Accounts Executive Accounting and Finance 15,700 BMD
Accounts Officer Accounting and Finance 8,880 BMD
Accounts Payable and Receivable Specialist Accounting and Finance 14,200 BMD
Accounts Payable Assistant Accounting and Finance 10,080 BMD
Accounts Payable Associate Accounting and Finance 13,700 BMD
Accounts Payable Clerk Accounting and Finance 11,300 BMD
Accounts Payable Manager Accounting and Finance 29,540 BMD
Accounts Receivable Administrator Accounting and Finance 21,020 BMD
Accounts Receivable Clerk Accounting and Finance 8,880 BMD
Accounts Receivable Financial Analyst Accounting and Finance 19,480 BMD
Accounts Receivable Manager Accounting and Finance 24,720 BMD
Accounts Receivable Team Leader Accounting and Finance 21,020 BMD
Assistant Accountant Accounting and Finance 12,300 BMD
Assistant Accounting Manager Accounting and Finance 24,800 BMD
Assistant Auditor Accounting and Finance 12,580 BMD
Assistant Corporate Controller Accounting and Finance 17,740 BMD
Assistant Finance Manager Accounting and Finance 27,480 BMD
Assistant Financial Controller Accounting and Finance 17,760 BMD
Audit Director Accounting and Finance 31,080 BMD
Audit Supervisor Accounting and Finance 25,940 BMD
Auditing Clerk Accounting and Finance 8,880 BMD
Auditing Manager Accounting and Finance 26,400 BMD
Billing Clerk Accounting and Finance 12,840 BMD
Billing Coordinator Accounting and Finance 11,040 BMD
Billing Specialist Accounting and Finance 17,020 BMD
Billing Supervisor Accounting and Finance 19,160 BMD
Bookkeeper Accounting and Finance 7,080 BMD
Bookkeeping Specialist Accounting and Finance 13,700 BMD
Budget Analyst Accounting and Finance 23,480 BMD
Budget Manager Accounting and Finance 27,560 BMD
Business Support Analyst Accounting and Finance 16,400 BMD
Capital Markets Associate Accounting and Finance 20,000 BMD
Cash Flow Analyst Accounting and Finance 20,500 BMD
Cash Management Manager Accounting and Finance 25,440 BMD
Cash Management Officer Accounting and Finance 14,140 BMD
Cashbook Clerk Accounting and Finance 10,380 BMD
Chartered Accountant Accounting and Finance 19,200 BMD
Chief Accountant Accounting and Finance 19,160 BMD
Collections Clerk Accounting and Finance 8,960 BMD
Collections Representative Accounting and Finance 12,520 BMD
Collections Specialist Accounting and Finance 14,840 BMD
Corporate Controller Accounting and Finance 23,520 BMD
Corporate Treasurer Accounting and Finance 28,180 BMD
Cost Accountant Accounting and Finance 12,240 BMD
Cost Accounting Manager Accounting and Finance 25,720 BMD
Cost Accounting Supervisor Accounting and Finance 20,000 BMD
Cost Analyst Accounting and Finance 19,940 BMD
Credit and Collection Manager Accounting and Finance 28,720 BMD
Credit and Collection Staff Accounting and Finance 12,840 BMD
Credit and Loans Officer Accounting and Finance 9,980 BMD
Credit Controller Accounting and Finance 19,640 BMD
Credit Manager Accounting and Finance 28,680 BMD
Debt Adviser Accounting and Finance 21,980 BMD
Debt Collector Accounting and Finance 10,080 BMD
Debtors Clerk Accounting and Finance 10,320 BMD
Debtors Controller Accounting and Finance 8,880 BMD
Deputy CFO Accounting and Finance 38,140 BMD
Deputy Head of Finance Accounting and Finance 40,140 BMD
Derivative Trader Accounting and Finance 23,140 BMD
Director of Finance Accounting and Finance 42,320 BMD
Economist Accounting and Finance 31,040 BMD
Equity Analyst Accounting and Finance 23,700 BMD
Escrow Assistant Accounting and Finance 12,180 BMD
Executive Accountant Accounting and Finance 15,580 BMD
External Auditor Accounting and Finance 18,940 BMD
Finance Administrator Accounting and Finance 15,760 BMD
Finance Analyst Accounting and Finance 25,680 BMD
Finance Associate Accounting and Finance 11,040 BMD
Finance Director Accounting and Finance 43,360 BMD
Finance Executive Accounting and Finance 29,320 BMD
Finance Licensing Clerk Accounting and Finance 10,380 BMD
Finance Licensing Manager Accounting and Finance 24,200 BMD
Finance Licensing Specialist Accounting and Finance 13,100 BMD
Finance Manager Accounting and Finance 35,420 BMD
Finance Officer Accounting and Finance 11,360 BMD
Finance President Accounting and Finance 38,780 BMD
Finance Relationship Manager Accounting and Finance 31,180 BMD
Finance Release Analyst Accounting and Finance 15,580 BMD
Finance Specialist Accounting and Finance 20,760 BMD
Finance Team Leader Accounting and Finance 29,600 BMD
Financial Accountant Accounting and Finance 12,580 BMD
Financial Actuary Accounting and Finance 19,060 BMD
Financial Administrator Accounting and Finance 23,520 BMD
Financial Advisor Accounting and Finance 27,020 BMD
Financial Analyst Accounting and Finance 23,480 BMD
Financial Applications Specialist Accounting and Finance 15,380 BMD
Financial Assistant Accounting and Finance 12,840 BMD
Financial Associate Accounting and Finance 10,220 BMD
Financial Associate Accounting and Finance 11,880 BMD
Financial Claims Analyst Accounting and Finance 16,140 BMD
Financial Claims Manager Accounting and Finance 23,480 BMD
Financial Claims Supervisor Accounting and Finance 21,300 BMD
Financial Clerk Accounting and Finance 12,020 BMD
Financial Commercial Analyst Accounting and Finance 20,520 BMD
Financial Compliance Analyst Accounting and Finance 20,460 BMD
Financial Consultant Accounting and Finance 17,740 BMD
Financial Controller Accounting and Finance 22,540 BMD
Financial Controller Accounting and Finance 23,400 BMD
Financial Coordinator Accounting and Finance 13,060 BMD
Financial Customer Service Manager Accounting and Finance 23,140 BMD
Financial Dealer and Broker Accounting and Finance 15,580 BMD
Financial Director Accounting and Finance 43,480 BMD
Financial Encoder Accounting and Finance 11,040 BMD
Financial Manager Accounting and Finance 36,020 BMD
Financial Manager Accounting and Finance 40,240 BMD
Financial Operations Manager Accounting and Finance 35,340 BMD
Financial Policy Analyst Accounting and Finance 19,940 BMD
Financial Project Manager Accounting and Finance 28,180 BMD
Financial Quantitative Analyst Accounting and Finance 23,660 BMD
Financial Reporting Consultant Accounting and Finance 19,380 BMD
Financial Reporting Manager Accounting and Finance 26,500 BMD
Financial Section Head Accounting and Finance 24,720 BMD
Financial Services Manager Accounting and Finance 36,800 BMD
Financial Services Sales Agent Accounting and Finance 14,200 BMD
Fixed Assets Administrator Accounting and Finance 12,240 BMD
Forensic Accountant Accounting and Finance 15,760 BMD
Fraud Detection Supervisor Accounting and Finance 15,300 BMD
Fraud Prevention Manager Accounting and Finance 29,840 BMD
Fund Accountant Accounting and Finance 11,880 BMD
Grants Coordinator Accounting and Finance 9,460 BMD
Group Financial Manager Accounting and Finance 42,460 BMD
Internal Auditor Accounting and Finance 18,280 BMD
Internal Control Adviser Accounting and Finance 21,560 BMD
Internal Control Officer Accounting and Finance 12,620 BMD
International Tax Director Accounting and Finance 32,420 BMD
Inventory Accountant Accounting and Finance 12,240 BMD
Investment Advisor Accounting and Finance 37,200 BMD
Investment Analyst Accounting and Finance 25,660 BMD
Investment Associate Accounting and Finance 21,300 BMD
Investment Broker Accounting and Finance 24,280 BMD
Investment Fund Manager Accounting and Finance 29,160 BMD
Investment Operations Manager Accounting and Finance 32,200 BMD
Investment Underwriter Accounting and Finance 12,620 BMD
Investor Accounting and Finance 19,640 BMD
Investor Relations Manager Accounting and Finance 27,300 BMD
KYC Team Leader Accounting and Finance 29,040 BMD
Loan Processor Accounting and Finance 12,840 BMD
Management Accountant Accounting and Finance 17,260 BMD
Management Economist Accounting and Finance 31,400 BMD
Paymaster Accounting and Finance 12,760 BMD
Payroll Administrator Accounting and Finance 20,120 BMD
Payroll Benefits Coordinator Accounting and Finance 14,660 BMD
Payroll Billing Manager Accounting and Finance 25,680 BMD
Payroll Clerk Accounting and Finance 10,000 BMD
Payroll Manager Accounting and Finance 24,800 BMD
Payroll Officer Accounting and Finance 11,040 BMD
Payroll Specialist Accounting and Finance 13,100 BMD
Payroll Supervisor Accounting and Finance 15,920 BMD
Pensions Administrator Accounting and Finance 12,620 BMD
Personal Financial Advisor Accounting and Finance 21,380 BMD
Pricing Analyst Accounting and Finance 22,420 BMD
Private Equity Analyst Accounting and Finance 22,400 BMD
Project Accountant Accounting and Finance 13,100 BMD
Proposal Development Coordinator Accounting and Finance 9,940 BMD
Receivables Accountant Accounting and Finance 11,040 BMD
Regulatory Accountant Accounting and Finance 14,920 BMD
Retirement Plan Analyst Accounting and Finance 23,520 BMD
Revenue Management Specialist Accounting and Finance 22,660 BMD
Revenue Recognition Analyst Accounting and Finance 25,720 BMD
Risk Management Director Accounting and Finance 32,900 BMD
Risk Management Supervisor Accounting and Finance 29,540 BMD
Staff Accountant Accounting and Finance 11,360 BMD
Tax Accountant Accounting and Finance 10,980 BMD
Tax Administrator Accounting and Finance 15,880 BMD
Tax Advisor Accounting and Finance 20,000 BMD
Tax Associate Accounting and Finance 12,520 BMD
Tax Consultant Accounting and Finance 21,560 BMD
Tax Director Accounting and Finance 32,200 BMD
Tax Examiner Accounting and Finance 12,620 BMD
Tax Manager Accounting and Finance 30,800 BMD
Tax Research Manager Accounting and Finance 29,040 BMD
Teller Accounting and Finance 8,960 BMD
Treasury Accountant Accounting and Finance 14,200 BMD
Treasury Analyst Accounting and Finance 23,380 BMD
Underwriter Accounting and Finance 8,560 BMD
Underwriting Assistant Accounting and Finance 7,800 BMD
Vice President of Finance Accounting and Finance 35,420 BMD

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