Average Underwriter Salary in Venezuela for 2024

In this article, we will look at the average Underwriter salary for 2024 in Venezuela 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 Venezuelan bolívar soberano. To keep things simple, we are using the VES currency code instead of the currency symbol Bs.S..

How Much Does an Underwriter Make in Venezuela?

An Underwriter working in Venezuela will typically earn around 790,600 VES per year, and this can range from the lowest average salary of about 394,500 VES to the highest average salary of 1,224,800 VES.

Average Annual Salary
790,600 VES
Average Monthly Salary
65,883 VES

Lowest Annual Salary
394,500 VES
Lowest Monthly Salary
32,875 VES

Highest Annual Salary
1,224,800 VES
Highest Monthly Salary
102,066 VES

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

Underwriter 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 Underwriter Salaries in Venezuela

So we've looked at the average salaries an Underwriter will earn in Venezuela. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Underwriter can earn between 394,500 VES and 1,224,800 VES on average in Venezuela. 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 an Underwriter in Venezuela is 790,600 VES. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 790,600 VES, and 50% of the population earn more than 790,600 VES.

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 Underwriter salary in Venezuela, 25% of the population are earning less than 535,800 VES while 75% of the population earn more than 535,800 VES.

75% of the population earn less than 1,009,200 VES, and 25% of the population earn more than 1,009,200 VES.

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.

Underwriter Salary by Experience Level in Venezuela

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 underwriter 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. An Underwriter in Venezuela that has less than two years of experience can expect to earn somewhere in the region of 475,700 VES.
  • 2 - 5 Years Experience. With two to five years of experience the average Underwriter salary would increase to 627,900 VES.
  • 5 - 10 Years Experience. From five to ten years of experience as an Underwriter, the average salary would be 840,100 VES.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 1,004,400 VES.
  • 15 - 20 Years Experience. An Underwriter with 15 to 20 years of experience can earn an average of 1,083,500 VES.
  • 20+ Years Experience. For an Underwriter with more than 20 years, the expected average salary increases to 1,162,900 VES.

Average Salary by Experience Chart

0-2 Years
475,700 VES
2-5 Years +32%
627,900 VES
5-10 Years +34%
840,100 VES
10-15 Years +19%
1,004,400 VES
15-20 Years +8%
1,083,500 VES
20+ Years +7%
1,162,900 VES

Underwriter Salary by Education Level in Venezuela

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 an Underwriter in Venezuela based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. An Underwriter in Venezuela with a high school education can earn an average salary of 627,900 VES.

  • Certificate or Diploma. An Underwriter in Venezuela with a certificate or diploma education can earn an average salary of 878,900 VES.

  • Bachelor's Degree. An Underwriter in Venezuela with a bachelor's degree education can earn an average salary of 1,094,000 VES.

Average Salary by Education Chart

High School
627,900 VES
Certificate or Diploma +40%
878,900 VES
Bachelor's Degree +25%
1,094,000 VES

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 Venezuela is around 662,000 to 1,990,000 VES 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.

Underwriter 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 Venezuela, a male underwriter will earn an average of 814,100 VES, while a female underwriter will earn around 767,500 VES.

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

Average Salary by Gender Chart in Venezuela

Male
814,100 VES
Female -6%
767,500 VES

Underwriter Average Pay Raise in Venezuela

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 an Underwriter in Venezuela is around 6% every 28 months.

The national average pay raise across all professions and industries in Venezuela is around 4% every 29 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 = ( 6 ÷ 28 ) × 12  = 3%

What this means is that an Underwriter in Venezuela can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Venezuela for 2024

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

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

Banking
1%
Energy
2%
Information Technology
3%
Healthcare
4%
Travel
5%
Construction
6%
Education
7%

Underwriter Bonus and Incentive Rates in Venezuela

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.

An Underwriter is a low bonus based job, with 11% of employees reporting at least one bonus in the last 12 months.

89% 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 0% to 3%.

Received Bonus
11%
No Bonus
89%

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 Venezuela earn approximately 11% more than private sector employees in the same role.

Public Sector
1,655,500 VES
Private Sector -11%
1,487,200 VES

Salaries for Jobs Similar to an Underwriter

In the table below, we have salary information for jobs that are similar to an Underwriter in Venezuela.

Job Title Category Salary
Account Examiner Accounting and Finance 814,500 VES
Account Executive Accounting and Finance 1,428,800 VES
Accountant Accounting and Finance 1,083,500 VES
Accounting Analyst Accounting and Finance 1,380,400 VES
Accounting Assistant Accounting and Finance 877,300 VES
Accounting Associate Accounting and Finance 782,500 VES
Accounting Clerk Accounting and Finance 684,900 VES
Accounting Coordinator Accounting and Finance 979,600 VES
Accounting Head Accounting and Finance 2,266,400 VES
Accounting Manager Accounting and Finance 2,362,300 VES
Accounting Officer Accounting and Finance 864,900 VES
Accounting Specialist Accounting and Finance 1,487,200 VES
Accounting Supervisor Accounting and Finance 1,606,100 VES
Accounting Technician Accounting and Finance 759,300 VES
Accounting Unit Controller Accounting and Finance 1,955,300 VES
Accounts Executive Accounting and Finance 1,487,200 VES
Accounts Officer Accounting and Finance 888,400 VES
Accounts Payable and Receivable Specialist Accounting and Finance 1,152,700 VES
Accounts Payable Assistant Accounting and Finance 913,400 VES
Accounts Payable Associate Accounting and Finance 1,027,600 VES
Accounts Payable Clerk Accounting and Finance 858,100 VES
Accounts Payable Manager Accounting and Finance 2,136,200 VES
Accounts Receivable Administrator Accounting and Finance 1,678,300 VES
Accounts Receivable Clerk Accounting and Finance 830,500 VES
Accounts Receivable Financial Analyst Accounting and Finance 1,510,400 VES
Accounts Receivable Manager Accounting and Finance 2,254,400 VES
Accounts Receivable Team Leader Accounting and Finance 1,728,900 VES
Assistant Accountant Accounting and Finance 868,400 VES
Assistant Accounting Manager Accounting and Finance 2,161,200 VES
Assistant Auditor Accounting and Finance 1,106,000 VES
Assistant Corporate Controller Accounting and Finance 1,560,800 VES
Assistant Finance Manager Accounting and Finance 2,242,500 VES
Assistant Financial Controller Accounting and Finance 1,500,800 VES
Audit Director Accounting and Finance 2,629,100 VES
Audit Supervisor Accounting and Finance 2,065,400 VES
Auditing Clerk Accounting and Finance 888,400 VES
Auditing Manager Accounting and Finance 2,447,200 VES
Billing Clerk Accounting and Finance 877,300 VES
Billing Coordinator Accounting and Finance 978,900 VES
Billing Specialist Accounting and Finance 1,259,300 VES
Billing Supervisor Accounting and Finance 1,800,200 VES
Bookkeeper Accounting and Finance 728,500 VES
Bookkeeping Specialist Accounting and Finance 1,037,600 VES
Budget Analyst Accounting and Finance 1,967,000 VES
Budget Manager Accounting and Finance 2,207,600 VES
Business Support Analyst Accounting and Finance 1,249,900 VES
Capital Markets Associate Accounting and Finance 1,741,800 VES
Cash Flow Analyst Accounting and Finance 1,678,300 VES
Cash Management Manager Accounting and Finance 2,281,800 VES
Cash Management Officer Accounting and Finance 1,235,600 VES
Cashbook Clerk Accounting and Finance 773,400 VES
Chartered Accountant Accounting and Finance 1,428,800 VES
Chief Accountant Accounting and Finance 1,751,700 VES
Collections Clerk Accounting and Finance 675,200 VES
Collections Representative Accounting and Finance 1,028,300 VES
Collections Specialist Accounting and Finance 1,110,500 VES
Corporate Controller Accounting and Finance 1,751,700 VES
Corporate Treasurer Accounting and Finance 2,086,500 VES
Cost Accountant Accounting and Finance 1,084,200 VES
Cost Accounting Manager Accounting and Finance 2,242,500 VES
Cost Accounting Supervisor Accounting and Finance 1,777,700 VES
Cost Analyst Accounting and Finance 1,858,200 VES
Credit and Collection Manager Accounting and Finance 2,146,100 VES
Credit and Collection Staff Accounting and Finance 854,300 VES
Credit and Loans Officer Accounting and Finance 790,600 VES
Credit Controller Accounting and Finance 1,487,200 VES
Credit Manager Accounting and Finance 2,362,300 VES
Debt Adviser Accounting and Finance 1,800,200 VES
Debt Collector Accounting and Finance 906,000 VES
Debtors Clerk Accounting and Finance 790,600 VES
Debtors Controller Accounting and Finance 864,900 VES
Deputy CFO Accounting and Finance 3,156,400 VES
Deputy Head of Finance Accounting and Finance 3,061,300 VES
Derivative Trader Accounting and Finance 2,003,200 VES
Director of Finance Accounting and Finance 3,349,100 VES
Economist Accounting and Finance 2,734,500 VES
Equity Analyst Accounting and Finance 2,026,800 VES
Escrow Assistant Accounting and Finance 1,048,600 VES
Executive Accountant Accounting and Finance 1,235,600 VES
External Auditor Accounting and Finance 1,547,500 VES
Finance Administrator Accounting and Finance 1,333,900 VES
Finance Analyst Accounting and Finance 2,086,500 VES
Finance Associate Accounting and Finance 1,028,300 VES
Finance Director Accounting and Finance 3,263,500 VES
Finance Executive Accounting and Finance 2,339,200 VES
Finance Licensing Clerk Accounting and Finance 832,000 VES
Finance Licensing Manager Accounting and Finance 2,065,400 VES
Finance Licensing Specialist Accounting and Finance 1,212,800 VES
Finance Manager Accounting and Finance 3,217,900 VES
Finance Officer Accounting and Finance 1,031,200 VES
Finance President Accounting and Finance 3,349,100 VES
Finance Relationship Manager Accounting and Finance 2,579,200 VES
Finance Release Analyst Accounting and Finance 1,273,300 VES
Finance Specialist Accounting and Finance 1,777,700 VES
Finance Team Leader Accounting and Finance 2,447,200 VES
Financial Accountant Accounting and Finance 1,162,900 VES
Financial Actuary Accounting and Finance 1,716,600 VES
Financial Administrator Accounting and Finance 1,930,500 VES
Financial Advisor Accounting and Finance 2,015,600 VES
Financial Analyst Accounting and Finance 2,052,200 VES
Financial Applications Specialist Accounting and Finance 1,369,700 VES
Financial Assistant Accounting and Finance 913,400 VES
Financial Associate Accounting and Finance 906,000 VES
Financial Associate Accounting and Finance 1,102,900 VES
Financial Claims Analyst Accounting and Finance 1,560,800 VES
Financial Claims Manager Accounting and Finance 1,930,500 VES
Financial Claims Supervisor Accounting and Finance 1,858,200 VES
Financial Clerk Accounting and Finance 860,300 VES
Financial Commercial Analyst Accounting and Finance 1,594,500 VES
Financial Compliance Analyst Accounting and Finance 1,825,000 VES
Financial Consultant Accounting and Finance 1,500,800 VES
Financial Controller Accounting and Finance 1,825,000 VES
Financial Controller Accounting and Finance 1,858,200 VES
Financial Coordinator Accounting and Finance 1,074,600 VES
Financial Customer Service Manager Accounting and Finance 2,146,100 VES
Financial Dealer and Broker Accounting and Finance 1,185,300 VES
Financial Director Accounting and Finance 3,335,900 VES
Financial Encoder Accounting and Finance 987,200 VES
Financial Manager Accounting and Finance 3,013,500 VES
Financial Manager Accounting and Finance 3,156,400 VES
Financial Operations Manager Accounting and Finance 2,964,800 VES
Financial Policy Analyst Accounting and Finance 1,693,600 VES
Financial Project Manager Accounting and Finance 2,327,100 VES
Financial Quantitative Analyst Accounting and Finance 2,003,200 VES
Financial Reporting Consultant Accounting and Finance 1,594,500 VES
Financial Reporting Manager Accounting and Finance 2,086,500 VES
Financial Section Head Accounting and Finance 2,136,200 VES
Financial Services Manager Accounting and Finance 2,964,800 VES
Financial Services Sales Agent Accounting and Finance 1,249,900 VES
Fixed Assets Administrator Accounting and Finance 1,212,800 VES
Forensic Accountant Accounting and Finance 1,296,900 VES
Fraud Detection Supervisor Accounting and Finance 1,357,900 VES
Fraud Prevention Manager Accounting and Finance 2,327,100 VES
Fund Accountant Accounting and Finance 1,130,800 VES
Grants Coordinator Accounting and Finance 807,900 VES
Group Financial Manager Accounting and Finance 3,253,900 VES
Internal Auditor Accounting and Finance 1,524,300 VES
Internal Control Adviser Accounting and Finance 1,728,900 VES
Internal Control Officer Accounting and Finance 995,000 VES
International Tax Director Accounting and Finance 2,605,500 VES
Inventory Accountant Accounting and Finance 1,124,200 VES
Investment Advisor Accounting and Finance 2,964,800 VES
Investment Analyst Accounting and Finance 2,266,400 VES
Investment Associate Accounting and Finance 1,870,400 VES
Investment Broker Accounting and Finance 1,800,200 VES
Investment Fund Manager Accounting and Finance 2,579,200 VES
Investment Operations Manager Accounting and Finance 2,485,800 VES
Investment Underwriter Accounting and Finance 922,900 VES
Investor Accounting and Finance 1,417,600 VES
Investor Relations Manager Accounting and Finance 2,281,800 VES
KYC Team Leader Accounting and Finance 2,221,600 VES
Loan Processor Accounting and Finance 890,700 VES
Management Accountant Accounting and Finance 1,296,900 VES
Management Economist Accounting and Finance 2,641,300 VES
Paymaster Accounting and Finance 895,900 VES
Payroll Administrator Accounting and Finance 1,524,300 VES
Payroll Benefits Coordinator Accounting and Finance 1,224,800 VES
Payroll Billing Manager Accounting and Finance 2,100,900 VES
Payroll Clerk Accounting and Finance 945,400 VES
Payroll Manager Accounting and Finance 2,052,200 VES
Payroll Officer Accounting and Finance 939,000 VES
Payroll Specialist Accounting and Finance 1,162,300 VES
Payroll Supervisor Accounting and Finance 1,487,200 VES
Pensions Administrator Accounting and Finance 1,198,300 VES
Personal Financial Advisor Accounting and Finance 1,716,600 VES
Pricing Analyst Accounting and Finance 1,858,200 VES
Private Equity Analyst Accounting and Finance 2,015,600 VES
Project Accountant Accounting and Finance 1,224,800 VES
Proposal Development Coordinator Accounting and Finance 1,006,300 VES
Receivables Accountant Accounting and Finance 1,065,400 VES
Regulatory Accountant Accounting and Finance 1,249,900 VES
Retirement Plan Analyst Accounting and Finance 1,751,700 VES
Revenue Management Specialist Accounting and Finance 1,896,700 VES
Revenue Recognition Analyst Accounting and Finance 1,990,300 VES
Risk Management Director Accounting and Finance 2,629,100 VES
Risk Management Supervisor Accounting and Finance 2,242,500 VES
Staff Accountant Accounting and Finance 1,067,500 VES
Tax Accountant Accounting and Finance 1,114,700 VES
Tax Administrator Accounting and Finance 1,168,700 VES
Tax Advisor Accounting and Finance 1,716,600 VES
Tax Analyst Accounting and Finance 1,777,700 VES
Tax Associate Accounting and Finance 939,600 VES
Tax Consultant Accounting and Finance 1,728,900 VES
Tax Director Accounting and Finance 2,605,500 VES
Tax Examiner Accounting and Finance 1,212,800 VES
Tax Manager Accounting and Finance 2,401,300 VES
Tax Research Manager Accounting and Finance 2,242,500 VES
Teller Accounting and Finance 680,100 VES
Treasury Accountant Accounting and Finance 1,181,200 VES
Treasury Analyst Accounting and Finance 1,921,500 VES
Underwriting Assistant Accounting and Finance 769,500 VES
Vice President of Finance Accounting and Finance 3,023,200 VES

Salary Comparison by City

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

City Average Salary
Barquisimeto 735,200 VES
Caracas 836,500 VES
Ciudad Guayana 707,600 VES
Maracaibo 821,500 VES

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