Geothermal Engineer Average Salary in Monaco 2024
How much money does a person working as Geothermal Engineer make in Monaco?
LOW
2,150
EUR AVERAGE
4,480
EUR HIGH
7,040
EUR
A person working as Geothermal Engineer in Monaco typically earns around 4,480 EUR. Salaries range from 2,150 EUR (lowest) to 7,040 EUR (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Geothermal Engineer salaries in Monaco vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Geothermal Engineer Pay Scale and Salaries in Monaco
Salary Structure and Pay Scale Comparison
4,190 EUR or more
3,690 to 4,190 EUR
2,590 EUR or less
2,590 to 3,690 EUR
 2,150 EUR |
4,220 EUR |
7,040 EUR |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Geothermal Engineer in Monaco range from 2,150 EUR (starting salary) to 7,040 EUR (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 4,220 EUR, half of the professionals who work as Geothermal Engineer in Monaco earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Geothermal Engineer in Monaco earn less than 3,430 EUR, while 75% earn more. Similarly, the chart shows that 75% earn less than 4,830 EUR while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Geothermal Engineer in Monaco compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 2,590 EUR to 3,690 EUR. About 20% of salaries are below the 2,590 EUR mark, while 10% fall within the range of 3,690 EUR to 4,190 EUR. Only 5% of individuals have salaries exceeding 4,190 EUR.
Salary Comparison by Years of Experience / Geothermal Engineer / Monaco
How do experience and age affect pay?
| 0 - 2 Years | 2,520 EUR | |
| 2 - 5 Years | +42% | 3,570 EUR |
| 5 - 10 Years | +31% | 4,690 EUR |
| 10 - 15 Years | +23% | 5,770 EUR |
| 15 - 20 Years | +6% | 6,140 EUR |
| 20+ Years | +10% | 6,720 EUR |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Geothermal Engineer and this is what we found.
Employees with less than two years of experience earn approximately 2,520 EUR.
While someone with an experience level between two and five years is expected to earn 3,570 EUR, 42% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 4,690 EUR, 31% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 5,770 EUR, 23% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 6,140 EUR, 6% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 6,720 EUR, 10% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Geothermal Engineer / Monaco
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Geothermal Engineer.
| High School | 2,400 EUR | |
| Certificate or Diploma | +20% | 2,890 EUR |
| Bachelor's Degree | +41% | 4,060 EUR |
| Master's Degree | +48% | 6,010 EUR |
| PhD | +14% | 6,840 EUR |
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Geothermal Engineer in order to make a comparison.
Level 1: High School
Employees at this education level have an average salary of 2,400 EUR.
Level 2: Certificate or Diploma
At this level, the average salary becomes 2,890 EUR, 20% more than the previous level.
Level 3: Bachelor's Degree
At this level, the average salary becomes 4,060 EUR, 41% more than the previous level.
Level 4: Master's Degree
At this level, the average salary becomes 6,010 EUR, 48% more than the previous level.
Level 5: PhD
At this level, the average salary becomes 6,840 EUR, 14% more than the previous level.
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in Monaco costs anywhere from 21,300 EUR to 63,800 EUR and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Typical Salary Difference by Education for Most Careers
Salary and Compensation Comparison By Gender / Geothermal Engineer / Monaco
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Geothermal Engineer in Monaco, the average difference between the salary of male and female employees is 9%.
| Male | 4,740 EUR | |
| Female | -8% | 4,360 EUR |
Salary Comparison By Gender in Monaco for all Careers
Average Annual Salary Increment Percentage / Geothermal Engineer / Monaco
How much are annual salary increments in Monaco for individuals working as Geothermal Engineer? How often do employees get salary raises?
Individuals working as Geothermal Engineer in Monaco are likely to observe a salary increase of approximately 9% every 27 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.
Monaco / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Bonus and Incentive Rates / Geothermal Engineer / Monaco
How much and how often are bonuses being awarded?
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85% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 15% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.
| Received Bonus | 15% | |
| No Bonus | 85% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Average Hourly Wage / Geothermal Engineer / Monaco
26 EUR per hourThe average hourly wage (pay per hour) for individuals working as Geothermal Engineer in Monaco is 26 EUR.This is the rate they get paid for every worked hour.
About The Hourly Pay Rate
The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for people working as Geothermal Engineer in Monaco is 12 EUR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Oil / Gas / Energy / Mining |  -100% | |
| Assistant Yard Manager | 3,660 EUR | -18% |
| Associate Analyst | 4,070 EUR | -9% |
| Associate Landman | 1,880 EUR | -58% |
| Auxiliary Equipment Operator | 1,720 EUR | -62% |
| Biomass Plant Technician | 2,180 EUR | -51% |
| Biomass Power Plant Manager | 5,320 EUR |  +19% |
| Carbon Capture and Storage Specialist | 4,280 EUR | -5% |
| Chemical Plant Operator | 3,120 EUR | -30% |
| Chief Contract Compliance Engineer | 3,900 EUR | -13% |
| Chief Renewable Energy Officer | 6,630 EUR | +48% |
| Chief Sustainability Officer | 6,410 EUR | +43% |
| Completions Engineer | 3,700 EUR | -17% |
| Cost Controller | 2,890 EUR | -36% |
| Cost Engineer | 3,960 EUR | -12% |
| Crude Oil Marketing Representative | 4,220 EUR | -6% |
| Deep-sea Mining Engineer | 4,710 EUR | +5% |
| Dispatcher | 1,910 EUR | -57% |
| Distribution Manager | 5,550 EUR | +24% |
| Dragline Operator | 1,970 EUR | -56% |
| Driller Offsider | 1,580 EUR | -65% |
| Dump Truck Driver | 1,690 EUR | -62% |
| Electric and Gas Operations Manager | 8,390 EUR | +87% |
| Energy Advisor | 5,570 EUR | +24% |
| Energy Analyst | 5,300 EUR | +18% |
| Energy Auditor | 4,910 EUR | +10% |
| Energy Dispatch Director | 6,680 EUR | +49% |
| Energy Efficiency Auditor | 4,070 EUR | -9% |
| Energy Efficiency Consultant | 4,910 EUR | +10% |
| Energy Modeler | 3,770 EUR | -16% |
| Energy Policy Analyst | 4,050 EUR | -10% |
| Energy Storage Engineer | 3,940 EUR | -12% |
| Energy Technical Assistant | 2,440 EUR | -46% |
| Energy Technical Manager | 4,570 EUR | +2% |
| Energy Technical Support Manager | 4,540 EUR | +1% |
| Energy Technical Trainer | 3,440 EUR | -23% |
| Engineering Geologist | 6,950 EUR | +55% |
| Exploration Manager | 6,380 EUR | +42% |
| Field Safety Auditor | 4,350 EUR | -3% |
| Fluids Engineer | 3,960 EUR | -12% |
| Fuel Cell Engineer | 4,100 EUR | -9% |
| Fuel Cell Technician | 2,210 EUR | -51% |
| Fuels Handler | 2,000 EUR | -55% |
| Gas Compressor Operator | 1,870 EUR | -58% |
| Gas Distribution Plant Operator | 3,340 EUR | -26% |
| Gas Supply Manager | 6,070 EUR | +35% |
| Geologist | 6,730 EUR | +50% |
| Geophysicist | 6,930 EUR | +55% |
| Geothermal Engineer | 4,480 EUR | -0% |
| Geothermal Production Manager | 6,700 EUR | +49% |
| Geothermal Technician | 2,770 EUR | -38% |
| HSE Engineer | 3,840 EUR | -14% |
| HSE Officer | 2,560 EUR | -43% |
| HSE Supervisor | 3,080 EUR | -31% |
| HSEQ Administrator | 2,760 EUR | -38% |
| Hydrogen Fuel Cell Engineer | 4,400 EUR | -2% |
| Inspector | 3,640 EUR | -19% |
| Instructor | 3,270 EUR | -27% |
| Instrument Designer | 3,190 EUR | -29% |
| Lead Technical Field Advisor | 4,800 EUR | +7% |
| Lithium Ion Battery Engineer | 3,750 EUR | -16% |
| Logistics and Tool Coordinator | 3,360 EUR | -25% |
| Maintenance Engineer | 3,880 EUR | -13% |
| Maintenance Superintendent | 3,490 EUR | -22% |
| Material Controller | 2,670 EUR | -40% |
| Methane Detection and Mitigation Specialist | 3,720 EUR | -17% |
| Mine Engineer | 3,920 EUR | -13% |
| Mine Surveyor | 4,180 EUR | -7% |
| Mining Project Administrator | 3,410 EUR | -24% |
| Mining Project Assistant | 2,850 EUR | -36% |
| Mining Project Controls Consultant | 4,510 EUR | +1% |
| Mining Project Coordinator | 3,480 EUR | -22% |
| Mining Project Engineer | 3,660 EUR | -18% |
| Mining Project Manager | 4,880 EUR | +9% |
| Mining Site Manager | 5,030 EUR | +12% |
| Mining Team Leader | 4,330 EUR | -3% |
| Natural Gas Engineer | 4,030 EUR | -10% |
| NDT Technician | 2,490 EUR | -44% |
| Net Zero Energy Consultant | 5,030 EUR | +12% |
| Oil Service Unit Operator | 2,260 EUR | -50% |
| Oil Trader | 4,940 EUR | +10% |
| Oilwell Pumper | 1,620 EUR | -64% |
| Petroleum Engineer | 4,360 EUR | -3% |
| Petroleum Geologist | 6,910 EUR | +54% |
| Petroleum Pump System Operator | 2,260 EUR | -50% |
| Petroleum Technician | 2,410 EUR | -46% |
| Photovoltaic Engineer | 4,140 EUR | -8% |
| Pipeline Technician | 1,630 EUR | -64% |
| Power Coordinator | 2,630 EUR | -41% |
| Power Plant Operations Manager | 7,390 EUR | +65% |
| Power Plant Operator | 3,290 EUR | -27% |
| Radio Operator | 1,830 EUR | -59% |
| Reliability Engineer | 4,030 EUR | -10% |
| Renewable Energy Consultant | 5,850 EUR | +30% |
| Renewable Energy Engineer | 4,230 EUR | -6% |
| Renewable Energy Policy Analyst | 4,530 EUR | +1% |
| Reservoir Engineer | 3,670 EUR | -18% |
| Risk Analyst | 4,600 EUR | +3% |
| Roughneck | 4,160 EUR | -7% |
| Scaffolder | 2,660 EUR | -41% |
| Shutdown Engineer | 3,250 EUR | -28% |
| Smart Grid Analyst | 4,130 EUR | -8% |
| Smart Grid Engineer | 4,370 EUR | -3% |
| Solar Energy Installation Manager | 5,530 EUR | +23% |
| Solar Energy Systems Engineer | 4,150 EUR | -7% |
| Solar Photovoltaic Installer | 2,580 EUR | -42% |
| Solar Thermal Technician | 2,580 EUR | -42% |
| Supply Operations Manager | 6,060 EUR | +35% |
| Sustainability Analyst | 4,710 EUR | +5% |
| Sustainability Architect | 5,190 EUR | +16% |
| Sustainability Specialist | 6,080 EUR | +36% |
| Sustainable Energy Consultant | 5,320 EUR | +19% |
| System Development Advisor | 4,280 EUR | -5% |
| Tanker Truck Driver | 1,710 EUR | -62% |
| Unconventional Oil and Gas Engineer | 4,230 EUR | -6% |
| Utility Operator | 2,230 EUR | -50% |
| Waste-to-Energy Specialist | 4,960 EUR | +11% |
| Wind Energy Project Manager | 5,290 EUR | +18% |
| Wind Farm Technician | 2,730 EUR | -39% |
| Wind Turbine Technician | 3,270 EUR | -27% |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Monaco is 10% on average across all career fields.
| Private Sector | 4,130 EUR | |
| Public Sector | +10% | 4,550 EUR |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Geothermal Engineer in Monaco?
A good and competitive compensation would range anywhere between 4,220 EUR and 4,830 EUR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Geothermal Engineer in Monaco ranges from 2,150 EUR to 3,430 EUR. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
