Risk Management Director Average Salary in Muscat 2024
How much money does a person working as Risk Management Director make in Muscat?
LOW
2,020
OMR AVERAGE
3,810
OMR HIGH
5,790
OMR
A person working as Risk Management Director in Muscat typically earns around 3,810 OMR. Salaries range from 2,020 OMR (lowest) to 5,790 OMR (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Risk Management Director salaries in Muscat vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Risk Management Director Pay Scale and Salaries in Muscat
Salary Structure and Pay Scale Comparison
3,420 OMR or more
3,060 to 3,420 OMR
2,250 OMR or less
2,250 to 3,060 OMR
 2,020 OMR |
3,430 OMR |
5,790 OMR |
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 Risk Management Director in Muscat range from 2,020 OMR (starting salary) to 5,790 OMR (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 3,430 OMR, half of the professionals who work as Risk Management Director in Muscat 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 Risk Management Director in Muscat earn less than 2,860 OMR, while 75% earn more. Similarly, the chart shows that 75% earn less than 3,890 OMR 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 Risk Management Director in Muscat compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 2,250 OMR to 3,060 OMR. About 20% of salaries are below the 2,250 OMR mark, while 10% fall within the range of 3,060 OMR to 3,420 OMR. Only 5% of individuals have salaries exceeding 3,420 OMR.
Salary Comparison by Years of Experience / Risk Management Director / Muscat
How do experience and age affect pay?
| 0 - 2 Years | 2,320 OMR | |
| 2 - 5 Years | +23% | 2,850 OMR |
| 5 - 10 Years | +42% | 4,040 OMR |
| 10 - 15 Years | +17% | 4,720 OMR |
| 15 - 20 Years | +10% | 5,190 OMR |
| 20+ Years | +6% | 5,490 OMR |
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 Risk Management Director and this is what we found.
Employees with less than two years of experience earn approximately 2,320 OMR.
While someone with an experience level between two and five years is expected to earn 2,850 OMR, 23% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 4,040 OMR, 42% 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 4,720 OMR, 17% 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 5,190 OMR, 10% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 5,490 OMR, 6% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Risk Management Director / Muscat
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Risk Management Director.
| Bachelor's Degree | 2,620 OMR | |
| Master's Degree | +94% | 5,070 OMR |
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 Risk Management Director in order to make a comparison.
Level 1: Bachelor's Degree
Employees at this education level have an average salary of 2,620 OMR.
Level 2: Master's Degree
At this level, the average salary becomes 5,070 OMR, 94% 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 Oman costs anywhere from 8,880 OMR to 26,600 OMR 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 / Risk Management Director / Muscat
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 Risk Management Director in Oman, the average difference between the salary of male and female employees is 9%.
| Male | 3,480 OMR | |
| Female | -8% | 3,200 OMR |
Salary Comparison By Gender in Oman for all Careers
Average Annual Salary Increment Percentage / Risk Management Director / Muscat
How much are annual salary increments in Muscat for individuals working as Risk Management Director? How often do employees get salary raises?
Individuals working as Risk Management Director in Oman are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 7% granted to employees every 19 months.
Oman / 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 / Risk Management Director / Oman
How much and how often are bonuses being awarded?
Share This Chart Tweet Get Chart Linkhttp://www.salaryexplorer.com/charts/oman/insurance/risk-management-director/annual-salary-bonus-rate-oman-risk-management-director.jpg
100% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from % to % of their annual salary.
| Received Bonus | % | |
| No Bonus | 100% |
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 / Risk Management Director / Muscat
22 OMR per hourThe average hourly wage (pay per hour) for individuals working as Risk Management Director in Muscat is 22 OMR.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 Risk Management Director in Muscat is 12 OMR. 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 |
| Insurance |  -100% | |
| Actuarial Analyst | 2,510 OMR | -34% |
| Actuarial Assistant | 1,810 OMR | -52% |
| Actuarial Specialist | 1,880 OMR | -51% |
| Actuary | 2,640 OMR | -31% |
| Adjustment Insurance Clerk | 680 OMR | -82% |
| Assistant Broker | 1,250 OMR | -67% |
| Assistant Claims Manager | 1,970 OMR | -48% |
| Associate Insurance Representative | 950 OMR | -75% |
| Auditing Insurance Manager | 2,790 OMR | -27% |
| Blockchain Insurance Auditor | 1,820 OMR | -52% |
| Broker | 1,930 OMR | -49% |
| Claim Advocacy Professional | 1,980 OMR | -48% |
| Claims Adjuster | 720 OMR | -81% |
| Claims Analyst | 1,030 OMR | -73% |
| Claims Examiner | 950 OMR | -75% |
| Claims Manager | 2,650 OMR | -30% |
| Claims Processor | 720 OMR | -81% |
| Claims Representative | 820 OMR | -78% |
| Claims Resolution Specialist | 1,970 OMR | -48% |
| Claims Supervisor | 1,950 OMR | -49% |
| Complaints Specialist | 1,810 OMR | -52% |
| Compliance Examiner | 1,860 OMR | -51% |
| Compliance Officer | 1,510 OMR | -60% |
| Compliance Reviewer | 1,700 OMR | -55% |
| Consultant | 1,950 OMR | -49% |
| Drone Claims Adjuster | 860 OMR | -77% |
| Eligibility Interviewer | 2,050 OMR | -46% |
| Eligibility Specialist | 1,830 OMR | -52% |
| Insurance Account Manager | 2,420 OMR | -36% |
| Insurance Accounts Executive | 1,970 OMR | -48% |
| Insurance Adjuster | 1,740 OMR | -54% |
| Insurance Agent | 1,120 OMR | -71% |
| Insurance Analyst | 1,840 OMR | -52% |
| Insurance Appraiser | 1,880 OMR | -51% |
| Insurance Claims Clerk | 720 OMR | -81% |
| Insurance Compliance Officer | 2,170 OMR | -43% |
| Insurance Data Scientist | 1,820 OMR | -52% |
| Insurance Examiner | 1,810 OMR | -52% |
| Insurance Fraud Investigator | 1,520 OMR | -60% |
| Insurance Investigator | 1,720 OMR | -55% |
| Insurance Manager | 3,260 OMR | -14% |
| Insurance Operations Manager | 3,120 OMR | -18% |
| Insurance Policy Processing Clerk | 700 OMR | -82% |
| Insurance Pricing Assistant | 1,480 OMR | -61% |
| Insurance Product Manager | 2,200 OMR | -42% |
| Insurance Program Manager | 2,450 OMR | -36% |
| Insurance Project Manager | 2,490 OMR | -35% |
| Insurance Quality Assurance Agent | 1,620 OMR | -57% |
| Insurance Sales Agent | 1,140 OMR | -70% |
| Insurance Sales Director | 3,140 OMR | -18% |
| Insurance Sales Manager | 2,560 OMR | -33% |
| Insurance Sales Representative | 1,030 OMR | -73% |
| Insurance Team Leader | 2,030 OMR | -47% |
| Insurance Underwriter | 1,470 OMR | -61% |
| Insurtech Analyst | 1,770 OMR | -54% |
| Loss Control Specialist | 1,860 OMR | -51% |
| Loss Prevention Investigator | 2,050 OMR | -46% |
| Loss Prevention Manager | 2,660 OMR | -30% |
| Loss Prevention Specialist | 2,000 OMR | -47% |
| Marine Underwriter | 1,470 OMR | -61% |
| Medical Auditor | 1,920 OMR | -50% |
| Monitoring and Performance Officer | 1,320 OMR | -65% |
| Parametric Insurance Specialist | 1,920 OMR | -50% |
| Payment Services Specialist | 1,980 OMR | -48% |
| Peer-to-Peer Insurance Manager | 2,260 OMR | -41% |
| Policy Change Director | 3,000 OMR | -21% |
| Policy Change Supervisor | 2,120 OMR | -44% |
| Policy Change Technician | 880 OMR | -77% |
| Risk Analyst | 2,140 OMR | -44% |
| Risk Management Director | 3,810 OMR |  +0% |
| Risk Management Supervisor | 2,280 OMR | -40% |
| Risk Manager | 3,480 OMR | -9% |
| Risk Modeling Manager | 3,570 OMR | -6% |
| Social Media Risk Analyst | 2,000 OMR | -47% |
| Title Insurance Typist | 1,600 OMR | -58% |
| Training Manager | 2,170 OMR | -43% |
| Underwriting Assistant | 1,000 OMR | -74% |
Salary Comparison By City
| City | Average Salary |
| Muscat | 3,810 OMR |
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 Oman is 7% on average across all career fields.
| Private Sector | 1,700 OMR | |
| Public Sector | +7% | 1,830 OMR |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Risk Management Director in Muscat?
A good and competitive compensation would range anywhere between 3,430 OMR and 3,890 OMR. 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 Risk Management Director in Muscat ranges from 2,020 OMR to 2,860 OMR. 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
