Average Principal Salary in Bosnia and Herzegovina for 2024
In this article, we will look at the average Principal salary for 2024 in Bosnia and Herzegovina 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 Bosnia and Herzegovina convertible mark. To keep things simple, we are using the BAM currency code instead of the currency symbol .
How Much Does a Principal Make in Bosnia and Herzegovina?
A Principal working in Bosnia and Herzegovina will typically earn around 34,360 BAM per year, and this can range from the lowest average salary of about 16,400 BAM to the highest average salary of 55,320 BAM.
These are average salaries for a Principal in Bosnia and Herzegovina and include benefits such as housing and transport. It's also possible for a Principal to earn more or less than the average salaries shown above.
Principal 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 Principal Salaries in Bosnia and Herzegovina
So we've looked at the average salaries a Principal will earn in Bosnia and Herzegovina. The next interesting data point is the distribution of salaries.
Salary ranges
We already know that a Principal can earn between 16,400 BAM and 55,320 BAM on average in Bosnia and Herzegovina. 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 Principal in Bosnia and Herzegovina is 36,020 BAM. This is the middle value in the distribution of salaries.
What this means is that approximately 50% of the population earn less than 36,020 BAM, and 50% of the population earn more than 36,020 BAM.
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 Principal salary in Bosnia and Herzegovina, 25% of the population are earning less than 23,260 BAM while 75% of the population earn more than 23,260 BAM.
75% of the population earn less than 50,340 BAM, and 25% of the population earn more than 50,340 BAM.
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.
Principal Salary by Experience Level in Bosnia and Herzegovina
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 principal 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 Principal in Bosnia and Herzegovina that has less than two years of experience can expect to earn somewhere in the region of 17,760 BAM.
- 2 - 5 Years Experience. With two to five years of experience the average Principal salary would increase to 23,080 BAM.
- 5 - 10 Years Experience. From five to ten years of experience as a Principal, the average salary would be 37,740 BAM.
- 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 45,560 BAM.
- 15 - 20 Years Experience. A Principal with 15 to 20 years of experience can earn an average of 47,720 BAM.
- 20+ Years Experience. For a Principal with more than 20 years, the expected average salary increases to 50,180 BAM.
Average Salary by Experience Chart
0-2 Years |
17,760 BAM
|
|
2-5 Years | +34% |
23,080 BAM
|
5-10 Years | +48% |
37,740 BAM
|
10-15 Years | +22% |
45,560 BAM
|
15-20 Years | +9% |
47,720 BAM
|
20+ Years | +8% |
50,180 BAM
|
Principal Salary by Education Level in Bosnia and Herzegovina
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 Principal in Bosnia and Herzegovina based on the education level of the employees in order to find out whether a better education level would increase your salary.
-
Master's Degree. A Principal in Bosnia and Herzegovina with a master's degree education can earn an average salary of 21,560 BAM.
-
PhD. A Principal in Bosnia and Herzegovina with a phd education can earn an average salary of 42,460 BAM.
Average Salary by Education Chart
Master's Degree |
21,560 BAM
|
|
PhD | +93% |
42,460 BAM
|
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 Bosnia and Herzegovina is around 11,500 to 34,500 BAM 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.
Principal 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 Bosnia and Herzegovina, a male principal will earn an average of 38,260 BAM, while a female principal will earn around 34,160 BAM.
This means that a male principal earns approximately 12% more than a female principal for performing the same job.
Average Salary by Gender Chart in Bosnia and Herzegovina
Male |
38,260 BAM
|
|
Female | -12% |
34,160 BAM
|
Principal Average Pay Raise in Bosnia and Herzegovina
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 Principal in Bosnia and Herzegovina is around 6% every 30 months.
The national average pay raise across all professions and industries in Bosnia and Herzegovina 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 ÷ 30 ) × 12 = 2%
What this means is that a Principal in Bosnia and Herzegovina can expect to receive an average pay raise of around 2% every 12 months.
Annual Pay Raise by Industry in Bosnia and Herzegovina for 2024
In the chart below, you can see the average annual pay raise percentages for each of the major industries in Bosnia and Herzegovina.
You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.
Banking |
9%
|
|
Energy |
9%
|
|
Information Technology |
9%
|
|
Healthcare |
9%
|
|
Travel |
9%
|
|
Construction |
9%
|
|
Education |
9%
|
Principal Bonus and Incentive Rates in Bosnia and Herzegovina
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 Principal is a moderate bonus based job, with 67% of employees reporting at least one bonus in the last 12 months.
33% 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 |
67%
|
|
No Bonus |
33%
|
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 Bosnia and Herzegovina earn approximately 27% more than private sector employees in the same role.
Public Sector |
31,400 BAM
|
|
Private Sector | -27% |
24,800 BAM
|
Salaries for Jobs Similar to a Principal
In the table below, we have salary information for jobs that are similar to a Principal in Bosnia and Herzegovina.
Salary Comparison by City
If you want to compare salaries with different cities in Bosnia and Herzegovina, you can use the links below to explore the data for each specific city we have researched.
Link To or Reference This Page
We spend a lot of time collecting, cleaning, merging, and formatting the data that is shown on the site to be as useful to you as possible.
If you found the data or information on this page useful in your research, please use the tool below to properly cite or reference World Salaries as the source. We appreciate your support!
-
<a href="https://worldsalaries.com/average-principal-salary-in-bosnia-and-herzegovina/">Average Principal Salary in Bosnia and Herzegovina for 2024</a>
-
"Average Principal Salary in Bosnia and Herzegovina for 2024". World Salaries. Accessed on June 3, 2024. https://worldsalaries.com/average-principal-salary-in-bosnia-and-herzegovina/.
-
"Average Principal Salary in Bosnia and Herzegovina for 2024". World Salaries, https://worldsalaries.com/average-principal-salary-in-bosnia-and-herzegovina/. Accessed 3 June, 2024
-
Average Principal Salary in Bosnia and Herzegovina for 2024. World Salaries. Retrieved from https://worldsalaries.com/average-principal-salary-in-bosnia-and-herzegovina/.