What Can You Expect to Earn? Median Incomes Across Bermuda's Industries

Salary expectations are a critical factor when considering job opportunities or evaluating career paths. If you're looking at working in Bermuda, understanding the typical earnings across different sectors provides valuable context. The Bermuda Job Market Employment Briefs, published in September 2024 and reflecting data from the 2023 Employment Survey, offers precisely this insight through its analysis of median gross annual income.

The Department of Statistics calculates the median gross annual income using data gathered through its comprehensive survey of filled jobs, as reported by businesses across the island. This median figure identifies the exact midpoint of the earnings distribution – 50% of all job holders earn above this amount, and 50% earn below it. Crucially, this income is reported as 'gross,' meaning it represents total monetary compensation before any mandatory or voluntary deductions (such as payroll tax or social insurance) are taken out.

For 2023, the overall median gross annual income for all job holders in Bermuda was calculated at $70,238. This marked a 2.4% increase, or $1,639, compared to the 2022 median of $68,599. While this overall figure provides a general benchmark, earnings vary significantly depending on the industry sector.

Why Median Income Matters

Using the median, rather than the average (mean), provides a more representative picture of typical earnings. Averages can be easily skewed by a small number of very high or very low incomes, whereas the median reflects the true middle point of the earnings distribution. When looking at these figures, remember they represent the midpoint for all filled jobs within that industry, encompassing a wide range of roles, experience levels, and hours worked. Actual individual salaries will, of course, vary based on specific job responsibilities, qualifications, employer compensation policies, and individual negotiation.

The Highest Earning Sectors in 2023

Several industries in Bermuda stand out for offering significantly higher median incomes than the overall benchmark, often reflecting the specialized skills, global nature, or critical infrastructure roles involved. Based on the 2023 data:

1. International Business Activity: Topping the list by a substantial margin, jobs within the International Business sector reported a median gross annual income of $160,065. This is more than double (228%) the overall median income for all jobs in Bermuda. This sector saw its median income increase by a healthy 4.8% compared to 2022 ($152,723). The high compensation reflects the sector's focus on global finance, insurance, reinsurance, and related professional services demanding specialized expertise.
2. Financial and Insurance Activities: Closely related but categorized separately, this sector also showed very high earnings potential, with a median income of $103,531 (147% of the overall median). This represented a significant 7.8% increase from the 2022 median ($96,033), one of the largest percentage gains among all sectors.
3. Professional, Scientific and Technical Activities: Encompassing fields like accounting, legal services, consulting, and architecture, this sector reported a median income of $96,556 (137% of the overall median). Growth here was more modest compared to the previous year, with a 1.6% increase from $94,989 in 2022.
4. Electricity, Water Supply and Waste Management: Representing essential utilities, jobs in this sector had a median income of $87,714 (125% of the overall median). This figure rose by 3.2% from $84,973 in 2022.

These top-tier sectors clearly offer the highest potential earnings in Bermuda according to the 2023 survey data, significantly outpacing the island-wide median.

Industries with Mid-Range Earnings

Several sectors reported median incomes closer to, or slightly above, the overall Bermuda median of $70,238:

• Public Administration: Government roles reported a median income of $82,725 (118% of overall median), showing a 2.7% increase from 2022.
• Education: Jobs in the education sector had a median income of $81,778 (116% of overall median), nearly flat with only a 0.2% increase from the previous year.
• Information and Communication: This sector, including telecommunications and IT services, showed a median income of $77,844 (111% of overall median), up 1.8% from 2022.
• Real Estate Activities: Median earnings in real estate were $75,480 (107% of overall median), experiencing a solid 5.1% increase year-over-year.
• Human Health and Social Work: With a median income of $71,014 (101% of overall median), this crucial sector saw a respectable 4.1% increase compared to 2022.

These industries represent significant portions of Bermuda's employment and offer compensation levels that hover around or exceed the island's general median income.

Industries with Lower Median Earnings

At the other end of the spectrum, several industries reported median incomes substantially lower than the overall figure. These often involve sectors with a higher proportion of entry-level positions, part-time work, or roles traditionally associated with lower wage scales.

• Agriculture, Forestry and Fishing: This primary sector had the lowest median income reported at $38,737 (55% of overall median), though it did see a 2.9% increase from 2022.
• Activities of Households as Employers etc.: Primarily representing roles like domestic helpers, this category had a median income of $40,485 (58% of overall median), up 4.2% from the previous year.
• Accommodation and Food Service Activities: Despite showing the strongest job growth in 2023, this sector remained one of the lowest paying based on median income, at $40,926 (58% of overall median). The increase from 2022 was modest at 1.7%. This highlights that high job demand doesn't always equate to high median wages within a sector.
• Other Service Activities: This category, which can include personal care services like laundry or hairdressing, had a median income of $41,061 (58% of overall median), showing a 3.3% increase.
• Arts, Entertainment and Recreation: This sector reported a median income of $49,245 (70% of overall median). Notably, it was one of the few sectors to see a decrease in median income, falling by 3.0% from $50,793 in 2022.
• Manufacturing: Median income stood at $50,270 (72% of overall median), up 2.7%.
• Wholesale and Retail Trade: A major employer, this sector had a median income of $52,096 (74% of overall median), increasing by 3.3%.
• Construction and Quarrying: Median earnings were $56,561 (81% of overall median), with a 1.7% increase.
• Transportation and Storage: This sector showed a median income of $59,460 (85% of overall median), up 2.5% from 2022.

It's clear there's a wide disparity in typical earnings depending on the industry one works in within Bermuda.

Key Takeaways on Industry Income

• There is a very significant range in median incomes across Bermuda's industries, from under $40,000 to over $160,000 annually (gross).
• International Business and related Financial/Insurance sectors offer substantially higher earnings potential than any other field.
• Sectors like Accommodation/Food Service, despite high job growth, remain among the lowest paying based on median income.
• Most industries saw an increase in median income between 2022 and 2023, aligning with the overall positive trend, though some sectors saw decreases or very small gains.
• Understanding these industry benchmarks is useful, but individual pay will always depend on specific factors related to the job and the employee.

Accessing the Full Data

The median income figures discussed here are drawn directly from Table 3 of the Bermuda Job Market Employment Briefs (September 2024). This table provides the full list of major industries, their 2023 and 2022 median incomes, and the percentage change.

---

Disclaimer: This article summarizes median gross annual income findings by industry from the official Bermuda Job Market Employment Briefs (September 2024), based on the 2023 Employment Survey. These are median figures and do not represent guaranteed salaries. Individual earnings vary based on specific roles, experience, qualifications, and employer. Always consult the official publications on the Bermuda Government website for the most complete and up-to-date information.