Finance and insurance employees: top income in Germany!

Finance and insurance employees: top income in Germany!

The median income in the finance and insurance sector reached the highest level in Germany in 2024 at 5,860 euros. This is shown by a current study based on data from the Federal Employment Agency. In total, the gross salaries subject to social insurance contributions of almost 21.86 million people were analyzed for 2024. Compared to the previous year, the median monthly income increased by 217 euros, which corresponds to an increase of 5.7%. On average, each employee earned 4,013 euros per month, with men earning 4,138 euros and women earning 3,793 euros, reports the Insurance Journal.

The income distribution shows that 66% of employees in the financial and insurance services sector earn more than 5,000 euros per month. The range extends from 2,000 euros (1.4% of employees) to over 6,000 euros (47.5%). As paid professions, human medicine and dentistry in particular come to the top of the income list with a median of 7,372 euros. Computer scientists follow with 5,907 euros, while finance and insurance employees make up a significant share of the upper income range with 5,797 euros.

Professional qualifications and salary

Income varies significantly depending on professional qualifications. Employees without a professional qualification earn a median of only 2,987 euros, while people with an academic qualification earn 5,916 euros per month. In the category based on level of requirement, helpers earn 2,863 euros, skilled workers earn 3,720 euros and experts even earn 6,232 euros. A look at the size of the company shows that the median income in large companies is 4,825 euros, while in small companies only 3,048 euros are paid.

Stepstone's salary report showed that the average salary in Germany in 2024 was 50,250 euros annually, while the median income was 43,750 euros gross per year. These numbers are also reflected in salaries in various industries. The highest average salaries were recorded in banking at 63,250 euros, followed by aerospace at 57,750 euros and the pharmaceutical industry at 57,250 euros, as finanz.de reported.

Salary differences by gender and region

The gender pay gap shows that women will earn an average of 40,000 euros in 2024, while men will earn 45,750 euros. This corresponds to an unadjusted difference of 12.4%. The adjusted gender pay gap is 5.5%. Regional differences are also noticeable: the highest incomes are in Munich with 56,250 euros and in Stuttgart with 54,500 euros, whereas Thuringia and Mecklenburg-Western Pomerania have the lowest incomes with 37,000 euros and 36,500 euros respectively.

Overall, the current figures illustrate the large income gap in Germany and the significance of the finance and insurance sector as one of the most lucrative industries. The analysis shows that professional qualifications and company size have a decisive influence on the level of earning potential.