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Electrical Engineer Average Salary in Iceland 2020

How much money does an Electrical Engineer make in Iceland?


Average Monthly Salary
628,000 ISK
( 7,530,000 ISK yearly)

LOW
289,000
ISK
AVERAGE
628,000
ISK
HIGH
998,000
ISK

A person working as an Electrical Engineer in Iceland typically earns around 628,000 ISK per month. Salaries range from 289,000 ISK (lowest) to 998,000 ISK (highest).

This is the average monthly salary including housing, transport, and other benefits. Electrical Engineer salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Electrical Engineer Salary Distribution in Iceland

Median and salary distribution monthly Iceland Electrical Engineer
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The median, the maximum, the minimum, and the range

  • Salary Range

    Electrical Engineer salaries in Iceland range from 289,000 ISK per month (minimum salary) to 998,000 ISK per month (maximum salary).

  • Median Salary

    The median salary is 678,000 ISK per month, which means that half (50%) of people working as Electrical Engineer(s) are earning less than 678,000 ISK while the other half are earning more than 678,000 ISK. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Electrical Engineer(s) are earning less than 435,000 ISK while 75% of them are earning more than 435,000 ISK. Also from the diagram, 75% of Electrical Engineer(s) are earning less than 905,000 ISK while 25% are earning more than 905,000 ISK.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning 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

Electrical Engineer Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Iceland Electrical Engineer
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Electrical Engineer salaries by experience level and this is what we found.

An Electrical Engineer with less than two years of experience makes approximately 328,000 ISK per month.

While someone with an experience level between two and five years is expected to earn 438,000 ISK per month, 34% more than someone with less than two year's experience.

Moving forward, an experience level between five and ten years lands a salary of 647,000 ISK per month, 48% more than someone with two to five years of experience.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Additionally, Electrical Engineer(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 789,000 ISK per month, 22% 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 860,000 ISK per month, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 931,000 ISK per month, 8% more than people with fifteen to twenty years of experience.


Electrical Engineer average salary change by experience in Iceland

0 - 2 Years
328,000 ISK
2 - 5 Years+34%
438,000 ISK
5 - 10 Years+48%
647,000 ISK
10 - 15 Years+22%
789,000 ISK
15 - 20 Years+9%
860,000 ISK
20+ Years+8%
931,000 ISK
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Electrical Engineer Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Electrical Engineer(s) who have the same experience but different education levels.

Salary comparison by education level monthly Iceland Electrical Engineer
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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 Electrical Engineer salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary of an Electrical Engineer is 381,000 ISK per month.

While someone with a Master's Degree gets a salary of 736,000 ISK per month, 93% more than someone having a Bachelor's Degree degree.


Electrical Engineer average salary difference by education level in Iceland

Bachelor's Degree
381,000 ISK
Master's Degree+93%
736,000 ISK
Percentage increase and decrease are relative to the previous value

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 Iceland costs anywhere from 3,460,000 Iceland Krona(s) to 10,400,000 Iceland Krona(s) 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 into a higher paying job. The numbers seem to support the thoery. 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 Comparison By Education Level
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Electrical Engineer Salary Comparison By Gender

Salary comparison by gender monthly Iceland Electrical Engineer
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Electrical Engineer employees in Iceland earn 5% more than their female counterparts.

Female
612,000 ISK
Male+5%
643,000 ISK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Iceland for all Careers

Salary comparison by gender monthly Iceland
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Electrical Engineer Average Annual Salary Increment Percentage in Iceland

How much are annual salary increments in Iceland for Electrical Engineer(s)? How often do employees get salary raises?

Electrical Engineer

Electrical Engineer(s) in Iceland are likely to observe a salary increase of approximately 7% every 30 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Iceland Electrical Engineer
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Iceland / All Professions

Annual Salary Increment Rate Iceland
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The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely 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

The average salary increase in one year (12 months) in Iceland is 2%.

Annual Increment Rate By Industry 2019

Banking
9%
Energy
9%
Information Technology
9%
Healthcare
9%
Travel
9%
Construction
9%
Education
9%

Listed above are the average annual increase rates for each industry in Iceland for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Electrical Engineer Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Electrical Engineer
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An Electrical Engineer is considered to be a moderate bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

59% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 41% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 2% to 7% of their annual salary.

Received Bonus
41%
No Bonus
59%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, 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 Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These 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 GeneratorsSupporting 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:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

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.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Iceland
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Where can you get paid more, working for a private company or for the government? Public sector Electrical Engineer employees in Iceland earn 25% more than their private sector counterparts.

Private Sector
616,000 ISK
Public Sector+25%
769,000 ISK
Percentage increase and decrease are relative to the previous value

Electrical Engineer Salary Trend and Forecast in Iceland

How are Electrical Engineer salaries changing over time? Listed below is a chart that shows the average salary in recent years.

Salary trends and forecast monthly Iceland Electrical Engineer
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Average Salary 2016
543,000 ISK
Average Salary 2017+4%
563,000 ISK
Average Salary 2018+4%
584,000 ISK
Average Salary 2019+4%
605,000 ISK
Percentage increase and decrease are relative to the previous value

Electrical Engineer salaries in Iceland are on the rise in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 4% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.

Electrical Engineer Average Hourly Wage in Iceland


3,620 ISK per hour

The average hourly wage (pay per hour) in Iceland is 3,620 ISK. This means that the average Electrical Engineer in Iceland earns approximately 3,620 ISK for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

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 fix 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.

Electrical Engineer VS Other Jobs

Salary Comparison Between Electrical Engineer and Engineering monthly Iceland
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The average salary for Electrical Engineer is 2% more than that of Engineering. Also, Engineering salaries are 11% less than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Acoustics Engineer587,000 ISK-6%
Assembly Engineering Technician518,000 ISK-17%
Assistant Chief Engineer631,000 ISK+1%
Associate Engineer568,000 ISK-10%
Autocad Operator470,000 ISK-25%
Automation Engineer703,000 ISK+12%
Avionic System Support Engineer543,000 ISK-13%
Biochemical Engineer662,000 ISK+5%
BMS Engineer593,000 ISK-6%
Bridge and Lock Tender570,000 ISK-9%
Broadcast Engineer629,000 ISK+0%
CAD Design Engineer591,000 ISK-6%
CAD Designer489,000 ISK-22%
CAE Engineer588,000 ISK-6%
Ceramics Engineer574,000 ISK-9%
Civil Engineer581,000 ISK-7%
Commissioning Engineer560,000 ISK-11%
Communications Engineer589,000 ISK-6%
Condition Monitoring Engineer518,000 ISK-17%
Contract Associate Engineer629,000 ISK+0%
Control Systems Engineer614,000 ISK-2%
Controls Engineer619,000 ISK-1%
Controls Software Engineer597,000 ISK-5%
Corrosion Engineer559,000 ISK-11%
Design Engineer629,000 ISK+0%
Drafter430,000 ISK-31%
Drafting Manager644,000 ISK+3%
Drilling Engineer564,000 ISK-10%
Electrical Draughtsman359,000 ISK-43%
Electrical Engineer628,000 ISK+0%
Electrical Engineering Manager732,000 ISK+17%
Electromechanical Engineering Technologist676,000 ISK+8%
Electromechanical Equipment Assembler582,000 ISK-7%
Energy Engineer641,000 ISK+2%
Engine Assembler433,000 ISK-31%
Engineer578,000 ISK-8%
Engineering Account Manager596,000 ISK-5%
Engineering Chief Designer601,000 ISK-4%
Engineering Consultant699,000 ISK+11%
Engineering Key Account Manager650,000 ISK+4%
Engineering Lab Technician553,000 ISK-12%
Engineering Planning Manager747,000 ISK+19%
Engineering Production Manager756,000 ISK+20%
Engineering Project Analyst687,000 ISK+9%
Engineering Project Coordinator 600,000 ISK-4%
Engineering Project Director757,000 ISK+21%
Engineering Project Manager718,000 ISK+14%
Engineering Research and Development Manager733,000 ISK+17%
Engineering Safety Coordinator521,000 ISK-17%
Engineering Sales Manager713,000 ISK+14%
Engineering Technician526,000 ISK-16%
Engineering Technologist556,000 ISK-11%
Environmental Engineer610,000 ISK-3%
Equipment Engineer561,000 ISK-11%
Equipment Engineering Manager681,000 ISK+8%
Estimator582,000 ISK-7%
Fabrication Specialist510,000 ISK-19%
Fabricator444,000 ISK-29%
Facade Engineer673,000 ISK+7%
Fiber Analyst488,000 ISK-22%
Field Engineer560,000 ISK-11%
Field Engineering Manager735,000 ISK+17%
Fire Engineer616,000 ISK-2%
Fitter and Turner320,000 ISK-49%
Forestry Strategic Planner651,000 ISK+4%
Generation Engineer658,000 ISK+5%
Genetic Engineer759,000 ISK+21%
Geological Engineer658,000 ISK+5%
Geotechnical Engineer655,000 ISK+4%
Heavy Equipment Mechanic486,000 ISK-23%
Highway Engineer534,000 ISK-15%
HSE Professional505,000 ISK-20%
HVAC Engineer597,000 ISK-5%
HVAC Supervisor612,000 ISK-3%
Industrial Engineer557,000 ISK-11%
Industrial Engineering Technologist577,000 ISK-8%
Instrument Engineer658,000 ISK+5%
Instrumentation and Control Engineer649,000 ISK+3%
Instrumentation Engineer636,000 ISK+1%
Instrumentation Manager748,000 ISK+19%
Irrigation Engineer556,000 ISK-11%
Licensed Aircraft Engineer626,000 ISK-0%
Locomotive Engineer551,000 ISK-12%
Maintenance Engineer548,000 ISK-13%
Maintenance Fitter394,000 ISK-37%
Maintenance Manager708,000 ISK+13%
Manufacturing Engineer627,000 ISK-0%
Marine Engineer531,000 ISK-15%
Materials Engineer554,000 ISK-12%
Materials Researcher666,000 ISK+6%
Materials Technician560,000 ISK-11%
Mechanical and Electrical Engineer623,000 ISK-1%
Mechanical Design Engineer643,000 ISK+2%
Mechanical Designer560,000 ISK-11%
Mechanical Engineer617,000 ISK-2%
Mechanical Engineering Manager719,000 ISK+15%
Mechanical Inspector623,000 ISK-1%
Mechatronics Engineer589,000 ISK-6%
Mining Engineer558,000 ISK-11%
Oil and Petrochemical Engineer647,000 ISK+3%
Optical Engineer542,000 ISK-14%
Optical Instrument Assembler486,000 ISK-23%
PCB Assembler441,000 ISK-30%
Photonics Engineer626,000 ISK-0%
Photonics Technician508,000 ISK-19%
Pipeline Engineer585,000 ISK-7%
Piping Designer518,000 ISK-17%
Piping Engineer584,000 ISK-7%
Planning Engineer575,000 ISK-8%
Pressure Vessel Inspector408,000 ISK-35%
Principal Cost Engineer639,000 ISK+2%
Principal Engineer650,000 ISK+4%
Principal Support Engineer568,000 ISK-10%
Process Engineer559,000 ISK-11%
Process Operator493,000 ISK-21%
Product Development Engineer614,000 ISK-2%
Product Development Technician511,000 ISK-19%
Product Engineer550,000 ISK-12%
Product Safety Engineer599,000 ISK-5%
Production Engineer625,000 ISK-0%
Project Engineer589,000 ISK-6%
Proposal Manager699,000 ISK+11%
Purchasing Engineer561,000 ISK-11%
Quality Assurance Engineer549,000 ISK-13%
Rail Engineer549,000 ISK-13%
Robotics Engineer685,000 ISK+9%
Robotics Technician564,000 ISK-10%
Safety Engineer540,000 ISK-14%
Safety Inspector505,000 ISK-20%
Safety Manager682,000 ISK+9%
Safety Officer504,000 ISK-20%
Sales Engineer584,000 ISK-7%
Scheduling Engineer488,000 ISK-22%
Service Engineer663,000 ISK+6%
Solar Engineer633,000 ISK+1%
Staff Engineer560,000 ISK-11%
Static Equipment Engineer548,000 ISK-13%
Stationary Engineer526,000 ISK-16%
Stress Engineer528,000 ISK-16%
Structural Analysis Engineer583,000 ISK-7%
Structural Designer552,000 ISK-12%
Structural Engineer590,000 ISK-6%
Structural Technician487,000 ISK-22%
Supply Chain Specialist676,000 ISK+8%
Surveyor462,000 ISK-26%
Technical Affairs Officer483,000 ISK-23%
Technical Assistant498,000 ISK-21%
Technical Engineer547,000 ISK-13%
Technical Support Engineer526,000 ISK-16%
Tender Engineer526,000 ISK-16%
Test Development Engineer560,000 ISK-11%
Transportation Engineer579,000 ISK-8%
Validation Engineer589,000 ISK-6%
Verification Engineer571,000 ISK-9%
Wastewater Engineer575,000 ISK-8%
Wind Energy Engineer638,000 ISK+2%
Wind Energy Operations Manager737,000 ISK+17%
Work Planner434,000 ISK-31%

Salary Comparison By City

CityAverage Salary
Reykjavik688,000 ISK
512438 - 1

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