How much money does a person working in Reykjavik make?
730,369 ISK per month
Average Monthly Salary
A person working in Reykjavik typically earns around 730,369 ISK per month.
This is the average monthly salary including housing, transport, and other benefits.
Salaries differ drasticly between different jobs. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Distribution of Salaries in Reykjavik | All Jobs
Abount These Figures: Salary Range, Median and Percentiles
Salaries in Reykjavik range between 98,858 ISK per month (minimum salary) to 3,234,182 ISK per month (maximum salary).
The median salary is 723,065 ISK per month, which means that half (50%) of the population are earning less than 723,065 ISK while the other half are earning more than 723,065 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.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of the population are earning less than 369,865 ISK while 75% of them are earning more than 369,865 ISK. Also from the diagram, 75% of the population are earning less than 1,939,051 ISK while 25% are earning more than 1,939,051 ISK.
What is the difference between the median and the average salary? What should you be looking at?
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 plently of room for improvement. If your wage is in between the average and median, then things can be a bit confusing. We have written a guide to explain all the different senarios. How to compare your salary
Salary Trend and Forecast in Reykjavik
How are Reykjavik salaries changing over time? Listed below is a chart that shows the average salary over the past few years.
|Average Salary 2016|| = |
|Average Salary 2017|| +4% |
|Average Salary 2018|| +2% |
|Average Salary 2019|| +3% |
Percentage increase and decrease are relative to the previous value
Salaries in Reykjavik are on the rise in the year 2019 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 3% higher than those of 2018. The trend suggests a slow yet continous increase in pay in 2020 and future years. These numbers differ slightly from industry to another.
Salaries for popular jobs
|Administrative Assistant||395,821 ISK|
|Biomedical Engineer||641,515 ISK|
|CAD Drafter||528,569 ISK|
|Chartered Accountant||662,308 ISK|
|Chief Executive Officer||1,669,948 ISK|
|Chief Financial Officer||1,474,763 ISK|
|Civil Engineer||656,086 ISK|
|Computer Technician||543,500 ISK|
|Creative Director||721,745 ISK|
|Developer / Programmer||614,702 ISK|
|Electrical Engineer||687,856 ISK|
|Elementary School Teacher||503,664 ISK|
|Executive Chef||653,883 ISK|
|Flight Attendant||649,011 ISK|
|General Manager||1,232,078 ISK|
|Graphic Designer||512,748 ISK|
|Hotel Manager||1,077,382 ISK|
|Human Resources Manager||1,038,731 ISK|
|Internal Auditor||762,974 ISK|
|Legal Assistant||500,048 ISK|
|Mechanical Engineer||682,845 ISK|
|Police Officer||558,466 ISK|
|Project Manager||829,193 ISK|
|Sales Manager||1,142,517 ISK|
|Sales Representative||489,072 ISK|
|Secondary School Teacher||594,723 ISK|
|Travel Agent||604,863 ISK|
|Waiter / Waitress||459,415 ISK|
Average Hourly Wage in Reykjavik | All Jobs
4,214 ISK per hour
Average Hourly Wage
The average hourly wage (pay per hour) in Reykjavik | All Jobs is 4,214 ISK. This means that the average person in Reykjavik earns approximatly 4,214 ISK for every worked hour.
Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )
The hourly wage is the salary paid in one working 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 annual vacation allowance. The figures mentioned above are good approximation and they are considered to the be the standard.
Reykjavik VS Iceland
We compared salaries in Reykjavik and Iceland and we found that Reykjavik salaries are 5% more than those of Iceland.
Salary Comparison By City
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