A person working as a Psychologist in Faroe Islands typically earns around 41,200 DKK per month. Salaries range from 21,400 DKK (lowest) to 63,100 DKK (highest).
This is the average monthly salary including housing, transport, and other benefits. Psychologist salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Psychologist salaries in Faroe Islands range from 21,400 DKK per month (minimum salary) to 63,100 DKK per month (maximum salary).
The median salary is 39,600 DKK per month, which means that half (50%) of people working as Psychologist(s) are earning less than 39,600 DKK while the other half are earning more than 39,600 DKK. 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 Psychologist(s) are earning less than 27,500 DKK while 75% of them are earning more than 27,500 DKK. Also from the diagram, 75% of Psychologist(s) are earning less than 49,300 DKK while 25% are earning more than 49,300 DKK.
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
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 Psychologist salaries by experience level and this is what we found.
A Psychologist with less than two years of experience makes approximately 24,400 DKK per month.
While someone with an experience level between two and five years is expected to earn 32,700 DKK 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 42,500 DKK per month, 30% more than someone with two to five years of experience.
Additionally, Psychologist(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 51,400 DKK per month, 21% 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 56,200 DKK 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 59,100 DKK per month, 5% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+30%|
|10 - 15 Years||+21%|
|15 - 20 Years||+9%|
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Psychologist employees in Faroe Islands earn 11% more than their female counterparts on average.
Psychologist(s) in Faroe Islands are likely to observe a salary increase of approximately 9% every 30 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
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.
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
Listed above are the average annual increase rates for each industry in Faroe Islands for the year 2022. 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.
A Psychologist is considered to be a high 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.
39% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 61% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.
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.
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.
The main two types of jobs
|Revenue Generators||Supporting 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.
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.
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.
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.
The average salary for Psychologist is 39% more than that of Counseling. Also, Counseling salaries are 11% more than those of All Jobs.
|Job Title||Average Salary|
|Adoption Services Director||35,200 DKK||-15%|
|Alcohol and Drug Counselor||29,100 DKK||-29%|
|Assistant Instructor||12,600 DKK||-69%|
|Career Counselor||30,000 DKK||-27%|
|Director of Rehabilitation Services||42,300 DKK||+3%|
|Disability Consultant||25,300 DKK||-39%|
|Employment Counselor||31,400 DKK||-24%|
|Family Advocate||21,500 DKK||-48%|
|Family Services Specialist||22,500 DKK||-45%|
|Family Support Specialist||34,200 DKK||-17%|
|Family Youth Worker||11,000 DKK||-73%|
|Guidance Counselor||31,900 DKK||-23%|
|Guidance Director||36,200 DKK||-12%|
|Mental Health Counselor||36,700 DKK||-11%|
|Programs Coordinator||16,800 DKK||-59%|
|Supervising Counselor||33,200 DKK||-19%|
|Vocational Rehabilitation Counselor||33,700 DKK||-18%|
|Youth Advocate||17,700 DKK||-57%|
|Youth Care Counselor||33,300 DKK||-19%|
|Youth Care Specialist||19,100 DKK||-54%|
|Youth Development Manager||40,900 DKK||-1%|
Where can you get paid more, working for a private company or for the government? Public sector employees in Faroe Islands earn 17% more than their private sector counterparts on average across all sectors.
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