Petroleum Geologist Average Salary in Faroe Islands 2021
How much money does a Petroleum Geologist make in Faroe Islands?
LOW
23,000
DKK AVERAGE
44,300
DKK HIGH
67,800
DKK
A person working as a Petroleum Geologist in Faroe Islands typically earns around 44,300 DKK per month. Salaries range from 23,000 DKK (lowest) to 67,800 DKK (highest).
This is the average monthly salary including housing, transport, and other benefits. Petroleum Geologist salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Petroleum Geologist Salary Distribution in Faroe Islands
The median, the maximum, the minimum, and the range
Salary Range
Petroleum Geologist salaries in Faroe Islands range from 23,000 DKK per month (minimum salary) to 67,800 DKK per month (maximum salary).
Median Salary
The median salary is 42,500 DKK per month, which means that half (50%) of people working as Petroleum Geologist(s) are earning less than 42,500 DKK while the other half are earning more than 42,500 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.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Petroleum Geologist(s) are earning less than 29,500 DKK while 75% of them are earning more than 29,500 DKK. Also from the diagram, 75% of Petroleum Geologist(s) are earning less than 53,000 DKK while 25% are earning more than 53,000 DKK.
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
Petroleum Geologist Salary Comparison by Years of Experience
How does experience and age affect your pay?
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 Petroleum Geologist salaries by experience level and this is what we found.
A Petroleum Geologist with less than two years of experience makes approximately 26,200 DKK per month.
While someone with an experience level between two and five years is expected to earn 35,100 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 45,600 DKK per month, 30% more than someone with two to five years of experience.
Additionally, Petroleum Geologist(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 55,300 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 60,400 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 63,600 DKK per month, 5% more than people with fifteen to twenty years of experience.
Petroleum Geologist average salary change by experience in Faroe Islands
| 0 - 2 Years | 26,200 DKK | |
| 2 - 5 Years | +34% | 35,100 DKK |
| 5 - 10 Years | +30% | 45,600 DKK |
| 10 - 15 Years | +21% | 55,300 DKK |
| 15 - 20 Years | +9% | 60,400 DKK |
| 20+ Years | +5% | 63,600 DKK |
Typical Salary Progress for Most Careers
Petroleum Geologist Salary Comparison By Education
How do education levels affect salaries?
Displayed below is the average salary difference between different Petroleum Geologist(s) who have the same experience but different education levels.
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 Petroleum Geologist salaries by education level in order to make a comparison.
When the education level is Bachelor's Degree, the average salary of a Petroleum Geologist is 33,800 DKK per month.
While someone with a Master's Degree gets a salary of 41,800 DKK per month, 24% more than someone having a Bachelor's Degree degree.
A PhD gets its holder an average salary of 66,900 DKK per month, 60% more than someone with a Master's Degree.
Petroleum Geologist average salary difference by education level in Faroe Islands
| Bachelor's Degree | 33,800 DKK | |
| Master's Degree | +24% | 41,800 DKK |
| PhD | +60% | 66,900 DKK |
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 Faroe Islands costs anywhere from 134,000 Danish Krone(s) to 401,000 Danish Krone(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
Petroleum Geologist Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Petroleum Geologist employees in Faroe Islands earn 11% more than their female counterparts on average.
| Male | 47,200 DKK | |
| Female | -10% | 42,400 DKK |
Salary Comparison By Gender in Faroe Islands for all Careers
Petroleum Geologist Average Annual Salary Increment Percentage in Faroe Islands
How much are annual salary increments in Faroe Islands for Petroleum Geologist(s)? How often do employees get salary raises?
Petroleum Geologist
Petroleum Geologist(s) in Faroe Islands are likely to observe a salary increase of approximately 9% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
Faroe Islands / All Professions
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
Annual Increment Rate By Industry 2020
| Banking | 8% | |
| Energy | 7% | |
| Information Technology | 6% | |
| Healthcare | 5% | |
| Travel | 4% | |
| Construction | 3% | |
| Education | 2% |
Listed above are the average annual increase rates for each industry in Faroe Islands for the year 2020. 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
Petroleum Geologist Bonus and Incentive Rates in Faroe Islands
How much and how often are bonuses being awarded?
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A Petroleum Geologist 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.
63% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 37% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.
| Received Bonus | 37% | |
| No Bonus | 63% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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.
Petroleum Geologist Average Hourly Wage in Faroe Islands
260 DKK per hourThe average hourly wage (pay per hour) in Faroe Islands is 260 DKK. This means that the average Petroleum Geologist in Faroe Islands earns approximately 260 DKK for every worked hour.
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.
Petroleum Geologist VS Other Jobs
The average salary for Petroleum Geologist is 84% more than that of Oil / Gas / Energy / Mining. Also, Oil / Gas / Energy / Mining salaries are 10% less than those of All Jobs.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Assistant Yard Manager | 22,000 DKK |  -50% |
| Associate Analyst | 26,100 DKK | -41% |
| Associate Landman | 11,000 DKK | -75% |
| Auxiliary Equipment Operator | 9,330 DKK | -79% |
| Biomass Plant Technician | 12,300 DKK | -72% |
| Biomass Power Plant Manager | 34,200 DKK | -23% |
| Chemical Plant Operator | 19,600 DKK | -56% |
| Chief Contract Compliance Engineer | 23,800 DKK | -46% |
| Completions Engineer | 23,200 DKK | -48% |
| Cost Controller | 16,800 DKK | -62% |
| Crude Oil Marketing Representative | 25,100 DKK | -43% |
| Dispatcher | 10,100 DKK | -77% |
| Distribution Manager | 33,000 DKK | -26% |
| Dragline Operator | 10,900 DKK | -75% |
| Driller Offsider | 8,280 DKK | -81% |
| Dump Truck Driver | 9,020 DKK | -80% |
| Electric and Gas Operations Manager | 52,700 DKK |  +19% |
| Energy Advisor | 36,700 DKK | -17% |
| Energy Analyst | 34,300 DKK | -23% |
| Energy Auditor | 29,400 DKK | -34% |
| Energy Dispatch Director | 42,600 DKK | -4% |
| Energy Technical Assistant | 14,900 DKK | -66% |
| Energy Technical Manager | 28,000 DKK | -37% |
| Energy Technical Trainer | 21,200 DKK | -52% |
| Exploration Manager | 42,000 DKK | -5% |
| Field Safety Auditor | 26,200 DKK | -41% |
| Fluids Engineer | 23,000 DKK | -48% |
| Fuel Cell Engineer | 25,900 DKK | -42% |
| Fuel Cell Technician | 12,000 DKK | -73% |
| Fuels Handler | 10,900 DKK | -75% |
| Gas Compressor Operator | 10,700 DKK | -76% |
| Gas Distribution Plant Operator | 19,300 DKK | -56% |
| Gas Supply Manager | 38,000 DKK | -14% |
| Geologist | 43,800 DKK | -1% |
| Geophysicist | 42,600 DKK | -4% |
| Geothermal Production Manager | 42,600 DKK | -4% |
| Geothermal Technician | 17,000 DKK | -62% |
| HSE Engineer | 24,300 DKK | -45% |
| HSE Officer | 14,400 DKK | -68% |
| HSEQ Administrator | 16,200 DKK | -63% |
| Inspector | 21,600 DKK | -51% |
| Instructor | 19,000 DKK | -57% |
| Instrument Designer | 18,400 DKK | -58% |
| Lead Technical Field Advisor | 31,300 DKK | -29% |
| Logistics and Tool Coordinator | 19,900 DKK | -55% |
| Maintenance Engineer | 23,400 DKK | -47% |
| Maintenance Superintendent | 21,800 DKK | -51% |
| Material Controller | 16,200 DKK | -63% |
| Mine Engineer | 22,900 DKK | -48% |
| Mine Surveyor | 26,600 DKK | -40% |
| Mining Project Administrator | 20,300 DKK | -54% |
| Mining Project Assistant | 16,400 DKK | -63% |
| Mining Project Controls Consultant | 27,800 DKK | -37% |
| Mining Project Coordinator | 20,500 DKK | -54% |
| Mining Project Engineer | 22,100 DKK | -50% |
| Mining Project Manager | 29,600 DKK | -33% |
| Mining Site Manager | 32,200 DKK | -27% |
| Mining Team Leader | 26,600 DKK | -40% |
| NDT Technician | 14,900 DKK | -66% |
| Oil Service Unit Operator | 13,000 DKK | -71% |
| Oil Trader | 30,000 DKK | -32% |
| Oilwell Pumper | 8,630 DKK | -81% |
| Petroleum Engineer | 27,500 DKK | -38% |
| Petroleum Geologist | 44,300 DKK | -0% |
| Petroleum Pump System Operator | 13,400 DKK | -70% |
| Pipeline Technician | 9,200 DKK | -79% |
| Power Coordinator | 14,700 DKK | -67% |
| Power Plant Operations Manager | 45,600 DKK | +3% |
| Power Plant Operator | 19,100 DKK | -57% |
| Radio Operator | 10,600 DKK | -76% |
| Reliability Engineer | 23,400 DKK | -47% |
| Reservoir Engineer | 21,600 DKK | -51% |
| Risk Analyst | 28,100 DKK | -37% |
| Roughneck | 25,500 DKK | -42% |
| Scaffolder | 16,000 DKK | -64% |
| Shutdown Engineer | 19,200 DKK | -57% |
| Solar Energy Installation Manager | 35,700 DKK | -19% |
| Solar Energy Systems Engineer | 24,400 DKK | -45% |
| Solar Photovoltaic Installer | 15,000 DKK | -66% |
| Solar Thermal Technician | 15,300 DKK | -65% |
| Supply Operations Manager | 39,500 DKK | -11% |
| Sustainability Specialist | 39,100 DKK | -12% |
| System Development Advisor | 26,100 DKK | -41% |
| Tanker Truck Driver | 9,070 DKK | -80% |
| Utility Operator | 13,100 DKK | -70% |
| Wind Energy Project Manager | 33,900 DKK | -24% |
Government vs Private Sector Salary Comparison
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.
| Private Sector | 24,900 DKK | |
| Public Sector | +17% | 29,200 DKK |
