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Petroleum Geologist Average Salary in Faroe Islands 2021

How much money does a Petroleum Geologist make in Faroe Islands?


Average Monthly Salary
44,300 DKK
( 532,000 DKK yearly)

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

Median and salary distribution monthly Faroe Islands Petroleum Geologist
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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?

Salary comparison by years of experience monthly Faroe Islands Petroleum Geologist
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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 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.

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, 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
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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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.

Salary comparison by education level monthly Faroe Islands Petroleum Geologist
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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 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
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 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

Salary Comparison By Education Level
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Petroleum Geologist Salary Comparison By Gender

Salary comparison by gender monthly Faroe Islands Petroleum Geologist
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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 Petroleum Geologist employees in Faroe Islands earn 11% more than their female counterparts on average.

Male
47,200 DKK
Female-10%
42,400 DKK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Faroe Islands for all Careers

Salary comparison by gender monthly Faroe Islands
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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.

Annual Salary Increment Rate Faroe Islands Petroleum Geologist
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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.

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

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

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

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Petroleum Geologist Bonus and Incentive Rates in Faroe Islands

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Faroe Islands Petroleum Geologist
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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 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.

Petroleum Geologist Average Hourly Wage in Faroe Islands


260 DKK per hour

The 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.


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.

Petroleum Geologist VS Other Jobs

Salary Comparison Between Petroleum Geologist and Oil  / Gas / Energy / Mining monthly Faroe Islands
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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 TitleAverage Salary
Assistant Yard Manager22,000 DKK-50%
Associate Analyst26,100 DKK-41%
Associate Landman11,000 DKK-75%
Auxiliary Equipment Operator9,330 DKK-79%
Biomass Plant Technician12,300 DKK-72%
Biomass Power Plant Manager34,200 DKK-23%
Chemical Plant Operator19,600 DKK-56%
Chief Contract Compliance Engineer23,800 DKK-46%
Completions Engineer23,200 DKK-48%
Cost Controller16,800 DKK-62%
Crude Oil Marketing Representative25,100 DKK-43%
Dispatcher10,100 DKK-77%
Distribution Manager33,000 DKK-26%
Dragline Operator10,900 DKK-75%
Driller Offsider8,280 DKK-81%
Dump Truck Driver9,020 DKK-80%
Electric and Gas Operations Manager52,700 DKK+19%
Energy Advisor36,700 DKK-17%
Energy Analyst34,300 DKK-23%
Energy Auditor29,400 DKK-34%
Energy Dispatch Director42,600 DKK-4%
Energy Technical Assistant14,900 DKK-66%
Energy Technical Manager28,000 DKK-37%
Energy Technical Trainer21,200 DKK-52%
Exploration Manager42,000 DKK-5%
Field Safety Auditor26,200 DKK-41%
Fluids Engineer23,000 DKK-48%
Fuel Cell Engineer25,900 DKK-42%
Fuel Cell Technician12,000 DKK-73%
Fuels Handler10,900 DKK-75%
Gas Compressor Operator10,700 DKK-76%
Gas Distribution Plant Operator19,300 DKK-56%
Gas Supply Manager38,000 DKK-14%
Geologist43,800 DKK-1%
Geophysicist42,600 DKK-4%
Geothermal Production Manager42,600 DKK-4%
Geothermal Technician17,000 DKK-62%
HSE Engineer24,300 DKK-45%
HSE Officer14,400 DKK-68%
HSEQ Administrator16,200 DKK-63%
Inspector21,600 DKK-51%
Instructor19,000 DKK-57%
Instrument Designer18,400 DKK-58%
Lead Technical Field Advisor31,300 DKK-29%
Logistics and Tool Coordinator19,900 DKK-55%
Maintenance Engineer23,400 DKK-47%
Maintenance Superintendent21,800 DKK-51%
Material Controller16,200 DKK-63%
Mine Engineer22,900 DKK-48%
Mine Surveyor26,600 DKK-40%
Mining Project Administrator20,300 DKK-54%
Mining Project Assistant16,400 DKK-63%
Mining Project Controls Consultant27,800 DKK-37%
Mining Project Coordinator20,500 DKK-54%
Mining Project Engineer22,100 DKK-50%
Mining Project Manager29,600 DKK-33%
Mining Site Manager32,200 DKK-27%
Mining Team Leader26,600 DKK-40%
NDT Technician14,900 DKK-66%
Oil Service Unit Operator13,000 DKK-71%
Oil Trader30,000 DKK-32%
Oilwell Pumper8,630 DKK-81%
Petroleum Engineer 27,500 DKK-38%
Petroleum Geologist44,300 DKK-0%
Petroleum Pump System Operator13,400 DKK-70%
Pipeline Technician9,200 DKK-79%
Power Coordinator14,700 DKK-67%
Power Plant Operations Manager45,600 DKK+3%
Power Plant Operator19,100 DKK-57%
Radio Operator10,600 DKK-76%
Reliability Engineer23,400 DKK-47%
Reservoir Engineer21,600 DKK-51%
Risk Analyst28,100 DKK-37%
Roughneck25,500 DKK-42%
Scaffolder16,000 DKK-64%
Shutdown Engineer19,200 DKK-57%
Solar Energy Installation Manager35,700 DKK-19%
Solar Energy Systems Engineer24,400 DKK-45%
Solar Photovoltaic Installer15,000 DKK-66%
Solar Thermal Technician15,300 DKK-65%
Supply Operations Manager39,500 DKK-11%
Sustainability Specialist39,100 DKK-12%
System Development Advisor26,100 DKK-41%
Tanker Truck Driver9,070 DKK-80%
Utility Operator13,100 DKK-70%
Wind Energy Project Manager33,900 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
Percentage increase and decrease are relative to the previous value

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