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Average Salary in Faroe Islands 2023

How much money does a person working in Faroe Islands make?

Average Monthly Salary
26,800 DKK
( 321,000 DKK yearly)


A person working in Faroe Islands typically earns around 26,800 DKK per month. Salaries range from 6,770 DKK (lowest average) to 119,000 DKK (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Distribution of Salaries in Faroe Islands

Median and salary distribution monthly Faroe Islands
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The median, the maximum, the minimum, and the range

  • Salary Range

    Salaries in Faroe Islands range from 6,770 DKK per month (minimum salary) to 119,000 DKK per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 28,400 DKK per month, which means that half (50%) of the population are earning less than 28,400 DKK while the other half are earning more than 28,400 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 the population are earning less than 15,800 DKK while 75% of them are earning more than 15,800 DKK. Also from the diagram, 75% of the population are earning less than 78,300 DKK while 25% are earning more than 78,300 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

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.

Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.

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 this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Salary Comparison By Gender

Salary comparison by gender monthly Faroe Islands
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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 employees in Faroe Islands earn 14% more than their female counterparts on avergae across all sectors.

28,700 DKK
25,200 DKK
Percentage increase and decrease are relative to the previous value

Average Annual Salary Increment Percentage in Faroe Islands

How much are annual salary increments in Faroe Islands? How often do employees get salary raises?

Faroe Islands

Employees in Faroe Islands are likely to observe a salary increase of approximately 4% every 29 months.

Annual Salary Increment Rate Faroe Islands
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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.

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 2022

Information Technology

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.

Average Salary Increase Rate by Experience Level

Junoir Level
3% - 5%
6% - 9%
Senior Level
10% - 15%
Top Management
15% - 20%

The difference in increment rates is somehow justified because employers put more effort to retain more experienced staff since they are harder to acquire than less experienced ones.

Worldwide Salary Raises: All Countries and All Jobs

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Bonus and Incentive Rates in Faroe Islands

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Faroe Islands
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62% of surveyed staff in Faroe Islands reported that they haven't received any bonuses or incentives in the previous year while 38% 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
No Bonus

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.

Bonus Rates Comparison by Career Field

Business Development
Marketing / Advertising
Information Technology
Customer Service
Human Resources

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.

A graphics designer working for a graphics designing company.

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.

Salaries for popular jobs

Job TitleAverage Salary
Accounting and Finance
Accountant18,100 DKK
Accounting Assistant13,700 DKK
Accounting Manager39,800 DKK
Bookkeeper12,400 DKK
Chartered Accountant22,300 DKK
Corporate Treasurer35,400 DKK
Financial Analyst32,300 DKK
Financial Manager53,900 DKK
Internal Auditor24,200 DKK

Administration / Reception / Secretarial
Administrative Assistant13,300 DKK
Office Manager22,500 DKK
Receptionist10,100 DKK
Secretary11,500 DKK

Advertising / Grapic Design / Events
Art Director26,600 DKK
Creative Director26,500 DKK
Graphic Designer16,100 DKK
Photographer14,800 DKK

Airlines / Aviation / Aerospace / Defense
Aerospace Engineer31,600 DKK
Air Traffic Controller29,100 DKK
Flight Attendant17,500 DKK
Pilot46,200 DKK

Architect29,800 DKK
CAD Drafter13,800 DKK

Mechanic9,640 DKK
Service Advisor18,500 DKK

Bank Branch Manager48,500 DKK
Teller9,710 DKK

Teacher19,500 DKK
Translator22,300 DKK

Business Planning
Business Analyst30,800 DKK
Business Development Manager42,100 DKK
Project Manager29,100 DKK

Care Giving and Child Care
Nanny10,900 DKK
Nursery Teacher10,200 DKK

Construction / Building / Installation
Civil Engineer24,400 DKK
Construction Project Manager41,600 DKK
Health and Safety Officer11,600 DKK

Customer Service and Call Center
Call Center Representative9,770 DKK
Customer Service Manager36,500 DKK
Customer Service Representative9,870 DKK

Electrical Engineer26,300 DKK
Engineer23,900 DKK
Mechanical Engineer25,700 DKK

Executive and Management
Chief Executive Officer57,900 DKK
Chief Financial Officer55,200 DKK
General Manager47,400 DKK

Food / Hospitality / Tourism / Catering
Chef16,800 DKK
Executive Chef18,400 DKK
Hotel Manager47,000 DKK
Travel Agent16,200 DKK
Waiter / Waitress7,840 DKK

Health and Medical
Dentist58,900 DKK
Dietitian52,100 DKK
Laboratory Technician20,400 DKK
Nurse19,600 DKK

Human Resources
Human Resources Manager37,900 DKK
Human Resources Officer14,900 DKK

Information Technology
Computer Technician20,400 DKK
Database Administrator25,000 DKK
Developer / Programmer26,400 DKK
Information Technology Manager41,500 DKK
Network Engineer22,300 DKK

Law Enforcement / Security / Fire
Police Officer16,100 DKK

Attorney49,300 DKK
Legal Assistant14,300 DKK

Media / Broadcasting / Arts / Entertainment
Journalist28,600 DKK

Pharmaceutical and Biotechnology
Biomedical Engineer21,500 DKK
Pharmacist31,600 DKK

Sales Retail and Wholesale
Cashier10,200 DKK
Sales Manager45,000 DKK
Sales Representative16,500 DKK

Teaching / Education
Elementary School Teacher17,900 DKK
Secondary School Teacher21,200 DKK

Average Hourly Wage in Faroe Islands

150 DKK per hour

The average hourly wage (pay per hour) in Faroe Islands is 150 DKK. This means that the average person in Faroe Islands earns approximately 150 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.

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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