A person working as a Financial Manager in Iceland typically earns around 1,340,000 ISK per month. Salaries range from 617,000 ISK (lowest) to 2,130,000 ISK (highest).
This is the average monthly salary including housing, transport, and other benefits. Financial Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Financial Manager salaries in Iceland range from 617,000 ISK per month (minimum salary) to 2,130,000 ISK per month (maximum salary).
The median salary is 1,450,000 ISK per month, which means that half (50%) of people working as Financial Manager(s) are earning less than 1,450,000 ISK while the other half are earning more than 1,450,000 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 Financial Manager(s) are earning less than 930,000 ISK while 75% of them are earning more than 930,000 ISK. Also from the diagram, 75% of Financial Manager(s) are earning less than 1,930,000 ISK while 25% are earning more than 1,930,000 ISK.
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 Financial Manager salaries by experience level and this is what we found.
A Financial Manager with less than two years of experience makes approximately 701,000 ISK per month.
While someone with an experience level between two and five years is expected to earn 936,000 ISK 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 1,380,000 ISK per month, 48% more than someone with two to five years of experience.
Additionally, Financial Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 1,690,000 ISK per month, 22% 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 1,840,000 ISK 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 1,990,000 ISK per month, 8% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+48%|
|10 - 15 Years||+22%|
|15 - 20 Years||+9%|
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 Financial Manager salaries by education level in order to make a comparison.
When the education level is Certificate or Diploma, the average salary of a Financial Manager is 799,000 ISK per month.
While someone with a Bachelor's Degree gets a salary of 1,250,000 ISK per month, 57% more than someone having a Certificate or Diploma degree.
A Master's Degree gets its holder an average salary of 2,100,000 ISK per month, 68% more than someone with a Bachelor's Degree.
|Certificate or Diploma|
A Master's degree program or any post-graduate program in Iceland costs anywhere from 3,440,000 Iceland Krona(s) to 10,300,000 Iceland Krona(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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Financial Manager employees in Iceland earn 5% more than their female counterparts on average.
Financial Manager(s) in Iceland 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 Iceland for the year 2021. 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 Financial Manager 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.
32% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 68% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 5% to 9% 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 Financial Manager is 90% more than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% more than those of All Jobs.
|Job Title||Average Salary|
|Account Examiner||347,000 ISK||-74%|
|Account Executive||575,000 ISK||-57%|
|Accounting Assistant||334,000 ISK||-75%|
|Accounting Associate||339,000 ISK||-75%|
|Accounting Clerk||278,000 ISK||-79%|
|Accounting Coordinator||417,000 ISK||-69%|
|Accounting Manager||1,020,000 ISK||-24%|
|Accounting Supervisor||647,000 ISK||-52%|
|Accounting Technician||323,000 ISK||-76%|
|Accounts Executive||596,000 ISK||-56%|
|Accounts Payable and Receivable Specialist||458,000 ISK||-66%|
|Accounts Payable Clerk||357,000 ISK||-73%|
|Accounts Payable Manager||949,000 ISK||-29%|
|Accounts Receivable Clerk||357,000 ISK||-73%|
|Accounts Receivable Manager||932,000 ISK||-31%|
|Assistant Accounting Manager||864,000 ISK||-36%|
|Assistant Auditor||454,000 ISK||-66%|
|Audit Supervisor||872,000 ISK||-35%|
|Auditing Clerk||375,000 ISK||-72%|
|Auditing Manager||989,000 ISK||-26%|
|Billing Coordinator||406,000 ISK||-70%|
|Billing Specialist||494,000 ISK||-63%|
|Billing Supervisor||725,000 ISK||-46%|
|Bookkeeping Specialist||440,000 ISK||-67%|
|Budget Analyst||814,000 ISK||-39%|
|Budget Manager||974,000 ISK||-27%|
|Business Support Analyst||512,000 ISK||-62%|
|Capital Markets Associate||684,000 ISK||-49%|
|Cash Flow Analyst||712,000 ISK||-47%|
|Cash Management Officer||540,000 ISK||-60%|
|Cashbook Clerk||316,000 ISK||-76%|
|Chartered Accountant||600,000 ISK||-55%|
|Collections Clerk||271,000 ISK||-80%|
|Collections Specialist||478,000 ISK||-64%|
|Corporate Treasurer||895,000 ISK||-33%|
|Cost Accountant||468,000 ISK||-65%|
|Cost Accounting Manager||929,000 ISK||-31%|
|Cost Analyst||745,000 ISK||-44%|
|Credit and Collection Manager||944,000 ISK||-30%|
|Credit and Collection Staff||367,000 ISK||-73%|
|Credit and Loans Officer||337,000 ISK||-75%|
|Credit Controller||625,000 ISK||-53%|
|Debt Adviser||794,000 ISK||-41%|
|Debt Collector||386,000 ISK||-71%|
|Debtors Clerk||314,000 ISK||-77%|
|Deputy CFO||1,290,000 ISK||-4%|
|Derivative Trader||807,000 ISK||-40%|
|Escrow Assistant||416,000 ISK||-69%|
|External Auditor||666,000 ISK||-50%|
|Finance Associate||397,000 ISK||-70%|
|Finance Executive||1,010,000 ISK||-25%|
|Finance Licensing Clerk||334,000 ISK||-75%|
|Finance Licensing Manager||883,000 ISK||-34%|
|Finance Licensing Specialist||500,000 ISK||-63%|
|Finance Officer||442,000 ISK||-67%|
|Finance President||1,320,000 ISK||-2%|
|Finance Relationship Manager||1,030,000 ISK||-23%|
|Finance Release Analyst||543,000 ISK||-60%|
|Finance Team Leader||1,040,000 ISK||-22%|
|Financial Actuary||692,000 ISK||-48%|
|Financial Administrator||744,000 ISK||-45%|
|Financial Analyst||859,000 ISK||-36%|
|Financial Applications Specialist||599,000 ISK||-55%|
|Financial Assistant||385,000 ISK||-71%|
|Financial Associate||371,000 ISK||-72%|
|Financial Claims Analyst||634,000 ISK||-53%|
|Financial Claims Manager||838,000 ISK||-38%|
|Financial Commercial Analyst||631,000 ISK||-53%|
|Financial Compliance Analyst||770,000 ISK||-43%|
|Financial Consultant||630,000 ISK||-53%|
|Financial Controller||759,000 ISK||-43%|
|Financial Coordinator||421,000 ISK||-69%|
|Financial Customer Service Manager||851,000 ISK||-37%|
|Financial Dealer and Broker||516,000 ISK||-62%|
|Financial Encoder||406,000 ISK||-70%|
|Financial Manager||1,220,000 ISK||-9%|
|Financial Operations Manager||1,150,000 ISK||-14%|
|Financial Policy Analyst||712,000 ISK||-47%|
|Financial Project Manager||964,000 ISK||-28%|
|Financial Quantitative Analyst||791,000 ISK||-41%|
|Financial Reporting Consultant||644,000 ISK||-52%|
|Financial Reporting Manager||878,000 ISK||-35%|
|Financial Services Sales Agent||507,000 ISK||-62%|
|Fixed Assets Administrator||469,000 ISK||-65%|
|Forensic Accountant||519,000 ISK||-61%|
|Fraud Detection Supervisor||574,000 ISK||-57%|
|Fraud Prevention Manager||949,000 ISK||-29%|
|Fund Accountant||444,000 ISK||-67%|
|Grants Coordinator||349,000 ISK||-74%|
|Internal Auditor||635,000 ISK||-53%|
|Internal Control Adviser||732,000 ISK||-45%|
|Internal Control Officer||405,000 ISK||-70%|
|Inventory Accountant||481,000 ISK||-64%|
|Investment Analyst||916,000 ISK||-32%|
|Investment Fund Manager||1,010,000 ISK||-25%|
|Investment Underwriter||384,000 ISK||-71%|
|Investor Relations Manager||926,000 ISK||-31%|
|KYC Team Leader||843,000 ISK||-37%|
|Management Economist||1,070,000 ISK||-20%|
|Payroll Clerk||401,000 ISK||-70%|
|Payroll Manager||841,000 ISK||-37%|
|Pensions Administrator||487,000 ISK||-64%|
|Pricing Analyst||762,000 ISK||-43%|
|Private Equity Analyst||779,000 ISK||-42%|
|Proposal Development Coordinator||409,000 ISK||-70%|
|Receivables Accountant||427,000 ISK||-68%|
|Regulatory Accountant||520,000 ISK||-61%|
|Retirement Plan Analyst||742,000 ISK||-45%|
|Revenue Management Specialist||771,000 ISK||-43%|
|Revenue Recognition Analyst||820,000 ISK||-39%|
|Risk Management Director||1,100,000 ISK||-18%|
|Risk Management Supervisor||904,000 ISK||-33%|
|Tax Accountant||448,000 ISK||-67%|
|Tax Advisor||720,000 ISK||-46%|
|Tax Associate||402,000 ISK||-70%|
|Tax Manager||932,000 ISK||-31%|
|Treasury Accountant||479,000 ISK||-64%|
|Treasury Analyst||794,000 ISK||-41%|
|Underwriting Assistant||308,000 ISK||-77%|
|Vice President of Finance||1,280,000 ISK||-5%|
Where can you get paid more, working for a private company or for the government? Public sector employees in Iceland earn 25% more than their private sector counterparts on average across all sectors.