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Internal Auditor Average Salary in Iceland 2022

How much money does an Internal Auditor make in Iceland?


Average Monthly Salary
635,000 ISK
( 7,620,000 ISK yearly)

LOW
292,000
ISK
AVERAGE
635,000
ISK
HIGH
1,010,000
ISK

A person working as an Internal Auditor in Iceland typically earns around 635,000 ISK per month. Salaries range from 292,000 ISK (lowest) to 1,010,000 ISK (highest).

This is the average monthly salary including housing, transport, and other benefits. Internal Auditor salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Internal Auditor Salary Distribution in Iceland

Median and salary distribution monthly Iceland Internal Auditor
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The median, the maximum, the minimum, and the range

  • Salary Range

    Internal Auditor salaries in Iceland range from 292,000 ISK per month (minimum salary) to 1,010,000 ISK per month (maximum salary).

  • Median Salary

    The median salary is 686,000 ISK per month, which means that half (50%) of people working as Internal Auditor(s) are earning less than 686,000 ISK while the other half are earning more than 686,000 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.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Internal Auditor(s) are earning less than 440,000 ISK while 75% of them are earning more than 440,000 ISK. Also from the diagram, 75% of Internal Auditor(s) are earning less than 915,000 ISK while 25% are earning more than 915,000 ISK.


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

Internal Auditor Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Iceland Internal Auditor
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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 Internal Auditor salaries by experience level and this is what we found.

An Internal Auditor with less than two years of experience makes approximately 331,000 ISK per month.

While someone with an experience level between two and five years is expected to earn 443,000 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 654,000 ISK per month, 48% 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, Internal Auditor(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 798,000 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 869,000 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 941,000 ISK per month, 8% more than people with fifteen to twenty years of experience.


Internal Auditor average salary change by experience in Iceland

0 - 2 Years
331,000 ISK
2 - 5 Years+34%
443,000 ISK
5 - 10 Years+48%
654,000 ISK
10 - 15 Years+22%
798,000 ISK
15 - 20 Years+9%
869,000 ISK
20+ Years+8%
941,000 ISK
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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Internal Auditor Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Internal Auditor(s) who have the same experience but different education levels.

Salary comparison by education level monthly Iceland Internal Auditor
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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 Internal Auditor salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of an Internal Auditor is 378,000 ISK per month.

While someone with a Bachelor's Degree gets a salary of 593,000 ISK per month, 57% more than someone having a Certificate or Diploma degree.

A Master's Degree gets its holder an average salary of 995,000 ISK per month, 68% more than someone with a Bachelor's Degree.


Internal Auditor average salary difference by education level in Iceland

Certificate or Diploma
378,000 ISK
Bachelor's Degree+57%
593,000 ISK
Master's Degree+68%
995,000 ISK
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 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.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Internal Auditor Salary Comparison By Gender

Salary comparison by gender monthly Iceland Internal Auditor
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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 Internal Auditor employees in Iceland earn 5% more than their female counterparts on average.

Male
649,000 ISK
Female-4%
620,000 ISK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Iceland for all Careers

Salary comparison by gender monthly Iceland
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Internal Auditor Average Annual Salary Increment Percentage in Iceland

How much are annual salary increments in Iceland for Internal Auditor(s)? How often do employees get salary raises?

Internal Auditor

Internal Auditor(s) in Iceland are likely to observe a salary increase of approximately 7% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Iceland Internal Auditor
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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.

Iceland / 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 Iceland is 2%.

Annual Increment Rate By Industry 2021

Banking
9%
Energy
9%
Information Technology
9%
Healthcare
9%
Travel
9%
Construction
9%
Education
9%

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.


Worldwide Salary Raises: All Countries and All Jobs

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Internal Auditor Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Internal Auditor
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An Internal Auditor 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.

59% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 41% 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
41%
No Bonus
59%

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.

Internal Auditor Average Hourly Wage in Iceland


3,660 ISK per hour

The average hourly wage (pay per hour) in Iceland is 3,660 ISK. This means that the average Internal Auditor in Iceland earns approximately 3,660 ISK 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.

Internal Auditor VS Other Jobs

Salary Comparison Between Internal Auditor and Accounting and Finance monthly Iceland
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The average salary for Internal Auditor is 10% less than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner347,000 ISK-45%
Account Executive575,000 ISK-9%
Accountant427,000 ISK-33%
Accounting Assistant334,000 ISK-47%
Accounting Associate339,000 ISK-47%
Accounting Clerk278,000 ISK-56%
Accounting Coordinator417,000 ISK-34%
Accounting Manager1,020,000 ISK+61%
Accounting Supervisor647,000 ISK+2%
Accounting Technician323,000 ISK-49%
Accounts Executive596,000 ISK-6%
Accounts Payable and Receivable Specialist458,000 ISK-28%
Accounts Payable Clerk357,000 ISK-44%
Accounts Payable Manager949,000 ISK+49%
Accounts Receivable Clerk357,000 ISK-44%
Accounts Receivable Manager932,000 ISK+47%
Assistant Accounting Manager864,000 ISK+36%
Assistant Auditor454,000 ISK-28%
Audit Supervisor872,000 ISK+37%
Auditing Clerk375,000 ISK-41%
Auditing Manager989,000 ISK+56%
Billing Coordinator406,000 ISK-36%
Billing Specialist494,000 ISK-22%
Billing Supervisor725,000 ISK+14%
Bookkeeper312,000 ISK-51%
Bookkeeping Specialist440,000 ISK-31%
Budget Analyst814,000 ISK+28%
Budget Manager974,000 ISK+53%
Business Support Analyst512,000 ISK-19%
Capital Markets Associate684,000 ISK+8%
Cash Flow Analyst712,000 ISK+12%
Cash Management Officer540,000 ISK-15%
Cashbook Clerk316,000 ISK-50%
Chartered Accountant600,000 ISK-5%
Collections Clerk271,000 ISK-57%
Collections Specialist478,000 ISK-25%
Corporate Treasurer895,000 ISK+41%
Cost Accountant468,000 ISK-26%
Cost Accounting Manager929,000 ISK+46%
Cost Analyst745,000 ISK+17%
Credit and Collection Manager944,000 ISK+49%
Credit and Collection Staff367,000 ISK-42%
Credit and Loans Officer337,000 ISK-47%
Credit Controller625,000 ISK-2%
Debt Adviser794,000 ISK+25%
Debt Collector386,000 ISK-39%
Debtors Clerk314,000 ISK-51%
Deputy CFO1,290,000 ISK+100%
Derivative Trader807,000 ISK+27%
Escrow Assistant416,000 ISK-34%
External Auditor666,000 ISK+5%
Finance Associate397,000 ISK-37%
Finance Executive1,010,000 ISK+59%
Finance Licensing Clerk334,000 ISK-47%
Finance Licensing Manager883,000 ISK+39%
Finance Licensing Specialist500,000 ISK-21%
Finance Officer442,000 ISK-30%
Finance President1,320,000 ISK+110%
Finance Relationship Manager1,030,000 ISK+62%
Finance Release Analyst543,000 ISK-14%
Finance Team Leader 1,040,000 ISK+64%
Financial Actuary692,000 ISK+9%
Financial Administrator744,000 ISK+17%
Financial Analyst859,000 ISK+35%
Financial Applications Specialist599,000 ISK-6%
Financial Assistant385,000 ISK-39%
Financial Associate371,000 ISK-42%
Financial Claims Analyst634,000 ISK-0%
Financial Claims Manager838,000 ISK+32%
Financial Commercial Analyst631,000 ISK-1%
Financial Compliance Analyst770,000 ISK+21%
Financial Consultant630,000 ISK-1%
Financial Controller759,000 ISK+20%
Financial Coordinator421,000 ISK-34%
Financial Customer Service Manager851,000 ISK+34%
Financial Dealer and Broker516,000 ISK-19%
Financial Encoder406,000 ISK-36%
Financial Manager1,220,000 ISK+92%
Financial Operations Manager1,150,000 ISK+81%
Financial Policy Analyst712,000 ISK+12%
Financial Project Manager964,000 ISK+52%
Financial Quantitative Analyst791,000 ISK+25%
Financial Reporting Consultant644,000 ISK+1%
Financial Reporting Manager878,000 ISK+38%
Financial Services Sales Agent507,000 ISK-20%
Fixed Assets Administrator469,000 ISK-26%
Forensic Accountant519,000 ISK-18%
Fraud Detection Supervisor574,000 ISK-10%
Fraud Prevention Manager949,000 ISK+49%
Fund Accountant444,000 ISK-30%
Grants Coordinator349,000 ISK-45%
Internal Auditor635,000 ISK+0%
Internal Control Adviser732,000 ISK+15%
Internal Control Officer405,000 ISK-36%
Inventory Accountant481,000 ISK-24%
Investment Analyst916,000 ISK+44%
Investment Fund Manager1,010,000 ISK+59%
Investment Underwriter384,000 ISK-40%
Investor595,000 ISK-6%
Investor Relations Manager926,000 ISK+46%
KYC Team Leader843,000 ISK+33%
Management Economist1,070,000 ISK+69%
Paymaster353,000 ISK-44%
Payroll Clerk401,000 ISK-37%
Payroll Manager841,000 ISK+32%
Pensions Administrator487,000 ISK-23%
Pricing Analyst762,000 ISK+20%
Private Equity Analyst779,000 ISK+23%
Proposal Development Coordinator409,000 ISK-36%
Receivables Accountant427,000 ISK-33%
Regulatory Accountant520,000 ISK-18%
Retirement Plan Analyst742,000 ISK+17%
Revenue Management Specialist771,000 ISK+21%
Revenue Recognition Analyst820,000 ISK+29%
Risk Management Director1,100,000 ISK+73%
Risk Management Supervisor904,000 ISK+42%
Tax Accountant448,000 ISK-29%
Tax Advisor720,000 ISK+13%
Tax Associate402,000 ISK-37%
Tax Manager932,000 ISK+47%
Teller271,000 ISK-57%
Treasury Accountant479,000 ISK-25%
Treasury Analyst794,000 ISK+25%
Underwriter328,000 ISK-48%
Underwriting Assistant308,000 ISK-51%
Vice President of Finance1,280,000 ISK+100%

Salary Comparison By City

CityAverage Salary
Reykjavik703,000 ISK

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 Iceland earn 25% more than their private sector counterparts on average across all sectors.

Private Sector
611,000 ISK
Public Sector+25%
763,000 ISK
Percentage increase and decrease are relative to the previous value

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