A person working as Bank Branch Manager in Iceland typically earns around 1,110,000 ISK per month. Salaries range from 513,000 ISK (lowest) to 1,770,000 ISK (highest).
This is the average monthly salary including housing, transport, and other benefits. Bank Branch Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Bank Branch Manager salaries in Iceland range from 513,000 ISK per month (starting salary) to 1,770,000 ISK per month (maximum salary). This is not the minimum wage as per the law, only the lowest reported number in the salary survey that had thousands of participants and professionals from all over the country.
The median salary is 1,070,000 ISK per month, which means that half (50%) of people working as Bank Branch Manager(s) are earning less than 1,070,000 ISK while the other half are earning more than 1,070,000 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 Bank Branch Manager(s) are earning less than 859,000 ISK while 75% of them are earning more than 859,000 ISK. Also from the diagram, 75% of Bank Branch Manager(s) are earning less than 1,230,000 ISK while 25% are earning more than 1,230,000 ISK.
We grouped the most common and recurring salaries into brackets to give more insight into what salary to expect. This method is more accurate than just the average salary and gives more insights on how salaries are actually distributed. Around 65% of all reported figures are in the range 638,000 ISK to 926,000 ISK. Approximatly 20% fall under the 638,000 ISK cap. Ten percent of wages are from 926,000 ISK to 1,060,000 ISK. Only 5% of people grossed 1,060,000 ISK or more.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+48%|
|10 - 15 Years||+22%|
|15 - 20 Years||+9%|
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 Bank Branch Manager salaries by experience level and this is what we found.
Employees with less than two years of experience makes approximately 582,000 ISK per month.
While someone with an experience level between two and five years is expected to earn 777,000 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 1,150,000 ISK per month, 48% more than someone with two to five years of experience.
Additionally, Bank Branch Manager whose expertise span anywhere between ten and fifteen years get a salary equivalent to 1,400,000 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 1,530,000 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 1,650,000 ISK per month, 8% more than people with fifteen to twenty years of experience.
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 Bank Branch Manager salaries by education level in order to make a comparison.
When the education level is Bachelor's Degree, the average salary is 676,000 ISK per month.
While someone with a Master's Degree gets a salary of 1,310,000 ISK per month, 93% more than someone having a Bachelor's Degree degree.
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 Bank Branch Manager employees in Iceland earn 5% more than their female counterparts on average.
Bank Branch Manager(s) in Iceland are likely to observe a salary increase of approximately 8% every 29 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 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.
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
"Bank Branch Manager" is considered to be a high bonus-based job. 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.
|Average Salary 2019|
|Average Salary 2020||+4%|
|Average Salary 2021||+4%|
|Average Salary 2022||+4%|
Bank Branch Manager salaries in Iceland are on the rise in the year 2023 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2022 are 4% higher than those of 2021. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from industry to another.
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 minimum pay rate per hour for 'Bank Branch Manager' in Iceland is 2,960 ISK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
The average salary for Bank Branch Manager is 49% more than that of Banking. Also, Banking salaries are 9% more than those of All Jobs.
|Job Title||Average Salary|
|AML Analyst||963,000 ISK||-14%|
|Assistant Bank Branch Manager||816,000 ISK||-27%|
|Assistant Bank Manager||1,080,000 ISK||-3%|
|ATM Manager||914,000 ISK||-18%|
|ATM Service Technician||252,000 ISK||-77%|
|Bank Accounts Analyst||388,000 ISK||-65%|
|Bank Accounts Controller||468,000 ISK||-58%|
|Bank Accounts Executive||694,000 ISK||-38%|
|Bank Accounts Manager||804,000 ISK||-28%|
|Bank Auditing Manager||810,000 ISK||-27%|
|Bank Branch Manager||1,110,000 ISK||-0%|
|Bank Clerk||234,000 ISK||-79%|
|Bank Compliance Specialist||642,000 ISK||-42%|
|Bank Manager||1,340,000 ISK||+20%|
|Bank Operational Risk Manager||1,340,000 ISK||+20%|
|Bank Operations Head||1,370,000 ISK||+23%|
|Bank Operations Officer||530,000 ISK||-52%|
|Bank Operations Specialist||836,000 ISK||-25%|
|Bank Process Manager||766,000 ISK||-31%|
|Bank Product Manager||871,000 ISK||-22%|
|Bank Programme Manager||891,000 ISK||-20%|
|Bank Project Manager||1,130,000 ISK||+1%|
|Bank Propositions Manager||996,000 ISK||-11%|
|Bank Quantitative Analyst||670,000 ISK||-40%|
|Bank Regional Manager||1,460,000 ISK||+31%|
|Bank Regional Risk Officer||753,000 ISK||-32%|
|Bank Relationship Manager||1,070,000 ISK||-4%|
|Bank Relationship Officer||483,000 ISK||-57%|
|Banking Business Analyst||725,000 ISK||-35%|
|Banking Business Development Officer||470,000 ISK||-58%|
|Banking Business Planning Executive||1,060,000 ISK||-5%|
|Banking Product Manager||877,000 ISK||-21%|
|Banking Reference Data Manager||746,000 ISK||-33%|
|Banking Risk Analyst||702,000 ISK||-37%|
|Banking Technical Analyst||383,000 ISK||-66%|
|Bankruptcy Coordinator||496,000 ISK||-55%|
|Budget Analyst||672,000 ISK||-40%|
|Cards Marketing Manager||916,000 ISK||-18%|
|Cash Management Manager||1,310,000 ISK||+18%|
|Check Processing Manager||969,000 ISK||-13%|
|Commercial Vault Associate||719,000 ISK||-35%|
|Corporate Dealer||768,000 ISK||-31%|
|Credit Analyst||580,000 ISK||-48%|
|Credit and Collections Manager||1,010,000 ISK||-9%|
|Credit Card Fraud Investigator||770,000 ISK||-31%|
|Credit Portfolio Manager||1,320,000 ISK||+18%|
|Credit Risk Analyst||801,000 ISK||-28%|
|Credit Risk Associate||759,000 ISK||-32%|
|Direct Bank Sales Representative||528,000 ISK||-53%|
|Financial Bank Planning Consultant||956,000 ISK||-14%|
|Financial Banking Analysis Manager||1,090,000 ISK||-2%|
|Financial Banking Assistant||354,000 ISK||-68%|
|Financial Banking Systems Manager||1,010,000 ISK||-9%|
|Foreign Exchange Manager||1,080,000 ISK||-3%|
|Fraud Analyst||749,000 ISK||-33%|
|Fraud Detection Associate||535,000 ISK||-52%|
|Fraud Detection Manager||1,090,000 ISK||-2%|
|Fraud Detection Supervisor||645,000 ISK||-42%|
|Internal Bank Audit Manager||1,340,000 ISK||+20%|
|Internal Bank Auditor||713,000 ISK||-36%|
|International Banking Manager||1,510,000 ISK||+35%|
|Loan Analyst||701,000 ISK||-37%|
|Loan Area Manager||861,000 ISK||-23%|
|Loan Audit Team Leader||806,000 ISK||-28%|
|Loan Branch Manager||798,000 ISK||-28%|
|Loan Business Development Officer||430,000 ISK||-61%|
|Loan Clerk||251,000 ISK||-77%|
|Loan Collection Manager||848,000 ISK||-24%|
|Loan Collector||231,000 ISK||-79%|
|Loan Examiner||307,000 ISK||-72%|
|Loan Processing Manager||758,000 ISK||-32%|
|Loan Processor||316,000 ISK||-72%|
|Loan Quality Assurance Auditor||710,000 ISK||-36%|
|Loan Quality Assurance Manager||789,000 ISK||-29%|
|Loan Quality Assurance Representative||526,000 ISK||-53%|
|Loan Review Manager||793,000 ISK||-29%|
|Loan Team Leader||708,000 ISK||-36%|
|Mortgage Advisor||486,000 ISK||-56%|
|Mortgage Collection Manager||819,000 ISK||-27%|
|Mortgage Collector||228,000 ISK||-80%|
|Mortgage Credit Analyst||371,000 ISK||-67%|
|Mortgage Credit Manager||778,000 ISK||-30%|
|Mortgage Development Manager||891,000 ISK||-20%|
|Mortgage Document Reviewer||303,000 ISK||-73%|
|Mortgage Funding Manager||899,000 ISK||-19%|
|Mortgage Operations Manager||1,200,000 ISK||+8%|
|Mortgage Payment Processing Clerk||263,000 ISK||-76%|
|Mortgage Processing Manager||794,000 ISK||-29%|
|Mortgage Processor||312,000 ISK||-72%|
|Mortgage Quality Assurance Auditor||681,000 ISK||-39%|
|Mortgage Quality Assurance Manager||779,000 ISK||-30%|
|Mortgage Servicing Clerk||241,000 ISK||-78%|
|Mortgage Servicing Manager||763,000 ISK||-32%|
|Mortgage Underwriter||291,000 ISK||-74%|
|Online Banking Manager||1,280,000 ISK||+15%|
|Payment Processing Clerk||260,000 ISK||-77%|
|Personal Banker||526,000 ISK||-53%|
|Personal Banking Advisor||548,000 ISK||-51%|
|Phone Banker||354,000 ISK||-68%|
|Private Banker||530,000 ISK||-52%|
|Reconciliation and Investigation Specialist||562,000 ISK||-50%|
|Trade Officer||282,000 ISK||-75%|
|Trade Product Manager||808,000 ISK||-27%|
|Treasury Operations Officer||664,000 ISK||-40%|
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.
A good and competitive compensation would range anywhere between 1,070,000 ISK and 1,230,000 ISK. This is a very rough estimate and your experience and education will play a very huge part into your final earnings.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salart after tax for every career.
The base salary for Bank Branch Manager in Iceland is ranges from 859,000 ISK to 1,230,000 ISK. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range in a grain of salt.
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 Explorer 2023