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Bank Branch Manager Average Salary in Iceland 2023

How much money does a person working as Bank Branch Manager make in Iceland?


Average Monthly Salary
1,110,000 ISK
( 13,400,000 ISK yearly)

LOW
513,000
ISK
AVERAGE
1,110,000
ISK
HIGH
1,770,000
ISK

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 Pay Scale and Salaries in Iceland

Median and salary distribution Iceland Bank Branch Manager monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
1,060,000 ISK or more
10% of people earn
926,000 to 1,060,000 ISK
20% of people earn
638,000 ISK or less
65% of people earn
638,000 to 926,000 ISK
Minimum Salary
513,000
ISK
Median
1,070,000
ISK
Maximum
1,770,000
ISK


Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

  • Salary Range, Minimum Wage, and Starting Salary

    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.

  • Median Salary

    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.

  • Percentiles and Salary Scale

    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.

  • Pay Scale Structure

    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.

Bank Branch Manager Salary Comparison by Years of Experience

How does experience and age affect your pay?

Bank Branch Manager average salary change by experience in Iceland

0 - 2 Years
582,000 ISK
2 - 5 Years+34%
777,000 ISK
5 - 10 Years+48%
1,150,000 ISK
10 - 15 Years+22%
1,400,000 ISK
15 - 20 Years+9%
1,530,000 ISK
20+ Years+8%
1,650,000 ISK
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Iceland Bank Branch Manager
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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 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.

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, 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.


Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Bank Branch Manager Salary Comparison By Education

How do education levels affect salaries?

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

Bank Branch Manager average salary difference by education level in Iceland

Bachelor's Degree
676,000 ISK
Master's Degree+93%
1,310,000 ISK
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Iceland Bank Branch Manager
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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 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.


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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Salary and Compensation Comparison By Gender - Bank Branch Manager

Salary comparison by gender Iceland Bank Branch Manager monthly
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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 Bank Branch Manager employees in Iceland earn 5% more than their female counterparts on average.

Male
1,140,000 ISK
Female-4%
1,090,000 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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Bank Branch Manager Average Annual Salary Increment Percentage in Iceland

How much are annual salary increments in Iceland for Bank Branch Manager(s)? How often do employees get salary raises?

Bank Branch Manager

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.

Annual Salary Increment Rate Iceland Bank Branch Manager
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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

Annual Salary Increment Rate Iceland
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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 2022

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 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.


Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

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 Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Bank Branch Manager
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"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.

Received Bonus
68%
No Bonus
32%

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.

Bank Branch Manager Salary Trend and Forecast in Iceland

How are Bank Branch Manager salaries changing over time? Listed below is a chart that shows the average salary in recent years.

Average Salary 2019
964,000 ISK
Average Salary 2020+4%
999,000 ISK
Average Salary 2021+4%
1,040,000 ISK
Average Salary 2022+4%
1,070,000 ISK
Percentage increase and decrease are relative to the previous value

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.

Salary trends and forecast monthly Iceland Bank Branch Manager
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Bank Branch Manager Average Hourly Wage in Iceland


6,430 ISK per hour

The average hourly wage (pay per hour) in Iceland is 6,430 ISK. This means that the average Bank Branch Manager in Iceland earns approximately 6,430 ISK for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

About The Hourly Pay Rate

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.

What is the minimum hourly rate of pay?

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.

Bank Branch Manager VS Other Jobs

1,110,000 ISK
747,000 ISK
687,000 ISK
Average Salary
Bank Branch Manager
Average Salary
Banking
Average Salary
All Jobs

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.

Salary Comparison Between Bank Branch Manager and Banking monthly Iceland
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Salary comparison with similar jobs

Job TitleAverage Salary
AML Analyst963,000 ISK-14%
Assistant Bank Branch Manager816,000 ISK-27%
Assistant Bank Manager1,080,000 ISK-3%
ATM Manager914,000 ISK-18%
ATM Service Technician252,000 ISK-77%
Bank Accounts Analyst388,000 ISK-65%
Bank Accounts Controller468,000 ISK-58%
Bank Accounts Executive694,000 ISK-38%
Bank Accounts Manager804,000 ISK-28%
Bank Auditing Manager810,000 ISK-27%
Bank Branch Manager1,110,000 ISK-0%
Bank Clerk234,000 ISK-79%
Bank Compliance Specialist642,000 ISK-42%
Bank Manager1,340,000 ISK+20%
Bank Operational Risk Manager1,340,000 ISK+20%
Bank Operations Head1,370,000 ISK+23%
Bank Operations Officer530,000 ISK-52%
Bank Operations Specialist836,000 ISK-25%
Bank Process Manager766,000 ISK-31%
Bank Product Manager 871,000 ISK-22%
Bank Programme Manager891,000 ISK-20%
Bank Project Manager1,130,000 ISK+1%
Bank Propositions Manager996,000 ISK-11%
Bank Quantitative Analyst670,000 ISK-40%
Bank Regional Manager1,460,000 ISK+31%
Bank Regional Risk Officer753,000 ISK-32%
Bank Relationship Manager1,070,000 ISK-4%
Bank Relationship Officer483,000 ISK-57%
Banker480,000 ISK-57%
Banking Business Analyst725,000 ISK-35%
Banking Business Development Officer470,000 ISK-58%
Banking Business Planning Executive1,060,000 ISK-5%
Banking Product Manager877,000 ISK-21%
Banking Reference Data Manager746,000 ISK-33%
Banking Risk Analyst702,000 ISK-37%
Banking Technical Analyst383,000 ISK-66%
Bankruptcy Coordinator496,000 ISK-55%
Budget Analyst672,000 ISK-40%
Cards Marketing Manager916,000 ISK-18%
Cash Management Manager1,310,000 ISK+18%
Check Processing Manager969,000 ISK-13%
Commercial Vault Associate719,000 ISK-35%
Corporate Dealer768,000 ISK-31%
Credit Analyst580,000 ISK-48%
Credit and Collections Manager1,010,000 ISK-9%
Credit Card Fraud Investigator770,000 ISK-31%
Credit Portfolio Manager1,320,000 ISK+18%
Credit Risk Analyst801,000 ISK-28%
Credit Risk Associate759,000 ISK-32%
Direct Bank Sales Representative528,000 ISK-53%
Financial Bank Planning Consultant956,000 ISK-14%
Financial Banking Analysis Manager1,090,000 ISK-2%
Financial Banking Assistant354,000 ISK-68%
Financial Banking Systems Manager1,010,000 ISK-9%
Foreign Exchange Manager1,080,000 ISK-3%
Fraud Analyst749,000 ISK-33%
Fraud Detection Associate535,000 ISK-52%
Fraud Detection Manager1,090,000 ISK-2%
Fraud Detection Supervisor645,000 ISK-42%
Internal Bank Audit Manager1,340,000 ISK+20%
Internal Bank Auditor713,000 ISK-36%
International Banking Manager1,510,000 ISK+35%
Loan Analyst701,000 ISK-37%
Loan Area Manager861,000 ISK-23%
Loan Audit Team Leader806,000 ISK-28%
Loan Branch Manager798,000 ISK-28%
Loan Business Development Officer430,000 ISK-61%
Loan Clerk251,000 ISK-77%
Loan Collection Manager848,000 ISK-24%
Loan Collector231,000 ISK-79%
Loan Examiner307,000 ISK-72%
Loan Processing Manager758,000 ISK-32%
Loan Processor316,000 ISK-72%
Loan Quality Assurance Auditor710,000 ISK-36%
Loan Quality Assurance Manager789,000 ISK-29%
Loan Quality Assurance Representative526,000 ISK-53%
Loan Review Manager793,000 ISK-29%
Loan Team Leader708,000 ISK-36%
Mortgage Advisor486,000 ISK-56%
Mortgage Collection Manager819,000 ISK-27%
Mortgage Collector228,000 ISK-80%
Mortgage Credit Analyst371,000 ISK-67%
Mortgage Credit Manager778,000 ISK-30%
Mortgage Development Manager891,000 ISK-20%
Mortgage Document Reviewer303,000 ISK-73%
Mortgage Funding Manager899,000 ISK-19%
Mortgage Operations Manager1,200,000 ISK+8%
Mortgage Payment Processing Clerk263,000 ISK-76%
Mortgage Processing Manager794,000 ISK-29%
Mortgage Processor312,000 ISK-72%
Mortgage Quality Assurance Auditor681,000 ISK-39%
Mortgage Quality Assurance Manager779,000 ISK-30%
Mortgage Servicing Clerk241,000 ISK-78%
Mortgage Servicing Manager763,000 ISK-32%
Mortgage Underwriter291,000 ISK-74%
Online Banking Manager1,280,000 ISK+15%
Payment Processing Clerk260,000 ISK-77%
Personal Banker526,000 ISK-53%
Personal Banking Advisor 548,000 ISK-51%
Phone Banker354,000 ISK-68%
Private Banker530,000 ISK-52%
Reconciliation and Investigation Specialist562,000 ISK-50%
Teller249,000 ISK-78%
Trade Officer282,000 ISK-75%
Trade Product Manager808,000 ISK-27%
Trader338,000 ISK-70%
Treasury Operations Officer664,000 ISK-40%

Salary Comparison By City

CityAverage Salary
Reykjavik1,270,000 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

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for Bank Branch Manager in Iceland?

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.

Gross Salary (before tax) and Net Salary (after tax)

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.

Base / Basic Salary

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.


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


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