HOME BROWSE SALARIES BEST PAYING JOBS
Browse Salaries
Best Paying Jobs
Salary Increase Letters
Career Articles

Banking Average Salaries in Iceland 2022

How much money does a person working in Banking make in Iceland?


Average Monthly Salary
747,000 ISK
( 8,960,000 ISK yearly)

LOW
235,000
ISK
AVERAGE
747,000
ISK
HIGH
1,530,000
ISK

A person working in Banking in Iceland typically earns around 747,000 ISK per month. Salaries range from 235,000 ISK (lowest average) to 1,530,000 ISK (highest average, actual maximum salary is higher).

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

Salaries for specific jobs

Job TitleAverage Salary
AML Analyst963,000 ISK
Assistant Bank Branch Manager816,000 ISK
Assistant Bank Manager1,080,000 ISK
ATM Manager914,000 ISK
ATM Service Technician252,000 ISK
Bank Accounts Analyst388,000 ISK
Bank Accounts Controller468,000 ISK
Bank Accounts Executive694,000 ISK
Bank Accounts Manager804,000 ISK
Bank Auditing Manager810,000 ISK
Bank Branch Manager1,110,000 ISK
Bank Clerk234,000 ISK
Bank Compliance Specialist642,000 ISK
Bank Manager1,340,000 ISK
Bank Operational Risk Manager1,340,000 ISK
Bank Operations Head1,370,000 ISK
Bank Operations Officer530,000 ISK
Bank Operations Specialist836,000 ISK
Bank Process Manager766,000 ISK
Bank Product Manager 871,000 ISK
Bank Programme Manager891,000 ISK
Bank Project Manager1,130,000 ISK
Bank Propositions Manager996,000 ISK
Bank Quantitative Analyst670,000 ISK
Bank Regional Manager1,460,000 ISK
Bank Regional Risk Officer753,000 ISK
Bank Relationship Manager1,070,000 ISK
Bank Relationship Officer483,000 ISK
Banker480,000 ISK
Banking Business Analyst725,000 ISK
Banking Business Development Officer470,000 ISK
Banking Business Planning Executive1,060,000 ISK
Banking Product Manager877,000 ISK
Banking Reference Data Manager746,000 ISK
Banking Risk Analyst702,000 ISK
Banking Technical Analyst383,000 ISK
Bankruptcy Coordinator496,000 ISK
Budget Analyst672,000 ISK
Cards Marketing Manager916,000 ISK
Cash Management Manager1,310,000 ISK
Check Processing Manager969,000 ISK
Commercial Vault Associate719,000 ISK
Corporate Dealer768,000 ISK
Credit Analyst580,000 ISK
Credit and Collections Manager1,010,000 ISK
Credit Card Fraud Investigator770,000 ISK
Credit Portfolio Manager1,320,000 ISK
Credit Risk Analyst801,000 ISK
Credit Risk Associate759,000 ISK
Direct Bank Sales Representative528,000 ISK
Financial Bank Planning Consultant956,000 ISK
Financial Banking Analysis Manager1,090,000 ISK
Financial Banking Assistant354,000 ISK
Financial Banking Systems Manager1,010,000 ISK
Foreign Exchange Manager1,080,000 ISK
Fraud Analyst749,000 ISK
Fraud Detection Associate535,000 ISK
Fraud Detection Manager1,090,000 ISK
Fraud Detection Supervisor645,000 ISK
Internal Bank Audit Manager1,340,000 ISK
Internal Bank Auditor713,000 ISK
International Banking Manager1,510,000 ISK
Loan Analyst701,000 ISK
Loan Area Manager861,000 ISK
Loan Audit Team Leader806,000 ISK
Loan Branch Manager798,000 ISK
Loan Business Development Officer430,000 ISK
Loan Clerk251,000 ISK
Loan Collection Manager848,000 ISK
Loan Collector231,000 ISK
Loan Examiner307,000 ISK
Loan Processing Manager758,000 ISK
Loan Processor316,000 ISK
Loan Quality Assurance Auditor710,000 ISK
Loan Quality Assurance Manager789,000 ISK
Loan Quality Assurance Representative526,000 ISK
Loan Review Manager793,000 ISK
Loan Team Leader708,000 ISK
Mortgage Advisor486,000 ISK
Mortgage Collection Manager819,000 ISK
Mortgage Collector228,000 ISK
Mortgage Credit Analyst371,000 ISK
Mortgage Credit Manager778,000 ISK
Mortgage Development Manager891,000 ISK
Mortgage Document Reviewer303,000 ISK
Mortgage Funding Manager899,000 ISK
Mortgage Operations Manager1,200,000 ISK
Mortgage Payment Processing Clerk263,000 ISK
Mortgage Processing Manager794,000 ISK
Mortgage Processor312,000 ISK
Mortgage Quality Assurance Auditor681,000 ISK
Mortgage Quality Assurance Manager779,000 ISK
Mortgage Servicing Clerk241,000 ISK
Mortgage Servicing Manager763,000 ISK
Mortgage Underwriter291,000 ISK
Online Banking Manager1,280,000 ISK
Payment Processing Clerk260,000 ISK
Personal Banker526,000 ISK
Personal Banking Advisor 548,000 ISK
Phone Banker354,000 ISK
Private Banker530,000 ISK
Reconciliation and Investigation Specialist562,000 ISK
Teller249,000 ISK
Trade Officer282,000 ISK
Trade Product Manager808,000 ISK
Trader338,000 ISK
Treasury Operations Officer664,000 ISK

Banking Jobs Salary Distribution in Iceland

Median and salary distribution monthly Iceland Banking
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/median-and-salary-distribution-monthly-iceland-banking.jpg

The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Iceland range from 235,000 ISK per month (minimum average salary) to 1,530,000 ISK per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 807,000 ISK per month, which means that half (50%) of people working in Banking are earning less than 807,000 ISK while the other half are earning more than 807,000 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 people working in Banking are earning less than 469,000 ISK while 75% of them are earning more than 469,000 ISK. Also from the diagram, 75% of people working in Banking are earning less than 1,260,000 ISK while 25% are earning more than 1,260,000 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

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

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
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg

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 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 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.

Banking Salary Comparison By Gender

Salary comparison by gender monthly Iceland Banking
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/salary-comparison-by-gender-monthly-iceland-banking.jpg

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Iceland who work in Banking earn 5% more than their female counterparts on average.

Male
764,000 ISK
Female-4%
730,000 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
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/salary-comparison-by-gender-monthly-iceland.jpg

Banking Average Annual Salary Increment Percentage in Iceland

How much are annual salary increments in Iceland for Banking professionals? How often do employees get salary raises?

Banking

Banking professionals in Iceland are likely to observe a salary increase of approximately 6% every 27 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Iceland Banking
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/annual-salary-increment-rate-iceland-banking.jpg


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

Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

Banking Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Banking
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/annual-salary-bonus-rate-iceland-banking.jpg

Banking is considered to be a high bonus-based field 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.

36% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 64% 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
64%
No Bonus
36%

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.

Banking Hourly Average Wage in Iceland


4,310 ISK per hour

The average hourly wage (pay per hour) in Iceland is 4,310 ISK. This means that the average person in Iceland earns approximately 4,310 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.

Banking VS Other Jobs

Salary Comparison Between Banking and Banking monthly Iceland
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/salary-comparison-between-banking-and-banking-monthly-iceland.jpg

The average salary for Banking is 9% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Reykjavik788,000 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

Browse Salaries

Salary Increase Letters

Best Paying Jobs
HomePrivacy PolicySalary Comparison

©Salary Explorer 2022