A person working as a Business Analyst in Iceland typically earns around 824,000 ISK per month. Salaries range from 379,000 ISK (lowest) to 1,310,000 ISK (highest).
This is the average monthly salary including housing, transport, and other benefits. Business Analyst salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Business Analyst salaries in Iceland range from 379,000 ISK per month (minimum salary) to 1,310,000 ISK per month (maximum salary).
The median salary is 890,000 ISK per month, which means that half (50%) of people working as Business Analyst(s) are earning less than 890,000 ISK while the other half are earning more than 890,000 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 Business Analyst(s) are earning less than 571,000 ISK while 75% of them are earning more than 571,000 ISK. Also from the diagram, 75% of Business Analyst(s) are earning less than 1,190,000 ISK while 25% are earning more than 1,190,000 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 Business Analyst salaries by experience level and this is what we found.
A Business Analyst with less than two years of experience makes approximately 430,000 ISK per month.
While someone with an experience level between two and five years is expected to earn 575,000 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 849,000 ISK per month, 48% more than someone with two to five years of experience.
Additionally, Business Analyst(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 1,040,000 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 1,130,000 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 1,220,000 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 Business Analyst salaries by education level in order to make a comparison.
When the education level is High School, the average salary of a Business Analyst is 528,000 ISK per month.
While someone with a Certificate or Diploma gets a salary of 621,000 ISK per month, 18% more than someone having a High School degree.
A Bachelor's Degree gets its holder an average salary of 901,000 ISK per month, 45% more than someone with a Certificate or Diploma.
Professionals who hold a Master's Degree are rewarded with an average salary of 1,180,000 ISK per month, 31% more than someone with Bachelor's Degree.
|Certificate or Diploma||+18%|
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 Business Analyst employees in Iceland earn 5% more than their female counterparts on average.
Business Analyst(s) in Iceland are likely to observe a salary increase of approximately 9% every 28 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 Business Analyst 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.
33% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 67% 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 Business Analyst is 13% more than that of Business Planning. Also, Business Planning salaries are 6% more than those of All Jobs.
|Job Title||Average Salary|
|Assistant Business Development Manager||881,000 ISK||+7%|
|Assistant Merchandise Planner||530,000 ISK||-36%|
|Business Advisor||835,000 ISK||+1%|
|Business Analyst||824,000 ISK||-0%|
|Business Consultant||802,000 ISK||-3%|
|Business Continuity Associate||485,000 ISK||-41%|
|Business Development Associate||414,000 ISK||-50%|
|Business Development Coordinator||453,000 ISK||-45%|
|Business Development Manager||1,020,000 ISK||+24%|
|Business Development Specialist||742,000 ISK||-10%|
|Business Operations Specialist||795,000 ISK||-4%|
|Business Process Writer||455,000 ISK||-45%|
|Capacity Planner||574,000 ISK||-30%|
|Capacity Planning Supervisor||767,000 ISK||-7%|
|Change Communications Analyst||725,000 ISK||-12%|
|Change Control Analyst||740,000 ISK||-10%|
|Contracts Executive||793,000 ISK||-4%|
|Corporate Strategy Analyst||819,000 ISK||-1%|
|Cost Control Engineer||513,000 ISK||-38%|
|Cost Estimator||529,000 ISK||-36%|
|Data Executive||399,000 ISK||-52%|
|Development Researcher||591,000 ISK||-28%|
|Due Diligence Analyst||817,000 ISK||-1%|
|Estimating Manager||881,000 ISK||+7%|
|General Manager||1,020,000 ISK||+24%|
|Incident Handler||565,000 ISK||-31%|
|Incident Specialist||694,000 ISK||-16%|
|Lean Consultant||627,000 ISK||-24%|
|Materials Planner||355,000 ISK||-57%|
|Merchandise Controller||353,000 ISK||-57%|
|Merchandise Planner||355,000 ISK||-57%|
|Operations Analyst||760,000 ISK||-8%|
|Operations Research Analyst||481,000 ISK||-42%|
|Planning and Reporting Manager||899,000 ISK||+9%|
|Planning Director||1,060,000 ISK||+29%|
|Project Administrator||540,000 ISK||-34%|
|Project Manager||837,000 ISK||+2%|
|Project Planner||511,000 ISK||-38%|
|Research Assistant||442,000 ISK||-46%|
|Research Engineer||522,000 ISK||-37%|
|Research Officer||416,000 ISK||-50%|
|Risk Management Specialist||759,000 ISK||-8%|
|Scholarship Coordinator||380,000 ISK||-54%|
|Store Planner||380,000 ISK||-54%|
|Strategy Director||1,100,000 ISK||+33%|
|Top Research and Development Executive||1,180,000 ISK||+43%|
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.