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Business Analyst Average Salary in Iceland 2022

How much money does a Business Analyst make in Iceland?


Average Monthly Salary
824,000 ISK
( 9,890,000 ISK yearly)

LOW
379,000
ISK
AVERAGE
824,000
ISK
HIGH
1,310,000
ISK

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 Salary Distribution in Iceland

Median and salary distribution monthly Iceland Business Analyst
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The median, the maximum, the minimum, and the range

  • Salary Range

    Business Analyst salaries in Iceland range from 379,000 ISK per month (minimum salary) to 1,310,000 ISK per month (maximum salary).

  • Median 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.

  • Percentiles

    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.


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

Business Analyst Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Iceland Business Analyst
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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 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.

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, 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.


Business Analyst average salary change by experience in Iceland

0 - 2 Years
430,000 ISK
2 - 5 Years+34%
575,000 ISK
5 - 10 Years+48%
849,000 ISK
10 - 15 Years+22%
1,040,000 ISK
15 - 20 Years+9%
1,130,000 ISK
20+ Years+8%
1,220,000 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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Business Analyst Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Iceland Business Analyst
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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 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.


Business Analyst average salary difference by education level in Iceland

High School
528,000 ISK
Certificate or Diploma+18%
621,000 ISK
Bachelor's Degree+45%
901,000 ISK
Master's Degree+31%
1,180,000 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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Business Analyst Salary Comparison By Gender

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

Male
843,000 ISK
Female-4%
805,000 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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Business Analyst Average Annual Salary Increment Percentage in Iceland

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

Business Analyst

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.

Annual Salary Increment Rate Iceland Business Analyst
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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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Business Analyst Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Business Analyst
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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.

Received Bonus
67%
No Bonus
33%

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.

Business Analyst Average Hourly Wage in Iceland


4,760 ISK per hour

The average hourly wage (pay per hour) in Iceland is 4,760 ISK. This means that the average Business Analyst in Iceland earns approximately 4,760 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.

Business Analyst VS Other Jobs

Salary Comparison Between Business Analyst and Business Planning monthly Iceland
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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.

Salary comparison with similar jobs

Job TitleAverage Salary
Assistant Business Development Manager881,000 ISK+7%
Assistant Merchandise Planner530,000 ISK-36%
Business Advisor835,000 ISK+1%
Business Analyst824,000 ISK-0%
Business Consultant802,000 ISK-3%
Business Continuity Associate485,000 ISK-41%
Business Development Associate414,000 ISK-50%
Business Development Coordinator453,000 ISK-45%
Business Development Manager1,020,000 ISK+24%
Business Development Specialist742,000 ISK-10%
Business Operations Specialist795,000 ISK-4%
Business Process Writer455,000 ISK-45%
Capacity Planner574,000 ISK-30%
Capacity Planning Supervisor767,000 ISK-7%
Change Communications Analyst725,000 ISK-12%
Change Control Analyst740,000 ISK-10%
Contracts Executive793,000 ISK-4%
Corporate Strategy Analyst819,000 ISK-1%
Cost Control Engineer513,000 ISK-38%
Cost Estimator529,000 ISK-36%
Data Executive399,000 ISK-52%
Development Researcher591,000 ISK-28%
Due Diligence Analyst817,000 ISK-1%
Estimating Manager881,000 ISK+7%
General Manager1,020,000 ISK+24%
Incident Handler565,000 ISK-31%
Incident Specialist694,000 ISK-16%
Lean Consultant627,000 ISK-24%
Manager1,060,000 ISK+29%
Materials Planner355,000 ISK-57%
Merchandise Controller353,000 ISK-57%
Merchandise Planner355,000 ISK-57%
Operations Analyst760,000 ISK-8%
Operations Research Analyst481,000 ISK-42%
Planning and Reporting Manager899,000 ISK+9%
Planning Director1,060,000 ISK+29%
Project Administrator540,000 ISK-34%
Project Manager837,000 ISK+2%
Project Planner511,000 ISK-38%
Research Assistant442,000 ISK-46%
Research Engineer522,000 ISK-37%
Research Officer416,000 ISK-50%
Risk Management Specialist759,000 ISK-8%
Scholarship Coordinator380,000 ISK-54%
Store Planner380,000 ISK-54%
Strategy Director1,100,000 ISK+33%
Top Research and Development Executive1,180,000 ISK+43%

Salary Comparison By City

CityAverage Salary
Reykjavik959,000 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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