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Construction Project Manager Average Salary in Iceland 2020

How much money does a Construction Project Manager make in Iceland?


Average Monthly Salary
1,030,000 ISK
( 12,400,000 ISK yearly)

LOW
474,000
ISK
AVERAGE
1,030,000
ISK
HIGH
1,640,000
ISK

A person working as a Construction Project Manager in Iceland typically earns around 1,030,000 ISK per month. Salaries range from 474,000 ISK (lowest) to 1,640,000 ISK (highest).

This is the average monthly salary including housing, transport, and other benefits. Construction Project Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Construction Project Manager Salary Distribution in Iceland

Median and salary distribution monthly Iceland Construction Project Manager
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The median, the maximum, the minimum, and the range

  • Salary Range

    Construction Project Manager salaries in Iceland range from 474,000 ISK per month (minimum salary) to 1,640,000 ISK per month (maximum salary).

  • Median Salary

    The median salary is 1,110,000 ISK per month, which means that half (50%) of people working as Construction Project Manager(s) are earning less than 1,110,000 ISK while the other half are earning more than 1,110,000 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 Construction Project Manager(s) are earning less than 714,000 ISK while 75% of them are earning more than 714,000 ISK. Also from the diagram, 75% of Construction Project Manager(s) are earning less than 1,490,000 ISK while 25% are earning more than 1,490,000 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

Construction Project Manager Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Iceland Construction Project 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 Construction Project Manager salaries by experience level and this is what we found.

A Construction Project Manager with less than two years of experience makes approximately 538,000 ISK per month.

While someone with an experience level between two and five years is expected to earn 718,000 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 1,060,000 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, Construction Project Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 1,290,000 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 1,410,000 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 1,530,000 ISK per month, 8% more than people with fifteen to twenty years of experience.


Construction Project Manager average salary change by experience in Iceland

0 - 2 Years
538,000 ISK
2 - 5 Years+34%
718,000 ISK
5 - 10 Years+48%
1,060,000 ISK
10 - 15 Years+22%
1,290,000 ISK
15 - 20 Years+9%
1,410,000 ISK
20+ Years+8%
1,530,000 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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Construction Project Manager Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Iceland Construction Project 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 Construction Project Manager salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary of a Construction Project Manager is 625,000 ISK per month.

While someone with a Master's Degree gets a salary of 1,210,000 ISK per month, 93% more than someone having a Bachelor's Degree degree.


Construction Project Manager average salary difference by education level in Iceland

Bachelor's Degree
625,000 ISK
Master's Degree+93%
1,210,000 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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Construction Project Manager Salary Comparison By Gender

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

Female
1,000,000 ISK
Male+5%
1,060,000 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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Construction Project Manager Average Annual Salary Increment Percentage in Iceland

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

Construction Project Manager

Construction Project Manager(s) in Iceland are likely to observe a salary increase of approximately 6% every 32 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Iceland Construction Project 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

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 2019

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 2019. 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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Construction Project Manager Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Construction Project Manager
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A Construction Project Manager 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.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Iceland
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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
612,000 ISK
Public Sector+25%
763,000 ISK
Percentage increase and decrease are relative to the previous value

Construction Project Manager Average Hourly Wage in Iceland


5,940 ISK per hour

The average hourly wage (pay per hour) in Iceland is 5,940 ISK. This means that the average Construction Project Manager in Iceland earns approximately 5,940 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.

Construction Project Manager VS Other Jobs

Salary Comparison Between Construction Project Manager and Construction / Building / Installation monthly Iceland
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The average salary for Construction Project Manager is 160% more than that of Construction / Building / Installation. Also, Construction / Building / Installation salaries are 42% less than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Adjudicator258,000 ISK-75%
Assembler216,000 ISK-79%
Boat Builder and Shipwright303,000 ISK-71%
Bricklayer173,000 ISK-83%
Building Administrator260,000 ISK-75%
Building Contracts Manager902,000 ISK-12%
Building Inspector246,000 ISK-76%
Building Monitor202,000 ISK-80%
Building Sales Manager846,000 ISK-18%
Cabinetmaker216,000 ISK-79%
Carpenter240,000 ISK-77%
Civil Engineer594,000 ISK-42%
Civil Technician310,000 ISK-70%
Concreter187,000 ISK-82%
Construction and Maintenance Manager497,000 ISK-52%
Construction Assistant239,000 ISK-77%
Construction Coordinator344,000 ISK-67%
Construction Estimator382,000 ISK-63%
Construction Field Engineer521,000 ISK-49%
Construction General Manager1,180,000 ISK+15%
Construction Inventory Officer210,000 ISK-80%
Construction Operations Manager1,020,000 ISK-1%
Construction Project Coordinator629,000 ISK-39%
Construction Project Engineer591,000 ISK-43%
Construction Project Manager1,030,000 ISK-0%
Construction Project Planner565,000 ISK-45%
Construction Quality Control Manager799,000 ISK-22%
Construction Safety Officer401,000 ISK-61%
Construction Superintendent397,000 ISK-61%
Construction Supervisor571,000 ISK-45%
Construction Technical Assistant227,000 ISK-78%
Construction Technical Officer257,000 ISK-75%
Construction Technical Writer242,000 ISK-77%
Construction Technician217,000 ISK-79%
Crane and Tower Operator214,000 ISK-79%
Diesel Mechanic202,000 ISK-80%
Drywall Installer229,000 ISK-78%
Electrical Draftsman206,000 ISK-80%
Electrical Engineering Supervisor665,000 ISK-35%
Electrical Engineering Technician274,000 ISK-73%
Electrician308,000 ISK-70%
Elevator Installer and Repairer278,000 ISK-73%
Engineer597,000 ISK-42%
Excavator Operator217,000 ISK-79%
Floor Finisher227,000 ISK-78%
Floor Manager333,000 ISK-68%
Foreman170,000 ISK-83%
Frame and Truss Detailer196,000 ISK-81%
Furniture Finisher198,000 ISK-81%
Gas Technician 186,000 ISK-82%
Handyman193,000 ISK-81%
Health and Safety Coordinator255,000 ISK-75%
Health and Safety Officer295,000 ISK-71%
Installation Manager689,000 ISK-33%
Installer191,000 ISK-81%
Insulation Installer210,000 ISK-80%
Labourer173,000 ISK-83%
Land Surveyor264,000 ISK-74%
Lift Technician210,000 ISK-80%
Material Tester300,000 ISK-71%
Model Maker303,000 ISK-71%
Order Picker178,000 ISK-83%
Painter193,000 ISK-81%
Pipe Layer165,000 ISK-84%
Pipefitter164,000 ISK-84%
Plumber216,000 ISK-79%
Property Coordinator519,000 ISK-50%
Purchasing Manager702,000 ISK-32%
Quantity Surveyor374,000 ISK-64%
Roof Slater and Tiler177,000 ISK-83%
Sheet Metal Mechanic196,000 ISK-81%
Site Clerk207,000 ISK-80%
Site engineer512,000 ISK-50%
Site Leader986,000 ISK-4%
Stock Controller296,000 ISK-71%
Structural Steel Construction Worker214,000 ISK-79%
Technical Draughtsman240,000 ISK-77%
Tendering Manager928,000 ISK-10%
Tower Crane Operator198,000 ISK-81%
Wall and Floor Tiler186,000 ISK-82%
Warehouse Manager650,000 ISK-37%
Welder167,000 ISK-84%
Welding Superintendent243,000 ISK-76%

Salary Comparison By City

CityAverage Salary
Reykjavik1,250,000 ISK
0 - 0

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