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 salaries in Iceland range from 474,000 ISK per month (minimum salary) to 1,640,000 ISK per month (maximum 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.
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.
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 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.
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.
|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 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.
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 Construction Project Manager employees in Iceland earn 5% more than their female counterparts on average.
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.
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 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.
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 Construction Project Manager is 150% more than that of Construction / Building / Installation. Also, Construction / Building / Installation salaries are 41% less than those of All Jobs.
|Job Title||Average Salary|
|Boat Builder and Shipwright||303,000 ISK||-71%|
|Building Administrator||260,000 ISK||-75%|
|Building Contracts Manager||902,000 ISK||-12%|
|Building Inspector||246,000 ISK||-76%|
|Building Monitor||202,000 ISK||-80%|
|Building Sales Manager||846,000 ISK||-18%|
|Civil Engineer||594,000 ISK||-42%|
|Civil Technician||310,000 ISK||-70%|
|Construction and Maintenance Manager||497,000 ISK||-52%|
|Construction Assistant||239,000 ISK||-77%|
|Construction Coordinator||344,000 ISK||-67%|
|Construction Estimator||382,000 ISK||-63%|
|Construction Field Engineer||521,000 ISK||-49%|
|Construction General Manager||1,180,000 ISK||+15%|
|Construction Inventory Officer||210,000 ISK||-80%|
|Construction Operations Manager||1,020,000 ISK||-1%|
|Construction Project Coordinator||629,000 ISK||-39%|
|Construction Project Engineer||591,000 ISK||-43%|
|Construction Project Manager||1,030,000 ISK||-0%|
|Construction Project Planner||565,000 ISK||-45%|
|Construction Quality Control Manager||799,000 ISK||-22%|
|Construction Safety Officer||401,000 ISK||-61%|
|Construction Superintendent||397,000 ISK||-61%|
|Construction Supervisor||571,000 ISK||-45%|
|Construction Technical Assistant||227,000 ISK||-78%|
|Construction Technical Officer||257,000 ISK||-75%|
|Construction Technical Writer||242,000 ISK||-77%|
|Construction Technician||217,000 ISK||-79%|
|Crane and Tower Operator||214,000 ISK||-79%|
|Diesel Mechanic||202,000 ISK||-80%|
|Drywall Installer||229,000 ISK||-78%|
|Electrical Draftsman||206,000 ISK||-80%|
|Electrical Engineering Supervisor||665,000 ISK||-35%|
|Electrical Engineering Technician||274,000 ISK||-73%|
|Elevator Installer and Repairer||278,000 ISK||-73%|
|Excavator Operator||217,000 ISK||-79%|
|Floor Finisher||227,000 ISK||-78%|
|Floor Manager||333,000 ISK||-68%|
|Frame and Truss Detailer||196,000 ISK||-81%|
|Furniture Finisher||198,000 ISK||-81%|
|Gas Technician||186,000 ISK||-82%|
|Health and Safety Coordinator||255,000 ISK||-75%|
|Health and Safety Officer||295,000 ISK||-71%|
|Installation Manager||689,000 ISK||-33%|
|Insulation Installer||210,000 ISK||-80%|
|Land Surveyor||264,000 ISK||-74%|
|Lift Technician||210,000 ISK||-80%|
|Material Tester||300,000 ISK||-71%|
|Model Maker||303,000 ISK||-71%|
|Order Picker||178,000 ISK||-83%|
|Pipe Layer||165,000 ISK||-84%|
|Property Coordinator||519,000 ISK||-50%|
|Purchasing Manager||702,000 ISK||-32%|
|Quantity Surveyor||374,000 ISK||-64%|
|Roof Slater and Tiler||177,000 ISK||-83%|
|Sheet Metal Mechanic||196,000 ISK||-81%|
|Site Clerk||207,000 ISK||-80%|
|Site engineer||512,000 ISK||-50%|
|Site Leader||986,000 ISK||-4%|
|Stock Controller||296,000 ISK||-71%|
|Structural Steel Construction Worker||214,000 ISK||-79%|
|Technical Draughtsman||240,000 ISK||-77%|
|Tendering Manager||928,000 ISK||-10%|
|Tower Crane Operator||198,000 ISK||-81%|
|Wall and Floor Tiler||186,000 ISK||-82%|
|Warehouse Manager||650,000 ISK||-37%|
|Welding Superintendent||243,000 ISK||-76%|
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.