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Engineering Average Salaries in Iceland 2022

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


Average Monthly Salary
580,000 ISK
( 6,960,000 ISK yearly)

LOW
184,000
ISK
AVERAGE
580,000
ISK
HIGH
1,230,000
ISK

A person working in Engineering in Iceland typically earns around 580,000 ISK per month. Salaries range from 184,000 ISK (lowest average) to 1,230,000 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 Engineering 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
Acoustics Engineer546,000 ISK
Assembly Engineering Technician442,000 ISK
Assistant Chief Engineer641,000 ISK
Associate Engineer516,000 ISK
Autocad Operator359,000 ISK
Automation Engineer607,000 ISK
Avionic System Support Engineer537,000 ISK
Biochemical Engineer546,000 ISK
BMS Engineer515,000 ISK
Bridge and Lock Tender312,000 ISK
Broadcast Engineer540,000 ISK
CAD Design Engineer618,000 ISK
CAD Designer375,000 ISK
CAE Engineer585,000 ISK
Ceramics Engineer524,000 ISK
Civil Engineer591,000 ISK
Commissioning Engineer536,000 ISK
Communications Engineer596,000 ISK
Condition Monitoring Engineer495,000 ISK
Contract Associate Engineer556,000 ISK
Control Systems Engineer570,000 ISK
Controls Engineer574,000 ISK
Controls Software Engineer510,000 ISK
Corrosion Engineer525,000 ISK
Design Engineer585,000 ISK
Drafter353,000 ISK
Drafting Manager649,000 ISK
Drilling Engineer556,000 ISK
Electrical Draughtsman281,000 ISK
Electrical Engineer628,000 ISK
Electrical Engineering Manager820,000 ISK
Electromechanical Engineering Technologist644,000 ISK
Electromechanical Equipment Assembler314,000 ISK
Energy Engineer582,000 ISK
Engine Assembler265,000 ISK
Engineer602,000 ISK
Engineering Account Manager689,000 ISK
Engineering Chief Designer644,000 ISK
Engineering Consultant798,000 ISK
Engineering Key Account Manager789,000 ISK
Engineering Lab Technician572,000 ISK
Engineering Planning Manager822,000 ISK
Engineering Production Manager1,050,000 ISK
Engineering Project Analyst703,000 ISK
Engineering Project Coordinator 695,000 ISK
Engineering Project Director1,200,000 ISK
Engineering Project Manager794,000 ISK
Engineering Research and Development Manager950,000 ISK
Engineering Safety Coordinator449,000 ISK
Engineering Sales Manager770,000 ISK
Engineering Technician440,000 ISK
Engineering Technologist465,000 ISK
Environmental Engineer558,000 ISK
Equipment Engineer519,000 ISK
Equipment Engineering Manager749,000 ISK
Estimator502,000 ISK
Fabrication Specialist415,000 ISK
Fabricator266,000 ISK
Facade Engineer588,000 ISK
Fiber Analyst332,000 ISK
Field Engineer590,000 ISK
Field Engineering Manager959,000 ISK
Fire Engineer571,000 ISK
Fitter and Turner182,000 ISK
Forestry Strategic Planner650,000 ISK
Generation Engineer558,000 ISK
Genetic Engineer658,000 ISK
Geological Engineer573,000 ISK
Geotechnical Engineer603,000 ISK
Heavy Equipment Mechanic316,000 ISK
Highway Engineer565,000 ISK
HSE Professional513,000 ISK
HVAC Engineer602,000 ISK
HVAC Supervisor551,000 ISK
Industrial Engineer544,000 ISK
Industrial Engineering Technologist564,000 ISK
Instrument Engineer570,000 ISK
Instrumentation and Control Engineer584,000 ISK
Instrumentation Engineer572,000 ISK
Instrumentation Manager583,000 ISK
Irrigation Engineer549,000 ISK
Licensed Aircraft Engineer636,000 ISK
Locomotive Engineer530,000 ISK
Maintenance Engineer529,000 ISK
Maintenance Fitter207,000 ISK
Maintenance Manager583,000 ISK
Manufacturing Engineer543,000 ISK
Marine Engineer566,000 ISK
Materials Engineer551,000 ISK
Materials Researcher556,000 ISK
Materials Technician413,000 ISK
Mechanical and Electrical Engineer593,000 ISK
Mechanical Design Engineer623,000 ISK
Mechanical Designer504,000 ISK
Mechanical Engineer598,000 ISK
Mechanical Engineering Manager787,000 ISK
Mechanical Inspector576,000 ISK
Mechatronics Engineer636,000 ISK
Mining Engineer589,000 ISK
Oil and Petrochemical Engineer610,000 ISK
Optical Engineer550,000 ISK
Optical Instrument Assembler287,000 ISK
PCB Assembler219,000 ISK
Photonics Engineer610,000 ISK
Photonics Technician497,000 ISK
Pipeline Engineer541,000 ISK
Piping Designer321,000 ISK
Piping Engineer540,000 ISK
Planning Engineer592,000 ISK
Pressure Vessel Inspector286,000 ISK
Principal Cost Engineer575,000 ISK
Principal Engineer585,000 ISK
Principal Support Engineer584,000 ISK
Process Engineer553,000 ISK
Process Operator334,000 ISK
Product Development Engineer581,000 ISK
Product Development Technician412,000 ISK
Product Engineer580,000 ISK
Product Safety Engineer567,000 ISK
Production Engineer582,000 ISK
Project Engineer589,000 ISK
Proposal Manager755,000 ISK
Purchasing Engineer510,000 ISK
Quality Assurance Engineer551,000 ISK
Rail Engineer560,000 ISK
Robotics Engineer648,000 ISK
Robotics Technician469,000 ISK
Safety Engineer554,000 ISK
Safety Inspector429,000 ISK
Safety Manager716,000 ISK
Safety Officer302,000 ISK
Sales Engineer631,000 ISK
Scheduling Engineer502,000 ISK
Service Engineer624,000 ISK
Solar Engineer624,000 ISK
Staff Engineer562,000 ISK
Static Equipment Engineer556,000 ISK
Stationary Engineer504,000 ISK
Stress Engineer520,000 ISK
Structural Analysis Engineer548,000 ISK
Structural Designer530,000 ISK
Structural Engineer548,000 ISK
Structural Technician358,000 ISK
Supply Chain Specialist588,000 ISK
Surveyor448,000 ISK
Technical Affairs Officer295,000 ISK
Technical Assistant294,000 ISK
Technical Engineer515,000 ISK
Technical Support Engineer495,000 ISK
Tender Engineer507,000 ISK
Test Development Engineer549,000 ISK
Transportation Engineer526,000 ISK
Validation Engineer535,000 ISK
Verification Engineer564,000 ISK
Wastewater Engineer580,000 ISK
Wind Energy Engineer596,000 ISK
Wind Energy Operations Manager780,000 ISK
Work Planner393,000 ISK

Engineering Jobs Salary Distribution in Iceland

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

  • Salary Range

    Engineering salaries in Iceland range from 184,000 ISK per month (minimum average salary) to 1,230,000 ISK per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 626,000 ISK per month, which means that half (50%) of people working in Engineering are earning less than 626,000 ISK while the other half are earning more than 626,000 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 Engineering are earning less than 365,000 ISK while 75% of them are earning more than 365,000 ISK. Also from the diagram, 75% of people working in Engineering are earning less than 1,000,000 ISK while 25% are earning more than 1,000,000 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
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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
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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.

Engineering Salary Comparison By Gender

Salary comparison by gender monthly Iceland Engineering
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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 employees in Iceland who work in Engineering earn 5% more than their female counterparts on average.

Male
593,000 ISK
Female-4%
567,000 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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Engineering Average Annual Salary Increment Percentage in Iceland

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

Engineering

Engineering professionals in Iceland are likely to observe a salary increase of approximately 5% 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 Engineering
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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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Engineering Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Engineering
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Engineering is considered to be a moderate 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.

61% of surveyed staff in Engineering reported that they haven't received any bonuses or incentives in the previous year while 39% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 2% to 7% of their annual salary.

Received Bonus
39%
No Bonus
61%

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.

Engineering Hourly Average Wage in Iceland


3,350 ISK per hour

The average hourly wage (pay per hour) in Iceland is 3,350 ISK. This means that the average person in Iceland earns approximately 3,350 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.

Engineering VS Other Jobs

Salary Comparison Between Engineering and Engineering monthly Iceland
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The average salary for Engineering is 16% less than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Reykjavik611,000 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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