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Executive and Management Average Salaries in Iceland 2022

How much money does a person working in Executive and Management make in Iceland?


Average Monthly Salary
930,000 ISK
( 11,200,000 ISK yearly)

LOW
307,000
ISK
AVERAGE
930,000
ISK
HIGH
1,530,000
ISK

A person working in Executive and Management in Iceland typically earns around 930,000 ISK per month. Salaries range from 307,000 ISK (lowest average) to 1,530,000 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 Executive and Management 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
Account Coordinator585,000 ISK
Administration Manager714,000 ISK
Area Manager706,000 ISK
Asset Protection Associate768,000 ISK
Assistant Director781,000 ISK
Assistant Manager810,000 ISK
Assistant Operations Manager890,000 ISK
Assistant Project Manager769,000 ISK
Assistant Section Head637,000 ISK
Assistant to CEO737,000 ISK
Assistant Vice President805,000 ISK
Associate Director804,000 ISK
Bid Manager846,000 ISK
Branch Manager872,000 ISK
Business Development Manager923,000 ISK
Business Operations Associate760,000 ISK
Business Operations Lead783,000 ISK
Campaign Manager867,000 ISK
Chairman of The Board1,420,000 ISK
Chairman Office Manager930,000 ISK
Chief Corporate Officer1,160,000 ISK
Chief Executive Officer1,520,000 ISK
Chief Financial Officer1,340,000 ISK
Chief of Staff703,000 ISK
Chief Operating Officer1,140,000 ISK
Chief Risk Officer925,000 ISK
Client Services Manager939,000 ISK
Commercial Project Manager759,000 ISK
Commodity Broker582,000 ISK
Corporate Affairs Executive870,000 ISK
Corporate Compliance Director987,000 ISK
Corporate Director1,040,000 ISK
Corporate Officer708,000 ISK
Corporate Partnerships Officer707,000 ISK
Country Manager1,130,000 ISK
Deputy Director1,070,000 ISK
Director1,110,000 ISK
Director of Accreditation1,000,000 ISK
Director of Catering Services899,000 ISK
Director of Client Services960,000 ISK
Director of Facilities Management823,000 ISK
Director of Operations953,000 ISK
Director of Process Simplification763,000 ISK
Director of Project Management1,010,000 ISK
Director of Revenue Management890,000 ISK
Director of Training and Development964,000 ISK
Distribution Manager1,030,000 ISK
Division Manager841,000 ISK
Duty Manager813,000 ISK
Engagement Manager1,030,000 ISK
Executive Director1,480,000 ISK
Executive Manager1,210,000 ISK
Franchise Manager1,260,000 ISK
General Manager1,170,000 ISK
Global Master Data Manager1,050,000 ISK
Head of Middle Office909,000 ISK
Head of Projects969,000 ISK
Head of Sustainability812,000 ISK
Housing Manager759,000 ISK
HSE Manager769,000 ISK
Key Account Manager794,000 ISK
Knowledge Manager929,000 ISK
Location Manager927,000 ISK
Logistics Manager741,000 ISK
Management Consultant793,000 ISK
Management Executive1,050,000 ISK
Manager966,000 ISK
Managing Director1,200,000 ISK
MIS Executive987,000 ISK
Ocean Services Manager1,020,000 ISK
Operations Assistant697,000 ISK
Operations Director1,130,000 ISK
Operations Executive1,040,000 ISK
Operations Manager1,080,000 ISK
Operations Supervisor867,000 ISK
Policy Administration Executive841,000 ISK
Private Sector Executive899,000 ISK
Product Development Manager960,000 ISK
Product Executive835,000 ISK
Production Executive1,010,000 ISK
Production Manager1,020,000 ISK
Production Supervisor809,000 ISK
Program Manager1,060,000 ISK
Programme Coordinator666,000 ISK
Project Control Manager1,020,000 ISK
Project Coordinator624,000 ISK
Project Management Officer703,000 ISK
Project Manager748,000 ISK
Project Portfolio Manager793,000 ISK
Quality Manager806,000 ISK
R/D Director840,000 ISK
Regional Director1,370,000 ISK
Regional Manager1,060,000 ISK
Relationship Manager987,000 ISK
Retail District Manager663,000 ISK
Revenue Manager782,000 ISK
Risk and Capital Manager1,110,000 ISK
Risk Officer744,000 ISK
Safety Manager732,000 ISK
Section Head779,000 ISK
Service Manager806,000 ISK
Shift Supervisor630,000 ISK
Solutions Manager687,000 ISK
Supervisor613,000 ISK
Supply Chain Manager1,070,000 ISK
Surveyor654,000 ISK
Technical Manager937,000 ISK
Territory Manager991,000 ISK
Validation Manager799,000 ISK
Vice President1,200,000 ISK
Zone Manager1,030,000 ISK

Executive and Management Jobs Salary Distribution in Iceland

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

  • Salary Range

    Executive and Management salaries in Iceland range from 307,000 ISK per month (minimum average salary) to 1,530,000 ISK per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 1,000,000 ISK per month, which means that half (50%) of people working in Executive and Management are earning less than 1,000,000 ISK while the other half are earning more than 1,000,000 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 Executive and Management are earning less than 590,000 ISK while 75% of them are earning more than 590,000 ISK. Also from the diagram, 75% of people working in Executive and Management are earning less than 1,370,000 ISK while 25% are earning more than 1,370,000 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.

Executive and Management Salary Comparison By Gender

Salary comparison by gender monthly Iceland Executive and Management
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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 Executive and Management earn 5% more than their female counterparts on average.

Male
951,000 ISK
Female-4%
909,000 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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Executive and Management Average Annual Salary Increment Percentage in Iceland

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

Executive and Management

Executive and Management professionals in Iceland are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Iceland Executive and Management
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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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Executive and Management Bonus and Incentive Rates in Iceland

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

36% of surveyed staff in Executive and Management reported that they haven't received any bonuses or incentives in the previous year while 64% 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
64%
No Bonus
36%

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.

Executive and Management Hourly Average Wage in Iceland


5,360 ISK per hour

The average hourly wage (pay per hour) in Iceland is 5,360 ISK. This means that the average person in Iceland earns approximately 5,360 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.

Executive and Management VS Other Jobs

Salary Comparison Between Executive and Management and Executive and Management monthly Iceland
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The average salary for Executive and Management is 35% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Reykjavik981,000 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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