Executive and Management Average Salaries in Iceland 2023
How much money does a person working in Executive and Management make in Iceland?
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 Title | Average Salary |
| Account Coordinator | 585,000 ISK |
| Administration Manager | 714,000 ISK |
| Area Manager | 706,000 ISK |
| Asset Protection Associate | 768,000 ISK |
| Assistant Director | 781,000 ISK |
| Assistant Manager | 810,000 ISK |
| Assistant Operations Manager | 890,000 ISK |
| Assistant Project Manager | 769,000 ISK |
| Assistant Section Head | 637,000 ISK |
| Assistant to CEO | 737,000 ISK |
| Assistant Vice President | 805,000 ISK |
| Associate Director | 804,000 ISK |
| Bid Manager | 846,000 ISK |
| Branch Manager | 872,000 ISK |
| Business Development Manager | 923,000 ISK |
| Business Operations Associate | 760,000 ISK |
| Business Operations Lead | 783,000 ISK |
| Campaign Manager | 867,000 ISK |
| Chairman of The Board | 1,420,000 ISK |
| Chairman Office Manager | 930,000 ISK |
| Chief Corporate Officer | 1,160,000 ISK |
| Chief Executive Officer | 1,520,000 ISK |
| Chief Financial Officer | 1,340,000 ISK |
| Chief of Staff | 703,000 ISK |
| Chief Operating Officer | 1,140,000 ISK |
| Chief Risk Officer | 925,000 ISK |
| Client Services Manager | 939,000 ISK |
| Commercial Project Manager | 759,000 ISK |
| Commodity Broker | 582,000 ISK |
| Corporate Affairs Executive | 870,000 ISK |
| Corporate Compliance Director | 987,000 ISK |
| Corporate Director | 1,040,000 ISK |
| Corporate Officer | 708,000 ISK |
| Corporate Partnerships Officer | 707,000 ISK |
| Country Manager | 1,130,000 ISK |
| Deputy Director | 1,070,000 ISK |
| Director | 1,110,000 ISK |
| Director of Accreditation | 1,000,000 ISK |
| Director of Catering Services | 899,000 ISK |
| Director of Client Services | 960,000 ISK |
| Director of Facilities Management | 823,000 ISK |
| Director of Operations | 953,000 ISK |
| Director of Process Simplification | 763,000 ISK |
| Director of Project Management | 1,010,000 ISK |
| Director of Revenue Management | 890,000 ISK |
| Director of Training and Development | 964,000 ISK |
| Distribution Manager | 1,030,000 ISK |
| Division Manager | 841,000 ISK |
| Duty Manager | 813,000 ISK |
| Engagement Manager | 1,030,000 ISK |
| Executive Director | 1,480,000 ISK |
| Executive Manager | 1,210,000 ISK |
| Franchise Manager | 1,260,000 ISK |
| General Manager | 1,170,000 ISK |
| Global Master Data Manager | 1,050,000 ISK |
| Head of Middle Office | 909,000 ISK |
| Head of Projects | 969,000 ISK |
| Head of Sustainability | 812,000 ISK |
| Housing Manager | 759,000 ISK |
| HSE Manager | 769,000 ISK |
| Key Account Manager | 794,000 ISK |
| Knowledge Manager | 929,000 ISK |
| Location Manager | 927,000 ISK |
| Logistics Manager | 741,000 ISK |
| Management Consultant | 793,000 ISK |
| Management Executive | 1,050,000 ISK |
| Manager | 966,000 ISK |
| Managing Director | 1,200,000 ISK |
| MIS Executive | 987,000 ISK |
| Ocean Services Manager | 1,020,000 ISK |
| Operations Assistant | 697,000 ISK |
| Operations Director | 1,130,000 ISK |
| Operations Executive | 1,040,000 ISK |
| Operations Manager | 1,080,000 ISK |
| Operations Supervisor | 867,000 ISK |
| Policy Administration Executive | 841,000 ISK |
| Private Sector Executive | 899,000 ISK |
| Product Development Manager | 960,000 ISK |
| Product Executive | 835,000 ISK |
| Production Executive | 1,010,000 ISK |
| Production Manager | 1,020,000 ISK |
| Production Supervisor | 809,000 ISK |
| Program Manager | 1,060,000 ISK |
| Programme Coordinator | 666,000 ISK |
| Project Control Manager | 1,020,000 ISK |
| Project Coordinator | 624,000 ISK |
| Project Management Officer | 703,000 ISK |
| Project Manager | 748,000 ISK |
| Project Portfolio Manager | 793,000 ISK |
| Quality Manager | 806,000 ISK |
| R/D Director | 840,000 ISK |
| Regional Director | 1,370,000 ISK |
| Regional Manager | 1,060,000 ISK |
| Relationship Manager | 987,000 ISK |
| Retail District Manager | 663,000 ISK |
| Revenue Manager | 782,000 ISK |
| Risk and Capital Manager | 1,110,000 ISK |
| Risk Officer | 744,000 ISK |
| Safety Manager | 732,000 ISK |
| Section Head | 779,000 ISK |
| Service Manager | 806,000 ISK |
| Shift Supervisor | 630,000 ISK |
| Solutions Manager | 687,000 ISK |
| Supervisor | 613,000 ISK |
| Supply Chain Manager | 1,070,000 ISK |
| Surveyor | 654,000 ISK |
| Technical Manager | 937,000 ISK |
| Territory Manager | 991,000 ISK |
| Validation Manager | 799,000 ISK |
| Vice President | 1,200,000 ISK |
| Zone Manager | 1,030,000 ISK |
Executive and Management Jobs Salary Distribution in Iceland
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?
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.
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.
Salary Comparison By Education
How does the education level affect your salary?
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.
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
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 |
Salary Comparison By Gender in Iceland for all Careers
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.
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
Annual Increment Rate By Industry 2022
| 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 2022. 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
Executive and Management Bonus and Incentive Rates in Iceland
How much and how often are bonuses being awarded?
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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 BonusesThe most standard form of bonus where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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 hourThe 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.
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
The average salary for Executive and Management is 35% more than that of All Jobs.
Salary Comparison By City
| City | Average Salary |
| Reykjavik | 981,000 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 |
