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Drilling Engineer Average Salary in Iceland 2024

How much money does a person working as Drilling Engineer make in Iceland?


Average Monthly Salary
556,000 ISK
( 6,670,000 ISK yearly)

LOW
256,000
ISK
AVERAGE
556,000
ISK
HIGH
884,000
ISK
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working as Drilling Engineer in Iceland typically earns around 556,000 ISK. Salaries range from 256,000 ISK (lowest) to 884,000 ISK (highest).


Salary Variance

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



Drilling Engineer Pay Scale and Salaries in Iceland

Median and salary distribution Iceland Drilling Engineer monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
527,000 ISK or more
10% of people earn
462,000 to 527,000 ISK
20% of people earn
318,000 ISK or less
65% of people earn
318,000 to 462,000 ISK
Minimum Salary
256,000 ISK
Median
531,000 ISK
Maximum
884,000 ISK




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries for the position Drilling Engineer in Iceland range from 256,000 ISK (starting salary) to 884,000 ISK (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.

  • Median Salary

    With a median salary of 531,000 ISK, half of the professionals who work as Drilling Engineer in Iceland earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.

  • Percentiles and Salary Scale

    The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Drilling Engineer in Iceland earn less than 428,000 ISK, while 75% earn more. Similarly, the chart shows that 75% earn less than 612,000 ISK while 25% earn more.

  • Pay Scale Structure

    To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Drilling Engineer in Iceland compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 318,000 ISK to 462,000 ISK. About 20% of salaries are below the 318,000 ISK mark, while 10% fall within the range of 462,000 ISK to 527,000 ISK. Only 5% of individuals have salaries exceeding 527,000 ISK.

Salary Comparison by Years of Experience / Drilling Engineer / Iceland

How do experience and age affect pay?

0 - 2 Years
290,000 ISK
2 - 5 Years+34%
388,000 ISK
5 - 10 Years+48%
573,000 ISK
10 - 15 Years+22%
699,000 ISK
15 - 20 Years+9%
761,000 ISK
20+ Years+8%
824,000 ISK
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Iceland Drilling Engineer
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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. We broke down salaries by experience level for people working as Drilling Engineer and this is what we found.


All salary figures displayed here are per month except when noted otherwise.

Employees with less than two years of experience earn approximately 290,000 ISK.

While someone with an experience level between two and five years is expected to earn 388,000 ISK, 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 573,000 ISK, 48% more than someone with two to five years of experience.

Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 699,000 ISK, 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 761,000 ISK, 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 824,000 ISK, 8% more than people with fifteen to twenty 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.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Salary Comparison By Education / Drilling Engineer / Iceland

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Drilling Engineer.

Certificate or Diploma
331,000 ISK
Bachelor's Degree+57%
520,000 ISK
Master's Degree+68%
871,000 ISK
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Iceland Drilling Engineer
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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 salaries by education level for the position Drilling Engineer in order to make a comparison.


Level 1: Certificate or Diploma

Employees at this education level have an average salary of 331,000 ISK.


Level 2: Bachelor's Degree

At this level, the average salary becomes 520,000 ISK, 57% more than the previous level.


Level 3: Master's Degree

At this level, the average salary becomes 871,000 ISK, 68% more than the previous level.



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 3,450,000 ISK to 10,300,000 ISK 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 to a higher-paying job. The numbers seem to support the theory. 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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Salary and Compensation Comparison By Gender / Drilling Engineer / Iceland

Salary comparison by gender Iceland Drilling Engineer monthly
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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? For the people who work as Drilling Engineer in Iceland, the average difference between the salary of male and female employees is 5%.

Male
568,000 ISK
Female-4%
543,000 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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Average Annual Salary Increment Percentage / Drilling Engineer / Iceland

How much are annual salary increments in Iceland for individuals working as Drilling Engineer? How often do employees get salary raises?

Individuals working as Drilling Engineer in Iceland are likely to observe a salary increase of approximately 6% every 29 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Iceland Drilling Engineer
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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

Annual Salary Increment Rate Iceland
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.



Bonus and Incentive Rates / Drilling Engineer / Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Drilling Engineer
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84% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 16% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.

Received Bonus
16%
No Bonus
84%

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.

Average Hourly Wage / Drilling Engineer / Iceland


3,210 ISK per hour

The average hourly wage (pay per hour) for individuals working as Drilling Engineer in Iceland is 3,210 ISK.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working as Drilling Engineer in Iceland is 1,480 ISK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary comparison with similar jobs

Job TitleAverage Salary
Engineering-100%
3D Printing Engineer527,000 ISK-5%
Acoustics Engineer546,000 ISK-2%
Assembly Engineering Technician442,000 ISK-20%
Assistant Chief Engineer641,000 ISK+15%
Associate Engineer516,000 ISK-7%
AutoCAD Drafter343,000 ISK-38%
Autocad Operator359,000 ISK-35%
Automation Engineer632,000 ISK+14%
Avionic System Support Engineer537,000 ISK-3%
Biochemical Engineer546,000 ISK-2%
BMS Engineer515,000 ISK-7%
Bridge and Lock Tender312,000 ISK-44%
Broadcast Engineer540,000 ISK-3%
CAD Design Engineer618,000 ISK+11%
CAD Designer375,000 ISK-33%
CAE Engineer585,000 ISK+5%
Ceramics Engineer524,000 ISK-6%
Chemical Engineer579,000 ISK+4%
Civil Drafter346,000 ISK-38%
Civil Engineer591,000 ISK+6%
Civil Site Engineer581,000 ISK+5%
Civil Technician342,000 ISK-38%
Cognitive Engineer547,000 ISK-2%
Commissioning Engineer536,000 ISK-4%
Communications Engineer596,000 ISK+7%
Condition Monitoring Engineer495,000 ISK-11%
Contract Associate Engineer556,000 ISK+0%
Contract Engineer556,000 ISK+0%
Control Systems Engineer570,000 ISK+3%
Controls Engineer574,000 ISK+3%
Controls Software Engineer510,000 ISK-8%
Corrosion Engineer525,000 ISK-6%
Design Engineer585,000 ISK+5%
Director of Engineering1,170,000 ISK+110%
Drafter353,000 ISK-36%
Drafting Manager649,000 ISK+17%
Drilling Engineer556,000 ISK+0%
Drilling Foreman171,000 ISK-69%
Electrical Draughtsman281,000 ISK-49%
Electrical Engineer628,000 ISK+13%
Electrical Engineering Manager820,000 ISK+48%
Electromechanical Engineering Technologist644,000 ISK+16%
Electromechanical Equipment Assembler314,000 ISK-44%
Energy Engineer582,000 ISK+5%
Engine Assembler265,000 ISK-52%
Engineer602,000 ISK+8%
Engineering Account Manager689,000 ISK+24%
Engineering Chief Designer644,000 ISK+16%
Engineering Consultant798,000 ISK+44%
Engineering Key Account Manager789,000 ISK+42%
Engineering Lab Technician572,000 ISK+3%
Engineering Manager831,000 ISK+49%
Engineering Planning Manager822,000 ISK+48%
Engineering Production Manager1,050,000 ISK+89%
Engineering Project Analyst703,000 ISK+26%
Engineering Project Coordinator 695,000 ISK+25%
Engineering Project Director1,200,000 ISK+120%
Engineering Project Leader764,000 ISK+37%
Engineering Project Manager794,000 ISK+43%
Engineering Research and Development Manager950,000 ISK+71%
Engineering Safety Coordinator449,000 ISK-19%
Engineering Sales Manager770,000 ISK+39%
Engineering Technician440,000 ISK-21%
Engineering Technologist465,000 ISK-16%
Environmental Engineer558,000 ISK+0%
Equipment Engineer519,000 ISK-7%
Equipment Engineering Manager749,000 ISK+35%
Estimator502,000 ISK-10%
Fabrication Specialist415,000 ISK-25%
Fabricator266,000 ISK-52%
Facade Engineer588,000 ISK+6%
Fiber Analyst332,000 ISK-40%
Field Engineer590,000 ISK+6%
Field Engineering Manager959,000 ISK+73%
Fire Engineer571,000 ISK+3%
Fitter and Turner182,000 ISK-67%
Forestry Strategic Planner650,000 ISK+17%
Generation Engineer558,000 ISK+0%
Genetic Engineer658,000 ISK+18%
Geological Engineer573,000 ISK+3%
Geotechnical Engineer603,000 ISK+8%
Heavy Equipment Mechanic316,000 ISK-43%
Highway Engineer565,000 ISK+2%
HSE Professional513,000 ISK-8%
Human Machine Interface Engineer526,000 ISK-5%
HVAC Engineer602,000 ISK+8%
HVAC Supervisor551,000 ISK-1%
Industrial Engineer544,000 ISK-2%
Industrial Engineering Technologist564,000 ISK+1%
Instrument Engineer570,000 ISK+3%
Instrument Technician325,000 ISK-42%
Instrumentation and Control Engineer584,000 ISK+5%
Instrumentation Designer499,000 ISK-10%
Instrumentation Engineer572,000 ISK+3%
Instrumentation Manager583,000 ISK+5%
Irrigation Engineer549,000 ISK-1%
Licensed Aircraft Engineer636,000 ISK+14%
Locomotive Engineer530,000 ISK-5%
Maintenance Engineer529,000 ISK-5%
Maintenance Fitter207,000 ISK-63%
Maintenance Manager583,000 ISK+5%
Manufacturing Engineer543,000 ISK-2%
Marine Engineer566,000 ISK+2%
Materials Engineer551,000 ISK-1%
Materials Researcher556,000 ISK+0%
Materials Technician413,000 ISK-26%
Mechanical and Electrical Engineer593,000 ISK+7%
Mechanical Design Engineer623,000 ISK+12%
Mechanical Designer504,000 ISK-9%
Mechanical Engineer598,000 ISK+8%
Mechanical Engineering Manager787,000 ISK+42%
Mechanical Inspector576,000 ISK+4%
Mechatronics Engineer636,000 ISK+14%
Mining Engineer589,000 ISK+6%
Nanotechnology Engineer597,000 ISK+7%
Natural Language Processing Engineer619,000 ISK+11%
Oil and Petrochemical Engineer610,000 ISK+10%
Optical Engineer550,000 ISK-1%
Optical Instrument Assembler287,000 ISK-48%
PCB Assembler219,000 ISK-61%
Photonics Engineer610,000 ISK+10%
Photonics Technician497,000 ISK-11%
Pipeline Engineer541,000 ISK-3%
Piping Designer321,000 ISK-42%
Piping Engineer540,000 ISK-3%
Planning Engineer592,000 ISK+7%
Pressure Vessel Inspector286,000 ISK-49%
Principal Cost Engineer575,000 ISK+3%
Principal Engineer585,000 ISK+5%
Principal Support Engineer584,000 ISK+5%
Process Engineer553,000 ISK-1%
Process Operator334,000 ISK-40%
Product Development Engineer581,000 ISK+5%
Product Development Technician412,000 ISK-26%
Product Engineer580,000 ISK+4%
Product Safety Engineer567,000 ISK+2%
Production Engineer582,000 ISK+5%
Project Engineer589,000 ISK+6%
Proposal Manager755,000 ISK+36%
Purchasing Engineer510,000 ISK-8%
Quality Assurance Engineer551,000 ISK-1%
Rail Engineer560,000 ISK+1%
Regional Field Engineer594,000 ISK+7%
Remote Sensing Engineer587,000 ISK+6%
Robotics Engineer648,000 ISK+17%
Robotics Technician469,000 ISK-16%
Safety Engineer554,000 ISK-0%
Safety Inspector429,000 ISK-23%
Safety Manager716,000 ISK+29%
Safety Officer302,000 ISK-46%
Sales Engineer631,000 ISK+14%
Scheduling Engineer502,000 ISK-10%
Security Engineer615,000 ISK+11%
Service Engineer624,000 ISK+12%
Smart Home Engineer609,000 ISK+10%
Solar Engineer624,000 ISK+12%
Staff Engineer562,000 ISK+1%
Static Equipment Engineer556,000 ISK+0%
Stationary Engineer504,000 ISK-9%
Stress Engineer520,000 ISK-6%
Structural Analysis Engineer548,000 ISK-1%
Structural Designer530,000 ISK-5%
Structural Engineer548,000 ISK-1%
Structural Technician358,000 ISK-36%
Subsea Engineer677,000 ISK+22%
Supply Chain Specialist588,000 ISK+6%
Surveyor448,000 ISK-19%
Technical Affairs Officer295,000 ISK-47%
Technical Assistant294,000 ISK-47%
Technical Engineer515,000 ISK-7%
Technical Support Engineer495,000 ISK-11%
Tender Engineer507,000 ISK-9%
Test Development Engineer549,000 ISK-1%
Test Engineer553,000 ISK-1%
Transportation Engineer526,000 ISK-5%
Urban Engineer571,000 ISK+3%
Validation Engineer535,000 ISK-4%
Verification Engineer564,000 ISK+1%
Wastewater Engineer580,000 ISK+4%
Wind Energy Engineer596,000 ISK+7%
Wind Energy Operations Manager780,000 ISK+40%
Wireless Engineer624,000 ISK+12%
Work Planner393,000 ISK-29%

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Iceland is 25% on average across all career fields.

Private Sector
614,000 ISK
Public Sector+25%
765,000 ISK
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for the job title Drilling Engineer in Iceland?

A good and competitive compensation would range anywhere between 531,000 ISK and 612,000 ISK. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for a careers like Drilling Engineer in Iceland ranges from 256,000 ISK to 428,000 ISK. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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


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