A person working as a Project Manager in Iceland typically earns around 748,000 ISK per month. Salaries range from 344,000 ISK (lowest) to 1,190,000 ISK (highest).
This is the average monthly salary including housing, transport, and other benefits. Project Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Project Manager salaries in Iceland range from 344,000 ISK per month (minimum salary) to 1,190,000 ISK per month (maximum salary).
The median salary is 808,000 ISK per month, which means that half (50%) of people working as Project Manager(s) are earning less than 808,000 ISK while the other half are earning more than 808,000 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 Project Manager(s) are earning less than 519,000 ISK while 75% of them are earning more than 519,000 ISK. Also from the diagram, 75% of Project Manager(s) are earning less than 1,080,000 ISK while 25% are earning more than 1,080,000 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 Project Manager salaries by experience level and this is what we found.
A Project Manager with less than two years of experience makes approximately 391,000 ISK per month.
While someone with an experience level between two and five years is expected to earn 522,000 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 771,000 ISK per month, 48% more than someone with two to five years of experience.
Additionally, Project Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 940,000 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 1,030,000 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 1,110,000 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 Project Manager salaries by education level in order to make a comparison.
When the education level is High School, the average salary of a Project Manager is 480,000 ISK per month.
While someone with a Certificate or Diploma gets a salary of 564,000 ISK per month, 18% more than someone having a High School degree.
A Bachelor's Degree gets its holder an average salary of 818,000 ISK per month, 45% more than someone with a Certificate or Diploma.
Professionals who hold a Master's Degree are rewarded with an average salary of 1,070,000 ISK per month, 31% more than someone with Bachelor's Degree.
|Certificate or Diploma||+18%|
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 Project Manager employees in Iceland earn 5% more than their female counterparts on average.
Project Manager(s) in Iceland are likely to observe a salary increase of approximately 8% every 28 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 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.
34% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 66% 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 Project Manager is 20% less than that of Executive and Management. Also, Executive and Management salaries are 35% more than those of All Jobs.
|Job Title||Average Salary|
|Account Coordinator||585,000 ISK||-22%|
|Administration Manager||714,000 ISK||-5%|
|Area Manager||706,000 ISK||-6%|
|Asset Protection Associate||768,000 ISK||+3%|
|Assistant Director||781,000 ISK||+4%|
|Assistant Manager||810,000 ISK||+8%|
|Assistant Operations Manager||890,000 ISK||+19%|
|Assistant Project Manager||769,000 ISK||+3%|
|Assistant Section Head||637,000 ISK||-15%|
|Assistant to CEO||737,000 ISK||-2%|
|Assistant Vice President||805,000 ISK||+8%|
|Associate Director||804,000 ISK||+7%|
|Bid Manager||846,000 ISK||+13%|
|Branch Manager||872,000 ISK||+17%|
|Business Development Manager||923,000 ISK||+23%|
|Business Operations Associate||760,000 ISK||+2%|
|Business Operations Lead||783,000 ISK||+5%|
|Campaign Manager||867,000 ISK||+16%|
|Chairman of The Board||1,420,000 ISK||+90%|
|Chairman Office Manager||930,000 ISK||+24%|
|Chief Corporate Officer||1,160,000 ISK||+55%|
|Chief Executive Officer||1,520,000 ISK||+100%|
|Chief Financial Officer||1,340,000 ISK||+79%|
|Chief of Staff||703,000 ISK||-6%|
|Chief Operating Officer||1,140,000 ISK||+52%|
|Chief Risk Officer||925,000 ISK||+24%|
|Client Services Manager||939,000 ISK||+25%|
|Commercial Project Manager||759,000 ISK||+1%|
|Commodity Broker||582,000 ISK||-22%|
|Corporate Affairs Executive||870,000 ISK||+16%|
|Corporate Compliance Director||987,000 ISK||+32%|
|Corporate Director||1,040,000 ISK||+39%|
|Corporate Officer||708,000 ISK||-5%|
|Corporate Partnerships Officer||707,000 ISK||-6%|
|Country Manager||1,130,000 ISK||+51%|
|Deputy Director||1,070,000 ISK||+43%|
|Director of Accreditation||1,000,000 ISK||+34%|
|Director of Catering Services||899,000 ISK||+20%|
|Director of Client Services||960,000 ISK||+28%|
|Director of Facilities Management||823,000 ISK||+10%|
|Director of Operations||953,000 ISK||+27%|
|Director of Process Simplification||763,000 ISK||+2%|
|Director of Project Management||1,010,000 ISK||+35%|
|Director of Revenue Management||890,000 ISK||+19%|
|Director of Training and Development||964,000 ISK||+29%|
|Distribution Manager||1,030,000 ISK||+38%|
|Division Manager||841,000 ISK||+12%|
|Duty Manager||813,000 ISK||+9%|
|Engagement Manager||1,030,000 ISK||+38%|
|Executive Director||1,480,000 ISK||+98%|
|Executive Manager||1,210,000 ISK||+62%|
|Franchise Manager||1,260,000 ISK||+68%|
|General Manager||1,170,000 ISK||+56%|
|Global Master Data Manager||1,050,000 ISK||+40%|
|Head of Middle Office||909,000 ISK||+21%|
|Head of Projects||969,000 ISK||+29%|
|Head of Sustainability||812,000 ISK||+8%|
|Housing Manager||759,000 ISK||+1%|
|HSE Manager||769,000 ISK||+3%|
|Key Account Manager||794,000 ISK||+6%|
|Knowledge Manager||929,000 ISK||+24%|
|Location Manager||927,000 ISK||+24%|
|Logistics Manager||741,000 ISK||-1%|
|Management Consultant||793,000 ISK||+6%|
|Management Executive||1,050,000 ISK||+40%|
|Managing Director||1,200,000 ISK||+60%|
|MIS Executive||987,000 ISK||+32%|
|Ocean Services Manager||1,020,000 ISK||+36%|
|Operations Assistant||697,000 ISK||-7%|
|Operations Director||1,130,000 ISK||+51%|
|Operations Executive||1,040,000 ISK||+39%|
|Operations Manager||1,080,000 ISK||+44%|
|Operations Supervisor||867,000 ISK||+16%|
|Policy Administration Executive||841,000 ISK||+12%|
|Private Sector Executive||899,000 ISK||+20%|
|Product Development Manager||960,000 ISK||+28%|
|Product Executive||835,000 ISK||+12%|
|Production Executive||1,010,000 ISK||+35%|
|Production Manager||1,020,000 ISK||+36%|
|Production Supervisor||809,000 ISK||+8%|
|Program Manager||1,060,000 ISK||+42%|
|Programme Coordinator||666,000 ISK||-11%|
|Project Control Manager||1,020,000 ISK||+36%|
|Project Coordinator||624,000 ISK||-17%|
|Project Management Officer||703,000 ISK||-6%|
|Project Manager||748,000 ISK||-0%|
|Project Portfolio Manager||793,000 ISK||+6%|
|Quality Manager||806,000 ISK||+8%|
|R/D Director||840,000 ISK||+12%|
|Regional Director||1,370,000 ISK||+83%|
|Regional Manager||1,060,000 ISK||+42%|
|Relationship Manager||987,000 ISK||+32%|
|Retail District Manager||663,000 ISK||-11%|
|Revenue Manager||782,000 ISK||+4%|
|Risk and Capital Manager||1,110,000 ISK||+48%|
|Risk Officer||744,000 ISK||-1%|
|Safety Manager||732,000 ISK||-2%|
|Section Head||779,000 ISK||+4%|
|Service Manager||806,000 ISK||+8%|
|Shift Supervisor||630,000 ISK||-16%|
|Solutions Manager||687,000 ISK||-8%|
|Supply Chain Manager||1,070,000 ISK||+43%|
|Technical Manager||937,000 ISK||+25%|
|Territory Manager||991,000 ISK||+32%|
|Validation Manager||799,000 ISK||+7%|
|Vice President||1,200,000 ISK||+60%|
|Zone Manager||1,030,000 ISK||+38%|
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.