A person working in Oil / Gas / Energy / Mining in Iceland typically earns around 619,000 ISK per month. Salaries range from 225,000 ISK (lowest average) to 1,430,000 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 Oil / Gas / Energy / Mining careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
|Job Title||Average Salary|
|Assistant Yard Manager||576,000 ISK|
|Associate Analyst||679,000 ISK|
|Associate Landman||285,000 ISK|
|Auxiliary Equipment Operator||252,000 ISK|
|Biomass Plant Technician||296,000 ISK|
|Biomass Power Plant Manager||847,000 ISK|
|Chemical Plant Operator||476,000 ISK|
|Chief Contract Compliance Engineer||616,000 ISK|
|Completions Engineer||592,000 ISK|
|Cost Controller||430,000 ISK|
|Crude Oil Marketing Representative||630,000 ISK|
|Distribution Manager||848,000 ISK|
|Dragline Operator||276,000 ISK|
|Driller Offsider||211,000 ISK|
|Dump Truck Driver||238,000 ISK|
|Electric and Gas Operations Manager||1,340,000 ISK|
|Energy Advisor||888,000 ISK|
|Energy Analyst||872,000 ISK|
|Energy Auditor||767,000 ISK|
|Energy Dispatch Director||1,010,000 ISK|
|Energy Technical Assistant||373,000 ISK|
|Energy Technical Manager||732,000 ISK|
|Energy Technical Trainer||513,000 ISK|
|Exploration Manager||1,020,000 ISK|
|Field Safety Auditor||673,000 ISK|
|Fluids Engineer||590,000 ISK|
|Fuel Cell Engineer||621,000 ISK|
|Fuel Cell Technician||296,000 ISK|
|Fuels Handler||273,000 ISK|
|Gas Compressor Operator||256,000 ISK|
|Gas Distribution Plant Operator||474,000 ISK|
|Gas Supply Manager||889,000 ISK|
|Geothermal Production Manager||982,000 ISK|
|Geothermal Technician||402,000 ISK|
|HSE Engineer||576,000 ISK|
|HSE Officer||350,000 ISK|
|HSEQ Administrator||435,000 ISK|
|Instrument Designer||480,000 ISK|
|Lead Technical Field Advisor||809,000 ISK|
|Logistics and Tool Coordinator||525,000 ISK|
|Maintenance Engineer||615,000 ISK|
|Maintenance Superintendent||538,000 ISK|
|Material Controller||386,000 ISK|
|Mine Engineer||565,000 ISK|
|Mine Surveyor||676,000 ISK|
|Mining Project Administrator||551,000 ISK|
|Mining Project Assistant||437,000 ISK|
|Mining Project Controls Consultant||691,000 ISK|
|Mining Project Coordinator||546,000 ISK|
|Mining Project Engineer||596,000 ISK|
|Mining Project Manager||786,000 ISK|
|Mining Site Manager||798,000 ISK|
|Mining Team Leader||641,000 ISK|
|NDT Technician||381,000 ISK|
|Oil Service Unit Operator||309,000 ISK|
|Oil Trader||771,000 ISK|
|Oilwell Pumper||219,000 ISK|
|Petroleum Engineer||664,000 ISK|
|Petroleum Geologist||1,050,000 ISK|
|Petroleum Pump System Operator||320,000 ISK|
|Pipeline Technician||224,000 ISK|
|Power Coordinator||374,000 ISK|
|Power Plant Operations Manager||1,140,000 ISK|
|Power Plant Operator||463,000 ISK|
|Radio Operator||275,000 ISK|
|Reliability Engineer||603,000 ISK|
|Reservoir Engineer||542,000 ISK|
|Risk Analyst||737,000 ISK|
|Shutdown Engineer||505,000 ISK|
|Solar Energy Installation Manager||853,000 ISK|
|Solar Energy Systems Engineer||600,000 ISK|
|Solar Photovoltaic Installer||378,000 ISK|
|Solar Thermal Technician||359,000 ISK|
|Supply Operations Manager||972,000 ISK|
|Sustainability Specialist||913,000 ISK|
|System Development Advisor||705,000 ISK|
|Tanker Truck Driver||225,000 ISK|
|Utility Operator||335,000 ISK|
|Wind Energy Project Manager||843,000 ISK|
Oil / Gas / Energy / Mining salaries in Iceland range from 225,000 ISK per month (minimum average salary) to 1,430,000 ISK per month (maximum average salary, actual maximum is higher).
The median salary is 668,000 ISK per month, which means that half (50%) of people working in Oil / Gas / Energy / Mining are earning less than 668,000 ISK while the other half are earning more than 668,000 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 people working in Oil / Gas / Energy / Mining are earning less than 402,000 ISK while 75% of them are earning more than 402,000 ISK. Also from the diagram, 75% of people working in Oil / Gas / Energy / Mining are earning less than 1,130,000 ISK while 25% are earning more than 1,130,000 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 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.
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.
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.
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 Oil / Gas / Energy / Mining earn 5% more than their female counterparts on average.
Oil / Gas / Energy / Mining professionals in Iceland are likely to observe a salary increase of approximately 6% every 27 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.
Oil / Gas / Energy / Mining 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 Oil / Gas / Energy / Mining 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.
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 Oil / Gas / Energy / Mining is 10% less than that of All Jobs.
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.