Accounting and Finance Average Salaries in Iceland 2023
How much money does a person working in Accounting and Finance make in Iceland?
LOW
286,000
ISK AVERAGE
707,000
ISK HIGH
1,420,000
ISK
A person working in Accounting and Finance in Iceland typically earns around 707,000 ISK per month. Salaries range from 286,000 ISK (lowest average) to 1,420,000 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 Accounting and Finance 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 Examiner | 347,000 ISK |
| Account Executive | 575,000 ISK |
| Accountant | 427,000 ISK |
| Accounting Assistant | 334,000 ISK |
| Accounting Associate | 339,000 ISK |
| Accounting Clerk | 278,000 ISK |
| Accounting Coordinator | 417,000 ISK |
| Accounting Manager | 1,020,000 ISK |
| Accounting Supervisor | 647,000 ISK |
| Accounting Technician | 323,000 ISK |
| Accounts Executive | 596,000 ISK |
| Accounts Payable and Receivable Specialist | 458,000 ISK |
| Accounts Payable Clerk | 357,000 ISK |
| Accounts Payable Manager | 949,000 ISK |
| Accounts Receivable Clerk | 357,000 ISK |
| Accounts Receivable Manager | 932,000 ISK |
| Assistant Accounting Manager | 864,000 ISK |
| Assistant Auditor | 454,000 ISK |
| Audit Supervisor | 872,000 ISK |
| Auditing Clerk | 375,000 ISK |
| Auditing Manager | 989,000 ISK |
| Billing Coordinator | 406,000 ISK |
| Billing Specialist | 494,000 ISK |
| Billing Supervisor | 725,000 ISK |
| Bookkeeper | 312,000 ISK |
| Bookkeeping Specialist | 440,000 ISK |
| Budget Analyst | 814,000 ISK |
| Budget Manager | 974,000 ISK |
| Business Support Analyst | 512,000 ISK |
| Capital Markets Associate | 684,000 ISK |
| Cash Flow Analyst | 712,000 ISK |
| Cash Management Officer | 540,000 ISK |
| Cashbook Clerk | 316,000 ISK |
| Chartered Accountant | 600,000 ISK |
| Collections Clerk | 271,000 ISK |
| Collections Specialist | 478,000 ISK |
| Corporate Treasurer | 895,000 ISK |
| Cost Accountant | 468,000 ISK |
| Cost Accounting Manager | 929,000 ISK |
| Cost Analyst | 745,000 ISK |
| Credit and Collection Manager | 944,000 ISK |
| Credit and Collection Staff | 367,000 ISK |
| Credit and Loans Officer | 337,000 ISK |
| Credit Controller | 625,000 ISK |
| Debt Adviser | 794,000 ISK |
| Debt Collector | 386,000 ISK |
| Debtors Clerk | 314,000 ISK |
| Deputy CFO | 1,290,000 ISK |
| Derivative Trader | 807,000 ISK |
| Escrow Assistant | 416,000 ISK |
| External Auditor | 666,000 ISK |
| Finance Associate | 397,000 ISK |
| Finance Executive | 1,010,000 ISK |
| Finance Licensing Clerk | 334,000 ISK |
| Finance Licensing Manager | 883,000 ISK |
| Finance Licensing Specialist | 500,000 ISK |
| Finance Officer | 442,000 ISK |
| Finance President | 1,320,000 ISK |
| Finance Relationship Manager | 1,030,000 ISK |
| Finance Release Analyst | 543,000 ISK |
| Finance Team Leader | 1,040,000 ISK |
| Financial Actuary | 692,000 ISK |
| Financial Administrator | 744,000 ISK |
| Financial Analyst | 859,000 ISK |
| Financial Applications Specialist | 599,000 ISK |
| Financial Assistant | 385,000 ISK |
| Financial Associate | 371,000 ISK |
| Financial Claims Analyst | 634,000 ISK |
| Financial Claims Manager | 838,000 ISK |
| Financial Commercial Analyst | 631,000 ISK |
| Financial Compliance Analyst | 770,000 ISK |
| Financial Consultant | 630,000 ISK |
| Financial Controller | 759,000 ISK |
| Financial Coordinator | 421,000 ISK |
| Financial Customer Service Manager | 851,000 ISK |
| Financial Dealer and Broker | 516,000 ISK |
| Financial Encoder | 406,000 ISK |
| Financial Manager | 1,220,000 ISK |
| Financial Manager | 1,340,000 ISK |
| Financial Operations Manager | 1,150,000 ISK |
| Financial Policy Analyst | 712,000 ISK |
| Financial Project Manager | 964,000 ISK |
| Financial Quantitative Analyst | 791,000 ISK |
| Financial Reporting Consultant | 644,000 ISK |
| Financial Reporting Manager | 878,000 ISK |
| Financial Services Sales Agent | 507,000 ISK |
| Fixed Assets Administrator | 469,000 ISK |
| Forensic Accountant | 519,000 ISK |
| Fraud Detection Supervisor | 574,000 ISK |
| Fraud Prevention Manager | 949,000 ISK |
| Fund Accountant | 444,000 ISK |
| Grants Coordinator | 349,000 ISK |
| Internal Auditor | 635,000 ISK |
| Internal Control Adviser | 732,000 ISK |
| Internal Control Officer | 405,000 ISK |
| Inventory Accountant | 481,000 ISK |
| Investment Analyst | 916,000 ISK |
| Investment Fund Manager | 1,010,000 ISK |
| Investment Underwriter | 384,000 ISK |
| Investor | 595,000 ISK |
| Investor Relations Manager | 926,000 ISK |
| KYC Team Leader | 843,000 ISK |
| Management Economist | 1,070,000 ISK |
| Paymaster | 353,000 ISK |
| Payroll Clerk | 401,000 ISK |
| Payroll Manager | 841,000 ISK |
| Pensions Administrator | 487,000 ISK |
| Pricing Analyst | 762,000 ISK |
| Private Equity Analyst | 779,000 ISK |
| Proposal Development Coordinator | 409,000 ISK |
| Receivables Accountant | 427,000 ISK |
| Regulatory Accountant | 520,000 ISK |
| Retirement Plan Analyst | 742,000 ISK |
| Revenue Management Specialist | 771,000 ISK |
| Revenue Recognition Analyst | 820,000 ISK |
| Risk Management Director | 1,100,000 ISK |
| Risk Management Supervisor | 904,000 ISK |
| Tax Accountant | 448,000 ISK |
| Tax Advisor | 720,000 ISK |
| Tax Associate | 402,000 ISK |
| Tax Manager | 932,000 ISK |
| Teller | 271,000 ISK |
| Treasury Accountant | 479,000 ISK |
| Treasury Analyst | 794,000 ISK |
| Underwriter | 328,000 ISK |
| Underwriting Assistant | 308,000 ISK |
| Vice President of Finance | 1,280,000 ISK |
Accounting and Finance Jobs Salary Distribution in Iceland
The median, the maximum, the minimum, and the range
Salary Range
Accounting and Finance salaries in Iceland range from 286,000 ISK per month (minimum average salary) to 1,420,000 ISK per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 764,000 ISK per month, which means that half (50%) of people working in Accounting and Finance are earning less than 764,000 ISK while the other half are earning more than 764,000 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 Accounting and Finance are earning less than 473,000 ISK while 75% of them are earning more than 473,000 ISK. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 1,180,000 ISK while 25% are earning more than 1,180,000 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.
Accounting and Finance 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 Accounting and Finance earn 5% more than their female counterparts on average.
| Male | 724,000 ISK | |
| Female | -4% | 691,000 ISK |
Salary Comparison By Gender in Iceland for all Careers
Accounting and Finance Average Annual Salary Increment Percentage in Iceland
How much are annual salary increments in Iceland for Accounting and Finance professionals? How often do employees get salary raises?
Accounting and Finance
Accounting and Finance 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.
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
Accounting and Finance Bonus and Incentive Rates in Iceland
How much and how often are bonuses being awarded?
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Accounting and Finance 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 Accounting and Finance 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.
Accounting and Finance Hourly Average Wage in Iceland
4,080 ISK per hourThe average hourly wage (pay per hour) in Iceland is 4,080 ISK. This means that the average person in Iceland earns approximately 4,080 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.
Accounting and Finance VS Other Jobs
The average salary for Accounting and Finance is 3% more than that of All Jobs.
Salary Comparison By City
| City | Average Salary |
| Reykjavik | 746,000 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 |
