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Accounting and Finance Average Salaries in Iceland 2022

How much money does a person working in Accounting and Finance make in Iceland?


Average Monthly Salary
707,000 ISK
( 8,490,000 ISK yearly)

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 TitleAverage Salary
Account Examiner347,000 ISK
Account Executive575,000 ISK
Accountant427,000 ISK
Accounting Assistant334,000 ISK
Accounting Associate339,000 ISK
Accounting Clerk278,000 ISK
Accounting Coordinator417,000 ISK
Accounting Manager1,020,000 ISK
Accounting Supervisor647,000 ISK
Accounting Technician323,000 ISK
Accounts Executive596,000 ISK
Accounts Payable and Receivable Specialist458,000 ISK
Accounts Payable Clerk357,000 ISK
Accounts Payable Manager949,000 ISK
Accounts Receivable Clerk357,000 ISK
Accounts Receivable Manager932,000 ISK
Assistant Accounting Manager864,000 ISK
Assistant Auditor454,000 ISK
Audit Supervisor872,000 ISK
Auditing Clerk375,000 ISK
Auditing Manager989,000 ISK
Billing Coordinator406,000 ISK
Billing Specialist494,000 ISK
Billing Supervisor725,000 ISK
Bookkeeper312,000 ISK
Bookkeeping Specialist440,000 ISK
Budget Analyst814,000 ISK
Budget Manager974,000 ISK
Business Support Analyst512,000 ISK
Capital Markets Associate684,000 ISK
Cash Flow Analyst712,000 ISK
Cash Management Officer540,000 ISK
Cashbook Clerk316,000 ISK
Chartered Accountant600,000 ISK
Collections Clerk271,000 ISK
Collections Specialist478,000 ISK
Corporate Treasurer895,000 ISK
Cost Accountant468,000 ISK
Cost Accounting Manager929,000 ISK
Cost Analyst745,000 ISK
Credit and Collection Manager944,000 ISK
Credit and Collection Staff367,000 ISK
Credit and Loans Officer337,000 ISK
Credit Controller625,000 ISK
Debt Adviser794,000 ISK
Debt Collector386,000 ISK
Debtors Clerk314,000 ISK
Deputy CFO1,290,000 ISK
Derivative Trader807,000 ISK
Escrow Assistant416,000 ISK
External Auditor666,000 ISK
Finance Associate397,000 ISK
Finance Executive1,010,000 ISK
Finance Licensing Clerk334,000 ISK
Finance Licensing Manager883,000 ISK
Finance Licensing Specialist500,000 ISK
Finance Officer442,000 ISK
Finance President1,320,000 ISK
Finance Relationship Manager1,030,000 ISK
Finance Release Analyst543,000 ISK
Finance Team Leader 1,040,000 ISK
Financial Actuary692,000 ISK
Financial Administrator744,000 ISK
Financial Analyst859,000 ISK
Financial Applications Specialist599,000 ISK
Financial Assistant385,000 ISK
Financial Associate371,000 ISK
Financial Claims Analyst634,000 ISK
Financial Claims Manager838,000 ISK
Financial Commercial Analyst631,000 ISK
Financial Compliance Analyst770,000 ISK
Financial Consultant630,000 ISK
Financial Controller759,000 ISK
Financial Coordinator421,000 ISK
Financial Customer Service Manager851,000 ISK
Financial Dealer and Broker516,000 ISK
Financial Encoder406,000 ISK
Financial Manager1,340,000 ISK
Financial Manager1,220,000 ISK
Financial Operations Manager1,150,000 ISK
Financial Policy Analyst712,000 ISK
Financial Project Manager964,000 ISK
Financial Quantitative Analyst791,000 ISK
Financial Reporting Consultant644,000 ISK
Financial Reporting Manager878,000 ISK
Financial Services Sales Agent507,000 ISK
Fixed Assets Administrator469,000 ISK
Forensic Accountant519,000 ISK
Fraud Detection Supervisor574,000 ISK
Fraud Prevention Manager949,000 ISK
Fund Accountant444,000 ISK
Grants Coordinator349,000 ISK
Internal Auditor635,000 ISK
Internal Control Adviser732,000 ISK
Internal Control Officer405,000 ISK
Inventory Accountant481,000 ISK
Investment Analyst916,000 ISK
Investment Fund Manager1,010,000 ISK
Investment Underwriter384,000 ISK
Investor595,000 ISK
Investor Relations Manager926,000 ISK
KYC Team Leader843,000 ISK
Management Economist1,070,000 ISK
Paymaster353,000 ISK
Payroll Clerk401,000 ISK
Payroll Manager841,000 ISK
Pensions Administrator487,000 ISK
Pricing Analyst762,000 ISK
Private Equity Analyst779,000 ISK
Proposal Development Coordinator409,000 ISK
Receivables Accountant427,000 ISK
Regulatory Accountant520,000 ISK
Retirement Plan Analyst742,000 ISK
Revenue Management Specialist771,000 ISK
Revenue Recognition Analyst820,000 ISK
Risk Management Director1,100,000 ISK
Risk Management Supervisor904,000 ISK
Tax Accountant448,000 ISK
Tax Advisor720,000 ISK
Tax Associate402,000 ISK
Tax Manager932,000 ISK
Teller271,000 ISK
Treasury Accountant479,000 ISK
Treasury Analyst794,000 ISK
Underwriter328,000 ISK
Underwriting Assistant308,000 ISK
Vice President of Finance1,280,000 ISK

Accounting and Finance Jobs Salary Distribution in Iceland

Median and salary distribution monthly Iceland Accounting and Finance
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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?

Salary Comparison By Experience Level
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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.

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.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

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.

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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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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.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

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

Salary comparison by gender monthly Iceland Accounting and Finance
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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? 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
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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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.

Annual Salary Increment Rate Iceland Accounting and Finance
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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

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

The average salary increase in one year (12 months) in Iceland is 2%.

Annual Increment Rate By Industry 2021

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 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.


Worldwide Salary Raises: All Countries and All Jobs

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Accounting and Finance Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Accounting and Finance
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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 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.

Accounting and Finance Hourly Average Wage in Iceland


4,080 ISK per hour

The 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.


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

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

Salary Comparison Between Accounting and Finance and Accounting and Finance monthly Iceland
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The average salary for Accounting and Finance is 3% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Reykjavik746,000 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
Percentage increase and decrease are relative to the previous value

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