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Pharmacist Average Salary in Iceland 2022

How much money does a Pharmacist make in Iceland?


Average Monthly Salary
793,000 ISK
( 9,510,000 ISK yearly)

LOW
365,000
ISK
AVERAGE
793,000
ISK
HIGH
1,260,000
ISK

A person working as a Pharmacist in Iceland typically earns around 793,000 ISK per month. Salaries range from 365,000 ISK (lowest) to 1,260,000 ISK (highest).

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

Pharmacist Salary Distribution in Iceland

Median and salary distribution monthly Iceland Pharmacist
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The median, the maximum, the minimum, and the range

  • Salary Range

    Pharmacist salaries in Iceland range from 365,000 ISK per month (minimum salary) to 1,260,000 ISK per month (maximum salary).

  • Median Salary

    The median salary is 856,000 ISK per month, which means that half (50%) of people working as Pharmacist(s) are earning less than 856,000 ISK while the other half are earning more than 856,000 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 Pharmacist(s) are earning less than 549,000 ISK while 75% of them are earning more than 549,000 ISK. Also from the diagram, 75% of Pharmacist(s) are earning less than 1,140,000 ISK while 25% are earning more than 1,140,000 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

Pharmacist Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Iceland Pharmacist
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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 Pharmacist salaries by experience level and this is what we found.

A Pharmacist with less than two years of experience makes approximately 414,000 ISK per month.

While someone with an experience level between two and five years is expected to earn 553,000 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 817,000 ISK per month, 48% more than someone with two to five 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.

Additionally, Pharmacist(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 996,000 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 1,090,000 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 1,180,000 ISK per month, 8% more than people with fifteen to twenty years of experience.


Pharmacist average salary change by experience in Iceland

0 - 2 Years
414,000 ISK
2 - 5 Years+34%
553,000 ISK
5 - 10 Years+48%
817,000 ISK
10 - 15 Years+22%
996,000 ISK
15 - 20 Years+9%
1,090,000 ISK
20+ Years+8%
1,180,000 ISK
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Pharmacist Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Pharmacist(s) who have the same experience but different education levels.

Salary comparison by education level monthly Iceland Pharmacist
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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 Pharmacist salaries by education level in order to make a comparison.

When the education level is Bachelor's Degree, the average salary of a Pharmacist is 481,000 ISK per month.

While someone with a Master's Degree gets a salary of 929,000 ISK per month, 93% more than someone having a Bachelor's Degree degree.


Pharmacist average salary difference by education level in Iceland

Bachelor's Degree
481,000 ISK
Master's Degree+93%
929,000 ISK
Percentage increase and decrease are relative to the previous value

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 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.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Pharmacist Salary Comparison By Gender

Salary comparison by gender monthly Iceland Pharmacist
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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 Pharmacist employees in Iceland earn 5% more than their female counterparts on average.

Male
811,000 ISK
Female-4%
775,000 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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Pharmacist Average Annual Salary Increment Percentage in Iceland

How much are annual salary increments in Iceland for Pharmacist(s)? How often do employees get salary raises?

Pharmacist

Pharmacist(s) in Iceland are likely to observe a salary increase of approximately 7% 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 Pharmacist
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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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Pharmacist Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Pharmacist
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A Pharmacist is considered to be a moderate 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.

58% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 42% 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.

Received Bonus
42%
No Bonus
58%

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.

Pharmacist Average Hourly Wage in Iceland


4,570 ISK per hour

The average hourly wage (pay per hour) in Iceland is 4,570 ISK. This means that the average Pharmacist in Iceland earns approximately 4,570 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.

Pharmacist VS Other Jobs

Salary Comparison Between Pharmacist and Pharmaceutical and Biotechnology monthly Iceland
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The average salary for Pharmacist is 14% less than that of Pharmaceutical and Biotechnology. Also, Pharmaceutical and Biotechnology salaries are 34% more than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Assistant Pharmacist572,000 ISK-28%
Assistant Pharmacy Director992,000 ISK+25%
Associate Medical Affairs Director1,400,000 ISK+77%
Bioinformatics Scientist1,290,000 ISK+63%
Bioinformatics Technician593,000 ISK-25%
Biological Scientist1,380,000 ISK+74%
Biological Technician592,000 ISK-25%
Biomedical Engineer535,000 ISK-33%
Biomedical Engineering Director1,040,000 ISK+31%
Biostatistician838,000 ISK+6%
Biotechnologist 821,000 ISK+4%
Biotechnology Lead Data Manager695,000 ISK-12%
Chemical Process Technician603,000 ISK-24%
Clinical Consultant877,000 ISK+11%
Clinical Data Manager813,000 ISK+3%
Clinical Data Specialist747,000 ISK-6%
Clinical Operations Manager1,180,000 ISK+49%
Clinical Pharmacist798,000 ISK+1%
Clinical Pharmacy Specialist1,040,000 ISK+31%
Clinical Programmer423,000 ISK-47%
Clinical Project Manager747,000 ISK-6%
Clinical Research Associate708,000 ISK-11%
Clinical Research Manager1,190,000 ISK+50%
Clinical Study Manager1,010,000 ISK+27%
Compliance Specialist909,000 ISK+15%
Cytology Laboratory Technologist668,000 ISK-16%
Cytotechnologist667,000 ISK-16%
GCP Auditor696,000 ISK-12%
Hospital Pharmacy Technician618,000 ISK-22%
Manufacturing Engineer678,000 ISK-14%
Medical Affairs Director1,370,000 ISK+73%
Medical Representative 590,000 ISK-26%
Medical Science Liaison995,000 ISK+26%
Molecular and Cellular Biologist1,420,000 ISK+79%
Nuclear Pharmacist831,000 ISK+5%
Pharmaceutical Manufacturing Lead1,610,000 ISK+100%
Pharmaceutical Operations Excellence Manager1,340,000 ISK+69%
Pharmaceutical Process Engineer781,000 ISK-1%
Pharmaceutical Production Assistant Manager909,000 ISK+15%
Pharmaceutical Quality Auditor900,000 ISK+14%
Pharmaceutical Regulatory Affairs Assistant717,000 ISK-10%
Pharmaceutical Regulatory Affairs Specialist779,000 ISK-2%
Pharmaceutical Research Associate821,000 ISK+4%
Pharmaceutical Research Scientist1,270,000 ISK+60%
Pharmaceutical Researcher1,200,000 ISK+51%
Pharmaceutical Sales and Marketing Manager1,020,000 ISK+29%
Pharmaceutical Sales Manager1,270,000 ISK+60%
Pharmaceutical Sales Representative558,000 ISK-30%
Pharmaceutical Supply Chain Manager1,360,000 ISK+72%
Pharmaceutical Team Leader940,000 ISK+19%
Pharmaceutical Technologist662,000 ISK-16%
Pharmacist793,000 ISK+0%
Pharmacy Aide533,000 ISK-33%
Pharmacy Manager1,120,000 ISK+41%
Pharmacy Stock Controller513,000 ISK-35%
Pharmacy Technician504,000 ISK-36%
Records Management Coordinator437,000 ISK-45%
Shift Encapsulator495,000 ISK-38%
Staff Pharmacist862,000 ISK+9%

Salary Comparison By City

CityAverage Salary
Reykjavik980,000 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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