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Accounting Assistant Average Salary in Iceland 2023

How much money does a person working as Accounting Assistant make in Iceland?

Average Monthly Salary
334,000 ISK
( 4,000,000 ISK yearly)


A person working as Accounting Assistant in Iceland typically earns around 334,000 ISK per month. Salaries range from 153,000 ISK (lowest) to 530,000 ISK (highest).

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

Accounting Assistant Pay Scale and Salaries in Iceland

Median and salary distribution Iceland Accounting Assistant monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
316,000 ISK or more
10% of people earn
277,000 to 316,000 ISK
20% of people earn
191,000 ISK or less
65% of people earn
191,000 to 277,000 ISK
Minimum Salary
153,000 ISK
319,000 ISK
530,000 ISK

Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

  • Salary Range, Minimum Wage, and Starting Salary

    Accounting Assistant salaries in Iceland range from 153,000 ISK per month (starting salary) to 530,000 ISK per month (maximum salary). This is not the minimum wage as per the law, only the lowest reported number in the salary survey that had thousands of participants and professionals from all over the country.

  • Median Salary

    The median salary is 319,000 ISK per month, which means that half (50%) of people working as Accounting Assistant(s) are earning less than 319,000 ISK while the other half are earning more than 319,000 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 and Salary Scale

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Accounting Assistant(s) are earning less than 257,000 ISK while 75% of them are earning more than 257,000 ISK. Also from the diagram, 75% of Accounting Assistant(s) are earning less than 367,000 ISK while 25% are earning more than 367,000 ISK.

  • Pay Scale Structure

    We grouped the most common and recurring salaries into brackets to give more insight into what salary to expect. This method is more accurate than just the average salary and gives more insights on how salaries are actually distributed. Around 65% of all reported figures are in the range 191,000 ISK to 277,000 ISK. Approximatly 20% fall under the 191,000 ISK cap. Ten percent of wages are from 277,000 ISK to 316,000 ISK. Only 5% of people grossed 316,000 ISK or more.

Accounting Assistant Salary Comparison by Years of Experience

How does experience and age affect your pay?

Accounting Assistant average salary change by experience in Iceland

0 - 2 Years
174,000 ISK
2 - 5 Years+34%
233,000 ISK
5 - 10 Years+48%
344,000 ISK
10 - 15 Years+22%
419,000 ISK
15 - 20 Years+9%
457,000 ISK
20+ Years+8%
495,000 ISK
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Iceland Accounting Assistant
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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 Accounting Assistant salaries by experience level and this is what we found.

Employees with less than two years of experience makes approximately 174,000 ISK per month.

While someone with an experience level between two and five years is expected to earn 233,000 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 344,000 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, Accounting Assistant whose expertise span anywhere between ten and fifteen years get a salary equivalent to 419,000 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 457,000 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 495,000 ISK per month, 8% more than people with fifteen to twenty years of experience.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Accounting Assistant Salary Comparison By Education

How do education levels affect salaries?

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

Accounting Assistant average salary difference by education level in Iceland

High School
214,000 ISK
Certificate or Diploma+18%
251,000 ISK
Bachelor's Degree+45%
365,000 ISK
Master's Degree+31%
478,000 ISK
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Iceland Accounting Assistant
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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 Accounting Assistant salaries by education level in order to make a comparison.

When the education level is High School, the average salary is 214,000 ISK per month.

While someone with a Certificate or Diploma gets a salary of 251,000 ISK per month, 18% more than someone having a High School degree.

People with Bachelor's Degree have an average salary of 365,000 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 478,000 ISK per month, 31% more than someone with Bachelor's Degree.

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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Salary and Compensation Comparison By Gender - Accounting Assistant

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

341,000 ISK
326,000 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 Assistant Average Annual Salary Increment Percentage in Iceland

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

Accounting Assistant

Accounting Assistant(s) in Iceland are likely to observe a salary increase of approximately 6% every 28 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.

Annual Salary Increment Rate Iceland Accounting Assistant
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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

Annual Salary Increment Rate Iceland
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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 2022

Information Technology

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

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Accounting Assistant Bonus and Incentive Rates in Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Accounting Assistant
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"Accounting Assistant" is considered to be a low bonus-based job. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

85% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 15% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 0% to 4% of their annual salary.

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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 Assistant Salary Trend and Forecast in Iceland

How are Accounting Assistant salaries changing over time? Listed below is a chart that shows the average salary in recent years.

Average Salary 2019
289,000 ISK
Average Salary 2020+4%
299,000 ISK
Average Salary 2021+4%
310,000 ISK
Average Salary 2022+4%
322,000 ISK
Percentage increase and decrease are relative to the previous value

Accounting Assistant salaries in Iceland are on the rise in the year 2023 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2022 are 4% higher than those of 2021. The trend suggests a slow yet continuous increase in pay in 2024 and future years. These numbers may vary from industry to another.

Salary trends and forecast monthly Iceland Accounting Assistant
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Accounting Assistant Average Hourly Wage in Iceland

1,920 ISK per hour

The average hourly wage (pay per hour) in Iceland is 1,920 ISK. This means that the average Accounting Assistant in Iceland earns approximately 1,920 ISK for every worked hour.

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

About The Hourly Pay Rate

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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for 'Accounting Assistant' in Iceland is 890 ISK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Accounting Assistant VS Other Jobs

334,000 ISK
707,000 ISK
687,000 ISK
Average Salary
Accounting Assistant
Average Salary
Accounting and Finance
Average Salary
All Jobs

The average salary for Accounting Assistant is 53% less than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% more than those of All Jobs.

Salary Comparison Between Accounting Assistant and Accounting and Finance monthly Iceland
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Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner347,000 ISK+4%
Account Executive575,000 ISK+72%
Accountant427,000 ISK+28%
Accounting Assistant334,000 ISK+0%
Accounting Associate339,000 ISK+2%
Accounting Clerk278,000 ISK-17%
Accounting Coordinator417,000 ISK+25%
Accounting Manager1,020,000 ISK+210%
Accounting Supervisor647,000 ISK+94%
Accounting Technician323,000 ISK-3%
Accounts Executive596,000 ISK+79%
Accounts Payable and Receivable Specialist458,000 ISK+37%
Accounts Payable Clerk357,000 ISK+7%
Accounts Payable Manager949,000 ISK+180%
Accounts Receivable Clerk357,000 ISK+7%
Accounts Receivable Manager932,000 ISK+180%
Assistant Accounting Manager864,000 ISK+160%
Assistant Auditor454,000 ISK+36%
Audit Supervisor872,000 ISK+160%
Auditing Clerk375,000 ISK+12%
Auditing Manager989,000 ISK+200%
Billing Coordinator406,000 ISK+22%
Billing Specialist494,000 ISK+48%
Billing Supervisor725,000 ISK+120%
Bookkeeper312,000 ISK-6%
Bookkeeping Specialist440,000 ISK+32%
Budget Analyst814,000 ISK+140%
Budget Manager974,000 ISK+190%
Business Support Analyst512,000 ISK+53%
Capital Markets Associate684,000 ISK+110%
Cash Flow Analyst712,000 ISK+110%
Cash Management Officer540,000 ISK+62%
Cashbook Clerk316,000 ISK-5%
Chartered Accountant600,000 ISK+80%
Collections Clerk271,000 ISK-19%
Collections Specialist478,000 ISK+43%
Corporate Treasurer895,000 ISK+170%
Cost Accountant468,000 ISK+40%
Cost Accounting Manager929,000 ISK+180%
Cost Analyst745,000 ISK+120%
Credit and Collection Manager944,000 ISK+180%
Credit and Collection Staff367,000 ISK+10%
Credit and Loans Officer337,000 ISK+1%
Credit Controller625,000 ISK+87%
Debt Adviser794,000 ISK+140%
Debt Collector386,000 ISK+16%
Debtors Clerk314,000 ISK-6%
Deputy CFO1,290,000 ISK+290%
Derivative Trader807,000 ISK+140%
Escrow Assistant416,000 ISK+25%
External Auditor666,000 ISK+100%
Finance Associate397,000 ISK+19%
Finance Executive1,010,000 ISK+200%
Finance Licensing Clerk334,000 ISK+0%
Finance Licensing Manager883,000 ISK+160%
Finance Licensing Specialist500,000 ISK+50%
Finance Officer442,000 ISK+32%
Finance President1,320,000 ISK+300%
Finance Relationship Manager1,030,000 ISK+210%
Finance Release Analyst543,000 ISK+63%
Finance Team Leader 1,040,000 ISK+210%
Financial Actuary692,000 ISK+110%
Financial Administrator744,000 ISK+120%
Financial Analyst859,000 ISK+160%
Financial Applications Specialist599,000 ISK+80%
Financial Assistant385,000 ISK+15%
Financial Associate371,000 ISK+11%
Financial Claims Analyst634,000 ISK+90%
Financial Claims Manager838,000 ISK+150%
Financial Commercial Analyst631,000 ISK+89%
Financial Compliance Analyst770,000 ISK+130%
Financial Consultant630,000 ISK+89%
Financial Controller759,000 ISK+130%
Financial Coordinator421,000 ISK+26%
Financial Customer Service Manager851,000 ISK+160%
Financial Dealer and Broker516,000 ISK+55%
Financial Encoder406,000 ISK+22%
Financial Manager1,340,000 ISK+300%
Financial Operations Manager1,150,000 ISK+240%
Financial Policy Analyst712,000 ISK+110%
Financial Project Manager964,000 ISK+190%
Financial Quantitative Analyst791,000 ISK+140%
Financial Reporting Consultant644,000 ISK+93%
Financial Reporting Manager878,000 ISK+160%
Financial Services Sales Agent507,000 ISK+52%
Fixed Assets Administrator469,000 ISK+41%
Forensic Accountant519,000 ISK+56%
Fraud Detection Supervisor574,000 ISK+72%
Fraud Prevention Manager949,000 ISK+180%
Fund Accountant444,000 ISK+33%
Grants Coordinator349,000 ISK+5%
Internal Auditor635,000 ISK+90%
Internal Control Adviser732,000 ISK+120%
Internal Control Officer405,000 ISK+21%
Inventory Accountant481,000 ISK+44%
Investment Analyst916,000 ISK+170%
Investment Fund Manager1,010,000 ISK+200%
Investment Underwriter384,000 ISK+15%
Investor595,000 ISK+78%
Investor Relations Manager926,000 ISK+180%
KYC Team Leader843,000 ISK+150%
Management Economist1,070,000 ISK+220%
Paymaster353,000 ISK+6%
Payroll Clerk401,000 ISK+20%
Payroll Manager841,000 ISK+150%
Pensions Administrator487,000 ISK+46%
Pricing Analyst762,000 ISK+130%
Private Equity Analyst779,000 ISK+130%
Proposal Development Coordinator409,000 ISK+23%
Receivables Accountant427,000 ISK+28%
Regulatory Accountant520,000 ISK+56%
Retirement Plan Analyst742,000 ISK+120%
Revenue Management Specialist771,000 ISK+130%
Revenue Recognition Analyst820,000 ISK+150%
Risk Management Director1,100,000 ISK+230%
Risk Management Supervisor904,000 ISK+170%
Tax Accountant448,000 ISK+34%
Tax Advisor720,000 ISK+120%
Tax Associate402,000 ISK+20%
Tax Manager932,000 ISK+180%
Teller271,000 ISK-19%
Treasury Accountant479,000 ISK+44%
Treasury Analyst794,000 ISK+140%
Underwriter328,000 ISK-2%
Underwriting Assistant308,000 ISK-8%
Vice President of Finance1,280,000 ISK+280%

Salary Comparison By City

CityAverage Salary
Reykjavik405,000 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

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for Accounting Assistant in Iceland?

A good and competitive compensation would range anywhere between 319,000 ISK and 367,000 ISK. This is a very rough estimate and your experience and education will play a very huge part into your final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salart after tax for every career.

Base / Basic Salary

The base salary for Accounting Assistant in Iceland is ranges from 257,000 ISK to 367,000 ISK. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range in a grain of salt.

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

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