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Accounting and Finance Average Salaries in Iceland 2024

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

Average Monthly Salary
713,000 ISK
( 8,560,000 ISK yearly)

All salary figures displayed here are per month except when noted otherwise.
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 salary after tax for every career.

A person working in Accounting and Finance in Iceland typically earns around 713,000 ISK. Salaries range from 286,000 ISK (lowest average) to 1,420,000 ISK (highest average, actual maximum salary is higher).

Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Accounting and Finance domain in Iceland exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Accounting and Finance
Account Examiner347,000 ISK
Account Executive575,000 ISK
Accountant427,000 ISK
Accounting Analyst590,000 ISK
Accounting Assistant334,000 ISK
Accounting Associate339,000 ISK
Accounting Clerk278,000 ISK
Accounting Coordinator417,000 ISK
Accounting Head910,000 ISK
Accounting Manager1,020,000 ISK
Accounting Officer355,000 ISK
Accounting Specialist649,000 ISK
Accounting Supervisor647,000 ISK
Accounting Technician323,000 ISK
Accounting Unit Controller802,000 ISK
Accounts Executive596,000 ISK
Accounts Officer375,000 ISK
Accounts Payable and Receivable Specialist458,000 ISK
Accounts Payable Assistant355,000 ISK
Accounts Payable Associate429,000 ISK
Accounts Payable Clerk357,000 ISK
Accounts Payable Manager949,000 ISK
Accounts Receivable Administrator653,000 ISK
Accounts Receivable Clerk357,000 ISK
Accounts Receivable Financial Analyst673,000 ISK
Accounts Receivable Manager932,000 ISK
Accounts Receivable Team Leader670,000 ISK
Algorithmic Trading Specialist793,000 ISK
Assistant Accountant350,000 ISK
Assistant Accounting Manager864,000 ISK
Assistant Auditor454,000 ISK
Assistant Corporate Controller643,000 ISK
Assistant Finance Manager981,000 ISK
Assistant Financial Controller644,000 ISK
Audit Director1,040,000 ISK
Audit Supervisor872,000 ISK
Auditing Clerk375,000 ISK
Auditing Manager989,000 ISK
Billing Clerk341,000 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 Manager932,000 ISK
Cash Management Officer540,000 ISK
Cashbook Clerk316,000 ISK
Chartered Accountant600,000 ISK
Chief Accountant707,000 ISK
Chief Financial Technology Officer917,000 ISK
Collections Clerk271,000 ISK
Collections Representative413,000 ISK
Collections Specialist478,000 ISK
Corporate Controller742,000 ISK
Corporate Treasurer895,000 ISK
Cost Accountant468,000 ISK
Cost Accounting Manager929,000 ISK
Cost Accounting Supervisor737,000 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
Credit Manager971,000 ISK
Debt Adviser794,000 ISK
Debt Collector386,000 ISK
Debtors Clerk314,000 ISK
Debtors Controller355,000 ISK
Deputy CFO1,290,000 ISK
Deputy Head of Finance1,290,000 ISK
Derivative Trader807,000 ISK
Director of Finance1,350,000 ISK
E-commerce Accountant466,000 ISK
Economist1,110,000 ISK
Equity Analyst841,000 ISK
Escrow Assistant416,000 ISK
Executive Accountant515,000 ISK
External Auditor666,000 ISK
Finance Administrator533,000 ISK
Finance Analyst816,000 ISK
Finance Associate397,000 ISK
Finance Data Analyst738,000 ISK
Finance Director1,340,000 ISK
Finance Executive1,010,000 ISK
Finance Licensing Clerk334,000 ISK
Finance Licensing Manager883,000 ISK
Finance Licensing Specialist500,000 ISK
Finance Manager1,270,000 ISK
Finance Officer442,000 ISK
Finance President1,320,000 ISK
Finance Relationship Manager1,030,000 ISK
Finance Release Analyst543,000 ISK
Finance Specialist753,000 ISK
Finance Team Leader 1,040,000 ISK
Financial Accountant477,000 ISK
Financial Actuary692,000 ISK
Financial Administrator744,000 ISK
Financial Advisor824,000 ISK
Financial Analyst859,000 ISK
Financial Applications Specialist599,000 ISK
Financial Assistant385,000 ISK
Financial Associate371,000 ISK
Financial Associate433,000 ISK
Financial Claims Analyst634,000 ISK
Financial Claims Manager838,000 ISK
Financial Claims Supervisor778,000 ISK
Financial Clerk352,000 ISK
Financial Commercial Analyst631,000 ISK
Financial Compliance Analyst770,000 ISK
Financial Compliance Officer722,000 ISK
Financial Consultant630,000 ISK
Financial Controller695,000 ISK
Financial Controller759,000 ISK
Financial Coordinator421,000 ISK
Financial Customer Service Manager851,000 ISK
Financial Data Scientist848,000 ISK
Financial Dealer and Broker516,000 ISK
Financial Director1,330,000 ISK
Financial Encoder406,000 ISK
Financial Manager1,340,000 ISK
Financial Manager1,220,000 ISK
Financial Modelling Analyst818,000 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 Section Head865,000 ISK
Financial Services Manager1,220,000 ISK
Financial Services Sales Agent507,000 ISK
Financial Technology Consultant715,000 ISK
Financial Wellness Coach932,000 ISK
FinTech Analyst781,000 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
Green Finance Analyst724,000 ISK
Group Financial Manager1,340,000 ISK
Internal Auditor635,000 ISK
Internal Control Adviser732,000 ISK
Internal Control Officer405,000 ISK
International Tax Director1,120,000 ISK
Inventory Accountant481,000 ISK
Investment Advisor1,240,000 ISK
Investment Analyst916,000 ISK
Investment Associate759,000 ISK
Investment Broker778,000 ISK
Investment Fund Manager1,010,000 ISK
Investment Operations Manager1,030,000 ISK
Investment Underwriter384,000 ISK
Investor595,000 ISK
Investor Relations Manager926,000 ISK
KYC Team Leader843,000 ISK
Loan Processor369,000 ISK
Management Accountant513,000 ISK
Management Economist1,070,000 ISK
Paymaster353,000 ISK
Payroll Administrator607,000 ISK
Payroll Benefits Coordinator532,000 ISK
Payroll Billing Manager878,000 ISK
Payroll Clerk401,000 ISK
Payroll Manager841,000 ISK
Payroll Officer418,000 ISK
Payroll Specialist499,000 ISK
Payroll Supervisor586,000 ISK
Pensions Administrator487,000 ISK
Personal Financial Advisor660,000 ISK
Pricing Analyst762,000 ISK
Private Equity Analyst779,000 ISK
Project Accountant463,000 ISK
Proposal Development Coordinator409,000 ISK
Quantitative Trader688,000 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
Staff Accountant432,000 ISK
Tax Accountant448,000 ISK
Tax Administrator510,000 ISK
Tax Advisor720,000 ISK
Tax Analyst719,000 ISK
Tax Associate402,000 ISK
Tax Consultant748,000 ISK
Tax Director1,090,000 ISK
Tax Examiner465,000 ISK
Tax Manager932,000 ISK
Tax Research Manager931,000 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 Pay Scale and Salaries in Iceland

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

5% of people earn
770,000 ISK or more
10% of people earn
652,000 to 770,000 ISK
20% of people earn
392,000 ISK or less
65% of people earn
392,000 to 652,000 ISK
Minimum Salary

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

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Accounting and Finance in Iceland range from 286,000 ISK (starting average salary) to 1,420,000 ISK (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Accounting and Finance is 675,000 ISK, implying that half of the workforce in Iceland earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Accounting and Finance in Iceland earn less than 529,000 ISK, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 815,000 ISK, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Accounting and Finance in Iceland. The analysis revealed that roughly 65% of all reported salaries fell within the range of 392,000 ISK to 652,000 ISK. Approximately 20% of salaries were below the 392,000 ISK mark, while 10% ranged from 652,000 ISK to 770,000 ISK. Only 5% of individuals earned a gross salary of 770,000 ISK or higher.

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 in Accounting and Finance in Iceland 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.

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.
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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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.

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 degree levels across many jobs in Accounting and Finance in Iceland, 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 certificate 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 3,450,000 ISK to 10,300,000 ISK and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.

Salary and Compensation Comparison By Gender / Accounting and Finance / Iceland

Salary comparison by gender Iceland Accounting and Finance 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? In the field of Accounting and Finance in Iceland, the average difference between the salary of male and female employees is 5%.

729,000 ISK
697,000 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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Average Annual Salary Increment Percentage / Accounting and Finance / Iceland

How much are annual salary increments in Iceland for individuals working in Accounting and Finance? How often do employees get salary raises?

Professionals working in Accounting and Finance 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

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 rare 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%.

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.

Bonus and Incentive Rates / Accounting and Finance / Iceland

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

Hourly Average Wage / Accounting and Finance / Iceland

4,110 ISK per hour

The average hourly wage (pay per hour) in Accounting and Finance in Iceland is 4,110 ISK.This is the rate they get paid 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 fixed 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 people working in Accounting and Finance in Iceland is 1,650 ISK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Reykjavik752,000 ISK

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Iceland is 25% on average across all career fields.

Private Sector
614,000 ISK
Public Sector+25%
765,000 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 in Accounting and Finance in Iceland?

A good and competitive compensation would range anywhere between 675,000 ISK and 815,000 ISK. This is a very rough estimate. Experience and education play a very huge part in the 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 salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Accounting and Finance in Iceland ranges from 286,000 ISK to 529,000 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 with 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 the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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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