Browse Salaries
Best Paying Jobs
Submit Salary
Salary Increase Letters

Bank Branch Manager Average Salary in Iceland 2024

How much money does a person working as Bank Branch Manager make in Iceland?

Average Monthly Salary
1,110,000 ISK
( 13,400,000 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 as Bank Branch Manager in Iceland typically earns around 1,110,000 ISK. Salaries range from 513,000 ISK (lowest) to 1,770,000 ISK (highest).

Salary Variance

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

Bank Branch Manager Pay Scale and Salaries in Iceland

Median and salary distribution Iceland Bank Branch Manager monthly
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/bank-branch-manager/median-and-salary-distribution-monthly-iceland-bank-branch-manager.jpg

Salary Structure and Pay Scale Comparison

5% of people earn
1,060,000 ISK or more
10% of people earn
926,000 to 1,060,000 ISK
20% of people earn
638,000 ISK or less
65% of people earn
638,000 to 926,000 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 for the position Bank Branch Manager in Iceland range from 513,000 ISK (starting salary) to 1,770,000 ISK (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.

  • Median Salary

    With a median salary of 1,070,000 ISK, half of the professionals who work as Bank Branch Manager in Iceland earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.

  • Percentiles and Salary Scale

    The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Bank Branch Manager in Iceland earn less than 859,000 ISK, while 75% earn more. Similarly, the chart shows that 75% earn less than 1,230,000 ISK while 25% earn more.

  • Pay Scale Structure

    To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Bank Branch Manager in Iceland compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 638,000 ISK to 926,000 ISK. About 20% of salaries are below the 638,000 ISK mark, while 10% fall within the range of 926,000 ISK to 1,060,000 ISK. Only 5% of individuals have salaries exceeding 1,060,000 ISK.

Salary Comparison by Years of Experience / Bank Branch Manager / Iceland

How do experience and age affect pay?

0 - 2 Years
582,000 ISK
2 - 5 Years+34%
777,000 ISK
5 - 10 Years+48%
1,150,000 ISK
10 - 15 Years+22%
1,400,000 ISK
15 - 20 Years+9%
1,530,000 ISK
20+ Years+8%
1,650,000 ISK
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Iceland Bank Branch Manager
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/bank-branch-manager/salary-comparison-by-years-of-experience-monthly-iceland-bank-branch-manager.jpg

The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Bank Branch Manager and this is what we found.

All salary figures displayed here are per month except when noted otherwise.

Employees with less than two years of experience earn approximately 582,000 ISK.

While someone with an experience level between two and five years is expected to earn 777,000 ISK, 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 1,150,000 ISK, 48% more than someone with two to five years of experience.

Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 1,400,000 ISK, 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 1,530,000 ISK, 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 1,650,000 ISK, 8% more than people with fifteen to twenty 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.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

Salary Comparison By Education / Bank Branch Manager / Iceland

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Bank Branch Manager.

Bachelor's Degree
676,000 ISK
Master's Degree+93%
1,310,000 ISK
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Iceland Bank Branch Manager
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/bank-branch-manager/salary-comparison-by-education-level-monthly-iceland-bank-branch-manager.jpg

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 salaries by education level for the position Bank Branch Manager in order to make a comparison.

Level 1: Bachelor's Degree

Employees at this education level have an average salary of 676,000 ISK.

Level 2: Master's Degree

At this level, the average salary becomes 1,310,000 ISK, 93% more than the previous level.

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.

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 to a higher-paying job. The numbers seem to support the theory. 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
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg

Salary and Compensation Comparison By Gender / Bank Branch Manager / Iceland

Salary comparison by gender Iceland Bank Branch Manager monthly
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/bank-branch-manager/salary-comparison-by-gender-monthly-iceland-bank-branch-manager.jpg

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Bank Branch Manager in Iceland, the average difference between the salary of male and female employees is 5%.

1,140,000 ISK
1,090,000 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
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/salary-comparison-by-gender-monthly-iceland.jpg

Average Annual Salary Increment Percentage / Bank Branch Manager / Iceland

How much are annual salary increments in Iceland for individuals working as Bank Branch Manager? How often do employees get salary raises?

Individuals working as Bank Branch Manager in Iceland are likely to observe a salary increase of approximately 8% 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 Bank Branch Manager
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/bank-branch-manager/annual-salary-increment-rate-iceland-bank-branch-manager.jpg

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
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/annual-salary-increment-rate-iceland.jpg

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
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

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 / Bank Branch Manager / Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Bank Branch Manager
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/iceland/banking/bank-branch-manager/annual-salary-bonus-rate-iceland-bank-branch-manager.jpg

32% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 68% 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.

Average Hourly Wage / Bank Branch Manager / Iceland

6,430 ISK per hour

The average hourly wage (pay per hour) for individuals working as Bank Branch Manager in Iceland is 6,430 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 as Bank Branch Manager in Iceland is 2,960 ISK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary comparison with similar jobs

Job TitleAverage Salary
AML Analyst963,000 ISK-14%
Assistant Bank Branch Manager816,000 ISK-27%
Assistant Bank Manager1,080,000 ISK-3%
ATM Manager914,000 ISK-18%
ATM Service Technician252,000 ISK-77%
Bank Accounts Analyst388,000 ISK-65%
Bank Accounts Collector240,000 ISK-78%
Bank Accounts Controller468,000 ISK-58%
Bank Accounts Executive694,000 ISK-38%
Bank Accounts Manager804,000 ISK-28%
Bank Auditing Manager810,000 ISK-27%
Bank Branch Manager1,110,000 ISK-0%
Bank Branch Operations Coordinator496,000 ISK-55%
Bank Clerk234,000 ISK-79%
Bank Client Service Associate308,000 ISK-72%
Bank Collector224,000 ISK-80%
Bank Compliance Specialist642,000 ISK-42%
Bank Manager1,340,000 ISK+20%
Bank Operational Risk Manager1,340,000 ISK+20%
Bank Operations Head1,370,000 ISK+23%
Bank Operations Officer530,000 ISK-52%
Bank Operations Specialist836,000 ISK-25%
Bank Process Manager766,000 ISK-31%
Bank Product Manager 871,000 ISK-22%
Bank Programme Manager891,000 ISK-20%
Bank Project Manager1,130,000 ISK+1%
Bank Propositions Manager996,000 ISK-11%
Bank Quantitative Analyst670,000 ISK-40%
Bank Regional Manager1,460,000 ISK+31%
Bank Regional Risk Officer753,000 ISK-32%
Bank Relationship Manager1,070,000 ISK-4%
Bank Relationship Officer483,000 ISK-57%
Bank Sustainability Analyst830,000 ISK-26%
Bank Teller255,000 ISK-77%
Banker480,000 ISK-57%
Banking Business Analyst725,000 ISK-35%
Banking Business Development Officer470,000 ISK-58%
Banking Business Planning Executive1,060,000 ISK-5%
Banking Data Analyst851,000 ISK-24%
Banking Product Manager877,000 ISK-21%
Banking Reference Data Manager746,000 ISK-33%
Banking Regulatory Compliance Officer873,000 ISK-22%
Banking Risk Analyst702,000 ISK-37%
Banking Technical Analyst383,000 ISK-66%
Bankruptcy Coordinator496,000 ISK-55%
Bill and Account Collector258,000 ISK-77%
Blockchain Analyst621,000 ISK-44%
Blockchain Architect721,000 ISK-35%
Blockchain Auditor638,000 ISK-43%
Blockchain Compliance Analyst658,000 ISK-41%
Blockchain Consultant689,000 ISK-38%
Blockchain Trade Facilitator594,000 ISK-47%
Budget Analyst672,000 ISK-40%
Capital Risk Manager1,390,000 ISK+25%
Cards Marketing Manager916,000 ISK-18%
Cash Management Manager1,310,000 ISK+18%
Check Processing Manager969,000 ISK-13%
Chief Blockchain Officer782,000 ISK-30%
Commercial Vault Associate719,000 ISK-35%
Corporate Banker541,000 ISK-51%
Corporate Dealer768,000 ISK-31%
Credit Analyst580,000 ISK-48%
Credit and Collections Manager1,010,000 ISK-9%
Credit Card Fraud Investigator770,000 ISK-31%
Credit Portfolio Manager1,320,000 ISK+18%
Credit Risk Analyst801,000 ISK-28%
Credit Risk Associate759,000 ISK-32%
Cryptocurrency Accountant445,000 ISK-60%
Cryptocurrency Adviser863,000 ISK-23%
Cryptocurrency Analyst646,000 ISK-42%
Cryptocurrency Compliance Manager802,000 ISK-28%
Cryptocurrency Trader717,000 ISK-36%
Digital Banking Manager999,000 ISK-10%
Digital Currency Analyst728,000 ISK-35%
Direct Bank Sales Representative528,000 ISK-53%
Exchange Control Consultant776,000 ISK-30%
Executive Account Analyst714,000 ISK-36%
Financial Bank Planning Consultant956,000 ISK-14%
Financial Banking Analysis Manager1,090,000 ISK-2%
Financial Banking Assistant354,000 ISK-68%
Financial Banking Systems Manager1,010,000 ISK-9%
Foreign Exchange Manager1,080,000 ISK-3%
Fraud Analyst749,000 ISK-33%
Fraud Detection Associate535,000 ISK-52%
Fraud Detection Manager1,090,000 ISK-2%
Fraud Detection Supervisor645,000 ISK-42%
Internal Bank Audit Manager1,340,000 ISK+20%
Internal Bank Auditor713,000 ISK-36%
Internal Private Banker523,000 ISK-53%
International Banking Manager1,510,000 ISK+35%
Investment Banking Analyst1,080,000 ISK-3%
Loan Analyst701,000 ISK-37%
Loan Area Manager861,000 ISK-23%
Loan Audit Team Leader806,000 ISK-28%
Loan Branch Manager798,000 ISK-28%
Loan Business Development Officer430,000 ISK-61%
Loan Clerk251,000 ISK-77%
Loan Collection and Recovery Manager847,000 ISK-24%
Loan Collection Manager848,000 ISK-24%
Loan Collector231,000 ISK-79%
Loan Examiner307,000 ISK-72%
Loan Officer281,000 ISK-75%
Loan Processing Manager758,000 ISK-32%
Loan Processor316,000 ISK-72%
Loan Quality Assurance Auditor711,000 ISK-36%
Loan Quality Assurance Manager789,000 ISK-29%
Loan Quality Assurance Representative526,000 ISK-53%
Loan Review Manager793,000 ISK-29%
Loan Team Leader708,000 ISK-36%
Loans Manager976,000 ISK-12%
Mortgage Advisor486,000 ISK-56%
Mortgage Collection Manager819,000 ISK-27%
Mortgage Collector228,000 ISK-80%
Mortgage Credit Analyst371,000 ISK-67%
Mortgage Credit Manager778,000 ISK-30%
Mortgage Development Manager891,000 ISK-20%
Mortgage Document Reviewer303,000 ISK-73%
Mortgage Funding Manager899,000 ISK-19%
Mortgage Operations Manager1,200,000 ISK+8%
Mortgage Payment Processing Clerk263,000 ISK-76%
Mortgage Processing Manager794,000 ISK-29%
Mortgage Processor312,000 ISK-72%
Mortgage Quality Assurance Auditor681,000 ISK-39%
Mortgage Quality Assurance Manager779,000 ISK-30%
Mortgage Servicing Clerk241,000 ISK-78%
Mortgage Servicing Manager763,000 ISK-32%
Mortgage Underwriter291,000 ISK-74%
Online Banking Manager1,280,000 ISK+15%
Open Banking Strategist765,000 ISK-31%
Payment Processing Clerk260,000 ISK-77%
Personal Banker526,000 ISK-53%
Personal Banking Advisor 548,000 ISK-51%
Phone Banker354,000 ISK-68%
Private Banker530,000 ISK-52%
Reconciliation and Investigation Specialist562,000 ISK-50%
Tax Officer438,000 ISK-61%
Teller249,000 ISK-78%
Trade Officer282,000 ISK-75%
Trade Product Manager808,000 ISK-27%
Trader338,000 ISK-70%
Treasury Operations Officer664,000 ISK-40%
Wealth Management Advisor1,060,000 ISK-5%

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 for the job title Bank Branch Manager in Iceland?

A good and competitive compensation would range anywhere between 1,070,000 ISK and 1,230,000 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 a careers like Bank Branch Manager in Iceland ranges from 513,000 ISK to 859,000 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

Browse Salaries

Salary Increase Letters

Best Paying Jobs

©Salary Explorer 2024