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Banking Average Salaries in Iceland 2024

How much money does a person working in Banking make in Iceland?

Average Monthly Salary
752,000 ISK
( 9,020,000 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 Banking in Iceland typically earns around 752,000 ISK. Salaries range from 235,000 ISK (lowest average) to 1,530,000 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 Banking 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
AML Analyst963,000 ISK
Assistant Bank Branch Manager816,000 ISK
Assistant Bank Manager1,080,000 ISK
ATM Manager914,000 ISK
ATM Service Technician252,000 ISK
Bank Accounts Analyst388,000 ISK
Bank Accounts Collector240,000 ISK
Bank Accounts Controller468,000 ISK
Bank Accounts Executive694,000 ISK
Bank Accounts Manager804,000 ISK
Bank Auditing Manager810,000 ISK
Bank Branch Manager1,110,000 ISK
Bank Branch Operations Coordinator496,000 ISK
Bank Clerk234,000 ISK
Bank Client Service Associate308,000 ISK
Bank Collector224,000 ISK
Bank Compliance Specialist642,000 ISK
Bank Manager1,340,000 ISK
Bank Operational Risk Manager1,340,000 ISK
Bank Operations Head1,370,000 ISK
Bank Operations Officer530,000 ISK
Bank Operations Specialist836,000 ISK
Bank Process Manager766,000 ISK
Bank Product Manager 871,000 ISK
Bank Programme Manager891,000 ISK
Bank Project Manager1,130,000 ISK
Bank Propositions Manager996,000 ISK
Bank Quantitative Analyst670,000 ISK
Bank Regional Manager1,460,000 ISK
Bank Regional Risk Officer753,000 ISK
Bank Relationship Manager1,070,000 ISK
Bank Relationship Officer483,000 ISK
Bank Sustainability Analyst830,000 ISK
Bank Teller255,000 ISK
Banker480,000 ISK
Banking Business Analyst725,000 ISK
Banking Business Development Officer470,000 ISK
Banking Business Planning Executive1,060,000 ISK
Banking Data Analyst851,000 ISK
Banking Product Manager877,000 ISK
Banking Reference Data Manager746,000 ISK
Banking Regulatory Compliance Officer873,000 ISK
Banking Risk Analyst702,000 ISK
Banking Technical Analyst383,000 ISK
Bankruptcy Coordinator496,000 ISK
Bill and Account Collector258,000 ISK
Blockchain Analyst621,000 ISK
Blockchain Architect721,000 ISK
Blockchain Auditor638,000 ISK
Blockchain Compliance Analyst658,000 ISK
Blockchain Consultant689,000 ISK
Blockchain Trade Facilitator594,000 ISK
Budget Analyst672,000 ISK
Capital Risk Manager1,390,000 ISK
Cards Marketing Manager916,000 ISK
Cash Management Manager1,310,000 ISK
Check Processing Manager969,000 ISK
Chief Blockchain Officer782,000 ISK
Commercial Vault Associate719,000 ISK
Corporate Banker541,000 ISK
Corporate Dealer768,000 ISK
Credit Analyst580,000 ISK
Credit and Collections Manager1,010,000 ISK
Credit Card Fraud Investigator770,000 ISK
Credit Portfolio Manager1,320,000 ISK
Credit Risk Analyst801,000 ISK
Credit Risk Associate759,000 ISK
Cryptocurrency Accountant445,000 ISK
Cryptocurrency Adviser863,000 ISK
Cryptocurrency Analyst646,000 ISK
Cryptocurrency Compliance Manager802,000 ISK
Cryptocurrency Trader717,000 ISK
Digital Banking Manager999,000 ISK
Digital Currency Analyst728,000 ISK
Direct Bank Sales Representative528,000 ISK
Exchange Control Consultant776,000 ISK
Executive Account Analyst714,000 ISK
Financial Bank Planning Consultant956,000 ISK
Financial Banking Analysis Manager1,090,000 ISK
Financial Banking Assistant354,000 ISK
Financial Banking Systems Manager1,010,000 ISK
Foreign Exchange Manager1,080,000 ISK
Fraud Analyst749,000 ISK
Fraud Detection Associate535,000 ISK
Fraud Detection Manager1,090,000 ISK
Fraud Detection Supervisor645,000 ISK
Internal Bank Audit Manager1,340,000 ISK
Internal Bank Auditor713,000 ISK
Internal Private Banker523,000 ISK
International Banking Manager1,510,000 ISK
Investment Banking Analyst1,080,000 ISK
Loan Analyst701,000 ISK
Loan Area Manager861,000 ISK
Loan Audit Team Leader806,000 ISK
Loan Branch Manager798,000 ISK
Loan Business Development Officer430,000 ISK
Loan Clerk251,000 ISK
Loan Collection and Recovery Manager847,000 ISK
Loan Collection Manager848,000 ISK
Loan Collector231,000 ISK
Loan Examiner307,000 ISK
Loan Officer281,000 ISK
Loan Processing Manager758,000 ISK
Loan Processor316,000 ISK
Loan Quality Assurance Auditor711,000 ISK
Loan Quality Assurance Manager789,000 ISK
Loan Quality Assurance Representative526,000 ISK
Loan Review Manager793,000 ISK
Loan Team Leader708,000 ISK
Loans Manager976,000 ISK
Mortgage Advisor486,000 ISK
Mortgage Collection Manager819,000 ISK
Mortgage Collector228,000 ISK
Mortgage Credit Analyst371,000 ISK
Mortgage Credit Manager778,000 ISK
Mortgage Development Manager891,000 ISK
Mortgage Document Reviewer303,000 ISK
Mortgage Funding Manager899,000 ISK
Mortgage Operations Manager1,200,000 ISK
Mortgage Payment Processing Clerk263,000 ISK
Mortgage Processing Manager794,000 ISK
Mortgage Processor312,000 ISK
Mortgage Quality Assurance Auditor681,000 ISK
Mortgage Quality Assurance Manager779,000 ISK
Mortgage Servicing Clerk241,000 ISK
Mortgage Servicing Manager763,000 ISK
Mortgage Underwriter291,000 ISK
Online Banking Manager1,280,000 ISK
Open Banking Strategist765,000 ISK
Payment Processing Clerk260,000 ISK
Personal Banker526,000 ISK
Personal Banking Advisor 548,000 ISK
Phone Banker354,000 ISK
Private Banker530,000 ISK
Reconciliation and Investigation Specialist562,000 ISK
Tax Officer438,000 ISK
Teller249,000 ISK
Trade Officer282,000 ISK
Trade Product Manager808,000 ISK
Trader338,000 ISK
Treasury Operations Officer664,000 ISK
Wealth Management Advisor1,060,000 ISK

Banking Jobs Pay Scale and Salaries in Iceland

Median and salary distribution Iceland Banking monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
785,000 ISK or more
10% of people earn
650,000 to 785,000 ISK
20% of people earn
353,000 ISK or less
65% of people earn
353,000 to 650,000 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 Banking in Iceland range from 235,000 ISK (starting average salary) to 1,530,000 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 Banking is 701,000 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 Banking in Iceland earn less than 524,000 ISK, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 863,000 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 Banking in Iceland. The analysis revealed that roughly 65% of all reported salaries fell within the range of 353,000 ISK to 650,000 ISK. Approximately 20% of salaries were below the 353,000 ISK mark, while 10% ranged from 650,000 ISK to 785,000 ISK. Only 5% of individuals earned a gross salary of 785,000 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 Banking 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 Banking 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 / Banking / Iceland

Salary comparison by gender Iceland Banking 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 Banking in Iceland, the average difference between the salary of male and female employees is 5%.

769,000 ISK
734,000 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 / Banking / Iceland

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

Professionals working in Banking 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 Banking
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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 / Banking / Iceland

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Iceland Banking
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36% of surveyed staff in Banking 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 / Banking / Iceland

4,340 ISK per hour

The average hourly wage (pay per hour) in Banking in Iceland is 4,340 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 Banking in Iceland is 1,360 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
Reykjavik793,000 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 Banking in Iceland?

A good and competitive compensation would range anywhere between 701,000 ISK and 863,000 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 Banking in Iceland ranges from 235,000 ISK to 524,000 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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