A person working as Teacher in Iceland typically earns around 509,000 ISK. Salaries range from 234,000 ISK (lowest) to 809,000 ISK (highest).
This is the average salary including housing, transport, and other benefits. Teacher salaries in Iceland vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Salaries for the position Teacher in Iceland range from 234,000 ISK (starting salary) to 809,000 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.
With a median salary of 486,000 ISK, half of the professionals who work as Teacher 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.
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 Teacher in Iceland earn less than 392,000 ISK, while 75% earn more. Similarly, the chart shows that 75% earn less than 560,000 ISK while 25% earn more.
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 Teacher in Iceland compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 291,000 ISK to 423,000 ISK. About 20% of salaries are below the 291,000 ISK mark, while 10% fall within the range of 423,000 ISK to 483,000 ISK. Only 5% of individuals have salaries exceeding 483,000 ISK.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+48%|
|10 - 15 Years||+22%|
|15 - 20 Years||+9%|
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 Teacher and this is what we found.
Employees with less than two years of experience earn approximately 266,000 ISK.
While someone with an experience level between two and five years is expected to earn 355,000 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 524,000 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 639,000 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 697,000 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 754,000 ISK, 8% more than people with fifteen to twenty years of experience.
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 Teacher in order to make a comparison.
Employees at this education level have an average salary of 309,000 ISK.
At this level, the average salary becomes 596,000 ISK, 93% more than the previous level.
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.
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 Teacher in Iceland, the average difference between the salary of male and female employees is 5%.
Individuals working as Teacher in Iceland are likely to observe a salary increase of approximately 7% every 30 months. The national average annual increment for all professions combined is 4% granted to employees every 29 months.
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.
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
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.
84% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 16% 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.
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.
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.
The main two types of jobs
|Revenue Generators||Supporting 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.
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.
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.
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.
The minimum pay rate per hour for people working as Teacher in Iceland is 1,350 ISK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
|Job Title||Average Salary|
|Audiovisual Translator||594,000 ISK||+17%|
|Bilingual Paraprofessional||663,000 ISK||+30%|
|Content Localization Specialist||662,000 ISK||+30%|
|Cross Cultural Consultant||691,000 ISK||+36%|
|Data Annotation Specialist||624,000 ISK||+23%|
|E-Learning Localization Specialist||604,000 ISK||+19%|
|Gaming Localization Specialist||571,000 ISK||+12%|
|Internationalization Consultant||683,000 ISK||+34%|
|Language Data Analyst||548,000 ISK||+8%|
|Language Specialist||801,000 ISK||+57%|
|Localization Engineer||600,000 ISK||+18%|
|Localization Project Manager||786,000 ISK||+55%|
|Machine Translation Specialist||686,000 ISK||+35%|
|Medical Translator||627,000 ISK||+23%|
|Multilingual Host||651,000 ISK||+28%|
|Social Media Translator||529,000 ISK||+4%|
|Subtitle Translator||547,000 ISK||+8%|
|Technical Translator||596,000 ISK||+17%|
|Terminology Manager||662,000 ISK||+30%|
|Transcription and Translation Specialist||626,000 ISK||+23%|
|Web Content Translator||680,000 ISK||+34%|
|Website Localization Specialist||638,000 ISK||+25%|
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.
A good and competitive compensation would range anywhere between 486,000 ISK and 560,000 ISK. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
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.
The base salary for a careers like Teacher in Iceland ranges from 234,000 ISK to 392,000 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.
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