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Drilling Engineer Average Salary in Faroe Islands 2021

How much money does a Drilling Engineer make in Faroe Islands?


Average Monthly Salary
21,700 DKK
( 260,000 DKK yearly)

LOW
11,300
DKK
AVERAGE
21,700
DKK
HIGH
33,200
DKK

A person working as a Drilling Engineer in Faroe Islands typically earns around 21,700 DKK per month. Salaries range from 11,300 DKK (lowest) to 33,200 DKK (highest).

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

Drilling Engineer Salary Distribution in Faroe Islands

Median and salary distribution monthly Faroe Islands Drilling Engineer
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The median, the maximum, the minimum, and the range

  • Salary Range

    Drilling Engineer salaries in Faroe Islands range from 11,300 DKK per month (minimum salary) to 33,200 DKK per month (maximum salary).

  • Median Salary

    The median salary is 20,800 DKK per month, which means that half (50%) of people working as Drilling Engineer(s) are earning less than 20,800 DKK while the other half are earning more than 20,800 DKK. 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

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Drilling Engineer(s) are earning less than 14,500 DKK while 75% of them are earning more than 14,500 DKK. Also from the diagram, 75% of Drilling Engineer(s) are earning less than 25,900 DKK while 25% are earning more than 25,900 DKK.


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

Drilling Engineer Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Faroe Islands Drilling Engineer
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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 Drilling Engineer salaries by experience level and this is what we found.

A Drilling Engineer with less than two years of experience makes approximately 12,800 DKK per month.

While someone with an experience level between two and five years is expected to earn 17,200 DKK 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 22,400 DKK per month, 30% 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, Drilling Engineer(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 27,100 DKK per month, 21% 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 29,600 DKK 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 31,100 DKK per month, 5% more than people with fifteen to twenty years of experience.


Drilling Engineer average salary change by experience in Faroe Islands

0 - 2 Years
12,800 DKK
2 - 5 Years+34%
17,200 DKK
5 - 10 Years+30%
22,400 DKK
10 - 15 Years+21%
27,100 DKK
15 - 20 Years+9%
29,600 DKK
20+ Years+5%
31,100 DKK
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Drilling Engineer Salary Comparison By Education

How do education levels affect salaries?

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

Salary comparison by education level monthly Faroe Islands Drilling Engineer
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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 Drilling Engineer salaries by education level in order to make a comparison.

When the education level is Certificate or Diploma, the average salary of a Drilling Engineer is 15,200 DKK per month.

While someone with a Bachelor's Degree gets a salary of 23,100 DKK per month, 52% more than someone having a Certificate or Diploma degree.

A Master's Degree gets its holder an average salary of 32,800 DKK per month, 42% more than someone with a Bachelor's Degree.


Drilling Engineer average salary difference by education level in Faroe Islands

Certificate or Diploma
15,200 DKK
Bachelor's Degree+52%
23,100 DKK
Master's Degree+42%
32,800 DKK
Percentage increase and decrease are relative to the previous value

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 Faroe Islands costs anywhere from 134,000 Danish Krone(s) to 401,000 Danish Krone(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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Drilling Engineer Salary Comparison By Gender

Salary comparison by gender monthly Faroe Islands Drilling Engineer
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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 Drilling Engineer employees in Faroe Islands earn 11% more than their female counterparts on average.

Male
23,100 DKK
Female-10%
20,800 DKK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Faroe Islands for all Careers

Salary comparison by gender monthly Faroe Islands
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Drilling Engineer Average Annual Salary Increment Percentage in Faroe Islands

How much are annual salary increments in Faroe Islands for Drilling Engineer(s)? How often do employees get salary raises?

Drilling Engineer

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

Annual Salary Increment Rate Faroe Islands Drilling Engineer
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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.

Faroe Islands / All Professions

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 Faroe Islands is 2%.

Annual Increment Rate By Industry 2020

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

Listed above are the average annual increase rates for each industry in Faroe Islands for the year 2020. 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

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Drilling Engineer Bonus and Incentive Rates in Faroe Islands

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Faroe Islands Drilling Engineer
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A Drilling Engineer is considered to be a low bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

90% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 10% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 1% to 3% of their annual salary.

Received Bonus
10%
No Bonus
90%

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.

Example:
A graphics designer working for a graphics designing company.

Example:
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.

Drilling Engineer Average Hourly Wage in Faroe Islands


130 DKK per hour

The average hourly wage (pay per hour) in Faroe Islands is 130 DKK. This means that the average Drilling Engineer in Faroe Islands earns approximately 130 DKK for every worked hour.


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

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.

Drilling Engineer VS Other Jobs

Salary Comparison Between Drilling Engineer and Engineering monthly Faroe Islands
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The average salary for Drilling Engineer is 4% less than that of Engineering. Also, Engineering salaries are 16% less than those of All Jobs.

Salary comparison with similar jobs

Job TitleAverage Salary
Acoustics Engineer22,900 DKK+5%
Assembly Engineering Technician18,000 DKK-17%
Assistant Chief Engineer25,300 DKK+17%
Associate Engineer20,100 DKK-7%
Autocad Operator14,600 DKK-33%
Automation Engineer23,800 DKK+10%
Avionic System Support Engineer22,600 DKK+4%
Biochemical Engineer20,400 DKK-6%
BMS Engineer20,800 DKK-4%
Bridge and Lock Tender12,000 DKK-45%
Broadcast Engineer23,200 DKK+7%
CAD Design Engineer22,800 DKK+5%
CAD Designer14,900 DKK-31%
CAE Engineer23,000 DKK+6%
Ceramics Engineer20,100 DKK-7%
Civil Engineer24,400 DKK+12%
Commissioning Engineer21,400 DKK-1%
Communications Engineer24,800 DKK+14%
Condition Monitoring Engineer19,600 DKK-10%
Contract Associate Engineer20,800 DKK-4%
Control Systems Engineer23,300 DKK+7%
Controls Engineer21,800 DKK+0%
Controls Software Engineer20,300 DKK-6%
Corrosion Engineer21,300 DKK-2%
Design Engineer23,500 DKK+8%
Drafter14,700 DKK-32%
Drafting Manager26,300 DKK+21%
Drilling Engineer21,700 DKK-0%
Electrical Draughtsman12,200 DKK-44%
Electrical Engineer26,300 DKK+21%
Electrical Engineering Manager33,500 DKK+54%
Electromechanical Engineering Technologist23,800 DKK+10%
Electromechanical Equipment Assembler12,500 DKK-42%
Energy Engineer24,800 DKK+14%
Engine Assembler9,860 DKK-55%
Engineer23,900 DKK+10%
Engineering Account Manager26,100 DKK+20%
Engineering Chief Designer26,000 DKK+20%
Engineering Consultant31,100 DKK+43%
Engineering Key Account Manager34,400 DKK+58%
Engineering Lab Technician21,700 DKK-0%
Engineering Planning Manager33,400 DKK+54%
Engineering Production Manager39,600 DKK+82%
Engineering Project Analyst27,000 DKK+24%
Engineering Project Coordinator 26,400 DKK+22%
Engineering Project Director46,600 DKK+110%
Engineering Project Manager31,700 DKK+46%
Engineering Research and Development Manager35,300 DKK+63%
Engineering Safety Coordinator17,200 DKK-21%
Engineering Sales Manager30,800 DKK+42%
Engineering Technician17,500 DKK-19%
Engineering Technologist18,000 DKK-17%
Environmental Engineer21,500 DKK-1%
Equipment Engineer21,500 DKK-1%
Equipment Engineering Manager30,200 DKK+39%
Estimator19,700 DKK-9%
Fabrication Specialist16,000 DKK-26%
Fabricator11,000 DKK-49%
Facade Engineer22,900 DKK+5%
Fiber Analyst13,600 DKK-37%
Field Engineer23,100 DKK+6%
Field Engineering Manager40,400 DKK+86%
Fire Engineer22,400 DKK+3%
Fitter and Turner7,680 DKK-65%
Forestry Strategic Planner27,300 DKK+26%
Generation Engineer22,600 DKK+4%
Genetic Engineer26,100 DKK+20%
Geological Engineer22,700 DKK+5%
Geotechnical Engineer24,700 DKK+14%
Heavy Equipment Mechanic12,300 DKK-43%
Highway Engineer22,500 DKK+4%
HSE Professional20,400 DKK-6%
HVAC Engineer25,800 DKK+19%
HVAC Supervisor20,300 DKK-6%
Industrial Engineer22,700 DKK+5%
Industrial Engineering Technologist23,000 DKK+6%
Instrument Engineer22,800 DKK+5%
Instrumentation and Control Engineer23,400 DKK+8%
Instrumentation Engineer23,200 DKK+7%
Instrumentation Manager22,100 DKK+2%
Irrigation Engineer22,200 DKK+2%
Licensed Aircraft Engineer25,100 DKK+16%
Locomotive Engineer22,100 DKK+2%
Maintenance Engineer20,800 DKK-4%
Maintenance Fitter8,110 DKK-63%
Maintenance Manager23,100 DKK+6%
Manufacturing Engineer23,000 DKK+6%
Marine Engineer23,300 DKK+7%
Materials Engineer22,100 DKK+2%
Materials Researcher21,500 DKK-1%
Materials Technician16,200 DKK-25%
Mechanical and Electrical Engineer25,000 DKK+15%
Mechanical Design Engineer25,400 DKK+17%
Mechanical Designer20,000 DKK-8%
Mechanical Engineer25,700 DKK+18%
Mechanical Engineering Manager32,900 DKK+52%
Mechanical Inspector21,600 DKK-0%
Mechatronics Engineer25,700 DKK+18%
Mining Engineer23,600 DKK+9%
Oil and Petrochemical Engineer24,100 DKK+11%
Optical Engineer21,900 DKK+1%
Optical Instrument Assembler12,300 DKK-43%
PCB Assembler8,430 DKK-61%
Photonics Engineer26,000 DKK+20%
Photonics Technician20,600 DKK-5%
Pipeline Engineer21,900 DKK+1%
Piping Designer12,600 DKK-42%
Piping Engineer20,700 DKK-5%
Planning Engineer24,500 DKK+13%
Pressure Vessel Inspector10,500 DKK-52%
Principal Cost Engineer23,600 DKK+9%
Principal Engineer23,400 DKK+8%
Principal Support Engineer22,700 DKK+5%
Process Engineer23,500 DKK+8%
Process Operator13,900 DKK-36%
Product Development Engineer24,000 DKK+11%
Product Development Technician16,900 DKK-22%
Product Engineer23,300 DKK+7%
Product Safety Engineer22,500 DKK+4%
Production Engineer24,100 DKK+11%
Project Engineer25,400 DKK+17%
Proposal Manager29,100 DKK+34%
Purchasing Engineer22,100 DKK+2%
Quality Assurance Engineer23,100 DKK+6%
Rail Engineer22,900 DKK+5%
Robotics Engineer26,100 DKK+20%
Robotics Technician18,300 DKK-16%
Safety Engineer22,000 DKK+1%
Safety Inspector17,100 DKK-21%
Safety Manager27,900 DKK+29%
Safety Officer12,100 DKK-44%
Sales Engineer24,200 DKK+11%
Scheduling Engineer20,300 DKK-6%
Service Engineer23,100 DKK+6%
Solar Engineer25,000 DKK+15%
Staff Engineer22,000 DKK+1%
Static Equipment Engineer21,700 DKK-0%
Stationary Engineer21,800 DKK+0%
Stress Engineer20,600 DKK-5%
Structural Analysis Engineer23,300 DKK+7%
Structural Designer21,000 DKK-3%
Structural Engineer22,600 DKK+4%
Structural Technician14,400 DKK-34%
Supply Chain Specialist21,700 DKK-0%
Surveyor17,100 DKK-21%
Technical Affairs Officer11,200 DKK-48%
Technical Assistant11,400 DKK-47%
Technical Engineer19,400 DKK-11%
Technical Support Engineer19,600 DKK-10%
Tender Engineer20,200 DKK-7%
Test Development Engineer22,300 DKK+3%
Transportation Engineer22,400 DKK+3%
Validation Engineer21,600 DKK-0%
Verification Engineer21,500 DKK-1%
Wastewater Engineer22,200 DKK+2%
Wind Energy Engineer22,900 DKK+5%
Wind Energy Operations Manager29,100 DKK+34%
Work Planner15,500 DKK-29%

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 Faroe Islands earn 17% more than their private sector counterparts on average across all sectors.

Private Sector
24,900 DKK
Public Sector+17%
29,200 DKK
Percentage increase and decrease are relative to the previous value

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