A person working as Financial Manager in Iceland typically earns around 1,340,000 ISK. Salaries range from 617,000 ISK (lowest) to 2,130,000 ISK (highest).
This is the average salary including housing, transport, and other benefits. Financial 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.
![]() 617,000 ISK |
![]() 1,280,000 ISK |
![]() 2,130,000 ISK |
Salaries for the position Financial Manager in Iceland range from 617,000 ISK (starting salary) to 2,130,000 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 1,280,000 ISK, half of the professionals who work as Financial 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.
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 Financial Manager in Iceland earn less than 1,030,000 ISK, while 75% earn more. Similarly, the chart shows that 75% earn less than 1,480,000 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 Financial Manager in Iceland compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 768,000 ISK to 1,110,000 ISK. About 20% of salaries are below the 768,000 ISK mark, while 10% fall within the range of 1,110,000 ISK to 1,270,000 ISK. Only 5% of individuals have salaries exceeding 1,270,000 ISK.
0 - 2 Years | 701,000 ISK | |
2 - 5 Years | +34% | 936,000 ISK |
5 - 10 Years | +48% | 1,380,000 ISK |
10 - 15 Years | +22% | 1,690,000 ISK |
15 - 20 Years | +9% | 1,840,000 ISK |
20+ Years | +8% | 1,990,000 ISK |
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 Financial Manager and this is what we found.
Employees with less than two years of experience earn approximately 701,000 ISK.
While someone with an experience level between two and five years is expected to earn 936,000 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 1,380,000 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 1,690,000 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 1,840,000 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 1,990,000 ISK, 8% more than people with fifteen to twenty years of experience.
Certificate or Diploma | 799,000 ISK | |
Bachelor's Degree | +57% | 1,250,000 ISK |
Master's Degree | +68% | 2,100,000 ISK |
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 Financial Manager in order to make a comparison.
Employees at this education level have an average salary of 799,000 ISK.
At this level, the average salary becomes 1,250,000 ISK, 57% more than the previous level.
At this level, the average salary becomes 2,100,000 ISK, 68% 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 Financial Manager in Iceland, the average difference between the salary of male and female employees is 5%.
Male | 1,370,000 ISK | |
Female | -4% | 1,310,000 ISK |
Individuals working as Financial Manager in Iceland are likely to observe a salary increase of approximately 9% 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.
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 | 68% | |
No Bonus | 32% |
The most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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. |
Example: | Example: |
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 Financial Manager in Iceland is 3,560 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 |
Accounting and Finance | ![]() | |
Account Examiner | 347,000 ISK | ![]() |
Account Executive | 575,000 ISK | ![]() |
Accountant | 427,000 ISK | ![]() |
Accounting Analyst | 590,000 ISK | ![]() |
Accounting Assistant | 334,000 ISK | ![]() |
Accounting Associate | 339,000 ISK | ![]() |
Accounting Clerk | 278,000 ISK | ![]() |
Accounting Coordinator | 417,000 ISK | ![]() |
Accounting Head | 910,000 ISK | ![]() |
Accounting Manager | 1,020,000 ISK | ![]() |
Accounting Officer | 355,000 ISK | ![]() |
Accounting Specialist | 649,000 ISK | ![]() |
Accounting Supervisor | 647,000 ISK | ![]() |
Accounting Technician | 323,000 ISK | ![]() |
Accounting Unit Controller | 802,000 ISK | ![]() |
Accounts Executive | 596,000 ISK | ![]() |
Accounts Officer | 375,000 ISK | ![]() |
Accounts Payable and Receivable Specialist | 458,000 ISK | ![]() |
Accounts Payable Assistant | 355,000 ISK | ![]() |
Accounts Payable Associate | 429,000 ISK | ![]() |
Accounts Payable Clerk | 357,000 ISK | ![]() |
Accounts Payable Manager | 949,000 ISK | ![]() |
Accounts Receivable Administrator | 653,000 ISK | ![]() |
Accounts Receivable Clerk | 357,000 ISK | ![]() |
Accounts Receivable Financial Analyst | 673,000 ISK | ![]() |
Accounts Receivable Manager | 932,000 ISK | ![]() |
Accounts Receivable Team Leader | 670,000 ISK | ![]() |
Algorithmic Trading Specialist | 793,000 ISK | ![]() |
Assistant Accountant | 350,000 ISK | ![]() |
Assistant Accounting Manager | 864,000 ISK | ![]() |
Assistant Auditor | 454,000 ISK | ![]() |
Assistant Corporate Controller | 643,000 ISK | ![]() |
Assistant Finance Manager | 981,000 ISK | ![]() |
Assistant Financial Controller | 644,000 ISK | ![]() |
Audit Director | 1,040,000 ISK | ![]() |
Audit Supervisor | 872,000 ISK | ![]() |
Auditing Clerk | 375,000 ISK | ![]() |
Auditing Manager | 989,000 ISK | ![]() |
Billing Clerk | 341,000 ISK | ![]() |
Billing Coordinator | 406,000 ISK | ![]() |
Billing Specialist | 494,000 ISK | ![]() |
Billing Supervisor | 725,000 ISK | ![]() |
Bookkeeper | 312,000 ISK | ![]() |
Bookkeeping Specialist | 440,000 ISK | ![]() |
Budget Analyst | 814,000 ISK | ![]() |
Budget Manager | 974,000 ISK | ![]() |
Business Support Analyst | 512,000 ISK | ![]() |
Capital Markets Associate | 684,000 ISK | ![]() |
Cash Flow Analyst | 712,000 ISK | ![]() |
Cash Management Manager | 932,000 ISK | ![]() |
Cash Management Officer | 540,000 ISK | ![]() |
Cashbook Clerk | 316,000 ISK | ![]() |
Chartered Accountant | 600,000 ISK | ![]() |
Chief Accountant | 707,000 ISK | ![]() |
Chief Financial Technology Officer | 917,000 ISK | ![]() |
Collections Clerk | 271,000 ISK | ![]() |
Collections Representative | 413,000 ISK | ![]() |
Collections Specialist | 478,000 ISK | ![]() |
Corporate Controller | 742,000 ISK | ![]() |
Corporate Treasurer | 895,000 ISK | ![]() |
Cost Accountant | 468,000 ISK | ![]() |
Cost Accounting Manager | 929,000 ISK | ![]() |
Cost Accounting Supervisor | 737,000 ISK | ![]() |
Cost Analyst | 745,000 ISK | ![]() |
Credit and Collection Manager | 944,000 ISK | ![]() |
Credit and Collection Staff | 367,000 ISK | ![]() |
Credit and Loans Officer | 337,000 ISK | ![]() |
Credit Controller | 625,000 ISK | ![]() |
Credit Manager | 971,000 ISK | ![]() |
Debt Adviser | 794,000 ISK | ![]() |
Debt Collector | 386,000 ISK | ![]() |
Debtors Clerk | 314,000 ISK | ![]() |
Debtors Controller | 355,000 ISK | ![]() |
Deputy CFO | 1,290,000 ISK | ![]() |
Deputy Head of Finance | 1,290,000 ISK | ![]() |
Derivative Trader | 807,000 ISK | ![]() |
Director of Finance | 1,350,000 ISK | ![]() |
E-commerce Accountant | 466,000 ISK | ![]() |
Economist | 1,110,000 ISK | ![]() |
Equity Analyst | 841,000 ISK | ![]() |
Escrow Assistant | 416,000 ISK | ![]() |
Executive Accountant | 515,000 ISK | ![]() |
External Auditor | 666,000 ISK | ![]() |
Finance Administrator | 533,000 ISK | ![]() |
Finance Analyst | 816,000 ISK | ![]() |
Finance Associate | 397,000 ISK | ![]() |
Finance Data Analyst | 738,000 ISK | ![]() |
Finance Director | 1,340,000 ISK | ![]() |
Finance Executive | 1,010,000 ISK | ![]() |
Finance Licensing Clerk | 334,000 ISK | ![]() |
Finance Licensing Manager | 883,000 ISK | ![]() |
Finance Licensing Specialist | 500,000 ISK | ![]() |
Finance Manager | 1,270,000 ISK | ![]() |
Finance Officer | 442,000 ISK | ![]() |
Finance President | 1,320,000 ISK | ![]() |
Finance Relationship Manager | 1,030,000 ISK | ![]() |
Finance Release Analyst | 543,000 ISK | ![]() |
Finance Specialist | 753,000 ISK | ![]() |
Finance Team Leader | 1,040,000 ISK | ![]() |
Financial Accountant | 477,000 ISK | ![]() |
Financial Actuary | 692,000 ISK | ![]() |
Financial Administrator | 744,000 ISK | ![]() |
Financial Advisor | 824,000 ISK | ![]() |
Financial Analyst | 859,000 ISK | ![]() |
Financial Applications Specialist | 599,000 ISK | ![]() |
Financial Assistant | 385,000 ISK | ![]() |
Financial Associate | 433,000 ISK | ![]() |
Financial Claims Analyst | 634,000 ISK | ![]() |
Financial Claims Manager | 838,000 ISK | ![]() |
Financial Claims Supervisor | 778,000 ISK | ![]() |
Financial Clerk | 352,000 ISK | ![]() |
Financial Commercial Analyst | 631,000 ISK | ![]() |
Financial Compliance Analyst | 770,000 ISK | ![]() |
Financial Compliance Officer | 722,000 ISK | ![]() |
Financial Consultant | 630,000 ISK | ![]() |
Financial Controller | 695,000 ISK | ![]() |
Financial Coordinator | 421,000 ISK | ![]() |
Financial Customer Service Manager | 851,000 ISK | ![]() |
Financial Data Scientist | 848,000 ISK | ![]() |
Financial Dealer and Broker | 516,000 ISK | ![]() |
Financial Director | 1,330,000 ISK | ![]() |
Financial Encoder | 406,000 ISK | ![]() |
Financial Manager | 1,220,000 ISK | ![]() |
Financial Modelling Analyst | 818,000 ISK | ![]() |
Financial Operations Manager | 1,150,000 ISK | ![]() |
Financial Policy Analyst | 712,000 ISK | ![]() |
Financial Project Manager | 964,000 ISK | ![]() |
Financial Quantitative Analyst | 791,000 ISK | ![]() |
Financial Reporting Consultant | 644,000 ISK | ![]() |
Financial Reporting Manager | 878,000 ISK | ![]() |
Financial Section Head | 865,000 ISK | ![]() |
Financial Services Manager | 1,220,000 ISK | ![]() |
Financial Services Sales Agent | 507,000 ISK | ![]() |
Financial Technology Consultant | 715,000 ISK | ![]() |
Financial Wellness Coach | 932,000 ISK | ![]() |
FinTech Analyst | 781,000 ISK | ![]() |
Fixed Assets Administrator | 469,000 ISK | ![]() |
Forensic Accountant | 519,000 ISK | ![]() |
Fraud Detection Supervisor | 574,000 ISK | ![]() |
Fraud Prevention Manager | 949,000 ISK | ![]() |
Fund Accountant | 444,000 ISK | ![]() |
Grants Coordinator | 349,000 ISK | ![]() |
Green Finance Analyst | 724,000 ISK | ![]() |
Group Financial Manager | 1,340,000 ISK | ![]() |
Internal Auditor | 635,000 ISK | ![]() |
Internal Control Adviser | 732,000 ISK | ![]() |
Internal Control Officer | 405,000 ISK | ![]() |
International Tax Director | 1,120,000 ISK | ![]() |
Inventory Accountant | 481,000 ISK | ![]() |
Investment Advisor | 1,240,000 ISK | ![]() |
Investment Analyst | 916,000 ISK | ![]() |
Investment Associate | 759,000 ISK | ![]() |
Investment Broker | 778,000 ISK | ![]() |
Investment Fund Manager | 1,010,000 ISK | ![]() |
Investment Operations Manager | 1,030,000 ISK | ![]() |
Investment Underwriter | 384,000 ISK | ![]() |
Investor | 595,000 ISK | ![]() |
Investor Relations Manager | 926,000 ISK | ![]() |
KYC Team Leader | 843,000 ISK | ![]() |
Loan Processor | 369,000 ISK | ![]() |
Management Accountant | 513,000 ISK | ![]() |
Management Economist | 1,070,000 ISK | ![]() |
Paymaster | 353,000 ISK | ![]() |
Payroll Administrator | 607,000 ISK | ![]() |
Payroll Benefits Coordinator | 532,000 ISK | ![]() |
Payroll Billing Manager | 878,000 ISK | ![]() |
Payroll Clerk | 401,000 ISK | ![]() |
Payroll Manager | 841,000 ISK | ![]() |
Payroll Officer | 418,000 ISK | ![]() |
Payroll Specialist | 499,000 ISK | ![]() |
Payroll Supervisor | 586,000 ISK | ![]() |
Pensions Administrator | 487,000 ISK | ![]() |
Personal Financial Advisor | 660,000 ISK | ![]() |
Pricing Analyst | 762,000 ISK | ![]() |
Private Equity Analyst | 779,000 ISK | ![]() |
Project Accountant | 463,000 ISK | ![]() |
Proposal Development Coordinator | 409,000 ISK | ![]() |
Quantitative Trader | 688,000 ISK | ![]() |
Receivables Accountant | 427,000 ISK | ![]() |
Regulatory Accountant | 520,000 ISK | ![]() |
Retirement Plan Analyst | 742,000 ISK | ![]() |
Revenue Management Specialist | 771,000 ISK | ![]() |
Revenue Recognition Analyst | 820,000 ISK | ![]() |
Risk Management Director | 1,100,000 ISK | ![]() |
Risk Management Supervisor | 904,000 ISK | ![]() |
Staff Accountant | 432,000 ISK | ![]() |
Tax Accountant | 448,000 ISK | ![]() |
Tax Administrator | 510,000 ISK | ![]() |
Tax Advisor | 720,000 ISK | ![]() |
Tax Analyst | 719,000 ISK | ![]() |
Tax Associate | 402,000 ISK | ![]() |
Tax Consultant | 748,000 ISK | ![]() |
Tax Director | 1,090,000 ISK | ![]() |
Tax Examiner | 465,000 ISK | ![]() |
Tax Manager | 932,000 ISK | ![]() |
Tax Research Manager | 931,000 ISK | ![]() |
Teller | 271,000 ISK | ![]() |
Treasury Accountant | 479,000 ISK | ![]() |
Treasury Analyst | 794,000 ISK | ![]() |
Underwriter | 328,000 ISK | ![]() |
Underwriting Assistant | 308,000 ISK | ![]() |
Vice President of Finance | 1,280,000 ISK | ![]() |
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 |
A good and competitive compensation would range anywhere between 1,280,000 ISK and 1,480,000 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 Financial Manager in Iceland ranges from 617,000 ISK to 1,030,000 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