Average Assistant Bank Manager Salary in Iceland for 2024

In this article, we will look at the average Assistant Bank Manager salary for 2024 in Iceland and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Icelandic króna. To keep things simple, we are using the ISK currency code instead of the currency symbol kr.

How Much Does an Assistant Bank Manager Make in Iceland?

An Assistant Bank Manager working in Iceland will typically earn around 12,958,200 ISK per year, and this can range from the lowest average salary of about 5,975,000 ISK to the highest average salary of 20,639,100 ISK.

Average Annual Salary
12,958,200 ISK
Average Monthly Salary
1,079,850 ISK

Lowest Annual Salary
5,975,000 ISK
Lowest Monthly Salary
497,916 ISK

Highest Annual Salary
20,639,100 ISK
Highest Monthly Salary
1,719,925 ISK

These are average salaries for an Assistant Bank Manager in Iceland and include benefits such as housing and transport. It's also possible for an Assistant Bank Manager to earn more or less than the average salaries shown above.

Assistant Bank Manager salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Assistant Bank Manager Salaries in Iceland

So we've looked at the average salaries an Assistant Bank Manager will earn in Iceland. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Assistant Bank Manager can earn between 5,975,000 ISK and 20,639,100 ISK on average in Iceland. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for an Assistant Bank Manager in Iceland is 14,038,300 ISK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 14,038,300 ISK, and 50% of the population earn more than 14,038,300 ISK.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Assistant Bank Manager salary in Iceland, 25% of the population are earning less than 9,001,900 ISK while 75% of the population earn more than 9,001,900 ISK.

75% of the population earn less than 18,720,200 ISK, and 25% of the population earn more than 18,720,200 ISK.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Assistant Bank Manager Salary by Experience Level in Iceland

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average assistant bank manager salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. An Assistant Bank Manager in Iceland that has less than two years of experience can expect to earn somewhere in the region of 6,780,300 ISK.
  • 2 - 5 Years Experience. With two to five years of experience the average Assistant Bank Manager salary would increase to 9,060,600 ISK.
  • 5 - 10 Years Experience. From five to ten years of experience as an Assistant Bank Manager, the average salary would be 13,441,600 ISK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 16,320,700 ISK.
  • 15 - 20 Years Experience. An Assistant Bank Manager with 15 to 20 years of experience can earn an average of 17,758,500 ISK.
  • 20+ Years Experience. For an Assistant Bank Manager with more than 20 years, the expected average salary increases to 19,321,100 ISK.

Average Salary by Experience Chart

0-2 Years
6,780,300 ISK
2-5 Years +34%
9,060,600 ISK
5-10 Years +48%
13,441,600 ISK
10-15 Years +22%
16,320,700 ISK
15-20 Years +9%
17,758,500 ISK
20+ Years +8%
19,321,100 ISK

Assistant Bank Manager Salary by Education Level in Iceland

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for an Assistant Bank Manager in Iceland based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. An Assistant Bank Manager in Iceland with a bachelor's degree education can earn an average salary of 7,882,800 ISK.

  • Master's Degree. An Assistant Bank Manager in Iceland with a master's degree education can earn an average salary of 15,238,200 ISK.

Average Salary by Education Chart

Bachelor's Degree
7,882,800 ISK
Master's Degree +93%
15,238,200 ISK

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Iceland is around 3,440,000 to 10,300,000 ISK and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Assistant Bank Manager Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Iceland, a male assistant bank manager will earn an average of 13,319,300 ISK, while a female assistant bank manager will earn around 12,721,300 ISK.

This means that a male assistant bank manager earns approximately 5% more than a female assistant bank manager for performing the same job.

Average Salary by Gender Chart in Iceland

Male
13,319,300 ISK
Female -5%
12,721,300 ISK

Assistant Bank Manager Average Pay Raise in Iceland

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for an Assistant Bank Manager in Iceland is around 8% every 29 months.

The national average pay raise across all professions and industries in Iceland is around 4% every 29 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 8 ÷ 29 ) × 12  = 3%

What this means is that an Assistant Bank Manager in Iceland can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Iceland for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Iceland.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
9%
Energy
9%
Information Technology
9%
Healthcare
9%
Travel
9%
Construction
9%
Education
9%

Assistant Bank Manager Bonus and Incentive Rates in Iceland

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

An Assistant Bank Manager is a low bonus based job, with 43% of employees reporting at least one bonus in the last 12 months.

57% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 2% to 7%.

Received Bonus
43%
No Bonus
57%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Iceland earn approximately 25% more than private sector employees in the same role.

Public Sector
9,154,500 ISK
Private Sector -25%
7,331,800 ISK

Salaries for Jobs Similar to an Assistant Bank Manager

In the table below, we have salary information for jobs that are similar to an Assistant Bank Manager in Iceland.

Job Title Category Salary
AML Analyst Banking 11,557,500 ISK
Assistant Bank Branch Manager Banking 9,792,100 ISK
ATM Manager Banking 10,966,400 ISK
ATM Service Technician Banking 3,023,200 ISK
Bank Accounts Analyst Banking 4,654,300 ISK
Bank Accounts Collector Banking 2,878,300 ISK
Bank Accounts Controller Banking 5,614,600 ISK
Bank Accounts Executive Banking 8,329,200 ISK
Bank Accounts Manager Banking 9,649,800 ISK
Bank Auditing Manager Banking 9,720,400 ISK
Bank Branch Manager Banking 13,319,300 ISK
Bank Branch Operations Coordinator Banking 5,952,700 ISK
Bank Clerk Banking 2,807,200 ISK
Bank Client Service Associate Banking 3,696,900 ISK
Bank Collector Banking 2,688,800 ISK
Bank Compliance Specialist Banking 7,703,700 ISK
Bank Manager Banking 16,079,800 ISK
Bank Operational Risk Manager Banking 16,079,800 ISK
Bank Operations Head Banking 16,439,200 ISK
Bank Operations Officer Banking 6,360,600 ISK
Bank Operations Specialist Banking 10,032,600 ISK
Bank Process Manager Banking 9,191,000 ISK
Bank Product Manager Banking 10,450,100 ISK
Bank Programme Manager Banking 10,691,100 ISK
Bank Project Manager Banking 13,561,900 ISK
Bank Propositions Manager Banking 11,953,700 ISK
Bank Quantitative Analyst Banking 8,038,700 ISK
Bank Regional Manager Banking 17,519,700 ISK
Bank Regional Risk Officer Banking 9,036,900 ISK
Bank Relationship Manager Banking 12,841,200 ISK
Bank Relationship Officer Banking 5,794,900 ISK
Bank Teller Banking 3,061,300 ISK
Banker Banking 5,761,400 ISK
Banking Business Analyst Banking 8,701,100 ISK
Banking Business Development Officer Banking 5,639,700 ISK
Banking Business Planning Executive Banking 12,721,300 ISK
Banking Product Manager Banking 10,523,700 ISK
Banking Reference Data Manager Banking 8,952,900 ISK
Banking Risk Analyst Banking 8,425,800 ISK
Banking Technical Analyst Banking 4,594,300 ISK
Bankruptcy Coordinator Banking 5,952,700 ISK
Bill and Account Collector Banking 3,094,100 ISK
Budget Analyst Banking 8,062,900 ISK
Capital Risk Manager Banking 16,679,800 ISK
Cards Marketing Manager Banking 10,992,900 ISK
Cash Management Manager Banking 15,719,900 ISK
Check Processing Manager Banking 11,626,700 ISK
Commercial Vault Associate Banking 8,626,600 ISK
Corporate Banker Banking 6,493,000 ISK
Corporate Dealer Banking 9,215,300 ISK
Credit Analyst Banking 6,958,900 ISK
Credit and Collections Manager Banking 12,121,000 ISK
Credit Card Fraud Investigator Banking 9,239,600 ISK
Credit Portfolio Manager Banking 15,838,200 ISK
Credit Risk Analyst Banking 9,610,800 ISK
Credit Risk Associate Banking 9,106,400 ISK
Direct Bank Sales Representative Banking 6,335,800 ISK
Exchange Control Consultant Banking 9,311,400 ISK
Executive Account Analyst Banking 8,568,100 ISK
Financial Bank Planning Consultant Banking 11,470,100 ISK
Financial Banking Analysis Manager Banking 13,079,500 ISK
Financial Banking Assistant Banking 4,249,700 ISK
Financial Banking Systems Manager Banking 12,121,000 ISK
Foreign Exchange Manager Banking 12,958,200 ISK
Fraud Analyst Banking 8,988,700 ISK
Fraud Detection Associate Banking 6,420,700 ISK
Fraud Detection Manager Banking 13,079,500 ISK
Fraud Detection Supervisor Banking 7,741,200 ISK
Internal Bank Audit Manager Banking 16,079,800 ISK
Internal Bank Auditor Banking 8,554,100 ISK
Internal Private Banker Banking 6,274,900 ISK
International Banking Manager Banking 18,121,700 ISK
Investment Banking Analyst Banking 12,958,200 ISK
Loan Analyst Banking 8,411,800 ISK
Loan Area Manager Banking 10,333,800 ISK
Loan Audit Team Leader Banking 9,673,100 ISK
Loan Branch Manager Banking 9,576,900 ISK
Loan Business Development Officer Banking 5,161,100 ISK
Loan Clerk Banking 3,013,500 ISK
Loan Collection and Recovery Manager Banking 10,162,800 ISK
Loan Collection Manager Banking 10,177,900 ISK
Loan Collector Banking 2,773,700 ISK
Loan Examiner Banking 3,685,200 ISK
Loan Officer Banking 3,373,200 ISK
Loan Processing Manager Banking 9,094,100 ISK
Loan Processor Banking 3,792,300 ISK
Loan Quality Assurance Auditor Banking 8,521,700 ISK
Loan Quality Assurance Manager Banking 9,466,400 ISK
Loan Quality Assurance Representative Banking 6,311,900 ISK
Loan Review Manager Banking 9,517,400 ISK
Loan Team Leader Banking 8,496,400 ISK
Loans Manager Banking 11,712,900 ISK
Mortgage Advisor Banking 5,833,500 ISK
Mortgage Collection Manager Banking 9,828,800 ISK
Mortgage Collector Banking 2,734,500 ISK
Mortgage Credit Analyst Banking 4,450,400 ISK
Mortgage Credit Manager Banking 9,335,200 ISK
Mortgage Development Manager Banking 10,691,100 ISK
Mortgage Document Reviewer Banking 3,635,200 ISK
Mortgage Funding Manager Banking 10,788,900 ISK
Mortgage Operations Manager Banking 14,400,800 ISK
Mortgage Payment Processing Clerk Banking 3,156,400 ISK
Mortgage Processing Manager Banking 9,528,200 ISK
Mortgage Processor Banking 3,745,100 ISK
Mortgage Quality Assurance Auditor Banking 8,172,900 ISK
Mortgage Quality Assurance Manager Banking 9,346,600 ISK
Mortgage Servicing Clerk Banking 2,893,600 ISK
Mortgage Servicing Manager Banking 9,154,500 ISK
Mortgage Underwriter Banking 3,490,200 ISK
Online Banking Manager Banking 15,360,400 ISK
Payment Processing Clerk Banking 3,118,900 ISK
Personal Banker Banking 6,311,900 ISK
Personal Banking Advisor Banking 6,577,500 ISK
Phone Banker Banking 4,249,700 ISK
Private Banker Banking 6,360,600 ISK
Reconciliation and Investigation Specialist Banking 6,745,700 ISK
Tax Officer Banking 5,256,700 ISK
Teller Banking 2,987,000 ISK
Trade Officer Banking 3,385,800 ISK
Trade Product Manager Banking 9,695,200 ISK
Trader Banking 4,056,200 ISK
Treasury Operations Officer Banking 7,967,200 ISK

Salary Comparison by City

If you want to compare salaries with different cities in Iceland, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Reykjavik 15,599,800 ISK

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