Average Banking Technical Analyst Salary in Faroe Islands for 2024

In this article, we will look at the average Banking Technical Analyst salary for 2024 in Faroe Islands 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 Danish krone. To keep things simple, we are using the DKK currency code instead of the currency symbol kr.

How Much Does a Banking Technical Analyst Make in Faroe Islands?

A Banking Technical Analyst working in Faroe Islands will typically earn around 189,300 DKK per year, and this can range from the lowest average salary of about 89,460 DKK to the highest average salary of 294,700 DKK.

Average Annual Salary
189,300 DKK
Average Monthly Salary
15,775 DKK

Lowest Annual Salary
89,460 DKK
Lowest Monthly Salary
7,455 DKK

Highest Annual Salary
294,700 DKK
Highest Monthly Salary
24,558 DKK

These are average salaries for a Banking Technical Analyst in Faroe Islands and include benefits such as housing and transport. It's also possible for a Banking Technical Analyst to earn more or less than the average salaries shown above.

Banking Technical Analyst 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 Banking Technical Analyst Salaries in Faroe Islands

So we've looked at the average salaries a Banking Technical Analyst will earn in Faroe Islands. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Banking Technical Analyst can earn between 89,460 DKK and 294,700 DKK on average in Faroe Islands. 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 a Banking Technical Analyst in Faroe Islands is 196,800 DKK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 196,800 DKK, and 50% of the population earn more than 196,800 DKK.

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 Banking Technical Analyst salary in Faroe Islands, 25% of the population are earning less than 129,000 DKK while 75% of the population earn more than 129,000 DKK.

75% of the population earn less than 254,800 DKK, and 25% of the population earn more than 254,800 DKK.

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.

Banking Technical Analyst Salary by Experience Level in Faroe Islands

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 banking technical analyst 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. A Banking Technical Analyst in Faroe Islands that has less than two years of experience can expect to earn somewhere in the region of 104,140 DKK.
  • 2 - 5 Years Experience. With two to five years of experience the average Banking Technical Analyst salary would increase to 151,800 DKK.
  • 5 - 10 Years Experience. From five to ten years of experience as a Banking Technical Analyst, the average salary would be 195,200 DKK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 240,500 DKK.
  • 15 - 20 Years Experience. A Banking Technical Analyst with 15 to 20 years of experience can earn an average of 257,700 DKK.
  • 20+ Years Experience. For a Banking Technical Analyst with more than 20 years, the expected average salary increases to 283,400 DKK.

Average Salary by Experience Chart

0-2 Years
104,140 DKK
2-5 Years +42%
151,800 DKK
5-10 Years +31%
195,200 DKK
10-15 Years +23%
240,500 DKK
15-20 Years +6%
257,700 DKK
20+ Years +10%
283,400 DKK

Banking Technical Analyst Salary by Education Level in Faroe Islands

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 a Banking Technical Analyst in Faroe Islands based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Certificate or Diploma. A Banking Technical Analyst in Faroe Islands with a certificate or diploma education can earn an average salary of 130,400 DKK.

  • Bachelor's Degree. A Banking Technical Analyst in Faroe Islands with a bachelor's degree education can earn an average salary of 209,700 DKK.

  • Master's Degree. A Banking Technical Analyst in Faroe Islands with a master's degree education can earn an average salary of 279,400 DKK.

Average Salary by Education Chart

Certificate or Diploma
130,400 DKK
Bachelor's Degree +59%
209,700 DKK
Master's Degree +33%
279,400 DKK

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 Faroe Islands is around 134,000 to 401,000 DKK 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.

Banking Technical Analyst 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 Faroe Islands, a male banking technical analyst will earn an average of 197,600 DKK, while a female banking technical analyst will earn around 183,700 DKK.

This means that a male banking technical analyst earns approximately 8% more than a female banking technical analyst for performing the same job.

Average Salary by Gender Chart in Faroe Islands

Male
197,600 DKK
Female -8%
183,700 DKK

Banking Technical Analyst Average Pay Raise in Faroe Islands

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 a Banking Technical Analyst in Faroe Islands is around 7% every 27 months.

The national average pay raise across all professions and industries in Faroe Islands 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 = ( 7 ÷ 27 ) × 12  = 3%

What this means is that a Banking Technical Analyst in Faroe Islands can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Faroe Islands for 2024

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

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

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

Banking Technical Analyst Bonus and Incentive Rates in Faroe Islands

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.

A Banking Technical Analyst is a low bonus based job, with 38% of employees reporting at least one bonus in the last 12 months.

62% 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 3% to 6%.

Received Bonus
38%
No Bonus
62%

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 Faroe Islands earn approximately 19% more than private sector employees in the same role.

Public Sector
352,000 DKK
Private Sector -19%
297,000 DKK

Salaries for Jobs Similar to a Banking Technical Analyst

In the table below, we have salary information for jobs that are similar to a Banking Technical Analyst in Faroe Islands.

Job Title Category Salary
AML Analyst Banking 487,600 DKK
Assistant Bank Branch Manager Banking 415,900 DKK
Assistant Bank Manager Banking 531,700 DKK
ATM Manager Banking 437,300 DKK
ATM Service Technician Banking 128,500 DKK
Bank Accounts Analyst Banking 190,500 DKK
Bank Accounts Collector Banking 115,380 DKK
Bank Accounts Controller Banking 228,500 DKK
Bank Accounts Executive Banking 362,200 DKK
Bank Accounts Manager Banking 407,100 DKK
Bank Auditing Manager Banking 404,600 DKK
Bank Branch Manager Banking 581,000 DKK
Bank Branch Operations Coordinator Banking 257,700 DKK
Bank Clerk Banking 109,340 DKK
Bank Client Service Associate Banking 148,300 DKK
Bank Collector Banking 105,940 DKK
Bank Compliance Specialist Banking 296,000 DKK
Bank Manager Banking 688,900 DKK
Bank Operational Risk Manager Banking 639,100 DKK
Bank Operations Head Banking 675,100 DKK
Bank Operations Officer Banking 259,100 DKK
Bank Operations Specialist Banking 419,400 DKK
Bank Process Manager Banking 351,200 DKK
Bank Product Manager Banking 417,200 DKK
Bank Programme Manager Banking 453,200 DKK
Bank Project Manager Banking 541,700 DKK
Bank Propositions Manager Banking 496,100 DKK
Bank Quantitative Analyst Banking 318,800 DKK
Bank Regional Manager Banking 650,700 DKK
Bank Regional Risk Officer Banking 340,000 DKK
Bank Relationship Manager Banking 514,300 DKK
Bank Relationship Officer Banking 214,000 DKK
Bank Teller Banking 115,640 DKK
Banker Banking 225,300 DKK
Banking Business Analyst Banking 349,300 DKK
Banking Business Development Officer Banking 221,500 DKK
Banking Business Planning Executive Banking 472,100 DKK
Banking Product Manager Banking 419,400 DKK
Banking Reference Data Manager Banking 357,300 DKK
Banking Risk Analyst Banking 340,000 DKK
Bankruptcy Coordinator Banking 239,300 DKK
Bill and Account Collector Banking 119,080 DKK
Budget Analyst Banking 332,500 DKK
Capital Risk Manager Banking 665,300 DKK
Cards Marketing Manager Banking 447,300 DKK
Cash Management Manager Banking 595,300 DKK
Check Processing Manager Banking 426,700 DKK
Commercial Vault Associate Banking 348,300 DKK
Corporate Banker Banking 246,200 DKK
Corporate Dealer Banking 344,600 DKK
Credit Analyst Banking 261,300 DKK
Credit and Collections Manager Banking 485,300 DKK
Credit Card Fraud Investigator Banking 362,200 DKK
Credit Portfolio Manager Banking 638,700 DKK
Credit Risk Analyst Banking 367,900 DKK
Credit Risk Associate Banking 376,800 DKK
Direct Bank Sales Representative Banking 239,300 DKK
Exchange Control Consultant Banking 367,900 DKK
Executive Account Analyst Banking 335,100 DKK
Financial Bank Planning Consultant Banking 431,100 DKK
Financial Banking Analysis Manager Banking 522,700 DKK
Financial Banking Assistant Banking 163,800 DKK
Financial Banking Systems Manager Banking 455,400 DKK
Foreign Exchange Manager Banking 524,400 DKK
Fraud Analyst Banking 351,200 DKK
Fraud Detection Associate Banking 253,400 DKK
Fraud Detection Manager Banking 514,300 DKK
Fraud Detection Supervisor Banking 294,700 DKK
Internal Bank Audit Manager Banking 643,400 DKK
Internal Bank Auditor Banking 332,500 DKK
Internal Private Banker Banking 240,500 DKK
International Banking Manager Banking 681,900 DKK
Investment Banking Analyst Banking 491,000 DKK
Loan Analyst Banking 327,300 DKK
Loan Area Manager Banking 415,900 DKK
Loan Audit Team Leader Banking 389,200 DKK
Loan Branch Manager Banking 372,600 DKK
Loan Business Development Officer Banking 215,100 DKK
Loan Clerk Banking 123,400 DKK
Loan Collection and Recovery Manager Banking 392,300 DKK
Loan Collection Manager Banking 406,300 DKK
Loan Collector Banking 113,560 DKK
Loan Examiner Banking 150,000 DKK
Loan Officer Banking 134,600 DKK
Loan Processing Manager Banking 357,300 DKK
Loan Processor Banking 159,400 DKK
Loan Quality Assurance Auditor Banking 348,300 DKK
Loan Quality Assurance Manager Banking 378,300 DKK
Loan Quality Assurance Representative Banking 271,300 DKK
Loan Review Manager Banking 394,500 DKK
Loan Team Leader Banking 345,100 DKK
Loans Manager Banking 478,100 DKK
Mortgage Advisor Banking 228,000 DKK
Mortgage Collection Manager Banking 415,900 DKK
Mortgage Collector Banking 112,000 DKK
Mortgage Credit Analyst Banking 175,900 DKK
Mortgage Credit Manager Banking 401,300 DKK
Mortgage Development Manager Banking 448,500 DKK
Mortgage Document Reviewer Banking 148,300 DKK
Mortgage Funding Manager Banking 425,100 DKK
Mortgage Operations Manager Banking 602,700 DKK
Mortgage Payment Processing Clerk Banking 128,500 DKK
Mortgage Processing Manager Banking 406,300 DKK
Mortgage Processor Banking 154,700 DKK
Mortgage Quality Assurance Auditor Banking 325,800 DKK
Mortgage Quality Assurance Manager Banking 398,300 DKK
Mortgage Servicing Clerk Banking 115,640 DKK
Mortgage Servicing Manager Banking 394,300 DKK
Mortgage Underwriter Banking 146,200 DKK
Online Banking Manager Banking 619,800 DKK
Payment Processing Clerk Banking 125,100 DKK
Personal Banker Banking 252,300 DKK
Personal Banking Advisor Banking 251,500 DKK
Phone Banker Banking 169,000 DKK
Private Banker Banking 243,000 DKK
Reconciliation and Investigation Specialist Banking 281,500 DKK
Tax Officer Banking 212,500 DKK
Teller Banking 115,620 DKK
Trade Officer Banking 139,100 DKK
Trade Product Manager Banking 384,500 DKK
Trader Banking 172,400 DKK
Treasury Operations Officer Banking 312,400 DKK

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