Average Commodity Broker Salary in Faroe Islands for 2024

In this article, we will look at the average Commodity Broker 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 Commodity Broker Make in Faroe Islands?

A Commodity Broker working in Faroe Islands will typically earn around 301,800 DKK per year, and this can range from the lowest average salary of about 157,600 DKK to the highest average salary of 459,700 DKK.

Average Annual Salary
301,800 DKK
Average Monthly Salary
25,150 DKK

Lowest Annual Salary
157,600 DKK
Lowest Monthly Salary
13,133 DKK

Highest Annual Salary
459,700 DKK
Highest Monthly Salary
38,308 DKK

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

Commodity Broker 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 Commodity Broker Salaries in Faroe Islands

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

Salary ranges

We already know that a Commodity Broker can earn between 157,600 DKK and 459,700 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 Commodity Broker in Faroe Islands is 286,400 DKK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 286,400 DKK, and 50% of the population earn more than 286,400 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 Commodity Broker salary in Faroe Islands, 25% of the population are earning less than 197,600 DKK while 75% of the population earn more than 197,600 DKK.

75% of the population earn less than 357,700 DKK, and 25% of the population earn more than 357,700 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.

Commodity Broker 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 commodity broker 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 Commodity Broker in Faroe Islands that has less than two years of experience can expect to earn somewhere in the region of 176,800 DKK.
  • 2 - 5 Years Experience. With two to five years of experience the average Commodity Broker salary would increase to 239,000 DKK.
  • 5 - 10 Years Experience. From five to ten years of experience as a Commodity Broker, the average salary would be 309,800 DKK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 372,600 DKK.
  • 15 - 20 Years Experience. A Commodity Broker with 15 to 20 years of experience can earn an average of 407,300 DKK.
  • 20+ Years Experience. For a Commodity Broker with more than 20 years, the expected average salary increases to 431,100 DKK.

Average Salary by Experience Chart

0-2 Years
176,800 DKK
2-5 Years +34%
239,000 DKK
5-10 Years +30%
309,800 DKK
10-15 Years +21%
372,600 DKK
15-20 Years +9%
407,300 DKK
20+ Years +5%
431,100 DKK

Commodity Broker 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 Commodity Broker 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.

  • High School. A Commodity Broker in Faroe Islands with a high school education can earn an average salary of 212,500 DKK.

  • Certificate or Diploma. A Commodity Broker in Faroe Islands with a certificate or diploma education can earn an average salary of 243,000 DKK.

  • Bachelor's Degree. A Commodity Broker in Faroe Islands with a bachelor's degree education can earn an average salary of 341,900 DKK.

  • Master's Degree. A Commodity Broker in Faroe Islands with a master's degree education can earn an average salary of 417,200 DKK.

Average Salary by Education Chart

High School
212,500 DKK
Certificate or Diploma +14%
243,000 DKK
Bachelor's Degree +41%
341,900 DKK
Master's Degree +21%
417,200 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.

Commodity Broker 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 commodity broker will earn an average of 317,700 DKK, while a female commodity broker will earn around 288,100 DKK.

This means that a male commodity broker earns approximately 10% more than a female commodity broker for performing the same job.

Average Salary by Gender Chart in Faroe Islands

Male
317,700 DKK
Female -10%
288,100 DKK

Commodity Broker 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 Commodity Broker in Faroe Islands is around 8% 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 = ( 8 ÷ 27 ) × 12  = 4%

What this means is that a Commodity Broker in Faroe Islands can expect to receive an average pay raise of around 4% 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%

Commodity Broker 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 Commodity Broker is a low bonus based job, with 35% of employees reporting at least one bonus in the last 12 months.

65% 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 5%.

Received Bonus
35%
No Bonus
65%

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 Commodity Broker

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

Job Title Category Salary
Account Coordinator Executive and Management 282,300 DKK
Account Director Executive and Management 332,100 DKK
Account Executive Executive and Management 362,200 DKK
Account Manager Executive and Management 327,800 DKK
Administration Manager Executive and Management 361,500 DKK
Administration Officer Executive and Management 189,300 DKK
Administration Supervisor Executive and Management 283,700 DKK
Administrative Clerk Executive and Management 137,400 DKK
Administrative Officer Executive and Management 148,300 DKK
Area Director Executive and Management 340,000 DKK
Area Manager Executive and Management 332,500 DKK
Asset Protection Associate Executive and Management 377,200 DKK
Assistant Director Executive and Management 362,200 DKK
Assistant General Manager Executive and Management 390,000 DKK
Assistant Manager Executive and Management 386,400 DKK
Assistant Managing Director Executive and Management 451,000 DKK
Assistant Operations Manager Executive and Management 397,900 DKK
Assistant Project Manager Executive and Management 378,300 DKK
Assistant Section Head Executive and Management 296,000 DKK
Assistant to CEO Executive and Management 354,000 DKK
Assistant Vice President Executive and Management 404,600 DKK
Associate Account Director Executive and Management 369,300 DKK
Associate Director Executive and Management 377,200 DKK
Bid Manager Executive and Management 437,300 DKK
Branch Manager Executive and Management 409,000 DKK
Business Development Manager Executive and Management 428,400 DKK
Business Operations Associate Executive and Management 352,000 DKK
Business Operations Lead Executive and Management 386,400 DKK
Campaign Manager Executive and Management 398,300 DKK
Catering Coordinator Executive and Management 222,300 DKK
Catering Manager Executive and Management 378,800 DKK
CEO Executive and Management 733,300 DKK
Chairman of The Board Executive and Management 692,500 DKK
Chairman Office Manager Executive and Management 440,200 DKK
Chief Commercial Officer Executive and Management 498,500 DKK
Chief Corporate Officer Executive and Management 578,500 DKK
Chief Executive Officer Executive and Management 695,400 DKK
Chief Financial Officer Executive and Management 663,200 DKK
Chief Investment Officer Executive and Management 525,700 DKK
Chief of Staff Executive and Management 327,800 DKK
Chief Operating Officer Executive and Management 504,300 DKK
Chief Risk Officer Executive and Management 442,300 DKK
Client Account Manager Executive and Management 442,200 DKK
Client Accounts Officer Executive and Management 362,200 DKK
Client Services Manager Executive and Management 459,700 DKK
Commercial Director Executive and Management 464,900 DKK
Commercial Manager Executive and Management 412,000 DKK
Commercial Project Manager Executive and Management 369,900 DKK
COO Executive and Management 535,800 DKK
Corporate Affairs Executive Executive and Management 431,100 DKK
Corporate Compliance Director Executive and Management 471,700 DKK
Corporate Director Executive and Management 480,300 DKK
Corporate Officer Executive and Management 327,300 DKK
Corporate Partnerships Officer Executive and Management 340,400 DKK
Country Manager Executive and Management 553,800 DKK
Department Head Executive and Management 424,300 DKK
Department Manager Executive and Management 411,400 DKK
Department Supervisor Executive and Management 381,800 DKK
Deputy Director Executive and Management 483,400 DKK
Deputy Manager Executive and Management 510,200 DKK
Director Executive and Management 531,700 DKK
Director of Accreditation Executive and Management 485,300 DKK
Director of Catering Services Executive and Management 424,300 DKK
Director of Client Services Executive and Management 454,300 DKK
Director of Facilities Management Executive and Management 377,200 DKK
Director of Operations Executive and Management 460,500 DKK
Director of Process Simplification Executive and Management 357,300 DKK
Director of Product Management Executive and Management 478,100 DKK
Director of Project Management Executive and Management 500,100 DKK
Director of Revenue Management Executive and Management 420,800 DKK
Director of Training and Development Executive and Management 460,500 DKK
Distribution Manager Executive and Management 478,000 DKK
Division Manager Executive and Management 407,100 DKK
Duty Manager Executive and Management 396,300 DKK
Engagement Manager Executive and Management 472,000 DKK
Executive Director Executive and Management 670,600 DKK
Executive Manager Executive and Management 551,200 DKK
Franchise Manager Executive and Management 596,800 DKK
General Manager Executive and Management 566,900 DKK
Global Master Data Manager Executive and Management 502,200 DKK
Global Technical Lead Executive and Management 339,100 DKK
Head of Investment Executive and Management 464,900 DKK
Head of Middle Office Executive and Management 444,300 DKK
Head of Projects Executive and Management 480,600 DKK
Head of Strategy Executive and Management 510,300 DKK
Head of Supply Chain Executive and Management 444,300 DKK
Head of Sustainability Executive and Management 398,300 DKK
Housing Manager Executive and Management 390,000 DKK
HSE Manager Executive and Management 394,300 DKK
Key Account Manager Executive and Management 376,800 DKK
Knowledge Manager Executive and Management 426,700 DKK
Location Manager Executive and Management 415,900 DKK
Logistics Executive Executive and Management 376,800 DKK
Logistics Manager Executive and Management 381,800 DKK
Management Consultant Executive and Management 375,200 DKK
Management Executive Executive and Management 489,600 DKK
Manager Executive and Management 485,200 DKK
Managing Director Executive and Management 552,400 DKK
MIS Executive Executive and Management 457,300 DKK
Ocean Services Manager Executive and Management 475,700 DKK
Operational Manager Executive and Management 498,500 DKK
Operations Analyst Executive and Management 388,100 DKK
Operations Assistant Executive and Management 339,100 DKK
Operations Director Executive and Management 533,100 DKK
Operations Executive Executive and Management 489,500 DKK
Operations Manager Executive and Management 528,500 DKK
Operations Supervisor Executive and Management 430,500 DKK
Planning Director Executive and Management 472,000 DKK
PMO Manager Executive and Management 431,300 DKK
Policy Administration Executive Executive and Management 412,000 DKK
Private Sector Executive Executive and Management 403,100 DKK
Product Development Manager Executive and Management 450,300 DKK
Product Executive Executive and Management 404,600 DKK
Production Executive Executive and Management 483,800 DKK
Production Manager Executive and Management 492,700 DKK
Production Supervisor Executive and Management 411,400 DKK
Program Director Executive and Management 507,300 DKK
Program Manager Executive and Management 483,400 DKK
Programme Coordinator Executive and Management 325,800 DKK
Project Control Manager Executive and Management 510,300 DKK
Project Coordinator Executive and Management 299,500 DKK
Project Management Officer Executive and Management 340,000 DKK
Project Manager Executive and Management 348,300 DKK
Project Portfolio Manager Executive and Management 371,100 DKK
Quality Manager Executive and Management 366,200 DKK
R/D Director Executive and Management 433,800 DKK
Regional Director Executive and Management 669,100 DKK
Regional Manager Executive and Management 480,600 DKK
Relationship Manager Executive and Management 467,100 DKK
Retail District Manager Executive and Management 320,500 DKK
Revenue Manager Executive and Management 361,500 DKK
Risk and Capital Manager Executive and Management 548,800 DKK
Risk Officer Executive and Management 357,300 DKK
Safety Manager Executive and Management 362,200 DKK
Section Head Executive and Management 376,800 DKK
Service Manager Executive and Management 369,900 DKK
Shift Supervisor Executive and Management 288,100 DKK
Solutions Manager Executive and Management 315,900 DKK
Supervisor Executive and Management 282,300 DKK
Supply Chain Manager Executive and Management 504,400 DKK
Surveyor Executive and Management 320,500 DKK
Technical Director Executive and Management 455,400 DKK
Technical Manager Executive and Management 442,300 DKK
Territory Manager Executive and Management 475,700 DKK
Validation Manager Executive and Management 381,800 DKK
Vice President Executive and Management 535,900 DKK
Zone Manager Executive and Management 499,300 DKK

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