Average Geological Engineer Salary in Iceland for 2024

In this article, we will look at the average Geological Engineer 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 a Geological Engineer Make in Iceland?

A Geological Engineer working in Iceland will typically earn around 6,875,100 ISK per year, and this can range from the lowest average salary of about 3,168,300 ISK to the highest average salary of 10,932,200 ISK.

Average Annual Salary
6,875,100 ISK
Average Monthly Salary
572,925 ISK

Lowest Annual Salary
3,168,300 ISK
Lowest Monthly Salary
264,025 ISK

Highest Annual Salary
10,932,200 ISK
Highest Monthly Salary
911,016 ISK

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

Geological Engineer 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 Geological Engineer Salaries in Iceland

So we've looked at the average salaries a Geological Engineer will earn in Iceland. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Geological Engineer can earn between 3,168,300 ISK and 10,932,200 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 a Geological Engineer in Iceland is 7,428,600 ISK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 7,428,600 ISK, and 50% of the population earn more than 7,428,600 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 Geological Engineer salary in Iceland, 25% of the population are earning less than 4,762,300 ISK while 75% of the population earn more than 4,762,300 ISK.

75% of the population earn less than 9,910,500 ISK, and 25% of the population earn more than 9,910,500 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.

Geological Engineer 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 geological engineer 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 Geological Engineer in Iceland that has less than two years of experience can expect to earn somewhere in the region of 3,586,300 ISK.
  • 2 - 5 Years Experience. With two to five years of experience the average Geological Engineer salary would increase to 4,799,700 ISK.
  • 5 - 10 Years Experience. From five to ten years of experience as a Geological Engineer, the average salary would be 7,093,500 ISK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 8,638,900 ISK.
  • 15 - 20 Years Experience. A Geological Engineer with 15 to 20 years of experience can earn an average of 9,421,200 ISK.
  • 20+ Years Experience. For a Geological Engineer with more than 20 years, the expected average salary increases to 10,199,600 ISK.

Average Salary by Experience Chart

0-2 Years
3,586,300 ISK
2-5 Years +34%
4,799,700 ISK
5-10 Years +48%
7,093,500 ISK
10-15 Years +22%
8,638,900 ISK
15-20 Years +9%
9,421,200 ISK
20+ Years +8%
10,199,600 ISK

Geological Engineer 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 a Geological Engineer 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. A Geological Engineer in Iceland with a bachelor's degree education can earn an average salary of 4,176,700 ISK.

  • Master's Degree. A Geological Engineer in Iceland with a master's degree education can earn an average salary of 8,062,900 ISK.

Average Salary by Education Chart

Bachelor's Degree
4,176,700 ISK
Master's Degree +93%
8,062,900 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.

Geological Engineer 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 geological engineer will earn an average of 7,030,600 ISK, while a female geological engineer will earn around 6,721,800 ISK.

This means that a male geological engineer earns approximately 5% more than a female geological engineer for performing the same job.

Average Salary by Gender Chart in Iceland

Male
7,030,600 ISK
Female -5%
6,721,800 ISK

Geological Engineer 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 a Geological Engineer in Iceland is around 7% 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 = ( 7 ÷ 29 ) × 12  = 3%

What this means is that a Geological Engineer 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%

Geological Engineer 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.

A Geological Engineer is a low bonus based job, with 16% of employees reporting at least one bonus in the last 12 months.

84% 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 0% to 4%.

Received Bonus
16%
No Bonus
84%

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 a Geological Engineer

In the table below, we have salary information for jobs that are similar to a Geological Engineer in Iceland.

Job Title Category Salary
Acoustics Engineer Engineering 6,552,400 ISK
Assembly Engineering Technician Engineering 5,305,100 ISK
Assistant Chief Engineer Engineering 7,693,200 ISK
Associate Engineer Engineering 6,193,900 ISK
AutoCAD Drafter Engineering 4,116,600 ISK
Autocad Operator Engineering 4,309,300 ISK
Automation Engineer Engineering 7,285,700 ISK
Automation Engineer Engineering 7,583,100 ISK
Avionic System Support Engineer Engineering 6,442,400 ISK
Biochemical Engineer Engineering 6,552,400 ISK
BMS Engineer Engineering 6,179,700 ISK
Bridge and Lock Tender Engineering 3,745,100 ISK
Broadcast Engineer Engineering 6,480,800 ISK
CAD Design Engineer Engineering 7,416,400 ISK
CAD Designer Engineering 4,499,000 ISK
CAE Engineer Engineering 7,020,500 ISK
Ceramics Engineer Engineering 6,289,900 ISK
Chemical Engineer Engineering 6,947,800 ISK
Civil Drafter Engineering 4,152,200 ISK
Civil Engineer Engineering 7,093,500 ISK
Civil Site Engineer Engineering 6,971,100 ISK
Civil Technician Engineering 4,102,700 ISK
Commissioning Engineer Engineering 6,433,500 ISK
Communications Engineer Engineering 7,150,200 ISK
Condition Monitoring Engineer Engineering 5,940,300 ISK
Contract Associate Engineer Engineering 6,670,600 ISK
Contract Engineer Engineering 6,670,600 ISK
Control Systems Engineer Engineering 6,840,100 ISK
Controls Engineer Engineering 6,887,700 ISK
Controls Software Engineer Engineering 6,118,800 ISK
Corrosion Engineer Engineering 6,300,400 ISK
Design Engineer Engineering 7,020,500 ISK
Director of Engineering Engineering 14,038,300 ISK
Drafter Engineering 4,235,500 ISK
Drafting Manager Engineering 7,789,700 ISK
Drilling Engineer Engineering 6,670,600 ISK
Drilling Foreman Engineering 2,052,200 ISK
Electrical Draughtsman Engineering 3,373,200 ISK
Electrical Engineer Engineering 7,537,100 ISK
Electrical Engineering Manager Engineering 9,841,900 ISK
Electromechanical Engineering Technologist Engineering 7,726,700 ISK
Electromechanical Equipment Assembler Engineering 3,769,500 ISK
Energy Engineer Engineering 6,984,300 ISK
Engine Assembler Engineering 3,178,700 ISK
Engineer Engineering 7,224,700 ISK
Engineering Account Manager Engineering 8,267,800 ISK
Engineering Chief Designer Engineering 7,726,700 ISK
Engineering Consultant Engineering 9,576,900 ISK
Engineering Key Account Manager Engineering 9,466,400 ISK
Engineering Lab Technician Engineering 6,862,900 ISK
Engineering Manager Engineering 9,971,500 ISK
Engineering Planning Manager Engineering 9,863,700 ISK
Engineering Production Manager Engineering 12,600,600 ISK
Engineering Project Analyst Engineering 8,434,700 ISK
Engineering Project Coordinator Engineering 8,339,300 ISK
Engineering Project Director Engineering 14,400,800 ISK
Engineering Project Leader Engineering 9,166,100 ISK
Engineering Project Manager Engineering 9,528,200 ISK
Engineering Research and Development Manager Engineering 11,399,200 ISK
Engineering Safety Coordinator Engineering 5,388,100 ISK
Engineering Sales Manager Engineering 9,239,600 ISK
Engineering Technician Engineering 5,280,300 ISK
Engineering Technologist Engineering 5,579,400 ISK
Environmental Engineer Engineering 6,696,900 ISK
Equipment Engineer Engineering 6,228,100 ISK
Equipment Engineering Manager Engineering 8,988,700 ISK
Estimator Engineering 6,024,400 ISK
Fabrication Specialist Engineering 4,981,700 ISK
Fabricator Engineering 3,192,300 ISK
Facade Engineer Engineering 7,057,300 ISK
Fiber Analyst Engineering 3,984,100 ISK
Field Engineer Engineering 7,081,500 ISK
Field Engineering Manager Engineering 11,509,500 ISK
Fire Engineer Engineering 6,850,500 ISK
Fitter and Turner Engineering 2,184,900 ISK
Forestry Strategic Planner Engineering 7,801,800 ISK
Generation Engineer Engineering 6,696,900 ISK
Genetic Engineer Engineering 7,896,400 ISK
Geotechnical Engineer Engineering 7,236,200 ISK
Heavy Equipment Mechanic Engineering 3,792,300 ISK
Highway Engineer Engineering 6,780,300 ISK
HSE Professional Engineering 6,156,100 ISK
HVAC Engineer Engineering 7,224,700 ISK
HVAC Supervisor Engineering 6,613,100 ISK
Industrial Engineer Engineering 6,529,400 ISK
Industrial Engineering Technologist Engineering 6,768,400 ISK
Instrument Engineer Engineering 6,840,100 ISK
Instrument Technician Engineering 3,898,100 ISK
Instrumentation and Control Engineer Engineering 7,007,800 ISK
Instrumentation Designer Engineering 5,989,600 ISK
Instrumentation Engineer Engineering 6,862,900 ISK
Instrumentation Manager Engineering 6,997,000 ISK
Irrigation Engineer Engineering 6,587,900 ISK
Licensed Aircraft Engineer Engineering 7,633,100 ISK
Locomotive Engineer Engineering 6,360,600 ISK
Maintenance Engineer Engineering 6,347,100 ISK
Maintenance Fitter Engineering 2,485,800 ISK
Maintenance Manager Engineering 6,997,000 ISK
Manufacturing Engineer Engineering 6,514,800 ISK
Marine Engineer Engineering 6,791,800 ISK
Materials Engineer Engineering 6,613,100 ISK
Materials Researcher Engineering 6,670,600 ISK
Materials Technician Engineering 4,956,800 ISK
Mechanical and Electrical Engineer Engineering 7,115,800 ISK
Mechanical Design Engineer Engineering 7,477,100 ISK
Mechanical Designer Engineering 6,048,900 ISK
Mechanical Engineer Engineering 7,174,700 ISK
Mechanical Engineering Manager Engineering 9,442,200 ISK
Mechanical Inspector Engineering 6,911,700 ISK
Mechatronics Engineer Engineering 7,633,100 ISK
Mining Engineer Engineering 7,067,300 ISK
Oil and Petrochemical Engineer Engineering 7,321,700 ISK
Optical Engineer Engineering 6,600,900 ISK
Optical Instrument Assembler Engineering 3,444,200 ISK
PCB Assembler Engineering 2,629,100 ISK
Photonics Engineer Engineering 7,321,700 ISK
Photonics Technician Engineering 5,963,300 ISK
Pipeline Engineer Engineering 6,493,000 ISK
Piping Designer Engineering 3,850,500 ISK
Piping Engineer Engineering 6,480,800 ISK
Planning Engineer Engineering 7,105,200 ISK
Pressure Vessel Inspector Engineering 3,432,600 ISK
Principal Cost Engineer Engineering 6,901,600 ISK
Principal Engineer Engineering 7,020,500 ISK
Principal Support Engineer Engineering 7,007,800 ISK
Process Engineer Engineering 6,635,400 ISK
Process Operator Engineering 4,006,500 ISK
Product Development Engineer Engineering 6,971,100 ISK
Product Development Technician Engineering 4,943,500 ISK
Product Engineer Engineering 6,958,900 ISK
Product Safety Engineer Engineering 6,804,900 ISK
Production Engineer Engineering 6,984,300 ISK
Project Engineer Engineering 7,067,300 ISK
Proposal Manager Engineering 9,060,600 ISK
Purchasing Engineer Engineering 6,118,800 ISK
Quality Assurance Engineer Engineering 6,613,100 ISK
Rail Engineer Engineering 6,721,800 ISK
Regional Field Engineer Engineering 7,129,200 ISK
Robotics Engineer Engineering 7,777,400 ISK
Robotics Technician Engineering 5,628,400 ISK
Safety Engineer Engineering 6,648,800 ISK
Safety Inspector Engineering 5,146,100 ISK
Safety Manager Engineering 8,590,400 ISK
Safety Officer Engineering 3,622,400 ISK
Sales Engineer Engineering 7,572,700 ISK
Scheduling Engineer Engineering 6,024,400 ISK
Service Engineer Engineering 7,488,800 ISK
Solar Engineer Engineering 7,488,800 ISK
Staff Engineer Engineering 6,745,700 ISK
Static Equipment Engineer Engineering 6,670,600 ISK
Stationary Engineer Engineering 6,048,900 ISK
Stress Engineer Engineering 6,241,000 ISK
Structural Analysis Engineer Engineering 6,577,500 ISK
Structural Designer Engineering 6,360,600 ISK
Structural Engineer Engineering 6,577,500 ISK
Structural Technician Engineering 4,297,400 ISK
Supply Chain Specialist Engineering 7,057,300 ISK
Surveyor Engineering 5,376,200 ISK
Technical Affairs Officer Engineering 3,539,100 ISK
Technical Assistant Engineering 3,529,600 ISK
Technical Engineer Engineering 6,179,700 ISK
Technical Support Engineer Engineering 5,940,300 ISK
Tender Engineer Engineering 6,084,900 ISK
Test Development Engineer Engineering 6,587,900 ISK
Test Engineer Engineering 6,635,400 ISK
Transportation Engineer Engineering 6,311,900 ISK
Validation Engineer Engineering 6,420,700 ISK
Verification Engineer Engineering 6,768,400 ISK
Wastewater Engineer Engineering 6,958,900 ISK
Wind Energy Engineer Engineering 7,150,200 ISK
Wind Energy Operations Manager Engineering 9,361,300 ISK
Work Planner Engineering 4,714,900 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 8,411,800 ISK

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