Average Payroll Manager Salary in Iceland for 2024

In this article, we will look at the average Payroll 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 a Payroll Manager Make in Iceland?

A Payroll Manager working in Iceland will typically earn around 10,092,500 ISK per year, and this can range from the lowest average salary of about 4,642,200 ISK to the highest average salary of 16,079,800 ISK.

Average Annual Salary
10,092,500 ISK
Average Monthly Salary
841,041 ISK

Lowest Annual Salary
4,642,200 ISK
Lowest Monthly Salary
386,850 ISK

Highest Annual Salary
16,079,800 ISK
Highest Monthly Salary
1,339,983 ISK

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

Payroll 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 Payroll Manager Salaries in Iceland

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

Salary ranges

We already know that a Payroll Manager can earn between 4,642,200 ISK and 16,079,800 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 Payroll Manager in Iceland is 10,894,900 ISK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 10,894,900 ISK, and 50% of the population earn more than 10,894,900 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 Payroll Manager salary in Iceland, 25% of the population are earning less than 6,997,000 ISK while 75% of the population earn more than 6,997,000 ISK.

75% of the population earn less than 14,519,400 ISK, and 25% of the population earn more than 14,519,400 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.

Payroll 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 payroll 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. A Payroll Manager in Iceland that has less than two years of experience can expect to earn somewhere in the region of 5,267,700 ISK.
  • 2 - 5 Years Experience. With two to five years of experience the average Payroll Manager salary would increase to 7,030,600 ISK.
  • 5 - 10 Years Experience. From five to ten years of experience as a Payroll Manager, the average salary would be 10,391,200 ISK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 12,721,300 ISK.
  • 15 - 20 Years Experience. A Payroll Manager with 15 to 20 years of experience can earn an average of 13,798,900 ISK.
  • 20+ Years Experience. For a Payroll Manager with more than 20 years, the expected average salary increases to 15,001,200 ISK.

Average Salary by Experience Chart

0-2 Years
5,267,700 ISK
2-5 Years +34%
7,030,600 ISK
5-10 Years +48%
10,391,200 ISK
10-15 Years +22%
12,721,300 ISK
15-20 Years +9%
13,798,900 ISK
20+ Years +8%
15,001,200 ISK

Payroll 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 a Payroll 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.

  • Certificate or Diploma. A Payroll Manager in Iceland with a certificate or diploma education can earn an average salary of 6,011,900 ISK.

  • Bachelor's Degree. A Payroll Manager in Iceland with a bachelor's degree education can earn an average salary of 9,430,600 ISK.

  • Master's Degree. A Payroll Manager in Iceland with a master's degree education can earn an average salary of 15,838,200 ISK.

Average Salary by Education Chart

Certificate or Diploma
6,011,900 ISK
Bachelor's Degree +57%
9,430,600 ISK
Master's Degree +68%
15,838,200 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.

Payroll 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 payroll manager will earn an average of 10,321,700 ISK, while a female payroll manager will earn around 9,863,700 ISK.

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

Average Salary by Gender Chart in Iceland

Male
10,321,700 ISK
Female -5%
9,863,700 ISK

Payroll 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 a Payroll Manager 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 Payroll 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%

Payroll 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.

A Payroll Manager is a moderate bonus based job, with 67% of employees reporting at least one bonus in the last 12 months.

33% 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 5% to 9%.

Received Bonus
67%
No Bonus
33%

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 Payroll Manager

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

Job Title Category Salary
Account Examiner Accounting and Finance 4,162,800 ISK
Account Executive Accounting and Finance 6,901,600 ISK
Accountant Accounting and Finance 5,123,800 ISK
Accounting Analyst Accounting and Finance 7,081,500 ISK
Accounting Assistant Accounting and Finance 4,006,500 ISK
Accounting Associate Accounting and Finance 4,067,600 ISK
Accounting Clerk Accounting and Finance 3,335,900 ISK
Accounting Coordinator Accounting and Finance 5,003,800 ISK
Accounting Head Accounting and Finance 10,919,400 ISK
Accounting Manager Accounting and Finance 12,239,700 ISK
Accounting Officer Accounting and Finance 4,260,400 ISK
Accounting Specialist Accounting and Finance 7,789,700 ISK
Accounting Supervisor Accounting and Finance 7,763,600 ISK
Accounting Technician Accounting and Finance 3,875,100 ISK
Accounting Unit Controller Accounting and Finance 9,623,400 ISK
Accounts Executive Accounting and Finance 7,150,200 ISK
Accounts Officer Accounting and Finance 4,499,000 ISK
Accounts Payable and Receivable Specialist Accounting and Finance 5,495,200 ISK
Accounts Payable Assistant Accounting and Finance 4,260,400 ISK
Accounts Payable Associate Accounting and Finance 5,146,100 ISK
Accounts Payable Clerk Accounting and Finance 4,282,500 ISK
Accounts Payable Manager Accounting and Finance 11,389,900 ISK
Accounts Receivable Administrator Accounting and Finance 7,834,900 ISK
Accounts Receivable Clerk Accounting and Finance 4,282,500 ISK
Accounts Receivable Financial Analyst Accounting and Finance 8,075,200 ISK
Accounts Receivable Manager Accounting and Finance 11,184,400 ISK
Accounts Receivable Team Leader Accounting and Finance 8,038,700 ISK
Assistant Accountant Accounting and Finance 4,201,000 ISK
Assistant Accounting Manager Accounting and Finance 10,369,900 ISK
Assistant Auditor Accounting and Finance 5,447,200 ISK
Assistant Corporate Controller Accounting and Finance 7,715,800 ISK
Assistant Finance Manager Accounting and Finance 11,772,100 ISK
Assistant Financial Controller Accounting and Finance 7,726,700 ISK
Audit Director Accounting and Finance 12,481,200 ISK
Audit Supervisor Accounting and Finance 10,463,500 ISK
Auditing Clerk Accounting and Finance 4,499,000 ISK
Auditing Manager Accounting and Finance 11,867,000 ISK
Billing Clerk Accounting and Finance 4,093,700 ISK
Billing Coordinator Accounting and Finance 4,870,300 ISK
Billing Specialist Accounting and Finance 5,926,600 ISK
Billing Supervisor Accounting and Finance 8,701,100 ISK
Bookkeeper Accounting and Finance 3,745,100 ISK
Bookkeeping Specialist Accounting and Finance 5,280,300 ISK
Budget Analyst Accounting and Finance 9,769,700 ISK
Budget Manager Accounting and Finance 11,688,600 ISK
Business Support Analyst Accounting and Finance 6,142,600 ISK
Capital Markets Associate Accounting and Finance 8,206,100 ISK
Cash Flow Analyst Accounting and Finance 8,545,000 ISK
Cash Management Manager Accounting and Finance 11,184,400 ISK
Cash Management Officer Accounting and Finance 6,480,800 ISK
Cashbook Clerk Accounting and Finance 3,792,300 ISK
Chartered Accountant Accounting and Finance 7,199,500 ISK
Chief Accountant Accounting and Finance 8,483,700 ISK
Collections Clerk Accounting and Finance 3,253,900 ISK
Collections Representative Accounting and Finance 4,956,800 ISK
Collections Specialist Accounting and Finance 5,735,900 ISK
Corporate Controller Accounting and Finance 8,902,700 ISK
Corporate Treasurer Accounting and Finance 10,739,300 ISK
Cost Accountant Accounting and Finance 5,614,600 ISK
Cost Accounting Manager Accounting and Finance 11,149,200 ISK
Cost Accounting Supervisor Accounting and Finance 8,845,500 ISK
Cost Analyst Accounting and Finance 8,940,400 ISK
Credit and Collection Manager Accounting and Finance 11,326,400 ISK
Credit and Collection Staff Accounting and Finance 4,403,400 ISK
Credit and Loans Officer Accounting and Finance 4,043,600 ISK
Credit Controller Accounting and Finance 7,499,500 ISK
Credit Manager Accounting and Finance 11,653,500 ISK
Debt Adviser Accounting and Finance 9,528,200 ISK
Debt Collector Accounting and Finance 4,633,100 ISK
Debtors Clerk Accounting and Finance 3,769,500 ISK
Debtors Controller Accounting and Finance 4,260,400 ISK
Deputy CFO Accounting and Finance 15,480,300 ISK
Deputy Head of Finance Accounting and Finance 15,480,300 ISK
Derivative Trader Accounting and Finance 9,684,600 ISK
Director of Finance Accounting and Finance 16,198,300 ISK
Economist Accounting and Finance 13,319,300 ISK
Equity Analyst Accounting and Finance 10,092,500 ISK
Escrow Assistant Accounting and Finance 4,991,200 ISK
Executive Accountant Accounting and Finance 6,179,700 ISK
External Auditor Accounting and Finance 7,993,600 ISK
Finance Administrator Accounting and Finance 6,395,900 ISK
Finance Analyst Accounting and Finance 9,792,100 ISK
Finance Associate Accounting and Finance 4,762,300 ISK
Finance Director Accounting and Finance 16,079,800 ISK
Finance Executive Accounting and Finance 12,121,000 ISK
Finance Licensing Clerk Accounting and Finance 4,006,500 ISK
Finance Licensing Manager Accounting and Finance 10,595,000 ISK
Finance Licensing Specialist Accounting and Finance 5,998,900 ISK
Finance Manager Accounting and Finance 15,238,200 ISK
Finance Officer Accounting and Finance 5,305,100 ISK
Finance President Accounting and Finance 15,838,200 ISK
Finance Relationship Manager Accounting and Finance 12,361,500 ISK
Finance Release Analyst Accounting and Finance 6,514,800 ISK
Finance Specialist Accounting and Finance 9,036,900 ISK
Finance Team Leader Accounting and Finance 12,481,200 ISK
Financial Accountant Accounting and Finance 5,724,700 ISK
Financial Actuary Accounting and Finance 8,305,400 ISK
Financial Administrator Accounting and Finance 8,926,700 ISK
Financial Advisor Accounting and Finance 9,886,200 ISK
Financial Analyst Accounting and Finance 10,306,800 ISK
Financial Applications Specialist Accounting and Finance 7,189,800 ISK
Financial Assistant Accounting and Finance 4,618,200 ISK
Financial Associate Accounting and Finance 4,450,400 ISK
Financial Associate Accounting and Finance 5,197,600 ISK
Financial Claims Analyst Accounting and Finance 7,606,200 ISK
Financial Claims Manager Accounting and Finance 10,057,900 ISK
Financial Claims Supervisor Accounting and Finance 9,335,200 ISK
Financial Clerk Accounting and Finance 4,224,200 ISK
Financial Commercial Analyst Accounting and Finance 7,572,700 ISK
Financial Compliance Analyst Accounting and Finance 9,239,600 ISK
Financial Consultant Accounting and Finance 7,561,700 ISK
Financial Controller Accounting and Finance 8,339,300 ISK
Financial Controller Accounting and Finance 9,106,400 ISK
Financial Coordinator Accounting and Finance 5,053,200 ISK
Financial Customer Service Manager Accounting and Finance 10,212,200 ISK
Financial Dealer and Broker Accounting and Finance 6,193,900 ISK
Financial Director Accounting and Finance 15,960,700 ISK
Financial Encoder Accounting and Finance 4,870,300 ISK
Financial Manager Accounting and Finance 14,639,900 ISK
Financial Manager Accounting and Finance 16,079,800 ISK
Financial Operations Manager Accounting and Finance 13,798,900 ISK
Financial Policy Analyst Accounting and Finance 8,545,000 ISK
Financial Project Manager Accounting and Finance 11,569,500 ISK
Financial Quantitative Analyst Accounting and Finance 9,493,400 ISK
Financial Reporting Consultant Accounting and Finance 7,726,700 ISK
Financial Reporting Manager Accounting and Finance 10,537,900 ISK
Financial Section Head Accounting and Finance 10,378,100 ISK
Financial Services Manager Accounting and Finance 14,639,900 ISK
Financial Services Sales Agent Accounting and Finance 6,084,900 ISK
Fixed Assets Administrator Accounting and Finance 5,628,400 ISK
Forensic Accountant Accounting and Finance 6,228,100 ISK
Fraud Detection Supervisor Accounting and Finance 6,887,700 ISK
Fraud Prevention Manager Accounting and Finance 11,389,900 ISK
Fund Accountant Accounting and Finance 5,326,200 ISK
Grants Coordinator Accounting and Finance 4,187,600 ISK
Group Financial Manager Accounting and Finance 16,079,800 ISK
Internal Auditor Accounting and Finance 7,618,900 ISK
Internal Control Adviser Accounting and Finance 8,785,800 ISK
Internal Control Officer Accounting and Finance 4,860,800 ISK
International Tax Director Accounting and Finance 13,441,600 ISK
Inventory Accountant Accounting and Finance 5,771,600 ISK
Investment Advisor Accounting and Finance 14,880,300 ISK
Investment Analyst Accounting and Finance 10,992,900 ISK
Investment Associate Accounting and Finance 9,106,400 ISK
Investment Broker Accounting and Finance 9,335,200 ISK
Investment Fund Manager Accounting and Finance 12,121,000 ISK
Investment Operations Manager Accounting and Finance 12,361,500 ISK
Investment Underwriter Accounting and Finance 4,609,700 ISK
Investor Accounting and Finance 7,140,500 ISK
Investor Relations Manager Accounting and Finance 11,113,100 ISK
KYC Team Leader Accounting and Finance 10,116,200 ISK
Loan Processor Accounting and Finance 4,429,300 ISK
Management Accountant Accounting and Finance 6,156,100 ISK
Management Economist Accounting and Finance 12,841,200 ISK
Paymaster Accounting and Finance 4,235,500 ISK
Payroll Administrator Accounting and Finance 7,285,700 ISK
Payroll Benefits Coordinator Accounting and Finance 6,382,300 ISK
Payroll Billing Manager Accounting and Finance 10,537,900 ISK
Payroll Clerk Accounting and Finance 4,810,800 ISK
Payroll Officer Accounting and Finance 5,017,100 ISK
Payroll Specialist Accounting and Finance 5,989,600 ISK
Payroll Supervisor Accounting and Finance 7,030,600 ISK
Pensions Administrator Accounting and Finance 5,843,600 ISK
Personal Financial Advisor Accounting and Finance 7,919,400 ISK
Pricing Analyst Accounting and Finance 9,142,700 ISK
Private Equity Analyst Accounting and Finance 9,346,600 ISK
Project Accountant Accounting and Finance 5,555,200 ISK
Proposal Development Coordinator Accounting and Finance 4,908,200 ISK
Receivables Accountant Accounting and Finance 5,123,800 ISK
Regulatory Accountant Accounting and Finance 6,241,000 ISK
Retirement Plan Analyst Accounting and Finance 8,902,700 ISK
Revenue Management Specialist Accounting and Finance 9,250,100 ISK
Revenue Recognition Analyst Accounting and Finance 9,841,900 ISK
Risk Management Director Accounting and Finance 13,199,100 ISK
Risk Management Supervisor Accounting and Finance 10,849,200 ISK
Staff Accountant Accounting and Finance 5,183,700 ISK
Tax Accountant Accounting and Finance 5,376,200 ISK
Tax Administrator Accounting and Finance 6,118,800 ISK
Tax Advisor Accounting and Finance 8,638,900 ISK
Tax Analyst Accounting and Finance 8,626,600 ISK
Tax Associate Accounting and Finance 4,822,700 ISK
Tax Consultant Accounting and Finance 8,975,900 ISK
Tax Director Accounting and Finance 13,079,500 ISK
Tax Examiner Accounting and Finance 5,579,400 ISK
Tax Manager Accounting and Finance 11,184,400 ISK
Tax Research Manager Accounting and Finance 11,173,600 ISK
Teller Accounting and Finance 3,253,900 ISK
Treasury Accountant Accounting and Finance 5,747,700 ISK
Treasury Analyst Accounting and Finance 9,528,200 ISK
Underwriter Accounting and Finance 3,934,900 ISK
Underwriting Assistant Accounting and Finance 3,696,900 ISK
Vice President of Finance Accounting and Finance 15,360,400 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 11,509,500 ISK

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