Mathematical Modeling Engineer salary in Iceland

Average Yearly Salary of Mathematical Modeling Engineer in Iceland is approximately 17,573,267 ISK (123,067 USD). Data is for 2025 and indicates a pre-tax value. The salary itself depends on multiple factors such as seniority, job performance, certifications, experience or any other bonuses. The value indicated is an average amount based on records we have in database. Real values may vary. The data is for orientational purposes.

What does Mathematical Modeling Engineer do?

A mathematical modeling engineer is a professional who uses mathematical techniques and computer simulations to create models that represent real-world systems or processes. They analyze data, develop algorithms, and design mathematical models to solve complex problems in various fields such as engineering, finance, physics, and biology. These models help in understanding the behavior of systems, predicting outcomes, and making informed decisions. The occupation requires strong mathematical and analytical skills, as well as proficiency in programming languages and software tools used for modeling and simulation. Mathematical modeling engineers collaborate with interdisciplinary teams, including scientists, engineers, and business professionals, to develop solutions tailored to specific needs. They must have a deep understanding of the underlying principles of the systems they model and possess excellent problem-solving abilities.

Skills: mathematical modeling, engineering, computer simulation, data analysis, algorithm development, decision-making
Job industry: Engineering

How much does Mathematical Modeling Engineer make?

Difference in salary year over year or average salary increase is approximately 3 %


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Salary comparison to National average

Is Mathematical Modeling Engineer a well paid job?

Yes, our data shows that Mathematical Modeling Engineer is a well paid job. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Mathematical Modeling Engineer?

High salary for Mathematical Modeling Engineer would be somewhere between 19,330,594 ISK and 25,481,237 ISK. However this is an estimation based on Gaussian Distribution.

How much can you save working as Mathematical Modeling Engineer in Iceland?

Living in Iceland the approximate monthly expenses are: 2,729 USD. This amount covers basic needs such as food, housing, clothing, healthcare and education costs for a single person. No luxury expenses such as traveling, leisure, hobbies are included in the estimation.

Estimated Yearly Salary: 17,573,267 ISK
Estimated Monthly Salary: 1,464,439 ISK
Estimated Weekly Salary: 337,947 ISK per week
Estimated Hourly Salary: 8,449 ISK per hour
By working as Mathematical Modeling Engineer a person can save up to 7,527 USD per month or 90,321 USD yearly. Values are pre-tax.

NOTE: These values are estimates and are averaged for the whole country. Furthermore the value is likely exaggerated as no other expenses are taken into account in the projection. Unessential expenses are very subjective and are difficult to assess. Most likely the previously estimated number is significantly lower for majority of people. Expenses in different cities across the country may vary. Above values accuracy is low and is based on limited set of data obtained.

For more information regarding expenses in Iceland, see costs of living in Iceland.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Norway, Faroe Islands, United Kingdom.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Mathematical Modeling Engineer

Last revision of data: 2025-01-04

Salary increase per years of experience

Based on data available the salary increase per years of experience is as following

0 years (beginner) equals base salary

1 to 5 years of experience yields +12% salary increase

6 to 10 years of experience yields +25% salary increase

11 to 15 years of experience yields +16% salary increase

16 to 25 years of experience yields +9% salary increase

more than 25 years of experience yields +10% salary increase

NOTE: Details based on limited set of data. Percentages may vary. The salary increase over years of experience can vary widely based on factors such as job industry, job role, location, company size, and individual performance. To gain even larger increase in salary one is advised to switch jobs and / or employer.

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Data as of 2025

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