Home > Salary > Iceland > Product Engineer
A product engineer is responsible for designing, developing, and testing new products or improving existing ones. They work closely with cross-functional teams, including design, manufacturing, and marketing, to ensure that the product meets customer requirements and market demands. Product engineers analyze product specifications, create prototypes, and conduct thorough testing to identify and resolve any technical issues. They also collaborate with suppliers to source materials and components required for production. Additionally, product engineers monitor the product's performance in the market and gather feedback to make necessary improvements.
Estimated Yearly Salary: 14,210,875 ISK
Estimated Monthly Salary: 1,184,240 ISK
Estimated Weekly Salary: 273,286 ISK per week
Estimated Hourly Salary: 6,832 ISK per hour
Values are pre-tax
Last revision of data: 2025-01-04
Estimated Monthly Salary: 1,143,094 ISK
Estimated Weekly Salary: 263,791 ISK per week
Estimated Hourly Salary: 6,595 ISK per hour
Last revision of data: 2024-01-09
Estimated Yearly Salary: 99,569 USD
Estimated Monthly Salary: 8,297 USD
Estimated Weekly Salary: 1,915 USD per week
Estimated Hourly Salary: 48 USD per hour
Difference in salary year over year or average salary increase is approximately
4 %
Data confidence is - relatively high
Data fetched from dabase: 14 submissions.
Results are anonymized. Amounts indicated are pre-tax, meaning no deductionts yet have been made to the basic salary. Salaries where there are less than 3 entries are not displayed.
Want to check how your salary compares? Submit your own salary here
Estimated Yearly Salary: 14,210,875 ISK
Estimated Monthly Salary: 1,184,240 ISK
Estimated Weekly Salary: 273,286 ISK per week
Estimated Hourly Salary: 6,832 ISK per hour
By working as Product Engineer a person can save up to 5,569 USD per month or 66,823 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.
Estimated Yearly Salary for Product Engineer
Last revision of data: 2025-01-04
Data as of 2025
Random salary:
Operations administrator (10,802,433 ISK per year, pre-tax.)
Commercial lender (15,747,175 ISK per year, pre-tax.)
Paralegal or legal assistant (7,038,167 ISK per year, pre-tax.)
Electrical engineer (12,350,751 ISK per year, pre-tax.)
Academic department chair (10,754,894 ISK per year, pre-tax.)
Product Engineer salary in Iceland
Average Yearly Salary of Product Engineer in Iceland is approximately 14,210,875 ISK (99,569 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 Product Engineer do?
A product engineer is responsible for designing, developing, and testing new products or improving existing ones. They work closely with cross-functional teams, including design, manufacturing, and marketing, to ensure that the product meets customer requirements and market demands. Product engineers analyze product specifications, create prototypes, and conduct thorough testing to identify and resolve any technical issues. They also collaborate with suppliers to source materials and components required for production. Additionally, product engineers monitor the product's performance in the market and gather feedback to make necessary improvements.
Skills: Product Development, Design Engineering, Testing, Prototyping, Manufacturing, Market Analysis
Job industry: Engineering
Job industry: Engineering
How much does Product Engineer make?
Salary details
How much does Product Engineer make?Estimated Yearly Salary: 14,210,875 ISK
Estimated Monthly Salary: 1,184,240 ISK
Estimated Weekly Salary: 273,286 ISK per week
Estimated Hourly Salary: 6,832 ISK per hour
Values are pre-tax Last revision of data: 2025-01-04Comparing salary to last year:
Estimated Yearly Salary: 13,717,132 ISKEstimated Monthly Salary: 1,143,094 ISK
Estimated Weekly Salary: 263,791 ISK per week
Estimated Hourly Salary: 6,595 ISK per hour
Last revision of data: 2024-01-09Product Engineer estimated salary in USD
For easier comparison here is an estimated salary in USD:Estimated Yearly Salary: 99,569 USD
Estimated Monthly Salary: 8,297 USD
Estimated Weekly Salary: 1,915 USD per week
Estimated Hourly Salary: 48 USD per hour
Difference in salary year over year or average salary increase is approximately
4 %About these results
Data confidence is - relatively high Data fetched from dabase: 14 submissions.
Results are anonymized. Amounts indicated are pre-tax, meaning no deductionts yet have been made to the basic salary. Salaries where there are less than 3 entries are not displayed.
Want to check how your salary compares? Submit your own salary here
Compare salary to other countries
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Salary comparison to National average
Iceland, a Nordic island country located in the North Atlantic Ocean, is known for its stunning natural landscapes and unique geological features. With a population of approximately 366,000 people, Iceland is one of the least densely populated countries in Europe. The country covers an area of about 103,000 square kilometers, making it the 18th largest island in the world.
Estimated national average yearly salary is 8,949,782 ISK (68,220 USD). Value indicated is pre-tax. Below graph shows estimated Product Engineer job salary compared to average salary in Iceland.
Comparison shows that a person working as Product Engineer in Iceland earns on average:
1.59 times the average salary (or 159% of average salary).
Estimated national average yearly salary is 8,949,782 ISK (68,220 USD). Value indicated is pre-tax. Below graph shows estimated Product Engineer job salary compared to average salary in Iceland.
Comparison shows that a person working as Product Engineer in Iceland earns on average:
1.59 times the average salary (or 159% of average salary).
Is Product Engineer a well paid job?
Yes, our data shows that Product 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 Product Engineer?
High salary for Product Engineer would be somewhere between 15,631,963 ISK and 20,605,769 ISK. However this is an estimation based on Gaussian Distribution.How much can you save working as Product 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: 14,210,875 ISK
Estimated Monthly Salary: 1,184,240 ISK
Estimated Weekly Salary: 273,286 ISK per week
Estimated Hourly Salary: 6,832 ISK per hour
By working as Product Engineer a person can save up to 5,569 USD per month or 66,823 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 Product Engineer
Norway is 138,562 USD
United Kingdom is 65,144 USD
Last revision of data: 2025-01-04Salary 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 increaseTop 10 highest salaries in Iceland
(101,519,791 ISK per year, pre-tax.)
2. Cardiologist
(84,892,494 ISK per year, pre-tax.)
(82,036,676 ISK per year, pre-tax.)
4. Neurosurgeon
(79,530,435 ISK per year, pre-tax.)
(79,217,486 ISK per year, pre-tax.)
(77,544,423 ISK per year, pre-tax.)
(77,443,218 ISK per year, pre-tax.)
(77,278,803 ISK per year, pre-tax.)
9. Oncologist
(77,260,671 ISK per year, pre-tax.)
(77,231,503 ISK per year, pre-tax.)
Data as of 2025Random salary:
Operations administrator (10,802,433 ISK per year, pre-tax.)
Commercial lender (15,747,175 ISK per year, pre-tax.)
Paralegal or legal assistant (7,038,167 ISK per year, pre-tax.)
Electrical engineer (12,350,751 ISK per year, pre-tax.)
Academic department chair (10,754,894 ISK per year, pre-tax.)
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