A person working as a Financial Analyst in Zambia typically earns around 7,620 ZMK per month. Salaries range from 3,890 ZMK (lowest) to 11,700 ZMK (highest).
This is the average monthly salary including housing, transport, and other benefits. Financial Analyst salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Financial Analyst salaries in Zambia range from 3,890 ZMK per month (minimum salary) to 11,700 ZMK per month (maximum salary).
The median salary is 7,470 ZMK per month, which means that half (50%) of people working as Financial Analyst(s) are earning less than 7,470 ZMK while the other half are earning more than 7,470 ZMK. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Financial Analyst(s) are earning less than 5,110 ZMK while 75% of them are earning more than 5,110 ZMK. Also from the diagram, 75% of Financial Analyst(s) are earning less than 9,410 ZMK while 25% are earning more than 9,410 ZMK.
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Financial Analyst salaries by experience level and this is what we found.
A Financial Analyst with less than two years of experience makes approximately 4,360 ZMK per month.
While someone with an experience level between two and five years is expected to earn 5,690 ZMK per month, 31% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 7,970 ZMK per month, 40% more than someone with two to five years of experience.
Additionally, Financial Analyst(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 9,580 ZMK per month, 20% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 10,400 ZMK per month, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 11,200 ZMK per month, 8% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+31%|
|5 - 10 Years||+40%|
|10 - 15 Years||+20%|
|15 - 20 Years||+9%|
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Financial Analyst salaries by education level in order to make a comparison.
When the education level is High School, the average salary of a Financial Analyst is 5,220 ZMK per month.
While someone with a Certificate or Diploma gets a salary of 6,010 ZMK per month, 15% more than someone having a High School degree.
A Bachelor's Degree gets its holder an average salary of 8,440 ZMK per month, 41% more than someone with a Certificate or Diploma.
Professionals who hold a Master's Degree are rewarded with an average salary of 10,900 ZMK per month, 29% more than someone with Bachelor's Degree.
|Certificate or Diploma||+15%|
A Master's degree program or any post-graduate program in Zambia costs anywhere from 30,000 Zambian Kwacha(s) to 90,000 Zambian Kwacha(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Financial Analyst employees in Zambia earn 15% more than their female counterparts on average.
Financial Analyst(s) in Zambia are likely to observe a salary increase of approximately 9% every 28 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
Listed above are the average annual increase rates for each industry in Zambia for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
A Financial Analyst is considered to be a moderate bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
63% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 37% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.
The most standard form of bonus where the employee is awarded based on their exceptional performance.Company Performance Bonuses
Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.Goal-Based Bonuses
Granted upon achieving an important goal or milestone.Holiday / End of Year Bonuses
These types of bonuses are given without a reason and usually resemble an appreciation token.
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
The main two types of jobs
|Revenue Generators||Supporting Cast|
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.
Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
The average salary for Financial Analyst is 23% more than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% more than those of All Jobs.
|Job Title||Average Salary|
|Account Examiner||3,130 ZMK||-59%|
|Account Executive||5,210 ZMK||-32%|
|Accounting Assistant||3,270 ZMK||-57%|
|Accounting Associate||3,190 ZMK||-58%|
|Accounting Clerk||2,570 ZMK||-66%|
|Accounting Coordinator||3,760 ZMK||-51%|
|Accounting Manager||8,930 ZMK||+17%|
|Accounting Supervisor||6,000 ZMK||-21%|
|Accounting Technician||2,920 ZMK||-62%|
|Accounts Executive||5,140 ZMK||-33%|
|Accounts Payable and Receivable Specialist||4,280 ZMK||-44%|
|Accounts Payable Clerk||3,260 ZMK||-57%|
|Accounts Payable Manager||8,170 ZMK||+7%|
|Accounts Receivable Clerk||3,210 ZMK||-58%|
|Accounts Receivable Manager||7,910 ZMK||+4%|
|Assistant Accounting Manager||8,030 ZMK||+5%|
|Assistant Auditor||4,170 ZMK||-45%|
|Audit Supervisor||7,510 ZMK||-1%|
|Auditing Clerk||3,230 ZMK||-58%|
|Auditing Manager||9,160 ZMK||+20%|
|Billing Coordinator||3,910 ZMK||-49%|
|Billing Specialist||4,520 ZMK||-41%|
|Billing Supervisor||6,250 ZMK||-18%|
|Bookkeeping Specialist||3,980 ZMK||-48%|
|Budget Analyst||7,640 ZMK||+0%|
|Budget Manager||8,640 ZMK||+13%|
|Business Support Analyst||4,700 ZMK||-38%|
|Capital Markets Associate||6,100 ZMK||-20%|
|Cash Flow Analyst||6,590 ZMK||-14%|
|Cash Management Officer||4,940 ZMK||-35%|
|Cashbook Clerk||2,770 ZMK||-64%|
|Chartered Accountant||5,170 ZMK||-32%|
|Collections Clerk||2,650 ZMK||-65%|
|Collections Specialist||4,180 ZMK||-45%|
|Corporate Treasurer||7,840 ZMK||+3%|
|Cost Accountant||4,400 ZMK||-42%|
|Cost Accounting Manager||8,500 ZMK||+12%|
|Cost Analyst||6,430 ZMK||-16%|
|Credit and Collection Manager||8,380 ZMK||+10%|
|Credit and Collection Staff||3,300 ZMK||-57%|
|Credit and Loans Officer||3,040 ZMK||-60%|
|Credit Controller||5,830 ZMK||-23%|
|Debt Adviser||7,030 ZMK||-8%|
|Debt Collector||3,570 ZMK||-53%|
|Debtors Clerk||3,010 ZMK||-60%|
|Deputy CFO||11,300 ZMK||+48%|
|Derivative Trader||7,480 ZMK||-2%|
|Escrow Assistant||3,700 ZMK||-51%|
|External Auditor||5,820 ZMK||-24%|
|Finance Associate||3,850 ZMK||-49%|
|Finance Executive||8,820 ZMK||+16%|
|Finance Licensing Clerk||3,100 ZMK||-59%|
|Finance Licensing Manager||7,740 ZMK||+2%|
|Finance Licensing Specialist||4,580 ZMK||-40%|
|Finance Officer||3,870 ZMK||-49%|
|Finance President||12,700 ZMK||+67%|
|Finance Relationship Manager||9,340 ZMK||+23%|
|Finance Release Analyst||4,890 ZMK||-36%|
|Finance Team Leader||9,390 ZMK||+23%|
|Financial Actuary||6,730 ZMK||-12%|
|Financial Administrator||7,240 ZMK||-5%|
|Financial Analyst||7,620 ZMK||+0%|
|Financial Applications Specialist||5,460 ZMK||-28%|
|Financial Assistant||3,320 ZMK||-56%|
|Financial Associate||3,500 ZMK||-54%|
|Financial Claims Analyst||5,720 ZMK||-25%|
|Financial Claims Manager||7,880 ZMK||+3%|
|Financial Commercial Analyst||5,910 ZMK||-22%|
|Financial Compliance Analyst||6,630 ZMK||-13%|
|Financial Consultant||5,430 ZMK||-29%|
|Financial Controller||6,830 ZMK||-10%|
|Financial Coordinator||3,860 ZMK||-49%|
|Financial Customer Service Manager||7,570 ZMK||-1%|
|Financial Dealer and Broker||4,380 ZMK||-43%|
|Financial Encoder||3,550 ZMK||-53%|
|Financial Manager||12,400 ZMK||+63%|
|Financial Operations Manager||10,900 ZMK||+43%|
|Financial Policy Analyst||6,620 ZMK||-13%|
|Financial Project Manager||8,820 ZMK||+16%|
|Financial Quantitative Analyst||7,040 ZMK||-8%|
|Financial Reporting Consultant||6,280 ZMK||-18%|
|Financial Reporting Manager||8,160 ZMK||+7%|
|Financial Services Sales Agent||4,450 ZMK||-42%|
|Fixed Assets Administrator||4,440 ZMK||-42%|
|Forensic Accountant||4,710 ZMK||-38%|
|Fraud Detection Supervisor||5,320 ZMK||-30%|
|Fraud Prevention Manager||8,310 ZMK||+9%|
|Fund Accountant||4,070 ZMK||-47%|
|Grants Coordinator||3,280 ZMK||-57%|
|Internal Auditor||5,790 ZMK||-24%|
|Internal Control Adviser||6,790 ZMK||-11%|
|Internal Control Officer||3,550 ZMK||-53%|
|Inventory Accountant||4,220 ZMK||-45%|
|Investment Analyst||8,270 ZMK||+9%|
|Investment Fund Manager||9,260 ZMK||+22%|
|Investment Underwriter||3,680 ZMK||-52%|
|Investor Relations Manager||8,120 ZMK||+7%|
|KYC Team Leader||8,260 ZMK||+8%|
|Management Economist||9,410 ZMK||+24%|
|Payroll Clerk||3,620 ZMK||-52%|
|Payroll Manager||7,930 ZMK||+4%|
|Pensions Administrator||4,280 ZMK||-44%|
|Pricing Analyst||7,190 ZMK||-6%|
|Private Equity Analyst||7,180 ZMK||-6%|
|Proposal Development Coordinator||3,590 ZMK||-53%|
|Receivables Accountant||3,970 ZMK||-48%|
|Regulatory Accountant||4,620 ZMK||-39%|
|Retirement Plan Analyst||6,890 ZMK||-10%|
|Revenue Management Specialist||6,750 ZMK||-11%|
|Revenue Recognition Analyst||8,110 ZMK||+6%|
|Risk Management Director||10,500 ZMK||+38%|
|Risk Management Supervisor||8,170 ZMK||+7%|
|Tax Accountant||3,860 ZMK||-49%|
|Tax Advisor||6,210 ZMK||-18%|
|Tax Associate||3,620 ZMK||-52%|
|Tax Manager||8,800 ZMK||+16%|
|Treasury Accountant||4,420 ZMK||-42%|
|Treasury Analyst||6,740 ZMK||-12%|
|Underwriting Assistant||2,660 ZMK||-65%|
|Vice President of Finance||11,800 ZMK||+55%|
Where can you get paid more, working for a private company or for the government? Public sector employees in Zambia earn 17% more than their private sector counterparts on average across all sectors.