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Financial Analyst Average Salary in Zambia 2020

How much money does a Financial Analyst make in Zambia?


Average Monthly Salary
7,620 ZMK
( 91,400 ZMK yearly)

LOW
3,890
ZMK
AVERAGE
7,620
ZMK
HIGH
11,700
ZMK

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 Salary Distribution in Zambia

Median and salary distribution monthly Zambia Financial Analyst
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The median, the maximum, the minimum, and the range

  • Salary Range

    Financial Analyst salaries in Zambia range from 3,890 ZMK per month (minimum salary) to 11,700 ZMK per month (maximum salary).

  • Median 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.

  • Percentiles

    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.


What is the difference between the median and the average salary?

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

Financial Analyst Salary Comparison by Years of Experience

How does experience and age affect your pay?

Salary comparison by years of experience monthly Zambia Financial Analyst
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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.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

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.


Financial Analyst average salary change by experience in Zambia

0 - 2 Years
4,360 ZMK
2 - 5 Years+31%
5,690 ZMK
5 - 10 Years+40%
7,970 ZMK
10 - 15 Years+20%
9,580 ZMK
15 - 20 Years+9%
10,400 ZMK
20+ Years+8%
11,200 ZMK
Percentage increase and decrease are relative to the previous value

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Financial Analyst Salary Comparison By Education

How do education levels affect salaries?

Displayed below is the average salary difference between different Financial Analyst(s) who have the same experience but different education levels.

Salary comparison by education level monthly Zambia Financial Analyst
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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.


Financial Analyst average salary difference by education level in Zambia

High School
5,220 ZMK
Certificate or Diploma+15%
6,010 ZMK
Bachelor's Degree+41%
8,440 ZMK
Master's Degree+29%
10,900 ZMK
Percentage increase and decrease are relative to the previous value

Is a Master's degree or an MBA worth it? Should you pursue higher education?

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.


Typical Salary Difference by Education for Most Careers

Salary Comparison By Education Level
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Financial Analyst Salary Comparison By Gender

Salary comparison by gender monthly Zambia Financial Analyst
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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.

Male
8,160 ZMK
Female-13%
7,130 ZMK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Zambia for all Careers

Salary comparison by gender monthly Zambia
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Financial Analyst Average Annual Salary Increment Percentage in Zambia

How much are annual salary increments in Zambia for Financial Analyst(s)? How often do employees get salary raises?

Financial Analyst

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.

Annual Salary Increment Rate Zambia Financial Analyst
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Zambia / All Professions

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.

How to calculate the salary increment percentage?

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

The average salary increase in one year (12 months) in Zambia is 2%.

Annual Increment Rate By Industry 2019

Banking
8%
Energy
7%
Information Technology
6%
Healthcare
5%
Travel
4%
Construction
3%
Education
2%

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.


Worldwide Salary Raises: All Countries and All Jobs

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Financial Analyst Bonus and Incentive Rates in Zambia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Zambia Financial Analyst
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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.

Received Bonus
37%
No Bonus
63%

Types of Bonuses Considered

Individual Performance-Based Bonuses

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.

Bonuses Are Not Commissions!

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.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting 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.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

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.

Financial Analyst Average Hourly Wage in Zambia


44 ZMK per hour

The average hourly wage (pay per hour) in Zambia is 44 ZMK. This means that the average Financial Analyst in Zambia earns approximately 44 ZMK for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

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.

Financial Analyst VS Other Jobs

Salary Comparison Between Financial Analyst and Accounting and Finance monthly Zambia
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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.

Salary comparison with similar jobs

Job TitleAverage Salary
Account Examiner3,130 ZMK-59%
Account Executive5,210 ZMK-32%
Accountant4,000 ZMK-47%
Accounting Assistant3,270 ZMK-57%
Accounting Associate3,190 ZMK-58%
Accounting Clerk2,570 ZMK-66%
Accounting Coordinator3,760 ZMK-51%
Accounting Manager8,930 ZMK+17%
Accounting Supervisor6,000 ZMK-21%
Accounting Technician2,920 ZMK-62%
Accounts Executive5,140 ZMK-33%
Accounts Payable and Receivable Specialist4,280 ZMK-44%
Accounts Payable Clerk3,260 ZMK-57%
Accounts Payable Manager8,170 ZMK+7%
Accounts Receivable Clerk3,210 ZMK-58%
Accounts Receivable Manager7,910 ZMK+4%
Assistant Accounting Manager8,030 ZMK+5%
Assistant Auditor4,170 ZMK-45%
Audit Supervisor7,510 ZMK-1%
Auditing Clerk3,230 ZMK-58%
Auditing Manager9,160 ZMK+20%
Billing Coordinator3,910 ZMK-49%
Billing Specialist4,520 ZMK-41%
Billing Supervisor6,250 ZMK-18%
Bookkeeper2,810 ZMK-63%
Bookkeeping Specialist3,980 ZMK-48%
Budget Analyst7,640 ZMK+0%
Budget Manager8,640 ZMK+13%
Business Support Analyst4,700 ZMK-38%
Capital Markets Associate6,100 ZMK-20%
Cash Flow Analyst6,590 ZMK-14%
Cash Management Officer4,940 ZMK-35%
Cashbook Clerk2,770 ZMK-64%
Chartered Accountant5,170 ZMK-32%
Collections Clerk2,650 ZMK-65%
Collections Specialist4,180 ZMK-45%
Corporate Treasurer7,840 ZMK+3%
Cost Accountant4,400 ZMK-42%
Cost Accounting Manager8,500 ZMK+12%
Cost Analyst6,430 ZMK-16%
Credit and Collection Manager8,380 ZMK+10%
Credit and Collection Staff3,300 ZMK-57%
Credit and Loans Officer3,040 ZMK-60%
Credit Controller5,830 ZMK-23%
Debt Adviser7,030 ZMK-8%
Debt Collector3,570 ZMK-53%
Debtors Clerk3,010 ZMK-60%
Deputy CFO11,300 ZMK+48%
Derivative Trader7,480 ZMK-2%
Escrow Assistant3,700 ZMK-51%
External Auditor5,820 ZMK-24%
Finance Associate3,850 ZMK-49%
Finance Executive8,820 ZMK+16%
Finance Licensing Clerk3,100 ZMK-59%
Finance Licensing Manager7,740 ZMK+2%
Finance Licensing Specialist4,580 ZMK-40%
Finance Officer3,870 ZMK-49%
Finance President12,700 ZMK+67%
Finance Relationship Manager9,340 ZMK+23%
Finance Release Analyst4,890 ZMK-36%
Finance Team Leader 9,390 ZMK+23%
Financial Actuary6,730 ZMK-12%
Financial Administrator7,240 ZMK-5%
Financial Analyst7,620 ZMK+0%
Financial Applications Specialist5,460 ZMK-28%
Financial Assistant3,320 ZMK-56%
Financial Associate3,500 ZMK-54%
Financial Claims Analyst5,720 ZMK-25%
Financial Claims Manager7,880 ZMK+3%
Financial Commercial Analyst5,910 ZMK-22%
Financial Compliance Analyst6,630 ZMK-13%
Financial Consultant5,430 ZMK-29%
Financial Controller6,830 ZMK-10%
Financial Coordinator3,860 ZMK-49%
Financial Customer Service Manager7,570 ZMK-1%
Financial Dealer and Broker4,380 ZMK-43%
Financial Encoder3,550 ZMK-53%
Financial Manager12,400 ZMK+63%
Financial Operations Manager10,900 ZMK+43%
Financial Policy Analyst6,620 ZMK-13%
Financial Project Manager8,820 ZMK+16%
Financial Quantitative Analyst7,040 ZMK-8%
Financial Reporting Consultant6,280 ZMK-18%
Financial Reporting Manager8,160 ZMK+7%
Financial Services Sales Agent4,450 ZMK-42%
Fixed Assets Administrator4,440 ZMK-42%
Forensic Accountant4,710 ZMK-38%
Fraud Detection Supervisor5,320 ZMK-30%
Fraud Prevention Manager8,310 ZMK+9%
Fund Accountant4,070 ZMK-47%
Grants Coordinator3,280 ZMK-57%
Internal Auditor5,790 ZMK-24%
Internal Control Adviser6,790 ZMK-11%
Internal Control Officer3,550 ZMK-53%
Inventory Accountant4,220 ZMK-45%
Investment Analyst8,270 ZMK+9%
Investment Fund Manager9,260 ZMK+22%
Investment Underwriter3,680 ZMK-52%
Investor5,530 ZMK-27%
Investor Relations Manager8,120 ZMK+7%
KYC Team Leader8,260 ZMK+8%
Management Economist9,410 ZMK+24%
Paymaster3,300 ZMK-57%
Payroll Clerk3,620 ZMK-52%
Payroll Manager7,930 ZMK+4%
Pensions Administrator4,280 ZMK-44%
Pricing Analyst7,190 ZMK-6%
Private Equity Analyst7,180 ZMK-6%
Proposal Development Coordinator3,590 ZMK-53%
Receivables Accountant3,970 ZMK-48%
Regulatory Accountant4,620 ZMK-39%
Retirement Plan Analyst6,890 ZMK-10%
Revenue Management Specialist6,750 ZMK-11%
Revenue Recognition Analyst8,110 ZMK+6%
Risk Management Director10,500 ZMK+38%
Risk Management Supervisor8,170 ZMK+7%
Tax Accountant3,860 ZMK-49%
Tax Advisor6,210 ZMK-18%
Tax Associate3,620 ZMK-52%
Tax Manager8,800 ZMK+16%
Teller2,530 ZMK-67%
Treasury Accountant4,420 ZMK-42%
Treasury Analyst6,740 ZMK-12%
Underwriter3,000 ZMK-61%
Underwriting Assistant2,660 ZMK-65%
Vice President of Finance11,800 ZMK+55%

Salary Comparison By City

CityAverage Salary
Lusaka8,690 ZMK

Government vs Private Sector Salary Comparison

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.

Private Sector
5,580 ZMK
Public Sector+17%
6,540 ZMK
Percentage increase and decrease are relative to the previous value

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