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Cost Analyst Average Salary in Zambia 2024

How much money does a person working as Cost Analyst make in Zambia?


Average Monthly Salary
6,430 ZMK
( 77,100 ZMK yearly)

LOW
3,280
ZMK
AVERAGE
6,430
ZMK
HIGH
9,900
ZMK
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working as Cost Analyst in Zambia typically earns around 6,430 ZMK. Salaries range from 3,280 ZMK (lowest) to 9,900 ZMK (highest).


Salary Variance

This is the average salary including housing, transport, and other benefits. Cost Analyst salaries in Zambia vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.



Cost Analyst Pay Scale and Salaries in Zambia

Median and salary distribution Zambia Cost Analyst monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
5,870 ZMK or more
10% of people earn
5,210 to 5,870 ZMK
20% of people earn
3,770 ZMK or less
65% of people earn
3,770 to 5,210 ZMK
Minimum Salary
3,280 ZMK
Median
5,890 ZMK
Maximum
9,900 ZMK




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries for the position Cost Analyst in Zambia range from 3,280 ZMK (starting salary) to 9,900 ZMK (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.

  • Median Salary

    With a median salary of 5,890 ZMK, half of the professionals who work as Cost Analyst in Zambia earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.

  • Percentiles and Salary Scale

    The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Cost Analyst in Zambia earn less than 4,870 ZMK, while 75% earn more. Similarly, the chart shows that 75% earn less than 6,710 ZMK while 25% earn more.

  • Pay Scale Structure

    To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Cost Analyst in Zambia compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 3,770 ZMK to 5,210 ZMK. About 20% of salaries are below the 3,770 ZMK mark, while 10% fall within the range of 5,210 ZMK to 5,870 ZMK. Only 5% of individuals have salaries exceeding 5,870 ZMK.

Salary Comparison by Years of Experience / Cost Analyst / Zambia

How do experience and age affect pay?

0 - 2 Years
3,670 ZMK
2 - 5 Years+31%
4,800 ZMK
5 - 10 Years+40%
6,720 ZMK
10 - 15 Years+20%
8,080 ZMK
15 - 20 Years+9%
8,770 ZMK
20+ Years+8%
9,470 ZMK
Percentage increase and decrease are relative to the previous value
Salary comparison by years of experience monthly Zambia Cost 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 the wage. We broke down salaries by experience level for people working as Cost Analyst and this is what we found.


All salary figures displayed here are per month except when noted otherwise.

Employees with less than two years of experience earn approximately 3,670 ZMK.

While someone with an experience level between two and five years is expected to earn 4,800 ZMK, 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 6,720 ZMK, 40% more than someone with two to five years of experience.

Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 8,080 ZMK, 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 8,770 ZMK, 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 9,470 ZMK, 8% more than people with fifteen to twenty 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.

Typical Salary Progress for Most Careers

Salary Comparison By Experience Level
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Salary Comparison By Education / Cost Analyst / Zambia

How do education levels affect salaries?

Displayed below is the average salary variance between different education levels of professionals working as Cost Analyst.

High School
4,400 ZMK
Certificate or Diploma+15%
5,060 ZMK
Bachelor's Degree+41%
7,120 ZMK
Master's Degree+29%
9,170 ZMK
Percentage increase and decrease are relative to the previous value
Salary comparison by education level monthly Zambia Cost 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 salaries by education level for the position Cost Analyst in order to make a comparison.


Level 1: High School

Employees at this education level have an average salary of 4,400 ZMK.


Level 2: Certificate or Diploma

At this level, the average salary becomes 5,060 ZMK, 15% more than the previous level.


Level 3: Bachelor's Degree

At this level, the average salary becomes 7,120 ZMK, 41% more than the previous level.


Level 4: Master's Degree

At this level, the average salary becomes 9,170 ZMK, 29% more than the previous level.



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 30,100 ZMK to 90,300 ZMK 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 to a higher-paying job. The numbers seem to support the theory. 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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Salary and Compensation Comparison By Gender / Cost Analyst / Zambia

Salary comparison by gender Zambia Cost Analyst monthly
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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? For the people who work as Cost Analyst in Zambia, the average difference between the salary of male and female employees is 15%.

Male
6,890 ZMK
Female-13%
6,010 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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Average Annual Salary Increment Percentage / Cost Analyst / Zambia

How much are annual salary increments in Zambia for individuals working as Cost Analyst? How often do employees get salary raises?

Individuals working as Cost Analyst in Zambia are likely to observe a salary increase of approximately 8% 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 Cost 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

Annual Salary Increment Rate Zambia
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.



Bonus and Incentive Rates / Cost Analyst / Zambia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Zambia Cost Analyst
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64% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 36% 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
36%
No Bonus
64%

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.

Average Hourly Wage / Cost Analyst / Zambia


37 ZMK per hour

The average hourly wage (pay per hour) for individuals working as Cost Analyst in Zambia is 37 ZMK.This is the rate they get paid for every worked hour.


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

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working as Cost Analyst in Zambia is 19 ZMK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary comparison with similar jobs

Job TitleAverage Salary
Accounting and Finance-100%
Account Examiner3,130 ZMK-51%
Account Executive5,210 ZMK-19%
Accountant4,000 ZMK-38%
Accounting Analyst5,450 ZMK-15%
Accounting Assistant3,270 ZMK-49%
Accounting Associate3,190 ZMK-50%
Accounting Clerk2,570 ZMK-60%
Accounting Coordinator3,760 ZMK-41%
Accounting Head8,240 ZMK+28%
Accounting Manager8,930 ZMK+39%
Accounting Officer3,110 ZMK-52%
Accounting Specialist5,920 ZMK-8%
Accounting Supervisor6,000 ZMK-7%
Accounting Technician2,920 ZMK-55%
Accounting Unit Controller7,010 ZMK+9%
Accounts Executive5,140 ZMK-20%
Accounts Officer3,230 ZMK-50%
Accounts Payable and Receivable Specialist4,280 ZMK-33%
Accounts Payable Assistant3,520 ZMK-45%
Accounts Payable Associate3,810 ZMK-41%
Accounts Payable Clerk3,260 ZMK-49%
Accounts Payable Manager8,170 ZMK+27%
Accounts Receivable Administrator6,010 ZMK-6%
Accounts Receivable Clerk3,210 ZMK-50%
Accounts Receivable Financial Analyst5,800 ZMK-10%
Accounts Receivable Manager7,910 ZMK+23%
Accounts Receivable Team Leader6,320 ZMK-2%
Algorithmic Trading Specialist7,400 ZMK+15%
Assistant Accountant3,160 ZMK-51%
Assistant Accounting Manager8,030 ZMK+25%
Assistant Auditor4,170 ZMK-35%
Assistant Corporate Controller6,040 ZMK-6%
Assistant Finance Manager8,960 ZMK+39%
Assistant Financial Controller5,800 ZMK-10%
Audit Director9,990 ZMK+55%
Audit Supervisor7,510 ZMK+17%
Auditing Clerk3,230 ZMK-50%
Auditing Manager9,160 ZMK+43%
Billing Clerk3,140 ZMK-51%
Billing Coordinator3,910 ZMK-39%
Billing Specialist4,520 ZMK-30%
Billing Supervisor6,250 ZMK-3%
Bookkeeper2,810 ZMK-56%
Bookkeeping Specialist3,980 ZMK-38%
Budget Analyst7,640 ZMK+19%
Budget Manager8,640 ZMK+34%
Business Support Analyst4,700 ZMK-27%
Capital Markets Associate6,100 ZMK-5%
Cash Flow Analyst6,590 ZMK+3%
Cash Management Manager8,150 ZMK+27%
Cash Management Officer4,940 ZMK-23%
Cashbook Clerk2,770 ZMK-57%
Chartered Accountant5,170 ZMK-20%
Chief Accountant6,540 ZMK+2%
Chief Financial Technology Officer9,090 ZMK+41%
Collections Clerk2,650 ZMK-59%
Collections Representative3,560 ZMK-45%
Collections Specialist4,180 ZMK-35%
Corporate Controller6,890 ZMK+7%
Corporate Treasurer7,840 ZMK+22%
Cost Accountant4,400 ZMK-32%
Cost Accounting Manager8,500 ZMK+32%
Cost Accounting Supervisor6,570 ZMK+2%
Cost Analyst6,430 ZMK+0%
Credit and Collection Manager8,380 ZMK+30%
Credit and Collection Staff3,300 ZMK-49%
Credit and Loans Officer3,040 ZMK-53%
Credit Controller5,830 ZMK-9%
Credit Manager9,140 ZMK+42%
Debt Adviser7,030 ZMK+9%
Debt Collector3,570 ZMK-44%
Debtors Clerk3,010 ZMK-53%
Debtors Controller3,110 ZMK-52%
Deputy CFO11,300 ZMK+76%
Deputy Head of Finance11,100 ZMK+73%
Derivative Trader7,480 ZMK+16%
Director of Finance12,200 ZMK+90%
E-commerce Accountant4,230 ZMK-34%
Economist10,000 ZMK+56%
Equity Analyst7,680 ZMK+20%
Escrow Assistant3,700 ZMK-42%
Executive Accountant4,930 ZMK-23%
External Auditor5,820 ZMK-9%
Finance Administrator4,960 ZMK-23%
Finance Analyst7,500 ZMK+17%
Finance Associate3,850 ZMK-40%
Finance Data Analyst6,960 ZMK+8%
Finance Director12,300 ZMK+91%
Finance Executive8,820 ZMK+37%
Finance Licensing Clerk3,100 ZMK-52%
Finance Licensing Manager7,740 ZMK+20%
Finance Licensing Specialist4,580 ZMK-29%
Finance Manager12,200 ZMK+90%
Finance Officer3,870 ZMK-40%
Finance President12,700 ZMK+98%
Finance Relationship Manager9,340 ZMK+45%
Finance Release Analyst4,890 ZMK-24%
Finance Specialist6,810 ZMK+6%
Finance Team Leader 9,390 ZMK+46%
Financial Accountant4,170 ZMK-35%
Financial Actuary6,730 ZMK+5%
Financial Administrator7,250 ZMK+13%
Financial Advisor7,790 ZMK+21%
Financial Analyst7,620 ZMK+19%
Financial Applications Specialist5,460 ZMK-15%
Financial Assistant3,320 ZMK-48%
Financial Associate3,860 ZMK-40%
Financial Claims Analyst5,720 ZMK-11%
Financial Claims Manager7,880 ZMK+23%
Financial Claims Supervisor6,910 ZMK+8%
Financial Clerk3,320 ZMK-48%
Financial Commercial Analyst5,910 ZMK-8%
Financial Compliance Analyst6,640 ZMK+3%
Financial Compliance Officer6,440 ZMK+0%
Financial Consultant5,430 ZMK-15%
Financial Controller6,830 ZMK+6%
Financial Coordinator3,860 ZMK-40%
Financial Customer Service Manager7,570 ZMK+18%
Financial Data Scientist7,890 ZMK+23%
Financial Dealer and Broker4,380 ZMK-32%
Financial Director12,400 ZMK+93%
Financial Encoder3,550 ZMK-45%
Financial Manager12,400 ZMK+93%
Financial Modelling Analyst7,940 ZMK+24%
Financial Operations Manager10,900 ZMK+70%
Financial Policy Analyst6,620 ZMK+3%
Financial Project Manager8,820 ZMK+37%
Financial Quantitative Analyst7,040 ZMK+10%
Financial Reporting Consultant6,280 ZMK-2%
Financial Reporting Manager8,170 ZMK+27%
Financial Section Head8,410 ZMK+31%
Financial Services Manager10,600 ZMK+65%
Financial Services Sales Agent4,450 ZMK-31%
Financial Technology Consultant6,570 ZMK+2%
Financial Wellness Coach8,930 ZMK+39%
FinTech Analyst7,070 ZMK+10%
Fixed Assets Administrator4,440 ZMK-31%
Forensic Accountant4,710 ZMK-27%
Fraud Detection Supervisor5,320 ZMK-17%
Fraud Prevention Manager8,310 ZMK+29%
Fund Accountant4,070 ZMK-37%
Grants Coordinator3,280 ZMK-49%
Green Finance Analyst6,510 ZMK+1%
Group Financial Manager12,600 ZMK+96%
Internal Auditor5,800 ZMK-10%
Internal Control Adviser6,790 ZMK+6%
Internal Control Officer3,550 ZMK-45%
International Tax Director10,600 ZMK+65%
Inventory Accountant4,220 ZMK-34%
Investment Advisor11,900 ZMK+85%
Investment Analyst8,270 ZMK+29%
Investment Associate7,380 ZMK+15%
Investment Broker7,320 ZMK+14%
Investment Fund Manager9,260 ZMK+44%
Investment Operations Manager9,190 ZMK+43%
Investment Underwriter3,680 ZMK-43%
Investor5,530 ZMK-14%
Investor Relations Manager8,120 ZMK+26%
KYC Team Leader8,260 ZMK+29%
Loan Processor3,550 ZMK-45%
Management Accountant4,560 ZMK-29%
Management Economist9,410 ZMK+46%
Paymaster3,300 ZMK-49%
Payroll Administrator5,800 ZMK-10%
Payroll Benefits Coordinator4,640 ZMK-28%
Payroll Billing Manager8,000 ZMK+24%
Payroll Clerk3,620 ZMK-44%
Payroll Manager7,930 ZMK+23%
Payroll Officer3,600 ZMK-44%
Payroll Specialist4,490 ZMK-30%
Payroll Supervisor5,220 ZMK-19%
Pensions Administrator4,280 ZMK-33%
Personal Financial Advisor6,260 ZMK-3%
Pricing Analyst7,190 ZMK+12%
Private Equity Analyst7,180 ZMK+12%
Project Accountant4,540 ZMK-29%
Proposal Development Coordinator3,590 ZMK-44%
Quantitative Trader6,180 ZMK-4%
Receivables Accountant3,970 ZMK-38%
Regulatory Accountant4,620 ZMK-28%
Retirement Plan Analyst6,890 ZMK+7%
Revenue Management Specialist6,750 ZMK+5%
Revenue Recognition Analyst8,110 ZMK+26%
Risk Management Director10,500 ZMK+63%
Risk Management Supervisor8,170 ZMK+27%
Staff Accountant4,200 ZMK-35%
Tax Accountant3,860 ZMK-40%
Tax Administrator4,660 ZMK-27%
Tax Advisor6,210 ZMK-3%
Tax Analyst6,480 ZMK+1%
Tax Associate3,620 ZMK-44%
Tax Consultant7,030 ZMK+9%
Tax Director9,650 ZMK+50%
Tax Examiner4,420 ZMK-31%
Tax Manager8,800 ZMK+37%
Tax Research Manager8,290 ZMK+29%
Teller2,530 ZMK-61%
Treasury Accountant4,430 ZMK-31%
Treasury Analyst6,740 ZMK+5%
Underwriter3,000 ZMK-53%
Underwriting Assistant2,660 ZMK-59%
Vice President of Finance11,800 ZMK+84%

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Zambia is 17% on average across all career fields.

Private Sector
5,600 ZMK
Public Sector+17%
6,560 ZMK
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary for the job title Cost Analyst in Zambia?

A good and competitive compensation would range anywhere between 5,890 ZMK and 6,710 ZMK. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for a careers like Cost Analyst in Zambia ranges from 3,280 ZMK to 4,870 ZMK. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


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

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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


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