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Accounting and Finance Average Salaries in Zambia 2020

How much money does a person working in Accounting and Finance make in Zambia?

Average Monthly Salary
6,180 ZMK
( 74,100 ZMK yearly)


A person working in Accounting and Finance in Zambia typically earns around 6,180 ZMK per month. Salaries range from 2,500 ZMK (lowest average) to 12,400 ZMK (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Accounting and Finance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Account Examiner3,130 ZMK
Account Executive5,210 ZMK
Accountant4,000 ZMK
Accounting Assistant3,270 ZMK
Accounting Associate3,190 ZMK
Accounting Clerk2,570 ZMK
Accounting Coordinator3,760 ZMK
Accounting Manager8,930 ZMK
Accounting Supervisor6,000 ZMK
Accounting Technician2,920 ZMK
Accounts Executive5,140 ZMK
Accounts Payable and Receivable Specialist4,280 ZMK
Accounts Payable Clerk3,260 ZMK
Accounts Payable Manager8,170 ZMK
Accounts Receivable Clerk3,210 ZMK
Accounts Receivable Manager7,910 ZMK
Assistant Accounting Manager8,030 ZMK
Assistant Auditor4,170 ZMK
Audit Supervisor7,510 ZMK
Auditing Clerk3,230 ZMK
Auditing Manager9,160 ZMK
Billing Coordinator3,910 ZMK
Billing Specialist4,520 ZMK
Billing Supervisor6,250 ZMK
Bookkeeper2,810 ZMK
Bookkeeping Specialist3,980 ZMK
Budget Analyst7,640 ZMK
Budget Manager8,640 ZMK
Business Support Analyst4,700 ZMK
Capital Markets Associate6,100 ZMK
Cash Flow Analyst6,590 ZMK
Cash Management Officer4,940 ZMK
Cashbook Clerk2,770 ZMK
Chartered Accountant5,170 ZMK
Collections Clerk2,650 ZMK
Collections Specialist4,180 ZMK
Corporate Treasurer7,840 ZMK
Cost Accountant4,400 ZMK
Cost Accounting Manager8,500 ZMK
Cost Analyst6,430 ZMK
Credit and Collection Manager8,380 ZMK
Credit and Collection Staff3,300 ZMK
Credit and Loans Officer3,040 ZMK
Credit Controller5,830 ZMK
Debt Adviser7,030 ZMK
Debt Collector3,570 ZMK
Debtors Clerk3,010 ZMK
Deputy CFO11,300 ZMK
Derivative Trader7,480 ZMK
Escrow Assistant3,700 ZMK
External Auditor5,820 ZMK
Finance Associate3,850 ZMK
Finance Executive8,820 ZMK
Finance Licensing Clerk3,100 ZMK
Finance Licensing Manager7,740 ZMK
Finance Licensing Specialist4,580 ZMK
Finance Officer3,870 ZMK
Finance President12,700 ZMK
Finance Relationship Manager9,340 ZMK
Finance Release Analyst4,890 ZMK
Finance Team Leader 9,390 ZMK
Financial Actuary6,730 ZMK
Financial Administrator7,240 ZMK
Financial Analyst7,620 ZMK
Financial Applications Specialist5,460 ZMK
Financial Assistant3,320 ZMK
Financial Associate3,500 ZMK
Financial Claims Analyst5,720 ZMK
Financial Claims Manager7,880 ZMK
Financial Commercial Analyst5,910 ZMK
Financial Compliance Analyst6,630 ZMK
Financial Consultant5,430 ZMK
Financial Controller6,830 ZMK
Financial Coordinator3,860 ZMK
Financial Customer Service Manager7,570 ZMK
Financial Dealer and Broker4,380 ZMK
Financial Encoder3,550 ZMK
Financial Manager12,400 ZMK
Financial Operations Manager10,900 ZMK
Financial Policy Analyst6,620 ZMK
Financial Project Manager8,820 ZMK
Financial Quantitative Analyst7,040 ZMK
Financial Reporting Consultant6,280 ZMK
Financial Reporting Manager8,160 ZMK
Financial Services Sales Agent4,450 ZMK
Fixed Assets Administrator4,440 ZMK
Forensic Accountant4,710 ZMK
Fraud Detection Supervisor5,320 ZMK
Fraud Prevention Manager8,310 ZMK
Fund Accountant4,070 ZMK
Grants Coordinator3,280 ZMK
Internal Auditor5,790 ZMK
Internal Control Adviser6,790 ZMK
Internal Control Officer3,550 ZMK
Inventory Accountant4,220 ZMK
Investment Analyst8,270 ZMK
Investment Fund Manager9,260 ZMK
Investment Underwriter3,680 ZMK
Investor5,530 ZMK
Investor Relations Manager8,120 ZMK
KYC Team Leader8,260 ZMK
Management Economist9,410 ZMK
Paymaster3,300 ZMK
Payroll Clerk3,620 ZMK
Payroll Manager7,930 ZMK
Pensions Administrator4,280 ZMK
Pricing Analyst7,190 ZMK
Private Equity Analyst7,180 ZMK
Proposal Development Coordinator3,590 ZMK
Receivables Accountant3,970 ZMK
Regulatory Accountant4,620 ZMK
Retirement Plan Analyst6,890 ZMK
Revenue Management Specialist6,750 ZMK
Revenue Recognition Analyst8,110 ZMK
Risk Management Director10,500 ZMK
Risk Management Supervisor8,170 ZMK
Tax Accountant3,860 ZMK
Tax Advisor6,210 ZMK
Tax Associate3,620 ZMK
Tax Manager8,800 ZMK
Teller2,530 ZMK
Treasury Accountant4,420 ZMK
Treasury Analyst6,740 ZMK
Underwriter3,000 ZMK
Underwriting Assistant2,660 ZMK
Vice President of Finance11,800 ZMK

Accounting and Finance Jobs Salary Distribution in Zambia

Median and salary distribution monthly Zambia Accounting and Finance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Accounting and Finance salaries in Zambia range from 2,500 ZMK per month (minimum average salary) to 12,400 ZMK per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 6,180 ZMK per month, which means that half (50%) of people working in Accounting and Finance are earning less than 6,180 ZMK while the other half are earning more than 6,180 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 people working in Accounting and Finance are earning less than 3,910 ZMK while 75% of them are earning more than 3,910 ZMK. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 9,290 ZMK while 25% are earning more than 9,290 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

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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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.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

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.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.

Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.

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 this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Accounting and Finance Salary Comparison By Gender

Salary comparison by gender monthly Zambia Accounting and Finance
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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 employees in Zambia who work in Accounting and Finance earn 6% more than their female counterparts on average.

6,340 ZMK
5,980 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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Accounting and Finance Average Annual Salary Increment Percentage in Zambia

How much are annual salary increments in Zambia for Accounting and Finance professionals? How often do employees get salary raises?

Accounting and Finance

Accounting and Finance professionals in Zambia are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Zambia Accounting and Finance
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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

Information Technology

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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Accounting and Finance Bonus and Incentive Rates in Zambia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Zambia Accounting and Finance
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Accounting and Finance is considered to be a high bonus-based field 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.

40% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 60% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 8% of their annual salary.

Received Bonus
No Bonus

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.

A graphics designer working for a graphics designing company.

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.

Accounting and Finance Hourly Average Wage in Zambia

36 ZMK per hour

The average hourly wage (pay per hour) in Zambia is 36 ZMK. This means that the average person in Zambia earns approximately 36 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.

Accounting and Finance VS Other Jobs

Salary Comparison Between Accounting and Finance and Accounting and Finance monthly Zambia
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The average salary for Accounting and Finance is 3% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Lusaka7,130 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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