Loan Quality Assurance Auditor Average Salary in Zambia 2024
How much money does a person working as Loan Quality Assurance Auditor make in Zambia?
LOW
3,280
ZMK AVERAGE
6,440
ZMK HIGH
9,910
ZMK
A person working as Loan Quality Assurance Auditor in Zambia typically earns around 6,440 ZMK. Salaries range from 3,280 ZMK (lowest) to 9,910 ZMK (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Loan Quality Assurance Auditor salaries in Zambia vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Loan Quality Assurance Auditor Pay Scale and Salaries in Zambia
Salary Structure and Pay Scale Comparison
5,870 ZMK or more
5,220 to 5,870 ZMK
3,770 ZMK or less
3,770 to 5,220 ZMK
 3,280 ZMK |
5,900 ZMK |
9,910 ZMK |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Loan Quality Assurance Auditor in Zambia range from 3,280 ZMK (starting salary) to 9,910 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 5,900 ZMK, half of the professionals who work as Loan Quality Assurance Auditor 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 Loan Quality Assurance Auditor in Zambia earn less than 4,870 ZMK, while 75% earn more. Similarly, the chart shows that 75% earn less than 6,720 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 Loan Quality Assurance Auditor in Zambia compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 3,770 ZMK to 5,220 ZMK. About 20% of salaries are below the 3,770 ZMK mark, while 10% fall within the range of 5,220 ZMK to 5,870 ZMK. Only 5% of individuals have salaries exceeding 5,870 ZMK.
Salary Comparison by Years of Experience / Loan Quality Assurance Auditor / Zambia
How do experience and age affect pay?
| 0 - 2 Years | 3,680 ZMK | |
| 2 - 5 Years | +31% | 4,810 ZMK |
| 5 - 10 Years | +40% | 6,730 ZMK |
| 10 - 15 Years | +20% | 8,090 ZMK |
| 15 - 20 Years | +9% | 8,780 ZMK |
| 20+ Years | +8% | 9,480 ZMK |
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 Loan Quality Assurance Auditor and this is what we found.
Employees with less than two years of experience earn approximately 3,680 ZMK.
While someone with an experience level between two and five years is expected to earn 4,810 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 6,730 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 8,090 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 8,780 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 9,480 ZMK, 8% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Loan Quality Assurance Auditor / Zambia
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Loan Quality Assurance Auditor.
| Bachelor's Degree | 4,540 ZMK | |
| Master's Degree | +77% | 8,050 ZMK |
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 Loan Quality Assurance Auditor in order to make a comparison.
Level 1: Bachelor's Degree
Employees at this education level have an average salary of 4,540 ZMK.
Level 2: Master's Degree
At this level, the average salary becomes 8,050 ZMK, 77% 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 and Compensation Comparison By Gender / Loan Quality Assurance Auditor / Zambia
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 Loan Quality Assurance Auditor in Zambia, the average difference between the salary of male and female employees is 15%.
| Male | 6,890 ZMK | |
| Female | -13% | 6,020 ZMK |
Salary Comparison By Gender in Zambia for all Careers
Average Annual Salary Increment Percentage / Loan Quality Assurance Auditor / Zambia
How much are annual salary increments in Zambia for individuals working as Loan Quality Assurance Auditor? How often do employees get salary raises?
Individuals working as Loan Quality Assurance Auditor in Zambia are likely to observe a salary increase of approximately 9% every 27 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.
Zambia / All Professions
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
Worldwide Salary Raises: All Countries and All Jobs
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 / Loan Quality Assurance Auditor / Zambia
How much and how often are bonuses being awarded?
Share This Chart Tweet Get Chart Linkhttp://www.salaryexplorer.com/charts/zambia/banking/loan-quality-assurance-auditor/annual-salary-bonus-rate-zambia-loan-quality-assurance-auditor.jpg
39% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 61% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.
| Received Bonus | 61% | |
| No Bonus | 39% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, 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 BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese 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 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. |
Example: | Example: |
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.
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 / Loan Quality Assurance Auditor / Zambia
37 ZMK per hourThe average hourly wage (pay per hour) for individuals working as Loan Quality Assurance Auditor in Zambia is 37 ZMK.This is the rate they get paid for every worked hour.
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 Loan Quality Assurance Auditor 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 Title | Average Salary |
| Banking |  -100% | |
| AML Analyst | 9,010 ZMK |  +40% |
| Assistant Bank Branch Manager | 7,650 ZMK | +19% |
| Assistant Bank Manager | 10,600 ZMK | +65% |
| ATM Manager | 8,430 ZMK | +31% |
| ATM Service Technician | 2,430 ZMK | -62% |
| Bank Accounts Analyst | 3,600 ZMK | -44% |
| Bank Accounts Collector | 2,160 ZMK | -66% |
| Bank Accounts Controller | 4,450 ZMK | -31% |
| Bank Accounts Executive | 6,880 ZMK | +7% |
| Bank Accounts Manager | 7,520 ZMK | +17% |
| Bank Auditing Manager | 8,140 ZMK | +26% |
| Bank Branch Manager | 11,100 ZMK | +72% |
| Bank Branch Operations Coordinator | 4,910 ZMK | -24% |
| Bank Clerk | 2,110 ZMK | -67% |
| Bank Client Service Associate | 2,830 ZMK | -56% |
| Bank Collector | 2,070 ZMK | -68% |
| Bank Compliance Specialist | 5,440 ZMK | -15% |
| Bank Manager | 13,200 ZMK | +110% |
| Bank Operational Risk Manager | 12,700 ZMK | +97% |
| Bank Operations Head | 12,400 ZMK | +93% |
| Bank Operations Officer | 5,170 ZMK | -20% |
| Bank Operations Specialist | 7,800 ZMK | +21% |
| Bank Process Manager | 6,830 ZMK | +6% |
| Bank Product Manager | 8,240 ZMK | +28% |
| Bank Programme Manager | 8,350 ZMK | +30% |
| Bank Project Manager | 10,200 ZMK | +59% |
| Bank Propositions Manager | 9,510 ZMK | +48% |
| Bank Quantitative Analyst | 6,170 ZMK | -4% |
| Bank Regional Manager | 12,600 ZMK | +96% |
| Bank Regional Risk Officer | 6,670 ZMK | +4% |
| Bank Relationship Manager | 9,630 ZMK | +50% |
| Bank Relationship Officer | 4,160 ZMK | -35% |
| Bank Sustainability Analyst | 7,260 ZMK | +13% |
| Bank Teller | 2,330 ZMK | -64% |
| Banker | 4,410 ZMK | -31% |
| Banking Business Analyst | 6,700 ZMK | +4% |
| Banking Business Development Officer | 4,110 ZMK | -36% |
| Banking Business Planning Executive | 9,170 ZMK | +43% |
| Banking Data Analyst | 7,770 ZMK | +21% |
| Banking Product Manager | 8,290 ZMK | +29% |
| Banking Reference Data Manager | 6,880 ZMK | +7% |
| Banking Regulatory Compliance Officer | 7,520 ZMK | +17% |
| Banking Risk Analyst | 6,810 ZMK | +6% |
| Banking Technical Analyst | 3,560 ZMK | -45% |
| Bankruptcy Coordinator | 4,830 ZMK | -25% |
| Bill and Account Collector | 2,360 ZMK | -63% |
| Blockchain Analyst | 5,850 ZMK | -9% |
| Blockchain Architect | 6,410 ZMK | -0% |
| Blockchain Auditor | 5,920 ZMK | -8% |
| Blockchain Compliance Analyst | 5,770 ZMK | -10% |
| Blockchain Consultant | 6,310 ZMK | -2% |
| Blockchain Trade Facilitator | 5,520 ZMK | -14% |
| Budget Analyst | 6,580 ZMK | +2% |
| Capital Risk Manager | 12,500 ZMK | +94% |
| Cards Marketing Manager | 8,500 ZMK | +32% |
| Cash Management Manager | 12,000 ZMK | +86% |
| Check Processing Manager | 8,350 ZMK | +30% |
| Chief Blockchain Officer | 7,410 ZMK | +15% |
| Commercial Vault Associate | 6,660 ZMK | +3% |
| Corporate Banker | 4,930 ZMK | -23% |
| Corporate Dealer | 6,810 ZMK | +6% |
| Credit Analyst | 5,140 ZMK | -20% |
| Credit and Collections Manager | 9,300 ZMK | +45% |
| Credit Card Fraud Investigator | 6,730 ZMK | +5% |
| Credit Portfolio Manager | 12,800 ZMK | +99% |
| Credit Risk Analyst | 7,130 ZMK | +11% |
| Credit Risk Associate | 7,060 ZMK | +10% |
| Cryptocurrency Accountant | 4,150 ZMK | -36% |
| Cryptocurrency Adviser | 8,410 ZMK | +31% |
| Cryptocurrency Analyst | 5,940 ZMK | -8% |
| Cryptocurrency Compliance Manager | 7,700 ZMK | +20% |
| Cryptocurrency Trader | 6,500 ZMK | +1% |
| Digital Banking Manager | 8,480 ZMK | +32% |
| Digital Currency Analyst | 6,270 ZMK | -3% |
| Direct Bank Sales Representative | 4,810 ZMK | -25% |
| Exchange Control Consultant | 6,790 ZMK | +6% |
| Executive Account Analyst | 6,710 ZMK | +4% |
| Financial Bank Planning Consultant | 8,480 ZMK | +32% |
| Financial Banking Analysis Manager | 9,840 ZMK | +53% |
| Financial Banking Assistant | 3,010 ZMK | -53% |
| Financial Banking Systems Manager | 8,960 ZMK | +39% |
| Foreign Exchange Manager | 10,000 ZMK | +55% |
| Fraud Analyst | 6,880 ZMK | +7% |
| Fraud Detection Associate | 4,680 ZMK | -27% |
| Fraud Detection Manager | 9,990 ZMK | +55% |
| Fraud Detection Supervisor | 5,890 ZMK | -8% |
| Internal Bank Audit Manager | 12,100 ZMK | +88% |
| Internal Bank Auditor | 6,700 ZMK | +4% |
| Internal Private Banker | 4,790 ZMK | -26% |
| International Banking Manager | 13,400 ZMK | +110% |
| Investment Banking Analyst | 9,810 ZMK | +52% |
| Loan Analyst | 6,430 ZMK | -0% |
| Loan Area Manager | 8,360 ZMK | +30% |
| Loan Audit Team Leader | 7,830 ZMK | +22% |
| Loan Branch Manager | 7,320 ZMK | +14% |
| Loan Business Development Officer | 4,120 ZMK | -36% |
| Loan Clerk | 2,270 ZMK | -65% |
| Loan Collection and Recovery Manager | 7,560 ZMK | +17% |
| Loan Collection Manager | 8,020 ZMK | +25% |
| Loan Collector | 2,150 ZMK | -67% |
| Loan Examiner | 2,990 ZMK | -54% |
| Loan Officer | 2,450 ZMK | -62% |
| Loan Processing Manager | 6,970 ZMK | +8% |
| Loan Processor | 3,040 ZMK | -53% |
| Loan Quality Assurance Auditor | 6,440 ZMK | +0% |
| Loan Quality Assurance Manager | 7,470 ZMK | +16% |
| Loan Quality Assurance Representative | 5,190 ZMK | -19% |
| Loan Review Manager | 7,400 ZMK | +15% |
| Loan Team Leader | 6,890 ZMK | +7% |
| Loans Manager | 9,050 ZMK | +41% |
| Mortgage Advisor | 4,470 ZMK | -31% |
| Mortgage Collection Manager | 7,860 ZMK | +22% |
| Mortgage Collector | 2,070 ZMK | -68% |
| Mortgage Credit Analyst | 3,510 ZMK | -45% |
| Mortgage Credit Manager | 7,690 ZMK | +20% |
| Mortgage Development Manager | 8,330 ZMK | +29% |
| Mortgage Document Reviewer | 2,960 ZMK | -54% |
| Mortgage Funding Manager | 8,280 ZMK | +29% |
| Mortgage Operations Manager | 11,200 ZMK | +74% |
| Mortgage Payment Processing Clerk | 2,570 ZMK | -60% |
| Mortgage Processing Manager | 7,640 ZMK | +19% |
| Mortgage Processor | 2,830 ZMK | -56% |
| Mortgage Quality Assurance Auditor | 6,280 ZMK | -2% |
| Mortgage Quality Assurance Manager | 7,500 ZMK | +17% |
| Mortgage Servicing Clerk | 2,280 ZMK | -65% |
| Mortgage Servicing Manager | 7,550 ZMK | +17% |
| Mortgage Underwriter | 2,920 ZMK | -55% |
| Online Banking Manager | 11,800 ZMK | +83% |
| Open Banking Strategist | 6,590 ZMK | +2% |
| Payment Processing Clerk | 2,280 ZMK | -65% |
| Personal Banker | 4,740 ZMK | -26% |
| Personal Banking Advisor | 5,000 ZMK | -22% |
| Phone Banker | 3,190 ZMK | -50% |
| Private Banker | 4,850 ZMK | -25% |
| Reconciliation and Investigation Specialist | 5,650 ZMK | -12% |
| Tax Officer | 4,060 ZMK | -37% |
| Teller | 2,350 ZMK | -63% |
| Trade Officer | 2,750 ZMK | -57% |
| Trade Product Manager | 7,450 ZMK | +16% |
| Trader | 3,250 ZMK | -49% |
| Treasury Operations Officer | 5,800 ZMK | -10% |
| Wealth Management Advisor | 9,420 ZMK | +46% |
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 |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Loan Quality Assurance Auditor in Zambia?
A good and competitive compensation would range anywhere between 5,900 ZMK and 6,720 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 Loan Quality Assurance Auditor 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
