How much money does a person working in Accounting and Finance make in Zambia?
Average Monthly Salary
6,230 ZMK
( 74,700 ZMK yearly)
LOW
2,500
ZMK
AVERAGE
6,230
ZMK
HIGH
12,400
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 in Accounting and Finance in Zambia typically earns around 6,230 ZMK. Salaries range from 2,500 ZMK (lowest average) to 12,400 ZMK (highest average, actual maximum salary is higher).
Salary Variance
The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Accounting and Finance domain in Zambia exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.
Salaries for specific jobs
Accounting and Finance | |
Account Examiner | 3,130 ZMK |
Account Executive | 5,210 ZMK |
Accountant | 4,000 ZMK |
Accounting Analyst | 5,450 ZMK |
|
Accounting Assistant | 3,270 ZMK |
Accounting Associate | 3,190 ZMK |
Accounting Clerk | 2,570 ZMK |
Accounting Coordinator | 3,760 ZMK |
Accounting Head | 8,240 ZMK |
Accounting Manager | 8,930 ZMK |
Accounting Officer | 3,110 ZMK |
Accounting Specialist | 5,920 ZMK |
Accounting Supervisor | 6,000 ZMK |
Accounting Technician | 2,920 ZMK |
Accounting Unit Controller | 7,010 ZMK |
Accounts Executive | 5,140 ZMK |
Accounts Officer | 3,230 ZMK |
Accounts Payable and Receivable Specialist | 4,280 ZMK |
Accounts Payable Assistant | 3,520 ZMK |
Accounts Payable Associate | 3,810 ZMK |
Accounts Payable Clerk | 3,260 ZMK |
Accounts Payable Manager | 8,170 ZMK |
Accounts Receivable Administrator | 6,010 ZMK |
Accounts Receivable Clerk | 3,210 ZMK |
Accounts Receivable Financial Analyst | 5,800 ZMK |
Accounts Receivable Manager | 7,910 ZMK |
Accounts Receivable Team Leader | 6,320 ZMK |
Algorithmic Trading Specialist | 7,400 ZMK |
Assistant Accountant | 3,160 ZMK |
Assistant Accounting Manager | 8,030 ZMK |
Assistant Auditor | 4,170 ZMK |
Assistant Corporate Controller | 6,040 ZMK |
Assistant Finance Manager | 8,960 ZMK |
Assistant Financial Controller | 5,800 ZMK |
Audit Director | 9,990 ZMK |
Audit Supervisor | 7,510 ZMK |
Auditing Clerk | 3,230 ZMK |
Auditing Manager | 9,160 ZMK |
Billing Clerk | 3,140 ZMK |
Billing Coordinator | 3,910 ZMK |
Billing Specialist | 4,520 ZMK |
Billing Supervisor | 6,250 ZMK |
Bookkeeper | 2,810 ZMK |
Bookkeeping Specialist | 3,980 ZMK |
Budget Analyst | 7,640 ZMK |
Budget Manager | 8,640 ZMK |
Business Support Analyst | 4,700 ZMK |
Capital Markets Associate | 6,100 ZMK |
Cash Flow Analyst | 6,590 ZMK |
Cash Management Manager | 8,150 ZMK |
Cash Management Officer | 4,940 ZMK |
Cashbook Clerk | 2,770 ZMK |
Chartered Accountant | 5,170 ZMK |
Chief Accountant | 6,540 ZMK |
Chief Financial Technology Officer | 9,090 ZMK |
Collections Clerk | 2,650 ZMK |
Collections Representative | 3,560 ZMK |
Collections Specialist | 4,180 ZMK |
Corporate Controller | 6,890 ZMK |
Corporate Treasurer | 7,840 ZMK |
Cost Accountant | 4,400 ZMK |
Cost Accounting Manager | 8,500 ZMK |
Cost Accounting Supervisor | 6,570 ZMK |
Cost Analyst | 6,430 ZMK |
Credit and Collection Manager | 8,380 ZMK |
Credit and Collection Staff | 3,300 ZMK |
Credit and Loans Officer | 3,040 ZMK |
Credit Controller | 5,830 ZMK |
Credit Manager | 9,140 ZMK |
Debt Adviser | 7,030 ZMK |
Debt Collector | 3,570 ZMK |
Debtors Clerk | 3,010 ZMK |
Debtors Controller | 3,110 ZMK |
Deputy CFO | 11,300 ZMK |
Deputy Head of Finance | 11,100 ZMK |
Derivative Trader | 7,480 ZMK |
Director of Finance | 12,200 ZMK |
E-commerce Accountant | 4,230 ZMK |
Economist | 10,000 ZMK |
Equity Analyst | 7,680 ZMK |
Escrow Assistant | 3,700 ZMK |
Executive Accountant | 4,930 ZMK |
External Auditor | 5,820 ZMK |
Finance Administrator | 4,960 ZMK |
Finance Analyst | 7,500 ZMK |
Finance Associate | 3,850 ZMK |
Finance Data Analyst | 6,960 ZMK |
Finance Director | 12,300 ZMK |
Finance Executive | 8,820 ZMK |
Finance Licensing Clerk | 3,100 ZMK |
Finance Licensing Manager | 7,740 ZMK |
Finance Licensing Specialist | 4,580 ZMK |
Finance Manager | 12,200 ZMK |
Finance Officer | 3,870 ZMK |
Finance President | 12,700 ZMK |
Finance Relationship Manager | 9,340 ZMK |
Finance Release Analyst | 4,890 ZMK |
Finance Specialist | 6,810 ZMK |
Finance Team Leader | 9,390 ZMK |
Financial Accountant | 4,170 ZMK |
Financial Actuary | 6,730 ZMK |
Financial Administrator | 7,250 ZMK |
Financial Advisor | 7,790 ZMK |
Financial Analyst | 7,620 ZMK |
Financial Applications Specialist | 5,460 ZMK |
Financial Assistant | 3,320 ZMK |
Financial Associate | 3,500 ZMK |
Financial Associate | 3,860 ZMK |
Financial Claims Analyst | 5,720 ZMK |
Financial Claims Manager | 7,880 ZMK |
Financial Claims Supervisor | 6,910 ZMK |
Financial Clerk | 3,320 ZMK |
Financial Commercial Analyst | 5,910 ZMK |
Financial Compliance Analyst | 6,640 ZMK |
Financial Compliance Officer | 6,440 ZMK |
Financial Consultant | 5,430 ZMK |
Financial Controller | 6,800 ZMK |
Financial Controller | 6,830 ZMK |
Financial Coordinator | 3,860 ZMK |
Financial Customer Service Manager | 7,570 ZMK |
Financial Data Scientist | 7,890 ZMK |
Financial Dealer and Broker | 4,380 ZMK |
Financial Director | 12,400 ZMK |
Financial Encoder | 3,550 ZMK |
Financial Manager | 12,400 ZMK |
Financial Manager | 11,300 ZMK |
Financial Modelling Analyst | 7,940 ZMK |
Financial Operations Manager | 10,900 ZMK |
Financial Policy Analyst | 6,620 ZMK |
Financial Project Manager | 8,820 ZMK |
Financial Quantitative Analyst | 7,040 ZMK |
Financial Reporting Consultant | 6,280 ZMK |
Financial Reporting Manager | 8,170 ZMK |
Financial Section Head | 8,410 ZMK |
Financial Services Manager | 10,600 ZMK |
Financial Services Sales Agent | 4,450 ZMK |
Financial Technology Consultant | 6,570 ZMK |
Financial Wellness Coach | 8,930 ZMK |
FinTech Analyst | 7,070 ZMK |
Fixed Assets Administrator | 4,440 ZMK |
Forensic Accountant | 4,710 ZMK |
Fraud Detection Supervisor | 5,320 ZMK |
Fraud Prevention Manager | 8,310 ZMK |
Fund Accountant | 4,070 ZMK |
Grants Coordinator | 3,280 ZMK |
Green Finance Analyst | 6,510 ZMK |
Group Financial Manager | 12,600 ZMK |
Internal Auditor | 5,800 ZMK |
Internal Control Adviser | 6,790 ZMK |
Internal Control Officer | 3,550 ZMK |
International Tax Director | 10,600 ZMK |
Inventory Accountant | 4,220 ZMK |
Investment Advisor | 11,900 ZMK |
Investment Analyst | 8,270 ZMK |
Investment Associate | 7,380 ZMK |
Investment Broker | 7,320 ZMK |
Investment Fund Manager | 9,260 ZMK |
Investment Operations Manager | 9,190 ZMK |
Investment Underwriter | 3,680 ZMK |
Investor | 5,530 ZMK |
Investor Relations Manager | 8,120 ZMK |
KYC Team Leader | 8,260 ZMK |
Loan Processor | 3,550 ZMK |
Management Accountant | 4,560 ZMK |
Management Economist | 9,410 ZMK |
Paymaster | 3,300 ZMK |
Payroll Administrator | 5,800 ZMK |
Payroll Benefits Coordinator | 4,640 ZMK |
Payroll Billing Manager | 8,000 ZMK |
Payroll Clerk | 3,620 ZMK |
Payroll Manager | 7,930 ZMK |
Payroll Officer | 3,600 ZMK |
Payroll Specialist | 4,490 ZMK |
Payroll Supervisor | 5,220 ZMK |
Pensions Administrator | 4,280 ZMK |
Personal Financial Advisor | 6,260 ZMK |
Pricing Analyst | 7,190 ZMK |
Private Equity Analyst | 7,180 ZMK |
Project Accountant | 4,540 ZMK |
Proposal Development Coordinator | 3,590 ZMK |
Quantitative Trader | 6,180 ZMK |
Receivables Accountant | 3,970 ZMK |
Regulatory Accountant | 4,620 ZMK |
Retirement Plan Analyst | 6,890 ZMK |
Revenue Management Specialist | 6,750 ZMK |
Revenue Recognition Analyst | 8,110 ZMK |
Risk Management Director | 10,500 ZMK |
Risk Management Supervisor | 8,170 ZMK |
Staff Accountant | 4,200 ZMK |
Tax Accountant | 3,860 ZMK |
Tax Administrator | 4,660 ZMK |
Tax Advisor | 6,210 ZMK |
Tax Analyst | 6,480 ZMK |
Tax Associate | 3,620 ZMK |
Tax Consultant | 7,030 ZMK |
Tax Director | 9,650 ZMK |
Tax Examiner | 4,420 ZMK |
Tax Manager | 8,800 ZMK |
Tax Research Manager | 8,290 ZMK |
Teller | 2,530 ZMK |
Treasury Accountant | 4,430 ZMK |
Treasury Analyst | 6,740 ZMK |
Underwriter | 3,000 ZMK |
Underwriting Assistant | 2,660 ZMK |
Vice President of Finance | 11,800 ZMK |
Accounting and Finance Jobs Pay Scale and Salaries in Zambia
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/zambia/accounting-and-finance/median-and-salary-distribution-monthly-zambia-accounting-and-finance.jpg Salary Structure and Pay Scale Comparison
5% of people earn
6,460 ZMK or more
10% of people earn
5,470 to 6,460 ZMK
20% of people earn
3,290 ZMK or less
65% of people earn
3,290 to 5,470 ZMK
Minimum Salary 2,500 ZMK |
Median 5,670 ZMK |
Maximum 12,400 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 in Accounting and Finance in Zambia range from 2,500 ZMK (starting average salary) to 12,400 ZMK (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.
Median Salary
The median income in the field of Accounting and Finance is 5,670 ZMK, implying that half of the workforce in Zambia earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.
Percentiles and Salary Scale
Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Accounting and Finance in Zambia earn less than 4,440 ZMK, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 6,850 ZMK, while 25% earn more than that.
Pay Scale Structure
Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Accounting and Finance in Zambia. The analysis revealed that roughly 65% of all reported salaries fell within the range of 3,290 ZMK to 5,470 ZMK. Approximately 20% of salaries were below the 3,290 ZMK mark, while 10% ranged from 5,470 ZMK to 6,460 ZMK. Only 5% of individuals earned a gross salary of 6,460 ZMK or higher.
Salary Comparison by Years of Experience
How does a person's salary progress over time?
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg 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 in Accounting and Finance in Zambia 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.
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.
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.
“ On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark. ”
Salary Comparison By Education
How does the education level affect your salary?
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg 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.
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 degree levels across many jobs in Accounting and Finance in Zambia, below are our findings.
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 certificate 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 30,100 ZMK to 90,300 ZMK and lasts approximately two years. That is quite an investment.
Employees can't expect any salary increases during the study period, assuming they 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 this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.
Salary and Compensation Comparison By Gender / Accounting and Finance / Zambia
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/zambia/accounting-and-finance/salary-comparison-by-gender-monthly-zambia-accounting-and-finance.jpg Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Accounting and Finance in Zambia, the average difference between the salary of male and female employees is 6%.
Male | | 6,390 ZMK |
Female | -6% | 6,020 ZMK |
Percentage increase and decrease are relative to the previous value
Salary Comparison By Gender in Zambia for all Careers
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/zambia/salary-comparison-by-gender-monthly-zambia.jpg
Average Annual Salary Increment Percentage / Accounting and Finance / Zambia
How much are annual salary increments in Zambia for individuals working in Accounting and Finance? How often do employees get salary raises?
Professionals working in Accounting and Finance 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.
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/zambia/accounting-and-finance/annual-salary-increment-rate-zambia-accounting-and-finance.jpg 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
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/zambia/annual-salary-increment-rate-zambia.jpg 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
Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg 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 / Accounting and Finance / Zambia
How much and how often are bonuses being awarded?Share This Chart Get Chart Linkhttp://www.salaryexplorer.com/charts/zambia/accounting-and-finance/annual-salary-bonus-rate-zambia-accounting-and-finance.jpg
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 | | 60% |
No Bonus | | 40% |
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: 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.
Hourly Average Wage / Accounting and Finance / Zambia
36 ZMK
per hour The average hourly wage (pay per hour) in Accounting and Finance in Zambia is 36 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 in Accounting and Finance in Zambia is 14 ZMK. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary Comparison By City
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 in Accounting and Finance in Zambia?
A good and competitive compensation would range anywhere between 5,670 ZMK and 6,850 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 jobs in Accounting and Finance in Zambia ranges from 2,500 ZMK to 4,440 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