Risk Management Director Average Salary in Zambia 2024
How much money does a person working as Risk Management Director make in Zambia?
LOW
5,680
ZMK AVERAGE
10,500
ZMK HIGH
15,900
ZMK
A person working as Risk Management Director in Zambia typically earns around 10,500 ZMK. Salaries range from 5,680 ZMK (lowest) to 15,900 ZMK (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Risk Management Director salaries in Zambia vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Risk Management Director Pay Scale and Salaries in Zambia
Salary Structure and Pay Scale Comparison
9,370 ZMK or more
8,390 to 9,370 ZMK
6,240 ZMK or less
6,240 to 8,390 ZMK
 5,680 ZMK |
9,400 ZMK |
15,900 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 Risk Management Director in Zambia range from 5,680 ZMK (starting salary) to 15,900 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 9,400 ZMK, half of the professionals who work as Risk Management Director 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 Risk Management Director in Zambia earn less than 7,870 ZMK, while 75% earn more. Similarly, the chart shows that 75% earn less than 10,600 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 Risk Management Director in Zambia compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 6,240 ZMK to 8,390 ZMK. About 20% of salaries are below the 6,240 ZMK mark, while 10% fall within the range of 8,390 ZMK to 9,370 ZMK. Only 5% of individuals have salaries exceeding 9,370 ZMK.
Salary Comparison by Years of Experience / Risk Management Director / Zambia
How do experience and age affect pay?
| 0 - 2 Years | 6,600 ZMK | |
| 2 - 5 Years | +26% | 8,330 ZMK |
| 5 - 10 Years | +32% | 11,000 ZMK |
| 10 - 15 Years | +18% | 12,900 ZMK |
| 15 - 20 Years | +11% | 14,300 ZMK |
| 20+ Years | +6% | 15,200 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 Risk Management Director and this is what we found.
Employees with less than two years of experience earn approximately 6,600 ZMK.
While someone with an experience level between two and five years is expected to earn 8,330 ZMK, 26% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 11,000 ZMK, 32% 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 12,900 ZMK, 18% 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 14,300 ZMK, 11% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 15,200 ZMK, 6% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Risk Management Director / Zambia
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Risk Management Director.
| Certificate or Diploma | 8,030 ZMK | |
| Bachelor's Degree | +10% | 8,840 ZMK |
| Master's Degree | +32% | 11,700 ZMK |
| PhD | +26% | 14,800 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 Risk Management Director in order to make a comparison.
Level 1: Certificate or Diploma
Employees at this education level have an average salary of 8,030 ZMK.
Level 2: Bachelor's Degree
At this level, the average salary becomes 8,840 ZMK, 10% more than the previous level.
Level 3: Master's Degree
At this level, the average salary becomes 11,700 ZMK, 32% more than the previous level.
Level 4: PhD
At this level, the average salary becomes 14,800 ZMK, 26% 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 / Risk Management Director / 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 Risk Management Director in Zambia, the average difference between the salary of male and female employees is 8%.
| Male | 10,900 ZMK | |
| Female | -8% | 10,000 ZMK |
Salary Comparison By Gender in Zambia for all Careers
Average Annual Salary Increment Percentage / Risk Management Director / Zambia
How much are annual salary increments in Zambia for individuals working as Risk Management Director? How often do employees get salary raises?
Individuals working as Risk Management Director in Zambia are likely to observe a salary increase of approximately 9% every 29 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 / Risk Management Director / Zambia
How much and how often are bonuses being awarded?
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40% of surveyed staff 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 6% to 7% 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: | 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 / Risk Management Director / Zambia
61 ZMK per hourThe average hourly wage (pay per hour) for individuals working as Risk Management Director in Zambia is 61 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 Risk Management Director in Zambia is 33 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 |
| Accounting and Finance |  -100% | |
| Account Examiner | 3,130 ZMK | -70% |
| Account Executive | 5,210 ZMK | -50% |
| Accountant | 4,000 ZMK | -62% |
| Accounting Analyst | 5,450 ZMK | -48% |
| Accounting Assistant | 3,270 ZMK | -69% |
| Accounting Associate | 3,190 ZMK | -70% |
| Accounting Clerk | 2,570 ZMK | -76% |
| Accounting Coordinator | 3,760 ZMK | -64% |
| Accounting Head | 8,240 ZMK | -22% |
| Accounting Manager | 8,930 ZMK | -15% |
| Accounting Officer | 3,110 ZMK | -70% |
| Accounting Specialist | 5,920 ZMK | -44% |
| Accounting Supervisor | 6,000 ZMK | -43% |
| Accounting Technician | 2,920 ZMK | -72% |
| Accounting Unit Controller | 7,010 ZMK | -33% |
| Accounts Executive | 5,140 ZMK | -51% |
| Accounts Officer | 3,230 ZMK | -69% |
| Accounts Payable and Receivable Specialist | 4,280 ZMK | -59% |
| Accounts Payable Assistant | 3,520 ZMK | -67% |
| Accounts Payable Associate | 3,810 ZMK | -64% |
| Accounts Payable Clerk | 3,260 ZMK | -69% |
| Accounts Payable Manager | 8,170 ZMK | -22% |
| Accounts Receivable Administrator | 6,010 ZMK | -43% |
| Accounts Receivable Clerk | 3,210 ZMK | -69% |
| Accounts Receivable Financial Analyst | 5,800 ZMK | -45% |
| Accounts Receivable Manager | 7,910 ZMK | -25% |
| Accounts Receivable Team Leader | 6,320 ZMK | -40% |
| Algorithmic Trading Specialist | 7,400 ZMK | -30% |
| Assistant Accountant | 3,160 ZMK | -70% |
| Assistant Accounting Manager | 8,030 ZMK | -24% |
| Assistant Auditor | 4,170 ZMK | -60% |
| Assistant Corporate Controller | 6,040 ZMK | -43% |
| Assistant Finance Manager | 8,960 ZMK | -15% |
| Assistant Financial Controller | 5,800 ZMK | -45% |
| Audit Director | 9,990 ZMK | -5% |
| Audit Supervisor | 7,510 ZMK | -29% |
| Auditing Clerk | 3,230 ZMK | -69% |
| Auditing Manager | 9,160 ZMK | -13% |
| Billing Clerk | 3,140 ZMK | -70% |
| Billing Coordinator | 3,910 ZMK | -63% |
| Billing Specialist | 4,520 ZMK | -57% |
| Billing Supervisor | 6,250 ZMK | -41% |
| Bookkeeper | 2,810 ZMK | -73% |
| Bookkeeping Specialist | 3,980 ZMK | -62% |
| Budget Analyst | 7,640 ZMK | -27% |
| Budget Manager | 8,640 ZMK | -18% |
| Business Support Analyst | 4,700 ZMK | -55% |
| Capital Markets Associate | 6,100 ZMK | -42% |
| Cash Flow Analyst | 6,590 ZMK | -37% |
| Cash Management Manager | 8,150 ZMK | -22% |
| Cash Management Officer | 4,940 ZMK | -53% |
| Cashbook Clerk | 2,770 ZMK | -74% |
| Chartered Accountant | 5,170 ZMK | -51% |
| Chief Accountant | 6,540 ZMK | -38% |
| Chief Financial Technology Officer | 9,090 ZMK | -14% |
| Collections Clerk | 2,650 ZMK | -75% |
| Collections Representative | 3,560 ZMK | -66% |
| Collections Specialist | 4,180 ZMK | -60% |
| Corporate Controller | 6,890 ZMK | -34% |
| Corporate Treasurer | 7,840 ZMK | -25% |
| Cost Accountant | 4,400 ZMK | -58% |
| Cost Accounting Manager | 8,500 ZMK | -19% |
| Cost Accounting Supervisor | 6,570 ZMK | -38% |
| Cost Analyst | 6,430 ZMK | -39% |
| Credit and Collection Manager | 8,380 ZMK | -20% |
| Credit and Collection Staff | 3,300 ZMK | -69% |
| Credit and Loans Officer | 3,040 ZMK | -71% |
| Credit Controller | 5,830 ZMK | -45% |
| Credit Manager | 9,140 ZMK | -13% |
| Debt Adviser | 7,030 ZMK | -33% |
| Debt Collector | 3,570 ZMK | -66% |
| Debtors Clerk | 3,010 ZMK | -71% |
| Debtors Controller | 3,110 ZMK | -70% |
| Deputy CFO | 11,300 ZMK |  +7% |
| Deputy Head of Finance | 11,100 ZMK | +6% |
| Derivative Trader | 7,480 ZMK | -29% |
| Director of Finance | 12,200 ZMK | +16% |
| E-commerce Accountant | 4,230 ZMK | -60% |
| Economist | 10,000 ZMK | -5% |
| Equity Analyst | 7,680 ZMK | -27% |
| Escrow Assistant | 3,700 ZMK | -65% |
| Executive Accountant | 4,930 ZMK | -53% |
| External Auditor | 5,820 ZMK | -45% |
| Finance Administrator | 4,960 ZMK | -53% |
| Finance Analyst | 7,500 ZMK | -29% |
| Finance Associate | 3,850 ZMK | -63% |
| Finance Data Analyst | 6,960 ZMK | -34% |
| Finance Director | 12,300 ZMK | +17% |
| Finance Executive | 8,820 ZMK | -16% |
| Finance Licensing Clerk | 3,100 ZMK | -71% |
| Finance Licensing Manager | 7,740 ZMK | -26% |
| Finance Licensing Specialist | 4,580 ZMK | -56% |
| Finance Manager | 12,200 ZMK | +16% |
| Finance Officer | 3,870 ZMK | -63% |
| Finance President | 12,700 ZMK | +21% |
| Finance Relationship Manager | 9,340 ZMK | -11% |
| Finance Release Analyst | 4,890 ZMK | -53% |
| Finance Specialist | 6,810 ZMK | -35% |
| Finance Team Leader | 9,390 ZMK | -11% |
| Financial Accountant | 4,170 ZMK | -60% |
| Financial Actuary | 6,730 ZMK | -36% |
| Financial Administrator | 7,250 ZMK | -31% |
| Financial Advisor | 7,790 ZMK | -26% |
| Financial Analyst | 7,620 ZMK | -28% |
| Financial Applications Specialist | 5,460 ZMK | -48% |
| Financial Assistant | 3,320 ZMK | -68% |
| Financial Associate | 3,860 ZMK | -63% |
| Financial Claims Analyst | 5,720 ZMK | -46% |
| Financial Claims Manager | 7,880 ZMK | -25% |
| Financial Claims Supervisor | 6,910 ZMK | -34% |
| Financial Clerk | 3,320 ZMK | -68% |
| Financial Commercial Analyst | 5,910 ZMK | -44% |
| Financial Compliance Analyst | 6,640 ZMK | -37% |
| Financial Compliance Officer | 6,440 ZMK | -39% |
| Financial Consultant | 5,430 ZMK | -48% |
| Financial Controller | 6,800 ZMK | -35% |
| Financial Coordinator | 3,860 ZMK | -63% |
| Financial Customer Service Manager | 7,570 ZMK | -28% |
| Financial Data Scientist | 7,890 ZMK | -25% |
| Financial Dealer and Broker | 4,380 ZMK | -58% |
| Financial Director | 12,400 ZMK | +18% |
| Financial Encoder | 3,550 ZMK | -66% |
| Financial Manager | 11,300 ZMK | +7% |
| Financial Modelling Analyst | 7,940 ZMK | -24% |
| Financial Operations Manager | 10,900 ZMK | +4% |
| Financial Policy Analyst | 6,620 ZMK | -37% |
| Financial Project Manager | 8,820 ZMK | -16% |
| Financial Quantitative Analyst | 7,040 ZMK | -33% |
| Financial Reporting Consultant | 6,280 ZMK | -40% |
| Financial Reporting Manager | 8,170 ZMK | -22% |
| Financial Section Head | 8,410 ZMK | -20% |
| Financial Services Manager | 10,600 ZMK | +1% |
| Financial Services Sales Agent | 4,450 ZMK | -58% |
| Financial Technology Consultant | 6,570 ZMK | -38% |
| Financial Wellness Coach | 8,930 ZMK | -15% |
| FinTech Analyst | 7,070 ZMK | -33% |
| Fixed Assets Administrator | 4,440 ZMK | -58% |
| Forensic Accountant | 4,710 ZMK | -55% |
| Fraud Detection Supervisor | 5,320 ZMK | -49% |
| Fraud Prevention Manager | 8,310 ZMK | -21% |
| Fund Accountant | 4,070 ZMK | -61% |
| Grants Coordinator | 3,280 ZMK | -69% |
| Green Finance Analyst | 6,510 ZMK | -38% |
| Group Financial Manager | 12,600 ZMK | +20% |
| Internal Auditor | 5,800 ZMK | -45% |
| Internal Control Adviser | 6,790 ZMK | -35% |
| Internal Control Officer | 3,550 ZMK | -66% |
| International Tax Director | 10,600 ZMK | +1% |
| Inventory Accountant | 4,220 ZMK | -60% |
| Investment Advisor | 11,900 ZMK | +13% |
| Investment Analyst | 8,270 ZMK | -21% |
| Investment Associate | 7,380 ZMK | -30% |
| Investment Broker | 7,320 ZMK | -30% |
| Investment Fund Manager | 9,260 ZMK | -12% |
| Investment Operations Manager | 9,190 ZMK | -13% |
| Investment Underwriter | 3,680 ZMK | -65% |
| Investor | 5,530 ZMK | -47% |
| Investor Relations Manager | 8,120 ZMK | -23% |
| KYC Team Leader | 8,260 ZMK | -21% |
| Loan Processor | 3,550 ZMK | -66% |
| Management Accountant | 4,560 ZMK | -57% |
| Management Economist | 9,410 ZMK | -11% |
| Paymaster | 3,300 ZMK | -69% |
| Payroll Administrator | 5,800 ZMK | -45% |
| Payroll Benefits Coordinator | 4,640 ZMK | -56% |
| Payroll Billing Manager | 8,000 ZMK | -24% |
| Payroll Clerk | 3,620 ZMK | -66% |
| Payroll Manager | 7,930 ZMK | -25% |
| Payroll Officer | 3,600 ZMK | -66% |
| Payroll Specialist | 4,490 ZMK | -57% |
| Payroll Supervisor | 5,220 ZMK | -50% |
| Pensions Administrator | 4,280 ZMK | -59% |
| Personal Financial Advisor | 6,260 ZMK | -40% |
| Pricing Analyst | 7,190 ZMK | -32% |
| Private Equity Analyst | 7,180 ZMK | -32% |
| Project Accountant | 4,540 ZMK | -57% |
| Proposal Development Coordinator | 3,590 ZMK | -66% |
| Quantitative Trader | 6,180 ZMK | -41% |
| Receivables Accountant | 3,970 ZMK | -62% |
| Regulatory Accountant | 4,620 ZMK | -56% |
| Retirement Plan Analyst | 6,890 ZMK | -34% |
| Revenue Management Specialist | 6,750 ZMK | -36% |
| Revenue Recognition Analyst | 8,110 ZMK | -23% |
| Risk Management Director | 10,500 ZMK | -0% |
| Risk Management Supervisor | 8,170 ZMK | -22% |
| Staff Accountant | 4,200 ZMK | -60% |
| Tax Accountant | 3,860 ZMK | -63% |
| Tax Administrator | 4,660 ZMK | -56% |
| Tax Advisor | 6,210 ZMK | -41% |
| Tax Analyst | 6,480 ZMK | -38% |
| Tax Associate | 3,620 ZMK | -66% |
| Tax Consultant | 7,030 ZMK | -33% |
| Tax Director | 9,650 ZMK | -8% |
| Tax Examiner | 4,420 ZMK | -58% |
| Tax Manager | 8,800 ZMK | -16% |
| Tax Research Manager | 8,290 ZMK | -21% |
| Teller | 2,530 ZMK | -76% |
| Treasury Accountant | 4,430 ZMK | -58% |
| Treasury Analyst | 6,740 ZMK | -36% |
| Underwriter | 3,000 ZMK | -71% |
| Underwriting Assistant | 2,660 ZMK | -75% |
| Vice President of Finance | 11,800 ZMK | +12% |
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 Risk Management Director in Zambia?
A good and competitive compensation would range anywhere between 9,400 ZMK and 10,600 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 Risk Management Director in Zambia ranges from 5,680 ZMK to 7,870 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
