Average Financial Controller Salary in Malawi for 2024

In this article, we will look at the average Financial Controller salary for 2024 in Malawi and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Malawian kwacha. To keep things simple, we are using the MWK currency code instead of the currency symbol MK.

How Much Does a Financial Controller Make in Malawi?

A Financial Controller working in Malawi will typically earn around 2,184,900 MWK per year, and this can range from the lowest average salary of about 1,004,400 MWK to the highest average salary of 3,469,900 MWK.

Average Annual Salary
2,184,900 MWK
Average Monthly Salary
182,075 MWK

Lowest Annual Salary
1,004,400 MWK
Lowest Monthly Salary
83,700 MWK

Highest Annual Salary
3,469,900 MWK
Highest Monthly Salary
289,158 MWK

These are average salaries for a Financial Controller in Malawi and include benefits such as housing and transport. It's also possible for a Financial Controller to earn more or less than the average salaries shown above.

Financial Controller salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Financial Controller Salaries in Malawi

So we've looked at the average salaries a Financial Controller will earn in Malawi. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Financial Controller can earn between 1,004,400 MWK and 3,469,900 MWK on average in Malawi. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Financial Controller in Malawi is 2,352,500 MWK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 2,352,500 MWK, and 50% of the population earn more than 2,352,500 MWK.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Financial Controller salary in Malawi, 25% of the population are earning less than 1,510,400 MWK while 75% of the population earn more than 1,510,400 MWK.

75% of the population earn less than 3,144,700 MWK, and 25% of the population earn more than 3,144,700 MWK.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Financial Controller Salary by Experience Level in Malawi

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average financial controller salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Financial Controller in Malawi that has less than two years of experience can expect to earn somewhere in the region of 1,138,500 MWK.
  • 2 - 5 Years Experience. With two to five years of experience the average Financial Controller salary would increase to 1,524,300 MWK.
  • 5 - 10 Years Experience. From five to ten years of experience as a Financial Controller, the average salary would be 2,242,500 MWK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 2,734,500 MWK.
  • 15 - 20 Years Experience. A Financial Controller with 15 to 20 years of experience can earn an average of 2,987,000 MWK.
  • 20+ Years Experience. For a Financial Controller with more than 20 years, the expected average salary increases to 3,229,900 MWK.

Average Salary by Experience Chart

0-2 Years
1,138,500 MWK
2-5 Years +34%
1,524,300 MWK
5-10 Years +48%
2,242,500 MWK
10-15 Years +22%
2,734,500 MWK
15-20 Years +9%
2,987,000 MWK
20+ Years +8%
3,229,900 MWK

Financial Controller Salary by Education Level in Malawi

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Financial Controller in Malawi based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Financial Controller in Malawi with a high school education can earn an average salary of 1,296,900 MWK.

  • Certificate or Diploma. A Financial Controller in Malawi with a certificate or diploma education can earn an average salary of 2,038,500 MWK.

  • Bachelor's Degree. A Financial Controller in Malawi with a bachelor's degree education can earn an average salary of 3,421,600 MWK.

Average Salary by Education Chart

High School
1,296,900 MWK
Certificate or Diploma +57%
2,038,500 MWK
Bachelor's Degree +68%
3,421,600 MWK

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Malawi is around 822,000 to 2,470,000 MWK and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Financial Controller Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Malawi, a male financial controller will earn an average of 2,374,400 MWK, while a female financial controller will earn around 1,980,600 MWK.

This means that a male financial controller earns approximately 20% more than a female financial controller for performing the same job.

Average Salary by Gender Chart in Malawi

Male
2,374,400 MWK
Female -20%
1,980,600 MWK

Financial Controller Average Pay Raise in Malawi

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Financial Controller in Malawi is around 7% every 29 months.

The national average pay raise across all professions and industries in Malawi is around 4% every 29 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 7 ÷ 29 ) × 12  = 3%

What this means is that a Financial Controller in Malawi can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Malawi for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Malawi.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Financial Controller Bonus and Incentive Rates in Malawi

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Financial Controller is a low bonus based job, with 41% of employees reporting at least one bonus in the last 12 months.

59% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 2% to 7%.

Received Bonus
41%
No Bonus
59%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Malawi earn approximately 14% more than private sector employees in the same role.

Public Sector
2,136,200 MWK
Private Sector -14%
1,870,400 MWK

Salaries for Jobs Similar to a Financial Controller

In the table below, we have salary information for jobs that are similar to a Financial Controller in Malawi.

Job Title Category Salary
Account Examiner Accounting and Finance 1,027,600 MWK
Account Executive Accounting and Finance 1,788,300 MWK
Accountant Accounting and Finance 1,369,700 MWK
Accounting Analyst Accounting and Finance 1,655,500 MWK
Accounting Assistant Accounting and Finance 1,104,400 MWK
Accounting Associate Accounting and Finance 1,023,000 MWK
Accounting Clerk Accounting and Finance 854,300 MWK
Accounting Coordinator Accounting and Finance 1,235,600 MWK
Accounting Head Accounting and Finance 2,831,100 MWK
Accounting Manager Accounting and Finance 2,941,000 MWK
Accounting Officer Accounting and Finance 1,032,400 MWK
Accounting Specialist Accounting and Finance 1,942,700 MWK
Accounting Supervisor Accounting and Finance 1,870,400 MWK
Accounting Technician Accounting and Finance 973,800 MWK
Accounting Unit Controller Accounting and Finance 2,327,100 MWK
Accounts Executive Accounting and Finance 1,882,700 MWK
Accounts Officer Accounting and Finance 1,153,300 MWK
Accounts Payable and Receivable Specialist Accounting and Finance 1,417,600 MWK
Accounts Payable Assistant Accounting and Finance 1,094,000 MWK
Accounts Payable Associate Accounting and Finance 1,333,900 MWK
Accounts Payable Clerk Accounting and Finance 1,058,300 MWK
Accounts Payable Manager Accounting and Finance 2,893,600 MWK
Accounts Receivable Administrator Accounting and Finance 2,161,200 MWK
Accounts Receivable Clerk Accounting and Finance 1,012,100 MWK
Accounts Receivable Financial Analyst Accounting and Finance 2,052,200 MWK
Accounts Receivable Manager Accounting and Finance 2,734,500 MWK
Accounts Receivable Team Leader Accounting and Finance 2,100,900 MWK
Assistant Accountant Accounting and Finance 1,067,300 MWK
Assistant Accounting Manager Accounting and Finance 2,557,100 MWK
Assistant Auditor Accounting and Finance 1,450,700 MWK
Assistant Corporate Controller Accounting and Finance 1,921,500 MWK
Assistant Finance Manager Accounting and Finance 2,987,000 MWK
Assistant Financial Controller Accounting and Finance 1,870,400 MWK
Audit Director Accounting and Finance 3,108,200 MWK
Audit Supervisor Accounting and Finance 2,688,800 MWK
Auditing Clerk Accounting and Finance 1,153,300 MWK
Auditing Manager Accounting and Finance 2,807,200 MWK
Billing Clerk Accounting and Finance 1,122,500 MWK
Billing Coordinator Accounting and Finance 1,249,900 MWK
Billing Specialist Accounting and Finance 1,537,500 MWK
Billing Supervisor Accounting and Finance 2,254,400 MWK
Bookkeeper Accounting and Finance 903,500 MWK
Bookkeeping Specialist Accounting and Finance 1,333,900 MWK
Budget Analyst Accounting and Finance 2,435,600 MWK
Budget Manager Accounting and Finance 2,998,500 MWK
Business Support Analyst Accounting and Finance 1,645,600 MWK
Capital Markets Associate Accounting and Finance 2,230,100 MWK
Cash Flow Analyst Accounting and Finance 2,038,500 MWK
Cash Management Manager Accounting and Finance 2,759,700 MWK
Cash Management Officer Accounting and Finance 1,645,600 MWK
Cashbook Clerk Accounting and Finance 954,900 MWK
Chartered Accountant Accounting and Finance 1,882,700 MWK
Chief Accountant Accounting and Finance 2,003,200 MWK
Collections Clerk Accounting and Finance 887,100 MWK
Collections Representative Accounting and Finance 1,283,600 MWK
Collections Specialist Accounting and Finance 1,428,800 MWK
Corporate Controller Accounting and Finance 2,173,000 MWK
Corporate Treasurer Accounting and Finance 2,676,200 MWK
Cost Accountant Accounting and Finance 1,440,700 MWK
Cost Accounting Manager Accounting and Finance 2,854,700 MWK
Cost Accounting Supervisor Accounting and Finance 2,389,200 MWK
Cost Analyst Accounting and Finance 2,362,300 MWK
Credit and Collection Manager Accounting and Finance 2,902,500 MWK
Credit and Collection Staff Accounting and Finance 1,041,900 MWK
Credit and Loans Officer Accounting and Finance 996,600 MWK
Credit Controller Accounting and Finance 1,908,800 MWK
Credit Manager Accounting and Finance 2,964,800 MWK
Debt Adviser Accounting and Finance 2,401,300 MWK
Debt Collector Accounting and Finance 1,087,500 MWK
Debtors Clerk Accounting and Finance 938,100 MWK
Debtors Controller Accounting and Finance 1,032,400 MWK
Deputy CFO Accounting and Finance 3,829,500 MWK
Deputy Head of Finance Accounting and Finance 4,043,600 MWK
Derivative Trader Accounting and Finance 2,339,200 MWK
Director of Finance Accounting and Finance 4,116,600 MWK
Economist Accounting and Finance 3,192,300 MWK
Equity Analyst Accounting and Finance 2,543,000 MWK
Escrow Assistant Accounting and Finance 1,306,100 MWK
Executive Accountant Accounting and Finance 1,524,300 MWK
External Auditor Accounting and Finance 1,955,300 MWK
Finance Administrator Accounting and Finance 1,606,100 MWK
Finance Analyst Accounting and Finance 2,641,300 MWK
Finance Associate Accounting and Finance 1,235,600 MWK
Finance Director Accounting and Finance 4,309,300 MWK
Finance Executive Accounting and Finance 2,953,200 MWK
Finance Licensing Clerk Accounting and Finance 988,600 MWK
Finance Licensing Manager Accounting and Finance 2,688,800 MWK
Finance Licensing Specialist Accounting and Finance 1,570,900 MWK
Finance Manager Accounting and Finance 3,805,100 MWK
Finance Officer Accounting and Finance 1,345,400 MWK
Finance President Accounting and Finance 4,032,100 MWK
Finance Relationship Manager Accounting and Finance 3,263,500 MWK
Finance Release Analyst Accounting and Finance 1,570,900 MWK
Finance Specialist Accounting and Finance 2,314,800 MWK
Finance Team Leader Accounting and Finance 3,085,500 MWK
Financial Accountant Accounting and Finance 1,380,400 MWK
Financial Actuary Accounting and Finance 2,173,000 MWK
Financial Administrator Accounting and Finance 2,362,300 MWK
Financial Advisor Accounting and Finance 2,617,900 MWK
Financial Analyst Accounting and Finance 2,617,900 MWK
Financial Applications Specialist Accounting and Finance 1,788,300 MWK
Financial Assistant Accounting and Finance 1,184,200 MWK
Financial Associate Accounting and Finance 1,153,300 MWK
Financial Associate Accounting and Finance 1,417,600 MWK
Financial Claims Analyst Accounting and Finance 1,858,200 MWK
Financial Claims Manager Accounting and Finance 2,533,800 MWK
Financial Claims Supervisor Accounting and Finance 2,411,500 MWK
Financial Clerk Accounting and Finance 1,094,000 MWK
Financial Commercial Analyst Accounting and Finance 2,026,800 MWK
Financial Compliance Analyst Accounting and Finance 2,374,400 MWK
Financial Consultant Accounting and Finance 1,980,600 MWK
Financial Coordinator Accounting and Finance 1,333,900 MWK
Financial Customer Service Manager Accounting and Finance 2,676,200 MWK
Financial Dealer and Broker Accounting and Finance 1,524,300 MWK
Financial Director Accounting and Finance 4,093,700 MWK
Financial Encoder Accounting and Finance 1,179,800 MWK
Financial Manager Accounting and Finance 3,769,500 MWK
Financial Operations Manager Accounting and Finance 3,685,200 MWK
Financial Policy Analyst Accounting and Finance 2,124,400 MWK
Financial Project Manager Accounting and Finance 2,964,800 MWK
Financial Quantitative Analyst Accounting and Finance 2,533,800 MWK
Financial Reporting Consultant Accounting and Finance 2,065,400 MWK
Financial Reporting Manager Accounting and Finance 2,617,900 MWK
Financial Section Head Accounting and Finance 2,711,900 MWK
Financial Services Manager Accounting and Finance 3,539,100 MWK
Financial Services Sales Agent Accounting and Finance 1,560,800 MWK
Fixed Assets Administrator Accounting and Finance 1,500,800 MWK
Forensic Accountant Accounting and Finance 1,645,600 MWK
Fraud Detection Supervisor Accounting and Finance 1,678,300 MWK
Fraud Prevention Manager Accounting and Finance 2,868,600 MWK
Fund Accountant Accounting and Finance 1,380,400 MWK
Grants Coordinator Accounting and Finance 1,054,900 MWK
Group Financial Manager Accounting and Finance 4,079,300 MWK
Internal Auditor Accounting and Finance 1,921,500 MWK
Internal Control Adviser Accounting and Finance 2,146,100 MWK
Internal Control Officer Accounting and Finance 1,224,800 MWK
International Tax Director Accounting and Finance 3,455,900 MWK
Inventory Accountant Accounting and Finance 1,464,200 MWK
Investment Advisor Accounting and Finance 3,601,500 MWK
Investment Analyst Accounting and Finance 2,734,500 MWK
Investment Associate Accounting and Finance 2,389,200 MWK
Investment Broker Accounting and Finance 2,389,200 MWK
Investment Fund Manager Accounting and Finance 3,263,500 MWK
Investment Operations Manager Accounting and Finance 3,277,900 MWK
Investment Underwriter Accounting and Finance 1,157,300 MWK
Investor Accounting and Finance 1,777,700 MWK
Investor Relations Manager Accounting and Finance 2,854,700 MWK
KYC Team Leader Accounting and Finance 2,782,600 MWK
Loan Processor Accounting and Finance 1,134,100 MWK
Management Accountant Accounting and Finance 1,645,600 MWK
Management Economist Accounting and Finance 3,299,800 MWK
Paymaster Accounting and Finance 1,130,200 MWK
Payroll Administrator Accounting and Finance 1,777,700 MWK
Payroll Benefits Coordinator Accounting and Finance 1,524,300 MWK
Payroll Billing Manager Accounting and Finance 2,605,500 MWK
Payroll Clerk Accounting and Finance 1,212,800 MWK
Payroll Manager Accounting and Finance 2,617,900 MWK
Payroll Officer Accounting and Finance 1,273,300 MWK
Payroll Specialist Accounting and Finance 1,417,600 MWK
Payroll Supervisor Accounting and Finance 1,870,400 MWK
Pensions Administrator Accounting and Finance 1,500,800 MWK
Personal Financial Advisor Accounting and Finance 2,161,200 MWK
Pricing Analyst Accounting and Finance 2,374,400 MWK
Private Equity Analyst Accounting and Finance 2,629,100 MWK
Project Accountant Accounting and Finance 1,537,500 MWK
Proposal Development Coordinator Accounting and Finance 1,259,300 MWK
Receivables Accountant Accounting and Finance 1,259,300 MWK
Regulatory Accountant Accounting and Finance 1,583,700 MWK
Retirement Plan Analyst Accounting and Finance 2,173,000 MWK
Revenue Management Specialist Accounting and Finance 2,327,100 MWK
Revenue Recognition Analyst Accounting and Finance 2,495,600 MWK
Risk Management Director Accounting and Finance 3,253,900 MWK
Risk Management Supervisor Accounting and Finance 2,748,900 MWK
Staff Accountant Accounting and Finance 1,357,900 MWK
Tax Accountant Accounting and Finance 1,391,600 MWK
Tax Administrator Accounting and Finance 1,560,800 MWK
Tax Advisor Accounting and Finance 2,254,400 MWK
Tax Analyst Accounting and Finance 2,110,600 MWK
Tax Associate Accounting and Finance 1,165,400 MWK
Tax Consultant Accounting and Finance 2,254,400 MWK
Tax Director Accounting and Finance 3,373,200 MWK
Tax Examiner Accounting and Finance 1,547,500 MWK
Tax Manager Accounting and Finance 2,928,100 MWK
Tax Research Manager Accounting and Finance 3,013,500 MWK
Teller Accounting and Finance 816,900 MWK
Treasury Accountant Accounting and Finance 1,476,700 MWK
Treasury Analyst Accounting and Finance 2,327,100 MWK
Underwriter Accounting and Finance 1,009,200 MWK
Underwriting Assistant Accounting and Finance 975,700 MWK
Vice President of Finance Accounting and Finance 3,733,300 MWK

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