Average Risk Manager Salary in Malawi for 2024

In this article, we will look at the average Risk Manager 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 Risk Manager Make in Malawi?

A Risk Manager working in Malawi will typically earn around 3,685,200 MWK per year, and this can range from the lowest average salary of about 1,693,600 MWK to the highest average salary of 5,857,100 MWK.

Average Annual Salary
3,685,200 MWK
Average Monthly Salary
307,100 MWK

Lowest Annual Salary
1,693,600 MWK
Lowest Monthly Salary
141,133 MWK

Highest Annual Salary
5,857,100 MWK
Highest Monthly Salary
488,091 MWK

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

Risk Manager 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 Risk Manager Salaries in Malawi

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

Salary ranges

We already know that a Risk Manager can earn between 1,693,600 MWK and 5,857,100 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 Risk Manager in Malawi is 3,984,100 MWK. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 3,984,100 MWK, and 50% of the population earn more than 3,984,100 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 Risk Manager salary in Malawi, 25% of the population are earning less than 2,557,100 MWK while 75% of the population earn more than 2,557,100 MWK.

75% of the population earn less than 5,315,900 MWK, and 25% of the population earn more than 5,315,900 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.

Risk Manager 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 risk manager 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 Risk Manager in Malawi that has less than two years of experience can expect to earn somewhere in the region of 1,921,500 MWK.
  • 2 - 5 Years Experience. With two to five years of experience the average Risk Manager salary would increase to 2,566,100 MWK.
  • 5 - 10 Years Experience. From five to ten years of experience as a Risk Manager, the average salary would be 3,805,100 MWK.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 4,633,100 MWK.
  • 15 - 20 Years Experience. A Risk Manager with 15 to 20 years of experience can earn an average of 5,053,200 MWK.
  • 20+ Years Experience. For a Risk Manager with more than 20 years, the expected average salary increases to 5,461,900 MWK.

Average Salary by Experience Chart

0-2 Years
1,921,500 MWK
2-5 Years +34%
2,566,100 MWK
5-10 Years +48%
3,805,100 MWK
10-15 Years +22%
4,633,100 MWK
15-20 Years +9%
5,053,200 MWK
20+ Years +8%
5,461,900 MWK

Risk Manager 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 Risk Manager in Malawi based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. A Risk Manager in Malawi with a bachelor's degree education can earn an average salary of 2,230,100 MWK.

  • Master's Degree. A Risk Manager in Malawi with a master's degree education can earn an average salary of 4,320,200 MWK.

Average Salary by Education Chart

Bachelor's Degree
2,230,100 MWK
Master's Degree +93%
4,320,200 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.

Risk Manager 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 risk manager will earn an average of 4,019,900 MWK, while a female risk manager will earn around 3,349,100 MWK.

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

Average Salary by Gender Chart in Malawi

Male
4,019,900 MWK
Female -20%
3,349,100 MWK

Risk Manager 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 Risk Manager in Malawi is around 8% every 31 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 = ( 8 ÷ 31 ) × 12  = 3%

What this means is that a Risk Manager 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%

Risk Manager 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 Risk Manager is a moderate bonus based job, with 68% of employees reporting at least one bonus in the last 12 months.

32% 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 5% to 9%.

Received Bonus
68%
No Bonus
32%

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 Risk Manager

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

Job Title Category Salary
Actuarial Analyst Insurance 2,748,900 MWK
Actuarial Assistant Insurance 1,990,300 MWK
Actuarial Specialist Insurance 1,882,700 MWK
Actuary Insurance 2,819,600 MWK
Adjustment Insurance Clerk Insurance 743,100 MWK
Assistant Broker Insurance 1,283,600 MWK
Assistant Claims Manager Insurance 2,207,600 MWK
Associate Insurance Representative Insurance 1,012,100 MWK
Auditing Insurance Manager Insurance 3,061,300 MWK
Broker Insurance 2,110,600 MWK
Claim Advocacy Professional Insurance 2,003,200 MWK
Claims Adjuster Insurance 785,400 MWK
Claims Analyst Insurance 1,025,100 MWK
Claims Examiner Insurance 1,057,100 MWK
Claims Manager Insurance 2,953,200 MWK
Claims Processor Insurance 724,300 MWK
Claims Representative Insurance 927,000 MWK
Claims Resolution Specialist Insurance 2,221,600 MWK
Claims Supervisor Insurance 1,990,300 MWK
Complaints Specialist Insurance 1,765,300 MWK
Compliance Examiner Insurance 1,967,000 MWK
Compliance Officer Insurance 1,668,900 MWK
Compliance Reviewer Insurance 1,800,200 MWK
Consultant Insurance 2,065,400 MWK
Eligibility Interviewer Insurance 2,052,200 MWK
Eligibility Specialist Insurance 2,065,400 MWK
Insurance Account Manager Insurance 2,566,100 MWK
Insurance Accounts Executive Insurance 2,173,000 MWK
Insurance Adjuster Insurance 1,858,200 MWK
Insurance Agent Insurance 1,195,600 MWK
Insurance Analyst Insurance 1,882,700 MWK
Insurance Appraiser Insurance 1,967,000 MWK
Insurance Claims Clerk Insurance 748,600 MWK
Insurance Examiner Insurance 1,908,800 MWK
Insurance Investigator Insurance 1,825,000 MWK
Insurance Manager Insurance 3,421,600 MWK
Insurance Operations Manager Insurance 3,288,400 MWK
Insurance Policy Processing Clerk Insurance 741,500 MWK
Insurance Pricing Assistant Insurance 1,537,500 MWK
Insurance Program Manager Insurance 2,759,700 MWK
Insurance Project Manager Insurance 2,641,300 MWK
Insurance Quality Assurance Agent Insurance 1,800,200 MWK
Insurance Sales Agent Insurance 1,224,800 MWK
Insurance Sales Director Insurance 3,455,900 MWK
Insurance Sales Manager Insurance 2,734,500 MWK
Insurance Sales Representative Insurance 1,095,900 MWK
Insurance Team Leader Insurance 2,026,800 MWK
Insurance Underwriter Insurance 1,487,200 MWK
Loss Control Specialist Insurance 1,930,500 MWK
Loss Prevention Investigator Insurance 2,146,100 MWK
Loss Prevention Manager Insurance 2,794,600 MWK
Loss Prevention Specialist Insurance 2,100,900 MWK
Marine Underwriter Insurance 1,487,200 MWK
Medical Auditor Insurance 2,015,600 MWK
Monitoring and Performance Officer Insurance 1,391,600 MWK
Payment Services Specialist Insurance 2,065,400 MWK
Policy Change Director Insurance 3,085,500 MWK
Policy Change Supervisor Insurance 2,197,700 MWK
Policy Change Technician Insurance 1,011,500 MWK
Risk Analyst Insurance 2,242,500 MWK
Risk Management Director Insurance 3,996,300 MWK
Risk Management Supervisor Insurance 2,401,300 MWK
Risk Modeling Manager Insurance 3,792,300 MWK
Title Insurance Typist Insurance 1,693,600 MWK
Training Manager Insurance 2,230,100 MWK

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