Financial Management Specialist (FMS)

Ministry of Education (MOE)

1.0 Project Background
The Government of Malawi through the Ministry of Education (MOE) is implementing a project called Improving Secondary Education in Malawi II (ISEM II), with support from the European Union. The project total cost is EURO 55 million which is a grant from European Union. This phase of the project is three years (2024-2027). The project is currently under implementation stage and requires the services of a financial management specialist.

The Project Development Objective is “to upgrade and expand secondary school infrastructure, technical vocational education facilities in secondary schools, and improve WASH facilities and climate resilient infrastructure.” The project design focuses on the following objectives:

  1. Promoting equitable enrolment to Secondary Education.
  2. Improving the quality of secondary education.
  3. Strengthening the governance and management capacity of secondary education.

The main objective of the assignment is to ensure that the ISEM II Project Implementation Unit (PIU) maintains a sound financial management system to support its operations. This includes preparation of financial statements in accordance with consistently applied accounting standards acceptable to the Malawi Government and the European Union (EU). This would be done in a manner to adequately reflect operations, resources and expenditure related to the Project.

3.0 Scope of the Assignment
The Financial Management Specialist (FMS) will be responsible for maintaining financial records, providing timely financial information to the Program Implementation Coordinator through the Project Manager and to ensure compliance with Government of Malawi Financial Management Rules and the EU fiduciary requirements as referred to in the Grant Agreement. To satisfy this role, the FMS shall, among others, be responsible for the following tasks:

Specific Tasks and Responsibilities

Budgeting and Planning

  • Prepare timely annual and quarterly disbursement forecasts for all components of the project in line with the project’s annual work plan and budgets.
  • Develop and maintain financial forecasts, identifying potential risks and suggesting mitigation strategies

Funds Management

  • Manage all financial transactions and maintain accurate records in accordance with the internal control framework and Government of Malawi rules and with EU regulations and standards, ensuring compliance when processing payments and alignment with project objectives.
  • Prepare financial reports for the EU and Government of Malawi, as required.
  • Develop, monitor, and update the program budget, ensuring compliance with accounting policies and
    practices as stipulated in the accounting regulations and procedures agreed for the project.
  • Manage the financial aspects of the contracts under implementation, including payment terms, purchase orders and variation orders.
  • Prepare monthly bank reconciliation statements of designated accounts, Holding account and the Local
  • Operating account. And follow up of reconciling items on bank reconciliation statements
  • Submit bank reconciliation statements to the Accountant General’s Department on a monthly basis.
  • Ensure alignment of program’s budget with the approved annual work plan.

Expenditure/Payment Processing

  • Evaluate and approve procurement requests in accordance with project guidelines
  • Ensure that only eligible payments are forwarded for the Program Implementation Coordinator’s approval and drawing funds from the designated accounts.
  • Apply pre-audit checks on all payments before payment from designated accounts including budget availability, sanction of competent authority and compliance with applicable financial rules and regulations.
  • Ensure that a “No Objection Letter” is obtained from the European Union as necessary.
  • Prepare monthly payroll and submit to the Program Implementation Coordinator for approval, prior to making any payment under salaries.

Accounting and Records Management

  • Maintain accounts on a cash basis.
  • Record all transactions timely and accurately in the books of accounts in the local currency and ensure that no expenditure remains unaccounted for.
  • Ensure the safe custody of all financial records for review by European Union, third party monitoring agents; and external and internal auditors.

Financial Reporting

  • Provide regular financial analyses and reports to management.
  • Prepare and process withdrawal applications in accordance with the EU’s Disbursement Guidelines.
  • Ensure that all government financial reporting requirements are complied with, specifically: Schedule of cheques prepared and submitted to the Program Implementation Coordinator for onward submission to the office of the Accountant General.
  • Prepare monthly monitoring reports comparing actual expenditure against budget for submission to the Program Implementation Coordinator and the Director of Finance through the Project Manager. In this report, weak performing areas will be highlighted and brought to the attention of the Project Manager for necessary action.

Audit

  • Ensure compliance with EU financial regulations, procurement guidelines, and internal financial policies.
  • Collaborate with the EU and Malawi Government to improve project financial management, particularly in terms of following up on the action points agreed to in the project’s legal documents.
  • Coordinate and facilitate internal and external financial audits

4.0 Performance Criteria 

  1. Quality of accounting and record management
  2. Timeliness and accuracy of financial reporting
  3. Quality and timeliness of withdrawal applications
  4. Quality and timeliness of liquidation/reconciliation of statements
  5. Compliance with EU regulations and successful audit outcomes

5.0 Reporting Requirements
The Financial Management Specialist shall be a member of the PIU reporting to the Director of Finance in collaboration with Project Manager and Program Implementation Coordinator.

6.0 Qualifications and Skills Required
The successful candidate for the assignment shall have the following attributes:

Qualifications:

  1. Professional qualification in ACCA/CPA/CIMA
  2. Degree in Accounting and Finance.
  3. A Master’s degree in Business Administration from a recognized institution will be an added advantage.
  4. Membership with Institute of Chartered Accountant in Malawi (ICAM)

Specific professional experience:

  1. Significant experience (at least 5 years) in financial management, preferably within EU-funded projects or international development programs, World Bank, US AID and public sector projects and other agencies.
  2. Proven experience in budgeting, financial reporting, and procurement processes.
  3. Excellent writing and communication skills.
  4. Proficiency in financial management software and tools, as well as MS Office applications (Excel, Word and PowerPoint, etc.);
  5. Fluency in spoken and written English.

7.0 Duration of Contract and Remuneration

The contract for Financial Management Specialist shall run in one (1) year contracts for the whole duration of the project, renewed annually subject to satisfactory performance.

Remuneration shall be negotiable based on candidate’s qualifications and experience and the available budget.

8.0 Facilities to be provided by the Client

The following shall be provided by the Client: office space, furniture, and office equipment, communication, and internet facilities. For all field related assignments, the Project shall provide transport and costs and other expenses (per Diems etc.) related to the field work.

9.0 Location of Employment

The Financial Management Specialist will be based at the MoE or any of its designated offices in Lilongwe but would be required to travel regularly to other relevant agencies where ISEM II is implementing its activities.

Interested applicants should either submit their applications via email to ckumbanga1@gmail.com / crkchimzimu324@gmail.com or hard copies.

The position being applied for should be clearly marked on the envelope. The application should include the following: Curriculum Vitae (with three traceable referees) and copies of certificates. All these should be in a sealed envelope clearly marked “Improving Secondary Education in Malawi (ISEM) II” and submitted not later than 18th July, 2025 in Room No. 20, Ground Floor.

The Secretary for Basic and Secondary Education
Capital Hill
Private Bag 328
Lilongwe 3.

Attention: Deputy Director for Human Resource Management and Development

Or Only shortlisted candidates will be invited for an interview.