A person working as a Financial Manager in South Africa typically earns around 61,600 ZAR per month. Salaries range from 30,200 ZAR (lowest) to 96,000 ZAR (highest).
This is the average monthly salary including housing, transport, and other benefits. Financial Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Financial Manager salaries in South Africa range from 30,200 ZAR per month (minimum salary) to 96,000 ZAR per month (maximum salary).
The median salary is 62,800 ZAR per month, which means that half (50%) of people working as Financial Manager(s) are earning less than 62,800 ZAR while the other half are earning more than 62,800 ZAR. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Financial Manager(s) are earning less than 41,800 ZAR while 75% of them are earning more than 41,800 ZAR. Also from the diagram, 75% of Financial Manager(s) are earning less than 81,000 ZAR while 25% are earning more than 81,000 ZAR.
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning 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
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Financial Manager salaries by experience level and this is what we found.
A Financial Manager with less than two years of experience makes approximately 35,800 ZAR per month.
While someone with an experience level between two and five years is expected to earn 46,000 ZAR per month, 29% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 63,400 ZAR per month, 38% more than someone with two to five years of experience.
Additionally, Financial Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 78,600 ZAR per month, 24% 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 84,200 ZAR per month, 7% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 89,800 ZAR per month, 7% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+29%|
|5 - 10 Years||+38%|
|10 - 15 Years||+24%|
|15 - 20 Years||+7%|
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 Financial Manager salaries by education level in order to make a comparison.
When the education level is Certificate or Diploma, the average salary of a Financial Manager is 46,000 ZAR per month.
While someone with a Bachelor's Degree gets a salary of 61,800 ZAR per month, 34% more than someone having a Certificate or Diploma degree.
A Master's Degree gets its holder an average salary of 94,700 ZAR per month, 53% more than someone with a Bachelor's Degree.
|Certificate or Diploma|
A Master's degree program or any post-graduate program in South Africa costs anywhere from 156,000 Rand(s) to 467,000 Rand(s) 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 into a higher paying job. The numbers seem to support the thoery. 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.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Financial Manager employees in South Africa earn 8% more than their female counterparts on average.
Financial Manager(s) in South Africa are likely to observe a salary increase of approximately 13% every 19 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely 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.
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
Listed above are the average annual increase rates for each industry in South Africa for the year 2021. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
A Financial Manager is considered to be a high bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
18% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 82% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.
The most standard form of bonus where the employee is awarded based on their exceptional performance.Company Performance Bonuses
Occasionally, 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 Bonuses
Granted upon achieving an important goal or milestone.Holiday / End of Year Bonuses
These types of bonuses are given without a reason and usually resemble an appreciation token.
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.
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.
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.
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.
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 fix 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.
The average salary for Financial Manager is 92% more than that of Accounting and Finance. Also, Accounting and Finance salaries are 3% more than those of All Jobs.
|Job Title||Average Salary|
|Account Examiner||16,700 ZAR||-73%|
|Account Executive||29,700 ZAR||-52%|
|Accounting Assistant||18,400 ZAR||-70%|
|Accounting Associate||16,200 ZAR||-74%|
|Accounting Clerk||13,900 ZAR||-77%|
|Accounting Coordinator||20,100 ZAR||-67%|
|Accounting Manager||46,300 ZAR||-25%|
|Accounting Supervisor||31,000 ZAR||-50%|
|Accounting Technician||16,000 ZAR||-74%|
|Accounts Executive||28,700 ZAR||-53%|
|Accounts Payable and Receivable Specialist||23,900 ZAR||-61%|
|Accounts Payable Clerk||16,200 ZAR||-74%|
|Accounts Payable Manager||43,200 ZAR||-30%|
|Accounts Receivable Clerk||16,300 ZAR||-74%|
|Accounts Receivable Manager||42,600 ZAR||-31%|
|Assistant Accounting Manager||42,500 ZAR||-31%|
|Assistant Auditor||23,100 ZAR||-62%|
|Audit Supervisor||40,200 ZAR||-35%|
|Auditing Clerk||17,300 ZAR||-72%|
|Auditing Manager||46,000 ZAR||-25%|
|Billing Coordinator||21,600 ZAR||-65%|
|Billing Specialist||24,000 ZAR||-61%|
|Billing Supervisor||33,900 ZAR||-45%|
|Bookkeeping Specialist||21,800 ZAR||-65%|
|Budget Analyst||38,200 ZAR||-38%|
|Budget Manager||45,800 ZAR||-26%|
|Business Support Analyst||26,000 ZAR||-58%|
|Capital Markets Associate||35,000 ZAR||-43%|
|Cash Flow Analyst||33,600 ZAR||-45%|
|Cash Management Officer||25,600 ZAR||-58%|
|Cashbook Clerk||15,400 ZAR||-75%|
|Chartered Accountant||28,500 ZAR||-54%|
|Collections Clerk||14,700 ZAR||-76%|
|Collections Specialist||22,900 ZAR||-63%|
|Corporate Treasurer||42,900 ZAR||-30%|
|Cost Accountant||22,900 ZAR||-63%|
|Cost Accounting Manager||44,600 ZAR||-28%|
|Cost Analyst||35,800 ZAR||-42%|
|Credit and Collection Manager||44,400 ZAR||-28%|
|Credit and Collection Staff||16,700 ZAR||-73%|
|Credit and Loans Officer||16,300 ZAR||-74%|
|Credit Controller||32,100 ZAR||-48%|
|Debt Adviser||36,300 ZAR||-41%|
|Debt Collector||17,700 ZAR||-71%|
|Debtors Clerk||16,000 ZAR||-74%|
|Deputy CFO||61,100 ZAR||-1%|
|Derivative Trader||38,600 ZAR||-37%|
|Escrow Assistant||20,100 ZAR||-67%|
|External Auditor||31,000 ZAR||-50%|
|Finance Associate||20,100 ZAR||-67%|
|Finance Executive||47,000 ZAR||-24%|
|Finance Licensing Clerk||16,400 ZAR||-73%|
|Finance Licensing Manager||43,500 ZAR||-29%|
|Finance Licensing Specialist||24,700 ZAR||-60%|
|Finance Officer||21,800 ZAR||-65%|
|Finance President||69,300 ZAR||+13%|
|Finance Relationship Manager||54,800 ZAR||-11%|
|Finance Release Analyst||25,500 ZAR||-59%|
|Finance Team Leader||50,200 ZAR||-18%|
|Financial Actuary||35,600 ZAR||-42%|
|Financial Administrator||38,800 ZAR||-37%|
|Financial Analyst||39,900 ZAR||-35%|
|Financial Applications Specialist||27,600 ZAR||-55%|
|Financial Assistant||17,800 ZAR||-71%|
|Financial Associate||18,500 ZAR||-70%|
|Financial Claims Analyst||30,200 ZAR||-51%|
|Financial Claims Manager||39,900 ZAR||-35%|
|Financial Commercial Analyst||34,700 ZAR||-44%|
|Financial Compliance Analyst||35,500 ZAR||-42%|
|Financial Consultant||29,900 ZAR||-51%|
|Financial Controller||35,100 ZAR||-43%|
|Financial Coordinator||21,100 ZAR||-66%|
|Financial Customer Service Manager||41,200 ZAR||-33%|
|Financial Dealer and Broker||23,900 ZAR||-61%|
|Financial Encoder||18,700 ZAR||-70%|
|Financial Manager||61,600 ZAR||+0%|
|Financial Operations Manager||59,500 ZAR||-3%|
|Financial Policy Analyst||35,500 ZAR||-42%|
|Financial Project Manager||46,300 ZAR||-25%|
|Financial Quantitative Analyst||39,400 ZAR||-36%|
|Financial Reporting Consultant||34,100 ZAR||-45%|
|Financial Reporting Manager||43,800 ZAR||-29%|
|Financial Services Sales Agent||25,300 ZAR||-59%|
|Fixed Assets Administrator||24,300 ZAR||-61%|
|Forensic Accountant||27,600 ZAR||-55%|
|Fraud Detection Supervisor||27,800 ZAR||-55%|
|Fraud Prevention Manager||46,100 ZAR||-25%|
|Fund Accountant||21,600 ZAR||-65%|
|Grants Coordinator||16,600 ZAR||-73%|
|Internal Auditor||29,700 ZAR||-52%|
|Internal Control Adviser||35,500 ZAR||-42%|
|Internal Control Officer||19,700 ZAR||-68%|
|Inventory Accountant||23,700 ZAR||-61%|
|Investment Analyst||44,800 ZAR||-27%|
|Investment Fund Manager||51,900 ZAR||-16%|
|Investment Underwriter||19,800 ZAR||-68%|
|Investor Relations Manager||46,300 ZAR||-25%|
|KYC Team Leader||46,500 ZAR||-24%|
|Management Economist||53,600 ZAR||-13%|
|Payroll Clerk||19,900 ZAR||-68%|
|Payroll Manager||41,800 ZAR||-32%|
|Pensions Administrator||24,400 ZAR||-60%|
|Pricing Analyst||37,900 ZAR||-38%|
|Private Equity Analyst||42,400 ZAR||-31%|
|Proposal Development Coordinator||20,500 ZAR||-67%|
|Receivables Accountant||21,000 ZAR||-66%|
|Regulatory Accountant||24,200 ZAR||-61%|
|Retirement Plan Analyst||36,000 ZAR||-42%|
|Revenue Management Specialist||37,500 ZAR||-39%|
|Revenue Recognition Analyst||43,800 ZAR||-29%|
|Risk Management Director||55,200 ZAR||-10%|
|Risk Management Supervisor||45,500 ZAR||-26%|
|Tax Accountant||21,000 ZAR||-66%|
|Tax Advisor||34,200 ZAR||-44%|
|Tax Associate||18,900 ZAR||-69%|
|Tax Manager||47,000 ZAR||-24%|
|Treasury Accountant||24,000 ZAR||-61%|
|Treasury Analyst||36,300 ZAR||-41%|
|Underwriting Assistant||14,800 ZAR||-76%|
|Vice President of Finance||61,900 ZAR||+1%|
|Cape Town||73,700 ZAR|
|Port Elizabeth||59,700 ZAR|
Where can you get paid more, working for a private company or for the government? Public sector employees in South Africa earn 7% more than their private sector counterparts on average across all sectors.