A person working in Banking in South Africa typically earns around 33,900 ZAR per month. Salaries range from 10,700 ZAR (lowest average) to 69,500 ZAR (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Banking careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
|Job Title||Average Salary|
|AML Analyst||52,200 ZAR|
|Assistant Bank Branch Manager||44,900 ZAR|
|Assistant Bank Manager||58,900 ZAR|
|ATM Manager||49,800 ZAR|
|ATM Service Technician||13,700 ZAR|
|Bank Accounts Analyst||18,600 ZAR|
|Bank Accounts Controller||25,300 ZAR|
|Bank Accounts Executive||37,600 ZAR|
|Bank Accounts Manager||43,600 ZAR|
|Bank Auditing Manager||44,300 ZAR|
|Bank Branch Manager||61,200 ZAR|
|Bank Clerk||10,700 ZAR|
|Bank Compliance Specialist||29,300 ZAR|
|Bank Manager||69,500 ZAR|
|Bank Operational Risk Manager||68,500 ZAR|
|Bank Operations Head||70,900 ZAR|
|Bank Operations Officer||28,100 ZAR|
|Bank Operations Specialist||43,500 ZAR|
|Bank Process Manager||38,700 ZAR|
|Bank Product Manager||45,100 ZAR|
|Bank Programme Manager||49,000 ZAR|
|Bank Project Manager||53,700 ZAR|
|Bank Propositions Manager||48,600 ZAR|
|Bank Quantitative Analyst||35,500 ZAR|
|Bank Regional Manager||69,300 ZAR|
|Bank Regional Risk Officer||34,500 ZAR|
|Bank Relationship Manager||50,800 ZAR|
|Bank Relationship Officer||22,600 ZAR|
|Banking Business Analyst||36,300 ZAR|
|Banking Business Development Officer||21,300 ZAR|
|Banking Business Planning Executive||49,100 ZAR|
|Banking Product Manager||44,800 ZAR|
|Banking Reference Data Manager||40,700 ZAR|
|Banking Risk Analyst||35,600 ZAR|
|Banking Technical Analyst||18,900 ZAR|
|Bankruptcy Coordinator||25,900 ZAR|
|Budget Analyst||37,100 ZAR|
|Cards Marketing Manager||43,800 ZAR|
|Cash Management Manager||59,600 ZAR|
|Check Processing Manager||44,100 ZAR|
|Commercial Vault Associate||33,900 ZAR|
|Corporate Dealer||35,700 ZAR|
|Credit Analyst||26,600 ZAR|
|Credit and Collections Manager||46,200 ZAR|
|Credit Card Fraud Investigator||35,400 ZAR|
|Credit Portfolio Manager||67,700 ZAR|
|Credit Risk Analyst||39,900 ZAR|
|Credit Risk Associate||38,400 ZAR|
|Direct Bank Sales Representative||24,300 ZAR|
|Financial Bank Planning Consultant||43,800 ZAR|
|Financial Banking Analysis Manager||50,600 ZAR|
|Financial Banking Assistant||16,400 ZAR|
|Financial Banking Systems Manager||46,900 ZAR|
|Foreign Exchange Manager||50,300 ZAR|
|Fraud Analyst||38,600 ZAR|
|Fraud Detection Associate||24,900 ZAR|
|Fraud Detection Manager||56,800 ZAR|
|Fraud Detection Supervisor||30,100 ZAR|
|Internal Bank Audit Manager||63,000 ZAR|
|Internal Bank Auditor||33,500 ZAR|
|International Banking Manager||70,900 ZAR|
|Loan Analyst||35,600 ZAR|
|Loan Area Manager||43,700 ZAR|
|Loan Audit Team Leader||40,900 ZAR|
|Loan Branch Manager||40,500 ZAR|
|Loan Business Development Officer||21,900 ZAR|
|Loan Clerk||12,800 ZAR|
|Loan Collection Manager||43,300 ZAR|
|Loan Collector||11,800 ZAR|
|Loan Examiner||15,800 ZAR|
|Loan Processing Manager||39,100 ZAR|
|Loan Processor||16,300 ZAR|
|Loan Quality Assurance Auditor||36,800 ZAR|
|Loan Quality Assurance Manager||40,900 ZAR|
|Loan Quality Assurance Representative||27,300 ZAR|
|Loan Review Manager||41,300 ZAR|
|Loan Team Leader||36,900 ZAR|
|Mortgage Advisor||25,400 ZAR|
|Mortgage Collection Manager||42,900 ZAR|
|Mortgage Collector||12,000 ZAR|
|Mortgage Credit Analyst||19,500 ZAR|
|Mortgage Credit Manager||41,000 ZAR|
|Mortgage Development Manager||47,000 ZAR|
|Mortgage Document Reviewer||16,000 ZAR|
|Mortgage Funding Manager||47,600 ZAR|
|Mortgage Operations Manager||64,000 ZAR|
|Mortgage Payment Processing Clerk||14,100 ZAR|
|Mortgage Processing Manager||42,200 ZAR|
|Mortgage Processor||16,600 ZAR|
|Mortgage Quality Assurance Auditor||36,600 ZAR|
|Mortgage Quality Assurance Manager||41,900 ZAR|
|Mortgage Servicing Clerk||12,800 ZAR|
|Mortgage Servicing Manager||40,800 ZAR|
|Mortgage Underwriter||15,700 ZAR|
|Online Banking Manager||60,300 ZAR|
|Payment Processing Clerk||12,300 ZAR|
|Personal Banker||25,400 ZAR|
|Personal Banking Advisor||25,200 ZAR|
|Phone Banker||16,600 ZAR|
|Private Banker||25,100 ZAR|
|Reconciliation and Investigation Specialist||30,300 ZAR|
|Trade Officer||15,100 ZAR|
|Trade Product Manager||43,400 ZAR|
|Treasury Operations Officer||30,100 ZAR|
Banking salaries in South Africa range from 10,700 ZAR per month (minimum average salary) to 69,500 ZAR per month (maximum average salary, actual maximum is higher).
The median salary is 32,500 ZAR per month, which means that half (50%) of people working in Banking are earning less than 32,500 ZAR while the other half are earning more than 32,500 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 people working in Banking are earning less than 19,400 ZAR while 75% of them are earning more than 19,400 ZAR. Also from the diagram, 75% of people working in Banking are earning less than 49,000 ZAR while 25% are earning more than 49,000 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 the wage.
Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.
Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.
As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.
Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.
It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.
Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.
Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.
Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.
Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.
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 this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then 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 employees in South Africa who work in Banking earn 8% more than their female counterparts on average.
Banking professionals in South Africa are likely to observe a salary increase of approximately 10% every 16 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.
Banking is considered to be a high bonus-based field 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.
25% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 75% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 8% 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 Banking is 9% more than that of All Jobs.
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.