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Accounting and Finance Average Salaries in South Africa 2022

How much money does a person working in Accounting and Finance make in South Africa?


Average Monthly Salary
32,100 ZAR
( 385,000 ZAR yearly)

LOW
13,000
ZAR
AVERAGE
32,100
ZAR
HIGH
64,400
ZAR

A person working in Accounting and Finance in South Africa typically earns around 32,100 ZAR per month. Salaries range from 13,000 ZAR (lowest average) to 64,400 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 Accounting and Finance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Account Examiner16,700 ZAR
Account Executive29,700 ZAR
Accountant23,500 ZAR
Accounting Assistant18,400 ZAR
Accounting Associate16,200 ZAR
Accounting Clerk13,900 ZAR
Accounting Coordinator20,100 ZAR
Accounting Manager46,300 ZAR
Accounting Supervisor31,000 ZAR
Accounting Technician16,000 ZAR
Accounts Executive28,700 ZAR
Accounts Payable and Receivable Specialist23,900 ZAR
Accounts Payable Clerk16,200 ZAR
Accounts Payable Manager43,200 ZAR
Accounts Receivable Clerk16,300 ZAR
Accounts Receivable Manager42,600 ZAR
Assistant Accounting Manager42,500 ZAR
Assistant Auditor23,100 ZAR
Audit Supervisor40,200 ZAR
Auditing Clerk17,300 ZAR
Auditing Manager46,000 ZAR
Billing Coordinator21,600 ZAR
Billing Specialist24,000 ZAR
Billing Supervisor33,900 ZAR
Bookkeeper14,600 ZAR
Bookkeeping Specialist21,800 ZAR
Budget Analyst38,200 ZAR
Budget Manager45,800 ZAR
Business Support Analyst26,000 ZAR
Capital Markets Associate35,000 ZAR
Cash Flow Analyst33,600 ZAR
Cash Management Officer25,600 ZAR
Cashbook Clerk15,400 ZAR
Chartered Accountant28,500 ZAR
Collections Clerk14,700 ZAR
Collections Specialist22,900 ZAR
Corporate Treasurer42,900 ZAR
Cost Accountant22,900 ZAR
Cost Accounting Manager44,600 ZAR
Cost Analyst35,800 ZAR
Credit and Collection Manager44,400 ZAR
Credit and Collection Staff16,700 ZAR
Credit and Loans Officer16,300 ZAR
Credit Controller32,100 ZAR
Debt Adviser36,300 ZAR
Debt Collector17,700 ZAR
Debtors Clerk16,000 ZAR
Deputy CFO61,100 ZAR
Derivative Trader38,600 ZAR
Escrow Assistant20,100 ZAR
External Auditor31,000 ZAR
Finance Associate20,100 ZAR
Finance Executive47,000 ZAR
Finance Licensing Clerk16,400 ZAR
Finance Licensing Manager43,500 ZAR
Finance Licensing Specialist24,700 ZAR
Finance Officer21,800 ZAR
Finance President69,300 ZAR
Finance Relationship Manager54,800 ZAR
Finance Release Analyst25,500 ZAR
Finance Team Leader 50,200 ZAR
Financial Actuary35,600 ZAR
Financial Administrator38,800 ZAR
Financial Analyst39,900 ZAR
Financial Applications Specialist27,600 ZAR
Financial Assistant17,800 ZAR
Financial Associate18,500 ZAR
Financial Claims Analyst30,200 ZAR
Financial Claims Manager39,900 ZAR
Financial Commercial Analyst34,700 ZAR
Financial Compliance Analyst35,500 ZAR
Financial Consultant29,900 ZAR
Financial Controller35,100 ZAR
Financial Coordinator21,100 ZAR
Financial Customer Service Manager41,200 ZAR
Financial Dealer and Broker23,900 ZAR
Financial Encoder18,700 ZAR
Financial Manager61,600 ZAR
Financial Manager61,100 ZAR
Financial Operations Manager59,500 ZAR
Financial Policy Analyst35,500 ZAR
Financial Project Manager46,300 ZAR
Financial Quantitative Analyst39,400 ZAR
Financial Reporting Consultant34,100 ZAR
Financial Reporting Manager43,800 ZAR
Financial Services Sales Agent25,300 ZAR
Fixed Assets Administrator24,300 ZAR
Forensic Accountant27,600 ZAR
Fraud Detection Supervisor27,800 ZAR
Fraud Prevention Manager46,100 ZAR
Fund Accountant21,600 ZAR
Grants Coordinator16,600 ZAR
Internal Auditor29,700 ZAR
Internal Control Adviser35,500 ZAR
Internal Control Officer19,700 ZAR
Inventory Accountant23,700 ZAR
Investment Analyst44,800 ZAR
Investment Fund Manager51,900 ZAR
Investment Underwriter19,800 ZAR
Investor29,700 ZAR
Investor Relations Manager46,300 ZAR
KYC Team Leader46,500 ZAR
Management Economist53,600 ZAR
Paymaster19,400 ZAR
Payroll Clerk19,900 ZAR
Payroll Manager41,800 ZAR
Pensions Administrator24,400 ZAR
Pricing Analyst37,900 ZAR
Private Equity Analyst42,400 ZAR
Proposal Development Coordinator20,500 ZAR
Receivables Accountant21,000 ZAR
Regulatory Accountant24,200 ZAR
Retirement Plan Analyst36,000 ZAR
Revenue Management Specialist37,500 ZAR
Revenue Recognition Analyst43,800 ZAR
Risk Management Director55,200 ZAR
Risk Management Supervisor45,500 ZAR
Tax Accountant21,000 ZAR
Tax Advisor34,200 ZAR
Tax Associate18,900 ZAR
Tax Manager47,000 ZAR
Teller13,700 ZAR
Treasury Accountant24,000 ZAR
Treasury Analyst36,300 ZAR
Underwriter15,800 ZAR
Underwriting Assistant14,800 ZAR
Vice President of Finance61,900 ZAR

Accounting and Finance Jobs Salary Distribution in South Africa

Median and salary distribution monthly South Africa Accounting and Finance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Accounting and Finance salaries in South Africa range from 13,000 ZAR per month (minimum average salary) to 64,400 ZAR per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 30,800 ZAR per month, which means that half (50%) of people working in Accounting and Finance are earning less than 30,800 ZAR while the other half are earning more than 30,800 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.

  • Percentiles

    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 Accounting and Finance are earning less than 19,700 ZAR while 75% of them are earning more than 19,700 ZAR. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 45,700 ZAR while 25% are earning more than 45,700 ZAR.


What is the difference between the median and the average salary?

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

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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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.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

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.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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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.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

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.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

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.

Accounting and Finance Salary Comparison By Gender

Salary comparison by gender monthly South Africa Accounting and Finance
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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 Accounting and Finance earn 8% more than their female counterparts on average.

Male
33,500 ZAR
Female-7%
31,000 ZAR
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in South Africa for all Careers

Salary comparison by gender monthly South Africa
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Accounting and Finance Average Annual Salary Increment Percentage in South Africa

How much are annual salary increments in South Africa for Accounting and Finance professionals? How often do employees get salary raises?

Accounting and Finance

Accounting and Finance 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.

Annual Salary Increment Rate South Africa Accounting and Finance
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

South Africa / All Professions

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.

How to calculate the salary increment percentage?

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

The average salary increase in one year (12 months) in South Africa is 5%.

Annual Increment Rate By Industry 2021

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

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.


Worldwide Salary Raises: All Countries and All Jobs

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Accounting and Finance Bonus and Incentive Rates in South Africa

How much and how often are bonuses being awarded?Annual Salary Bonus Rate South Africa Accounting and Finance
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Accounting and Finance 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 Accounting and Finance 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.

Received Bonus
75%
No Bonus
25%

Types of Bonuses Considered

Individual Performance-Based Bonuses

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.

Bonuses Are Not Commissions!

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.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting 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.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


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.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

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.

Accounting and Finance Hourly Average Wage in South Africa


190 ZAR per hour

The average hourly wage (pay per hour) in South Africa is 190 ZAR. This means that the average person in South Africa earns approximately 190 ZAR for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

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.

Accounting and Finance VS Other Jobs

Salary Comparison Between Accounting and Finance and Accounting and Finance monthly South Africa
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The average salary for Accounting and Finance is 3% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Bloemfontein31,100 ZAR
Cape Town37,300 ZAR
Durban35,700 ZAR
Johannesburg34,300 ZAR
Port Elizabeth32,400 ZAR
Pretoria33,700 ZAR

Government vs Private Sector Salary Comparison

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.

Private Sector
30,200 ZAR
Public Sector+7%
32,300 ZAR
Percentage increase and decrease are relative to the previous value

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