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Accounting and Finance Average Salaries in South Africa 2024

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


Average Monthly Salary
32,300 ZAR
( 388,000 ZAR yearly)

LOW
13,000
ZAR
AVERAGE
32,300
ZAR
HIGH
64,400
ZAR
All salary figures displayed here are per month except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Accounting and Finance in South Africa typically earns around 32,300 ZAR. Salaries range from 13,000 ZAR (lowest average) to 64,400 ZAR (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Accounting and Finance domain in South Africa exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Accounting and Finance
Account Examiner16,700 ZAR
Account Executive29,700 ZAR
Accountant23,500 ZAR
Accounting Analyst27,000 ZAR
Accounting Assistant18,400 ZAR
Accounting Associate16,200 ZAR
Accounting Clerk13,900 ZAR
Accounting Coordinator20,100 ZAR
Accounting Head47,100 ZAR
Accounting Manager46,300 ZAR
Accounting Officer16,300 ZAR
Accounting Specialist29,900 ZAR
Accounting Supervisor31,000 ZAR
Accounting Technician16,000 ZAR
Accounting Unit Controller36,900 ZAR
Accounts Executive28,700 ZAR
Accounts Officer17,300 ZAR
Accounts Payable and Receivable Specialist23,900 ZAR
Accounts Payable Assistant19,300 ZAR
Accounts Payable Associate20,500 ZAR
Accounts Payable Clerk16,200 ZAR
Accounts Payable Manager43,200 ZAR
Accounts Receivable Administrator34,600 ZAR
Accounts Receivable Clerk16,300 ZAR
Accounts Receivable Financial Analyst30,600 ZAR
Accounts Receivable Manager42,600 ZAR
Accounts Receivable Team Leader33,800 ZAR
Algorithmic Trading Specialist41,300 ZAR
Assistant Accountant17,600 ZAR
Assistant Accounting Manager42,500 ZAR
Assistant Auditor23,100 ZAR
Assistant Corporate Controller30,200 ZAR
Assistant Finance Manager46,500 ZAR
Assistant Financial Controller30,200 ZAR
Audit Director53,100 ZAR
Audit Supervisor40,200 ZAR
Auditing Clerk17,300 ZAR
Auditing Manager46,000 ZAR
Billing Clerk18,100 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 Manager44,000 ZAR
Cash Management Officer25,600 ZAR
Cashbook Clerk15,400 ZAR
Chartered Accountant28,500 ZAR
Chief Accountant32,900 ZAR
Chief Financial Technology Officer49,700 ZAR
Collections Clerk14,700 ZAR
Collections Representative19,300 ZAR
Collections Specialist22,900 ZAR
Corporate Controller36,000 ZAR
Corporate Treasurer42,900 ZAR
Cost Accountant22,900 ZAR
Cost Accounting Manager44,600 ZAR
Cost Accounting Supervisor37,200 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
Credit Manager46,900 ZAR
Debt Adviser36,300 ZAR
Debt Collector17,700 ZAR
Debtors Clerk16,000 ZAR
Debtors Controller16,300 ZAR
Deputy CFO61,100 ZAR
Deputy Head of Finance61,200 ZAR
Derivative Trader38,600 ZAR
Director of Finance67,900 ZAR
E-commerce Accountant24,400 ZAR
Economist51,500 ZAR
Equity Analyst39,300 ZAR
Escrow Assistant20,100 ZAR
Executive Accountant25,900 ZAR
External Auditor31,000 ZAR
Finance Administrator27,000 ZAR
Finance Analyst42,000 ZAR
Finance Associate20,100 ZAR
Finance Data Analyst37,200 ZAR
Finance Director68,300 ZAR
Finance Executive47,000 ZAR
Finance Licensing Clerk16,400 ZAR
Finance Licensing Manager43,500 ZAR
Finance Licensing Specialist24,700 ZAR
Finance Manager64,900 ZAR
Finance Officer21,800 ZAR
Finance President69,300 ZAR
Finance Relationship Manager54,800 ZAR
Finance Release Analyst25,500 ZAR
Finance Specialist38,400 ZAR
Finance Team Leader 50,200 ZAR
Financial Accountant21,900 ZAR
Financial Actuary35,600 ZAR
Financial Administrator38,800 ZAR
Financial Advisor42,100 ZAR
Financial Analyst39,900 ZAR
Financial Applications Specialist27,600 ZAR
Financial Assistant17,800 ZAR
Financial Associate18,500 ZAR
Financial Associate22,200 ZAR
Financial Claims Analyst30,200 ZAR
Financial Claims Manager39,900 ZAR
Financial Claims Supervisor37,100 ZAR
Financial Clerk17,500 ZAR
Financial Commercial Analyst34,700 ZAR
Financial Compliance Analyst35,600 ZAR
Financial Compliance Officer36,500 ZAR
Financial Consultant29,900 ZAR
Financial Controller38,300 ZAR
Financial Controller35,100 ZAR
Financial Coordinator21,100 ZAR
Financial Customer Service Manager41,200 ZAR
Financial Data Scientist42,900 ZAR
Financial Dealer and Broker23,900 ZAR
Financial Director69,100 ZAR
Financial Encoder18,700 ZAR
Financial Manager61,600 ZAR
Financial Manager61,100 ZAR
Financial Modelling Analyst41,500 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 Section Head44,500 ZAR
Financial Services Manager56,000 ZAR
Financial Services Sales Agent25,300 ZAR
Financial Technology Consultant36,300 ZAR
Financial Wellness Coach47,400 ZAR
FinTech Analyst39,900 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
Green Finance Analyst33,500 ZAR
Group Financial Manager64,700 ZAR
Internal Auditor29,700 ZAR
Internal Control Adviser35,500 ZAR
Internal Control Officer19,700 ZAR
International Tax Director55,000 ZAR
Inventory Accountant23,700 ZAR
Investment Advisor60,700 ZAR
Investment Analyst44,800 ZAR
Investment Associate39,000 ZAR
Investment Broker38,100 ZAR
Investment Fund Manager51,900 ZAR
Investment Operations Manager50,700 ZAR
Investment Underwriter19,800 ZAR
Investor29,700 ZAR
Investor Relations Manager46,300 ZAR
KYC Team Leader46,500 ZAR
Loan Processor19,600 ZAR
Management Accountant25,500 ZAR
Management Economist53,600 ZAR
Paymaster19,400 ZAR
Payroll Administrator30,100 ZAR
Payroll Benefits Coordinator24,100 ZAR
Payroll Billing Manager39,900 ZAR
Payroll Clerk19,900 ZAR
Payroll Manager41,800 ZAR
Payroll Officer19,000 ZAR
Payroll Specialist22,800 ZAR
Payroll Supervisor29,200 ZAR
Pensions Administrator24,400 ZAR
Personal Financial Advisor35,200 ZAR
Pricing Analyst37,900 ZAR
Private Equity Analyst42,400 ZAR
Project Accountant25,600 ZAR
Proposal Development Coordinator20,500 ZAR
Quantitative Trader31,400 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
Staff Accountant22,200 ZAR
Tax Accountant21,000 ZAR
Tax Administrator24,200 ZAR
Tax Advisor34,200 ZAR
Tax Analyst34,200 ZAR
Tax Associate18,900 ZAR
Tax Consultant35,700 ZAR
Tax Director51,900 ZAR
Tax Examiner25,500 ZAR
Tax Manager47,000 ZAR
Tax Research 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 Pay Scale and Salaries in South Africa

Median and salary distribution South Africa Accounting and Finance monthly
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Salary Structure and Pay Scale Comparison

5% of people earn
32,900 ZAR or more
10% of people earn
27,800 to 32,900 ZAR
20% of people earn
16,700 ZAR or less
65% of people earn
16,700 to 27,800 ZAR
Minimum Salary
13,000 ZAR
Median
28,800 ZAR
Maximum
64,400 ZAR




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per month except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Accounting and Finance in South Africa range from 13,000 ZAR (starting average salary) to 64,400 ZAR (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Accounting and Finance is 28,800 ZAR, implying that half of the workforce in South Africa earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Accounting and Finance in South Africa earn less than 22,600 ZAR, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 34,800 ZAR, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Accounting and Finance in South Africa. The analysis revealed that roughly 65% of all reported salaries fell within the range of 16,700 ZAR to 27,800 ZAR. Approximately 20% of salaries were below the 16,700 ZAR mark, while 10% ranged from 27,800 ZAR to 32,900 ZAR. Only 5% of individuals earned a gross salary of 32,900 ZAR or higher.

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 in Accounting and Finance in South Africa 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.


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.
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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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.

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 degree levels across many jobs in Accounting and Finance in South Africa, 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 certificate 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 ZAR to 469,000 ZAR and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they 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 to 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 the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Accounting and Finance / South Africa

Salary comparison by gender South Africa Accounting and Finance monthly
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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? In the field of Accounting and Finance in South Africa, the average difference between the salary of male and female employees is 8%.

Male
33,700 ZAR
Female-7%
31,300 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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Average Annual Salary Increment Percentage / Accounting and Finance / South Africa

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

Professionals working in Accounting and Finance 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

Annual Salary Increment Rate South Africa
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare 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%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Accounting and Finance / South Africa

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

Hourly Average Wage / Accounting and Finance / South Africa


190 ZAR per hour

The average hourly wage (pay per hour) in Accounting and Finance in South Africa is 190 ZAR.This is the rate they get paid for every worked hour.


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

About The Hourly Pay Rate

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 fixed 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.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Accounting and Finance in South Africa is 75 ZAR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Bloemfontein31,400 ZAR
Cape Town37,600 ZAR
Durban35,900 ZAR
Johannesburg34,600 ZAR
Port Elizabeth32,600 ZAR
Pretoria34,000 ZAR

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in South Africa is 7% on average across all career fields.

Private Sector
30,400 ZAR
Public Sector+7%
32,400 ZAR
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Accounting and Finance in South Africa?

A good and competitive compensation would range anywhere between 28,800 ZAR and 34,800 ZAR. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Accounting and Finance in South Africa ranges from 13,000 ZAR to 22,600 ZAR. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


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

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn 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


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