Top salaries for banking, finance and IT professionals in South Africa in 2017
A salary survey by professional recruitment firm, Robert Walters, lays out the hiring and salary trends among banking, financial services and ICT professionals in South Africa in 2017.
The report outlines the trends seen the these sectors in 2016 and what the outcome of 2017 will look like in comparison.
According to the report, the tough economic conditions of 2016 led to weak hiring confidence in the country – a trend which has carried through to 2017.
Hiring managers have adopted a cautious approach, and have worked at keeping their head counts lean, while looking to absorb new responsibilities into current employee roles and expand skillsets.
However, the firm said that there is still some hiring confidence in specific, skilled sectors, with banking, legal and IT skills in high demand in 2017.
The trend seen in these sectors is that they have been in high demand for a number of years, all the while proving to be incredibly resilient during times of economic strife – as seen in 2016. Therefore the closing data of 2017 is expected to show the same resilience, the group said.
The tables below outline the average annual 2017 salaries for jobs in the banking/finance and ICT sectors.
Banking and finance salaries
“Against a backdrop of a flat economy, genuine growth in financial institutions is proving highly challenging. As a result, the need for accomplished and resilient sales professionals will continue,” Robert Walters said.
In the banking and financial services sector, turnover was highest amongst young professionals, with employment equity (EE) talent often moving regularly within their first few years of employment, as they look to develop their career and maximise their salaries, the group said.
Salaries grew marginally for financial services professionals throughout 2016, with only top talent enjoying premiums. The group advised that managers continue offering lucrative bonuses and long-term incentives to existing leadership.
Qualified CA (SA) or CIMA
| Job | Salary band |
|---|---|
| Chief Financial Officer (JSE Top 200) | R2.0 million – R3.0 million |
| Finance Director (Large Firm) | R1.5 million – R2.0 million |
| CFO/FD (SME) | R1.3 million – R2.0 million |
| Finance Manager | R800 000 – R1.1 million |
| Finance Analyst | R600 000 – R800 000 |
| Group Accountant | R600 000 – R750 000 |
| Newly-qualified CA (SA) – Accounting | R550 000 – R600 000 |
| Audit Manager | R650 000 – R1.0 million |
| Internal Auditor | R350 000 – R600 000 |
| Qualified CIMA (3 – 5 years’ experience) | R650 000 – R1.0 million |
| Qualified CIMA (1 – 3 years’ experience) | R450 000 – R600 000 |
Part-qualified CA (SA) or CIMA
| Job | Salary band |
|---|---|
| Finance Manager | R500 000 – R850 000 |
| Finance Analyst | R480 000 – R 750 000 |
| Articles (3 – 5 years’ experience) | R450 000 – R700 000 |
| Articles (1 – 3 years’ experience) | R350 000 – R550 000 |
| Bcom (3 – 5 years’ experience) | R300 000 – R550 000 |
| Bcom (1 – 3 years’ experience) | R200 000 – R400 000 |
Taxation/Treasury
| Job | Salary band |
|---|---|
| Group Tax Manager | R900 000 – R1.4 million |
| Tax Manager | R600 000 – R900 000 |
| Tax Accountant | R350 000 – R600 000 |
| Group Treasury Manager | R700 000 – R1.1 million |
| Treasury Accountant | R250 000 – R500 000 |
Investment banking and Financial services
| Job | Salary band |
|---|---|
| Corporate Finance CA (3 – 5 years’ experience) | R750 000 – R1.2 million |
| Corporate Finance CA (1 – 3 years’ experience) | R600 000 – R750 000 |
| Operations Manager – Global Markets | R600 000 – R750 000 |
| Product Controller (CA/CIMA + 2 – 5 years’ experience) | R650 000 – R950 000 |
| Product Controller (2 – 5 years’ part-qualified) | R500 000 – R750 000 |
| Private Banking Executive (3 years’ experience) | R450 000 – R600 000 |
| Research Analyst CA (1 – 2 years’ research + CFA experience) | R600 000 – R800 000 |
| Consultant/Advisory – PQ CA (1 – 3 years’ experience) | R450 000 – R650 000 |
| Consultant/Advisory – CA/CFA/MBA (3 – 4 years’ experience) | R700 000 – R1.0 million |
Accounting/Audit/Tax/Treasury
| Job | Salary band |
|---|---|
| Qualified CA (4 – 5 years’ experience) | R700 000 – R950 000 |
| Qualified CA (1 – 3 years’ experience) | R580 000 – R750 000 |
| Newly-qualified CA (SA) – Banking and FS | R560 000 – R630 000 |
| Management Accountant CIMA + Training (3 – 4 years’ experience) | R600 000 – R750 000 |
| Accountant – Hons Degree + Articles (PQ CA) | R400 000 – R550 000 |
| Business Unit CFO – Investment Banking | R2.0 million+ |
| Business Unit CFO – Retail Banking | R1.0 million – R1.5 million |
| Business Unit CFO – Insurance | R1.3 million – R2.0 million |
Compliance
| Job | Salary band |
|---|---|
| AML/Surveillance/Control Room (8+ years’ experience) | R900 000+ |
| AML/Surveillance/Control Room (5 – 8+ years’ experience) | R650 000 – R900 000 |
| Investment & Wealth Management (5 – 8 years’ experience) | R750 000 – R1.1 million |
| Investment & Wealth Management (1 – 4 years’ experience) | R400 000 – R800 000 |
| Quantitative Analyst/Financial Modelling (3 – 5 years’ experience) | R600 000 – R900 000 |
| Quantitative Analyst/Financial Modelling (1 – 3 years’ experience) | R400 000 – R650 000 |
Information technology salaries
“Demand was high for IT personnel at all levels, including technical developers and those with expertise across specific technologies,” Robert Walters said.
The group found that its mid-2016 indices showed that the number of advertised IT jobs in Johannesburg increased by 39% year-on-year as companies looked to invest in their IT infrastructure – however, there were not enough candidates to meet this demand.
Professionals moving within the IT market can expect a 13-20% increase in salary when accepting a new role, the group said.
| Job | Salary band |
|---|---|
| Development Manager (10 years’+ experience) | R900 000+ |
| Team Leader – Software (8 years’+ experience) | R700 000+ |
| Developer – C#/PHP/.Net/Java/etc. (3 – 5 years’ experience) | R350 – R650 000 |
| Developer – C#/PHP/.Net/Java/etc. (6 – 10 years’ experience) | R700 000+ |
| Business Analyst (3 – 5 years’ experience) | R350 000 – R550 000 |
| Business Analyst (6 – 10 years’ experience) | R600 000 – R1.0 million |
| Project Manager (5 – 10 years’ experience) | R550 000 – R900 000 |
| Programme Manager (10 years’+ experience) | R1.1 million+ |
| IT Manager (5 – 10 years’ experience) | R600 000 – R900 000 |
| IT Manager (10 years’+ experience) | R900 000 – R1.3 million |
| Network Engineer (3 – 5 years’ experience) | R300 000 – R500 000 |
| Network Engineer (6 – 10 years’ experience) | R450 000 – R1.0 million |
| IT Audit (3 – 5 years’ experience) | R300 000 – R550 000 |
| IT Audit (6 – 10 years’ experience) | R550 000 – R900 000 |
| Solutions Architect (5 – 10 years’ experience) | R700 000 – R1.1 million |
| Business Intelligence (3 – 5 years’ experience) | R350 000 – R600 000 |
| Business Intelligence (6 – 8 years’ experience) | R600 000 – R850 000 |
| Data Analyst (3 – 5 years’ experience) | R350 000 – R600 000 |
| Data Analyst (6 – 8 years’ experience) | R600 000 – R850 000 |
| Product Manager (3 – 5 years’ experience) | R350 000 – R550 000 |
| Product Manager (6 – 8 years’ experience) | R600 000 – R800 000 |
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