22 banking and accounting jobs that pay over R1 million in South Africa
Specialist professional recruitment firm Robert Walters has published its annual salary survey, showing that professional salaries across South Africa increased by an average of 9% in 2019 – with professionals in finance and accounting expecting their pay to increase by over 10% in 2020.
“2019 was characterised by hiring caution heading into the general election, a sluggish economy and high unemployment of 29%, which created an increasingly competitive market for job seekers,” it said.
“Recruitment processes became drawn out and protracted resulting in organisations losing out on good talent. Companies sought internationally minded professionals with high adaptability and strong business acumen to minimise the downtime often experienced during onboarding.
“The demand for employment equity candidates continued to influence hiring processes and these professionals saw salary increases of between 10-15% – slightly down compared to movers in 2018,” it said.
Other categories demanding premium salaries included transactional lawyers and specialists who could demonstrate high levels of technical financial competence, industry knowledge and expertise in data, AI and BI.
Interestingly salary increases across all new job starters were considerably higher than professionals moving internally, which highlighted the market churn trends, the group said.
In 2020, the shift in focus will be from staff retention to the productivity and effectiveness of employees, said Nic Sephton-Poultney, managing director of Robert Walters South Africa.
“Historically, specialist skill sets were considered a ‘value-add’, but we expect this to be a minimum requirement for candidates moving forward,” he said.
In the financial services sector, the jobs that are in most demand are for financial reporting accountants, financial managers, analysts, corporate finance specialists and internal auditors.
Professionals in this sector are very open to moving jobs with the right offer, particularly if it provides them with an opportunity for career progression and a higher salary, the group said.
Between 70% and 80% of professionals have indicated a sense of confidence for job opportunities in the sector – depending on the specific industry.
The tables below show how salaries for these professionals are expected to increase in 2020.
Note: All figures exclude bonuses. Regional variations apply – for Cape Town or Durban, adjust by 10% to 20% lower.
Accounting and Finance
| Qualified CA (SA) or CIMA | 2020 Annual Salary |
|---|---|
| Finance Director (Large firm) | R1 700 000 – R3 000 000 |
| Chief Financial Officer (JSE Top 200) | R2 000 000 – R3 200 000 |
| CFO/FD (SME) | R1 400 000 – R2 000 000 |
| Senior Finance Manager | R1 000 000 – R1 500 000 |
| Finance Manager | R750 000+ |
| Newly-qualified CA (SA) | R550 000 – R680 000 |
| CA (SA) 6+ years’ experience | R1 000 000 – R1 400 000 |
| CA (SA) 4+ years’ experience | R800 000 – R950 000 |
| CA (SA) 2+ years’ experience | R650 000 – R780 000 |
| Audit Manager | R750 000 – R1 000 000 |
| Internal Manager | R400 000 – R600 000 |
| Qualified CIMA (3-5 years’ experience) | R700 000 – R1 000 000 |
| Qualified CIMA (1-3 years’ experience) | R550 000 – R750 000 |
| Part-qualified CA (SA) or CIMA | 2020 Annual Salary |
|---|---|
| Finance Manager | R650 000 – R850 000 |
| Articles (4+ years’ experience) | R600 000 – R750 000 |
| Articles (2+ years’ experience) | R400 000 – R550 000 |
| BCom (4+ years’ experience) | R350 000 – R600 000 |
| BCom (2+ years’ experience) | R250 000 – R400 000 |
| Taxation/Treasury | 2020 Annual Salary |
|---|---|
| Group Tax Manager | R1 300 000 – R2 000 000 |
| Tax Manager | R700 000 – R1 000 000 |
| Tax Accountant | R600 000 – R750 000 |
| Group Treasury Manager | R1 200 000 – R1 800 000 |
| Treasury Accountant | R600 000 – R800 000 |
Banking and Financial Services
| Investment Banking and Financial Services | 2020 Annual Salary |
|---|---|
| Private Equity/Corporate Finance CA (7+ years’ experience) | R1 500 000+ |
| Private Equity/Corporate Finance CA (3-5 years’ experience) | R800 000 – R1 200 000 |
| Private Equity/Corporate Finance CA (1-3 years’ experience) | R650 000 – R850 000 |
| Global Markets | 2020 Annual Salary |
|---|---|
| Equity Research Analyst (CA, 2 years’ experience) | R650 000 – R800 000 |
| Product/Legal Entity Control (CA, 2-5 years’ experience) | R700 000 – R1 000 000 |
| Product/Legal Entity Control (part-qualified, 2-5 years’ experience) | R500 000 – R700 000 |
| Operations Manager – Global Markets | R650 000 – R850 000 |
| Corporate/Commercial Banking | 2020 Annual Salary |
|---|---|
| Relationship Manager/Banker (10+ years’ experience) | R1 300 000 – R1 800 000 |
| Relationship Manager/Banker (4-7 years’ experience) | R800 000 – R1 200 000 |
| Invesment Management / Asset Management | 2020 Annual Salary |
|---|---|
| Portfolio Manager (CFA, 5+ years’ experience) | R900 000+ |
| Investment Analyst (CA) | R550 000 – R850 000 |
| Investment Analyst (with Honours and/or CA) | R400 000 – R750 000 |
| Management Consultancy | 2020 Annual Salary |
|---|---|
| Consultant/Advisory – CA/CFA/MBA (4-5 years’ experience) | R500 000 – R700 000 |
| Consultant/Advisory – CA/CFA/MBA (1-3 years’ experience) | R750 000 – R900 000 |
| Business Analyst (3-6 years’ experience) | R600 000 – R1 000 000 |
| Accounting, Audit, Tax and Treasury | 2020 Annual Salary |
|---|---|
| Qualified CA (6-10 years’ experience) | R1 000 000 – R1 500 000 |
| Qualified CA (4-6 years’ experience) | R850 000 – R1 000 000 |
| Qualified CA (1-3 years’ experience) | R650 000 – R800 000 |
| Newly-qualified CA (SA) | R550 000 – R650 000 |
| CIMA Qualified Management Accountant (3-4 years’ experience) | R700 000 – R800 000 |
| Accountant with Honours Degree + Articles (PQ CA) | R380 000 – R450 000 |
| Accountant with Honours Degree _ 2-5 years’ experience | R450 000 – R600 000 |
| Senior Finance | 2020 Annual Salary |
|---|---|
| Business Unit CFO – Corporate or Investment Banking | R1 800 000 – R2 800 000 |
| Business Unit CFO – Retail Banking | R1 200 000 – R1 700 000 |
| Business Unit CFO – Insurance | R1 300 000 – R2 000 000 |
| Internal Audit or IT audit (non-CA route) | 2020 Annual Salary |
|---|---|
| Internal Audit Manager – CIA/CISA qualified (6+ years’ experience) | R650 000 – R800 000 |
| Senior Internal Auditor – CIA/CISA qualified (4-6 years’ experience) | R450 000 – R650 000 |
| Internal Auditor – CIA/CISA qualified (1-3 years’ experience) | R300 000 – R450 000 |
| Risk | 2020 Annual Salary |
|---|---|
| Quant Analyst – Credit, Market or Investment Risk (3-5 years’ experience) | R650 000 – R950 000 |
| Quant Analyst – Credit, Market or Investment Risk (1-3 years’ experience) | R400 000 – R650 000 |
| Insurance – Actuarial | 2020 Annual Salary |
|---|---|
| Actuarial Analyst (1-5 years’ experience) | R400 000 – R800 000 |
| Actuarial Manager (fully qualified, with fellowship) | R1 200 000 – R1 700 000 |
| Other | 2020 Annual Salary |
|---|---|
| Graduates, entry-level (BCom, BCompt, BSc, BBusSC, Honours) | R200 000 – R350 000 |
| CFA Level III (with or without Charterholder) | Base: R100 000+ |
| Junior Data Scientists/BI/Analytics (1-3 years’ experience) | R350 000 – R550 000 |
| Senior Data Scientists/BI/Analytics (5+ years’ experience) | R700 000 – R1 200 000 |
Read: South African salaries in 2020: what professionals earn
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