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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22 banking and accounting jobs that pay over R1 million in South Africa