The top salaries for banking and finance professionals in South Africa in 2018
A new salary report published by professional recruitment specialists Robert Walters shows how much salaries are expected to increase for skilled professionals in the finance and legal industries.
According to the group’s survey, general salaries in South Africa are expected to increase by 5% on average in 2018 – a modest rise in line with inflation.
However, professionals with highly sought-after skillsets can expect to see rises of between 12% and 15%, with finance professionals enjoying the strongest average salary growth at 7%, with legal professionals seeing an average of 5% increases.
Following a growing sense of confidence in South Africa toward the end of 2017, country manager for Robert Walters South Africa, Nic Sephton-Poultney said that the country will see a ‘buoyant’ 2018.
“Conditions will continue improving, with confidence increasing among professionals and employers,” Sephton-Poultney said. “However salary growth is expected to be more modest in 2018. Professionals who can offer a combination of strong technical skills, industry experience and who meet employment equity requirements will be highly sought after and remunerated accordingly.”
“Finance and legal professionals will enjoy demand of their skills, with SME’s and market leaders expected to continue recruiting extensively in these areas.”
“With competition for top talent extremely high, securing top talent will require employers to operate swift hiring processes, as well as offering a strong employment proposition including a competitive salary and bonus, a clear path to career progression and a flexible working model.”
Notably, as with previous years, skilled professionals within the banking, finance and legal sector will be in high demand, with jobs in these areas expected to show the largest salary growth.
These sectors are beset with skills shortages, which is often compounded by the available skilled professionals actively seeking to relocate internationally, Robert Walters said, looking for a more stable environment without the uncertainty that persists in the South African economy.
“Employers may need to consider upskilling existing staff where external candidates are unavailable, as well as offering more competitive annual salary increases to retain highly skilled candidates,” the group said.
Salary increases
The tables below show how salaries in the banking, finance and legal sectors are expected to shift in 2018, based on the salary survey conducted by Robert Walters.
Qualified CA (SA) or CIMA
| Role | Permanent salary per annum (ZAR) |
|---|---|
| Finance Director (Large Firm) | R1.5 million – R3.0 million |
| Chief Financial Officer (JSE Top 200) | R1.8 million – R3.0 million |
| CFO/FD (SME) | R1.2 million – R1.8 million |
| Senior Finance Manager | R800 000 – R1.0 million |
| Finance Manager | R700 000+ |
| Newly-qualified CA (SA) | R575 000 – R650 000 |
| CA (SA) (+6 years’ experience) | R900 000 – R1.2 million |
| CA (SA) (+4 years’ experience) | R850 000 – R950 000 |
| CA (SA) (+2 years’ experience) | R650 000 – R750 000 |
| Audit Manager | R600 000 – R1.0 million |
| Internal Auditor | R380 000 – R600 000 |
| Qualified CIMA (3 – 5 years’ experience) | R650 000 – R850 000 |
| Qualified CIMA (1 – 3 years’ experience) | R450 000 – R650 000 |
Part-qualified CA (SA) or CIMA
| Role | Permanent salary per annum (ZAR) |
|---|---|
| Finance Manager | R600 000 – R850 000 |
| Articles (+4 years’ experience) | R450 000 – R700 000 |
| Articles (+2 years’ experience) | R350 000 – R550 000 |
| Bcom (+4 years’ experience) | R300 000 – R550 000 |
| Bcom (+2 years’ experience) | R200 000 – R400 000 |
Taxation/Treasury
| Role | Permanent salary per annum (ZAR) |
|---|---|
| Group Tax Manager | R1.0 million – R2.0 million |
| Tax Manager | R700 000 – R1.0 million |
| Tax Accountant | R450 000 – R650 000 |
| Group Treasury Manager | R900 000 – R1.5 million |
| Treasury Accountant | R450 000 – R650 000 |
Investment banking and financial services
| Role | Permanent salary per annum (ZAR) |
|---|---|
| Corporate Finance CA (3 – 5 years’ experience) | R800 000 – R1.2 million |
| Corporate Finance CA (1 – 3 years’ experience) | R600 000 – R800 000 |
| Operations Manager – Global Markets | R650 000 – R800 000 |
| Product Controller (CA/CIMA + 2 – 5 years’ experience) | R700 000 – R900 000 |
| Product Controller (2 – 5 years part-qualified) | R500 000 – R600 000 |
| Private Banking Executive (3 years’ experience) | R500 000 – R600 000 |
| Research Analyst CA (1 – 2 years’ research + CFA experience) | R650 000 – R800 000 |
| Consultant/Advisory – PQ CA (1 – 3 years’ experience) | R500 000 – R650 000 |
| Consultant/Advisory – CA/CFA/MBA (3 – 4 years’ experience) | R750 000 – R1.0 million |
Accounting/Audit/Tax/Treasury
| Role | Permanent salary per annum (ZAR) |
|---|---|
| Qualified CA (4 – 5 years’ experience) | R800 000 – R1.0 million |
| Qualified CA (1 – 3 years’ experience) | R650 000 – R750 000 |
| Newly-qualified CA (SA) | R580 000 – R650 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
| Role | Permanent salary per annum (ZAR) |
|---|---|
| AML/Surveillance/Control Room (8+ years’ experience) | R950 000+ |
| AML/Surveillance/Control Room (5 – 8+ years’ experience) | R750 000 – R950 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) | R700 000 – R1.0 million |
| Quantitative Analyst/Financial Modelling (1 – 3 years’ experience) | R400 000 – R650 000 |
Legal – in-house for commerce and industry
| Role | Permanent salary per annum (ZAR) |
|---|---|
| 10+ years’ PQE | R1.35 million+ |
| 6 – 10 years’ PQE | R1.0 million – R1.35 million |
| 3 – 6 years’ PQE | R700 000 – R980 000 |
| 1 – 3 years’ PQE | R450 000 – R700 000 |
Legal – in-house for financial services
| Role | Permanent salary per annum (ZAR) |
|---|---|
| 10+ years’ PQE | R1.4 million+ |
| 6 – 10 years’ PQE | R1.0 million – R1.4 million |
| 3 – 6 years’ PQE | R720 000 – R1.0 million |
| 1 – 3 years’ PQE | R500 000 – R720 000 |
Legal – private practice
| Role | Permanent salary per annum (ZAR) |
|---|---|
| Director (10+ years’ PQE) | R2.0 million+ |
| Partner (7 – 10 years’ PQE) | R1.1 million – R1.4 million |
| Senior Associate (5 – 6 years’ PQE) | R900 000 – R1.1 million |
| Associate (3 – 4 years’ PQE) | R700 000 – R900 000 |
| Associate (0 – 2 years’ PQE) | R500 000 – R700 000 |
| PQE = Post-Qualified Experience |
Read: This one graph shows how the average salary has changed in South Africa over the past 70 years
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