The one job sector paying R1 million salaries in South Africa
The latest pay data from Stats SA shows only one job category paid an average salary of over R1 million per annum in the last quarter.
The latest Quarterly Employment Survey for the first three months of 2024 shows that the average salary in South Africa has dropped marginally to R26,800 a month, down from
The QES covers eight key industries or sectors in South Africa, which is split further into 20 sub-categories, and then even further into 92 job sectors or fields.
These mainly consist of various manufacturing sectors but also include fields like community services, government jobs, trade (retail and wholesale), and business services.
Of the 92 jobs covered by the survey, 44 job types pay higher than the national average – but the highest average of R90,659 per month is attributed to those working in financial intermediation in the business services sector.
This is also the only job type that has pushed the average salary beyond the R1 million per annum mark, with the average for the quarter totalling R1.087 million if expanded out to the whole year.
Financial intermediaries are commercial banks, investment banks, mutual funds, pension funds and any other institution that acts as a middleman between two parties in order to facilitate a financial transaction.
That jobs in the banking sector are some of the highest-paying should come as no surprise as salary surveys for the finance and banking sector reveal that positions in these fields can draw salaries of well over R1 million per annum.
The 2024 Salary Survey from professional recruitment firm Robert Walters shows that there are 31 jobs in the banking, finance and accounting sector that comfortably pay over R1 million a month.
The table below outlines the jobs and salary ranges.
| Position | Sector (XP) | Exp | From | To (‘000) |
|---|---|---|---|---|
| Chief Financial Officer (JSE Top 200) | Accounting | 10+ | R2.6 million | R4.0 million |
| Chief Risk Officer | Banking | 10+ | R1.6 million | R3.5 million |
| Head of International Audit/ Chief Internal Auditor | Banking | 10+ | R1.4 million | R3.0 million |
| Chief Operating Officer | Accounting | 4-10+ | R1.5 million | R3.0 million |
| Chief Financial Officer (Qualified CA) | Banking | 10+ | R2.0 million | R2.8 million |
| General Manager | Accounting | 4-10+ | R1.4 million | R2.7 million |
| CEO (SME) | Accounting | 10+ | R2.7 million | R2.7 million+ |
| Group Treasury Manager | Accounting | 4-10+ | R1.2 million | R2.5 million |
| Commercial Director | Accounting | 4-10+ | R1.0 million | R2.5 million |
| Private Equity/ Corporate Finance | Banking | 10+ | R1.6 million | R2.3 million |
| CA (SA) | Accounting | 10+ | R1.6 million | R2.3 million |
| Qualified CA(SA) | Banking | 10+ | R1.5 million | R2.2 million |
| Relationship Manager/ Corporate Banker | Banking | 10+ | R1.3 million | R2.2 million |
| Actuary | Banking | 10+ | R1.4 million | R2.2 million |
| Chief Finance Officer/ Financial Director (SME) | Accounting | 4-10+ | R1.2 million | R2.2 million |
| Group Tax Manager | Accounting | 4-10+ | R1.0 million | R2.2 million |
| Investment Analyst (CA plus CFA) | Banking | 10+ | R1.2 million | R2.0 million |
| Strategy Consultant | Banking | 10+ | R1.3 million | R2.0 million |
| Head of Finance/ Finance Executive (Qualified CA) | Banking | 4-10+ | R1.0 million | R1.9 million |
| Finance Manager | Accounting | 10+ | R1.3 million | R1.8 million |
| Credit Analyst/ Credit Manager (CA and Non-CA) | Banking | 10+ | R1.0 million | R1.7 million |
| Business Analyst | Banking | 10+ | R1.1 million | R1.6 million |
| Management Consultant (Non-CA) | Banking | 10+ | R1.0 million | R1.5 million |
| Data Scientist (B.I. Business Intelligence) | Banking | 10+ | R1.0 million | R1.5 million |
| Quant Risk Analyst | Banking | 10+ | R1.0 million | R1.5 million |
| Part Qualified CA (SA) | Accounting | 10+ | R1.0 million | R1.4 million |
| Internal Audit Manager | Accounting | 10+ | R1.2 million | R1.4 million |
| Financial Planning & Analysis | Accounting | 10+ | R1.4 million | R1.4 million |
| CIMA/ CGMA | Accounting | 10+ | R1.4 million | R1.4 million |
| Financial Controller | Accounting | 10+ | R1.3 million | R1.3 million |
| Internal Auditor (Non-Qualified) | Banking | 10+ | R1.0 million | R1.2 million |
While the R1 million-plus salaries in the sector are reserved for workers with high levels of experience (mostly 10 years+), even entry-level salaries for finance jobs are relatively high.
The data shows that a BCom graduate entering the accounting space in South Africa can expect to earn between R250,000 and R350,000 a year when starting out – roughly R21,000 to R29,000 a month, cost-to-company.
The range is in line with the QES’s average salary, which covers the entire workforce, including those working for over a decade.
This means the starting salary for the finance sector is quite high, especially when considering the median salary in South Africa is only around R5,500 a month.
Median salaries in the finance sector sit under R8,000 a month – although for skilled workers, this shoots up to R21,000.
Read: 10 of the highest paying jobs in South Africa – with one up to R213,000 a month
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