{"id":221471,"date":"2018-01-31T18:00:02","date_gmt":"2018-01-31T16:00:02","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=221471"},"modified":"2018-01-31T16:29:16","modified_gmt":"2018-01-31T14:29:16","slug":"the-top-salaries-for-banking-and-finance-professionals-in-south-africa-in-2018","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/221471\/the-top-salaries-for-banking-and-finance-professionals-in-south-africa-in-2018\/","title":{"rendered":"The top salaries for banking and finance professionals in South Africa in 2018"},"content":{"rendered":"

A new salary report published by professional recruitment specialists\u00a0Robert Walters shows how much salaries are expected to increase for skilled professionals in the finance and legal industries.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\u201cConditions 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.\u201d<\/p>\n

\u201cFinance and legal professionals will enjoy demand of their skills, with SME\u2019s and market leaders expected to continue recruiting extensively in these areas.\u201d<\/p>\n

\u201cWith 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.\u201d<\/p>\n

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.<\/p>\n

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.<\/p>\n

“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.<\/p>\n

Salary increases<\/strong><\/p>\n

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.<\/p>\n

Qualified CA (SA) or CIMA<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Role<\/th>\nPermanent salary per annum (ZAR)<\/th>\n<\/tr>\n
Finance Director (Large Firm)<\/td>\nR1.5 million – R3.0 million<\/td>\n<\/tr>\n
Chief Financial Officer (JSE Top 200)<\/td>\nR1.8 million – R3.0 million<\/td>\n<\/tr>\n
CFO\/FD (SME)<\/td>\nR1.2 million – R1.8 million<\/td>\n<\/tr>\n
Senior Finance Manager<\/td>\nR800 000 – R1.0 million<\/td>\n<\/tr>\n
Finance Manager<\/td>\nR700 000+<\/td>\n<\/tr>\n
Newly-qualified CA (SA)<\/td>\nR575 000 – R650 000<\/td>\n<\/tr>\n
CA (SA) (+6 years’ experience)<\/td>\nR900 000 – R1.2 million<\/td>\n<\/tr>\n
CA (SA) (+4 years’ experience)<\/td>\nR850 000 – R950 000<\/td>\n<\/tr>\n
CA (SA) (+2 years’ experience)<\/td>\nR650 000 – R750 000<\/td>\n<\/tr>\n
Audit Manager<\/td>\nR600 000 – R1.0 million<\/td>\n<\/tr>\n
Internal Auditor<\/td>\nR380 000 – R600 000<\/td>\n<\/tr>\n
Qualified CIMA (3 – 5 years’ experience)<\/td>\nR650 000 – R850 000<\/td>\n<\/tr>\n
Qualified CIMA (1 – 3 years’ experience)<\/td>\nR450 000 – R650 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Part-qualified CA (SA) or CIMA<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n
Role<\/th>\nPermanent salary per annum (ZAR)<\/th>\n<\/tr>\n
Finance Manager<\/td>\nR600 000 – R850 000<\/td>\n<\/tr>\n
Articles (+4 years’ experience)<\/td>\nR450 000 – R700 000<\/td>\n<\/tr>\n
Articles (+2 years’ experience)<\/td>\nR350 000 – R550 000<\/td>\n<\/tr>\n
Bcom (+4 years’ experience)<\/td>\nR300 000 – R550 000<\/td>\n<\/tr>\n
Bcom (+2 years’ experience)<\/td>\nR200 000 – R400 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Taxation\/Treasury<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n
Role<\/th>\nPermanent salary per annum (ZAR)<\/th>\n<\/tr>\n
Group Tax Manager<\/td>\nR1.0 million – R2.0 million<\/td>\n<\/tr>\n
Tax Manager<\/td>\nR700 000 – R1.0 million<\/td>\n<\/tr>\n
Tax Accountant<\/td>\nR450 000 – R650 000<\/td>\n<\/tr>\n
Group Treasury Manager<\/td>\nR900 000 – R1.5 million<\/td>\n<\/tr>\n
Treasury Accountant<\/td>\nR450 000 – R650 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Investment banking and financial services<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n
Role<\/th>\nPermanent salary per annum (ZAR)<\/th>\n<\/tr>\n
Corporate Finance CA (3 – 5 years’ experience)<\/td>\nR800 000 – R1.2 million<\/td>\n<\/tr>\n
Corporate Finance CA (1 – 3 years’ experience)<\/td>\nR600 000 – R800 000<\/td>\n<\/tr>\n
Operations Manager – Global Markets<\/td>\nR650 000 – R800 000<\/td>\n<\/tr>\n
Product Controller (CA\/CIMA + 2 – 5 years’ experience)<\/td>\nR700 000 – R900 000<\/td>\n<\/tr>\n
Product Controller (2 – 5 years part-qualified)<\/td>\nR500 000 – R600 000<\/td>\n<\/tr>\n
Private Banking Executive (3 years’ experience)<\/td>\nR500 000 – R600 000<\/td>\n<\/tr>\n
Research Analyst CA (1 – 2 years’ research + CFA experience)<\/td>\nR650 000 – R800 000<\/td>\n<\/tr>\n
Consultant\/Advisory – PQ CA (1 – 3 years’ experience)<\/td>\nR500 000 – R650 000<\/td>\n<\/tr>\n
Consultant\/Advisory – CA\/CFA\/MBA (3 – 4 years’ experience)<\/td>\nR750 000 – R1.0 million<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Accounting\/Audit\/Tax\/Treasury<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n
Role<\/th>\nPermanent salary per annum (ZAR)<\/th>\n<\/tr>\n
Qualified CA (4 – 5 years’ experience)<\/td>\nR800 000 – R1.0 million<\/td>\n<\/tr>\n
Qualified CA (1 – 3 years’ experience)<\/td>\nR650 000 – R750 000<\/td>\n<\/tr>\n
Newly-qualified CA (SA)<\/td>\nR580 000 – R650 000<\/td>\n<\/tr>\n
Management Accountant CIMA + Training (3 – 4 years’ experience)<\/td>\nR600 000 – R750 000<\/td>\n<\/tr>\n
Accountant – Hons Degree + Articles (PQ CA)<\/td>\nR400 000 – R550 000<\/td>\n<\/tr>\n
Business Unit CFO – Investment Banking<\/td>\nR2.0 million+<\/td>\n<\/tr>\n
Business Unit CFO – Retail Banking<\/td>\nR1.0 million – R1.5 million<\/td>\n<\/tr>\n
Business Unit CFO – Insurance<\/td>\nR1.3 million – R2.0 million<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Compliance<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n
Role<\/th>\nPermanent salary per annum (ZAR)<\/th>\n<\/tr>\n
AML\/Surveillance\/Control Room (8+ years’ experience)<\/td>\nR950 000+<\/td>\n<\/tr>\n
AML\/Surveillance\/Control Room (5 – 8+ years’ experience)<\/td>\nR750 000 – R950 000<\/td>\n<\/tr>\n
Investment & Wealth Management (5 – 8 years’ experience)<\/td>\nR750 000 – R1.1 million<\/td>\n<\/tr>\n
Investment & Wealth Management (1 – 4 years’ experience)<\/td>\nR400 000 – R800 000<\/td>\n<\/tr>\n
Quantitative Analyst\/Financial Modelling (3 – 5 years’ experience)<\/td>\nR700 000 – R1.0 million<\/td>\n<\/tr>\n
Quantitative Analyst\/Financial Modelling (1 – 3 years’ experience)<\/td>\nR400 000 – R650 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Legal – in-house for commerce and industry<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n
Role<\/th>\nPermanent salary per annum (ZAR)<\/th>\n<\/tr>\n
10+ years\u2019 PQE<\/td>\nR1.35 million+<\/td>\n<\/tr>\n
6 – 10 years\u2019 PQE<\/td>\nR1.0 million – R1.35 million<\/td>\n<\/tr>\n
3 – 6 years\u2019 PQE<\/td>\nR700 000 – R980 000<\/td>\n<\/tr>\n
1 – 3 years\u2019 PQE<\/td>\nR450 000 – R700 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Legal – in-house for financial services<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n
Role<\/th>\nPermanent salary per annum (ZAR)<\/th>\n<\/tr>\n
10+ years\u2019 PQE<\/td>\nR1.4 million+<\/td>\n<\/tr>\n
6 – 10 years\u2019 PQE<\/td>\nR1.0 million – R1.4 million<\/td>\n<\/tr>\n
3 – 6 years\u2019 PQE<\/td>\nR720 000 – R1.0 million<\/td>\n<\/tr>\n
1 – 3 years\u2019 PQE<\/td>\nR500 000 – R720 000<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Legal – private practice<\/strong><\/p>\n

\n
\n\n\n\n\n\n\n\n\n
Role<\/th>\nPermanent salary per annum (ZAR)<\/th>\n<\/tr>\n
Director (10+ years\u2019 PQE)<\/td>\nR2.0 million+<\/td>\n<\/tr>\n
Partner (7 – 10 years\u2019 PQE)<\/td>\nR1.1 million – R1.4 million<\/td>\n<\/tr>\n
Senior Associate (5 – 6 years\u2019 PQE)<\/td>\nR900 000 – R1.1 million<\/td>\n<\/tr>\n
Associate (3 – 4 years\u2019 PQE)<\/td>\nR700 000 – R900 000<\/td>\n<\/tr>\n
Associate (0 – 2 years’ PQE)<\/td>\nR500 000 – R700 000<\/td>\n<\/tr>\n
PQE =\u00a0Post-Qualified Experience<\/em><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Read:\u00a0This one graph shows how the average salary has changed in South Africa over the past 70 years<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A new salary report published by professional recruitment specialists\u00a0Robert Walters shows exactly how much salaries are expected to increase for skilled professionals in the finance and legal industries.<\/p>\n","protected":false},"author":10,"featured_media":144519,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26,12214],"class_list":["post-221471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline","tag-robert-walters"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/221471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=221471"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/221471\/revisions"}],"predecessor-version":[{"id":222403,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/221471\/revisions\/222403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/144519"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=221471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=221471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=221471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}