{"id":305240,"date":"2019-03-14T18:00:22","date_gmt":"2019-03-14T16:00:22","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=305240"},"modified":"2019-03-14T13:58:27","modified_gmt":"2019-03-14T11:58:27","slug":"the-top-salaries-for-banking-and-finance-professionals-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/305240\/the-top-salaries-for-banking-and-finance-professionals-in-south-africa\/","title":{"rendered":"The top salaries for banking and finance professionals in South Africa"},"content":{"rendered":"

Robert Walters recruitment had released its annual salary survey, showing professional salaries across South Africa will increase by 7% on average in 2019.<\/p>\n

However, top performing professionals with highly sought-after skill sets can expect to see rises of 10-15%.<\/p>\n

“It will be another challenging year for the South African economy in 2019, as the pending election will bring about some level of uncertainty leading foreign firms to take a cautious approach to investing in the country,” said Nic Sephton-Poultney, Robert Walters South Africa MD.<\/p>\n

“We expect that organisations will take a careful approach to growth and hiring strategies. Professionals with a combination of strong technical skills and industry experience will remain sought after in the private sector.”<\/p>\n

Sephton-Poultney said that top performers will continue to be looked after and can expect a salary increase ranging between 10-15%; other professionals can expect inflationary increases of around 7%.\u201d<\/p>\n

“With competition for professionals extremely high, securing top talent will require employers to operate swift hiring processes, as well as offering clearly defined career paths and opportunities to satisfy the needs of employees seeking both reassurance and variety.”<\/p>\n

Premiums paid for specialist finance professionals<\/strong><\/p>\n

Demand for top previously disadvantaged talent resulted in salary increases of 15-20% in 2018, said Sephton-Poultney<\/p>\n

“Specialists with high levels of technical financial competency, industry knowledge and expertise in data, AI and BI were also able to command premiums,” he said.<\/p>\n

“With the finance charter, BBBEE legislation changes and general lack of top EE finance talent and successful EE candidates are being remunerated accordingly and this has increased top end salaries in this category.”<\/p>\n

“Regulatory demands that came with IFRS meant that demand was high for strong technical accountants but this was met with an acute candidate shortage.”<\/p>\n

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

The tables below show expected salaries in the banking, finance and legal sectors, 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 700 000 – R3 000 000<\/td>\n<\/tr>\n
Chief Financial Officer (JSE Top 200)<\/td>\nR2 000 000 – R3 200 000<\/td>\n<\/tr>\n
CFO\/FD (SME)<\/td>\nR1 400 000 – R2 000 000<\/td>\n<\/tr>\n
Senior Finance Manager<\/td>\nR1 000 000 – R1 200 000<\/td>\n<\/tr>\n
Finance Manager<\/td>\nR700 000+<\/td>\n<\/tr>\n
Newly-qualified CA (SA)<\/td>\nR580 000 – R675 000<\/td>\n<\/tr>\n
CA (SA) (+6 years’ experience)<\/td>\nR900 000 – R1 200 000<\/td>\n<\/tr>\n
CA (SA) (+4 years’ experience)<\/td>\nR850 000 – R950 000<\/td>\n<\/tr>\n
CA (SA) (+2 years’ experience)<\/td>\nR680 000 – R780 000<\/td>\n<\/tr>\n
Audit Manager<\/td>\nR700 000 – R1 000 000<\/td>\n<\/tr>\n
Internal Auditor<\/td>\nR400,000 – R600 000<\/td>\n<\/tr>\n
Qualified CIMA (3 – 5 years’ experience)<\/td>\nR700 000 – R900 000<\/td>\n<\/tr>\n
Qualified CIMA (1 – 3 years’ experience)<\/td>\nR550 000 – R750 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>\nR650 000 – R850 000<\/td>\n<\/tr>\n
Articles (+4 years’ experience)<\/td>\nR600 000 – R750 000<\/td>\n<\/tr>\n
Articles (+2 years’ experience)<\/td>\nR400 000 – R550 000<\/td>\n<\/tr>\n
Bcom (+4 years’ experience)<\/td>\nR350 000 – R600 000<\/td>\n<\/tr>\n
Bcom (+2 years’ experience)<\/td>\nR250 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 300 000 – R2 000 000<\/td>\n<\/tr>\n
Tax Manager<\/td>\nR700 000 – R1 000 000<\/td>\n<\/tr>\n
Tax Accountant<\/td>\nR600 000 – R750 000<\/td>\n<\/tr>\n
Group Treasury Manager<\/td>\nR1 200 000 – R1 500 000<\/td>\n<\/tr>\n
Treasury Accountant<\/td>\nR600 000 – R700 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 200 000<\/td>\n<\/tr>\n
Corporate Finance CA (1 – 3 years’ experience)<\/td>\nR650 000 – R850 000<\/td>\n<\/tr>\n
Operations Manager – Global Markets<\/td>\nR650 000 – R850 000<\/td>\n<\/tr>\n
Product Controller (CA\/CIMA + 2 – 5 years’ experience)<\/td>\nR700 000 – R1 000 000<\/td>\n<\/tr>\n
Product Controller (2 – 5 years part-qualified)<\/td>\nR500 000 – R700 00<\/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 – R700 000<\/td>\n<\/tr>\n
Consultant\/Advisory – CA\/CFA\/MBA (3 – 4 years’ experience)<\/td>\nR750 000 – R900 000<\/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\n\n
Role<\/th>\nPermanent salary per annum (ZAR)<\/th>\n<\/tr>\n
Qualified CA (4 – 5 years’ experience)<\/td>\nR850 000 – R1 000 000<\/td>\n<\/tr>\n
Qualified CA (1 – 3 years’ experience)<\/td>\nR650 000 – R800 000<\/td>\n<\/tr>\n
Newly-qualified CA (SA)<\/td>\nR580 000 – R675 000<\/td>\n<\/tr>\n
Management Accountant CIMA + Training (3 – 4 years’ experience)<\/td>\nR700 000 – R800 000<\/td>\n<\/tr>\n
Accountant – Hons Degree + Articles (PQ CA)<\/td>\nR380 000 – R450 000<\/td>\n<\/tr>\n
Business Unit CFO – Investment Banking<\/td>\nR1 800 000 – R2 500 000<\/td>\n<\/tr>\n
Business Unit CFO – Retail Banking<\/td>\nR1 200 000 – R1 700 000<\/td>\n<\/tr>\n
Business Unit CFO – Insurance<\/td>\nR1 300 000 – R2 000 000<\/td>\n<\/tr>\n
Quantitative Analyst\/Financial Modelling (3 – 5 years\u2019 exp)<\/td>\nR700 000 – R1 000 000<\/td>\n<\/tr>\n
Quantitative Analyst\/Financial Modelling (1 – 3 years\u2019 exp)<\/td>\nR450 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 400 000+<\/td>\n<\/tr>\n
6 – 10 years\u2019 PQE<\/td>\nR900 000 – R1 400 000<\/td>\n<\/tr>\n
3 – 6 years\u2019 PQE<\/td>\nR700 000 – R900,000<\/td>\n<\/tr>\n
1 – 3 years\u2019 PQE<\/td>\nR500 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 350 000+<\/td>\n<\/tr>\n
6 – 10 years\u2019 PQE<\/td>\nR950 000 – R1 350 000<\/td>\n<\/tr>\n
3 – 6 years\u2019 PQE<\/td>\nR650 000 – R950 000<\/td>\n<\/tr>\n
1 – 3 years\u2019 PQE<\/td>\nR450 000 – R650 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 000 000+<\/td>\n<\/tr>\n
Partner (7 – 10 years\u2019 PQE)<\/td>\nR1 400 000 – R1 700 000<\/td>\n<\/tr>\n
Senior Associate (5 – 6 years\u2019 PQE)<\/td>\nR800 000 – R1 400 000<\/td>\n<\/tr>\n
Associate (3 – 4 years\u2019 PQE)<\/td>\nR720 000 – R800 000<\/td>\n<\/tr>\n
Associate (0 – 2 years’ PQE)<\/td>\nR560 000 – R720 000<\/td>\n<\/tr>\n
PQE =\u00a0Post-Qualified Experience<\/em><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n
\n

Read: Laws to name and shame qualification fraudsters a step closer<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Robert Walters recruitment had released its annual salary survey, showing professional salaries across South Africa will increase by 7% on average in 2019.<\/p>\n","protected":false},"author":10,"featured_media":114834,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26,12214],"class_list":["post-305240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline","tag-robert-walters"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/305240","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=305240"}],"version-history":[{"count":10,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/305240\/revisions"}],"predecessor-version":[{"id":305304,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/305240\/revisions\/305304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/114834"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=305240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=305240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=305240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}