Average Salary For Bank Managers In South Africa

A bank manager is someone who is in charge of a bank, or a particular branch of a bank, and who is involved in making decisions about whether or not to lend money to businesses and individuals.

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Below are salaries earned by Bank Manager In South Africa

A person working as a Bank Branch Manager in South Africa typically earns around 61,200 ZAR per month. Salaries range from 30,000 ZAR (lowest) to 95,500 ZAR (highest).

This is the average monthly salary including housing, transport, and other benefits. Bank Branch Manager salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.

Bank Manager Salary Distribution in South Africa

The median, the maximum, the minimum, and the range

Salary Range

Bank Branch Manager salaries in South Africa range from 30,000 ZAR per month (minimum salary) to 95,500 ZAR per month (maximum salary).

Median Salary

The median salary is 62,400 ZAR per month, which means that half (50%) of people working as Bank Branch managers (s) are earning less than 62,400 ZAR while the other half are earning more than 62,400 ZAR. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

Percentiles

Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Bank Branch managers (s) are earning less than 41,600 ZAR while 75% of them are earning more than 41,600 ZAR. Also from the diagram, 75% of Bank Branch managers (s) are earning less than 80,600 ZAR while 25% are earning more than 80,600 ZAR.

Bank Manager Salary Comparison by Years of Experience

How do experience and age affect your pay?

The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Bank Branch Manager salaries by experience level and this is what we found.

A Bank Branch Manager with less than two years of experience makes approximately 35,600 ZAR per month.

While someone with an experience level of between two and five years is expected to earn 45,700 ZAR per month, 29% more than someone with less than two years of experience.

Moving forward, an experience level between five and ten years lands a salary of 63,100 ZAR per month, 38% more than someone with two to five years of experience.

Additionally, Bank Branch Manager(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 78,100 ZAR per month, 24% more than someone with five to ten years of experience.

If the experience level is between fifteen and twenty years, then the expected wage is 83,700 ZAR per month, 7% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 89,300 ZAR per month, 7% more than people with fifteen to twenty years of experience.

Bank Manager Salary Comparison By Education

We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Bank Branch Manager salaries by education level in order to make a comparison.

When the education level is Bachelor’s Degree, the average salary of a Bank Branch Manager is 44,400 ZAR per month.

While someone with a Master’s Degree gets a salary of 71,300 ZAR per month, 60% more than someone having a Bachelor’s Degree degree.

Bank Manager average salary difference by education level in South Africa

Bachelor’s Degree44,400 ZAR
Master’s Degree+60%71,300 ZAR

Bank Manager Salary Comparison By Gender

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Bank Branch Manager employees in South Africa earn 8% more than their female counterparts on average.

Male63,200 ZAR
Female-7%58,500 ZAR

Bank Manager Average Annual Salary Increment Percentage in South Africa

How much are annual salary increments in South Africa for Bank Branch Manager(s)? How often do employees get salary raises?

Bank Manager

Bank Branch Managers (s) in South Africa are likely to observe a salary increase of approximately 13% every 18 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

Bank Manager Bonus and Incentive Rates in South Africa

How much and how often are bonuses being awarded?

A Bank Branch Manager is considered to be a high bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

18% of surveyed staff reported that they haven’t received any bonuses or incentives in the previous year while 82% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
82%

No Bonus
18%

Bank Manager Average Hourly Wage in South Africa

The average hourly wage (pay per hour) in South Africa is 350 ZAR. This means that the average Bank Manager in South Africa earns approximately 350 ZAR for every worked hour.

How much does a bank branch manager earn in South Africa?

Branch Manager in Johannesburg, South Africa Area Salaries

JOB TITLELOCATIONSALARY
Capitec Bank Branch Manager salaries – 4 salaries reportedJohannesburg, South Africa AreaZAR 24,220/mo
VAT IT Branch Manager salaries – 3 salaries reportedJohannesburg, South Africa AreaZAR 39,958/mo

Is a bank manager a good job in South Africa?

It’s a good job, but it’s not for everybody. To be successful, you’ll need to combine people skills with financial know-how. And to get the job, you’ll need to first acquire the appropriate skills and experience, establish yourself in the banking industry, and build a professional network.

Is maths compulsory for bank managers in South Africa?

The study of mathematics is not compulsory to applying for banking exams. Graduates in any stream can apply. The syllabus for the test includes topics on mathematics like numerical ability. Basic mathematical ability, data interpretation, etc are evaluated under the test.

Can I be a bank manager without a degree in South Africa?

An applicant will need to have at least a bachelor’s degree in business, finance, or business management, as well as several years of banking experience.

How many hours does a bank manager work in South Africa?

Work Environment

Financial managers work in many industries, including banks, investment firms, and insurance companies. Most financial managers work full time, and some work more than 40 hours per week.

How long does it take to become a bank manager in South Africa?

You may need at least five or six years after your 10+2 to become a bank manager. A bachelor’s degree course takes you three or four years. After completing your bachelor’s degree, you can prepare for banking exams.

How do you introduce yourself to a bank manager in South Africa?

(I) Tell the interviewer that it is a pleasure to meet them, smile, and be sure to make eye contact. (ii) Keep your introduction short and concise. (iii) Focus on your qualification. (iv) Be prepared for follow-up questions.

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