Average Salary For Bankers In South Africa

Bankers are peoples who work in banking at a senior level. | Meaning, pronunciation, translations, and examples.

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Below are salaries earned by Bankers Earn In South Africa

A person working in Banking in South Africa typically earns around 33,900 ZAR per month. Salaries range from 10,700 ZAR (lowest average) to 69,500 ZAR (highest average, the actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Banking careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Banking Jobs Salary Distribution in South Africa

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

Salary Range

Banking salaries in South Africa range from 10,700 ZAR per month (minimum average salary) to 69,500 ZAR per month (maximum average salary, actual maximum is higher).

Median Salary

The median salary is 32,500 ZAR per month, which means that half (50%) of people working in Banking are earning less than 32,500 ZAR while the other half are earning more than 32,500 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 people working in Banking are earning less than 19,400 ZAR while 75% of them are earning more than 19,400 ZAR. Also from the diagram, 75% of people working in Banking are earning less than 49,000 ZAR while 25% are earning more than 49,000 ZAR.

Salary Comparison by Years of Experience

How does a person’s salary progress over time?

The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

Salary Comparison By Education

How does the education level affect your salary?

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degree levels across many jobs, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor’s Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master’s Degree are awarded salaries that are 29% more than those with a Bachelor’s Degree.

Finally, Ph.D. holders earn 23% more than Master’s Degree holders on average while doing the same job.

Banking 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 employees in South Africa who work in Banking earn 8% more than their female counterparts on average.

Male35,300 ZAR
Female-7%32,800 ZAR

Banking Average Annual Salary Increment Percentage in South Africa

How much are annual salary increments in South Africa for Banking professionals? How often do employees get salary raises?

Banking

Banking professionals in South Africa are likely to observe a salary increase of approximately 10% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

Banking Bonus and Incentive Rates in South Africa

How much and how often are bonuses being awarded?

Banking is considered to be a high bonus-based field 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.

25% of surveyed staff in Banking reported that they haven’t received any bonuses or incentives in the previous year while 75% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 8% of their annual salary

Received Bonus
75%

No Bonus
25%

Banking Hourly Average Wage in South Africa

The average hourly wage (pay per hour) in South Africa is 200 ZAR. This means that the average person in South Africa earns approximately 200 ZAR for every worked hour.

Which bank pays the most in South Africa?

Looking at payment data gleaned from the full-year reports of South Africa’s five largest banks, the average salary paid to employees in the sector comes to R457,000 – more than double the national average. Understandably, Investec emerges as the bank that pays its employees the most, on average.

How much do FNB tellers earn in South Africa?

The average FNB Bank Teller’s monthly pay in South Africa is approximately R 8 891, which is 48% above the national average. Salary information comes from 4 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months.

How much do Nedbank tellers earn in South Africa?

An early career Teller with 1-4 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of R155,168 based on 7 salaries. A mid-career Teller with 5-9 years of experience earns an average total compensation of R158,513 based on 5 salaries.

What qualification do I need to work in a bank in South Africa?

You could apply to join a bank in a customer service job and work your way up. You’ll usually need a least 5 GCSEs in grades 9 to 4 (A* to C), including English and maths, or equivalent qualifications. You could take further training on the job while you study for management qualifications.

Where can I study banking in South Africa?

What are the Top Banking Institutes in South Africa?

Chart Business School, Johannesburg.

Regent Business School, Durban.

Milbank Education, Capetown.

Gordon Institute of Business Science, Johannesburg.

2KO Africa, Capetown.

Finance Institute, Johannesburg.

IBSA, Sandton.

UNISA, Pretoria.

How many years does it take to study banking and Finance in South Africa?

Banking and Finance go way beyond paying money into an Account and Withdrawing money. It is a Four-year bachelor’s degree program and graduates of this course learn a series of topics cutting across economics, accounting, banking, etc.

How do I become a banker in South Africa?

The minimum entry requirements for this qualification are a Degree in a cognate discipline and at least 2 years of work experience in finance or the banking sector. This qualification consists of 6 modules at NQF Level 8 totaling 120 Credits: South African Banking and Investment Banking Environment, 6 Credits.

What do bankers study in South Africa?

To work in banking, you will need to earn a bachelor’s degree in accounting or finance. It is very important to have classes in regulatory compliance and banking business practices. Also, you may get into a bachelor’s degree program in business administration that has a specialty in banking or financial management.

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