Average Salary For Financial Accountants In South Africa

 A financial Accountant is responsible for running the accounting and financial activities of an organization. They analyze the economic stability of the company and provide financial information to other departments, enabling these departments to make budgeting and investment decisions.

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Below are salaried earned by Financial Accountant In South Africa

A person working as a Financial Accountant in South Africa typically earns around 21,900 ZAR per month. Salaries range from 10,100 ZAR (lowest) to 34,900 ZAR (highest).

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

Financial Accountant Salary Distribution in South Africa

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

Salary Range

Financial Accountant salaries in South Africa range from 10,100 ZAR per month (minimum salary) to 34,900 ZAR per month (maximum salary).

Median Salary

The median salary is 23,700 ZAR per month, which means that half (50%) of people working as Financial Accountant(s) are earning less than 23,700 ZAR while the other half are earning more than 23,700 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 Financial accountants (s) are earning less than 15,200 ZAR while 75% of them are earning more than 15,200 ZAR. Also from the diagram, 75% of Financial accountants (s) are earning less than 31,600 ZAR while 25% are earning more than 31,600 ZAR.

Financial Accountant 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 Financial Accountant salaries by experience level and this is what we found.

A Financial Accountant with less than two years of experience makes approximately 11,500 ZAR per month.

While someone with an experience level of between two and five years is expected to earn 15,300 ZAR per month, 34% more than someone with less than two years of experience.

Moving forward, an experience level between five and ten years lands a salary of 22,600 ZAR per month, 48% more than someone with two to five years of experience.

Additionally, Financial Accountant(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 27,600 ZAR per month, 22% 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 30,000 ZAR per month, 9% more than someone with ten to fifteen years of experience.

Lastly, employees with more than twenty years of professional experience get a salary of 32,500 ZAR per month, 8% more than people with fifteen to twenty years of experience.

Financial Accountant’s average salary change my experience in South Africa

0 – 2 Years11,500 ZAR
2 – 5 Years+34%15,300 ZAR
5 – 10 Years+48%22,600 ZAR
10 – 15 Years+22%27,600 ZAR
15 – 20 Years+9%30,000 ZAR
20+ Years+8%32,500 ZAR

Financial Accountant 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 Financial Accountant salaries by education level in order to make a comparison.

When the education level is High School, the average salary of a Financial Accountant is 14,100 ZAR per month.

While someone with a Certificate or Diploma gets a salary of 16,500 ZAR per month, 18% more than someone having a High School degree.

A Bachelor’s Degree gets its holder an average salary of 24,000 ZAR per month, 45% more than someone with a Certificate or Diploma.

Professionals who hold a Master’s Degree are rewarded with an average salary of 31,400 ZAR per month, 31% more than someone with a Bachelor’s Degree.

Financial Accountant average salary difference by education level in South Africa

High School14,100 ZAR
Certificate or Diploma+18%16,500 ZAR
Bachelor’s Degree+45%24,000 ZAR
Master’s Degree+31%31,400 ZAR

Financial Accountant 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 Financial Accountant employees in South Africa earn 12% more than their female counterparts on average.

Male23,200 ZAR
Female-11%20,700 ZAR

Financial Accountant Average Annual Salary Increment Percentage in South Africa

How much are annual salary increments in South Africa for Financial accountants (s)?

How often do employees get salary raises?
Financial Accountant

Financial Accountants (s) in South Africa are likely to observe a salary increase of approximately 11% every 17 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.

What is a financial accountant’s salary in South Africa?

R319,107 per year

A Financial Accountant earns an average salary of R319,107 per year. People in this job generally don’t have more than 20 years of experience. A skill in Tax Preparation is associated with high pay for this job.

Do accountants get paid well in South Africa?

The average salary for a Chartered Accountant in SA is R 522 600 gross per year (R 43 550 gross per month), which is 85% higher than South Africa’s national average salary. Salary Range: a Chartered Accountant (CA) can expect an average starting salary of R 277 683. The highest salaries can exceed R 841 350.

How do I become a financial accountant in South Africa?

To become a registered Professional Accountant (SA) you will need to complete a degree or Diploma from a South African Institute of Professional Accountants (SAIPA) -an accredited institution as well as a three-year learner ship at an accredited training center, or complete six years of verifiable experience.

How much do CA trainees earn in South Africa?

CA Trainee Salaries

JOB TITLESALARY
EY CA Trainee salaries – 1 salary reportedZAR 17,500/mo
City of Johannesburg CA Trainee salaries – 1 salary reportedZAR 273,194/yr
Standard Chartered Bank CA Trainee salaries – 1 salary reportedZAR 336,036/yr
Letsema Group CA Trainee salaries – 1 salary reportedZAR 211,000/yr

What is the highest paying job in accounting in South Africa?

Chief Financial Officer (JSE Top 200)

Of course, the person who occupies this position is going to be a rather wealthy person; taking home around R2,000,000, with the pay getting as high as R3,200,000 per year making it the highest paying accounting job in South Africa.

How much does a junior accountant earn in South Africa?

The average junior accountant salary in South Africa is R 240 000 per year or R 123 per hour. Entry-level positions start at R 180 000 per year, while most experienced workers make up to R 2 359 680 per year.

Are Chartered Accountants in demand in South Africa?

A Chartered Accountant (CA) is the highest professional qualification in accounting in South Africa and CA’s are most in-demand in the job market.

How long does it take to become a chartered accountant in South Africa?

If you choose to become a chartered accountant, your career is likely to be stable with strong demand for your skills. Depending on the degree course you choose, it will take you four to five years to complete your degree at a university.

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