An accountant is a professional worker who is responsible for managing the financial records, whether of the private sector or at the organizational level. He is the one who deals with the interpretation of finance. Accountants work on finance-related tasks for both individual clients and larger dominant organizations and businesses.
|Monthly Salary Range:
|R 186470 – R 657000
|Average Monthly Salary:
|Accountants are professionals who manage financial records at both individual and organizational levels. They deal with finance and accounts and look at the data related to financial records.
|Complete a degree or get a Diploma from the South African Institute of Professional Accountants (SAIPA),
Here in this blog post, we will discuss the overview of an accountant’s salary, what are his professional responsibilities, and what is the salary structure of an accountant in South Africa. So let’s, without wasting any more time, start with a guide below.
Overview of Accountant Salary
An accountant is a professional person who manages and makes financial interpretations for both individuals and organizations/industries. They are responsible for managing the finances and concluding reports favoring the individual or organization they work for.
The average salary for accountants in South Africa in this 2023 year is somewhere around R 245,500. It can increase or decrease on the basis of your experience, education, the area you are working in, and what rank you are posted at. Let’s look at whether you get the extras like extra bonuses or other extra income except your base salary or not.
Accountants generally get the bonus at the end of each year. They get a bonus payment of around 5% of their base salary. But it totally depends upon the company you’re hired in and your rank there.
Salary Structure for Experience
- Accountants who have just started their career and have less than three years of experience can earn an average of around R 150,000 per year.
- Whereas those accountants who have experience between 5 to 9 years can earn around R 200,000 per year.
- Senior accountants with more than ten years of experience can make up to R 300,000 per year.
- Whereas those accountants who have more than 20 years of experience in the field can make up to R 500,000 per year.
Salary Structure According to Ranks
Similarly, accountant ranks, and their positions also make a noticeable difference in their salary in South Africa. Let’s look at the details of different job titles and their wages in the details below.
- The average salary of a Chartered Accountant in South Africa is somewhere around R 700,000 per year.
- Similarly, the average financial accountant’s salary in South Africa revolves around a yearly rate of R 341,400.
- Trainee accountants make an average of R 200,000 per year.
- Furthermore, part-qualified CA in South Africa can get an annual salary of R 400,000.
- Those who have an honors degree will make an average of R 250,000 minimum and R 800,000 maximum per year.
- In addition to this, a tax accountant can make an average salary of around R 350,000 per year.
Moreover, one thing that you must have to keep in mind is that all of the salaries that are mentioned above under the heading of salary structure according to ranks differ according to professional experience. For example, those who are beginners can earn less than the tax accountants who are professionals in their field. So, keep in mind the professional experience before assuming the salary of an accountant on the basis of his rank.
List From Minimum to Maximum Annual Salary for Accountants in South Africa
- Johannesburg North- R 730,800
- Midrand- R 650,850
- Johannesburg- R 650,250
- Centurion- R 645,300
- Cape Town- R 600,650
- Northern Suburbs- R 545,150
List of Annual Salary for Accountants According to the Companies They Are Working In
- Old Mutual Asset Managers – R 460,000
- FirstRand Limited – R 500,330
- Standard Bank of South Africa – R 780,000
- PWC – R 400,000
- Auditor General – R 500,770
- Mazars – R 400,000
- Woolworths – R 750,500
Responsibilities of Accountant
- Following are the critical responsibilities of accountants that they must have to fulfill if they want to excel in their job. Let’s look at the details of the professional duties of Accountants in South Africa.
- An accountant is mainly responsible for managing the accounts and finances of the organization.
- They analyze the economic stability and make financial interpretations for the betterment and profit of the employer they are working for.
- Accountants are also responsible for preparing financial statements and maintaining financial records.
- They prepare tax reports and monthly profit and loss reports.
- They also maintain the balance sheet.
- They are responsible for collecting, analyzing, and interpreting the data to use in the preparation of estimated financial amounts on both a weekly and monthly basis.
- Accountants are also responsible for helping the organization prepare year-end accounts.
- They are also involved in conducting internal audits, such as reviews of the salaries and wages of the employees in the industry.
What is the average pay of a junior accountant in South Africa?
The average salary of a junior accountant in South Africa is around R 150,000 per year. Junior accountants are accountants who either have no experience or have an understanding of less than three years. Keep in mind the salary of an accountant in South Africa varies according to the professional experience.
Is Accounting a good field in South Africa?
Yes, you can say accounting is one of the growing fields in South Africa. An accountant is one who stays up to date with professional trends and businesses running all around the world. It is not only a promising career when it comes to wealth but also is good as it helps you gain much experience and also assists in learning various skills.
How long does it take for you to become an accountant in South Africa?
To become a professional registered accountant in South Africa, what you have to do is to complete your degree or take a diploma from the South African Institute of Professional Accountants SAIPA. This is the minimum requirement for getting enrolled as an accountant in significant companies all across South Africa.
Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.