A Chartered Accountant’s salary is something of a huge curiosity amongst folks. This is specifically because they are paid so well as compared to other professions in South Africa. So, in answer to your query, I am about to share all the related information with you guys.
|Monthly Salary Range:
|R 35000 – R 641250
|Average Monthly Salary:
|Chartered Accountants are the experts of Auditing, Taxation, Corporate Laws, and Advisory. They check the financial information prepared by the entities and see if it has any misstatements.
|BCom qualification/program that is accredited by the South African Institute of Chartered Accountants (SAICA)
I would suggest that you pay close attention to everything that I am about to disclose, particularly to the responsibilities of a Chartered Accountant. So, with that being said, let’s get down to details, shall we?
Overview of Chartered Accountant Salary
Chartered Accountancy is a highly respectable profession not only in South Africa but all across the globe. These are the people who are responsible for checking the financial information produced by the entities, finding mistakes, and then asking the entities to correct that information so that the end user can receive reasonably accurate financial information.
Chartered Accountants provide various services, including auditing financial information, dealing with tax-related matters, and compliance with auditing, reporting, and corporate standards. Their job is definitely tough, which is why they are paid handsomely. The average salary of a Chartered Accountant in South Africa is R 338,125.
1. Own Practice
Chartered Accountants can definitely increase their annual income by setting up their own firms. Once they are fully qualified and licensed by the state, they can easily start their own practice by opening up a small clinic . This could be in addition to their regular job.
2. Freelance Work
Chartered Accountants can earn millions every year by simply freelancing their work on various websites. They can provide their virtual clients with financial, tax, and advisory services.
|Junior Chartered Accountant
|R 200,000 – 300,000
|Senior Chartered Accountant
|R 400,000 – 1,000,000
|R 700,000 – 1,000,000
|Chief Financial Officer
|R 1,000,000 – 2,000,000
Responsibilities of Chartered Accountants
1. Check the Financial Information of the Entities
Chartered Accountants are responsible for checking all the financial statements prepared by the companies and see if they comply with the auditing and financial reporting standards. They keep a vigilant stance throughout their investigation and then report to the entity any discrepancies identified.
2. Give Advice on Internal Controls
It is also the responsibility of a Chartered Accountant to check the working operativeness of the internal controls of the entity. If they identify any failure in the effectiveness of the controls, they report to Those Charged With Governance (TCWG) and provide advice on how to rectify the controls.
3. Give Tax Services
A chartered accountant is familiar with all the technicalities of tax-related matters; hence, they can give you excellent advice on how to legally reduce the tax occurrences on your income. They can also file tax returns and legally represent you in courts for suits related to tax matters.
Are Chartered Accountants paid well?
Yes, Chartered Accountants are paid handsomely in South Africa. In fact, a junior-level Chartered Accountant who is freshly qualified gets a handsome pay of about R 340 per hour.
What is the average salary of a junior-level Chartered Accountant in South Africa?
A junior-level Chartered Accountant in South Africa receives about R 250,000 every year. This salary is subject to change and could be higher or lower than this figure. Plus, it increases significantly as the Chartered Accountant gains experience.
The Bottom Line
So, it is safe to say that the Chartered Accountants in South Africa are paid exceptionally well. Even the entry-level Chartered Accountant gets a higher salary than most of the highly experienced professionals. So, if you are thinking about starting your career in this field, you should definitely give it a try.
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.