What kind of compensation do economist receive for their services? The earning potential of an economist significantly depends on multitudes of factors, including sector, experience, and education. Therefore, the exact figure might vary across South Africa.
|Monthly Salary Range:
|R 10667 – R 63417
|Average Monthly Salary:
|An economist is a professional and expert who studies and surveys how resources and services are produced within an economy. Their main role is to provide insight into how businesses, individuals, and government decide on the allocation of resources.
|To pursue a career as an economist, you must at the very least, have a bachelor’s degree, which typically lasts for three years, with a major in economics. This undergraduate program can be pursued as a part of a Bachelor of Social Science, a Bachelor of Commerce, or a Business Science degree. In addition, aspiring economists are encouraged to pursue an additional one-year Honours degree in economics, available exclusively throughout the commerce faculty.
If you are contemplating a career in this field, you must consider a lot of things and the financial aspect is one of them. I will walk you through the salary structure of economists in South Africa, as well as their duties. Hence, continue reading to gain insight.
Overview of Economist Salary in South Africa
Furthermore, it is recommended to pursue further education, which in some cases can be necessary for more senior positions. In addition, to excel as an economist, it is crucial to possess certain skills, such as writing and research, problem-solving, analytical skills, communication skills, and good numerical skills. When it comes to salary, aspiring economists can expect to earn an average monthly income of about R37,042.
Economists are entitled to receive additional compensation beyond the regular salary, which depends on various components, such as performance, experience level, sector, specialization, company size, and negotiation skills. Typically, economists receive an average bonus of R32,557 or even more.
As stated above, the exact income of economists might vary because of different factors. Therefore, if you are thinking about a career in economics or reviewing compensation, make sure to think about these factors that apply to your situation. The average income of an economist in South Africa is estimated to be R346,728.
|R128,000 Per Year
|R346,728 Per Year
|R761,000 Per Year
Across different cities in South Africa, the salaries of economists differ due to the variations in demands and cost of living. In major cities like Pretoria, the estimated salary for economists is R30,984 per month.
Responsibilities and Duties of Economists
Economists are tasked with researching, gathering data, and analyzing economic trends. Economist work in a variety of industries and sectors and their roles can be diverse. Some of the common responsibilities of economists are as follows:
Research and Analysis
The most important role of economists is to collect and analyze data related to economic trends, market conditions, and more. Moreover, they also carry out thorough research to understand economic issues and recognize patterns. They use statistical methods, mathematical models, and other techniques to gather valuable insight.
Forecasting and Market Analysis
It is one of the forte of economics to predict any future economic trends, using economic models and historic data. Forecasting is one of the most important assets for businesses, governments, and organizations to plan the future. They make plans according to their prediction.
Furthermore, they are also responsible for assessing the market conditions, including supply and demand dynamics, pricing trends, and the competitiveness of the industries. This action helps businesses and organizations make informed decisions.
Prepare Budgets and Identify Problems
Another role economists play in the organization is to carry out cost-benefit analysis for projects. This helps companies make an informed decision about providing resources, ensuring that the budget aligns with strategic goals.
How much does an economist make in South Africa?
An economist in South Africa earns an average annual income of about R346,728. Typically, economists who start from a low position receive an average income of R10,667, on the other hand, economic experts with rich experience command a salary of R63,417.
In essence, economists in the organization and other sectors are responsible for researching and analyzing economic trends and market conditions. In South Africa, on average an economist makes R346,728, which is subject to changes over time due to economic conditions and other factors.
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.