The monthly income of an accountant in South Africa is typically about R23,231,00 on average. The Quarterly Employment Statistics published by the government puts the average income at R23,982.00; this number is 3.2% lower than the average wage in South Africa.
The variety of accounting specializations has resulted in an expansive field of accounting practice. In addition to this, the degree of experience an accountant has is probably going to determine their median salary.
This article examines all aspects of the accounting industry in South Africa, including the work of accountants who are members of several professional organizations, such as the South African Institute of Chartered Accountants (SAICA).
The salaries of various accounting professionals in South Africa are broken down and discussed in the following paragraphs.
Bookkeepers Salary
Bookkeepers are the crown gem of a firm's financial operations since they provide the essential financial tools to a company when they are required.
They ensure that a company's finances are well managed and that it can continue to be economically viable. Bookkeepers rely on a variety of software applications to perform a variety of tasks, including ensuring the accuracy of financial data.
Bookkeepers in South Africa earn a salary that is commensurate with the value of their work. According to Payscale, a bookkeeper with zero to four years of experience may anticipate earning anything from R103,000.00 to R155,000.00 yearly.
Workers who fall within this group get the lowest pay in the profession as a whole.
Those with five to nine years of experience are eligible for higher pay than those with four years of experience or less. According to Payscale's calculations, an employee with five to nine years of experience may reasonably anticipate earning anywhere between R156,000.00 to R189,000.00 yearly.
People with more than ten years of experience get a yearly salary of at least R210,000.00.
According to further statistics of a similar kind provided by Indeed, the typical monthly salary of a bookkeeper in South Africa is projected to increase to R14,707 by the year 2023.
In addition, the remuneration of bookkeepers in South Africa are varied according to city. The following table provides information on the cities that provide the best pay for bookkeepers.
Chartered Accountant Salary
In South Africa, a chartered accountant can expect to make around R700,000.00 per year as a salary. Chartered accountants are qualified to operate either in or outside of the context of public practice.
In addition, being a chartered accountant is one of the most challenging careers due to the extensive training that is required, which may either be performed prior to or after the completion of a degree program. On the other hand, it is a well-remunerated line of work.
The quantity of work experiences a person has may have an effect on how much money they are able to make working as a Chartered Accountant.
According to the individual salary benchmark provided by Robert Walters, a Chartered Accountant in South Africa may anticipate earning a starting salary that ranges anywhere from R550,000.00 to R750,000.00 per year.
This is the range that the Robert Walters benchmark provides. This is for chartered accountants who have a minimum of zero years of experience and a maximum of two years of experience.
According to the same figures, those with four to seven years of experience get a yearly salary that falls anywhere between 800,000.00 and 1,200,000.00 Rand.
Chartered Accountants with a minimum of 10 years' worth of professional experience make the most money. These individuals most likely bring in an annual wage that falls somewhere in the range of R1,600,000 and R2,200,000.
According to payscale, the yearly median salary for chartered accountants was R489,21.00 in 2023. This figure represents an increase from the previous year.
Those who are in the 90th percentile of the population have a chance of earning an annual wage that is at least R858,000.00 more than the minimum.
According to the information provided by payscale, the amount of Chartered Accountants' yearly bonuses may vary anywhere from R6,000.00 to R119,000.00, while the amount of their commissions can range anywhere from R0.00 to R28,000.00.
There is a correlation between the firm that a chartered accountant works for and the amount of money that they make.
Payscale has been able to analyze the average pay offered by some of the most reputable accounting companies and financial institutions in the world for Chartered Accountants.
The average salary earned by Chartered Accountants are very variable from one organization to the next.
This article examines all aspects of the accounting industry in South Africa, including the work of accountants who are members of several professional organizations, such as the South African Institute of Chartered Accountants (SAICA).
The salaries of various accounting professionals in South Africa are broken down and discussed in the following paragraphs.
Bookkeepers Salary
Bookkeepers are the crown gem of a firm's financial operations since they provide the essential financial tools to a company when they are required.
They ensure that a company's finances are well managed and that it can continue to be economically viable. Bookkeepers rely on a variety of software applications to perform a variety of tasks, including ensuring the accuracy of financial data.
Bookkeepers in South Africa earn a salary that is commensurate with the value of their work. According to Payscale, a bookkeeper with zero to four years of experience may anticipate earning anything from R103,000.00 to R155,000.00 yearly.
Workers who fall within this group get the lowest pay in the profession as a whole.
Those with five to nine years of experience are eligible for higher pay than those with four years of experience or less. According to Payscale's calculations, an employee with five to nine years of experience may reasonably anticipate earning anywhere between R156,000.00 to R189,000.00 yearly.
People with more than ten years of experience get a yearly salary of at least R210,000.00.
According to further statistics of a similar kind provided by Indeed, the typical monthly salary of a bookkeeper in South Africa is projected to increase to R14,707 by the year 2023.
In addition, the remuneration of bookkeepers in South Africa are varied according to city. The following table provides information on the cities that provide the best pay for bookkeepers.
Chartered Accountant Salary
In South Africa, a chartered accountant can expect to make around R700,000.00 per year as a salary. Chartered accountants are qualified to operate either in or outside of the context of public practice.
In addition, being a chartered accountant is one of the most challenging careers due to the extensive training that is required, which may either be performed prior to or after the completion of a degree program. On the other hand, it is a well-remunerated line of work.
The quantity of work experiences a person has may have an effect on how much money they are able to make working as a Chartered Accountant.
According to the individual salary benchmark provided by Robert Walters, a Chartered Accountant in South Africa may anticipate earning a starting salary that ranges anywhere from R550,000.00 to R750,000.00 per year.
This is the range that the Robert Walters benchmark provides. This is for chartered accountants who have a minimum of zero years of experience and a maximum of two years of experience.
According to the same figures, those with four to seven years of experience get a yearly salary that falls anywhere between 800,000.00 and 1,200,000.00 Rand.
Chartered Accountants with a minimum of 10 years' worth of professional experience make the most money. These individuals most likely bring in an annual wage that falls somewhere in the range of R1,600,000 and R2,200,000.
According to payscale, the yearly median salary for chartered accountants was R489,21.00 in 2023. This figure represents an increase from the previous year.
Those who are in the 90th percentile of the population have a chance of earning an annual wage that is at least R858,000.00 more than the minimum.
According to the information provided by payscale, the amount of Chartered Accountants' yearly bonuses may vary anywhere from R6,000.00 to R119,000.00, while the amount of their commissions can range anywhere from R0.00 to R28,000.00.
There is a correlation between the firm that a chartered accountant works for and the amount of money that they make.
Payscale has been able to analyze the average pay offered by some of the most reputable accounting companies and financial institutions in the world for Chartered Accountants.
The average salary earned by Chartered Accountants are very variable from one organization to the next.
Student Accountants Salary
Student accountants are those who want to become members of professional accounting groups such as SAICA and CIMA (Chartered Institute of Management Accounts).
Those individuals who are interested in becoming members of these professional groups are required to successfully finish a training program that might last anywhere from three to seven years.
Participating in training programs include a wide range of public and private sector businesses, as well as employers from a variety of sectors.
Considering that this is a training program, people who participate in it will, to a certain degree, get pay in order to improve the level of competence that is required by the appropriate professional organization.
Similar to how various accountants have varying levels of expertise, different trainee accountants also have varied levels of experience. According to SA Facts, the average income for a trainee account is R180,000.00 per year. Workers with more experience might potentially earn up to R280,000.00 per year.
According to the information collected by ZATalent, the monthly salary for Trainee Accounts is around R13,750.00, This equates to an annual salary of R165,000.00.
According to the findings, those with 0 to 2 years of experience made the least amount of money per month, which was R11,500.00.
As one gains more experience, they will be able to increase the amount of money they bring in.
Those persons who want to begin a traineeship with SAIPA earn the least amount of money among those people who seek to register with a professional organization.
A SAIPA trainee has the potential to earn at least R8,000.00 per month in compensation. According to ZATalent, however, people with a greater amount of expertise have the potential to earn upwards of R15,000.00 per month in salary.
Tax Accountants Salary
Tax accountants in South Africa earn some of the highest salaries of any accountants in the country. This is owing to the challenging nature of their job, which needs considerable knowledge of the legislation regulating tax administration as well as various forms of taxes.
As a result, they face a high turnover rate. Accountants specializing in taxes are qualified to operate in both the public and private sectors, as well as supply their services to organizations that are recognized as not-for-profit organizations.
According to Payscale, the annual salary of a tax accountant is a respectable R344,348.00 on average.According to the findings of the study, an annual salary of R50,000 is associated with doing tax accounting work at the 10th percentile.
Those who have more experience get paid more than their counterparts. The annual salary of R534,000.00 will be reserved for those individuals who are in the 90th percentile as of the year 2023.
According to the statistics collected by Robert Walters, tax accountants make similar salaries. Annual salaries might vary anywhere from R350,000 to R450,000 for tax accountants with 0 to 2 years of relevant work experience.
Tax accountants who have between four and seven years of experience might anticipate earning between R600,000 and R750,000 per year.
According to the findings of the survey, tax accountants who have worked in the field for more than ten years may expect an annual salary of between R900,000 and R1,100,000.
Indeed, one of the most popular job search engines, provides a more in-depth research of the earnings of tax accountants in South Africa broken down by province.
Indeed reports that the average compensation for a tax accountant in South Africa is R43,561.00 per month. A further finding from the website that searches for jobs was that tax accountants in South Africa earn an annual average salary of R615,254.00.
According to data collected by Indeed from job advertisements placed by companies on the website, the following yearly remuneration is what the top paid cities in South Africa pay on average for tax accountants. These cities are listed in order from lowest to highest paying.
Tax accountants are eligible for commissions, bonuses, and other incentives, the specifics of which are very dependent on the firm or organization they work for.
Payscale reports that the yearly bonus that tax accountants get might range anywhere from R8,000.00 to R93,000.00. The performance-based incentives are often received in one lump sum at the end of the year via a single payment.
In addition, tax accountants are able to get commissions, which Payscale reports may vary anywhere from 0 to 133 thousand rands.
Contributions to medical, dental, and vision insurance, as well as other types of insurance, are examples of the kinds of health benefits that an employer may provide for its employees.
Conclusion
Whether you are situated in Johannesburg, Pretoria, and Cape Town, your accountancy salary is determined by what you specialize in.
If you are here, you might also be interested in learning about the average salary for lawyers in South Africa.