Becoming a chartered accountant in South Africa is a very lucrative career, but it takes a lot of work and commitment, plus years of diligent studying. After all the efforts you put in, you will receive the benefits seeing that chartered accountants are some of the highest-paid workers in the country.
The average salary of chartered accountants (CA) in South Africa is higher than the maximum salary teachers in the country who have gained years of experience and qualification earn. And like other professions, getting to the peak of one’s career as a chartered accountant requires no academic qualifications, but years of experience is also important.
Chartered Accountants Are Responsible For Handling A Company’s Financial Report
Chartered Accountants are accounting professionals who are responsible for handling and reviewing a company’s financial report. They evaluate a company’s financial report to analyze the company’s expenditure on each department and profit. From the financial report chartered accountants give, the company then makes financial projections and decisions on minimizing expenditure to get maximum profit.
A chartered accountant is also saddled with the responsibility of handling the company’s taxes. Depending on how big the company is, a chartered accountant may be fully employed or contracted at monthly or yearly intervals to audit the company’s financial record. Usually, chartered accountants report to senior chartered accountants.
To become a chartered accountant, you will require a bachelor’s degree in accounting, business, or finance and a two-year accounting program that qualifies you to be chartered. In some countries, you may even have to work under the mentorship of a senior chartered accountant.
Chartered Accountants In South Africa Earn An Average Salary Of R28,500 Per Month
On average, chartered accountants in the country earn an average yearly salary of R342,000, about R28,500 per month. This average salary is for those who have practiced as chartered accountants for some years. But the salary of entry-level chartered accountants can go as low as R14,800 per month, about R177,600 per annum. However, with years of experience, a chartered accountant can earn as high as R43,600 as monthly remuneration, which will add up to a yearly salary of R523,200.
Chartered accountants who experience huge success in their career can even earn up to R1,500,000 (and above) like those who claim up to the position of Private Equity/Corporate Finance and have at least 7+ years of experience.
Here is a detailed breakdown of the salary range of chartered accountants in South Africa – depending on the number of years they have practiced:
- 0 – 2 years (entry-level): R16,800
- 2 – 5 Years: R22,600
- 5 – 10 Years: R29,300
- 10 – 15 Years: R35,500
- 15 – 20 Years: R38,800
- 20 years and above: R40,800
From the above, you can see that the more years you put into your career as a chartered accountant, the more financial benefits you get.
Currently, 25% of all the chartered accountants in South Africa earn below R19,000. Up to 50% of the chartered accountants in the country earn up to R27,300, which is almost the average salary of chartered accountants in the country.
Location Also Has An Impact On The The Salary Of Chartered Accountants
The location where you decide to practice as a chartered accountant in South Africa will also determine your pay. The city with the highest number of chartered accountants in South Africa is Johannesburg – about 50% of the chartered accountants in the country work there.
Cape Town is currently home to 20.20% of chartered accountants in South Africa, and they receive an average salary of R461,946 per year, while Pretoria is home to 5.4% who earn an average salary of R28,000. Midrand is home to 5% of chartered accountants in the country, while Durban accommodates up to 4.8% with an average salary of R31,200, and Centurion is home to 4.6%. Other cities in South Africa share about 7% of the remaining chartered accountants in the country.
The Academic Qualification and Gender Of A Chartered Accountant Also Determines Their Salary
Like other careers, if you wish to have higher pay despite not having up to 20+ years of experience, then earning more academic qualifications would be your sure bet. Those who already have many years of experience can also improve their salary by improving their academic qualification.
A chartered accountant in South Africa, whose highest academic qualification is a certificate or a diploma, will most likely receive an average salary of R20,000. At the same time, those with a bachelor’s degree can earn as high as R30,300, which is up to 52% more than what those with a diploma will earn.
Chartered accountants in the country who have a master’s degree can earn as high as R43,000. If you wish to get the best out of your career as a chartered accountant, you should consider getting a master’s degree irrespective of the number of years you have worked. It is noteworthy that while studying to improve your academic qualification, you may not get an immediate salary increase until you submit a certificate or result to show that you have completed your studies.
Another major factor that influences the salary of chartered accountants in South Africa is gender. As of the time of writing this, there are more male chartered accountants (8%) than their female counterparts in the country, and the difference in their number is not the only noteworthy thing, the fact that male chartered accountants in the country earn 7% higher than females is also an important thing to note.
In South Africa, male chartered accountants earn R29,700 while their female counterparts earn R27,600. However, the reason for this gender-based pay disparity is not known.
The Salary Of Chartered Accountants In South Africa Is Expected To Increase Yearly
Normally in South Africa, the salary of all public servants is expected to increase every 12 months. Still, sadly this is not always the case, as workers have had to protest or strike at intervals before they receive increments. The average salary increment for all professions in the country is 8%, but chartered accountants have a better salary projection.
It is estimated that the salary of chartered accountants in South Africa should increase by 11% every 18 months. The possibility of getting this increment will depend on your employer and the employment agreement you have. Chartered accountants may or may not receive bonuses in addition to their salary – this also depends on their employer.
Chartered Accountants Are In Demand In South Africa
If you are wondering if taking the challenge of becoming a chartered accountant who will practice in South Africa is worth it, and the salary output and projection are not still enough to convince you, then the fact that chartered accountants are in high demand in the country should be able to convince you.
A survey done in 2009 shows that there was an urgent need for about 22,000 chartered accountants in the country. Although no other survey had been done since then, the South African Institute of Chartered Accountants Project Director, Teboho Moephudi, has confirmed that chartered accountants are still in high demand.
Though many companies and businesses need chartered accountants who may or may not work full time, the largest employers of accountants in the country are The “Big Four” accountancy firms.
