Average Finance Specialist Salary in South Africa for 2024

In this article, we will look at the average Finance Specialist salary for 2024 in South Africa and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the South African rand. To keep things simple, we are using the ZAR currency code instead of the currency symbol R.

How Much Does a Finance Specialist Make in South Africa?

A Finance Specialist working in South Africa will typically earn around 460,500 ZAR per year, and this can range from the lowest average salary of about 239,000 ZAR to the highest average salary of 705,500 ZAR.

Average Annual Salary
460,500 ZAR
Average Monthly Salary
38,375 ZAR

Lowest Annual Salary
239,000 ZAR
Lowest Monthly Salary
19,916 ZAR

Highest Annual Salary
705,500 ZAR
Highest Monthly Salary
58,791 ZAR

These are average salaries for a Finance Specialist in South Africa and include benefits such as housing and transport. It's also possible for a Finance Specialist to earn more or less than the average salaries shown above.

Finance Specialist salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Finance Specialist Salaries in South Africa

So we've looked at the average salaries a Finance Specialist will earn in South Africa. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Finance Specialist can earn between 239,000 ZAR and 705,500 ZAR on average in South Africa. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Finance Specialist in South Africa is 442,300 ZAR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 442,300 ZAR, and 50% of the population earn more than 442,300 ZAR.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Finance Specialist salary in South Africa, 25% of the population are earning less than 308,900 ZAR while 75% of the population earn more than 308,900 ZAR.

75% of the population earn less than 551,200 ZAR, and 25% of the population earn more than 551,200 ZAR.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Finance Specialist Salary by Experience Level in South Africa

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average finance specialist salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Finance Specialist in South Africa that has less than two years of experience can expect to earn somewhere in the region of 273,300 ZAR.
  • 2 - 5 Years Experience. With two to five years of experience the average Finance Specialist salary would increase to 363,000 ZAR.
  • 5 - 10 Years Experience. From five to ten years of experience as a Finance Specialist, the average salary would be 472,100 ZAR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 575,100 ZAR.
  • 15 - 20 Years Experience. A Finance Specialist with 15 to 20 years of experience can earn an average of 628,000 ZAR.
  • 20+ Years Experience. For a Finance Specialist with more than 20 years, the expected average salary increases to 659,200 ZAR.

Average Salary by Experience Chart

0-2 Years
273,300 ZAR
2-5 Years +34%
363,000 ZAR
5-10 Years +30%
472,100 ZAR
10-15 Years +21%
575,100 ZAR
15-20 Years +9%
628,000 ZAR
20+ Years +5%
659,200 ZAR

Finance Specialist Salary by Education Level in South Africa

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Finance Specialist in South Africa based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Finance Specialist in South Africa with a high school education can earn an average salary of 327,800 ZAR.

  • Certificate or Diploma. A Finance Specialist in South Africa with a certificate or diploma education can earn an average salary of 375,200 ZAR.

  • Bachelor's Degree. A Finance Specialist in South Africa with a bachelor's degree education can earn an average salary of 528,500 ZAR.

  • Master's Degree. A Finance Specialist in South Africa with a master's degree education can earn an average salary of 639,900 ZAR.

Average Salary by Education Chart

High School
327,800 ZAR
Certificate or Diploma +14%
375,200 ZAR
Bachelor's Degree +41%
528,500 ZAR
Master's Degree +21%
639,900 ZAR

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in South Africa is around 156,000 to 467,000 ZAR and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Finance Specialist Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In South Africa, a male finance specialist will earn an average of 480,300 ZAR, while a female finance specialist will earn around 447,300 ZAR.

This means that a male finance specialist earns approximately 7% more than a female finance specialist for performing the same job.

Average Salary by Gender Chart in South Africa

Male
480,300 ZAR
Female -7%
447,300 ZAR

Finance Specialist Average Pay Raise in South Africa

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Finance Specialist in South Africa is around 11% every 18 months.

The national average pay raise across all professions and industries in South Africa is around 8% every 18 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 11 ÷ 18 ) × 12  = 7%

What this means is that a Finance Specialist in South Africa can expect to receive an average pay raise of around 7% every 12 months.

Annual Pay Raise by Industry in South Africa for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in South Africa.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Finance Specialist Bonus and Incentive Rates in South Africa

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Finance Specialist is a moderate bonus based job, with 53% of employees reporting at least one bonus in the last 12 months.

47% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 5%.

Received Bonus
53%
No Bonus
47%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in South Africa earn approximately 7% more than private sector employees in the same role.

Public Sector
386,400 ZAR
Private Sector -7%
361,500 ZAR

Salaries for Jobs Similar to a Finance Specialist

In the table below, we have salary information for jobs that are similar to a Finance Specialist in South Africa.

Job Title Category Salary
Account Examiner Accounting and Finance 200,000 ZAR
Account Executive Accounting and Finance 357,300 ZAR
Accountant Accounting and Finance 283,400 ZAR
Accounting Analyst Accounting and Finance 325,800 ZAR
Accounting Assistant Accounting and Finance 218,900 ZAR
Accounting Associate Accounting and Finance 194,600 ZAR
Accounting Clerk Accounting and Finance 168,100 ZAR
Accounting Coordinator Accounting and Finance 239,300 ZAR
Accounting Head Accounting and Finance 563,300 ZAR
Accounting Manager Accounting and Finance 555,800 ZAR
Accounting Officer Accounting and Finance 196,800 ZAR
Accounting Specialist Accounting and Finance 359,900 ZAR
Accounting Supervisor Accounting and Finance 371,100 ZAR
Accounting Technician Accounting and Finance 192,600 ZAR
Accounting Unit Controller Accounting and Finance 442,300 ZAR
Accounts Executive Accounting and Finance 345,100 ZAR
Accounts Officer Accounting and Finance 207,700 ZAR
Accounts Payable and Receivable Specialist Accounting and Finance 288,100 ZAR
Accounts Payable Assistant Accounting and Finance 232,900 ZAR
Accounts Payable Associate Accounting and Finance 246,200 ZAR
Accounts Payable Clerk Accounting and Finance 194,600 ZAR
Accounts Payable Manager Accounting and Finance 519,300 ZAR
Accounts Receivable Administrator Accounting and Finance 415,900 ZAR
Accounts Receivable Clerk Accounting and Finance 196,800 ZAR
Accounts Receivable Financial Analyst Accounting and Finance 367,900 ZAR
Accounts Receivable Manager Accounting and Finance 510,200 ZAR
Accounts Receivable Team Leader Accounting and Finance 404,600 ZAR
Assistant Accountant Accounting and Finance 209,500 ZAR
Assistant Accounting Manager Accounting and Finance 510,300 ZAR
Assistant Auditor Accounting and Finance 275,500 ZAR
Assistant Corporate Controller Accounting and Finance 361,500 ZAR
Assistant Finance Manager Accounting and Finance 559,000 ZAR
Assistant Financial Controller Accounting and Finance 361,500 ZAR
Audit Director Accounting and Finance 638,700 ZAR
Audit Supervisor Accounting and Finance 483,400 ZAR
Auditing Clerk Accounting and Finance 207,700 ZAR
Auditing Manager Accounting and Finance 552,400 ZAR
Billing Clerk Accounting and Finance 215,100 ZAR
Billing Coordinator Accounting and Finance 259,100 ZAR
Billing Specialist Accounting and Finance 286,400 ZAR
Billing Supervisor Accounting and Finance 407,100 ZAR
Bookkeeper Accounting and Finance 174,000 ZAR
Bookkeeping Specialist Accounting and Finance 263,200 ZAR
Budget Analyst Accounting and Finance 459,700 ZAR
Budget Manager Accounting and Finance 547,800 ZAR
Business Support Analyst Accounting and Finance 311,700 ZAR
Capital Markets Associate Accounting and Finance 421,400 ZAR
Cash Flow Analyst Accounting and Finance 403,100 ZAR
Cash Management Manager Accounting and Finance 528,500 ZAR
Cash Management Officer Accounting and Finance 308,900 ZAR
Cashbook Clerk Accounting and Finance 185,100 ZAR
Chartered Accountant Accounting and Finance 341,400 ZAR
Chief Accountant Accounting and Finance 394,300 ZAR
Collections Clerk Accounting and Finance 176,800 ZAR
Collections Representative Accounting and Finance 232,900 ZAR
Collections Specialist Accounting and Finance 273,000 ZAR
Corporate Controller Accounting and Finance 430,500 ZAR
Corporate Treasurer Accounting and Finance 516,100 ZAR
Cost Accountant Accounting and Finance 273,000 ZAR
Cost Accounting Manager Accounting and Finance 535,800 ZAR
Cost Accounting Supervisor Accounting and Finance 447,300 ZAR
Cost Analyst Accounting and Finance 431,100 ZAR
Credit and Collection Manager Accounting and Finance 531,700 ZAR
Credit and Collection Staff Accounting and Finance 200,000 ZAR
Credit and Loans Officer Accounting and Finance 196,800 ZAR
Credit Controller Accounting and Finance 384,500 ZAR
Credit Manager Accounting and Finance 563,000 ZAR
Debt Adviser Accounting and Finance 433,800 ZAR
Debt Collector Accounting and Finance 210,500 ZAR
Debtors Clerk Accounting and Finance 192,600 ZAR
Debtors Controller Accounting and Finance 196,800 ZAR
Deputy CFO Accounting and Finance 733,300 ZAR
Deputy Head of Finance Accounting and Finance 735,500 ZAR
Derivative Trader Accounting and Finance 464,400 ZAR
Director of Finance Accounting and Finance 814,500 ZAR
Economist Accounting and Finance 618,800 ZAR
Equity Analyst Accounting and Finance 472,100 ZAR
Escrow Assistant Accounting and Finance 239,300 ZAR
Executive Accountant Accounting and Finance 312,400 ZAR
External Auditor Accounting and Finance 371,100 ZAR
Finance Administrator Accounting and Finance 325,800 ZAR
Finance Analyst Accounting and Finance 504,400 ZAR
Finance Associate Accounting and Finance 239,300 ZAR
Finance Director Accounting and Finance 818,100 ZAR
Finance Executive Accounting and Finance 562,600 ZAR
Finance Licensing Clerk Accounting and Finance 195,200 ZAR
Finance Licensing Manager Accounting and Finance 520,900 ZAR
Finance Licensing Specialist Accounting and Finance 296,000 ZAR
Finance Manager Accounting and Finance 778,900 ZAR
Finance Officer Accounting and Finance 263,200 ZAR
Finance President Accounting and Finance 830,500 ZAR
Finance Relationship Manager Accounting and Finance 659,400 ZAR
Finance Release Analyst Accounting and Finance 307,400 ZAR
Finance Team Leader Accounting and Finance 602,700 ZAR
Financial Accountant Accounting and Finance 263,100 ZAR
Financial Actuary Accounting and Finance 428,400 ZAR
Financial Administrator Accounting and Finance 464,900 ZAR
Financial Advisor Accounting and Finance 504,300 ZAR
Financial Analyst Accounting and Finance 478,000 ZAR
Financial Applications Specialist Accounting and Finance 330,900 ZAR
Financial Assistant Accounting and Finance 212,500 ZAR
Financial Associate Accounting and Finance 222,300 ZAR
Financial Associate Accounting and Finance 266,000 ZAR
Financial Claims Analyst Accounting and Finance 361,500 ZAR
Financial Claims Manager Accounting and Finance 478,000 ZAR
Financial Claims Supervisor Accounting and Finance 444,300 ZAR
Financial Clerk Accounting and Finance 209,700 ZAR
Financial Commercial Analyst Accounting and Finance 417,200 ZAR
Financial Compliance Analyst Accounting and Finance 425,100 ZAR
Financial Consultant Accounting and Finance 359,900 ZAR
Financial Controller Accounting and Finance 420,100 ZAR
Financial Controller Accounting and Finance 459,300 ZAR
Financial Coordinator Accounting and Finance 252,300 ZAR
Financial Customer Service Manager Accounting and Finance 492,700 ZAR
Financial Dealer and Broker Accounting and Finance 288,100 ZAR
Financial Director Accounting and Finance 829,000 ZAR
Financial Encoder Accounting and Finance 225,700 ZAR
Financial Manager Accounting and Finance 733,300 ZAR
Financial Manager Accounting and Finance 739,500 ZAR
Financial Operations Manager Accounting and Finance 714,300 ZAR
Financial Policy Analyst Accounting and Finance 425,100 ZAR
Financial Project Manager Accounting and Finance 555,800 ZAR
Financial Quantitative Analyst Accounting and Finance 472,000 ZAR
Financial Reporting Consultant Accounting and Finance 409,000 ZAR
Financial Reporting Manager Accounting and Finance 524,300 ZAR
Financial Section Head Accounting and Finance 533,000 ZAR
Financial Services Manager Accounting and Finance 671,000 ZAR
Financial Services Sales Agent Accounting and Finance 301,700 ZAR
Fixed Assets Administrator Accounting and Finance 292,000 ZAR
Forensic Accountant Accounting and Finance 330,900 ZAR
Fraud Detection Supervisor Accounting and Finance 332,100 ZAR
Fraud Prevention Manager Accounting and Finance 553,800 ZAR
Fund Accountant Accounting and Finance 259,100 ZAR
Grants Coordinator Accounting and Finance 197,600 ZAR
Group Financial Manager Accounting and Finance 778,200 ZAR
Internal Auditor Accounting and Finance 357,300 ZAR
Internal Control Adviser Accounting and Finance 425,100 ZAR
Internal Control Officer Accounting and Finance 237,400 ZAR
International Tax Director Accounting and Finance 659,200 ZAR
Inventory Accountant Accounting and Finance 282,500 ZAR
Investment Advisor Accounting and Finance 727,100 ZAR
Investment Analyst Accounting and Finance 535,900 ZAR
Investment Associate Accounting and Finance 467,100 ZAR
Investment Broker Accounting and Finance 457,300 ZAR
Investment Fund Manager Accounting and Finance 623,200 ZAR
Investment Operations Manager Accounting and Finance 607,400 ZAR
Investment Underwriter Accounting and Finance 239,000 ZAR
Investor Accounting and Finance 357,300 ZAR
Investor Relations Manager Accounting and Finance 555,800 ZAR
KYC Team Leader Accounting and Finance 559,000 ZAR
Loan Processor Accounting and Finance 233,900 ZAR
Management Accountant Accounting and Finance 307,400 ZAR
Management Economist Accounting and Finance 642,800 ZAR
Paymaster Accounting and Finance 232,400 ZAR
Payroll Administrator Accounting and Finance 362,200 ZAR
Payroll Benefits Coordinator Accounting and Finance 290,800 ZAR
Payroll Billing Manager Accounting and Finance 478,000 ZAR
Payroll Clerk Accounting and Finance 238,900 ZAR
Payroll Manager Accounting and Finance 502,200 ZAR
Payroll Officer Accounting and Finance 227,600 ZAR
Payroll Specialist Accounting and Finance 275,200 ZAR
Payroll Supervisor Accounting and Finance 352,000 ZAR
Pensions Administrator Accounting and Finance 294,700 ZAR
Personal Financial Advisor Accounting and Finance 420,800 ZAR
Pricing Analyst Accounting and Finance 455,400 ZAR
Private Equity Analyst Accounting and Finance 510,000 ZAR
Project Accountant Accounting and Finance 308,900 ZAR
Proposal Development Coordinator Accounting and Finance 246,200 ZAR
Receivables Accountant Accounting and Finance 253,400 ZAR
Regulatory Accountant Accounting and Finance 288,700 ZAR
Retirement Plan Analyst Accounting and Finance 430,500 ZAR
Revenue Management Specialist Accounting and Finance 451,000 ZAR
Revenue Recognition Analyst Accounting and Finance 524,300 ZAR
Risk Management Director Accounting and Finance 663,200 ZAR
Risk Management Supervisor Accounting and Finance 545,300 ZAR
Staff Accountant Accounting and Finance 266,000 ZAR
Tax Accountant Accounting and Finance 253,400 ZAR
Tax Administrator Accounting and Finance 288,700 ZAR
Tax Advisor Accounting and Finance 411,400 ZAR
Tax Analyst Accounting and Finance 411,400 ZAR
Tax Associate Accounting and Finance 228,500 ZAR
Tax Consultant Accounting and Finance 426,700 ZAR
Tax Director Accounting and Finance 623,200 ZAR
Tax Examiner Accounting and Finance 307,400 ZAR
Tax Manager Accounting and Finance 562,600 ZAR
Tax Research Manager Accounting and Finance 562,600 ZAR
Teller Accounting and Finance 163,800 ZAR
Treasury Accountant Accounting and Finance 286,400 ZAR
Treasury Analyst Accounting and Finance 433,800 ZAR
Underwriter Accounting and Finance 190,500 ZAR
Underwriting Assistant Accounting and Finance 175,900 ZAR
Vice President of Finance Accounting and Finance 743,100 ZAR

Salary Comparison by City

If you want to compare salaries with different cities in South Africa, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Bloemfontein 394,300 ZAR
Cape Town 504,500 ZAR
Durban 466,300 ZAR
Johannesburg 472,100 ZAR
Port Elizabeth 436,200 ZAR
Pretoria 447,300 ZAR

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