Here’s How Much a Chartered Accountant Makes in South Africa
The job market is challenging and it’s getting tougher. In South Africa, the unemployment rate is high, currently sitting at around 27%. And the number of people looking for jobs continues to rise as more and more young people enter the labour market. The competition for jobs is fierce. So much so that whether you’re a recent graduate or an experienced professional, your resume and application must be perfect if you want to land that ideal job offer. In this blog post, we answer one of the most frequently asked questions about careers in accounting – How much does a chartered accountant make in South Africa? Read on to find out!
What is a Chartered Accountant?
A chartered accountant is a professional accountant who can give tax advice, perform audits, and provide financial and management consulting services. To practise as a chartered accountant, someone needs to complete an undergraduate or master’s degree in an accounting-related field, pass several exams, and complete several years of supervised experience in public practice or business. A chartered accountant can work in a wide variety of industries and settings, including for corporations, banks, government departments, and nonprofit organizations. Some chartered accountants also own their own businesses. A certified public accountant (CPA) is a licensed accountant who can provide auditing and other services to the public, including financial statement reviews and tax advice. To become a CPA, someone needs to receive an undergraduate degree in accounting or another related field and pass an exam. Many CPAs work for accounting firms or public accounting companies. They usually work long hours and evenings and may have to travel to meet clients.
How much does an accountant make in South Africa?
Depending on the type of accounting job, the industry you work in, and your specific level of experience, a chartered accountant in South Africa can earn anywhere between R60,000 and R300,000 or more. At the low end of the pay scale, accounting employees in the retail industry usually earn an average of around R51,000 per year, while those in the financial sector earn about R105,000 annually. The median annual salary for auditing and accounting professionals in South Africa is R108,000. Finance managers make around R273,000 and chief financial officers earn upwards of R500,000.
How Much Does a Certified Public Accountant Make?
The average salary for a certified public accountant in South Africa is R221,000. The range of salaries for CPAs varies according to the industry in which they work. CPAs who work for government agencies earn an annual salary of between R200,000 and R250,000, while those who work for banks earn salaries of between R218,000 and R300,000.
Other Jobs for Finance Graduates
Finance graduates can also pursue careers in project management, cost accounting, financial modeling, financial reporting, risk management, and IT. Project managers usually work in the construction, energy, or IT industries and manage large, complex projects. They usually have a bachelor’s degree in engineering or business administration. Cost accountants work in accounting departments and help determine the profitability of a business’s operations. They usually have a bachelor’s degree in accounting. Financial analysts evaluate a business’s financial performance and help make recommendations for its improvement. They generally have a bachelor’s degree in business administration or accounting.
How Much Does an Auditing Professional Make?
Auditing professionals earn a salary between R70,000 and R150,000 per year. The average annual salary for auditing professionals in South Africa is R107,000. Auditing professionals who work for large corporations or governmental agencies earn a higher salary than those who work for small businesses.
Conclusion
There’s no doubt that accounting is a rewarding career and it offers many different employment opportunities. With an accounting degree, you can work in auditing, financial analysis, bookkeeping, tax consulting, and more. If you’re interested in a finance-related field, you’ll need to complete an undergraduate degree in accounting or another related field. If you want to advance in your accounting career, you can pursue a chartered accountant certification through the Chartered Accountants designation in South Africa.
