Economist Salary in South Africa

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.

Occupation:	Economist
Monthly Salary Range:	R 25100 – R 80300
Average Monthly Salary:	R 37042
Description:	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.
Minimum Qualification:	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

The average economist in South Africa earns about R 51,600 per month, which is approximately R 618,800 per year. Entry-level economists typically earn around R 25,100 per month, while senior or highly experienced economists can earn up to R 80,300 per month. City of employment, sector, and specialization all significantly affect the salary.

Extras

Economists often receive bonuses and performance-based incentives in addition to their base salary. These bonuses depend on experience, sector, employer size, and individual performance, and can range from R 20,000 to R 100,000 per year.

Salary Structure by Experience Level

Experience Level	Approximate Annual Salary (ZAR)
Entry-Level / 0–2 Years	R 128,000 – R 300,000
Mid-Level / 3–7 Years	R 346,728 – R 800,000
Senior / >7 Years	R 761,000 – R 1,100,000

Salary by Location

Economist salaries vary across cities due to demand and cost of living.

City	Average Monthly Salary (ZAR)
Johannesburg	R 53,500
Cape Town	R 50,800
Pretoria	R 50,000
Durban	R 48,700

Responsibilities and Duties of Economists

• Conduct research, gather data, and analyse economic trends, market conditions, and resource allocation.
• Develop economic models and forecasts to help businesses or governments plan for future developments.
• Perform cost–benefit analyses, budget assessments, and financial feasibility studies for projects or policies.
• Provide insight and advice on economic decisions, resource distribution, and strategic planning.
• Prepare reports, policy briefs, and data-driven recommendations for stakeholders.

FAQs

How much does an economist make in South Africa?

An economist earns an average of R 51,600 per month (≈ R 618,800 per year), with entry-level positions earning about R 25,100 per month and senior positions earning up to R 80,300 per month.

What is the median salary of an economist in South Africa?

The median salary is approximately R 346,728 per year, depending on experience and sector.

Do economists with advanced degrees earn more?

Yes, economists with Honours or postgraduate degrees, along with specialized skills in econometrics or financial analysis, typically earn higher salaries than those with only a bachelor’s degree.

What industries pay economists the most?

Private financial institutions, consulting firms, and multinational corporations tend to pay higher salaries than smaller firms or public sector positions.

Economists in South Africa have a strong career path with solid earning potential. The profession rewards education, experience, and specialized skills, offering opportunities for high income and career growth.