Financial Manager Salary in South Africa

Financial managers analyze data and advise profit-maximizing steps and ideas for any business or agency. They are responsible for the company’s and organization’s financial health.

Occupation:Financial Manager
Monthly Salary Range:R 30125 – R 96058
Average Monthly Salary:R 63091.5
Description:Financial managers deal with an organization’s finances and prepare plans for profit maximization for the business they are working for.
Minimum Qualification:Bachelor’s degree in accounting and finance

Financial managers in South Africa are some of the most critical professionals in the business world responsible for creating financial reports and developing plans for long-term economic benefits for the organization. If you are interested in becoming a financial manager, here is a guide that will let you know about the overview of a financial manager’s salary, the average and median amount, and how the pay is affected by professional experience, gender, and skill.

Overview of Financial Manager Salary

Financial advisors and managers are one of the most important members of any business organization. They are responsible for profit-maximizing activities and creating ideas that can maximize the profit of an organization, ultimately giving the organization a better and brighter future. The average salary a financial manager in South Africa can earn is somewhere around R 739,500 per year.

This becomes 61,625 per month. Remember that these average salaries vary based on gender, location, experience, and skills. Moreover, the median salary of a financial manager in South Africa is R 752,600.

It is a middle value that means 50% of the financial managers earn more than R 752,600, and 50% earn less than R 752,600. Let’s discuss the details of extra income, bonuses, and incentives a financial manager can get.

Extras

Undoubtedly, a financial manager post is a high bonus-based job. It has been reported that more than 82% of the financial managers working in South Africa have gotten at least one bonus in the last year.

Alternatively, 18% of financial managers had not received any bonus in the last 12 months. Let’s now look at the variability in the salaries of financial managers based on gender, education, and professional experience.

Salary Structure

Salary Variability Based on Professional Experience

Financial managers with less than two years of experience can earn approximately 431,100 South African Rands annually. Then come those who have 2 to 5 years of experience.

The average salary of a financial manager who has 2 to 5 years of experience is approximately R 552,400. Moreover, some professionals have 5 to 10 years of experience and can earn an average salary of R 759,300 annually.

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Then, we have skilled professionals with more than ten years of experience who can make up approximately R 942,700 annually. Furthermore, professionals working in financial management with more than 15 years of experience can make approximately R 1,009,200 per year. That is quite a considerable amount.

Salary Variability Based on Education

Those financial managers with certificates or diplomas can make up an average salary of R 552,400 per year. Alternatively, those with a bachelor’s degree can earn an average of R 743,300 per year. Furthermore, financial managers with master’s degrees can make up an average of R 1,134,800 annually.

Salary Variability Based on Gender

Although gender differences are not good, they are present in many professions, such as financial management. A male financial manager earns 8% more than a female financial manager.

It has been estimated that a male financial manager can make up an average of R 761,400 per year. At the same time, a female financial manager can make up an average of R 707,600 per year.

Responsibilities of Financial Managers

  • The financial manager manages the overall financial health of the industry or organization he works in.
  • He is responsible for performing financial management duties, mainly compiling finance data, generating finance reports, and analyzing industry trends.
  • They are also responsible for developing the financial plans for the business and organization they are working in.
  • They generate financial plans and make budgets for recruiting and training.
  • They supervise the preparation of annual and quarterly account reconciliation.
  • Financial managers also create business plans based on the company’s economic forecast and status.
  • They are also responsible for advising executive management and colleagues to improve the company’s finances.
  • Moreover, financial managers also work to increase an organization’s profit through financial practices.

FAQs

What is the average salary of a financial manager who has worked as a financial manager for over 15 years?

A professional working as a financial manager in South Africa for over 15 years can make up an average of 1,009,200 South African Rands annually. This is quite a considerable amount of money and is only given to a financial manager fully experienced in his field.

Is there a difference in the salaries of male and female financial managers?

Unfortunately, there is a notable difference in the salaries of male and female financial managers working in South Africa. Male financial managers earn 8% more than female financial managers, approximately R 761,400. Alternatively, female financial managers make about R 707,600 annually, relatively less than male financial managers.

Who is a financial manager?

A financial manager is a professional responsible for dealing with the company’s finances. He creates ideas and advises profit-maximizing steps for the business or organization he works for. Undoubtedly, financial managers in South Africa are some of the most critical professionals who develop long-term financial plans for the benefit of the overall organization.

Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.