Home Accounting and Auditing How much are accountants earning in 2021?

How much are accountants earning in 2021?

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The recently published Robert Walters survey for accountants in the accounting and finance sectors show steady gains in most categories of employment, particularly at the lower end of the experience ladder.

This shows the resilience of accounting salaries to the pandemic and the crucial role they played in rebooting a collapsing economy in mid-2020.

Robert Walters is a world-leading specialist professional recruitment consultancy group founded in 1895. The recruitment consultancy is found in 31 countries across the globe, which includes South Africa. On an annual basis, the group releases a salary survey that cuts across all professions, showing the annual salary package of each. Here is a breakdown of some of the key findings of the latest survey as it applies to the accounting, finance, banking and financial services annual salary packages.

Accounting and finance

This part of the survey focuses on part qualified and part qualified CIMA roles for permanent employees. Ranging from different years of experience and comparing the 2020 salary to that of 2021.

  • 0-2 years’ experience
    • 2020 salary- 250k – 450k
    • 2021 salary- 350k – 450k
  • 4-7 years’ experience
    • 2020 salary- 500k – 800k
    • 2021 salary- 550k – 850k
  • 10+ years’ experience
  • 2020 salary- 900k – 1.5m
  • 20201 salary- 1m – 1.5m

Despite the impact of the pandemic, the survey shows a R50-R100k increases in each salary range.

Some of the job titles included in the survey are for part qualified CA(SA), BCom accountants and CFOs. The image below shows an extensive insight into each job title.

Banking and finance services

In the banking and finance sector, accountants’ salaries in 2021 are virtually unchanged over 2020. Here’s a sampling:

  • 0-2 years’ experience
    • 2020 salary- 200k – 250k
    • 2021 salary- 200k – 250k
  • 4-7 years’ experience
    • 2020 salary- 500k – 550k
    • 2021 salary- 500k – 550k
  • 10+ years’ experience
  • 2020 salary- 850k – 950k
  • 20201 salary- 850k – 950k

The banking and finance services sector did not have any salary increases according to the survey. This sector includes qualified CA(SA)s, business analysts, actuaries and CFOs.

Saiba members

Saiba members hold different designations, and each designation represents different years of experience and qualifications. Below is an overview of each designation and the salary range bracket that each fall under.

Business Accountant SA

This designation requires a minimum of two years’ experience with an NQF level 5-6 qualification. This can range from bookkeepers and accountants who have just started their careers. From the Robert Walters survey, the salary range for our BA(SA) designation holders can be over 450k in both sectors.

Business Accountant in Practice SA

This designation requires a minimum of four years’ experience with a BCom degree or an NQF level 6 qualification. This designation covers experience in financial accounting and management i.e. compiling, preparing, analysing and presenting financial statements and statutory reports. From the survey, the salary range for our BAP (SA) designation holders can be over 550k in both sectors.

Certified Business Accountant (SA)

This designation requires a minimum of four years’ experience with a BCom Honours degree. According to the survey, the salary range of our CBA (SA) can be over 850k in both sectors.

Certified Financial Officer (SA)

This designation requires a minimum of 8 years’ experience with a Masters and MBA degree and relevant experience in Financial Accounting and Management. From the survey, our CFO (SA) designation holders’ salary can be over 2 million in both sectors.

For a more detailed and accurate salary survey according to your sector, job title and qualification, you can click here to access the Robert Walters salary survey for 2021.