Categories: Career AdviceNews

Average Business Analyst salary in South Africa 2024

Published by
Lethabo Ntsoane

The average business analyst salary for a business analyst in South Africa in 2024 is R42,091.00 per month. Business analysts receive bonuses in addition to their monthly salaries. A business analyst’s annual bonus starts at R11,000. The bonus may total R91,000.00 annually (Payscale).

Commissions make up a portion of a business analyst’s compensation package. A business analyst’s annual commission can range from R0.00 to R110,000.00. With bonuses and commissions, a business analyst’s income can rise significantly, increasing the cost to company by a double-digit percentage.

A business analyst’s level of education can also contribute to an increase in salary. It is estimated that a business analyst with a High school certificate earns an average salary of R28,800.00. Those with a certificate or a diploma earn an average of R33,000.00 per month, which is a 15% increase. 

Those with a Bachelor’s degree get a 35% increase from the salary of a Business Analyst with a Diploma. Those with a master’s degree get a further average salary increase of 26% from the average salary of a Business Analyst with a Bachelor’s degree. 

The salary of a business analyst can also be influenced by the city in which they work. We look at some of the best-paying cities in South Africa for business analysts below:

#CityAverage Monthly Salary
1Sandton, Gauteng R48,802.00
2Pretoria, Gauteng R46,994.00
3Centurion Gauteng R44,887.00
4Johannesburg South, Gauteng R42,505.00
5Durban, KwaZulu-Natal R39,941.00
6Midrand, Gauteng R37,316.00
7Cape Town, Western Cape R34,456.00
8Johannesburg North, Gauteng R33,695.00
9Parktown, Gauteng R31,133.00

The salary, bonuses, commissions, and city of employment all have a direct impact on a business analyst’s earnings. However, a Business Analyst’s salary is significantly influenced by their experience level as well. The average salary for business analysts at various levels of experience is shown below.

Average Business Analyst salary with 0 – 2 years of work experience in 2024

An average base salary of a Business Analyst with 0 to 2 years of work experience is R23,000.00 per month. The salary can include housing, transport, and other benefits from the employer. 

The lowest salary for Business Analysts with 0 to 2 years of work experience is R19,000.00 per month. Business Analysts that earn R19,000.00 per month are those with 0 years of work experience. 

The highest salary that can be earned by a business analyst with 0 to 2 years of work experience is R26,800.00 per month. Those with 1 or 2 years of work experience can earn the maximum salary in this work experience range. 

Average Business Analyst salary with 3 – 5 years of work experience in 2024

The average base salary of a Business Analyst with 3 to 5 years of work experience is R29,600.00 per month. The salary reflects a 29% salary increase above the average salary of business analysts with 0 to 2 years of experience.

In this category, Business Analysts can earn up to R36,000.00 per month. Those that can earn R36,000.00 per month are those with 5 years of work experience and have a Bachelor’s degree in the field. 

Those with 3 years of work experience earn the least in this group. The average monthly salary for business analysts with 3 years of experience and no bachelor’s degree is R26,000.

Average Business Analyst salary with 6 – 10 years of work experience in 2024

An average salary of a business analyst with 6 to 10 years of work experience is R40,900.00 per month. The salary represents an average salary increase of 38% from the average salary of business analysts with 3 to 5 years of work experience. 

Business Analysts in this experience range can earn up to R44,900.00 per month. Those with 10 years of work experience are likely to get the highest salary, however, the amount can be lower depending on one’s qualifications. 

The lowest salary in this category is R33,500.00 per month, which is earned by business analysts with 6 years of work experience. Business Analysts with 6 years of experience without a Bachelor’s degree but with a Diploma are likely to earn the lowest salary. 

Average Business Analyst salary with 11 – 15 years of work experience in 2024

An average salary of a Business Analyst with 11 to 15 years of work experience is R50,600.00 per month. The salary reflects a 24% increase in average salary over that of business analysts with 6 to 10 years of experience.

Salaries of Business Analysts in this experience range can be as low as R47,200.00 per month and as high as R52,100.00 per month. The level of education and the employer where one works will influence the salary of a Business Analyst with 11 to 15 years of work experience. 

Average Business Analyst salary with 16 – 20 years of work experience in 2024

The average salary of a Business Analyst with 16 to 20 years of work experience is R54,200.00 per month.  Compared to the average salary of business analysts with 11 to 15 years of experience, the salary is up by 7%.

Even for those with 20+ years of experience, a business analyst’s salary increases by an average of 7% after 15 years of employment. A monthly salary for a business analyst can reach R76,000.00.

Average Salary Per Annum for Business Analysts by Employer in 2024

#Company Average Annual Salary
1Standard Bank R425,000.00
2FNB R459,927.00
3AbsaR479,561.00
4Allan Gray R547,397.00
5MassMartR426,000.00
6South African Reserve BankR680,000.00
7Dimension DataR289,000.00
8Discovery Insurance CompanyR406,811.00
9DynatechR431,667.00

Conclusion

Business analysts are among the top-paid professionals since their pay exceeds the national average. A postgraduate degree and employment with a reputable company can help a business analyst earn more money.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo