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Average Financial Manager salary in South Africa 2024

average financial manager salary

A financial manager salary in South Africa is R52,608 per month. Financial managers examine financial weaknesses and risks with the company or with company consultants. A financial manager’s job is extremely demanding and necessitates a tertiary education.

A financial manager’s income is made up of more than just salary; bonuses and commissions are also included. A financial manager’s annual bonus ranges from R16,000.00 to R131,000.00. An average bonus of a financial manager is R93,163.00 per year (Salary Expert).

In South Africa, a large number of financial managers receive a bonus. According to Salary Explorer data, 82% of South African Financial Managers received a bonus in 2021. Only 18% of South African Financial Managers did not receive a bonus.

Financial Managers who received a bonus in 2021 reported that it ranged from 5% to 9% of their annual salary. A finance manager’s annual commission ranges from R21,000.00 to R199,000.00.

Because a financial manager’s income is made up of several items (salary, bonuses, and commissions), the salary of a financial manager is also determined by several factors. Below, we look at the factors that influence a Financial Manager’s salary.

Factors that influence the salary of a Financial Manager in South Africa 

Level of Education 

A financial manager’s salary is affected by their level of education. Postgraduate financial managers earn more than those with a bachelor’s degree. The average salary earned by Financial Managers based on their level of education demonstrates this.

A financial manager with a national diploma, for example, earns an average monthly salary of R46,000.00. Financial Managers with a Bachelor’s degree earn 34% more than those with a national diploma, with an average monthly salary of R61,800.00.

The income gap widens when we compare Financial Managers with a master’s degree who earn an average monthly salary of R94,700.00. A Financial Manager with a master’s degree earns 53% more than those with a bachelor’s degree and 105% more than those with a diploma.

Employer

A Financial Manager’s salary is heavily influenced by their employer. According to Payscale data, the following are some of the best employers for Financial Managers in South Africa:

EMPLOYERAverage Annual Salary
FNB R628,819.00
Standard Bank R700,000.00
Broll Property GroupR600,000.00 
MedSchemeR852,738.00
Deloitte R799,000.00

City of Employment 

A Financial Manager’s salary is also affected by the city in which they work. According to Indeed.com, the following are the highest paying cities in South Africa:

#CityAverage Monthly Salary 
1Johannesburg North, Gauteng R63,267.00
2Centurion, GautengR56,001.00
3Midrand, Gauteng R55,478.00
4Pretoria, Gauteng R54,720.00
5Johannesburg, Gauteng R52,197.00
6Johannesburg South, Gauteng R49,234.00
7Cape Town, Western Cape R44,306.00
8Durban, KwaZulu-Natal R43,500.00
9Woodstock, Western CapeR36,996.00

Another factor influencing financial managers’ salaries in South Africa is their level of experience. Below, we examine how the level of experience influences the salary of Financial Managers.

Salary of a Financial Manager based on their level of experience in the field 

Salary of a Financial Manager with 0 – 2 years of work experience in 2024 

A Financial Manager with 0 to 2 years of experience can expect to earn R35,800.00 per month on average. Entry-level Financial Managers are the lowest paid, with an average monthly salary of R30,400.00.

Financial Managers with two years of work experience earn the most in this category, with an average monthly salary of R38,500.00. Financial managers with 0 to 1 year of experience earn the lowest salaries in this category, with an average monthly salary of R31,800.00.

Salary of a Financial Manager with 3 – 5 years of work experience in 2024 

The average monthly salary for financial managers with 3 to 5 years of experience is R46,000.00. The salary represents a 29% increase over the average salary of Financial Managers with 0 to 2 years of experience.

Financial Managers with 5 years of experience earn the most in this group, with an average monthly salary of R50,000.00. Financial managers with 3 years of experience earn the least in this category, with an average monthly salary of R41,500.00.

Salary of a Financial Manager with 6 – 10 years of work experience in 2024

A Financial Manager with 6 to 10 years of experience can expect to earn R63,400.00 per month on average. The salary represents a 38% increase in salary over the average salary of Financial Managers with 3 to 5 years of experience.

Financial Managers with 10 years of experience earn the highest average salary in this group, earning R71,900.00 per month. Financial managers with 6 years of experience earn the least in this category, with an average salary of R58,000.00 per month.

Salary of a Financial Manager with 11 – 15 years of work experience in 2024 

Financial Managers with 11 to 15 years of experience earn an average monthly salary of R78,600.00. The salary represents a 24% increase over the average monthly salary of Financial Managers with 6 to 10 years of experience.

Financial Managers with 15 years of experience and a Master’s degree earn the most in this group, earning an average monthly salary of R80,000.00. Financial managers with 11 years of experience and a diploma earn the least in this group, earning an average salary of R73,550.00 per month.

Salary of a Financial Manager with 16 – 20 years of work experience in 2024 

A Financial Manager with 16 to 20 years of experience earns an average monthly salary of R84,000.00. The salary represents a 7% increase in salary over the average monthly salary of Financial Managers with 11 to 15 years of experience.

Financial Managers with 20+ years of experience are the highest paid, with an average monthly salary of R89,800.00. Financial Managers with a master’s degree and more than 20 years of experience can earn up to R97,000.00 per month.

Conclusion

A Financial Manager’s salary is significantly higher than the national average, and there are numerous ways to increase one’s salary. Working for a large corporation and having a master’s degree are the best ways to earn a high salary as a financial manager.

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