Average Private Banker Salary in South Africa 2024

The average private banker salary in South Africa is R69,552.00 per month. Bonuses may be added to a private banker’s […]

Average Private Banker Salary

The average private banker salary in South Africa is R69,552.00 per month. Bonuses may be added to a private banker’s base pay. Bonuses for private bankers in South Africa range from R10,000 to R100,000 per year (Payscale).

Due to the fact that bonuses vary by employer, not all private bankers receive them. Salary Explorer reports that in 2021, only 52% of South African private bankers received bonuses, leaving 48% of them without any.  The survey also discovered that bonuses now account for 2%  of private bankers’ annual salaries.

There are a certain number of factors that influence a private banker’s salary. Below, we analyze the factors that affect a private banker’s salary in South Africa.

Factors that influence the salary of a Private Banker in South Africa 

Level of Education 

The level of Education of a Private Banker makes a difference in their salary. This is evident when studying the average salary of  Private Bankers based on their level of education. 

For instance, a private banker with a high school education generally earns R17,900.00 a month. Whereas a private banker with a diploma earns an average monthly salary of R20,400.00. Having a diploma raises the private banker’s average salary by 14%.

When private bankers earn a bachelor’s degree, their income rises by 41% and when they have a master’s degree, their average salary rises by 21% above that of private bankers with only a bachelor’s degree.

Employer 

The employer that one works for has an effect on the salary that a private banker earns. Here is a list of some of the best employers for private bankers in South Africa and their average salaries:

  • FNB – average salary of R432,289.00 per year;
  • Absa – average salary of R411,556.00 per year;
  • Investec Bank – average salary of R400,000.00 per year;
  • Standard Bank – average salary of R516,016.00 per year;
  • Nedbank – average salary of R318,076.00 per year; and
  • RMB Private Bank – average salary of R519,543.00. 

City of Employment 

The city of employment also has a significant influence on the salary of a Private Bank. Here is a table of highest paying cities for Private Bankers in South Africa 2024

#CityMonthly Average Salary 
1Durban, KwaZulu-Natal R42,055.00
2Sandton, Gauteng R41,077.00
3Nelspruit, Mpumalanga R37,555.00
4Cape Town, Western Cape R32,002.00

The salary of a Private Banker is also influenced by the level of experience that a Private Banker possesses. We look at the salaries of Private Bankers in South Africa based on their level of experience below. 

Salary of a Private Banker with based on their level of experience 

Average Private Banker Salary with 0 – 1 year of working experience in 2024

A Private Banker with 0 to 1 year of work experience earns an average salary of R333,000.00 yearly. Those with 0 years of professional experience in the field earn the least salary as private bankers. Private bankers earn an average of R278,700.00 per year with 0 years of experience.

The highest-earning Private Bankers in this category are those with 1 year of working experience. An average salary of a Private Banker with 1 year of working experience is R339,000.00 per year. 

Average Private Banker Salary with 2 – 4 years of work experience in 2024

An average salary of a Private Banker with 2 to 4 years of work experience is R404,000.00 per year. From the average salary of Private Bankers with 2 to 4 years of work experience, the salary reflects an average salary increase of 21%.

Private bankers with 2 years of work experience earn the lowest salary in this group, with an average yearly salary of R350,00.00. The highest paid in this group are private bankers with 4 years of work experience, who earn an average salary of R431,800.00 a year.

Average Private Banker Salary with 5 – 9 years of work experience in 2024

A private banker with 5 to 9 years of work experience earns an average salary of R458,000.00 yearly. Compared to the average salary of private bankers with 2 to 4 years of work experience, the salary reflects an average salary increase of 13%.

Private bankers with 5 years of work experience can expect to earn the lowest salary in the category, which is R422,000.00 yearly. The highest-earning private bankers in this category earn R473,500.00 a year. They have an average of 9 years of work experience.

Average Private Banker Salary with 10 – 19 years of work experience in 2024

A Private Banker with 10 to 19 years of work experience earns an average salary of R491,000.00 yearly. In comparison to the average income of Private Bankers with 5 to 9 years of work experience, the salary reflects an average salary increase of 7%.

Private bankers with 18 to 19 years of work experience earn the most money, with an average yearly salary of R495,000.00. The lowest paid in this group are private bankers with 10 years of work experience, who earn an average salary of R464,990.00 annually.

Average Private Banker Salary with 20+ years of work experience in 2024

An average salary of a Private Banker with 20+ years of work experience is R501,000.00 per year. The salary doesn’t improve much for those with 20+ years of experience and can cause one’s salary to be stagnant for a long time. 

Conclusion 

Private bankers are among the well-paid professions in South Africa since their average compensation is higher than the national average. Through performance bonuses, one can increase their income, making their work more financially rewarding.