FIHLIWEMATSA1 If you are considering joining one of the most rewarding careers in South Africa then accounting can be a great choice for you. In this article, we will explore the requirements needed to be an accountant, how much they are paid and the opportunities for career growth in the industry. This knowledge is necessary for any aspiring accountants from students to working class who are looking for something different and challenging.
How Much Are Accountants Paid in South Africa?
There are certain elements that contribute to how much an individual gets paid in accounting. An accountant salary in South Africa may differ because of location, the qualifications they possess and what they specialize in. Let’s look at the salary expectations below:
An Estimation Of Average Salary Expectation of an Accountant In South Africa
- Entry-Level Accountant with 0-2 years experience: From R180,000 – R300,00 per annum
- Mid-Level Accountant with 3-5 years experience: From R300,000 – R450,00 per annum
- Senior Accountant with 5+ years experience: From R450,000 – R750,000 per annum
- Chartered Accountant (CA(SA)): From R650,000 -R1,200,000 per annum
For Accountants who Specialize In Various Sectors Salaries are:
- Financial Accountants are paid R350,000 to R700,000 a year
- Management Accountants are paid R400,000 to R800,000 a year
- Tax Consultants are paid R350,000 to R900,000 a year
- Forensic Accountants are paid R500,000 to R1,000,000 a year
- Auditors are paid R400,000 to R850,000 a year
Accountant Salaries based on Location
- Johannesburg residents are paid R350,000 – R850,000 a year
- Cape Town residents are paid R320,000 – R800,000 a year
- Durban residents are paid R300,000 – R750,000 a year
- Pretoria residents are paid R320,000 – R780,000 a year
How to Become an Accountant in South Africa
Here is a detailed guide on how to penetrate the accounting industry including factors like qualifications, training and work experience required.
Step 1: Focus On The Subjects Required In Matric
For students who aspire to be accountants, selecting the right subjects in highschool is important. Suggested subjects are:
- Mathematics
- Economics
- Accounting
- English
- Business Studies
Step 2: Select the Required Tertiary Qualification
The following qualifications are suitable for students who just finished matric hoping to join the accounting industry:
- You can choose to study for a Bachelor of Commerce (BCom) in Accounting preferably in universities like Wits, UCT, Stellenbosch, and UNISA.
- Technical colleges and selected universities of technology offer a Diploma in Accounting.
- A short course of Higher Certificate in Accounting is required for entry level bookkeeping and accounting positions.
Step 3: Get a Professional Certification
For an individual to be recognizable in the accounting industry in South Africa, get the following certifications:
- Get a Bcom degree, CTA(postgraduate diploma) and also complete the SAICA board exams to be a Chartered Accountant (CA(SA)).
- Get a relevant degree and practical training for three years to register as a Professional Accountant with SAIPA.
- A Certification in Management Accountant (CIMA) is necessary for accountants focusing on business strategy and financial management.
- Join ACCA (Association of Chartered Certified Accountants) which is an international qualification recognized in South Africa.
Accounting Career Growth and Job Opportunities In South Africa
There is vast opportunity in various factors in the accounting industry. There are accounting career opportunities in:
- Private corporations under Finance departments
- Government organizations
- Auditing firms in companies like Deloitte, PwC, EY and KPMG
- Banks and financial institutions
- Tax consulting firms
- Starting your own accounting firm or consultancy
Fun Facts About Accounting
- “Accounting” word originates from the Latin word “computare”, which means “to calculate.”
- Auditing, forensic accounting, and tax consultancy are the most paying accounting positions in South Africa.
- Accounting is one of the oldest occupations since back in ancient Mesopotamia, where accountants were used to monitor trade and taxes.
- A lot of South African accountants are employed globally in countries like the UK, Australia, and Canada as they are highly respected internationally.
Final Thoughts
Accounting is one of the most rewarding career choices in South Africa. If you are aspiring to become an accountant in South Africa, start by choosing the required courses, go through relevant training and get the required certifications to register as an accountant. There are great opportunities for career growth and various positions to choose from, you can either be a chartered accountant, management accountant, auditor or aim for specialisation accounting with higher pay. Start browsing now for courses in reputable universities that suit you and start your accounting career path today! Goodluck.
FAQs About Accounting Salaries in South Africa
1. What is the starting salary for accountants in South Africa?
Entry-level accountants potentially earn from R180,000 and R300,000 a year.
2. What is the highest-paying accounting job?
Chartered Accountants (CA(SA)) and Forensic Accountants are one of the highest salaries, which exceeds R1,000,000 a year in senior roles.
3. Can I become an accountant without a degree?
It is possible, but your career growth will be limited unless you continue studying while working. You can work as a bookkeeper or junior accountant with a diploma or certificate
4. How long does it take to become a Chartered Accountant in South Africa?
Approximately 7-8 years, including university studies, a postgraduate diploma (CTA), and three years of practical experience.
5. Is accounting a good career choice in South Africa?
Accounting is one of the most stable jobs with high earning potential and vast opportunities to work in various industries both locally and internationally.
