Exploring regional salary differences is key to shaping a successful finance and accounting career. In this guide, we’ll provide an in-depth look at the earning landscape for finance professionals in South Africa, from bookkeepers to chartered accountants, and compare these costs to similar roles globally.
We’ll also highlight potential savings for international companies and provide detailed links for each position, offering even deeper insights into earning potential across various markets.
Public Accounting
Public accounting roles support the SMB industry by handling many tasks. That includes ensuring financial records are accurate and compliant with laws and regulations.
Bookkeeper
Bookkeepers play a key role in maintaining accurate financial records They also ensure those records are accurate and easily accessible for more complex analysis.
U.S. Cost Comparison
- Bookkeepers in the U.S. make around $59,627 after contributions.
- The equivalent in South Africa is around $19,119.
- The total savings is around $40,509.
Junior Accountant
Junior Accountants support accurate and timely financial reporting. With 2 – 4 years of experience and a degree in accounting or finance, they contribute to critical accounting functions.
U.S. Cost Comparison
- Junior Accountants in the U.S. make around $73,363 after contributions.
- The equivalent in South Africa is around $23,592.
- The total savings is around $49,772.
Accounting Manager
Accounting Managers head up accounting teams, overseeing the preparation of financial statements. They ensure accuracy, uphold financial health, and offer strategic insights.
U.S. Cost Comparison
- Accounting Managers in the U.S. make around $108,328 after contributions.
- The equivalent in South Africa is around $54,176.
- The total savings is around $54,152.
Fractional CFO
Fractional CFOs usually support CMBs directly, and handle all things strategy-related with clients.
U.S. Cost Comparison
- Fractional CFOs in the U.S. make around $161,895 after contributions.
- The equivalent in South Africa is around $94,770.
- The total savings is around $67,125.
Audit and Assurance Practice
Auditing involves independently examining financial statements to ensure accuracy and compliance. Auditors also assess internal functions and provide recommendations to improve the company’s financial processes.
Audit Senior
Audit Seniors, also known as Senior Audit Associates, lead audit engagements and ensure compliance with regulations. They usually have 3–5 years of experience and have completed a bachelor’s degree and a training program.
U.S. Cost Comparison
- Audit Seniors in the U.S. make around $96,874 after contributions.
- The equivalent in South Africa is around $42,918.
- The total savings is around $53,955.
Audit Manager
Audit Managers lead audit teams, develop audit strategies, and ensure quality standards are met. With 7–10 years of experience, they have a deep understanding of auditing practices.
U.S. Cost Comparison
- Audit Managers in the U.S. make around $120,180 after contributions.
- The equivalent in South Africa is around $54,224.
- The total savings is around $65,270.
In-House Finance Control
In-house finance control focuses on financial reporting and compliance. Professionals in this function prepare financial statements, manage budgets, and enforce accounting policies to ensure stability and regulatory compliance.
Financial Accountant
Financial Accountants take care of financial records to ensure accurate transaction reporting and regulatory compliance. They usually have 3 – 5 years of experience and hold at least a bachelor’s degree in accounting or finance.
U.S. Cost Comparison
- Financial Accountants in the U.S. make around $86,540 after contributions.
- The equivalent in South Africa is around $35,056.
- The total savings is around $51,483.
Accounting Manager
Accounting Managers (also known as Financial Managers) oversee financial operations and verify financial statements. They’ve usually got 5+ years of experience and a bachelor’s degree.
U.S. Cost Comparison
- Accounting Managers in the U.S. make around $108,328 after contributions.
- The equivalent in South Africa is around $53,915.
- The total savings is around $54,709
Finance Controller
Financial Controllers oversee the company’s financial operations and ensure accurate reporting, compliance, and strategic financial management. They’ve usually got a degree, as well as 5 – 10 years of industry experience.
U.S. Cost Comparison
- Financial Controllers in the U.S. make around $180,195 after contributions.
- The equivalent in South Africa is around $83,745.
- The total savings is around $96,450.
VP of Finance
VPs of Finance oversee all financial activities, including long-term financial planning, capital structure optimisation, risk management, and ensuring that financial goals align with the organisation’s strategic objectives.
U.S. Cost Comparison
- VPs of Finance in the U.S. make around $207,861 after contributions.
- The equivalent in South Africa is around $103,000.
- The total savings is around $104,860.
Finance Planning & Analysis (FP&A)
Financial planning and analysis (FP&A) involves forecasting, performance analysis, and offering strategic insights. This includes building models, assessing trends, and collaborating with departments to align financial plans with business goals.
Management Accountant
Management Accountants help businesses make informed financial decisions by prepping reports, monitoring budgets, and providing financial forecasts. They usually have a bachelor’s degree and have 3–5 years of relevant experience, often being part-qualified CIMA or recently qualified CGMA.
U.S. Cost Comparison
- Management Accountants in the U.S. make around $89,159 after contributions.
- The equivalent in South Africa is around $35,684.
- The total savings is around $53,166.
Finance Business Partner
Finance Business Partners work closely with different departments to provide financial insights that guide business strategy and how the businesses are executing and performing against said strategy. They usually have 5–7 years of experience, with senior candidates focused on business partnering. Most hold CGMA or ACA qualifications.
U.S. Cost Comparison
- Finance Business Partners in the U.S. make around $143,576 after contributions.
- The equivalent in South Africa is around $57,436.
- The total savings is around $86,139.
FP&A Analyst
FP&A Analysts are responsible for analysing financial data and creating forecasts to aid strategic decision-making. They normally have a finance-related degree and around 3 – 5 years of experience, often being qualified CGMA candidates.
U.S. Cost Comparison
- FP&A Analysts in the U.S. make around $126,418 after contributions.
- The equivalent in South Africa is around $51,091.
- The total savings is around $75,327.
Manager of Financial Planning & Analysis
Managers of FP&A are responsible for leading financial planning and analysis teams, helping shape long-term financial strategies. They often have over 10+ years of experience and a fully qualified CGMA, ACA or CPA.
U.S. Cost Comparison
- Managers of FP&A in the U.S. make around $186,998 after contributions.
- The equivalent in South Africa is around $81,872.
- The total savings is around $105,126.
Corporate Finance Analysis
Corporate finance analysis involves managing a company’s financial activities with regards to investments, capital structuring, and strategic planning. Analysts are responsible for evaluating financial data, conducting due diligence for mergers or acquisitions, and creating models to support major business decisions.
Junior Analyst
Junior Analysts are entry-level professionals who assist with collecting and analysing financial data. They prepare reports, conduct preliminary calculations, and support senior analysts.
U.S. Cost Comparison
- Junior Analysts in the U.S. make around $75,775 after contributions.
- The equivalent in South Africa is around $31,298.
- The total savings is around $44,477.
Analyst
An Analyst plays a crucial role in breaking down complex financial data, preparing detailed reports, and assisting in budget planning. They have roughly 3 – 5 years of post-qualification CFA or CA experience. They also analyse market trends and provide insights to shape business strategies.
U.S. Cost Comparison
- Analysts in the U.S. make around $118,186 after contributions.
- The equivalent in South Africa is around $47,696.
- The total savings is around $70,490.
Senior Analyst
Senior Analysts take on a leadership role within the finance analysis team. They conduct in-depth financial analysis and provide strategic insights for business performance. They identify financial risks, advise on investment opportunities, and provide comprehensive reports to support decision-making.
U.S. Cost Comparison
- Senior Analysts in the U.S. make around $162,773 after contributions.
- The equivalent in South Africa is around $65,509.
- The total savings is around $97,263.
Associate Director
Associate Directors, also known as Associates, provide advanced financial analysis. They often specialise in areas like risk management, investment analysis, or performance tracking.
Associate Directors typically have 8+ years of post-qualification CFA or CA experience.
U.S. Cost Comparison
- Associate Directors in the U.S. make around $225,131 after contributions.
- The equivalent in South Africa is around $84,366.
- The total savings is around $140,765.
Accounts Processing & Account Support
Accounts processing and accounting support are vital to the efficient management of an organisation’s financial transactions.
This function includes handling accounts payable and receivable, processing invoices, managing cash flow, and ensuring that financial records are up to date and accurate. These roles support the broader finance team by ensuring the smooth execution of daily accounting operations.
General Accounts Assistant
The General Accounts Assistant is responsible for capturing and processing accurate financial data, assisting with some of the basic bookkeeping tasks, and supporting senior accounting staff with any general administrative work within the Finance function.
U.S. Cost Comparison
- General Accounts Assistants in the U.S. make around $61,909 after contributions.
- The equivalent in South Africa is around $23,254.
- The total savings is around $38,655.
Accounts Payable Clerk
The Accounts Payable Clerk is responsible for reviewing, reconciling, and paying suppliers. Candidates are not qualified in accounting or business administration. They usually QBE, with around 5 years of experience, specifically in the accounts payable function.
U.S. Cost Comparison
- Accounts Payable Assistants in the U.S. make around $55,488 after contributions.
- The equivalent in South Africa is around $19,021.
- The total savings is around $36,467.
Accounts Payable Manager
The Accounts Payable Manager oversees the accounts payable team, ensures the accurate processing of invoices and payments, maintains vendor relationships, and ensures compliance with financial policies. Typically Qualified By Experience (QBE), they often have around 10 years of experience in accounts payable management.
U.S. Cost Comparison
- Accounts Payable Managers in the U.S. make around $83,310 after contributions.
- The equivalent in South Africa is around $33,779.
- The total savings is around $48,468.
Accounts Receivable Clerk
Accounts Receivable Clerks manage incoming payments, track customer invoices, follow up on outstanding balances, and maintain records to support cash flow.
U.S. Cost Comparison
- Accounts Receivable Clerks in the U.S. make around $55,488 after contributions.
- The equivalent in South Africa is around $19,021.
- The total savings is around $36,467.
Accounts Receivable Manager
Accounts Receivable Managers lead the accounts receivable team, oversee credit control, coordinate collections, and ensure effective cash flow management. They usually hold a bachelor’s degree in accounting or finance and have around 5+ years of experience in accounts receivable management.
U.S. Cost Comparison
- Accounts Receivable Managers in the U.S. make around $83,310 after contributions.
- The equivalent in South Africa is around $33,779.
- The total savings is around $48,468.
Assistant Accountant
The Assistant Accountants or Bookkeepers typically help senior accounting staff such as the Finance Manager by running the daily financial operations and allocating transactions correctly and accurately. This role contributes to accurate reporting and general compliance. They are usually busy working towards some qualification in accounting or finance and are QBE, with around 5+ years of experience in accounting support functions.
U.S. Cost Comparison
- Assistant Accountants in the U.S. make around $63,492 after contributions.
- The equivalent in South Africa is around $26,351.
- The total savings is around $38,603.
Conclusion
Looking at the numbers, it’s clear that hiring South African chartered accountants and other finance professionals is the best way to go if you’re looking to save on your finance function.
At Hire Far Out, we specialise in helping U.S., US, EU, and other international businesses tap into a pool of finance talent, all in South Africa.
Want to get started? Get in touch with us!
P.S. – if you’re still not sure, you should take a look at some other reasons why you should offshore to South Africa.