Chartered Accountants are in high demand around the world, and for good reason. They have the knowledge and skills to help businesses navigate through complex legal and financial systems.
In South Africa, chartered accountants typically earn a salary that is on par with other professional services in the country. Some CAP members even earn more than their counterparts in other countries. To find out how much a chartered accountant earns in South Africa, read on to learn more about this profession and how you can pursue it if you’re interested.
The Average Salary for a Chartered Accountant in South Africa
A Chartered Accountant in South Africa earns an average salary of R246,508 per year. This is according to the 2016 Salary Survey by the Institute of Chartered Accountants in South Africa (ICASA).
The highest earners are found in the largest cities, with salaries ranging from R1,527,000 to R2,977,000. Salaries are lower in rural areas and among women accountants. The majority of respondents (95%) work full time.
The median gross income is R236,000. The lowest 10% of earners earn below R186,000 while the top 10% earn above R321,000. Over half (54%) of respondents report receiving a bonus or performance-related pay package in 2016.
The Different Types of Chartered Accountants in South Africa
There are many different types of chartered accountants in South Africa, each with its own salary range and experience.
The most common type of chartered accountant in South Africa is the CA (chartered accountant). A CA has completed an accredited accounting program and is licensed to provide professional accounting services. In South Africa, a CA must be registered with the Institute of Chartered Accountants in South Africa (ICASA) before providing services.
Other types of chartered accountants in South Africa include certified public accountants (CPA), which are not licensed to provide accounting services but may be able to provide other professional services such as taxation advice, and associate members of ICASA who have completed an approved coursework program but are not yet licensed as CAs. The median annual salary for a CPA in South Africa is R873,000 while the median annual salary for an associate member is R480,000.
While the salaries vary depending on experience and qualifications, all chartered accountants in South Africa receive a minimum wage plus overtime pay.
Pros and Cons of Being a Chartered Accountant in South Africa
There are many pros and cons to becoming a chartered accountant in South Africa. On the plus side, chartered accountants are typically well-respected professionals who can easily find jobs and advance in their careers. They can also often charge more for their services than other types of accounting professionals.
However, chartered accountants may face some challenges when it comes to finding work in South Africa. Many companies prefer to hire certified public accountants (CPA) instead, which can be a barrier to entry for new chartered accountants. Additionally, the country’s high cost of living can make it difficult for Chartered Accountants to earn a comfortable income.
What is a Chartered Accountant?
A Chartered Accountant (CA) is a professional accountant who has been granted a Chartered Accountancy designation by the Institute of Chartered Accountants in England and Wales. The CA designation is the highest accounting qualification that can be achieved. The average salary for a CA in South Africa is R2,000 per day, which makes them one of the most highly paid professionals in the country.
Chartered accountants are required to adhere to professional standards and Codes of Ethics. They must also comply with specific requirements set out by various regulatory authorities, such as the South African Revenue Service (SARS). In addition to their accounting skills, chartered accountants are expected to have strong business acumen. This means they have an understanding of how businesses operate and the factors that influence their performance.
The majority of chartered accountants work in corporate finance or audit. Corporate finance involves working with companies to help them raise money through issuing securities or selling assets. Audit involves reviewing financial statements to ensure they are accurate and free from any wrongdoing.
What Does a Chartered Accountant Do?
A chartered accountant is a professional accountant who has been granted a license from the National Board of Accountancy (NBOA). Chartered accountants are typically more experienced and better qualified than Certified Public Accountants (CPAs) and work in a number of different industries.
Chartered accountants typically work as consultants, on staff at companies, or in private practice. They may also teach accounting courses at universities. Salaries for chartered accountants vary depending on experience and location, but the median annual salary is around R17 000 (~$1,700).
The Range of Fees a Chartered Accountant Charges
The range of fees a chartered accountant charges can vary dramatically depending on the location, type of practice and experience of the accountant. On average, however, chartered accountants in South Africa charge between R1,500 and R5,000 for a basic engagement. This fee includes providing advice on financial planning and auditing businesses. More experienced accountants may charge upwards of R10,000 for an identical service.
How Much Money Can A Chartered Accountant Make In South Africa?
Chartered accountants in South Africa can make a respectable income. The average salary for a chartered accountant is R330,000 per year, according to the SA Institute of Chartered Accountants (SAICA). This figure includes basic pay, overtime, and other benefits. In some cases, additional opportunities for income such as commission or consultancy fees may be available.
Chartered accountants in South Africa can earn a good income. For example, on average, a Chartered Accountant earns R2 500 000 per year. This equates to an annual salary of roughly $58 907. The pay varies depending on qualifications and experience, but the median salary for a Chartered Accountant is usually quite high.