As one of the most in-demand professions in the finance industry, auditing has become a popular profession among individuals seeking employment opportunities in South Africa. Auditors play a critical role in ensuring that the financial statements of organizations are free from material misstatements and errors. But the question that arises is: how much do auditors earn in South Africa?
The Average Auditor Salary in South Africa
The salary of an auditor in South Africa can vary significantly depending on various factors, such as experience, qualifications, and the size of the organization they work for. According to data collected by Payscale, the median salary for auditors in South Africa is R296,000 per annum.
Earnings by Experience
The pay scale for auditors in South Africa is closely linked to experience. Entry-level auditors with less than a year of experience can expect to earn an average salary of R129,000 per annum, while auditors with up to five years of experience can take home an average salary of R206,000 per annum.
Auditors with ten to twenty years of experience can demand an average salary of R525,000 per annum. Senior auditors or audit managers with more than twenty years of experience can earn an average of R690,000 per annum.
The Impact of Qualification on Earnings
Educational qualification plays a critical role in determining the salary of auditors in South Africa. According to the PWC South Africa, auditors with a Chartered Accountant (CA) qualification can earn up to R852,000 per annum. In contrast, those with a BCom Accounting qualification can earn an average salary of R213,000 per annum.
The Best-Paying Industries for Auditors in South Africa
The salary an auditor in South Africa earns can also vary depending on the industry they work in. According to PayScale, the best-paying industries for auditors in South Africa include:
- Finance and Insurance - average annual earnings of R350,000.
- Accounting, Auditing, and Tax Services - average annual earnings of R300,000.
- Manufacturing - average annual earnings of R290,000.
- Government - average annual earnings of R275,000.
Conclusion
As per the data and research, auditors can earn a reasonable salary in South Africa. While experience and educational qualification play a key role in determining an auditor's salary, the type of industry, size of the organization, and job location can also impact their earnings. On the other hand, businesses need the skills of auditors to succeed financially, which also makes it an excellent choice for young professionals seeking a career in the finance industry.
