South Africa is a country that has seen significant changes in its economy over the past few decades. With the new shift towards economic growth and development, it is important to understand the earnings of the key players in this sector. In this blog post, we will explore the earning potential of economists in South Africa.
Earnings of Economists in South Africa
As with any profession, salaries for economists differ depending on a variety of factors. Some of the most significant factors include:
- Experience
- Industry
- Location
The average salary for an Economist in South Africa is around R435,391 per year. Salaries typically range from R226,849 to R721,272 per year. This salary range reflects entry-level economists to the most experienced ones.
Experience
The experience of an economist can have a significant impact on their earning potential. Entry-level economists, with 1-3 years of experience, can expect to earn between R200,000 to R400,000 per year. Mid-career economists, with 4-7 years of experience, can earn between R350,000 to R600,000 per year. Senior economists, with 8+ years of experience, can expect to earn between R550,000 to R900,000 per year.
Industry
Economists work in a variety of industries, including finance, government, and academic institutions. Salaries can differ between industries. Economists in the finance industry can earn the highest salaries, with an average of R634,000 per year. Government economists earn an average of R501,000 per year, while academic economists earn around R356,000 per year.
Location
Like many other professions, the location of the job can have a significant effect on salaries. Johannesburg, the economic hub of South Africa, offers some of the highest salaries in the country for economists. Economists working in Johannesburg can expect to earn 10-15% more than economists working in other South African cities.
The Bottom Line
Overall, economists in South Africa can earn a comfortable salary with a potential for growth as they navigate their career. The earning potential for economists can differ based on several factors such as experience, industry, and location. However, the financial reward appears to be lucrative as an economist in South Africa.
