We hear there's a skills shortage in South Africa

23 February 2009

2 minute read

We hear there's a skills shortage in South Africa

A skills shortage in the financial sector in South Africa is keeping salaries high and forcing employers to offer 'golden hellos' in order to attract experienced staff.

The key concern, according to a new salary survey from recruiters Robert Walters, is "the lack of qualified talent", while "banks offering sign-on bonuses...secured the best talent in the market."

Despite the crisis, salaries in 2009 are therefore expected to remain the same or increase compared to 2008. Corporate finance CAs with over five years' experience can easily earn over 1m Rand.

The positions most sought-after by employers are those from middle to senior level, from finance director to CFO level, as well as traditional finance management roles covering technical IFRS, consolidations, statutory, tax and audit. "Demand is particularly high for candidates with IFRS, US/UK GAAP and Sox experience," Robert Walters say, and employers have become more demanding in requesting specific skills sets and experience for roles that are "more analytically, operationally and commercially focused".

The Robert Walters survey does not mention bonuses, but according to other sources there have been no great cutbacks on this front either.

"There has been no back lash on executive bonuses and salaries stay high", says Anton Apps of Anton Apps International Recruitment Specialists. "The head of risk and compliance in a bank can command a very good salary, as well as the top accountants. Remuneration is good, especially taking into account that the cost of living in SA is much lower than in London."

Salaries, 2009

Corporate Finance CA (5-10 yrs' experience) R800k-1.5m

Corporate Finance CA (1-4 yrs' experience) R450-800k

Business unit CFO (Investment banking) R1m

Business unit CFO (Private banking) R750k

Private banking executive (3yrs' experience) R350-450k

Senior strategy analyst (5 yrs' experience) R800k+

Audit/tax director (5yrs' experience) R800k-1.3m

Audit/tax controller (5 yrs' experience) R700-800k

Audit/tax manager (2-4 yrs' experience) R550-700k

Source: Robert Walters

AUTHORNicol Degli Innocenti

Insider Comment

Da
David
29 May 2010
@Rob, Most beautiful women, awesome weather. awesome beaches, laid back people, warm sea water, drinkable tap water, top sports country, high standards in IFRS. Apart from the wildlife, you've just described Australia. Let's add 1st world country with excellent infrastructure and service delivery, less violent crime and . . . MOST IMPORTANT OF ALL, a meritocracy. That's it, I'm off.
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Ro
Rob
14 April 2010
All u non-south africans are ignorant, naive and narrow minded. S.A. might be a bit dangerous if u a bit soft, but anyone with guts wouldn't think twice about moving here. Most beautiful woman on earth by far, weather is awesome, beaches are awesome, waves are awesome, people are laid back and relaxed, sea water is warm, and actually have drinkable tap water, top sports country, posesses the 4th highest standards in IFRS and International Standards on Auditing (by the way.. 1st Hong Kong, Austria, Australia, then S.A. Uk and US are NOWHERE) , we have all the wildlife not found anywhere else, consume a lot of alcohol, smoke a lot of weed, and dont give a damn about all that Hollywood crap and live our own, peaceful, somewhat isolated lives in the most gorgeous place. So now what??????
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an
andrew
11 October 2009
Not so sure the writer is well informed.
Nedbank pays R850 per hour for an IT project manager, if the project manager is AA or female. White males are not required. Same applies at Standard bank, Fnb and ABSA. Even IBM SA will pay only up to R600K, while Nigeria (R146K pm) will pay R900 ph+Accom+transport. Uk Banks will pay 150K GBP or even 1200 GBP per day on contract. Many agencies recruit in UK for RSA, and we get call and emails daily. Bottome line, the skills are required, the pay is average, and as long as the skills are not inside a white male.
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ra
raybez
17 April 2009
I have been living in London for 8 years now and it is not all that you would think it is. I am desperate to move back to SA with my family. I am more scared of school kids with knifes over here (as Iceman mentioned) than I ever was in SA. Just stay out of Jo'burg and life is already brighter. ;-)
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lo
loclgal
12 March 2009
Try the recruitment agencies mentioned in the article - both very reputable. They are networked with the top firms/banks in SA. Google them...
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