A banking consultant greets bank customers and gives advice regarding accounts and bank services. You advise customers on their savings account or the viability of an investment account. Your duties include answering customer questions about the bank’s financial services.
Below are salaries earn by Bank Consultant In South Africa
A person working in Banking in South Africa typically earns around 33,900 ZAR per month. Salaries range from 10,700 ZAR (lowest average) to 69,500 ZAR (highest average, actual maximum salary is higher).
This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Banking careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.
Bank Consultant Jobs Salary Distribution in South Africa
The median, the maximum, the minimum, and the range
Salary Range
Banking salaries in South Africa range from 10,700 ZAR per month (minimum average salary) to 69,500 ZAR per month (maximum average salary, actual maximum is higher).
Median Salary
The median salary is 32,500 ZAR per month, which means that half (50%) of people working in Banking are earning less than 32,500 ZAR while the other half are earning more than 32,500 ZAR. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Percentiles
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Banking are earning less than 19,400 ZAR while 75% of them are earning more than 19,400 ZAR. Also from the diagram, 75% of people working in Banking are earning less than 49,000 ZAR while 25% are earning more than 49,000 ZAR.
Salary Comparison by Years of Experience
How does a person’s salary progress over time?
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.
Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.
Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.
As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.
Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.
Salary Comparison By Education
How does the education level affect your salary?
It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.
Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.
Employees who earned a Bachelor’s Degree earn 24% more than those who only managed to attain a cerificate or diploma.
Professionals who attained a Master’s Degree are awarded salaries that are 29% more than those with a Bachelor’s Degree.
Finally, PhD holders earn 23% more than Master’s Degree holders on average while doing the same job.
Bank Consultant Salary Comparison By Gender
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in South Africa who work in Banking earn 8% more than their female counterparts on average.
| Male | 35,300 ZAR | |
| Female | -7% | 32,800 ZAR |
Bank Consultant Average Annual Salary Increment Percentage in South Africa
How much are annual salary increments in South Africa for Banking professionals?
How often do employees get salary raises?
Banking
Bank Consultant professionals in South Africa are likely to observe a salary increase of approximately 10% every 16 months. The national average annual increment for all professions combined is 8% granted to employees every 18 months.
Bank Consultant Bonus and Incentive Rates in South Africa
How much and how often are bonuses being awarded?
Bank Consultant is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
25% of surveyed staff in Bank Consultant reported that they haven’t received any bonuses or incentives in the previous year while 75% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 6% to 8% of their annual salary.
Received Bonus
75%
No Bonus
25%
Bank Consultant Hourly Average Wage in South Africa
The average hourly wage (pay per hour) in South Africa is 200 ZAR. This means that the average person in South Africa earns approximately 200 ZAR for every worked hour.
How much do bank consultants earn per month in South Africa?
Average Standard Bank Consultant monthly pay in South Africa is approximately R 7 818, which is 29% below the national average.
Which bank pays the most in South Africa?
Looking at payment data gleamed from the full year reports of South Africa’s five largest banks, the average salary paid to employees in the sector comes to R457,000 – more than double the national average. Understandably, Investec emerges as the bank that pays its employees the most, on average.
What does a bank consultant do in South Africa ?
A banking consultant greets bank customers and gives advice regarding accounts and bank services. You advise customers on their savings account or the viability of an investment account. Your duties include answering customer questions about the bank’s financial services.
What qualifications do I need to be a bank consultant in South Africa ?
Communication skills. Your primary focus will be to interact with clients, so good communication skills are important both verbal and written.
Customer service orientation. Exceptional customer service is what distinguishes one Bank from another.
Product Knowledge.
Compliance Management.
Problem solving.
Numerical skills.
What is the difference between consulting and investment banking in South Africa ?
Consulting is more open and offer wide-ranging learning opportunities; investment banking recruits almost exclusively from target finance schools to work in a heavily-financial environment. Consultants have better work-life balance than investment bankers, with shorter hours and protected weekends.
Is consulting more competitive than banking in South Africa ?
Your chances of having a 15-20 year career in consulting look a lot higher than your chances of having a 15-20 year career in banking. Take McKinsey & Co. Banking therefore looks like the more risky career option – you might get paid more to start with, but it might not last.1
Is consultant higher than manager in South Africa ?
So in a sense, the manager is an expert. However, the consultant was hired for his experience in solving a specific problem otherwise the line manager would have resolved it already which means that the consultant is an expert too.