What’s the best-paying job in SA and how much you can get on average?

The finance and banking sector has emerged as the best-paying industry, according to international recruitment agency Michael Page's latest 2024 salary guide for South Africa.

Investment bankers command salaries as high as R2,936,000 a year while other lucrative roles include portfolio manager, financial manager, risk manager and corporate banker.

Here are the five top-paying industries' average yearly salaries: 

• Finance and banking: R521,000-R2.936,000
• Technology: R441,000-R1,644,000
• Healthcare: R394,000-R1,244,000
• Engineering: R384,000-R1,144,000
• Sales and marketing: R361,000-R944,000.

The survey also reveals regional salary differences, with Johannesburg offering salaries 10%-20% higher than the national average with Cape Town close behind at 5%-15%. Durban pays 5%-10% lower than the national average.

Recent data from Stats SA shows that despite an average salary drop to R26,800 a month nationally, certain sectors such as financial intermediation in business services stand out with average salaries exceeding R90,659 a month.

This sector encompasses commercial banks, investment banks, mutual funds and pension funds, renowned for their high compensation packages, some surpassing R1m a year.

Michael Page's operating director for South Africa, Paul Newman, says the country's economy has shown resilience despite challenges including slow growth and high interest rates. 

“Considering the higher cost of living and depleting disposable income, candidates are prioritising higher salaries above all else when considering job offers,” he said.

Newman said amid these economic dynamics, the market was increasingly in need of seasoned professionals with strong technical skills. The demand for technical expertise, especially within the technology and renewable energy sectors, remained robust.

“The first quarter of 2024 has seen a slow start to the year from a hiring point of view. We think the industry is taking a 'wait and see' approach, with an expected uptake in recruitment demand in the second half of the year,” said Newman.

Newman said that the market has also responded positively to the government of national unity (GNU). 

“We have already seen the market respond positively and expect this to continue for the rest of 2024,” said Newman.

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