Financial Accountant Salary

The ICB Financial Accounting courses equip students with the skills and knowledge of Bookkeeping and Financial Accounting. It is a skill that is in demand.

Here is what a Financial Accountant earns in South Africa:

LEVELAVERAGE SALARY / MONTH
  • Entry level (less than three years of experience) 
R 15 800.00
  • Intermediate-level (with 4-9 years of experience
R 27 000.00
  • Senior Accountant (with 10-20 years of experience)
R 38 000.00
  • More than 20 years of experience
R 49 800.00

Which Country Pays Financial Accountants The Most?

Here are the top 10 countries that pay Financial Accountants the most:

  • United Kingdom
  • Ireland
  • Switzerland
  • Canada
  • Luxembourg
  • Japan
  • United States
  • Australia 
  • Norway
  • Sweden

Who Is The Most Successful Accountant?

According to the Association of Chartered Certified Accountants (ACCA), the following are the most successful Accountant entrepreneurs: 

  1. Kumar Mangalam Birla – Birla is the chairman of the Aditya Birla Group, he was educated in Mumbai and London
  2. Tony Fernandes – Fernandes made his name in the airline industry. He founded AirAsia after starting out as an Auditor at Virgin Records. He studied at the London School of Economics.
  3. David Ross – The British-born billionaire entrepreneur qualified as a Chartered Accountant. He also worked as a Finance Director and Chief Operations Officer before establishing a business as a mobile phone retailer. 
  4. Bob Parsons – Parsons is the founder of GoDaddy, the online registrar and web hosting company, in 1997. He holds a Degree in Accountancy. 

John D Rockefeller – He made his fortune in the oil industry after starting out as a Bookkeeper

What Qualifications Do I Need To Be A Financial Accountant?

You will need to study the ICB Financial Accounting Programme to be a Financial Accountant. The programme consists of the following four (4) courses, which you must study in succession:  

Bookkeeping: ICB National Certificate 

This is the foundation stage of the programme. It teaches you Bookkeeping skills. Bookkeeping is the foundation of Financial Accounting. To study this course, you need to meet these requirements: 

  • Grade 10 or Grade 10 Equivalent Certificate 
  • Be 16 years or older
  • Be able to read, write and understand English 
  • Be able to study through distance learning

Bookkeeping: ICB FET Certificate 

In this course, you will study advanced Bookkeeping. You will learn the fundamentals of Financial Accounting. To study this course, you need to meet these requirements: 

Technical Financial Accounting: ICB National Diploma

This course will lay your Accounting foundation. With the course, you can be a Technical Accountant. This means that you will be able to carry out various aspects of the Accounting functions under the supervision of a Senior Accountant. To study this course, you need to meet these requirements:  

Certified Financial Accounting: ICB National Diploma

This is the final course in the ICB Financial Accounting Programme. Upon successful completion of this course, you will have qualified as an Assistant Financial Accountant.  To study this course,  you need to meet these requirements: 

What Are My Career Opportunities In Financial Accounting

Here are some of the career opportunities in Financial Accounting

  • Accountant
  • Accounting Clerk
  • Accounting Officer
  • Accounting Technician
  • Accounts Clerk
  • Bookkeeper
  • Chief Financial Officer   
  • Compliance officer
  • Corporate Treasurer
  • Cost Clerk
  • Cost Estimator
  • Credit Controller
  • Credit Manager   
  • Credit or Loans officer
  • Finance Manager 
  • Financial Accountant
  • Financial Investment Advisor 
  • Financial Markets Practitioner 
  • Investment Advisor 
  • Investment Analyst 
  • Investment Manager 
  • Insurance Agent 
  • Insurance Broker 
  • Insurance Administrator
  • Management Consultant
  • Payroll Clerk 
  • Payroll Manager 
  • Project Accountant

What Do Financial Accountants Do?

Here are some of the duties of a Financial Accountant

  • Manage financial accounting activities for a business 
  • Develop financial statements for:
    • Payroll processing
    • Account reconciliation
    • Account receivables
    • Account payables
    • Revenue
    • Expenditure 
  • Determine accounting errors and corrective action
  • Maintain accurate accounting records 
  • Respond to accounting-related questions and inquiries 
  • Ensure financial records comply with company policies and accounting principles
  • Perform month-end and yearly closing activities 
  • Prepare finance reports required for team meetings or as requested by management and customers
  • Prepare and submit financial reports in a timely and accurate manner
  • Review all financial reports to ensure accuracy and completeness
  • Support preparation of the annual budget, forecast and projections

How Long Does It Take To Become A Financial Accountant In South Africa?

The recommended duration for the completion of the ICB Financial Management Programme is 36 months. However, it should be borne in mind that some students can take a long while, and quick learners may take a shorter period.  Here is the breakdown of the 36 months:

COURSERECOMMENDED DURATION
12 months
6 months
6 months
12 months

Is Financial Accounting Hard?

Financial Accounting is as hard or as easy as you make it. Here are a few tips that can make studying Accounting easy:

  • Create a study of timetable
  • Stick to your timetable
  • Make sure that you study in a place where there are no distractions
  • Read widely
  • Prepare well for your test and assignments
  • Submit your tests and assignments in time
  • Get feedback from your tutor and work on areas that are challenging you
  • Ask questions
  • If you are a member of any study group, be an active participant
  • Prepare for your exam in time
  • Write your exams
  • Pass your exams

Can You Be A Financial Accountant Without A Degree?

Yes, you can be a Financial Accountant without a Degree. This all depends on the company that employs you. It depends on their expectations and the minimum requirements that they require. 

Some companies will look at qualifications, whereas other companies will look at your work experience. Therefore, it is important to look at what a company looks for and if you meet their requirements.

Where Can I Study Financial Accounting?

You can study Financial Accounting at Matric College. At Matric College, you do not have to attend classes. This is because the College is a distance learning institution. Here are some of the advantages of studying at Matric College through distance learning:

  • There is flexibility – when you study through distance learning, you can do the following:
    • Study at your own time
    • Study at your own pace
    • Study anywhere
    • Write your exams when you are ready
  • You cut costs – Here is how you can cut costs:
    • Save on transport costs
    • Save on textbooks. Matric College will provide you with textbooks and study guides
    • Tuition fees are affordable
  • Reduce chances of contracting COVID-19 – Since you will not be travelling for classes, you will not mingle with fellow students and tutors
  • Study and work at the same time – When you study through distance learning, you can study and work at the same time

Author: Collin Wilbesi
Editor: Sive Ncanywa
Date: July 18 , 2022