Mr Masilela is a non-executive chairperson of DNA Economics. He serves on the boards of the United Nations Global Compact and Multichoice South Africa. He is a visiting senior fellow at the University of the Witwatersrand; former chief executive officer of the Public Investment Corporation and former acting director-general in the National Treasury in charge of economic policy.

He is former board member of the Reserve Bank and the Government Employees Pension Fund.

He holds Bachelor of Arts degree in Social Sciences and a Master of Sciences in Economic Policy and Analysis with a specialisation in Money, Banking and International Economics.