Fasset Careers
People rarely know right away what career they should be in and it takes most people several years to settle into the path they will follow. The list below is a list of some of the scarce and critical skills in the finance and accounting services sector:
What does a person in this occupation do?
Financial managers are responsible for managing and
controlling the financial matters of a company. In large
organisations they oversee the functions of financial
employees appointed to take care of specific aspects of the
financial division, but in smaller companies financial
managers are responsible for performing most of or all tasks
themselves.
Study path:
Most financial managers start their careers as accountants,
financial accountants or auditors and only become financial
managers after years of experience. An accounting
qualification may be augmented by a management qualification
such as a Master’s Degree in Business Administration
(MBA).
Professional bodies:
Professional body membership or registration is not a
general prerequisite to become a financial manager. However,
certain employers may require their financial managers to be
members of professional bodies, for example, some of the
large companies appoint only Chartered Accountants (i.e.
members of the South African Institute of Chartered
Accountants - SAICA) as financial managers.
What does a person in this occupation do?
An external auditor is an independent professional who
conducts external audits of companies. An external auditor
expresses an opinion on the fair presentation of the
companies’ financial statements.
In expressing the opinion an auditor would typically audit
the accounting systems, procedures and financial statements
of a company, and would evaluate the way in which the
company manages corporate funding and financial risk. An
auditor would also ensure that a company complies with all
the legal requirements of its business and that tax payments
are correct and in line with tax legislation and
requirements.
Professional designations
Registered Auditor (RA)
Study path:
To become an auditor you must follow a recognised study
path of a professional body accredited by the Independent
Regulatory Board for Auditors (IRBA), currently only SAICA
is accredited. To qualify you must successfully complete the
following programmes:
A BCom and Honours in Accounting
(e.g.Certificate in the Theory of Accounting accredited by
SAICA)
A recognised core assessment programme(e.g. SAICA’s Part 1:
Initial Test of Competence)
A recognised professional development and assessment
programme(e.g. SAICA’s 3 year training contract,
professional programme and Part 2: Assessment of
Professional Competence)
On completion of the above the candidate will then enter
into the IRBA’s experiential learning period, this period is
called the Audit Development Programme (ADP). The ADP is a
minimum of 18 months’ work experience undertaken by a
qualified professional accountant in the area of audit and
assurance. The ADP develops candidate RAs for the role of
engagement partner at entry level to the profession. On
successful completion of the ADP the candidate will be
eligible to register as an RA
Regulatory bodies:
Auditors must be registered with the IRBA.
What does a person in this occupation do?
An accountant is a qualified professional who applies
accounting, mathematical and analytical skills to solve
business, taxation, financial and management problems.
Accountants use their numerical, analytical, statistical and
management skills to maintain reliable accounting and
financial systems and to advise businesses on a variety of
financial matters. They are involved in all critical
business areas such as accounting, strategic business
planning, marketing, information technology and financial
management.
Study path:
Requirements for all undergraduate programmes in accounting
are set by each of the different universities or private
training institutions. As a rule, aspirant students require
a National Senior Certificate with Matriculation exemption
and English and mathematics. Accounting at Grade 12 level is
recommended.
Professional bodies:
Professional body membership is not a legal requirement to
practice as an accountant.However, the professional
designations listed below are linked to membership of the
various professional bodies. Some employers may also require
professional body membership.
ACCOUNTANT (NO PROFESSIONALDESIGNATION)
Accountants plan and provide systems and services relating
to the financial dealings oforganisations and individuals,
and advises on associated record-keeping and compliance
requirements.
Study path:
B degree in Accounting at any South African university or
university of technology. National diploma in accounting
from any South African university of technology.
CHARTERED ACCOUNTANT
What does a person in this occupation do?
Chartered accountants usually go through various financial
documents while noting these transactions for future
references. They also use the data for additional
responsibilities such as taxation, spending and earning
reports. A chartered accountant could also work with the
auditor to ensure spending is done according to the law and
the organisation’s specifications. Chartered accountants
could also create reports that would update the organisation
of its financial standing.
Study path:
Undergraduate: BCom Accounting degree at a university
that is accredited by SAICA.
Post-graduate:
Certificate in the Theory of Accounting (CTA) or honours
qualifications at a university that is accredited by SAICA.
Workplace experience:
The second part of your path towards becoming a Chartered
Accountant (South Africa) CA(SA) entails completing a 3 year
learnership programme. This is known as a training contract,
and one which a trainee accountant enters into with a
registered training office.
Professional examinations:
The final two steps to becoming a CA(SA) are passing two
Qualifying Examinations, namely the Initial Test of
Competence (ITC) and the Assessment of Professional
Competence (APC). Both of these exams are set and
administered by SAICA.
Professional bodies:
South African Institute for Chartered Accountants
(SAICA)
CHARTERED CERTIFIED ACCOUNTANT
Chartered Certified Accountants work in all fields of
business and finance. Some are engaged in public practice
work, others work in the private sector and some are
employed by government bodies.
Study path:
The Association of Chartered Certified Accountants (ACCA)
offers the Certified Diploma: Accounting and Finance.
Theoretical training:
Theoretical training can be done through an accredited
training institution or through distance education.
Workplace experience:
Learners must complete a three year learnership with an
accredited workplace.
Professional examinations:
Professional examinations are set by ACCA. All the
prescribed subjects have to be passed.
Professional bodies
Association of Chartered certified accountants
(ACCA).
MANAGEMENT ACCOUNTANT
What does a person in this occupation do?
Management accountants are trusted to guide critical
business decisions and drive strong business performance.
They combine financial expertise and business acumen to
achieve sustainable business success. They understand how
the different parts of the business need to come together. A
management accountant usually works at providing advice to
the management of a company or individual clients on how to
interpret financial information to help them make wise
financial decisions that will affect the company. The
company or individual may have financial goals they want to
achieve and therefore need the assistance of a person
trained in this branch of accounting. It is a broad field in
which there are several different job titles.
Professional designations:
Chartered Global Management Accountant (CGMA).
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A National Senior Certificate with matriculation exemption
is required to enter an undergraduate programme. Mathematics
and English are compulsory subjects while accounting,
economics and business economics at Grade 12 level are
recommended subjects. However, there are different routes to
professional status.
Undergraduate:
BCom (Management Accounting) or BAcc
degree(3 years) and Hons BCom (Management Accounting) (1
year) at a university or
BTech degree in Management Accounting at a University of
Technology or
Studying towards the Chartered Institute of Management
Accountants (CIMA) qualifications through a private
residential or distance education institution.
Professional qualification:
Qualifying examinations through CIMA.
Work Experience:
Three years’ relevant work experience in an appropriate
organisation.
Professional bodies:
Professional body membership is not compulsory for a person
to work as a management accountant, but to use the
designation of Chartered Global Management Accountant you
must be a member of the CIMA.
PROFESSIONAL ACCOUNTANT (SA)
Professional Accountant performs a wide range of accounting
and tax related services and is regarded as the business
advisor to the SME (Small Medium Enterprise) offering
tailored advice on business challenges and creating
opportunities of business success for their clients.
Study path:
A three-year undergraduate degree in accounting from a
South African Institute of Professional Accountants (SAIPA)
accredited university.
Workplace experience:
Learners must complete a three-year learnership with a
SAIPA accredited workplace. Professional examinations:The
SAIPA Professional Evaluation (PE) has to be passed.
Professional bodies:
SAIPA
What does a person in this occupation do?
Internal auditing is an independent, objective assurance
and consulting activity designed to add value and improve an
organisation’s operations. It helps an organisation
accomplish its objectives by bringing a systematic,
disciplined approach to evaluate and improve the
effectiveness of risk management, control, and governance
processes.
An internal auditor analyses and evaluates all
activities, controls and governance processes concerned with
the operations of an organisation, reports to executive
management on audit findings and submits proposals for
improvements.
Study path:
B degree in Accounting at any university or university of
technology or
BTech degree in Internal Auditing at any university of
technology.
Professional Qualifications Internal Audit Technician
(IAT(SA))
This is the entry-level designation and indicates that an
IAT (SA) should be able to perform routine audit tasks,
execute audit programmes, prepare work papers and draft
audit findings. To achieve this designation the candidate
must have completed two years of a relevant degree or
diploma, and have at least two years of internal auditing or
related experience.
General Internal Auditor (GIA(SA))
This is the next step in the career path. The GIA is a
supervisory level designation. Those who have undergone
education and training in the knowledge fields of internal
auditing, accounting, business management and other related
subjects can apply for accreditation. The GIA (SA) must have
completed at least a relevant three-year degree or diploma,
as well as have a minimum of three years’ experience in
internal auditing or a related field.
Certified Internal Auditor (CIA)
The CIA-certificate is an international qualification held
in high esteem. Membership of the institute and a relevant
three year degree or national diploma is
compulsory.
Professional bodies:
Professional body registration or membership is not a
prerequisite to practice as an internal auditor. However, to
use the IAT(SA) and GIA (SA) designations you have to be a
member of the Institute for Internal Auditors of Southern
Africa (IIA-SA).
What does a person in this occupation do?
Companies secretaries plan, administer and review
corporate governance activities and effective practice
concerning company board meetings and shareholdings, ensuring
all business matters and transactions are managed and
implemented as directed by the board. They have a significant
role in assisting the board of the organisation to achieve its
vision and strategy. There is a shortage of qualified and
experienced Company Secretaries, with demand on the increase
in light of the new Companies Act (71/2008) and King
III.
Study path:
The Chartered Secretaries Southern Africa (CIS or CSSA)
professional qualification is a course in a chosen
specialised field, whether it be a Company Secretary,
Accountant, Accounting Officer, Administrator or Manager.
Chartered Secretaries embark on a lifelong career
relationship with CSSA.
The final course of study is the CSSA International
Qualifying Board Examinations. The CSSA International
Qualifying Scheme is a rigorous course. Each qualification
along the continuum renders the graduate employable and when
accumulated, prepares governance professionals and
accounting officers for the intense demands of the role of
Chartered Secretary. Once a student passes all the exams
they can apply to be a graduate (GradICSA) and then an
Associate (ACIS) and finally a Fellow (FCIS). Continuing
Professional Development ensures that all governance
professionals and accounting officers are able to remain at
the forefront of governance issues.
Professional bodies:
Professional body registration or membership is not a
prerequisite to practice as a company secretary, however
once can register with the CSSA.
What does a person in this occupation do?
Tax practitioners analyse, report and provide advice on
taxation issues to organisations or individuals, prepare
taxation returns and reports, and handle disputes with
taxation authorities. Tax professionals can work in one of
three main sectors: in SARS; in commerce or industry; or in
private practice. Tax professionals who work in private
practice and render tax services for clients for a fee have
to register with SARS as Tax Practitioners.
Study Path:
A minimum of a National Senior Certificate with
matriculation exemption is required for entry into this
study path. There are many pathways that one can follow to
become a Tax Professional. All the pathways leading to the
occupation Accountant in Practice will also enable you to
work as a Tax Professional.
In addition to these one can follow the learning
pathways leading to the designations conferred by the South
African Institute of Tax Practitioners (SAIT). The first
option is to obtain a Bachelor of Tax Degree. The second
option is to obtain a Bachelor of Accounting Degree (or any
other relevant Degree such as a law degree or a degree in
management accounting), followed by a postgraduate
qualification in taxation. In both instances, after three
years’ of work experience in tax you can become a member of
SAIT with the designation General Tax Practitioner (SA) (if
you work in private practice) or General Tax Professional
(SA) (if you work in commerce and industry or for
SARS).
The third option is to obtain a relevant qualification
at NQF level 6 or higher in accounting, taxation or law and
then to apply for the Learnership: Tax Professional Level 8.
Completion of this learnership also enables you to become a
member of SAIT with the designation General Tax Practitioner
(SA) (if you work in private practice) or General Tax
Professional (SA) (if you work in commerce and industry, or
for SARS).
Professional bodies:
Registration with SARS as a Tax Practitioner is dependent
on being a member of a relevant professional body. These
include accounting professional bodies such as SAICA or
SAIPA or ACCA. They also include membership of SAIT or the
Law Society of South Africa (LSSA). Tax Professionals have
to register with SARS and the South African Institute of Tax
Practitioners (SAIT).
What does a person in this occupation do?
Financial Markets Professionals include traders, who invest
in securities and various other financial products on behalf
of institutional, corporate and private clients, as well as
administrative staff such as settlement officers who are
responsible for the finalisation of financial markets
transactions.
Study Path:
The financial markets consist of the equities market, the
bonds market, the money market, the foreign exchange market
and the derivatives market. Financial markets professionals
need to stay abreast of information on securities and market
conditions and therefore they must continuously analyse
individual securities, industries and the economy. They also
work with clients, and before providing investment advice,
they identify the profile and the related investment needs
of the clients.
They execute transactions in securities with or on behalf of
clients and subsequently conclude or settle transactions and
record the transactions in the relevant systems.
Types of work may include:
• Trader • Settlement Officer • Corporate Action
Administrator • Investment Administrator
Study path:
Entry into the pathway for these occupations starts with an
NQF Level 6 qualification in the financial field. This is
followed by a learnership that leads to the Occupational
Certificate: Financial Markets Practitioner. The learnership
consists of a knowledge component (including practical
skills) and a workplace component. The knowledge and
practical skills components are offered at accredited
tertiary institutions as an Advanced Diploma in Financial
Markets. The workplace component of the learnership has to
be completed at an approved workplace.After completion of
these components, a final exam set by the South African
Institute of Stockbrokers (SAIS) must be written.
After completion of the Financial Markets Practitioner
qualification, candidates can write any of a number of exams
prescribed by the various exchanges and focus on a specific
function such as trading, settlement or compliance. In order
to obtain the designation ‘Stockbroker’ the stockbroker
exams set by SAIS have to be passed.
Professional body:
South African Institute of Stockbrokers (SAIS).
What does a person in this occupation do?
A financial planner provides expertise and advice to
clients on all the components of financial planning
including personal savings, personal and family insurance
cover, health insurance, investments, asset and wealth
management, retirement and estate planning, and tax
liability.
Study path:
Entry: National Senior Certificate with matriculation
exemption. Each undergraduate programme has its own entry
requirements, but subjects such as mathematics and English
are often required.
Undergraduate: An undergraduate programme in
accounting, finance, economics, business science,
mathematics or law provides a sound basis from which to
pursue a career in financial planning. Various universities
offer a BCom degree in Financial Planning or in Investment
Management.
Postgraduate: Postgraduate Diploma in Financial Planning and
Advanced Diploma in Financial Planning.
Professional bodies:
Financial advisors are required to apply for
registration as financial services providers with the
Financial Sector Conduct Authority (FSCA) formerly known as
Financial Services Board (FSB).
They may also become members of the Financial Planning
Institute of Southern Africa (FPI).
What does a person in this occupation do?
Accounting technicians work at all levels of finance,
depending on where they are in their careers. Some
accounting technicians work as accounts clerks, whilst
others go on to become managing directors or finance
directors of well-known companies.
Study path:
Entry: Senior Certificate with Mathematics Undergraduate:
An Accounting Degree or Diploma at a University of
Technology.
The Association of Accounting Technicians
(AAT)qualifications are:
Certificate in Accounting - there are no formal entry
requirements.
Advanced Certificate in Accounting –
students normally start at the Certificate Stage, but entry
directly to the Advanced Certificate Stage is permitted
provided you can satisfy the Association of Accounting
Technicians’ entry requirements.
Diploma in Accounting - students will normally be
expected to complete the Certificate and Advanced
Certificate stages but entry directly to the Diploma Stage
is permitted provided you can satisfy the Association of
Accounting Technicians’ entry requirements.
Professional bodies:
Association of Accounting Technicians (AAT).
CERTIFIED ACCOUNTING TECHNICIAN
The ACCA qualification is called Certified Accounting
Technician (CAT). In order to become an ACCA-qualified
accounting technician you need to complete the practical
experience requirement (PER) as well as passing your exams
and the professional ethics module.
Professional bodies:
Association of Chartered Certified Accountants
(ACCA).
Bookkeepers compute, classify, and verify numerical data in
order to develop and maintain financial records. In smaller
organisations bookkeepers handle all aspects of financial
transactions. They record debits and credits, compare
current and past balance sheets, summarise details of
separate ledgers and prepare reports for supervisors and
managers. They may also prepare bank deposits and send cash,
cheques and other forms of payment to the bank. The
increased use of computers has allowed the use of
specialised accounting software on personal
computers.
Professional designations:
Associate Bookkeeper (Certificate) Fellow bookkeeper
(Diploma)
Study path:
A person may become a bookkeeper with a National Senior
Certificate with Mathematics and Accounting as subjects.
Various private institutions offer certificate and diploma
courses in accounting and bookkeeping.
Institute for Certified Bookkeepers (ICB) professional
qualifications: Certificate for Registered Bookkeeper (NQF
4) National Diploma: Technical Financial Accounting (NQF
5).
These two qualifications are registered as
learnerships.
Professional bodies:
Professional body membership or registration is not a
requirement to work as a bookkeeper. You may want to become
a member of the ICB.
What does a person in this occupation do?
Financial clerks are responsible for providing financial,
administrative and clerical services in order to ensure
effective, efficient and accurate financial and
administrative operations. Financial clerks receive deposits
and pay out money in financial institutions, process credit,
loan and insurance applications, maintain records of
securities transactions and registrations, compile data and
undertake statistical and actuarial
computations.
Study path:
Entry: National Senior Certificate Many organisations
provide in-house training in financial administration.
Various private institutions offer certificate and diploma
courses in the field.
What does a person in this occupation do?
Debt collectors collect payments for overdue accounts,
overdue instalments or damage claims on behalf of creditors.
They locate and notify customers of delinquent accounts by
mail, telephone, or personal visit to solicit payment.
Duties include preparing statements to the credit department
if a customer fails to respond, initiating repossession
proceedings or service disconnection, and keeping records of
collection and status of accounts.
Study path:
Entry: Senior Certificate
A person can also enter into a learnership in debt
collection with a firm that is accredited by
Fasset.
Professional bodies:
Registration with the Council for Debt Collectors is a
prerequisite for working as a debt collector. However, there
are no academic requirements for this registration.