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).
5
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.