Fasset and ACCA stem looming CFO shortage

South Africa faces challenges in retaining a skilled work force and often many qualified professionals are lost to European, Asian or American markets.

While the South African financial sector receives a top class rating, the sector still suffers from fewer market entries and growing demand. Further to this, this home-grown market remains unaffected by transformation.

The traditional route to becoming a professional accountant has failed to transform the finance sector; statistics show that the CFO contingent in South Africa falls short of living up to the transformation codes and demographics.

In response to the looming CFO shortage, and in the spirit of realising true transformation, The Association of Chartered Certified Accountants (ACCA) and Finance and Accounting Services Sector Education and Training Authority (FASSET) have launched the Impumelelo Eyethu Academic Programme. The program, created through incubation and research, has been fine tuned to gear future CFO’s towards leadership and success in the local and African market space.

ACCA undertook a rigorous recruitment programme and 60 South African learners were selected on criteria of performance and transformation. Through the ACCA Approved Learning Partner (ALP), the candidates are mentored to successfully write the 5 ACCA professional level examinations. Passing these examinations forms a vital part of the academic requirement to become an ACCA member with the designation of Chartered Certified Accountant. Further to that, working with a placement partner, ACCA will place the candidates into employment and/or learnerships in order for them to obtain relevant practical experience.

“The ACCA qualification can bridge the skills gap and transform the accounting profession in South Africa” – Charlene Raiser – Acting Head of ACCA, South Africa
Finance professionals are considered to be a scarce and critical skill in South Africa. The syllabus is robust and ACCA prides itself on producing the “complete finance professional” with key competencies for success in any role (in public or private sector). ACCA is in the business of building brighter futures for all kinds of learners in South Africa. They are the association that creates opportunities for those who might not have access to the traditional tertiary education route to becoming “chartered accountants.”

A recent survey by Deloitte, showed that 58% of South African CFO’s have indicated an improvement in their company performances, while 80% earmark African expectation within the next 5 years. The trend of moving business across boarder will impact future demand in this sector and many CFO’s would need to be equipped with globally recognised accreditation and supportive mechanisms. ACCA carries strength in the local and global market and will offer the 60 successful candidates global opportunities as well as local experience.

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