If you have a passion for numbers and for keeping order, you may be best suited to a career in the Finance/ Accounting sector.
In general, Accountants are responsible for the balancing of books, creation and finalising of financial statements and all-round management of an organisations finances.
For those who are interested in the various pay scales within the Finance/ Accounting field, here is an estimate of what you can expect to earn (based on years experience and location of the job):
Auditor: R95 000 to R 530 000/ annum
General/ Operations Manager: R99 000 to R860 000/annum
Accountant: R110 000 to R390 000/annum
Senior Accountant: R115 000 to R472 000/annum
Internal Auditor: R120 000 to R458 000/ annum
Chartered Accountant: R150 000 to R780 000/annum
Financial Accountant: R156 000 to R500 000/annum
Management Accountant: R186 000 to R590 000/annum
Finance Manager: R216 000 to R795 000/annum
Financial Manager: R218 000 to R742 000/annum
Financial Director: R426 000 to R1 486 000/annum
Chief Financial Officer (CFO): R495 000 to R1 550 000/annum
Finance Director: R575 000 to R1 608 000/annum
As qualified Accountants are considered one of the “scarce skills” in South Africa, there are many large corporations seeking to help students gain qualifications into the finance field by way of a bursary programme.
Whether you intend on studying towards an accounting degree/ diploma/ certificate, here are a list of big companies offering accounting degrees and scholarships for South African students in need of financial assistance to complete their studies.
AUDITING BURSARIES FOR 2023 & 2024
Auditing is an on-site verification process, such as the examination or inspection of a quality system to ensure that it meets compliance requirements.
An Auditors main responsibility in a business is to ensure that all financial records are accurately kept by reviewing all transactions systematically. The business owners have the responsibility to ensure that their accounting books are maintained, which Auditors then annually look at. Auditors are there to aid business owners in locating problems within their company. Once auditing is complete, the business will receive an audit report, explaining whether records were inaccurate, accurate, and/or missing.
There are 2 types of Auditors in business: internal and external Auditors.
Internal Auditors are appointed by the business owner to conduct auditing, thus checking company goals and preventing financial flaws. Internal Auditors examine business management and operations, as well as update board members and shareholders on the company’s finances.
External auditing is auditing performed by a third party (e.g. SARS, insurance company, etc.). External audits may take a look at the business’ complete financial records or just various aspects of its operations. All reports done by external Auditors are compiled using auditing standards.
To become an Auditor, you will need to obtain a relevant qualification (it is advised to work via an institution that has been endorsed by the IIA as they may offer internship programs.) Internships are fantastic as they can introduce you to the practical world of auditing. Next, you will need to become a member of a professional body (IIA SA brands), by doing this, you have an advantage as companies will want to employ branded professionals. You would then need to go through the IIA SA training program and then write the CIA exam/ specialty exam (if you wish to enhance your facilitation skills.) Lastly, you would need to adhere to the IIA SA requirements in order to maintain the professional IIA SA designations.
