While black chartered accountants remain so much scarcer than their white counterparts, the South African Institute of Chartered Accountants (SAICA) is working tirelessly to transform the profession. As part of its transformation goals, the institute is offering 300 bursaries to qualifying African and Coloured Grade 12 learners who wish to pursue a career as a Chartered Accountant [CA(SA)] but don’t have the money to do so.
Aspiring CA(SA) students must have achieved outstanding grade 11 results and should have a minimum of 60% in mathematics (5 or above on the NSC scale of Achievement), not maths literacy. The closing date for applications is 30 April 2012.
One of SAICA’s prime goals is to strengthen the country’s economy by playing a significant and leading role in transformation and skills development. Through its transformation initiatives namely the Thuthuka Bursary Fund (TBF) and Thuthuka Education Upliftment Fund (TEUF), SAICA plans to transform the demographics of the profession to reflect those of the country in terms of race and gender.
One such beneficiary of the fund Kim Jacobs from Toekomsrus, East of Johannesburg is one of the youngest of three children raised by her single mother and the first member of her family to go to university. Her brother was the sole breadwinner and started working immediately after high school, although his dream was to study finance and banking but he postponed his dream so that he could take care of the family.
Kim is just one of over 1000 Thuthuka-funded university students who are currently studying towards qualifying as chartered accountants [CAs(SA)]. 804 of these students are undergraduates and over 200 are at honours level.
Tasked with boosting the numbers of black CAs(SA), Thuthuka is a holistic programme designed to nurture promising African and Coloured students from high school, through university, their workplace training and, ultimately, to prepare them for their qualifying examinations towards becoming CAs(SA).
Nthato Selebi, Project Director of SAICA’s Thuthuka Bursary Fund, says: "This is not just money paid over to the students. We address the student's broader lifestyle needs via a comprehensive programme and work with the students as a group."
Selebi goes on to explain, "When a TBF student gets to a SAICA accredited university they will be covered for textbooks, their accommodation in residence and meals. TBF students are also given extra classes, tutorials, mentoring, life skills training, workplace readiness and any other non-academic support they might need on their path to becoming a CA(SA)."
He stresses that it is imperative that learners are aware that maths literacy is not accepted or recognised when applying for a Thuthuka bursary, but that core mathematics is. "Universities also generally require any learner intending to study a B Com accounting degree to have mathematics as a matric subject."
Selebi points out that the TBF has proven itself as an effective solution to addressing the skills shortage in the country. Evidence of such effectiveness is reflected in the remarkable success of the first seven years of implementation.
More about the Thuthuka Bursary Fund (TBF):
Since its inception in 2005, TBF programme has supported more than 1800 students by providing full funding and additional support to students from their first year at Thuthuka accredited universities.
To qualify for the Thuthuka bursary, aspiring CAs(SA) must have applied or be in the process of applying at one of the following TBF approved universities:
1. Free State University;
2. Nelson Mandela Metropolitan University;
3. Stellenbosch University;
4. University of Cape Town - apply for the Bachelor of Commerce code CB011;
5. University of Johannesburg (Kingsway Campus);
6. University of Pretoria;
8. University of the Witwatersrand.
TBF’s proven success:
The TBF has proven to be a successful model for empowering undergraduate and postgraduate students, with the required skills to eventually qualify as CAs(SA). The success of the programme is partly due to the funding and support by government, private companies and SAICA members.
In 2011, the TBF-sponsored students achieved highly commendable overall pass rates: 1st years - 83%; 2nd years - 80%; 3rd years - 75%.
What must I do:
- Obtain a relevant three-year degree, such as a B Com Accounting degree, from a TBF approved university;
- Complete a relevant post graduate diploma or specialised honours level course such as the Certificate in Theory of Accounting (CTA);
- Complete a 36-month training contract (depending on whether it is full time or part time) at an approved SAICA training office; and
- Pass part 1 of the Qualifying Examination (QE 1) before passing Part 2 (QE 2).
- After passing QE 1 and 2, and completing a training contract, the prospective CA(SA) would then have to register with SAICA in order to be recognised as a CA(SA).
