US
South Africa’s unemployment rate stands at 23.5% and is rising as the economic slowdown takes hold. Those who do have jobs are increasingly resigned to flat salaries and in some cases pay cuts. But qualified chartered accountants defy the trend: not only are they guaranteed a job but they can demand high salaries and two-figure annual increases.
The financial crisis has heightened the demand for accountants’ services and their rarity value seems to be increasing, recruiters say, as many are still choosing to work abroad and not enough students qualify and take their place.
The profession is facing global challenges, says Matsobane Matlwa, the new executive president of the South African Institute of Chartered Accountants (Saica), but “the point of departure is that in our country the skills shortage is the biggest challenge.”
Saica estimates that 22,000 additional accountants are required in the financial management and auditing sector. Of the 28,000 currently working in the country, the vast majority (24,000) are white. Every year 1.4% of them emigrate, joining the over six thousand already working overseas.
“In South Africa we definitely have a shortage of chartered accountants and we are still seeing premiums being paid for those positions, especially affirmative action candidates”, says Arlene Brown of Mabili Reward, a management advisory firm. “Pay packages have not been affected by the credit crisis because chartered accountants are in such high demand,” says Thando Pato of Saica. According to a study by Mabili Reward, accountants this year can continue to expect increases in the region of 25 per cent, which are described as “exceptional” in the current economic climate.
A recurring problem, according to Saica, is ‘job-hopping’: “Accounting professionals are the group that organisations struggle most to retain” and the skills shortages “are more acute at the professional level.” Some organisations cope with the shortages with “lowering their recruitment criteria”, even appointing trainees who have not sat the exam, which creates obvious problems of quality and reliability.
Dont worry South Africa very soon this Black young lady will be one of the Chartered Accountants in demand also. so start preparing my salary now
the problem is that companies dont offer internships for the student to learn while the are stll studying,so if companies can give these student a chance maybe the may be a change
WhAt is the market related salary for newly qualified CA’s??
The problem still lies with the BEE requirements. South Africa should not complain on the exodus if the root causes are apparent. Basing employment on race is really compromising quality and depleting the economy.
im newly qualified and im struggling to find a job.
Ca title will stay rare, let me tell you that.
Its tough to get proper training if you fresh out of varsity,
and you forced to work (slog) for peanuts which is regulated by saica?
I am a newly qualified ca and struggling to fing a job, saica has flooded the market with sub standard newly qualified ca’s the recent pass rate for the final board exam was +-80%, this is way above what is the norm.
These comments confirm there is no shartage of CA’s – BUT if you are young or old no one is prepared to give you a job!
ca’s deserve to earn the kind of salaries that they do. im currently studying towards my bcom degree and it is extremely challeging. it definately takes a hard working, dedicated individual to get the qualification and not many people are up for the challenge.
I am also an unemployed newly qualified, I need to leave SA to find a position abroad!
I am also an unemployed newly qualified CA, where do I find work in SA,all companies want experience!
Can we therefore say that there is a shortage of a CAs or are we saying that there is an excess of sub-par CAs? Some of the comments are worrying
I’m also a newly-qualified CA and I wouldn’t consider myself sub-par (though you DO get sub-par CAs, don’t get me wrong) and I’ve been struggling to find a job in Durban since Jan. I had 6 As in matric sitting on my CV for example, so I’m hardly a mug. I’ve sent my CV all over the show, but no-one responds to my e-mails or applications. Maybe I’m doing it wrong?
So, I applied for a job in Perth a few weeks back and they’re really keen to take me on. I wouldn’t mind staying in Australia permanently if I got the chance, they seem to at least recognize and appreciate skills. I suppose gold dust washes away quite rapidly if you don’t act fast.
I used to be so depressed in varsity when those who were studying the relatively easy accounting degree used to tell us how they will be earning higher salaries than us (engineers) but now in my 3rd year I am getting over 600 000 pa (having started at a comfortable 300 000pa) and so are most of my peers. The accountants who graduated in the same year with me are still earning peanuts trying to qualify so it just leaves you wondering what was the fuss all about.
CA”s are in high demand and they get snapped up quickly once they qualify so if you struggling to find a job then it is quite strange…….The reason why so few students want to go the CA route is because teachers at high schools do not do enough to promote and encourage students to take accounting.
Its quite a shame to see the number of “newly qualified CA’s” struggling to find a job (as per the comments above). If the profession is flooded by many unemployed qualified people, why SAICA still continues to say “there’s a lack of CA’s in SA and skills shortages”? From where are they getting this misinformation? It scares me to think that in just less than 2 years I will be part of the “newly qualified un-employed CA” stats!
ts quite a shame to see the number of “newly qualified CA’s” struggling to find a job (as per the comments above). If the profession is flooded by many unemployed qualified people, why SAICA still continues to say “there’s a lack of CA’s in SA and skills shortages”? From where are they getting this misinformation? It scares me to think that in just less than 2 years I will be part of the “newly qualified un-employed CA” stats!
4 months unemployed CA with exceptional senior operational amd strategic experience and BEE , maybe then my religion or being a male.
there is still job reservation in SA , dont matter about your capablities , thats why the myth about skills shortage to enable the minority to hang on.
I KNOW OF 7 EXPERIENCED CA’S WHO ARE UNEMPLOYED IN CAPETOWN
South Africa’s better prepare my salary because an accounting star is raising, and it’s going to shine brighter than all stars, not the footwear label but star “as in the one like the sun” “not dailysun”.
New York is keen on taking CA’s from SA