University accreditation paves the way for more Professional Accountants (SA)
SAIPA – the South African Institute for Professional Accountants – believes its moves to accredit tertiary-level accounting courses at nine of the country’s top universities* will help steer more graduates, more quickly, into a career in the accounting profession.
“We believe this will help relieve the serious shortage of financial professionals in South Africa as the route to becoming a Professional Accountant (SA) is now more clearly defined,” says Yogini Sigamoney, Training Manager from SAIPA.
SAIPA research shows that many students, who are unaware of the diversity of options that their courses offer them in the accounting field, tend either to drop out or pursue other directions upon graduating. “However, with the assurance that their degree paves the way towards becoming not just an accountant but a professional in the marketplace, amongst a host of other options, we’re confident that this will result in more entrants to our field.”
According to the Fasset SETA’s Scarce Skills Plan, more than 1400 general trainee accountants are immediately needed in the marketplace; almost three times the number of external auditors, for which the academic pathway is far more onerous.
“That’s why we’re also going to such great lengths to bring greater awareness of what it takes to become a Professional Accountant (SA) and the options that choosing this alternative route to becoming an accounting professional opens up to graduates,” she says.
In terms of the Companies Act, accounting officers may only sign financial statements if they belong to a controlling body recognized by SARS, such as SAIPA. “Now, by having completed a SAIPA-accredited degree at one of nine universities countrywide, graduates will already be well on the way to becoming professionals in the accounting field.”
Becoming a Professional Accountant (SA)
In order to become a Professional Accountant (SA), an individual must fulfil the necessary academic requirements by studying at an accredited institution, completing a learnership (three years practical training) and passing the SAIPA Professional Evaluation (PE) entrance exam. Without having studied at an accredited university, students will have to do competency testing to demonstrate their knowledge.
“Therefore, by simply enrolling at an accredited institution, the would-be Professional Accountant (SA) is already so much further down the track than someone from a non-accredited stream,” she says.
The rigorous accreditation process sees SAIPA scrutinising the universities’ syllabi to ensure that they are geared towards producing graduates of the highest calibre. SAIPA’s formal accreditation process, which started in 2012, continues this year with several more courses at tertiary institutions set to be added to the list of accredited universities.
“Also, as members of the International Federation of Accountants, we work closely with most South African universities on what they’re teaching to make sure that the subject matter is in line with international standards and demands on the profession.”
Awareness of the Professional Accountant (SA)
Creating greater awareness of what it means to become a Professional Accountant (SA) and the benefits of membership of a professional body like SAIPA is also a key objective.
“We follow a two-pronged approach: attending career exhibitions where we introduce students to the field on a one-on-one basis, and secondly, partnering with accounting firms who address groups of students, explaining to them exactly how these learnerships work.”
“Armed with this knowledge about this alternative pathway to entering into the world of work as a professional accountant, we’re already beginning to see greater interest amongst students in becoming a Professional Accountant (SA),” concludes Sigamoney. “This is just the start!”
* SAIPA-Accredited Universities and Courses
| University of Fort Hare ( UFH) | Bcom General Accounting |
| North-West University (NWU) | Bcom Financial Accounting |
| University of Pretoria (UP) | Bcom Financial Management Sciences |
| University of the Western Cape (UWC) | Bcom Accounting |
| University of the Witwatersrand (WITS) | Bcom Accounting |
| Nelson Mandela Metropolitan University (NMMU) | BCom (Accounting for Chartered Accountants) BCom (General Accounting) BTech |
| UNISA | Bcom Financial Accounting |
| University of Johannesburg | Bcom Accounting |
| Cape Peninsula University of Technology | BTech Taxation |
Student Loans in South Africa: How to Apply and What to Expect
For many young South Africans, accessing higher education is a dream that often comes with a financial challenge. Fortunately, several student loan optionsstrong> are available in South Africa to help fund university, college, or TVET studies. Whether you’re looking for a government loan like NSFAS or a private student loan from a bank, understanding the process is essential for success.
What Are Student Loans?
Student loans are a form of financial aid provided to eligible students to help cover tuition fees, books, accommodation, and other study-related expenses. In South Africa, these loans can come from government institutions like NSFAS or private banks such as Nedbank, Standard Bank, FNB, and Absa. Most loans offer repayment flexibility and low-interest options until you graduate.
Types of Student Loans in South Africa
- NSFAS (National Student Financial Aid Scheme): A government-funded loan/grant program for students from low-income households. Covers tuition, housing, transport, and meals.
- Bank Student Loans: Offered by most major banks. These are credit-based and require a guardian or parent as a co-signer.
- Private Loan Providers: Companies like Fundi offer educational loans covering various costs such as school fees, gadgets, and textbooks.
Requirements to Qualify for a Student Loan
Each provider has its own criteria, but most South African student loans require the following:
- Proof of South African citizenship or permanent residency
- Proof of registration or acceptance at a recognised tertiary institution
- Parent or guardian with a stable income to co-sign (for private loans)
- Completed application form with supporting documents (ID, proof of income, academic records)
How to Apply for a Student Loan
To apply for a student loan in South Africa, follow these steps:
- Identify your loan provider: Choose between NSFAS, a bank, or a private lender.
- Gather necessary documents: ID copies, academic transcripts, acceptance letters, and income statements.
- Complete the application form online or at a branch.
- Await approval: Some banks offer instant decisions, while NSFAS can take a few weeks.
- Receive disbursement: Funds are typically paid directly to the institution or your account, depending on the lender.
Loan Amounts and Repayment
The loan amount you can receive depends on your chosen lender and financial need:
- NSFAS: Covers full tuition, residence, books, and a personal allowance. The loan becomes a bursary if you pass all your courses.
- Banks: Can provide up to R120,000 or more annually, depending on tuition costs and credit history.
Repayment usually starts after graduation or once you start earning an income. Bank loans may require interest-only payments during your studies. NSFAS repayment only begins when you earn above a specific income threshold.
FAQs on Student Loans in South Africa
1. Can I apply for a student loan without a parent or guardian?
For government loans like NSFAS, yes. But most banks require a financially responsible co-signer, especially for students without an income.
2. Is NSFAS a loan or a bursary?
NSFAS starts as a loan, but it converts to a bursary if you meet academic performance requirements. This means you may not have to pay it back.
3. What is the interest rate on student loans?
Private banks offer competitive rates between 5% and 12%, depending on the applicant's credit profile. NSFAS charges a much lower interest rate, usually linked to inflation.
4. What happens if I fail my courses?
If you’re funded by NSFAS and fail, your loan won’t convert into a bursary, and you’ll need to repay the full amount. Banks may continue charging interest, and your co-signer may be held liable.
5. Can I use a student loan to pay for accommodation and laptops?
Yes. Both NSFAS and many bank student loans cover costs beyond tuition, including housing, meals, textbooks, and electronic devices like laptops or tablets.
Final Thoughts
Student loans in South Africa offer a much-needed financial lifeline to thousands of students every year. Whether you're applying through **NSFAS** or a private bank, ensure you understand the **terms, interest rates, and repayment conditions** before signing any agreement. Make informed decisions today to secure your academic and financial future tomorrow.