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WHAT DOES AN ACCOUNTANT DO?
Accountants study how businesses track their income and assets over time. They analyse, report and give advice on the financial dealings of organisations and individuals, and advise on associated record-keeping and compliance requirements. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions, including computing costs and efficiency gains from new technologies; participating in strategies for mergers and acquisitions; quality management; developing and using information systems to track financial performance; tax strategy; and health care benefits management.
Why did you choose this profession? My favourite subjects in school were Mathematics, Accountancy and Biology. We tend to excel at the things we enjoy doing so I kind of knew that I would be crunching figures for a living. Either that or living out my parents’ dream of me becoming a nurse!
What training did you undergo?
I completed Practical Accounting & Accounting I & II at Damelin. I have also completed various accounting-related refresher courses since then.
What is it that you do?
My primary task is that of being the accountant, and all related financial responsibilities. I must make sure all suppliers are paid timeously. I’m always on the lookout for competitive pricing for services. The second half of my job title means that the entire admin responsibility falls under my portfolio: anything from arranging a driver, to following up on travel arrangements with the travel agent to arranging visas at very short notice. I am faced with anything that needs to be done to ensure the bureau runs smoothly and the staff have the resources to function efficiently.
Favourite parts…
I will NEVER be bored. I enjoy the fact that I have no idea what my day will be like and that I must always be prepared to face the challenge as it surfaces.
Anything you don’t like?
I often find myself in a situation where I am unable to finalise a job because I need third party input. This becomes really frustrating for me, but like everything else, I find ways to work around it.
Career highlight?
I have to mention the bureau’s month-long coverage of the 2010 Soccer World Cup as an event all of us will remember. It was really hard work for all concerned, the logistics proved to be a nightmare. The coverage was brilliant.
Your future goals?
I want to complete my BCom Degree. Also our bureau is growing at a very healthy pace and a growing office comes with the obvious growth in admin. I am working on streamlining processes to ensure smooth operation.
Experience or training?
Experience is definitely more important than formal training. No amount of training can ever teach you about handling stress, having patience when you feel like you don’t have any, and being tolerant under very tense conditions. I have learnt a great deal from our Bureau Chief, who has been in the industry for over 25 years.
What defines a ‘good’ accountant?
You must be very flexible. Also, irrespective of what position you hold in an office, all levels of respect are very important. There are some situations that require me to play hard ball.
Advice for newcomers?
Be prepared for hard work. You have got to accept that you win some and you lose some, but you must never lose sight of what your purpose is. Always do your best.
WHAT QUALIFICATIONS DO I NEED?
The first phase towards becoming qualified begins with registering at any accredited institution that offers a Bachelor of Commerce: Accounting or a Bachelor of Science: Accounting and Finance degree or an equivalent diploma. A National Senior Certificate that meets the requirements for a diploma or degree course is a prerequisite.
To become a registered Professional Accountant (SA) you will need to complete a degree or Diploma from a South African Institute of Professional Accountants (SAIPA) -accredited institution as well as a three year learnership at an accredited training centre, or complete six years of verifiable experience. You will also need to write the SAIPA Professional Evaluations exam to show your ability to integrate your academic knowledge with your practical experience.
WHAT SUBJECTS DO I NEED?
Contact each institution for their specific requirements, but these subjects are recommended:
• Mathematics
• Accounting
• Economics
• Business Science
• Information Technology
WHERE CAN I STUDY?
University of Pretoria
Bachelor of Commerce: Accounting Sciences
www.up.ac.za
University of Stellenbosch
Bachelor of Accounting
www.sun.ac.za
Nelson Mandela Metropolitan University
Bachelor of Commerce: Accounting for Chartered Accountants
www.nmmu.ac.za
UNISA
Bachelor of Accounting Science
www.unisa.ac.za
University of the Witwatersrand
Bachelor of Accounting Science; Bachelor of Commerce: Accounting Sciences
www.wits.ac.za
University of Johannesburg
Bachelor of Accounting; Bachelor of Commerce: Accounting Sciences
www.uj.ac.za
Cape Peninsula University of Technology
National Diploma: Accounting
www.cput.ac.za
College of Cape Town (Private FET)
Diploma: Accounting
www.cct.edu.za
WHERE CAN I GET MORE INFO?
South African Institute of Chartered Accountants – www.saica.co.za
South African Institute of Professional Accountants – www.saipa.co.za
Association of Certified Chartered Accountants – www.accaglobal.com
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.