If you are a professional recruiter and a client asks you to source an accountant, you might immediately think of a CA. Or perhaps they specifically request a CA because they are unfamiliar with the various accountancy designations.
However, not all accountants are CAs. There are many other designations in the accountancy profession, each signifying a specialisation or range of expertise.
Recruiters who know and source the right designations will match their clients with the type of accountants best suited to the position on offer.
Professional bodies
South Africa is home to several professional bodies which, in the accountancy field, are called professional accountancy organisations (PAOs). The designation an accountant holds depends on which PAO they are a member of. Below is a list of the main bodies and a short description of their popular designations, which are also registered on the SAQA database.
SAIPA (South African Institute of Professional Accountants)
Professional Accountant (SA) – SAIPA’s signature designation – performs all accountancy duties except signing off public financial statements and independent audits but including independent reviews.
After obtaining a SAIPA-approved degree, graduates who wish to become a Professional Accountant (SA), must complete three years of practical training at a SAIPA Approved Training Centre (ATC).
The designation is well positioned to provide accountancy services and strategic business advice to SMMEs and large organisations alike. In recognition of the need for excellence in business advisory to stimulate economic growth, the Institute has established a Centre of Business Advisory (CoBA). Both members and non-members who qualify may gain access to the Centre.
Professional Tax Specialist (SA), Professional Tax Practitioner (SA) – Because of the complexity of the processes and laws related to tax, these designations specialise in providing the full range of tax services. In addition, Professional Tax Specialists perform higher-level duties, such as writing tax opinions, mediating tax disputes and representing tax payers in court.
At the time of writing, SAIPA is celebrating 40 years of dedicated service to the accountancy profession, distinguishing it from newer bodies and those administered on a part-time basis.
Website: SAIPA Website
SAICA (South African Institute of Chartered Accountants)
CA(SA) – A Chartered Accountant can perform all accountancy functions. In addition, as a Registered Auditor (RA) with the IRBA (see below), only a CA can legally carry out an independent audit of an organisation’s financial compliance and give professional assurance of its public financial statements.
Website: SAICA
IRBA (Independent Regulatory Board of Auditors)
RA (Registered Auditor) – By law, many organisations – especially those listed on the JSE – must be audited annually for financial compliance by a qualified independent professional. Only Registered Auditors, who must be CAs, may perform this function.
Website: IRBA
ACCA (Association of Chartered Certified Accountants)
ACCA (Associated Chartered Certified Accountant) – This designation aims for the broadest set of skills across different sectors and can perform all accounting duties. Unlike their UK counterparts, South African ACCA members cannot sign off public financial statements or perform independent audits.
Website: ACCA
CIMA (Chartered Institute of Management Accountants)
ACMA (Associate Chartered Management Accountant) – Whereas financial accountants assess the value of past business, management accountants use financial data for planning and forecasting. They therefore facilitate strategic decision-making and help business leaders improve corporate performance.
Website: CIMA
IAC (Institute of Accounting and Commerce)
FAC (Financial Accountant in Commerce), FAP (Financial Accountant in Practice) and IAP (Independent Accounting Professional) – These designations focus on the preparation of financial statements, the duties of an accounting officer and performing independent reviews, respectively, in support of Section 29 of the Companies Act, 71 of 2008.
Website: IAC
SAIGA (South African Institute of Government Auditors)
RGA (Registered Government Auditor) – The RGA offers the same impartial assurance and compliance services to the public sector that the CA does to the private sector. This includes independent auditing of government entities and professional assurance on the validity of their financial statements.
Website: SAIGA
SAIT (South African Institute of Tax Professionals)
GTP SA (General Tax Practitioner), MTP SA (Master Tax Practitioner) – Tax laws and processes are so complex that some accountants specialise exclusively in this area. General Tax Practitioners offer general tax services while Master Tax Practitioners must have 10 years’ experience with appropriate qualifications.
Website: SAIT
IIA (Institute of Internal Auditors South Africa)
PIA (Professional Internal Auditor), CIA (Certified Internal Auditor) – Internal auditors do the same work as a CA but from inside an organisation. They are employed or engaged to ensure the organisation remains compliant and their financial statements are correct before an independent audit takes place. Of course, they must be competent accountants to assume this role.
Website: IIA
The right accountant
Apart from independent audits, all accountants are qualified to perform every other accountancy duty. However, specialists have greater experience in one area while other designations offer better experience over a range of services.
Knowing the experience profile of the different designations will help recruiters identify the most suitable accountant for a position. For this, their clients will be most grateful.
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.