The Ministry of Home Affairs has recently completed a public commentary on a draft of the State’s Key Skills List, which includes several general accounting roles, said the South African Professional Accountants Association (SAIPA).
“The shortage of accountants has forced organizations to procure and hire foreigners to fill the gap,” said Faith Ngwenya, SAIPA’s technology and standards executive.
Professional institutions play an important role in ensuring that only foreign accountants who demonstrate professional competence and ethical integrity are allowed to practice locally under a critical skill work visa.
Important accounting skills
The accounting roles included in the draft of the critical skill list are general accountants, administrative accountants, tax professionals, business accountants, financial accountants, forensic accountants, accountants, external auditors, and internal auditors.
Marisa Jacobs, Managing Director of Xpatweb, agrees to the nominated role. The company conducts a critical skills survey each year and was the only private organization invited to present the findings to various departments that edit the draft of the critical skills list. “8% of respondents report that it is difficult to hire skills in the areas of accounting and finance,” she said.
Asked why there aren’t enough local accountants, Jacobs says the problem is relative. “There are certainly a lot of qualified accountants in the country, but demand exceeds supply.”
If this is true, why are so many accounting graduates struggling to find a job? “Companies cannot compromise the integrity of accounting functions for inexperienced candidates,” Jacobs said.
Role of specialized agencies
In order for foreign professionals to apply for a critical skill visa, immigration law requires them to meet certain requirements.
First, a written confirmation must be obtained from a SAQA-approved professional body, council, board of directors, or the relevant government department that confirms the applicant’s skills and qualifications and appropriate post-qualification experience. ..
Second, if required by law, a certificate of application for a certificate of registration with a specialized body, council, or board approved by SAQA from the perspective of the National Qualifying Framework Act is required.
Third, they must have evidence of the assessment of foreign qualifications by SAQA, which must be translated into one of the official languages of the Republic by a sworn translator.
Ngwenya states that SAIPA strives to ensure that these accountants can move to new posts as soon as possible for economic growth. But she argues that professional excellence and standards of ethical behavior must be maintained forever.
The Institute has also signed agreements with several international professional accounting institutions to enable members to work in South Africa under the supervision of SAIPA.
However, foreign accountants should not be hired for the sole purpose of “catch up with work.” “We need a clear program to transfer skills and experience to South African professionals in a way that can be measured and verified,” said Ngwenya.
Organizations also need to establish a strong succession process to identify suitable candidates who will play an important role when foreign accountants leave their jobs to return home.
Professional recruitment agency Robert Walters recently released a 2021 annual salary survey showing what professionals in the financial, banking and accounting industries can expect.
Treasury and Accounting Data Michael Page shows a similar trend
The average represents an annual salary of thousands of rand (R’000). Sectors marked with * indicate salary ranges for large companies.
Finance and accounting *
|Group / Regional CFO||3000||4 000||5000|
|Finance manager||850||1200||1 250|
|Senior FP & A Analyst||800||1000||1200|
|Finance Analyst / Associate||600||700||800|
|Financial Accountant CA (SA)||650||750||850|
|Head: Finance Shared Services||1200||1 400||1600|
|Finance Shared Services Manager||800||1000||1200|
|Financial Planning & Analysis Manager||700||800||900|
|Financial accountant (standard)||400||475||550|
|Chief Audit Officer||1600||2000||2 400|
|Internal Audit Officer||1100||1 250||1 400|
|Senior (internal) auditor||700||800||900|
|Tax Director||1600||1900||2 200|
|Senior Tax Manager||1000||1200||1 400|
|Treasury Director||1000||1 250||1 400|
|General Manager: Finance||1 400||1600||1800|
|Senior plant controller||1 400||1600||1800|
|Factory Finance Manager||900||1 150||1 400|
Accounting Career Path
The fact that the role of accounting appears in the draft of the important skills list confirms the importance of occupations in economic development. It also promises lasting demand in the job market and a stable income for those who pursue it as a profession.
“People who enjoy working with numbers will never regret their decisions, so it’s a good idea to consider an accounting career,” said Ngwenya.
High school students and students wishing to earn a business degree can visit the SAIPA website to gain a better understanding of the Institute’s career development paths and the membership opportunities offered to them.
Finally, corporate accounting departments and personal accounting practices that have enjoyed everything that every profession must offer must undertake trainees. “This will help South African graduates gain significant work experience to practice responsibly and secure enough competent accountants in their business in the future,” said Ngwenya.
These jobs are in demand in South Africa and can pay starters R650,000 a year.
Source link These jobs are in demand in South Africa and can pay starters R650,000 a year.