Recent survey highlights skills shortage in finance sector

You will find there’s a escalating scarcity of skills in the financial-services marketplace, a survey released in Johannesburg last Tuesday .

“Seventy-nine percent of companies had limited success in hiring chartered accountants and additionally 80% had difficulty retaining scarce skills,” said Landelahni CEO Sandra Burmeister of the collected information from the Landelahni Recruitment Group’s Financial Services Survey 2010.

Eighty-two percent of auditing firms believe there is simply a scarcity of chartered accountants.

The feedback survey took into consideration the banking, financial-services along with insurance companies, in particular at graduates together with post-graduates.

Making use of Statistics South Africa and Seta data, it projected the fact that the availablility of employees within the financial industry in 2010 is approximately 270 000 — which is 3,3% of overall employment.

This figure decreased from 300 000 in June 2008.

Burmeister said it it was worrisome although the volume of students enrolling in accounting training courses at educational institutions had improved significantly, this was certainly not converting into the number actually graduating.

“In between 1999 and 2009, the total volume of university enrolments within the accounting sector was 504 068, against 60 114 degreed graduate students over the same period — a dismal 11,9% pass rate.”

At the same time, Technikons were not faring that much better.

“Technikon enrolments in accounting numbered 204 215 over the same 10-year period against 31 034 diploma graduates — a 15,2% pass rate.”

Given the increased complexity of regulatory compliance and corporate governance, accountants are more in demand than ever.

Couple this with the fact that scarcity is a worldwide issue, meaning local South African skills would likely make their way to foreign countries, some sort of long-term solution was considered necessary, said Burmeister.

“There is actually a escalating demand and despite the slowdown throughout the economy, the trend has not been reversed,” she said.

“Due to the scarcity of qualified accountant in the marketplace we’re paying premium rates for these skills — based on this data we are going to be paying the premiums for the next two decades.”

Take a look at these Accounting Courses and Finance Courses

Source: Sapa, svtuition.org, onlinembabuzz.com, kaikoura.govt.nz, decapitecpa.com, knol.google.com, gwinnettcollege.edu

One thought on “Recent survey highlights skills shortage in finance sector

  1. It is ironic in that I have almost 19 years of working in the financial services industry and I am currently living in the UK. Last year May I relocated to the UK because I spent most of my last 2years in Cape Town unemployed. Agencies do not want to see you unless you apply for a specific job and companies would not give me the ‘time of day’ however in London, I have agencies contacting me every week. I have been personally interviewed by 15 agencies as they believe that you cannot market the person without meeting them – common sense but not in SA. I have 17yrs of banking behind me and I could not even get a job in the bank, not even a contract job.
    How does my CV make no impact in SA but makes a huge impact in the UK? SA companies are ‘hung up’ on degrees but in the UK, experience is ‘king’. Who has the stronger economy? Makes you think, doesn’t it?

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