Financial accountants control the financial management systems of a business. Their role in a company is to extract and interpret information from financial records, advise on strategic direction, advise managers on daily financial decisions of a company, advise the board of directors, control the working capital of a business, ensuring that information with regard to debtors, creditors and stocks is maintained.
The exact duties that a financial accountant may be required to perform, would depend on the professional’s area of specialty. For example, a financial accountant may choose to specialise in internal auditing, management, public accounting or government accounting.
Regardless of the area of specialty, the primary responsibility of a financial accountant is to provide their client with financial guidance. This may include assisting with budgeting and developing financial plans, but may also include monitoring budgets and taking care of taxes on behalf of the client.
Satisfying Aspects
- working with numbers, if that is one of your strengths
- identifying and solving / rectifying problems and errors
Demanding aspects
- working to deadlines, especially for tax-related work
- repeatedly having to carry out routine tasks
- possible eye strain in certain jobs
Requirements
- inquiring, analytical mind
- ability to work logically, consistently and accurately
- numeracy skills
- good working knowledge of accounting and able to keep up to date with current financial rules and regulations
- ability to discuss financial issues with both fellow professionals and those with little or no financial background
- strong interpersonal skills
- good management skills.
- willingness to work very hard and sometimes long hours
- time-management skills
School Subjects
National Senior Certificate meeting degree requirements for a degree course
National Senior Certificate meeting diploma requirements for a diploma course
Each institution will have its own minimum entry requirements.
Compulsory Subjects: Mathematics
Recommended Subjects: Accounting, Economics, Business Science, Information Technology
Prospective students must find out about selection dates and entrance requirements in good time, because some universities select according to the Grade 11 marks.
Training
Training is available through distance learning courses at colleges of further and higher education and private training providers.
The training is divided into academic and practical phases.
BCom (Acc) 3 years; BCom (Hons)(Acc) and CTA (Certificate Theory of Accounting) 1 - 2 years. During the following year, the qualifying examination of the Public Accountants board can be written. Practical training takes three years after obtaining a degree.
A Chartered Accountant (CA) is the highest professional qualification in accounting in South Africa and CA’s are most in demand in the job market. Accounting graduates with lower qualifications (associate general accountants and associate accounting technicians) usually work as accounting officers, often not rising to the same levels without further studies to become CA’s.
Degree: Accountancy can be studied at all universities - UNISA, UP, US, UKZN, RU, Wits, UFS, Monash, NWU, UCT, NMMU, UJ, Fort Hare, US, UWC, UZ
Diploma: CUT, CPUT, DUT, MUT, TUT, VUT, Northlink.
Until recently persons wishing to qualify as chartered accountants could only obtain their practical/business training with a firm of approved registered accountants and auditors in public practice (TIPP). This training is now, however, also available in approved training organizations outside of public practice (TOPP).
The Certified Accounting Technician (CAT) programme is available to persons aged 16 years or over, regardless of academic qualifications. This may be studied through the ACCA’s tuition providers or by distance learning at the student’s own pace. In addition one year of practical experience in the workplace is required to obtain the qualification.
Employer
Employment opportunities for accountants are excellent. The demand for their skills usually exceeds the availability of qualified people in the job market, so the financial rewards are generally substantially more attractive than in most other careers.
Employment options include:
- registered firms of practising chartered accountants
- in commerce and all kinds of industries
- universities and colleges as lecturers
Accountants can also start their own private practice firms. Because accountants also have a lot of business knowledge, many of them start their own businesses.
Contact
Institute of Commercial and Financial Accountants of Southern Africa (CFA)
P O Box 1791
Houghton, 2041
Tel: (011) 486-0283 Fax: (011) 486-0632
www.cfa-sa.co.za