Professional body membership or registration is not a general prerequisite to become a financial manager. However, certain employers may require their financial managers to be members of professional bodies, for example, some of the large companies appoint only Chartered Accountants (i.e. members of the South African Institute of Chartered Accountants - SAICA) as financial managers.

An auditor is an independent professional who conducts external audits of companies. An auditor would typically audit the accounting systems, procedures and financial statements of a company, and would evaluate the way in which the company manages corporate funding and financial risk.

An auditor would also ensure that a company complies with all the legal requirements of its business and that tax payments are correct and in line with tax legislation and requirements.

• Registered Auditor (RA)
• Chartered Accountant (CA)

To become an auditor you must follow
the study path of a Chartered Accountant
(the audit specialisation stream)
and as part of that study path you must
pass the final Qualifying Examination
that is set by the Independent Registration
Board for Auditors (IRBA).
 

Management accountants are mostly employed in the financial divisions of organisations in commerce and industry.
Their focus is on forecasting and budgeting, cost control, risk assessment and project management. They are, among other things responsible for finding, interpreting and assessing critical information to help shape an organisation’s strategy.

Professional designations:
- Chartered Management Accountant

Entry: A Senior Certificate with matriculation exemption is required to enter an undergraduate programme. Mathematics and English are compulsory subjects while accounting, economics and business economics at Grade 12 level are recommended subjects.

There are different routes to professional status Undergraduate:
• B. Comm (Management Accounting) or B. Acc degree (3 years) and Hons B. Comm (Management Accounting) (1 year) at a university

or

• B Tech Degree in Management Accounting at a University of Technology

or

• Studying towards the CIMA qualifications through a private residential or distance education institution

Professional qualification: Qualifying examinations through CIMA

Workplace experience: Three years’ relevant work experience in an appropriate organisation

Professional body membership is not compulsory for a person to work as a management accountant, but to use the designation of Chartered Management Accountant you must be a member of the Chartered Institute of Management Accountants (CIMA)

Entry: Requirements for all undergraduate programmes in accounting are set by each of the different universities or private training institutions. As a rule, aspirant students require a Senior Certificate with matriculation exemption and English and mathematics, preferably at the higher grade. Accounting at Grade 12 level is recommended.
 

Professional body membership is not a legal requirement to practice as an accountant. However, the professional designations listed below are linked to membership of the various professional bodies. Some employers may also require professional body membership.
 

Undergraduate: BComm accounting
degree at a university that is accredited by SAICA
Post-graduate: Certificate in the Theory of Accounting (CTA) or honours qualifications at a university that is accredited by SAICA.

Workplace experience: Candidates can now choose to specialise in auditing or in financial management. If you want to specialise in auditing you have to enter into a three year training contract (learnership) with an auditing firm that is a Registered Training Office of SAICA.
If you want to specialise in financial management you can enter into a three year training contract (learnership) with a firm in commerce and industry which is an Accredited Training Office of SAICA.

Professional examinations:
All candidates can enter the firstQualifying Examination (QE1) set by SAICA once they have completed the CTA or honours qualifications.
The second Qualifying Examination is written after passing QE1 (normally towards the end of the learnership). Learners in the audit specialisation stream write the qualifying examination (QE2) set by the Independent Registration Board for Auditors (IRBA) while learners who specialise in financial management write the QE2 in financial management set by SAICA.

The ACCA offers the Certified Diploma: Accounting and Finance.

Theoretical training:
Theoretical training can be done through an accredited training institution or through distance education.

Workplace experience:
Learners must complete a three-year learnership with an accredited workplace

Professional examinations:
Professional examinations are set by ACCA. All the prescribed subjects have to be passed.

B Degree in accounting at any South African university or university of technology.
National Diploma in accounting from any South African university of technology

B Degree in Accounting at any university or university of technology
B Tech Degree in Internal Auditing at any university of technology

IIA-SA professional qualifications:
Internal Audit Technician (IAT (SA)) -
This is the entry-level designation and indicates that an IAT (SA) should be able to perform routine audit tasks, execute audit programmes, prepare work papers and draft audit findings. Must have completed two years of a relevant degree or diploma, and have at least two years of internal auditing or related experience.
General Internal Auditor (GIA (SA)) - This is the next step in the career path. The GIA is a supervisory level designation. Those who have undergone education and training in the knowledge fields of internal auditing, accounting, business management and other related subjects can apply for accreditation.
Must have completed at least a relevant three-year degree or diploma, as well as have a minimum of three years’ experience in internal auditing or a related field.

Stockbrokers invest in securities, money and various financial products on behalf of institutional, corporate and private clients. They make recommendations on buying and selling stocks based on their interpretation of financial market information provided by analysts.                                                                                       

A financial planner provides expertise and advice to clients on all the components of financial planning including personal savings, personal and family insurance cover, health insurance, investments, asset and wealth management, retirement and estate planning, and tax liability                                                           

Entry: Senior Certificate with Mathematics
Undergraduate: An accounting degree or diploma at a university of technology
The AAT qualifications are:

• Certificate in Accounting - there are no formal entry requirements.
• Advanced Certificate in Accounting -Students normally start at the Certificate Stage, but entry direct to the Advanced Certificate Stage is permitted provided you can satisfy the Association of Accounting Technicians’ entry requirements.
• Diploma in Accounting - students will normally be expected to complete Certificate and Advanced Certificate stages but entry direct to the Diploma Stage is permitted provided you can satisfy the Association of Accounting Technicians’ entry requirements.

A person may become a bookkeeper with a Senior Certificate with mathematics and accounting as subjects.
Various private institutions offer certificate and diploma courses in accounting and bookkeeping.

ICB professional qualifications:

• Certificate for Registered Bookkeeper (NQF 4)
• National Diploma: Technical Financial Accounting (NQF 5)