SA Chartered Accountants positive about their profession

South Africa’s Chartered Accountant (CAs[SA]) professionals are increasingly positive about their profession, according to the latest PPS survey conducted among nearly 300 CAs(SA). When asked about their confidence in the future of their profession over the next five years, a confidence level of 85% was recorded, a two percentage point increase from the previous quarter.

According to Macy Seperepere, Manager: Professional Associations at PPS, the CAs(SA) also recorded the highest confidence level for this question among the different professional occupations surveyed this quarter. “It is very positive to note that these professionals are constantly optimistic about their profession.”

Commenting on the results, Willie Botha, Senior Executive: Assurance and Practice at the South African Institute of Chartered Accountants (SAICA), stated that it is important to also acknowledge that the confidence level among CAs(SA) in this survey has been consistently high, achieving levels that range between 82% - 87% since 2012. “The survey results reiterates the confidence that most CAs(SA) have always had in their profession.”

Botha explains that while there may be many contributing factors to these high confidence levels, it could be linked to the fact that many CAs(SA) are trained to fulfil the role of responsible leaders and CEOs in businesses. “The CA(SA) designation opens various career possibilities where the individual’s knowledge and skills can be applied in any sector of the economy and business. Coupled with the profession’s strong code of ethics, CAs(SA) will continue to play a vital role in the economy, whether it be in practice offering a wider range of professional accountancy services, in academia or in business (both the private and government sectors) as financial professionals, CFOs, CEOs, directors, audit committee members etc.”

A report released by the International Federation of Accountants (IFAC), a global organisation for the accountancy profession, revealed that they saw a growth in the membership of professional accountancy organisations far exceeding total employment growth across almost all global regions and economies during 2009-2013. “Although the overall prospects for CAs(SA) remain positive, the onus is on the profession to stay relevant in the context of an ever-evolving business environment in areas such as big data, data analytics, technological advancements and progressing information needs of different users and stakeholders,” states Botha.

Seperepere notes that one concern brought to light in the survey was that 81% of the respondents do not believe that the current educational system provides sufficient mathematics education to support the future production of CAs(SA). “In addition, 94% of the respondents indicated that they are concerned about the lack of maths and science graduates in South Africa. This is on the back of the recently released World Economic Forum’s Global Competitiveness report where South Africa was ranked 138th place out of 140 countries in terms of its maths and science education.”

The survey also revealed a 69% confidence level when respondents were asked if there are enough job opportunities for young CAs(SA). Botha believes that the success of current CAs(SA) will to a large extent determine future opportunities for prospective CAs(SA) as these professionals are often the people who assist business growth and therefore create job opportunities. He states that SAICA and various Government bodies are already working together on several public and private partnerships.

Seperepere also notes that when asked about their confidence about remaining in South Africa for the foreseeable future, the respondents’ confidence level increased by five percentage points from the first quarter of this year to 73% in this quarter.

“While the results of the survey point to some concerns among CAs(SA), it is very positive that these professionals do have a good level of confidence in the future of their industry and job opportunities available to young CAs(SA) to enter the accountancy sector as these professionals play a vital role in South Africa’s business and economic sectors” concludes Seperepere.