The Finance and Accounting Services Sector Education and Training Authority (FASSET) has as its vision to facilitate the achievement of world-class finance and accounting services skills. CFO SA asked its CFO, Zakariya Alli, about trends in the sector.
What are some of the trends you are seeing in the finance and accounting services sector?
In today’s rapidly evolving landscape, staying up to date on technological advancements is imperative. Emerging technological trends like artificial intelligence, data analytics and visualisation, automated accounting, blockchain and cryptocurrency have signalled a need for investment in occupations and skills that are increasingly in need in the sector.
Digital skills demand has been sharply increasing, signalling the need for investment in relevant skills for future survival of the industry. The skills needed to feed emerging occupations will also require hybrid skill sets, which integrate technological and digital skills into existing roles.
FASSET is providing training in partnership with South African Institute of Financial Markets on aspects such as blockchain and cybersecurity in financial markets. This will address needed occupation and skills as part of increasing programmes.
What does FASSET offer to finance professionals and executives?
FASSET offers a broad range of services designed to support the development and advancement of finance professionals and executives. These services align with its mandate to drive skills development and training within the finance and accounting sector in South Africa.
FASSET’s offerings include aspects such as continuous professional development (CPD) such as lifelong learning through which finance professionals and executives are given an opportunity to attend specialised training, focusing on leadership, governance, and advanced financial management skills.
Another way we help the financial community is through transformation and inclusion initiatives; FASSET prioritises inclusivity in its programmes, ensuring that black learners, women and individuals from rural areas have access to education and training opportunities.
This is evident through the executive and middle management women development programme, internship programmes implemented through the district development model and the Blind SA programme.
A key aspect is career guidance and support. Here, we offer resources to help finance professionals map out their career trajectories, from entry-level positions to executive roles, providing information on the skills and qualifications needed at each stage.
Another area in which we provide assistance is when it comes to bursaries for the employed and professional body programmes for both employed and unemployed.
What additional value-add can FASSET provide?
To further enhance its service offerings and increase its impact on finance professionals, executives, and the broader sector, FASSET is looking into incorporating several value-added services including: digital transformation and fintech upskilling, entrepreneurial and SME development support, global competency certifications, enhanced job placement and career support, industry thought leadership and knowledge sharing, as well as increased focus on diversity and inclusion.
Does Fasset offer customised training programmes to address an organisation’s unique needs?
FASSET offers customised training to the sector. These training initiatives are driven by a well thought through research process, such as the sector skills plan (SSP). SSP is a comprehensive document that focuses on the skills demand and supply, which resulted in the compilation of the sectorial priority occupation list of the top 10 scarce skills. These are then addressed through the annual performance plan and the strategic plan. Following this process, the Authority develops its budget, in terms of which 80 percent must go to the professional, vocational, technical and academic learning (PIVOTAL) programmes that directly respond to the top 10 scarce skills issues. The remainder go to non-professional, vocational, technical and academic learning (NON-PIVOTAL) programmes. Depending on the type of training required, there will either be an application window opened, or we develop a direct strategic partnership with training implementers.
What is FASSET’s role in terms of financial sector regulations?
FASSET’s role in terms of compliance and regulation within the financial sector is primarily focused on skills development, aligning with national policies and ensuring that professionals in the finance and accounting sector are equipped with the necessary competencies to meet regulatory and industry standards. FASSET’s role intersects with compliance and regulation in several ways.
To align with regulatory frameworks, we work in conjunction with key South African legislation and frameworks, such as: the Skills Development Act, which mandates SETAs to facilitate skills development, the National Qualifications Framework (NQF) Act and South African Qualifications Authority (SAQA) guidelines, ensuring that qualifications within the finance and accounting sectors meet regulatory standards. We also aid in ensuring those in financial services understand how to implement the Public Finance Management Act (PFMA) and other relevant legislation that governs financial management in the public sector.
In addition, FASSET’s CPD programmes ensure that finance professionals remain compliant with ongoing regulatory changes, particularly in areas like financial reporting, tax law, and corporate governance. It collaborates with professional bodies such as the South African Institute of Chartered Accountants, the Association of Chartered Certified Accountants, and the Chartered Financial Analyst Institute to ensure that professionals stay up to date with regulations affecting the sector.
Where do you see the future of training?
In an era of rapid change and skills evolution and South Africa being a country marred with socio-economic issues, the learning and development approach needs to be revolutionised and become rigorous.
It’s an undeniable fact that several strides have been made, however the cascade of training has occurred in a glacial manner. It is empirical that we exert skills development to foster a well capacitated workforce, cascade skills development through upskilling and reskilling and not as a matter of simply gaining B-BBEE points on scorecards. Skills development and training should not be driven by compliance imperatives or as a tick-box exercise, because the results will be catastrophic.
There is, however, light at the end of the tunnel, because the instrumental role played by SETAs in the drive for a skilled and well capacitated workforce coupled with the work of stakeholders will drive sound and comprehensive training in the country.
