By Lesedi Diseko, African Women Chartered Accountants: Head of Bursaries

South Africa is home to Africa’s largest and most complex financial systems. The industry is underpinned by sound regulatory and legal frameworks, which allow various commercial entities to thrive, help grow our economy and compete globally. One of the critical role players in its growth is the accounting sector. The knowledge-intensive profession has a workforce of around 56,000 employees and generates annual revenues in excess of R30 billion.

Accountants, particularly Chartered Accountants [CA(SA)], are the lifeblood of the South African economy. They drive business strategy, safeguard financial integrity, support business growth, facilitate international trade, ensure compliance with financial regulations, and enhance corporate governance.

Challenges facing the accounting industry

However, the sector is not without its challenges; over the years, a number of high-profile fraud and financial irregularities have compromised confidence in its integrity. There is also a skills shortage that negates a steady supply of qualified CA(SA) professionals to meet the high demand in the industry. The South African Institute of Professional Accountants estimates that the country has a shortage of more than 20,000 skilled accounting professionals. Additionally, the sector is not highly transformed, with African professionals making up 15% of the sector in 2021 – a figure that is much lower for African women.

The industry’s efforts over the years

But all is not lost. There have been concerted efforts in the industry to uplift the number of black female CA(SA) professionals, and the results are evident. Since 2002, the number of African, Indian, and Coloured female CA(SA) professionals has increased by over 2500%, from 407 to 10 662 in 2024. This is an immense achievement by any measure, but more still needs to be done to transform the sector and offer an excellent talent pool of women for the industry.

Challenges preventing women from becoming CA(SA) professionals

Increasing the number of African women CA(SA) professionals will require us to find innovative and targeted ways to overcome numerous barriers holding them back. With more African women getting exposure to the CA industry, the number of people studying the course has steadily increased alongside the number of qualified professionals. As people who pursue this field have excellent grades in high school, they tend to receive funding for their undergraduate.

However, critical funding institutions such as the National Student Financial Aid Scheme only offer funding for undergraduate degrees. After completing their undergraduate degrees, students who wish to pursue their CA(SA) journey are left without financial support to further their education. In addition, it is difficult to receive funding from private companies for postgraduate studies as they prefer to offer support from the undergraduate level. This predicament creates a shortage that impacts the entire value chain. Without a postgraduate qualification, prospective CA(SA) professionals can’t complete their training contracts, write board exams, or ultimately qualify as a CA(SA).

Partnerships are vital to addressing industry challenges impacting women

The industry has taken various steps to address the challenge of funding students at the postgraduate level. One route that can be taken is strategic and innovative partnerships with like-minded organisations, a path we have fully embraced as the African Women Chartered Accountants Forum (AWCA).

In 2023, we partnered with Milpark Education (Milpark), an online private higher education institution and the largest producer of students writing qualifying exams. Our partnership encompasses holistic support structures at the postgraduate level to help women from disadvantaged backgrounds (including the ‘missing middle’) overcome socio-economic and academic barriers – the type of support that very few institutions offer.

How the AWCA is helping women in their CA(SA) journey

The partnership leans on our respective strengths and the pool of resources at our disposal with the single purpose of assisting women in their journey. Through our collaboration, we have been able to offer financial support to qualifying students who are accepted to study at Milpark. Since our partnership started last year, the AWCA has supported10 AWCA members at the postgraduate level.

We also offer additional material and Professional Development support to students in the program. We provide students with stipends to cover expenses such as meals, textbooks, connectivity and laptops. In addition, we offer online extracurricular lessons through Imfundofuthi Tutorials to help students grasp the concepts they are being taught. We also pair the students with mentors and host speed dating events to help them navigate the CA(SA) landscape.

Going the extra mile

We acknowledge that it will take all of us to go the extra mile to help increase the number of African women CA(SA) professionals. Through our Student Chapters, we also have a wider reach to students currently pursuing their studies. Each Student Chapter hosts events which are targeted at the student demographic of our organization. To date, we have been able to holistically support hundreds of women on their journey to becoming CAs from undergraduate to postgraduate studies. Moreover, we host the Annual AWCA Woman of Substance conference and banquet every August. The event aims to raise funds for our bursary funds while celebrating some of our industry leaders. to. The event is also an occasion to award the Woman of Substance Award, which acknowledges and celebrates female leaders who have significantly contributed to the profession, their businesses, and the economy.

Conclusion

Strategic and innovative partnerships, such as the one between AWCA and Milpark, play a crucial role in overcoming the socio-economic and academic barriers creating blockages and preventing African women from becoming CAs. By pooling resources and expertise, these partnerships can create comprehensive support systems tailored for women at the postgraduate level. Additionally, they can be used as a case study to advocate for policy changes and industry practices that promote greater gender equity within the profession.

Ultimately, these strategic efforts will not only help individual African women achieve their professional aspirations but also contribute to more inclusive and diverse CA(SA) professionals in South Africa.