Choosing a career in Insurance

CAREER GUIDE MANUAL

Choosing a career in Insurance

C O N T E N T S 1 ABOUT THE INSURANCE SECTOR 1 1.1 Overview 1 1.2 Working conditions 1 1.3 Employment 2 1.4 Geographical distribution of workers 2 2 CHOOSING A CAREER 4 3 CAREERS IN INSURANCE 8 3.1 Professional occupations 8 1.3.1 Insurance-specific professions 8 1.3.2 Financial professionals 8 1.3.3 Legal professionals 8 1.3.4 Information technology professionals 9 1.3.5 Health professionals 9 1.3.6 Client relations and marketing professionals 9 1.3.7 Human resources professionals 10 3.2 Clerical and administrative workers 10 3.3 Sales workers 11 4 DETAILED DESCRIPTION OF OCCUPATIONS IN INSURANCE 12 4.1 Financial planner 12 1.4.1 Nature of work 12 1.4.2 Personal requirements 12 1.4.3 Education and training 13 1.4.4 Licensing requirements 14 1.4.5 Employment 14 4.2 Insurance broker or agent 14 2.4.1 Nature of work 14 2.4.2 Personal requirements 15 2.4.3 Education and training 16 2.4.4 Licensing requirements 17 2.4.5 Professional bodies 17 2.4.6 Employment 17 4.3 Actuary 18 3.4.1 Nature of work 18 3.4.2 Personal requirements 18 3.4.3 Education and training 18 3.4.4 Employment 20

4.4 Accountant 20 4.4.1 Nature of work 20 4.4.2 Personal requirements 20 4.4.3 Education and training 21 4.4.4 Employment 25 4.5 Chartered accountant 26 5.4.1 Nature of work 26 5.4.2 Personal requirements 27 5.4.3 Education and training 27 5.4.4 Professional registration 29 5.4.5 Employment 29 4.6 Underwriter 29 6.4.1 Nature of work 29 6.4.2 Personal requirements 30 6.4.3 Education and training 31 6.4.4 Employment 32 4.7 Portfolio manager 32 7.4.1 Nature of work 32 7.4.2 Personal requirements 33 7.4.3 Education and training 33 7.4.4 Employment 34 4.8 IT technician/support officer 35 8.4.1 Nature of work 35 8.4.2 Personal requirements 35 8.4.3 Education and training 36 8.4.4 Workplace and further training 39 8.4.5 Employment 39 4.9 Software developer 40 9.4.1 Nature of work 40 9.4.2 Personal requirements 41 9.4.3 Education and training 41 9.4.4 Employment 44 4.10 Insurance administrator 44 10.4.1 Nature of work 44 10.4.2 Personal requirements 45 10.4.3 Education and training 45 10.4.4 Employment 46 5 LEARNERSHIPS IN INSURANCE 47 5.1 What is a learnership? 47 5.2 What is expected of a learner? 47 5.3 What is expected of an employer? 48 5.4 Learnership agreement 48

2 positions may work longer hours. Those in marketing and sales positions work directly with the public and may work irregular hours to fit in with the schedules of their clients. 1.3 EMPLOYMENT The insurance sector in South Africa employs more than 100 000 people most of whom are employed by the large insurers. The majority of brokerages are small organisations that employ 20 or fewer people. Most workers in the sector are employed in clerical and administrative positions. Service and sales workers, professionals and managers also constitute a sizable portion of the workforce (Figure 1). Percentage employees 45 40 35 30 25 20 15 10 5 0 13.2 26.9 1.3 0.0 40.6 11.1 1.2 1.2 2.6 0.8 1.1 Managers Professionals Technicians and trade workers Community and personal service workers Clerical and administrative workers Sales workers Machinery operators and drivers Labourers Unknown Learners/trainees/students Contractors/ temporary workers Figure 1 Occupational distribution of workers in the insurance sector 1.4 GEOGRAPHICAL DISTRIBUTION OF WORKERS Most of the large insurance companies are based in Gauteng and the Western Cape, and, accordingly, the majority of the job opportunities in

3 insurance are in these two provinces. The people working in the other provinces are mainly brokers or agents who sell insurance products to the public. Western Cape 22.8% Eastern Cape 4.2% Free State 4.4% Northern Cape 0.4% North West 2.0% Mpumalanga 2.7% Limpopo 1.5% KwaZulu-Natal 9.2% Gauteng 52.7% Figure 2 Geographical distribution of workers in the insurance industry

5 What am I interested in? What activities do I enjoy most? What kinds of people would I like to work with? What kind of job settings would I enjoy? Values (What are my values?) What would give me satisfaction in a career? In what ways must I be challenged and rewarded in the job I do? In what type of work environments would I be happy? Personality (What kind of a person am I?) What personal qualities do I possess that will help me in the job I choose? How will my personal style influence my career choice? How will I get along with my supervisor and my co-workers? Step 2: Identify options (career knowledge) In the course of gathering information and researching careers, you will need to start identifying your options. Questions you should ask yourself are: At this point, what are my career options? Do I have a strong interest in other types of jobs or careers? What other types of jobs or careers should I be considering? What is career knowledge? Career knowledge entails obtaining knowledge about: Different careers The type of work in different careers The salary and benefits in different careers The type of person who will fit the specific occupation Subjects required Personal characteristics required Information sources that you may use Read career magazines/ books/ career supplements in newspapers Attend career exhibitions Visit workplaces Talk to employees

6 Talk to employers Visit your nearest career information centre Contact professional societies Browse the Internet Step 3: Evaluate career options Once you have completed your career research, you can evaluate each of the career options you have identified. Examine the information you already have. Identify what additional resources and information you will need. Seek and use new information. Step 4: Select one of the options Based on the information you have gathered and analysed, you should now be able to choose one of the acreer options. Career choice is a process - it starts when you are very young and continues into adulthood. It is an ongoing investment in who you are and how you will fit into the world of work. How do I make the right choice? (review your previous steps) a) How to make the right choice Match your specific characteristics with a specific career. Choose a career path that has different options and opportunities. Ask yourself why you have chosen that particular career. Try to obtain exposure to the career, for example vacation work, voluntary work or an internship Is there a demand for your chosen career? Make a second choice - we can all be successful in more than one career. Do you have enough information to choose one career option over another? If not, you may need to do more research.

3 8 CAREERS IN INSURANCE The insurance sector provides a wide range of career opportunities for managerial, professional, clerical and administrative and sales staff. The entry-level occupations in the sector are listed below. The occupations marked with an * are described in more detail in the next chapter of this career guide. 3.1 PROFESSIONAL OCCUPATIONS These occupations require an NQF Level 5 or higher qualification. 1.3.1 Insurance-specific professions Financial and investment advisors* Insurance brokers* Claims assessors* Underwriters* Actuaries* Financial investment managers and fund administrators Portfolio managers* Risk analysts, advisers and consultants 1.3.2 Financial professionals Accountants* and chartered accountants* Business analysts and consultants Financial economists and analysts Internal auditors Forensic auditors Management accountants Statisticians Financial market dealers Economists 1.3.3 Legal professionals Attorneys, lawyers and legal advisors

9 1.3.4 Information technology professionals Systems analysts Computer network and systems engineers Software and applications programmers Analyst programmer Systems administrators Database administrators Network administrators ICT support engineers ICT business analysts ICT security specialists Web developers Developer programmers ICT systems test engineers Software engineers ICT trainers Telecommunications engineers Multimedia designers Web designers Multimedia specialists Network analysts 1.3.5 Health professionals Nurse practitioners Industrial pharmacists Health diagnostic and promotion professionals Medical practitioners Pharmacist assistants General medical practitioners HIV counsellors Health promotion officers Nurse researchers Dieticians Occupational therapists 1.3.6 Client relations and marketing professionals Client relations specialists and consultants Marketing specialists

10 Public relations and communications specialists Sales specialists and advisers Market research analysts 1.3.7 Human resources professionals Training and development professionals Human resources advisors Skills development practitioners Recruitment and employment consultants Information and organisation professionals 3.2 CLERICAL AND ADMINISTRATIVE WORKERS General clerks and administrators Client service administrators Insurance administrators* General secretaries Claims clerks Call centre team leaders and operators Personal assistants Insurance clerks Receptionists Accounts clerks Financial clerks Team leaders and supervisors Filing clerks Policies clerks Financial supervisors Programme and project administrators Administration supervisors and team leaders Data entry operators Office managers Switchboard operators Mailing clerks Bookkeepers Actuarial clerks Human resources clerks Insurance investigators

11 Word-processing operators Payroll clerks Customer service supervisors Call centre team leaders Law clerks Legal secretaries Procurement officers Stock clerks Warehouse administrators Library assistants Coding clerks Couriers Debt collectors 3.3 SALES WORKERS Insurance sales consultants Sales representatives Sales assistants Telemarketers

13 understand and interpret financial and investment markets; keep abreast of new legislation, tax regimes, government policies and changes within industries that may affect investment earnings; exercise sound judgement and demonstrate good decision-making skills; communicate complex financial concepts in simple and understandable language; do financial calculations and computer-based analysis; market and sell insurance products. 1.4.3 Education and training a) Entry requirements Market entrants who wish to work as financial planners usually require a Senior Certificate with matriculation exemption and a relevant degree or diploma. Subjects such as mathematics, economics, accounting and English are prerequisites. b) Undergraduate programmes An undergraduate programme in accounting, finance, economics, business science, mathematics or law provides a sound basis from which to pursue a career in financial planning. In addition to having a relevant degree or diploma, the candidate should participate in courses and learning programmes in investments, taxes, estate planning and risk management. The table below lists some relevant undergraduate courses. Readers should also consult the courses relevant to the career of accountant as listed in this career guide. QUALIFICATION INSTITUTION Postgraduate Diploma in Financial Planning University of the Free State Advanced Diploma in Financial Planning University of the Free State Postgraduate Diploma in Financial Planning Stellenbosch University BCom Investment Management University of Pretoria BCom Finance Management University of Johannesburg BCom Financial Planning Nelson Mandela Metropolitan University BCom Financial Planning University of KwaZulu-Natal BCom Banking Damelin Diploma in Insurance (DiI) (Advanced Insurance Practice) College of Insurance of IISA Source: www.ifp.co.za; www.inseta.co.za; www.sainsurance.co.za

14 c) Professional qualifications Financial planning practitioners who have successfully completed the Postgraduate Diploma in Financial Planning at the University of the Free State or the University of Stellenbosch may apply to the Financial Planning Institute of Southern Africa (FPI) to be registered as certified financial planners (CFPs). The CFP is an international credential issued by the Certified Financial Planner Board of Standards in the USA (and its authorised licensees around the world) and is the highest professional designation awarded to a financial planner. Candidates are admitted only if the FPI declares them to be fit and proper persons who participate in continuous professional education and upon payment of membership fees. The FPI also awards the qualification of associate financial planner (AFP) to graduates who have achieved qualifications in financial advice and planning and have two years relevant industry experience. 1.4.4 Licensing requirements Financial advisors are required to apply for registration as financial services providers with the Financial Services Board (FSB). Licensing requirements are set in terms of the Financial Advisory and Intermediary Services (FAIS) Act, 37 of 2000, and include criteria for personal character (integrity and honesty), education and training, competence and operational ability. 1.4.5 Employment Although financial planners are employed by insurance companies, broker firms, banks and financial investment houses, many are self-employed and operate small investment advisory businesses. 4.2 INSURANCE BROKER OR AGENT 3 2.4.1 Nature of work An insurance broker or insurance sales agent sells insurance policies and products to individuals, families and businesses to safeguard them against future losses and possible financial risks arising from death, injury, accidents, 3 The information relating to the career of an insurance broker or agent was sourced from www.careers.co.za; www.kiwicareers.gov.nz; www.bls.gov; www.saia.co.za; www.fsb.co.za; www.ibcsa.org.za

15 natural disasters, fire and theft. Insurance brokers have to analyse the needs of their clients and assist them to acquire the protection that best meets the identified needs. Insurance protection covers houses and property, vehicles, personal accident and trauma, disability, income protection, personal and family health to cover hospital and medical costs, life cover for breadwinners, product liability and professional indemnity. Insurance brokers or agents who are employed by one insurance company are called tied agents because they promote only the products of the one company. Independent brokers market the products of several companies and place insurance policies for their clients with the company that offers the best rates, coverage and benefits. Brokers also provide clients with information on investment instruments such as mutual funds, annuities and long-term savings plans. Insurance brokers use their marketing, organisational and public relations skills to meet with people who require insurance, secure quotations on products, advise clients on risks and benefits, sell policies, help clients to complete application forms and submit relevant information, answer queries and assist with the submission of insurance claims against the particular policies. The work of an insurance broker often overlaps with that of a financial advisor. Insurance companies are increasingly placing insurance agents in call centres to market their products and services. 2.4.2 Personal requirements Insurance brokers should have good people skills to interview and listen to clients and identify their insurance needs; patience to offer help and respond to queries; the ability to gain the trust of other persons; the ability to do calculations and compare rates and product benefits; the ability to plan and organise computer skills.

17 QUALIFICATION BCom Risk Management (UNISA) BSc Financial Mathematics Diploma in Insurance (DiI) (Advanced Insurance Practice) Higher Certificate in Insurance (HCiI) (Life Insurance Servicing) Higher Certificate in Insurance (HCiI) (Life Insurance) Higher Certificate in Insurance (HCiI) (Retirement Fund Management) Higher Certificate in Insurance (HCiI) (Short Term) NDip Financial Markets and Instruments Source: www.careers.co.za; www.saia.co.za. INSTITUTION Midrand Graduate Institute University of Johannesburg College of Insurance of IISA College of Insurance of IISA College of Insurance of IISA College of Insurance of IISA College of Insurance of IISA Academy of Financial Markets 2.4.4 Licensing requirements Insurance brokers or agents who render financial services on financial products are required to apply for registration as financial services providers with the Financial Services Board (FSB). Licensing requirements are set in terms of the Financial Advisory and Intermediary Services (FAIS) Act, 37 of 2000, and include criteria for personal character (integrity and honesty), education and training, competence and operational ability. 2.4.5 Professional bodies Independent insurance brokers who adhere to a code of ethics and practice as financial advisors in the areas of long-term insurance, short-term insurance, collective investment schemes, medical or health benefits or employee/pension fund benefits may apply for membership of the Insurance Brokers Council of South Africa, a professional body that promotes the interests of its members and their training. 2.4.6 Employment Although insurance companies employ large numbers of brokers, many brokers are self-employed or work in the broader financial services sector in banks and firms that provide financial advisory services to individuals and companies.

20 3.4.4 Employment Although insurance companies employ a substantial proportion of actuaries, many actuaries are self-employed or work for specialised actuarial firms that provide consultancy services to the insurance industry as well as to other clients. 4.4 ACCOUNTANT 5 4.4.1 Nature of work Accountants use their numerical, analytical, statistical and management skills to maintain reliable accounting and financial systems and to advise businesses on a variety of financial matters. An accountant analyses and evaluates the financial information of a business and communicates the findings to management so that management can make informed business decisions. Typically, accountants are required to prepare company budgets and financial statements, monitor cash flow and operational costs, and oversee financial investments, risk management and debt collection. Accountants also ensure that companies comply with industry and legal requirements in financial reporting. Accountants often specialise in a particular field of accountancy such as pure accounting, financial accounting, taxation, internal auditing, and cost and management accounting. Accountants in the insurance industry report on premium income, claims expenditure paid, taxation and company expenditure so that management may keep track of the company's financial position. Accountants with higher level qualifications are often members of the senior management team while other accountants oversee the work of accounting technicians and accounting officers. 4.4.2 Personal requirements Accountants should have integrity and be trustworthy; be proficient in mathematics; 5 Information relating to this career was sourced from www.careers.co.za; www.kiwicareers.gov.nz; www.cfa-sa.co.za; www.acca.org.za; www.fasset.org.za.

21 be able to work accurately and undertake detailed work; have strong analytical skills to consider and compare facts and figures quickly; be able to use computer software to perform a variety of tasks and functions; be able to communicate effectively verbally and in writing; have sound judgement and good decision-making skills; be able to work well in a team. 4.4.3 Education and training a) Entry requirements 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. b) Undergraduate training programmes The training of an accountant starts with an undergraduate course in accounting. The following relevant courses are offered by South African universities, universities of technology and private institutions. QUALIFICATION BAccounting BAccounting BAccounting BAccounting BAccounting BAccounting BAccounting Science BAccounting, LLB BBusiness and Commerce Accounting BBusiness Science Extended Programme BBusiness Science Management Studies BCom (UNISA) BCom Accounting BCom Accounting BCom Accounting BCom Accounting BCom Accounting BCom Accounting BCom Accounting INSTITUTION Rhodes University Stellenbosch University University of Fort Hare University of KwaZulu-Natal University of the Witwatersrand Walter Sisulu University University of South Africa (UNISA) Stellenbosch University Monash South Africa University of Cape Town University of Cape Town Boston City Campus and Business College Damelin Education Group Midrand Graduate Institute North-West University Rhodes University University of Fort Hare University of Johannesburg University of KwaZulu-Natal

22 QUALIFICATION BCom Accounting BCom Accounting BCom Accounting BCom Accounting BCom Accounting BCom Accounting and Informatics BCom Accounting Sciences BCom Chartered Accounting BCom Cost and Management Accounting BCom Financial Accounting BCom Financial Accounting BCom Financial Management BCom Financial Management Sciences BCom General BCom General BCom General BCom General BCom General BCom General BCom General BCom General BCom General Accounting BCom General Accounting BCom Management Accountancy BCom Management Accounting BCom Management Accounting BCom Management Accounting BCom Management Accounting BCom Management Accounting BCom Management Accounting (UNISA) BCom Municipal Accounting BCom Rationum BCompt BCompt BCompt BCompt (UNISA) BCompt (UNISA) BCompt Accounting BCompt Accounting Science (UNISA) BCompt Auditing BCompt Chartered Accounting (UNISA) BCompt Management Accounting BPub Accounting BTech Cost and Management Accounting INSTITUTION University of Limpopo University of the Free State University of the Western Cape University of Venda University of Zululand North-West University University of Pretoria Nelson Mandela Metropolitan University University of Venda North-West University Stellenbosch University University of Johannesburg University of Pretoria Nelson Mandela Metropolitan University North-West University Rhodes University Stellenbosch University University of Fort Hare University of KwaZulu-Natal University of South Africa (UNISA) University of the Western Cape Nelson Mandela Metropolitan University University of Cape Town North-West University Damelin Education Group Stellenbosch University University of Limpopo University of South Africa (UNISA) University of the Free State Midrand Graduate Institute University of South Africa (UNISA) Nelson Mandela Metropolitan University Damelin Education Group University of South Africa (UNISA) Walter Sisulu University Boston City Campus and Business College Durbanville College University of Limpopo Varsity College University of Limpopo ICESA City Campus University of Limpopo University of the Free State Durban Institute of Technology

23 QUALIFICATION INSTITUTION BTech Cost and Management Accounting University of South Africa (UNISA) BTech Cost and Management Accounting Walter Sisulu University BTech Finance and Accounting (Public) Tshwane University of Technology BTech Financial Information Systems Cape Peninsula University of Technology BTech Financial Information Systems Central University of Technology BTech Financial Information Systems Durban Institute of Technology BTech Financial Information Systems Tshwane University of Technology BTech Financial Information Technology Nelson Mandela Metropolitan University BTech Local Government Finance Tshwane University of Technology BTech Local Government Finance University of South Africa (UNISA) BTech Taxation Cape Peninsula University of Technology BTech Taxation Durban Institute of Technology BTech Taxation University of South Africa (UNISA) Certificate in Accountancy Southern Business School Certificate in Accounting and EndUser Computing Financial Services Certificate in Certified Accounting Technician Boston City Campus and Business College Certificate in Cost and Management Accounting (IAC) Damelin Correspondence Certificate in Financial Planning Damelin Education Group Certificate in Local Government Finance Damelin Correspondence Diploma in Accountancy Southern Business School Diploma in Accounting and Business Administration ICESA City Campus Diploma in Accounting and Financial Computing Rosebank College Diploma in Accounting and Taxation Midrand Graduate Institute Diploma in Chartered Institute of Secretaries and Administrators (CIS) Administration, Business and Office Work Durban Institute of Technology Diploma in Financial Accounting (IAC) Damelin Correspondence Higher Certificate in Cost and Management Accounting (IAC) Damelin Correspondence NCert Accounting University of South Africa (UNISA) NCert Financial Information Systems University of South Africa (UNISA) NCert: N4-N6 Cost and Management Accounting Northern Cape Urban FET College NDip Accounting Cape Peninsula University of Technology NDip Accounting Durban Institute of Technology NDip Accounting Mangosuthu Technikon NDip Accounting Tshwane University of Technology NDip Accounting University of South Africa (UNISA) NDip Accounting Walter Sisulu University NDip Cost and Management Accounting Central University of Technology NDip Cost and Management Accounting Durban Institute of Technology NDip Cost and Management Accounting Mangosuthu Technikon NDip Cost and Management Accounting University of South Africa (UNISA) NDip Cost and Management Accounting Vaal University of Technology

24 QUALIFICATION NDip Cost and Management Accounting NDip Cost and Management Accounting NDip Cost and Management Accounting (Cape Peninsula University of Technology) NDip Cost and Management Accounting (UNISA) NDip Credit Management NDip Finance and Accounting (Public) NDip Financial and Accounting: Public NDip Financial Information Systems NDip Financial Information Systems NDip Financial Information Systems NDip Financial Information Systems NDip Financial Information Systems NDip Financial Information Systems NDip Financial Information Systems NDip Financial Information Systems NDip Local Government Finance NDip Local Government Finance NDip Taxation NDip Taxation NHCert Accountancy NHCert Accountancy (Accounting Option) NHCert Accountancy (Cost and Management Accounting Option) NHCert Accountancy (Taxation Option) NHCert Accounting NHCert Accounting NHCert Accounting NHCert Accounting NHCert Accounting NHCert Financial Information Systems NHCert Financial Information Systems INSTITUTION Walter Sisulu University Walter Sisulu University South Cape FET College Northlink FET College Tshwane University of Technology Mangosuthu Technikon University of South Africa (UNISA) Cape Peninsula University of Technology Durban Institute of Technology Nelson Mandela Metropolitan University University of Johannesburg University of South Africa (UNISA) Vaal University of Technology Walter Sisulu University Walter Sisulu University University of South Africa (UNISA) Walter Sisulu University Durban Institute of Technology University of South Africa (UNISA) Walter Sisulu University Durban Institute of Technology Durban Institute of Technology Durban Institute of Technology Central University of Technology Nelson Mandela Metropolitan University University of Johannesburg University of South Africa (UNISA) Vaal University of Technology University of South Africa (UNISA) Walter Sisulu University c) Professional qualifications Several professional bodies offer accounting graduates and trainees additional postgraduate and workplace-based qualifications. The table below summarises the qualifications and membership offered to high-end accounting professionals.

26 4.5 CHARTERED ACCOUNTANT 6 5.4.1 Nature of work A chartered accountant (CA) is a highly qualified professional who applies accounting, mathematical and analytical skills to solve business, taxation, financial and management problems. Chartered accountants who work in commerce and industry are involved in all critical business areas such as accounting, strategic business planning, marketing, information technology and financial management. Typically, chartered accountants in the insurance industry are required to do the following: Prepare the financial statements of a company. Record, monitor and interpret financial results. Develop and maintain reporting, cost accounting and computer systems. Improve internal and operational controls. Oversee day-to-day financial management such as budgeting, cash flow forecasting, business planning and longer term corporate finance planning. Promote optimal financial effectiveness and efficiency within the organisation. Act as a financial executive or director and as a key player in the top management team. Manage and minimise the company's tax liabilities. Manage the company's asset base, including asset sales and acquisitions. Legislation requires all companies to prepare annual audited financial statements. Many chartered accountants in public practice specialise as auditors who review businesses' financial status and operations. As auditors, they provide assurance as to whether or not the annual financial statements fairly represent the results and financial position of a company. Chartered accountants in public practice may be self-employed or work in a firm that renders specialised financial services including auditing services, tax planning and advice, management consultancy to improve clients' profitability and forensic accounting to investigate and uncover fraudulent accounting practices. Prior to company mergers and acquisitions, chartered accountants conduct due diligence investigations to determine the value and 6 The information relating to the career of a chartered accountant was sourced from www.saica.co.za; www.paab.co.za; www.careers.co.za; www.kiwicareers.gov.nz.

27 viability of the business to be acquired. When a company faces insolvency, chartered accountants assess the chances of recovery and advise on whether the company should be sold as a going concern, placed under judicial management to continue operations, restructured in order to survive or liquidated to pay creditors. 5.4.2 Personal requirements Chartered accountants should possess integrity, self-discipline and resolve; be proficient in mathematics and English; be conscientious and diligent; have strong analytical capabilities to compare and interpret facts and figures quickly and accurately; have sound judgement and good decision-making skills; be able to communicate clearly in speech and writing; be able to work accurately and in detail; be able to work well with other people in a team. 5.4.3 Education and training Chartered accountants have to undergo rigorous training. The minimum study period to qualify as a chartered accountant is seven years. The South African Institute of Chartered Accountants (SAICA) sets, monitors and maintains qualification and practice standards for the profession. To enter the profession, students have to complete a three-year undergraduate course in accounting, obtain a postgraduate Certificate in the Theory of Accounting (CTA) or an equivalent BCom Honours Degree in Accounting, complete three years on a workplace-based learnership or training contract with an accredited provider and pass Parts 1 and 2 of the Qualifying Examinations. a) Entry requirements The entry requirements for undergraduate programmes in accounting are set by each of the different universities. 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.

28 b) Undergraduate and postgraduate programmes Students have to complete a recognised undergraduate accounting degree to gain entry into an accredited CTA programme. The following are recognised undergraduate and accredited postgraduate CTA qualifications offered by South African Universities. SAICA-RECOGNISED UNDERGRADUATE QUALIFICATION BCom (Chartered Accountancy) SAICA-ACCREDITED POSTGRADUATE QUALIFICATION BCom Hons (Chartered Accountancy) INSTITUTION North-West University BCom (Acc) BCom (Acc) Hons University of Johannesburg BCom (Acc) BAcc BCom Accounting BBus Sci Postgraduate Diploma in Accountancy (PGDA) Postgraduate Diploma in Accounting (PGDA) Rhodes University University of Cape Town BCom (Acc) BCom Hons (Acc) University of KwaZulu-Natal BCom (Acc) BCom Hons (Acc) Nelson Mandela Metropolitan University BCom BCom Hons University of Pretoria BCompt BAcc BAcc BCom (Accounting) BCom (Management Accounting) BCom (Acc) BAcc BCom (Acc) BCompt Source: www.saica.co.za Hons BCompt BAcc Hons Postgraduate Diploma in Accounting (PGDA) BAcc Hons BCom Hons (Accounting) BCom Hons (Acc) Postgraduate Diploma in Accounting (PGDA) BCom Hons (Acc) HDipAcc University of South Africa (UNISA) Stellenbosch University University of the Free State University of the Western Cape University of the Witwatersrand University of Fort Hare University of Limpopo c) Professional qualifications The CTA or Honours degree in Accounting is a prerequisite for candidates who intend to write the qualifying examinations for chartered accountants. Before entering into a three-year training contract, students choose whether to specialise in auditing or financial

29 Part 1 of the Professional Examination assesses management. candidates' aptitude for and knowledge of management accounting, financial accounting, auditing, business information systems, taxation and estates while Part 2 tests either auditing or financial management skills. SAICA confers the designation of Chartered Accountant (CA(SA)) to persons who successfully pass the qualifying examinations. Continuous registration with SAICA is a prerequisite for retention of the designation. 5.4.4 Professional registration Chartered accountants who enter public practice are required to register with the Independent Registration Board for Auditors (IRBA), the statutory regulator for the public audit function. 5.4.5 Employment As highly trained professionals, chartered accountants are in great demand. Employment opportunities in the labour market usually exceed the supply of chartered accountants, and chartered accountants consequently enjoy excellent employment prospects. Although chartered accountants are widely employed in the insurance industry, many work in specialised auditing, accounting and financial services firms that offer consultancy services, while others are self-employed or work in senior and top management positions across all economic sectors. 4.6 UNDERWRITER 7 6.4.1 Nature of work An insurance underwriter identifies and calculates the risk of loss under insurance policies and enables an insurance company to charge an appropriate premium to cover those risks. Since insurance companies are in business to make profits, underwriters use their analytical, statistical, technical and insurance industry knowledge to assess the likelihood of claims being made by policyholders and prospective clients. Once the risks are determined, underwriters help insurance companies to set appropriate premium rates, write policies that cover the risks or exclude parts of the risks 7 The information relating to the career of an underwriter was sourced from www.bls.gov; www.kiwicareers.gov.nz; www.prospects.ac.uk; www.collegegrad.com.

33 7.4.2 Personal requirements Although portfolio managers have their own personal way of investing, they all need strong quantitative analytical skills. They should also be openminded, well-disciplined, patient and have a thorough understanding of companies and financial markets so that they can detect changes in the market quickly and react acccordingly. Portfolio managers need good communication skills to build relationships with their clients and understand their financial needs. They must be able to do formal presentations that persuasively demonstrate their investment strategies to people who are not necessarily financial experts. Clients want regular feedback on the performance of their investments through performance reports. These reports should be user-friendly documents that indicate what the actual performance was, how the performance was achieved, for example stock selection and asset allocation, and how good or bad the performance was compared to the investments made by other portfolio managers and other financial products. Volatile markets can make the life of portfolio managers very stressful. To be successful, they therefore need the ability to remain calm and work efficiently under pressure. 7.4.3 Education and training (a) (b) Entry requirements Because a tertiary qualification is required, the candidate must have a Senior Certificate with matriculation exemption. Compulsory subjects are mathematics and English; useful subjects are accounting, computer science and economics. Undergraduate programmes A Bachelor's degree in finance or economics is a minimum requirement for portfolio managers, most of whom have an MBA with a financial or economic focus. Many portfolio managers are chartered accountants who have passed the exams and requirements of the South African Institute of Chartered Accountants (SAICA).

34 A portfolio manager needs to have studied and gained expertise in such areas as bond valuations, capital markets and interest rates, financial statement analysis, portfolio theory and management, fixed income investment, international economics and trade, equity strategies and computer research. The table below lists some appropriate undergraduate courses. Readers should also consult the courses relevant to the career of the financial planner as listed in this career guide. Qualification Bachelor of Arts: Economics Bachelor of Business Science: Economics Bachelor of Commerce: Economics Bachelor of Commerce: Economics Bachelor of Commerce: Economics Bachelor of Commerce: Economics Bachelor of Commerce: Economics Bachelor of Commerce: Economics Bachelor of Economics Bachelor of Economics Bachelor of Economics Advanced Diploma: Management: Finance Bachelor of Business Science: Finance Bachelor of Commerce: Economics and Finance Bachelor of Commerce: Finance Bachelor of Commerce: Finance Source: www.saqa.org.za Institution University of the Free State University of KwaZulu-Natal University of Limpopo University of Venda University of the Free State University of Johannesburg University of Western Cape University of Pretoria University of Venda University of the Free State Rhodes University University of Western Cape University of KwaZulu-Natal University of Cape Town University of Johannesburg University of Western Cape 7.4.4 Employment Many portfolio managers start out as members of a team of research analysts, analyzing certain segments of a given industry such as the retail or mining industry. The analysts research individual companies and write industry reports for portfolio managers to read and consider. After gaining the necessary experience, analysts can move on to writing research reports on individual companies that the portfolio manager may use in deciding whether or not to buy a company's stock or bonds. Analysts will later be in a position to work as members of a portfolio management team. Good places to start are bank trust departments, insurance companies and pension funds. Many people cross over into portfolio management after years of experience in the sales side of investment banking.

35 4.8 IT TECHNICIAN / SUPPORT OFFICER 9 8.4.1 Nature of work Because computer systems are crucial for most business activities such as the processing of financial transactions, sales and production, orders, and dispatches and record keeping, systems downtime must be avoided or minimised. IT technicians are tasked with ensuring the smooth running of computer systems and the ongoing functionality of individual workstations. These technical support officers are required to assemble, install, maintain and repair computer hardware, software and network equipment. IT technicians are often responsible for specific areas of the computer and business systems such as file servers, printers and scanners, and local area networks. They work behind the scenes to ensure that business systems run smoothly, and they assist front-end users with problems at workstations. IT technicians diagnose and repair hardware faults and replace dysfunctional parts. They are also called upon to solve the numerous problems experienced by computer users. IT support officers liaise with their clients by phone, e-mail or on site and endeavour to deliver functional and reliable computers and systems in the shortest possible time. They spend many hours with computer users and are required to explain solutions repeatedly. IT technicians may also be required to keep records of software and equipment and to run test programmes. 8.4.2 Personal requirements IT technicians should have extensive knowledge of computer systems, including hardware components, networks, operating platforms and software used by businesses; good listening and communication skills to work with their clients; patience and persistence; talent for analysing and solving problems; logical and practical thinking skills; good hand-eye co-ordination to service and repair computer components; 9 The information relating to the career of an IT technician / support officer was sourced from www.careers.co.za; www.kiwicareers.gov.nz; www.prospects.ac.uk; www.collegegrad.com.

37 QUALIFICATIONS INSTITUTION BComm Information Systems University of Fort Hare BSc Computer Science Stellenbosch University BSc Computer Science University of KwaZulu-Natal BSc Computer Science University of Zululand BSc Computer Science (UNISA) Midrand Graduate Institute BSc Computer Science and Computer Engineering North-West University BSc Computer Science and Information Systems Nelson Mandela Metropolitan University BSc Computer Science and Information Technology University of KwaZulu-Natal BSc Computer Science and Information Technology Walter Sisulu University BSc Computer Sciences University of the Western Cape BSc General University of Limpopo BSc Informatics and Decision Modelling (UNISA) Midrand Graduate Institute BSc Information Systems Rhodes University BSc Information Systems University of Zululand BSc Information Technology Nelson Mandela Metropolitan University BSc Information Technology North-West University BSc Information Technology University of Cape Town BSc Information Technology University of Johannesburg BSc Information Technology University of KwaZulu-Natal BSc Information Technology (5 fields of study) University of the Free State BSc Information Technology (5 fields of study) University of the Free State BSc Information Technology and Computer Science University of South Africa (UNISA) BSc Information Technology and Management (UNISA) Midrand Graduate Institute BSc Information Technology Management University of South Africa (UNISA) BSc Mathematical Sciences University of the Witwatersrand BSocSc Information Systems Rhodes University BSocSc Information Technology University of KwaZulu-Natal BTech Computer Systems Tshwane University of Technology BTech Computer Systems Engineering Cape Peninsula University of Technology BTech Computer Systems Engineering University of Johannesburg BTech Computer Systems Engineering Vaal University of Technology BTech Information Technology Cape Peninsula University of Technology BTech Information Technology Durban Institute of Technology BTech Information Technology Nelson Mandela Metropolitan University BTech Information Technology University of Johannesburg BTech Information Technology University of South Africa (UNISA) BTech Information Technology Vaal University of Technology BTech Information Technology Walter Sisulu University BTech Information Technology (Software Development) Tshwane University of Technology BTech Information Technology (Software Technology) Central University of Technology Certificate in Computer Graphics (Learning Programme) Oval International Certificate in Computers and Accounting (Learning Programme) Oval International Certificate in Computers and Administration (Learning Programme) Oval International

38 QUALIFICATIONS INSTITUTION Certificate in Executive Secretarial and Computer Studies ICESA City Campus Certificate in Information Technology Buffalo City Public FET College Certificate in Information Technology ICESA City Campus Certificate in Introduction to C++ Programming Damelin Correspondence Certificate in Introduction to Java Damelin Correspondence Certificate in Introduction to Visual Basic.net Damelin Correspondence Certificate in Introduction to Visual C# Damelin Correspondence Certificate in Introduction to Visual C# Damelin Correspondence Certificate in Introduction to Visual C++.net Damelin Correspondence Certificate in PC Engineering College Campus Certificate in Programming Principles Damelin Education Group Computer Studies (ICDL) Capricorn FET College Diploma in Business Information Technology Rosebank College Diploma in Computer Programming Centurion Academy Diploma in Computer Programming (C++Elective) Damelin Correspondence Diploma in Computer Programming and Information Systems Durbanville College Diploma in Information Technology Boland FET College Diploma in Information Technology ICESA City Campus Diploma in Information Technology (Application Development and Networking)(NQF Level 6) Oval International Diploma in Information Technology (Internet Development)(NQF Level 6) Oval International Diploma in Information Technology (NQF Level 5) PC Training and Business College Diploma in Information Technology (Programming) College Campus Diploma in Information Technology (Programming) Varsity College Diploma in Information Technology Programming Rosebank College Diploma in Network Engineering Centurion Academy External Certificate in Advanced Java Programming Damelin Correspondence External Certificate in Network + Damelin Correspondence External Certificate in Programming in Visual Basic 6.0 Damelin Correspondence External Certificate in Security + Damelin Correspondence Higher Certificate in C++ Programming Damelin Correspondence International Certificate in Computer Science (ICCS) Northlink FET College NCert Computor Science Tshwane University of Technology NCert Datametrics University of South Africa (UNISA) NCert Information Technology Cape Peninsula University of Technology NCert Information Technology Central University of Technology NCert Information Technology University of South Africa (UNISA) NCert Information Technology (Technical Support) PC Training and Business College NCert: N1- N2 Information Technology Nkangala FET College NCert: N1- N3 Computer Technology Westcol FET College NCert: N3 - N6 Computer Practice South Cape FET College NCert: N4 - N6 Computer Practice Nkangala FET College NCert: N4 - N6 Computer Practice Northern Cape FET College NCert: N4 - N6 Information Processing King Sabata Dalindyebo FET College

39 QUALIFICATIONS NCert: N4 -N6 Information Technology NCert: N4 -N6 Computer Technology NCOR Computer Technology NDip Computer Systems NDip Computer Systems Engineering NDip Computer Systems Engineering NDip Computer Systems Engineering NDip Computer Systems Engineering NDip Computor Systems Engineering NDip Information Technology NDip Information Technology NDip Information Technology NDip Information Technology NDip Information Technology NDip Information Technology NDip Information Technology NDip Information Technology NDip Information Technology (Software Development) NDip Information Technology (Software Development) NDip Information Technology (Web and Application Development) (UNISA) NHCert Computer Studies NHCert Computer Studies NHCert Information Technology NHDip Information Technology (UNISA) Source: www.careers.co.za INSTITUTION Coastal FET Westcol FET College Westcol FET College Nelson Mandela Metropolitan University Central University of Technology Durban Institute of Technology University of Johannesburg Vaal University of Technology Cape Peninsula University of Technology Cape Peninsula University of Technology Durban Institute of Technology Mangosuthu Technikon University of Johannesburg University of South Africa (UNISA) Vaal University of Technology Walter Sisulu University Walter Sisulu University Central University of Technology Nelson Mandela Metropolitan University Northlink FET College Tshwane University of Technology Tshwane University of Technology University of South Africa (UNISA) College Campus 8.4.4 Workplace and further training Further training takes place in the workplace by learning from more experienced technical support officers and through problem solving. IT technicians are also required to learn through self-study - reading manuals, studying computer system diagrams and using help screens. Because it is critical to keep up to date with changes in hardware, software and new technologies, many employers offer in-house training and encourage IT technicians to attend external courses. 8.4.5 Employment Since technology, electronic workflow and computerised business systems are widely used in insurance and financial services industries, suitably qualified

40 IT technicians may explore many employment opportunities with insurance companies and with brokerages and private firms that offer technical computer support to employers within those industries. 4.9 SOFTWARE DEVELOPER 10 9.4.1 Nature of work A software developer analyses the problems and needs of computer users and businesses and writes computer programmes to enhance the application and efficiency of computer systems. Software developers design, test and maintain systems software that runs the operating systems of computers; they also work on the application software used by the end-users to prepare documents, reports and spreadsheets. Also known as software engineers, software developers use a variety of computer programming languages and applications to perform their tasks. They consult with management and computer users to collect information on business needs and work in teams with other IT professionals to evaluate the information and to design, write and test new software programmes or to modify existing systems. With the introduction of new computer systems and the expansion of their use, software programmers have to ensure that different systems can share information and communicate with one another. Codes are therefore devised to link incompatible platforms, and interfaces are developed to integrate multiple existing software products. Software developers should accordingly be able to work with several programming languages and a variety of software packages. Among their other typical duties are to write and maintain the operational documentation of the business systems and to assess new information technologies. Because information and communication technologies develop so rapidly, software developers are required to be life-long learners to stay abreast of dynamic changes across the IT world. As the insurance industry expands its need to store, share and retrieve data within businesses and to establish electronic and internet links with 10 The information relating to the career of a software developer was sourced from www.bls.gov; www.kiwicareers.gov.nz; www.careers.co.za; www.prospects.ac.uk; www.collegegrad.com.