Scarce Skills Training - These skills lead to jobs

2016-09-30 13:45

Training for these skills should get you a job

Scarce Skills Training - Here are some of the top scarce skills in in the financial sector; based on the FASSET Scare Skills Guide 2015. FASSET is the SETA for Finance, Accounting, Management Consulting and other Financial Services. ( )

  • Trainee Accountant
  • Computer Network an Systems Engineer
  • Debt Collector
  • Finance Manager
  • Management Consultant
  • Office Administrator
  • General Accountant
  • Organisation and Methods Analyst
  • Market Research Analyst
  • ICT Systems Analyst
  • Software Developer
  • Programmer Analyst
  • Database Designer and Administrator
  • Economist
  • Supply Chain Practitioner
  • General Clerk
  • Inbound Contact Centre Consultant
  • Accounts Clerk
  • Payroll Clerk

Some insights from the FASSET Scarce Skills Guide 2015

In 2014 / 2015 about 28% of (SETA) levy-paying organisations in the financial sector, reported a current scarcity of qualified and experienced people. Women and Black Africans are underrepresented in the managerial and professional categories; so the demand for trained people in these groups are even higher.

To get employment in the Financial Sector, you need qualifications at NQF 4 level (matric level) and higher

According to the Scarce Skills Guide, in the finance sector 99,2% of the workforce holds qualifications at NQF 4 / Matric level and above. The majority (68,6%) of the employees have post-school qualifications.

So if you want to work in this sector, you need to qualify yourself at matric level and higher.

Does this mean you cannot get a good job or promotion in the financial sector if you don't have matric? No. You can study other qualifications that will better prepare you for a job in this sector.

The qualifications in the financial sector that I am the most familiar with, are the Institute of Certified Bookkeepers (ICB) qualifications. ( ) These qualifications start at NQF level 3. That means you can start studying towards your ICB qualification without having completed matric.

Key skills shortages over the last three years

Finance Manager, and Corporate General Manager are two of the top shortages identified by FASSET over the past three years. This is also an indicator of how Financial Management and General Management skilled employees move across all sectors. So they might initially be trained in the sector monitored by FASSET, but they move to all the sectors of our economy. In this sense the finance sector incubates managers employed across the other sectors.

The identified persistent scarce skills are as follows:

  • General Accountant (including trainee accountants)
  • External Auditor
  • Computer Network and Systems Engineer
  • Debt Collector
  • Finance Manager
  • Management Consultant
  • Financial Investment Advisor
  • Investment Manager
  • Accounts Clerk
  • Economist
  • The need for varied skills

According to the FASSET Scarce Skills guide 2015, “A general shortage of skills especially of experienced Black Africans with suitable qualifications to fill vacancies as financial markets practitioners, were reported. Knowledge of African markets and marketing are some of the skills that are required of applicants in this field. Many of the professional vacancies that organisations had difficulties in filling, require a combination of tertiary (often postgraduate) qualifications, professional registration and work-related skills. Some of these vacancies necessitate specialised knowledge in fields other than finance e.g. law, information technology and engineering.”

Generic and “top up” skills shortage

FASSET identifies two groups of critical skills:

Group 1: Key or generic skills, including (in SAQA-NQF terminology) critical cross-field outcomes. These would include cognitive skills (problem solving, learning to learn), language and literacy skills, mathematical skills, ICT skills and working in teams.

Group 2: Particular occupationally specific ‘top-up’ skills required for performance within that occupation to fill a ‘skills gap’ that might have arisen as a result of changing technology or new forms of work organisation.

In the Fasset environment, the most important critical skills have been identified as follows:

  • Specialist Financial Skills
  • Information Technology Skills
  • Client Service Skills
  • Management & Leadership Skills
  • Support & Administrative Skills
  • Legal Knowledge and Skills
  • Productivity & Efficiency
  • Insurance-related Knowledge and Skills
  • Soft Skills
  • Sales and Marketing Skills

A national perspective on scarce skills

The Adcorp Employment Index (2015) identified four occupational categories in which South Africa is having skills shortages. These occupations include senior management; professionals in medicine, engineering, accounting and law; technical occupations such as specialised technicians and artisans; and agriculture.

Skills shortages among technicians is 432 100, 216 200 among managers, and 178 400 among professionals. Conversely, there is an oversupply of elementary workers, which are in excess of 967 600 to the economy’s needs (Adcorp, 2015).

All of that is a fancy way of saying that if you are better qualified, your chances are just so much better to find a job, or get a promotion.

Scarce Skills Training - How to get qualified

The Institute of Certified Bookkeepers (ICB) qualifications offer a way in for anybody. If you don't have matric (like the majority of South Africans), then you can start at NQF3 level. You can work you way up from there. The highest qualification you can achieve is NQF level 6. That is a qualification two levels higher than matric.

Two of the top qualifications are:

  1. National Diploma: Financial Accounting
  2. National Diploma: Office Administration

So there is a way for students who never complete matric, to get accredited, recognised qualifications at NQF6 or National Diploma level.

I work for Skills Academy. We are one of many colleges who offer these qualifications in conjunction with the ICB. We are a Home Study College, so we help people who need to work and study at the same time.

Here is our ICB Bookkeeping and Accounting Qualifications page

Here is our ICB Office Administration Qualifications page.

About the Author:

Jan Badenhorst works as the CEO of Skills Academy. Skills Academy offers Home Study Courses to people who never completed Matric, or who cannot get entry into Universities.

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