South Africa's Accountant Shortage

South Africa's chartered accountant sector is facing a significant talent drain, as many professionals seek opportunities overseas, leaving a gaping void in the local industry.?

This urgent demand for accountants, auditors, and financial analysts has presented a golden opportunity for aspiring accountants.

Karl Smith, the Education and Training Manager at the South African Institute of Professional Accountants (SAIPA), attributes this shortage to several factors, namely;

• A view among the youth that the accounting industry lacks technological innovation.
• A decline in younger people wanting to work traditional corporate jobs.
• The want for more flexible, remote working careers that the industry currently does not cater to.

According to the South African Institute of Chartered Accountants, there was a 24% decline in the number of candidates writing the Test of Competence (ITC) in 2023 vs 2022.

A 2023 industry report reveals that over 90% of accountants and 95% of auditors find it challenging to recruit skilled talent. With the added pressure of international firms recruiting locally, the need for fresh, skilled accountants has never been more critical.

Given this backdrop, there's a silver lining for those contemplating a career in accounting. The current climate is ripe for newcomers to step in and fill the void.?

For those on the fence, now is the opportune time to dive into accounting studies. The industry's evolving landscape, coupled with the high demand for skilled professionals, offers a promising career path.

There has never been a better time to start your journey to obtaining a Professional Qualification from CIMA or the ACCA.