A Colourful Career in Banking and Microfinance - CEO - BANKSETA
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CEO A Colourful Career in Banking and Microfinance
Contents Introduction
“There is no passion to be found playing small in settling for a life that is less than the
Introduction..................................................................... 3 Infrastructure Security Specialist............................... 38
one you are capable of living” - Former President Nelson Mandela
Actuary............................................................................ 7 Internal Auditor/ Forensic Investigator...................... 40
The BANKSETA is committed to empowering the country’s youth, There can never be sufficient emphasis on the provision of
ATM Technician............................................................. 10 Investment Banker....................................................... 42 through various youth development initiatives which include information and training of Life Orientation Teachers, as they are
Bank Teller..................................................................... 11 IT Business Analyst...................................................... 45 learnerships, internships and career guidance workshops. the link in further advising school learners about various careers
within different fields. As an in-school learner, the BANKSETA
Bank Note Processor................................................... 14 Management Accountant............................................ 47
The organisation’s team members consider the youth as the encourages you to take advantage of the information provided
Call Centre Officer........................................................ 15 Project/ Programme Manager.................................... 49 country’s gems and future leaders, with endless possibilities. The by your Life Orientation Teachers and within this career guidance
BANKSETA’s mandate addresses the skills development challenge, booklet.
Chief Financial Officer.................................................. 17 Risk Officer/Manager................................................... 51
through actively seeking to implement creative and practical
Chartered Accountant.................................................. 20 Risk Specialist.............................................................. 52 solutions that result in positive contributions to youth development The banking and microfinance sectors are very competitive and
in the country. offer a variety of career choices ranging from administrative,
Compliance Officer/ Manager..................................... 23 Talent Specialist............................................................ 54
. junior / middle / senior management occupations in fields such
Credit Manager............................................................. 24 Trade Settlement Specialist......................................... 56 The BANKSETA works hand-in-hand with the banking, microfinance as accounting, marketing, communications, information and
and the education sectors. It is through these partnerships, that the communications technology, human resource management, risk
Credit and Loans Officer.............................................. 26 Treasury Analyst........................................................... 57
organisaton and its relevant partners, take into consideration the management and project management amongst others. The
Debt Counsellor/ Advisor............................................ 28 Treasury Dealer............................................................. 59 importance of empowering the youth with information regarding career guide is packed with a whole lot more information, do not
Enterprise Architect..................................................... 30 Wealth Manager............................................................ 60 careers within the sectors, imparting knowledge pertaining to hesitate, page through to step into the exciting world of banking
scarce and critical skills, as well as information on occupations that and microfinance.
Financial Planner/ Advisor........................................... 32 Youth Development Initiatives..................................... 63 are in high demand.
Foreign Exchange Officer............................................ 34 Work-readiness Tips.................................................... 70 Banking careers are cool. Stay ahead of the rest and prepare
yourself for a future in the banking and microfinance sector.
Home Loans Officer/ Bond Originator........................ 36 Useful Contacts............................................................ 82
2 3
BANKSETA Mandate
The Banking Sector Education and Training Authority
(BANKSETA) is an enabler of skills development and
transformation in the broader banking and microfinance
sectors and supports people development through skills
development partnerships and strives through various
initiatives to alleviate unemployment and to change
people’s lives through educational programmes that lead to
the advancement of current and future skills requirements.
Endless possibilities,
various opportunities
5
Actuary
Career description • Have excellent negotiating skills
An Actuary is a highly sought-after business professional who plays • Self-discipline and determination are needed to cope with
an important role in the banking, insurance and financial services in-service training coupled with years of part-time studies
industry. It is a career that requires exceptional mathematical • Be a financial problem-solver with a unique blend of advanced
capabilities and statistical aptitude, plus an active interest in mathematical, analytical and business skills
• Have a deep understanding of financial security systems, their
Career options
figures and their interpretation in a business perspective. There are
international opportunities available for Actuaries. reasons for being, their complexity, their Mathematics, and the
way they function
Work environment
Actuaries are employed by life assurance companies, actuarial Duties and responsibilities
companies and other financial institutions. There are international • Application of mathematical skills, economic factors, financial
opportunities available for Actuaries. projections, probability implications, statistical inputs and market
trends to manage risk across a broad spectrum of business
activities
Personality profile
• Designing and developing products such as life insurance policies,
• Prospective Actuaries should be of above-average intelligence
annuities, pensions, mortgage and credit insurance, short and
• They must have a flair for Mathematics and interpretation of
long term disability cover, plus medical and dental health savings
statistics
accounts and long term care insurance
• A disciplined and methodical work ethic
• Determining the basis on which premium rates for policies
• Work neatly and accurately
are calculated
• Be responsible and reliable
• Calculating the pay-outs to policy holders
• Display the highest standards of professional ethics and technical
• Continual monitoring of overall company/product viability and
competence
maintaining healthy ‘risk vs. returns’ ratios
6 7
Qualifications • Write the Professional Examinations of the Institute and Faculty.
• Investigating any changes in legislation affecting life assurance and • BBusSc in Actuarial Science The Actuarial Society of South Africa (ASSA) is the professional • There are many varied opportunities in the assurance, insurance,
pension schemes and making the necessary recommendations • BComm in Actuarial Science organisation for Actuaries and actuarial students in South Africa. health, investment and financial services industries
•M aking decisions/recommendations for large payments such as • BEconSc in Actuarial Science and Mathematical Statistics Actuaries may perform certain statutory work in South Africa
bonus declarations • BEconSc in Economic Science and Actuarial Science only if they are fellow members of ASSA. Most South Africans Where you can find employment
• Evaluating and monitoring liabilities in respect of policies/ • BSc in Actuarial Science qualify by writing the professional examinations of the Institute of • Banking and financial services sectors as well as most
policyholders through application of an extensive, detailed and Actuaries (London) and Faculty of Actuaries (Edinburgh) large corporations
intricate analysis Study pathway • These joint examinations are sat in South Africa, and ASSA • Life assurance companies
• Monitoring the financial soundness of the business they work for • Various South African universities offer recognised degree administers them in centres in Johannesburg, Durban, Cape • Actuarial consultants
• Administration and optimisation of all investments courses in Actuarial Science – search for these courses using the Town and Namibia. (The ASSA Council offers an internationally • Other financial institutions
• Compiling future estimations by investigating trends in interest SAStudy.co.za unique courses tool recognised actuarial qualification that is based on local conditions, • Retirement benefit funds
rates and mortality rates, inflationary impacts and socio- • Candidates who prefer not to follow a recognised degree in as well as regulatory and legislative requirements.) • Medical Aid Societies and similar Healthcare schemes
economic factors Actuarial Science are strongly advised to include in their university • Investment consultancy (e.g. Asset management company)
•D eveloping special schemes of assurance to suit specific curriculum at least Mathematics I, Accounting I, Economics I and Actuaries need to be well informed regarding international financial • Marketing (Life assurance policies, benefit schemes, pension
public and private sector requirements such as unemployment Mathematical Statistics III. Other recommended subjects are and economic trends. They also need to have expert knowledge brokering)
insurance and accident insurance funds Mathematics III, Business Economics, Applied Mathematics and of business management and investment instruments and
Computer Science opportunities. Possibilities for self-employment
Consequently, Actuaries are essential to the insurance and • These subjects will provide the background that students will Actuaries can act as private consultants
reinsurance industry, as well as the healthcare, pensions, need later in their careers Sustainability of the career
investment and financial services industry. Actuaries also play a • The inclusion of Mathematical Statistics as a major may Actuaries are in short supply worldwide and the need for their
vital role in providing insights for marketing and administration possibly enable students to obtain an exemption from part of skills is growing exponentially.
functions in these market segments. the professional examinations, but students are again advised to • Actuarial skills are amongst the scarce and critical, globally
discuss possible exemptions with the relevant university
8 9
ATM Technician Bank Teller
Career description Duties and responsibilities Sustainability of the career Career description
The Automated Teller Machine (ATM) Specialist is responsible for • ATM Technicians service, diagnose, repair and install ATM There are many positions available for ATM Technicians Being a Bank Teller or cashier is a much more important position
the management and technical support operations of a bank’s machines in a specific area than most people realise. In addition, South Africa’s banking system
ATM machines and related devices and interfaces. An ATM Service • ATM Field Technicians travel to ATM sites where they diagnose Where you can find employment is highly sophisticated and is one of the best in the world. It is a
Manager is responsible for managing a dedicated group of field problems and then resolve/fix these on-site, or remove the • Banks fast-moving, hi-tech environment and one which requires tellers to
service engineers in a defined geographical area. machine and take it back to their workshop for analysis and • Financial Service companies be constantly on their toes.
repair by ATM Bench Technicians
Work environment • Typically, an ATM Technician would use equipment such as Possibilities for self-employment Bank Tellers are the frontline of the banking business and are the
•Travel forms an integral part of your work every day. You work multimeters, diagnostic software and hand tools to fix faulty ATM Limited primary members of staff who deal directly with the public on a
everywhere where ATMs are found machines which have problems such as worn card readers and daily basis, handling a wide range of banking transactions. These
• You usually have to work shifts and need to be available for malfunctioning cash dispensing systems include routine banking transactions like deposits and withdrawals.
standby 24/7 They are also most likely to prevent losses as they are the first
• Flexible working hours Qualifications to detect fraudulent transactions, counterfeit bank notes and
• Matric bad cheques. Bank Tellers must have comprehensive knowledge
Personality profile • A+ (advantageous) about the bank’s products and services and the ability to direct
• Someone who enjoys working with computers, mechanical and • National Diploma in Electrical Engineering is a bonus customers to the appropriate department for assistance. For many
electronic systems and equipment • Studies towards an MCSE advantageous people, Bank Tellers are key figures, since they represent the face
• Does not mind travelling and flexible working hours • A valid Driver’s Licence of the bank to the public.
• Works easily under pressure
• Self-motivated, can work without supervision Study pathway Work environment
• Good communications skills • Two years’ experience in computer hardware and software Bank Tellers work in an office-like environment usually within a
• Professional appearance and manner • MS Office proficiency/courses (e.g. MCSE) centre. Their work does not require daily out of the office travel
• Physically strong and agile and are usually allocated to a specific area within the bank itself.
10 11
Individuals wishing to prepare for a banking career or develop • Honesty and integrity is a key personal attribute as well as the Qualifications Sustainability of the career
additional skills and expertise to further their banking careers can ability to maintain customer confidentiality (a criminal and credit • Matric/Senior Certificate is the preferred qualification Employment in this profession is actually shrinking, because the
pursue, among other credentials, their Bank Teller, team leader, check is usually performed as part of the recruitment process) • Recommended school subjects: Mathematics and Accounting industry has turned to Automated Teller Machines (ATMs) and
supervisor, or call centre certificate. Certificate programmes offered • Must also be comfortable with members of the public and with online banking since they find these services more convenient for
by various BANKSETA accredited training providers and most of handling large amounts of money Study pathway many of their customers and is a more cost effective manner of
the Technical Vocational Education and Training Colleges (TVET) • The capacity to be attentive and discreet • Trainee Tellers undergo in-service training. The bank’s own doing business.
and Higher Education providers are designed to provide training
Teller courses, and also practical training observing experienced
and preparation for specific positions within the banking industry.
Duties and responsibilities Tellers Where you can find employment
• Foremost is the handling of all money transactions, primarily • As with all bank staff, Tellers are encouraged to take responsibility • Banks
A BComm degree with specialisation in economics, accounting,
deposits and withdrawals of all types for their own careers • Cash Transfer companies
finance, bookkeeping is very helpful in this field. One may also enrol
• The issuing of negotiable items like cashier’s cheques, traveller’s • Tellers who want to be promoted can do additional training
for an MBA and/or an equivalent degree. Computer knowledge is • Travel/Forex Exchanges
cheques, money orders, drafts, and the like courses or self-study modules
required, especially data entry and other programmes which deal
• Actively promoting the bank’s products and services such as • If Tellers improve their qualifications and their work is satisfactory,
with transactions.
they can be taken into consideration for promotion
Possibilities for self-employment
loans, mortgages, retirement accounts and insurance This career does not directly lead to self-employment, although
• Resolving all basic customers’ enquiries and/or informing them • Tellers who receive tertiary and/or specialised training in the
Personality profile banking industry, can be promoted to a supervisory or specialist the skills acquired by Tellers in the course of their duties are often
• Exceptional interpersonal and communications skills of any additional requirements/referring them to the right person crucial in the running of a small business.
management position
• Exceptional numerical abilities or department
• Certificate programmes offered by various BANKSETA accredited
• Money-handling capabilities • Keeping an accurate transaction balance at their till station and
training providers and most of the TVET and Higher Education
• Friendly disposition and excellent customer service ensuring that all monies are accounted for
providers, are designed to provide training and preparation for
• Work under pressure • Ordering customer chequebooks and deposit books
specific positions within the banking industry
• Ability to maintain an even temper when dealing with difficult or • Facilitating transactions related to savings accounts
unhappy customers • Providing access to safe deposit boxes
12 13
Bank Note Processor Call Centre Operator
Career description • Checking for counterfeit bank notes Career description • Understanding of what customer service entails
The Bank Note Processor is responsible for ensuring that all bank • All administrative duties for bank notes as per the South African The Call Centre Business in South Africa is growing by leaps and • Typing skills and computer literacy
notes are issued and disposed of, according to the regulations Reserve Bank requirements. bounds, placing the country in the ‘preferred’ category of service • Ability to handle stress
and policies of the South African Reserve Bank. providers internationally. With this success there is a growing • A friendly, positive disposition
Qualifications demand for Call Centre Agents and Managers. These are the
Work environment Matric people that play a vital role communicating between customers Duties and responsibilities
Focus on security and quality. and the various businesses and brands they represent. Not only • Answering incoming calls from customers with particular
Study pathway do Call Centre Agents answer and resolve customer queries inquiries, questions, complaints, service queries or problems
This career is usually trained in-service as the machinery being and complaints for a host of products and services, they are an • Encouraging customer interest in the products and services
Personality profile
used is specialised. important link in the marketing channel and customer services offered by the business concerned
• Pay attention to detail
operations of the companies they work for. • Updating the existing database, both in terms of personal
• An ability to concentrate and remain focused
• Must have basic technical skills Sustainability of the career customer details, as well as recording the current customer
• Be diligent and alert Almost ten percent of the workforce of the South African Reserve Work environment status and motivating prospective customers to become active
• Tactile skills Bank is made up of Note Processors. This is a busy environment where your role is important to the • Assisting customers directly, either face-to-face, electronically,
team to make sure that deadlines and targets are met. or telephonically by responding promptly and efficiently
• Providing regular feedback to the Customer Service
Duties and responsibilities Where you can find employment
Personality profile Departments of the companies the call centre represents,
• Preparation of bank notes received from financial institutions • South African Reserve Bank
•T idying of bank note bundles before counting on the machine • Good communication and interpersonal skills on the effectiveness and soundness of their policies and
• Large financial institutions
• Running bank notes on the machine for quality checking • Must be well-versed in the required language procedures
•M anual and machine-checking and sorting of re-issuable bank • Courtesy and telephone etiquette cannot be overstated and
notes are vital to good customer feedback • Collecting and collating information Call Centre Agents pick up
• Identifying and shredding of unusable bank notes • Being able to work shifts (often after hours) is a prerequisite for during their engagement with customers, for market intelligence
• Bundle bank notes according to the required standards the job purposes and to identify opportunities and trends
• Ensure safe keeping of the bank notes
14 15
Chief Financial Officer
• Categorising the problems and issues of customers in order to • It is a growing industry in an increasingly communications Career description Personality profile
monitor the manner in which they were handled, so that solutions orientated world The Chief Financial Officer (CFO) is the guardian of a company’s • Exceptional financial and accounting skills
and enhancements can be made to resolve these satisfactorily • However, as in any other career, be aware of the challenges, risks finances, its regulatory compliance and its general financial • Excellent interpersonal and leadership skills
• Where outbound calls are involved, being able to make sales and and career growth potential soundness. In his or her hands lies the wellbeing of the entire • Someone who is not afraid of responsibility
add brand value to the associated product or service company and its employees. Besides overseeing the company’s • An ability to see the bigger picture, whilst watching the detail
Where you can find employment accounting procedures and monitoring all administrative and • Able to communicate complex issues in an understandable way
Qualifications • A wide selection of commercial Call Centres including Bank Call control procedures, the Chief Financial Officer is also accountable • A team player
• Matric Centres legally for meeting all the fiduciary requirements of the company. • Able to confront issues
• Additional Call Centre courses/qualifications are advantageous • Government departmental Call Centres • Problem solving abilities
•T he skills and educational requirements differ from profile • In-company Call Centres The CFO is a member of senior management and often also a • Good with people
to profile director of the company. It is his or her job to ensure that the • Is vision driven
Possibilities for business operates profitably and that the assets and resources of • Deadline driven
Study pathway self-employment the company, its processes and business relationships are neither • Attention to detail
• Matric Certificate Limited - none wasteful nor fraudulent in any way. Reporting directly to the Chief • Ability to work independently and under pressure
• On-the-job training (Call Centre) Executive Officer, the CFO is the next most important person in • Self-starter
• Various call centre courses the company and wields great influence on strategy and tactical • Enthusiastic and energetic
decision making • Strong verbal and written communication skills
• Strong relationship building and interpersonal skills
Sustainability of the career
Work environment • Good sense of judgment and the exercising thereof
• Many different career opportunities exist in the Call Centre industry
High stress levels and long working hours • Networking ability
• Recent advances in technology have given birth to an incredible
• Advanced negotiating and influencing skills
job opportunity for communication professionals
• Good follow through (completer-finisher)
• These include Call Centre Executive, Customer Relations
Manager (CRM), team leader, Call Centre Manager and many
technical posts
16 17
Duties and responsibilities • Safeguarding the company’s resources and assets against Qualifications Study pathway
•M apping and monitoring of the activities of different departments misuse or misappropriation • CA(SA) or equivalent essential (NQF level 7) • Follow University degree(s)
of the company • Oversight of the preparation of financial statements by the • Bachelor’s degree/higher diploma • Minimum three years’ commercial experience
• Carrying out operational audit procedures across all operational accounting officers and presentation of these to the board • BComm ACIS ACMA • Experience in a management role would be an advantage
cycles • To manage and guide accounting policy and procedures • Preferably follow with an honours degree • Advanced knowledge of MS Office (Word, Excel, Outlook,
• Identifying and rectifying weaknesses in internal control • Guiding and developing corporate strategy with the management • Bachelor’s degree/higher diploma and PowerPoint)
procedures team • IT Skills - core banking applications, web applications and
•C ontinual assessment of the adequacy of accounting, financial • Analysing performance data so as to support intelligent decision accounting packages
and operating controls making
• Introducing solutions and recommendations to improve • Maintaining direct control of financial affairs Sustainability of the career
performance and mitigate associated risks • Responsible for all regulatory compliance This is a sought-after position in every sector of the economy
•T o conduct efficiency assessments and to gauge the effectiveness • Oversight of internal controls, costing and risk assessment where you can find employment
of the business, including workflow, flow of documents, • Controlling financial accounting/analysis, budgetary compliance • Banking and related sectors
internal control procedures, application systems and reporting and cost control • All major sectors of commerce and industry
requirements • Oversight of assets/ liabilities/ investments/ cash management
• Highlighting material errors in the accounts and assessing and transaction banking services
Possibilities for self-employment
compliance with established procedures and laws • Communication and interpersonal networking, team building,
• Starting a financial advisory company
• Ensuring that company processes and procedures meet the decision making, group dynamics and leveraging synergy
• Consulting
required standards and outcomes, and providing the required • Development and implementation of the requisite IT skills, general
interventions where necessary computer literacy, core banking applications, web applications
•C ommunicating and discussing significant findings, suggestions and accounting packages
and recommendations with concerned employees and obtaining
feedback thereon
18 19Chartered Accountant
Career description eventual partnerships. They work in commerce and industry and in • Investigating the accounting methods adopted by clients and • Maintaining control over the funds and assets of the company
Accounting is the practice of how businesses track their the academic world as lecturers. making recommendations for the improvement thereof or institution
income, expenditure and assets over time. There is a degree of • Advising clients on computer hardware and software • Preparation of financial or management reports for top
specialisation within the profession, but broadly, all Accountants Personality profile requirements and assisting with installation and implementation management and the interpretation thereof in order to increase
provide the financial and administrative backbone that allows • To be successful, qualities such as integrity, intelligence, good of computerised systems and financial models efficiency and profitability
companies to trade profitably. The accountancy field is divided judgement, a strong analytical predisposition and determination • Providing clients with tax planning • As an accountant in commerce and industry, (e.g. the financial
into three broad areas: auditing, financial/tax and management are needed • Providing oversight and advice to clients on all aspects of or mining sector) performing a range of duties including:
accounting. However, there are areas of commonality each of • It is also necessary to be able to work and convey recommendations mercantile and company law • Management information
these sub-categories share: both clearly and accurately • Performing statutory audits • Financial reporting
• Preparing financial statements and recording business • Attention to detail, strong business acumen and mathematical • Supplying of management advice services, tax advice services • Internal control
transactions abilities are all important in individuals embarking on a career in and advice about information technology • Tax matters
• Computing costs and efficiency gains from new technologies this field • Asset management
• Developing strategies for mergers and acquisitions Duties and responsibilities
• Implementing and maintaining quality management standards Duties and responsibilities • Preparing financial statements for management, shareholders Qualifications
• Developing and using information systems to track financial • Preparing and reporting on financial statements for client and the media • BComm Degree or equivalent (NQF Level 6)
performance management, shareholders and the media • Providing management with functional recommendations on • Chartered Accountant
• Developing tax strategies • Providing clients with advice on financial matters, taxation, financial matters, taxation, accounting and computer systems • CIMA
• Creating investment strategies accounting and computer systems, estate planning and • Management reporting and monitoring of procedures • MComm (Tax)
• Health care benefits management management reporting and procedures • Implementing appropriate accounting methods • MComm (Computer Auditing)
• Accepting appointments to act as executors, liquidators, trustees • Installation of computerised systems and programmes
Work environment or curators • Managing the company’s tax exposure with the auditors
Chartered Accountants work in registered firms or with practising • Compiling reports on aspects of management, for use by the • Ensuring compliance with all legal requirements relating to
Chartered Accountants. When qualified they may wish to remain client in improving the management of the company mercantile and company law
with the firms where articles were served and look forward to
20 21Compliance Officer/Manager
Study pathway Where you can find employment Career description Duties and responsibilities
• Whilst studying you will commence serving your ‘articles’ as a • Companies, corporations and organisations everywhere The importance of compliance requires full-time management in • Embedding a compliance culture in the enterprise
junior member of a team responsible for auditing an important • The financial services sector today’s modern enterprise systems. Ensuring that all legislative • Providing the enterprise with guidance in relation to legislative
account or preparing financial statements • The public sector requirements are met, not only in existing operations, but in all requirements and regulations
• It is important then that you enjoy working as part of a team and development processes and expansion projects is key to smooth • Managing of all compliance processes and requirements and
that you learn to do so in your education Possibilities for self-employment and trouble-free operations. The Compliance Officer needs to reporting to senior management
• Chartered Accountants with the requisite experience may start manage a difficult and demanding enterprise enablement and • Reporting on non-compliance and any process deviations to
Sustainability of the career private practices has to deal firmly with deadline requirements, non-compliance senior management
•E xceptional opportunities await the qualified young accountant • They can enter into partnerships with other Chartered and related issues across all aspects of the enterprise. • Interacting with internal and external bodies such as Risk
today. The potential for the best Accountants to be promoted Accountants Management, Internal Audit, Legal Services regulations and
in their organisations - whether it be to partner in a public • They may also start businesses in the commercial and industrial Work environment industry bodies
accounting firm or controller/CFO in a corporation, is substantial arena A stressful environment with multiple deadline requirements.
• This is particularly true of those candidates who have the • Or as an independent consultant offering management, tax or Continual requirement to balance compliancy requirements Qualifications
ability to interact well with people. Candidates who develop IT advice against business pressures. BComm (Hons) plus articles
relationships with their clients, or in corporations, with their
management team and with colleagues at all levels in the Personality profile Study pathway
organisation, rise rapidly through the ranks. The prospects • Good business acumen Follow tertiary qualification
are excellent • Able to handle immense pressure
• The scope for a Chartered Accountant is wide open, both in
commerce and in consulting. Whether they remain with the
firms where articles were served and look forward to eventual
partnerships, or join consulting firms or auditing practices, or
seek academic posts, it is a career offering much promise
22 23Credit Manager
Career description Duties and responsibilities • A thorough knowledge of credit-related law for determining the standards of the various courses and syllabi
The Credit Manager is accountable for the entire credit granting • Credit Managers are responsible for maximising good credit • Have considerable negotiating experience offered by Technikons and recognised private institutions of
process, including the consistent application of a credit policy, customers and minimising bad debts • Five plus years of credit experience learning
periodic credit reviews of existing customers, and the assessment • Motivate and mentor the credit and collections staff • Some of the private colleges prepare students for the ICM’s
of the creditworthiness of potential customers. • Measure/motivate departmental performance Study pathway exams and present their own courses at the same time.
Besides either full-time or part-time study for a BA business Students should ensure that they enrol for the right course and
• On-going training of the credit and collections staff
qualification, the following is advantageous to any aspiring credit that it carries credits when enrolling for other courses at other
Work environment • Manage relationships with collection agencies
manager: Institute of Credit Management Certificate (ICM) institutions of learning
A fast-paced office environment. Expected to travel to customer • Manage relationships with credit reporting agencies
• The ICM course is available at many Technikons and
locations on short notice to conduct negotiations. Occasional • Manage relationships with credit insurance providers
private colleges, either by attending lectures or through Sustainability of the career
overtime work may be necessary. • Implement and maintain the corporate credit policy
correspondence. Entry requirements may differ and should • Credit management is a high-demand career
• Recommend changes in the credit policy to senior management
be confirmed with the institution concerned. Students must • The field is varied and you can find employment in most sectors
Personality profile • Manage customer credit files and create a credit scoring model
also confirm the accreditation or otherwise, of Technikons and of the economy
•S
omeone who can deal firmly but courteously with • Monitor the credit granting and updating process
private institutions with the ICM
defaulting customers • Accept or reject the staff’s credit-granting recommendations
• A pre-requisite of any enrolling student is to first register with Where you can find employment
• Being a good judge of character • Personally investigate the larger customer credit applications the ICM which has a compulsory membership and examination • The banking sector
• A propensity for figures and what they mean • Personally visit larger customers to foster relationships fee • Finance companies
• Able to maintain a pleasant demeanour under pressure • Conduct periodic credit reviews • Examinations can be written during June and November of a • Large corporations
• Strong administrative and evaluation abilities calendar year
• Being able to say ‘No’ when necessary Qualifications • The ICM is the only examining body for credit management in Possibilities for self-employment
• The ability to make insightful decisions • Matric Southern Africa Experience can lead to many forms of self-employment and
• BComm and experience with credit scoring systems • The ICM is a professional body and does not offer face-to-face consulting
• Institute of Credit Management Certificate (ICM) classes or distance learning in any subject. It is only responsible
24 25Credit and Loans Officer / Commercial or
Mortgage Loans Officer
Career description • Ability to be gracious in difficult circumstances Qualifications What is the career potential?
A Credit and Loans Officer assists prospective clients in applying • Strong work ethic Matric • There is a fair amount of work available in this field and can lead
for loans and in determining the type and amount of loan that is to careers in:
most suitable for their needs. The Credit and Loans Officer also Duties and responsibilities Study pathway • Financial services branch manager
assesses the credit worthiness of loan applicants, judging their • The Credit and Loans Officer is primarily concerned with • Self-development of computer skills and knowledge of • Commodity broker
suitability as borrowers and the precise terms on which credit may meeting client needs for credit, reviewing client credit- relevant software • Account Manager for private clients
be granted to them. worthiness and facilitating the process once an application • Knowledge of operation of standard office equipment • Account Manager for wholesale clients
is approved • Knowledge of clerical and administrative procedures and systems
• Analyse and evaluate financial information on applications for
Work environment such as filing and record keeping Where you can find employment
credit/loans to determine level of client credit-worthiness
A Credit and Loans Officer will work set hours from a fixed location, • Knowledge of principles and practices of basic office management • Banking sector
• Make timeous recommendations for approval/rejection of
such as a bank branch or office. A Commercial or Mortgage Loan • Home Loans Financing Companies
applications to management
Officer often has to work variable hours to confer with clients at
• Interview loan applicants and obtain all the necessary documents
their places of work or residence, and thus spend significant time
and information to make a loan decision Possibilities for self-employment
out of the office and on the road. • Explain all the relevant policies and laws connected to credit You will need to register as a Financial Service Provider.
(such as the National Credit Act) to all applicants for loans/credit
Personality profile • Maintain current and proper records
• Exceptional communication and interpersonal skills • A Loans Officer may also be expected to market the bank’s
• Being able to deal professionally with credit applicants, especially services and proactively seek out clients, rather than passively
those whose applications are declined waiting for loan/credit applications
• The ability to deal compassionately but firmly with defaulters
• Able to prospect for new clients whilst under pressure
to perform
• A team player
26 27Debt Counsellor/Debt Advisor
Career description Role of the Debt Counsellor Sustainability of career Where you can find employment
Debt Counsellors assist clients who have high debt burdens, to • To assess and review a client’s debt burden • South Africa has passed into law several new Acts in terms of • Banking sector
formulate a ‘plan of settlement’ to retire their debt and retain a • To assist in drawing up a settlement plan acceptable to creditors credit (and specifically concerning debt) in the last few years. One • Private Debt Counselling companies
good credit record. The Debt Counsellor needs to spend face-to- • To manage and ensure that payments are made regularly and of these Acts – the National Credit Act, has been responsible for
face time with clients and to have access to all client records in timeously as per the agreement reached with creditors creating a new career opportunity as Debt Counsellors Possibilities for self-employment
order to evaluate the extent of a client’s debt burden. Once this • Sound judgement is a prerequisite • Growth in this sector indicates a very good future for anyone Become an independent Debt Counsellor.
process is complete, then the Debt Counsellor will assist the client entering this field
in putting a ‘plan of settlement’ in place. Duties and responsibilities
• Obtaining client permission for debt review
Work environment • Assessing the extent of client’s debt burden
Consulting clients, face-to-face • Providing options for an agreement of settlement with creditors
• Negotiating suitable terms with creditors
Personality profile • Ensuring that clients stick to their debt payment terms
• A solid financial background is essential
• Exceptional interpersonal skills is a pre-requisite Qualifications
• Someone who does not mind working unusual hours and • There are several short courses available
travelling extensively • A financial course is a strong recommendation
• An excellent and convincing negotiator
• Good knowledge of all the relevant acts including the National Study pathway
Credit Act and Consumer Protection Act • Complete available courses
• An empathetic nature
• Clear-cut ethics in terms of confidentiality
28 29Enterprise Architect
Career description the strategic plan for realising it. This plan is always tied to the business • Developing the IT Architecture specification from the ‘requirements Qualifications
The Enterprise Architect has a responsibility for ensuring the plans of the enterprise, and design decisions are traceable to the understanding’ • Four-year degree in computer science (BCompSc)
completeness (fitness-for-purpose) of the IT Architecture of the business plan. This often leads to conflict and stress. • Taking responsibility for overall IT Architecture reliability • Degree in systems analysis
organisation. This is achieved by addressing all the pertinent • Ensuring that leverage opportunities are identified and utilised,
concerns of stakeholders and connecting all the various views of Personality profile especially between development and marketing activities in the Study pathway
the organisation to each other. This facilitates consensus amongst • An Enterprise Architect must be proficient in IT Systems Design organisation Completion of tertiary studies
stakeholders and allows practical trade-offs, such as between and the ability to create solutions to complex business problems • Guiding what should be done within the organisation, or outside
security and performance. • Ability to communicate ideas effectively and promote internal the organisation
Sustainability of the career
education within the organisation • Validating, refining and expanding the IT Architecture through
There are many opportunities in this field
The Enterprise Architect is also responsible for the overall • Understanding of Organisational Science expert consultants, feedback from fieldwork and evaluation of
management of the process that determines the technology • Analytical and problem solving abilities efficiency and effectiveness
• Continuously monitor the architecture as an “agent of change” Where you can find employment
direction to support the business. This would include the • Conflict resolution/consensus building abilities
• Banking sector
development of a technology infrastructure plan encompassing • Open mindedness
• Insurance industry
aspects such as systems, technology platforms, network • Vision
• Most corporate environments
architecture and acquisition plans. It would also encompass • Ability to handle stress
standards, migration strategies and contingency aspects of the
technology infrastructure. In other words, creating an infrastructure Possibilities for self-employment
Duties and responsibilities
that is able to support the required products, services and delivery • Project Management service
• Understanding and interpreting organisational requirements
mechanisms of the enterprise. • Consulting
•Probing for information, listening to opinions and gathering
information in order to translate ideas into action
Work environment •Identifying the purpose, constraints and risks of enterprise
An Enterprise Architect does not create the technical vision of the solutions
enterprise, but has professional relationships with executives of the
enterprise to gather and articulate the technical vision, and to produce
30 31Financial Planner/Advisor
Career description financial affairs. This can include maintaining a balance between • Advising clients on their spread of investments, such as their Qualifications
One of the most important and respected careers in banking is that a client’s earnings, assets and investments at an acceptable risk share portfolios, real estate investments, mutual fund holdings • A minimum of a Bachelor’s degree in Financial Accounting
of the Financial Planner or Advisor. This is the person that helps level. But it can also involve providing clients with advice regarding and venture capital projects • Additionally, an MBA and/or a CPA is advisable
bank customers plan their financial affairs and advises them on strategic decisions on what stocks, bonds or mutual funds to • Helping clients effectively manage their assets, investments
the best way to take care of their money. It is an important, senior invest in. and business ventures Study pathway
management and customer relations advisory position in all banks • Evaluating and advising clients on their financial position, asset • Follow tertiary qualification
around the world today and is a highly paid job that requires a Personality profile management, investment strategies, insurance planning, • Acquire additional qualifications - MBA and/or CPA
professional qualification. Becoming a Financial Planner or Advisor • Good interpersonal abilities, experience of handling finance tax planning, estate planning and succession planning for
in the banking sector offers a lot of scope for graduates entering projects and management skills are the required qualities of a businesses Sustainability of the career
the banking profession. These are the people who offer financial financial advisor • Advising clients on new ventures and projects they would like • Financial Planning lies within the critical and scarce skills sector
advice to private banking clients, to companies, multinationals, • Good communication skills to undertake of the economy
investors and even governments. • A proven record of acting in the best interests of the investor • Helping clients balance their investment needs against their • There are many varied opportunities and a shortage of
• Must possess the necessary financial knowledge in insurance, cash requirements for day-to-day expenses qualified candidates
Work environment retirement accounts, tax services and financing accounts • Ensuring that clients are fully aware of the risks involved
For corporate clients the Financial Planner advises on asset • Must be registered as a Financial Advisor with the necessary in making any investment decision, business decision or Where you can find employment
investments, works to develop and improve the available finance authorities asset acquisition • Banks
products, measures the associated finance risk in investments and • Trustworthy • Insurance industry
judges the finance market flow. This includes planning effective • Objective • Major corporations
finance strategies and finance investment plans, as well as 1+2 2+8
providing the strategies and mechanisms for business acquisitions, Duties and responsibilities Possibilities for self-employment
0000
• There are various possibilities in the consulting field
VAT
mergers or new ventures. • Helping clients develop their short-term and long-term
financial goals
For individual clients the main role of the Financial Planner or • Providing clients with the right advice and planning strategies to
Advisor is to help the bank’s clients to effectively manage their achieve those goals R100 R200
32 33Foreign Exchange Officer
Career description • A positive demeanour and ability to remain calm and focused • Building enduring relationships internally and externally • Previous experience in financial markets can prove valuable to
The foreign exchange market (forex, FX, or currency market) is with unhappy or frustrated customers • Ensuring compliance with all statutory and regulatory requirements job seekers
a global decentralised market for the trading of currencies. This • Good with numbers and ability to calculate and respond quickly • Ensuring that all suspicious transactions are reported to
includes all aspects of buying, selling and exchanging currencies • Honesty and integrity is paramount as well as the utmost Branch Management Study pathway
at current or determined prices. In terms of volume of trading, it is confidentiality • Assisting clients with foreign exchange transactions Like most jobs in the financial services industry, the path to
by far the largest market in the world. The Foreign Exchange Officer • Intelligent, alert, diligent and thorough • Advising on the timing and extent of foreign exchange transactions becoming a Foreign Exchange Consultant can vary, although a
facilitates a personal service allowing businesses and individuals • Providing insights into the fluctuations and forward trends of the university degree is advantageous
to convert one currency to another at the set currency exchange Duties and responsibilities currency market
rates. Foreign exchange consultants assist clients in understanding • Maintaining a record of the bank’s funds on deposit (position) in • Helping clients optimise their foreign exchange dealings What is the career potential?
and capitalising on foreign currency markets by giving their clients foreign banks • Managing the internal foreign exchange department The market for foreign exchange is growing steadily, and
information on exchange rates and insights into global markets. • Monitoring outstanding (future) purchase and sales contracts and personnel opportunities for those interested in the business should grow.
They make forecasts, provide in-depth analysis of markets and • Listing cash totals in the holdover register, posting net balances • Advising clients and ensuring compliance with all regulatory However, legislative changes could shape the way that foreign
make trade recommendations based on their findings. to daily position reports and determining the revised position for requirements and the South African Reserve Bank stipulations exchange markets do business over the next ten years, whether
the bank through the establishment of a clearinghouse system, conversion
Work environment • Reviewing records to determine when balances need replenishing Qualifications to a different form altogether, or the protection of the status quo.
• Mainly interacting with clients and other staff • Calculating net balances and informing trading personnel • Matric
•Usually located in mainstream shopping centres and • Comparing current and previous balance sheets to eliminate • Many positions require at least a Bachelor’s degree in business, Where you can find employment
banking areas double-posting to transactions and verification of limits finance or a related field • Most Foreign Exchange Consultants work in the banking sector
• Assisting trading personnel with monthly revaluation of foreign • Excellent written and oral communications skills are highly valued • Large firms that specialise in foreign markets
Personality profile currency accounts in this field
• A friendly disposition and manner with the customers • Answering enquiries regarding foreign exchange trading • Sales and marketing skills are also valued for the purpose of Possibilities for self-employment
• In-depth knowledge of foreign exchange and relevant legislation regulations obtaining new clients and maintaining current clients Independent Foreign Exchange trader
• Ability to work under pressure, often for long hours, on weekends • Quoting current conversion rates for bank branch staff and • Knowledge of foreign accounting practices and foreign economies
and even during public holidays customers is essential to the job
34 35Home Loans Officer/Bond Originator
Career description Personality profile Sustainability of the career Possibilities for self-employment
The role of the Home Loans Officer or Bond Originator, is vital to • Familiar with computers and related banking applications Employment of Home Loan Officer is projected to increase about • Start a microfinance company
the proper evaluation of financing options and bond application • Someone who pays attention to detail as fast as the average for all occupations through to 2018. Those • Become an independent Bond Originator
processes when purchasing a property. There is a large amount • A friendly disposition and good interpersonal skills with degrees or experience have the best prospects.
of information that has to be processed, legal requirements and • Able to deal with complex and onerous administrative processes
financial calculations in the preparation of a mortgage bond Where you can find employment
application. Home Loans Officers and Bond Originators are the Duties and responsibilities • Banking
interface between the banks and their customers, providing the • Soliciting potential clients, individuals or businesses, in need of • Microfinance
skills, advice and insights which provide property buyers with the mortgage bonds • Financial Sales and Marketing companies
choices they need to make when buying a property. Clients will • Assisting clients who are applying for loans from banks
want the best value in terms of interest rates, deposit amounts and • Analysing and verifying applications to determine the client’s
the term of the mortgage bond itself. credit worthiness
• Advising on the best terms clients can expect relative to their
In many cases the Home Loans Officer or Bond Originator will financial profile
have to assist clients with the sale of their existing properties as • Ensuring that all administrative, statutory and legal requirements
conditional to the purchase of a new one. Such arrangements can are met
become complex and requires experienced guidance, particularly
from a legal perspective.
Qualifications
Preferably a BComm in Finance, Economics or a related field
Work environment
Home Loans Officers work for banks and other financial Study pathway
institutions. They help individuals and businesses obtain funds Full-time or correspondence university degree
from these lenders. They specialise in commercial, consumer and
mortgage loans.
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