working together for a skilled tomorrow
inseta
IN S U R A N C E S E C T O R E D U C AT IO N
A N D T R A IN I N G A U T H O R IT Y
inseta
IN S U R A N C E S E C T O R E D U C AT IO N
A N D T R A IN I N G A U T H O R IT Y
For more information, contact us:
Insurance Sector Education and
Training Authority (INSETA)
Ground Floor, North Wing, Oakhurst
11. St. Andrews Road, PARKTOWN
Johannesburg
Call: 086 113 0013
E-mail: info@inseta.org.za
Website: www.inseta.org.za
CHOOSING A CAREER IN
INSURANCE
C O N T E N T S
1
ABOUT THE INSURANCE SECTOR
1
1.1
1.2
1.3
1.4
1
1
2
2
Overview
Working conditions
Employment
Geographical distribution of workers
2
CHOOSING A CAREER
4
3
CAREERS IN INSURANCE
8
3.1
8
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11
3.2
3.3
4
Professional occupations
1.3.1
Insurance-specific professions
1.3.2
Financial professionals
1.3.3
Legal professionals
1.3.4
Information technology professionals
1.3.5
Health professionals
1.3.6
Client relations and marketing professionals
1.3.7 Human resources professionals
Clerical and administrative workers
Sales workers
DETAILED DESCRIPTION OF OCCUPATIONS IN INSURANCE
12
4.1
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20
4.2
4.3
Financial planner
1.4.1
Nature of work
1.4.2
Personal requirements
1.4.3
Education and training
1.4.4
Licensing requirements
1.4.5
Employment
Insurance broker or agent
2.4.1
Nature of work
2.4.2
Personal requirements
2.4.3
Education and training
2.4.4
Licensing requirements
2.4.5
Professional bodies
2.4.6
Employment
Actuary
3.4.1
Nature of work
3.4.2
Personal requirements
3.4.3
Education and training
3.4.4
Employment
4.4
4.5
4.6
4.7
4.8
4.9
4.10
5
Accountant
4.4.1
Nature of work
4.4.2
Personal requirements
4.4.3
Education and training
4.4.4
Employment
Chartered accountant
5.4.1
Nature of work
5.4.2
Personal requirements
5.4.3
Education and training
5.4.4
Professional registration
5.4.5
Employment
Underwriter
6.4.1
Nature of work
6.4.2
Personal requirements
6.4.3
Education and training
6.4.4
Employment
Portfolio manager
7.4.1
Nature of work
7.4.2
Personal requirements
7.4.3
Education and training
7.4.4
Employment
IT technician/support officer
8.4.1
Nature of work
8.4.2
Personal requirements
8.4.3
Education and training
8.4.4
Workplace and further training
8.4.5
Employment
Software developer
9.4.1
Nature of work
9.4.2
Personal requirements
9.4.3
Education and training
9.4.4
Employment
Insurance administrator
10.4.1
Nature of work
10.4.2
Personal requirements
10.4.3
Education and training
10.4.4
Employment
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LEARNERSHIPS IN INSURANCE
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5.1
5.2
5.3
5.4
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What is a learnership?
What is expected of a learner?
What is expected of an employer?
Learnership agreement
1
1
ABOUT THE INSURANCE SECTOR …
1.1
OVERVIEW
Insurance companies provide protection to individuals and
businesses against financial losses that may occur as a result of a
variety of circumstances or events. For example, insurance
companies compensate people for losses such as the loss of income due to
death or disability, motor vehicle accidents, theft, damage to property by fire,
storms or other disasters. They also provide cover for medical expenses and
income during retirement.
The products provided by insurance companies can be broadly categorised
into the following groups: life insurance, retirement annuities and pension
funding, investment products, short-term insurance and health insurance.
In South Africa, the insurance sector forms part of the larger financial and
business services sector. The insurance sector includes insurers, who are the
providers of insurance products, as well as the intermediaries or brokers who
sell insurance products to the public. It also includes businesses that provide
insurance-related services such as claims assessment and claims adjustment
services, underwriting, and actuarial and administrative services.
Insurers are generally large firms that develop insurance products such as
insurance policies and retirement annuities and that assume the risk
associated with these products. Insurance premiums are paid by the holders
of insurance policies and are determined on the basis of a variety of factors,
for example the likelihood that the events for which insurance is bought will
actually occur and for which the insurer will have to pay out and the amount
that will be paid out in the event of loss.
1.2
WORKING CONDITIONS
Work in the insurance sector consists mainly of office or administrative work.
A large proportion of the workers in the sector consequently work in relatively
comfortable offices and work office hours. People in senior and managarial
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.
40.6
26.9
13.2
2.6
Labourers
Unknown
0.8
1.1
Contractors/ temporary
workers
1.2
Learners/trainees/students
1.2
Machinery operators and
drivers
Community and personal
service workers
Sales workers
0.0
Clerical and administrative
workers
1.3
Technicians and trade
workers
11.1
Professionals
45
40
35
30
25
20
15
10
5
0
Managers
Percentage employees
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).
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.
Eastern Cape
4.2%
Western Cape
22.8%
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
2
4
CHOOSING A CAREER1
Choosing a career is one of the most important decisions that you
will make in your life. Although most people make several career
changes in their lifetime (career choices are thus no longer choices
for life), the first career decision you make will have an impact on
various aspects of your life. It will, for example determine the
direction in which you will develop skills, the type of organisation in which
you will start working and the income that you will earn. In choosing a
career, a number of steps have to be followed.
2
Step 1: Know yourself (self-knowledge)
Develop a true understanding of yourself before you begin exploring careers
and try to identify jobs and careers that will prove satisfying to you. Selfknowledge is developed through
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intensive thinking about yourself;
conversations with relatives, friends and contacts ;
psychometric tests conducted by a psychologist.
In order to develop a better understanding of yourself, you should ask yourself
the following questions.
Skills (What am I good at?)
What can I do best?
What are my strengths and weaknesses?
What are my most prominent skills and abilities?
Educational background (What am I doing now?)
What school subjects or qualifications do I have? (Some fields of study or
careers may be exluded from your career options if you do not have certain
subjects such as mathematics and/or physical science).
How am I doing in my subjects?
What do I enjoy most?
What do I dislike?
Interests (What do I enjoy doing?)
1
This section was adapted from UNISA Bureau for Student Counselling and Career Development, Planning your Career .
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:
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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:
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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
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Read career magazines/ books/ career supplements in newspapers
Attend career exhibitions
Visit workplaces
Talk to employees
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Talk to employers
Visit your nearest career information centre
Contact professional societies
Browse the Internet
Step 3: Evaluate career options
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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
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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
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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.
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b)
Where to get guidance
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Career centres (there are centres attached to most universities)
The Department of Labour
Career exhibitions
Books on careers
Newspaper career supplements
The Internet
c)
Talk to a career guide counsellor about the following points
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Self-knowledge
Planning a career
Subject choice
Academic planning skills
CV writing
Step 5: Design an action plan
You can now begin developing and implementing a plan of action. Ask
yourself:
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What information or resources are needed to complete each step of
my plan of action?
What are the obstacles to implementing my career decision and how
can I overcome them?
What steps should be taken to implement my career decision?
How do I know when to begin and end each step?
What information is needed to complete each step?
To summarise
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In order to make an effective career decision today, you need to know
about your skills, interests and values.
You should investigate what study options are available at Unisa and
how they relate to different careers.
You should think about how you make decisions and also re?ect on
how the decisions you have made so far have in?uenced your life.
You should be willing to seek help if you feel that you need either to
extend or shorten your list of career options.
3
3.1
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.
PROFESSIONAL OCCUPATIONS
These occupations require an NQF Level 5 or higher qualification.
1.3.1 Insurance-specific professions
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Financial and investment advisors*
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Insurance brokers*
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Claims assessors*
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Underwriters*
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Actuaries*
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Financial investment managers and fund administrators
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Portfolio managers*
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Risk analysts, advisers and consultants
1.3.2 Financial professionals
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Accountants* and chartered accountants*
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Business analysts and consultants
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Financial economists and analysts
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Internal auditors
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Forensic auditors
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Management accountants
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Statisticians
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Financial market dealers
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Economists
1.3.3 Legal professionals
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Attorneys, lawyers and legal advisors
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1.3.4 Information technology professionals
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Systems analysts
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Computer network and systems engineers
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Software and applications programmers
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Analyst programmer
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Systems administrators
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Database administrators
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Network administrators
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ICT support engineers
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ICT business analysts
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ICT security specialists
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Web developers
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Developer programmers
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ICT systems test engineers
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Software engineers
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ICT trainers
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Telecommunications engineers
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Multimedia designers
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Web designers
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Multimedia specialists
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Network analysts
1.3.5 Health
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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
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Client relations specialists and consultants
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Marketing specialists
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1.3.7 Human
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Public relations and communications specialists
Sales specialists and advisers
Market research analysts
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
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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
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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
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Insurance sales consultants
Sales representatives
Sales assistants
Telemarketers
4
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DETAILED DESCRIPTION OF
OCCUPATIONS IN INSURANCE
4
4.1 FINANCIAL PLANNER2
1.4.1
Nature of work
A financial planner provides expertise and advice to clients on all the
components of financial planning including personal savings, personal and
family insurance cover, health insurance, investments, asset and wealth
management, retirement and estate planning, and tax liability. Financial
planners use their business, economic, legal and quantitative skills to analyse
and interpret their clients' short-term needs and long-term goals and assist
them to make informed investment and risk management decisions.
A financial planner usually gathers information on a client's financial position,
financial goals, attitude to risk and requirements for investment returns before
compiling a comprehensive financial plan to meet his/her specific needs. It
is common for financial planners to meet with established clients annually to
review their plans, assess the impact of life changes such as marriage, the
birth of a child, disability and retirement, and to update them on new
investment opportunities. Some financial advisors work as independent
consultants and offer clients the financial and insurance products of different
investment houses, asset managers and insurers. Insurance companies and
banks often employ in-house financial planners to match client needs to their
particular in-house products.
1.4.2 Personal requirements
Financial planners should be able to
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relate well to a spectrum of people and be client-centred;
maintain good interpersonal relations and be good listeners;
analyse and solve financial and investment problems for clients and
meet their individual needs;
2
The information relating to the career of a financial planner was sourced from www.bls.gov; http://info.cffp.edu;
www.careers.co.za; www.kiwicareers.gov.nz; www.fpi.co.za; www.profinvest.com.au; www.inseta.co.za
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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
Postgraduate Diploma in Financial Planning
Advanced Diploma in Financial Planning
Postgraduate Diploma in Financial Planning
BCom Investment Management
BCom Finance Management
BCom Financial Planning
BCom Financial Planning
BCom Banking
Diploma in Insurance (DiI) (Advanced Insurance
Practice)
INSTITUTION
University of the Free State
University of the Free State
Stellenbosch University
University of Pretoria
University of Johannesburg
Nelson Mandela Metropolitan University
University of KwaZulu-Natal
Damelin
College of Insurance of IISA
Source: www.ifp.co.za; www.inseta.co.za; www.sainsurance.co.za
c)
14
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 AGENT3
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
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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.
2.4.3 Education and training
a)
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Entry requirements
Although no specific training is required to enter this occupation, most
insurance companies require candidates to have a Senior Certificate
or its equivalent. Recommended subjects at secondary level include
accounting, economics, mathematics and English. Most insurance
companies offer extensive in-service training in insurance principles,
products and marketing.
The College of Insurance of the Insurance Institute of South Africa
(IISA) offers two NQF Level 4 or Senior Certificate equivalent entrylevel programmes: the Certificate in Proficiency (COP) - an
introduction to retirement funding, short-term and long-term insurance,
and the Intermediate Certificate in Business Studies (ICiBS).
b)
Tertiary-level training
The Insurance Institute of South Africa (IISA) offers correspondence
courses, and candidates who pass the required examinations may
obtain two diplomas: the Associateship Diploma and the Fellowship
Diploma. The following relevant tertiary-level qualifications are
available.
QUALIFICATION
Advanced Diploma in Insurance Management (ADiIM)
BCom Financial Mathematics
BCom General
BCom General
University
BCom General
BCom General
BCom General
BCom General (UNISA)
BCom General Management
BCom Insurance
BCom Investment Management
BCom Investments
BCom Quantitative Risk Management
BCom Risk Management
BCom Risk Management
BCom Risk Management
BCom Risk Management
INSTITUTION
College of Insurance of IISA
University of the Free State
Damelin Education Group
Nelson
Mandela
Metropolitan
University of Pretoria
University of the Witwatersrand
Walter Sisulu University
Midrand Graduate Institute
University of the Free State
University of Zululand
University of Johannesburg
University of the Western Cape
North-West University
Damelin Education Group
North-West University
University of South Africa (UNISA)
University of the Free State
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.
4.3
ACTUARY4
18
3.4.1 Nature of work
An actuary applies analytical, statistical and mathematical skills to financial
and business problems, especially those that involve uncertain future events
and call for life insurance, general insurance, risk management, healthcare
financing, investment, corporate finance, banking, pensions and social
security. The projections of actuaries help individuals and businesses to
safeguard their future at a fair price in an ever-changing world.
Actuaries use their mathematical and statistical skills to analyse past events,
assess present risks and model what could happen in future. Actuaries
improve financial decision making by developing models to evaluate the
current financial implications of unsure future events. In the insurance sector,
much of actuaries' time is devoted to the evaluation of companies' liabilities
in respect of all policies.
Actuaries also advise on the investments of insurance companies, for example
the investment of money in government stock, mortgage bonds, ordinary and
preference shares, property and other securities.
3.4.2 Personal requirements
Actuaries should have
a strong interest and above average ability in mathematics;
strong analytical capabilities;
sound judgement and good decision-making skills;
the ability to work well with other people and in a team;
the ability to communicate ideas clearly in speech and in writing.
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3.4.3 Education and training
a)
4
Entry requirements
The requirements for entering an undergraduate programme are a
Senior Certificate with matriculation exemption. Compulsory subjects
are mathematics and English.
Association of Actuaries of South Africa.
b)
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Undergraduate programmes
The training of an actuary starts with an undergraduate course in
actuarial science or in mathematics and statistics. The following
relevant undergraduate courses are offered at South African
universities.
QUALIFICATION
BBusiness Science
BBusiness Science Actuarial Science
BBusiness Science Actuarial Science
BBusiness Science Management
BBusiness Science Management Studies
BCom Actuarial Science
BCom Actuarial Science
BCom Mathematical Sciences
BSc Actuarial and Financial Mathematics
BSc Actuarial Science
BSc Actuarial Science
BSc Actuarial Science
BSc Applied Mathematics
BSc Applied Mathematics
BSc Applied Mathematics
BSc Financial Modelling
BSc Mathematical Modelling
BSc Mathematical Sciences
BSc Mathematical Sciences
BSc Mathematical Sciences
BSc Mathematical Sciences
BSc Mathematical Sciences
BSc Mathematical Statistics
BSc Mathematical Statistics
BSc Mathematical Statistics
BSc Mathematical Statistics
BSc Mathematics
BSc Mathematics
BSocSc Mathematics
INSTITUTION
University of KwaZulu-Natal
University of Cape Town
University of KwaZulu-Natal
Rhodes University
University of Cape Town
Stellenbosch University
North-West University
Stellenbosch University
University of Pretoria
North-West University
University of the Free State
University of KwaZulu-Natal
University of South Africa (UNISA)
Nelson Mandela Metropolitan University
University of Fort Hare
University of South Africa (UNISA)
University of South Africa (UNISA)
University of KwaZulu-Natal
University of the Witwatersrand
University of Johannesburg
University of Limpopo
University of the Free State
Stellenbosch University
University of Zululand
Nelson Mandela Metropolitan University
University of Pretoria
University of South Africa (UNISA)
University of Venda
Rhodes University
Professional qualifications
No South African academic institution offers a complete and qualifying
training course for actuaries. To qualify as an actuary, a student must first
complete a degree in actuarial science or mathematics at a local university
and then pass the examinations set by the Institute of Actuaries or the Faculty
of Actuaries. These two professional bodies are located in London and
Edinburgh respectively. Study culminating in their examinations is done
through correspondencecourses.
3.4.4 Employment
20
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
ACCOUNTANT5
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
Z
Z
5
have integrity and be trustworthy;
be proficient in mathematics;
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.
Z
Z
Z
Z
Z
Z
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
BCom
BCom
BCom
BCom
BCom
BCom
Accounting
Accounting
Accounting
Accounting
Accounting
Accounting
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
QUALIFICATION
BCom Accounting
BCom Accounting
BCom Accounting
BCom Accounting
BCom Accounting
BCom Accounting and Informatics
BCom Accounting Sciences
BCom Chartered Accounting
BCom
BCom
BCom
BCom
BCom
BCom
Cost and
Financial
Financial
Financial
Financial
General
Management Accounting
Accounting
Accounting
Management
Management Sciences
BCom
BCom
BCom
BCom
BCom
BCom
BCom
BCom
General
General
General
General
General
General
General
General Accounting
BCom
BCom
BCom
BCom
BCom
BCom
BCom
BCom
BCom
BCom
General Accounting
Management Accountancy
Management Accounting
Management Accounting
Management Accounting
Management Accounting
Management Accounting
Management Accounting (UNISA)
Municipal Accounting
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
22
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
QUALIFICATION
BTech Cost and Management Accounting
BTech Cost and Management Accounting
BTech Finance and Accounting (Public)
BTech Financial Information Systems
23
INSTITUTION
University of South Africa (UNISA)
Walter Sisulu University
Tshwane University of Technology
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
NHCert
NHCert
NHCert
NHCert
c)
Accounting
Accounting
Accounting
Financial Information Systems
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
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.
25
PROFESSIONAL BODY
The
Association
Accountants (ACCA)
QUALIFICATION
of
Certified
Institute of Commercial and Financial
Accountants of South Africa (CFA)
Chartered Institute of Management
Accountants (CIMA)
The Institute of
Accountants (ICPA)
Certified
The Institute of Internal Auditors
IIA-SA
Public
ACCA designation is registered as a qualification, and
ACCA professional members are allowed to act as
accounting officers for close corporations
Certified Accounting Technician
Diploma in Financial Management
Diploma in Corporate Governance
Certified Financial Reporting
Commercial and Financial Accountant: Public Practice
Commercial and Financial Accountant: Commerce and
Industry
Chartered Management Accounting
Diploma in Management Accounting
Certificate in Business Accounting
Members use the title: Certified Public Accountant of
South Africa (CPA(SA))
Postgraduate Diploma: Commercial and Financial
Accounting: Public Practice Specialism
Postgraduate Diploma: Commercial and Financial
Accounting: Commerce and Industry Specialism
Diploma: Technician: Internal Auditing
Postgraduate Diploma: General Internal Auditing
Postgraduate Diploma: Certified Internal Auditing
Master of Commerce: Financial Management
Institute of Public Finance Accountants
of South Africa
Bachelor of Commerce: Public Sector Accounting
IPFA
Diploma: Public Sector Accounting
Source: www.cfa-sa.co.za; www.acca.org.za; www.fasset.org.za.
4.4.4 Employment
Accountants are employed in all sectors of the economy and fulfil critical roles
in most businesses. Many are also self-employed or work for specialised
accounting firms that provide advice and financial management services to
clients. Within the insurance industry, accountants are employed across all
the subsectors and in organisations such as life insurers, short-term insurers
and health insurance companies, brokerages and intermediary firms, pension
funds and pension fund administrators, collective investment institutions and
health insurance administrators.
Accountants enjoy good employment opportunities in South Africa as the
demand for their skills often exceeds the supply.
4.5
26
CHARTERED ACCOUNTANT6
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:
Z
Prepare the financial statements of a company.
Z
Record, monitor and interpret financial results.
Z
Develop and maintain reporting, cost accounting and computer
systems.
Z
Improve internal and operational controls.
Z
Oversee day-to-day financial management such as budgeting, cash
flow forecasting, business planning and longer term corporate
finance planning.
Z
Promote optimal financial effectiveness and efficiency within the
organisation.
Z
Act as a financial executive or director and as a key player in the top
management team.
Z
Manage and minimise the company's tax liabilities.
Z
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
Z
Z
Z
Z
Z
Z
Z
Z
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)
BCom (Acc)
BCom (Acc) Hons
BCom (Acc)
Postgraduate Diploma in
BAcc
Accountancy (PGDA)
BCom Accounting
Postgraduate Diploma in
BBus Sci
Accounting (PGDA)
BCom (Acc)
BCom Hons (Acc)
BCom (Acc)
BCom Hons (Acc)
BCom
BCom Hons
BCompt
Hons BCompt
INSTITUTION
North-West University
University of Johannesburg
Rhodes University
University of Cape Town
University of KwaZulu-Natal
Nelson Mandela Metropolitan
University
University of Pretoria
University of South Africa
(UNISA)
BAcc Hons
BAcc
Postgraduate Diploma in
Stellenbosch University
Accounting (PGDA)
BAcc
BCom (Accounting)
BCom (Management Accounting)
BCom (Acc)
BAcc Hons
BCom Hons (Accounting)
BCom Hons (Acc) Postgraduate
Diploma in Accounting (PGDA)
BCom Hons (Acc)
BAcc
HDipAcc
University of the Free State
University of the Western Cape
University of the Witwatersrand
BCom (Acc)
University of Fort Hare
BCompt
University of Limpopo
Source: www.saica.co.za
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
management. Part 1 of the Professional Examination assesses
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
UNDERWRITER7
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.
30
and impose additional conditions of cover or charges to policies.
Underwriters are accordingly often the main link between the insurer (risk
carrier) and the broker or intermediary.
Underwriters are required to study insurance proposals, conduct research,
calculate risks and premiums, decide whether portions of the risk should be
shared with a re-insurance company, use actuarial and statistical information,
apply relevant industry knowledge and make sound decisions. Some of the
work may be of a routine nature such as risk assessment for general short-term
and household policies while other work may be highly specialised, for
example risk underwriting for mining operations and construction projects.
Underwriters use technology and software to analyse information, trends and
statistics in order to assess and rate insurance risks to prevent underwriting
losses. Since certain insurance risks may be highly technical in nature,
underwriters may liaise with specialists such as engineers, surveyors and
doctors for risk assessment purposes, and they consult with actuaries to help
with the calculation of premiums for highly specialised or unusual cases.
Usually, underwriters specialise in a major category of insurance such as life
and disability insurance, commercial and professional insurance, and shortterm insurance. Some specialise in certain risks, for instance property, motor
vehicle, household, production and business operation, marine operation,
crop and health risks or in professional indemnity for engineers and medical
and legal practitioners.
6.4.2 Personal requirements
Underwriters should have
Z
Z
Z
Z
Z
Z
Z
Z
Z
numeracy and analytical skills;
the skills needed to understand and apply technical information;
sound judgement and good decision-making skills;
knowledge of the insurance industry;
the skills needed to apply commercial and financial principles;
strong interpersonal skills;
self-confidence;
a willingness to use their own initiative;
good computer skills.
6.4.3 Education and training
31
a)
Entry requirements
Insurance companies and underwriting firms usually look for trainee
underwriters who have actual experience or knowledge of the
insurance industry. Employers prefer to hire university or technikon
graduates, even for entry-level underwriting positions. A Senior
Certificate with matriculation exemption and mathematics is therefore
required. However, insurance companies may appoint matriculants
as “underwriters“ in a call centre environment where they log clients'
information, and an electronic processing system computes a
quotation or premium.
b)
Undergraduate programmes
A Bachelor's degree in an appropriate field such as accounting,
finance, law, economics, financial services, business science or
business administration provides a good background for a career in
underwriting. Additional courses in the principles of insurance,
business and insurance law, and accounting may also be beneficial
to candidates.
c)
Industry experience
Before entering the career, candidates should ideally have some
experience in one or more of the following work areas.
Z
Z
Z
Z
Z
Z
Z
d)
Insurance work such as claims assessment and customer or
intermediary services
Work in medical and related fields
Survey or inspection work
Legal services work
Banking, accounting or investments work
Work in a call centre environment
Research and analysis work
Workplace training and continuous professional education
Much of the training takes place on the job through short courses and
continuous professional education. Entry-level underwriters work
under experienced risk analysts, are exposed to case studies and
32
learn from insurance professionals with whom they co-operate in
assessing more complex policy applications and greater risks.
Continuous professional education through work study and distance
learning programmes will enhance career development and progress.
The insurance industry also has learnerships for underwriters.
Learners are taken by employers (i.e. firms in the insurance industry)
onto learnerships where they acquire the necessary theoretical
knowledge and practical skills through a structured learning
programme (see Section on learnerships).
6.4.4 Employment
Underwriters may either be self-employed or work as employees of insurance
companies or in specialised underwriting firms. Increased computerisation
and mergers within the insurance industry may have reduced the demand for
generalists. As insurance companies cover more specialised risks and tailor
products for niche markets, the demand for specialist underwriting services
will increase.
4.7
PORTFOLIO MANAGER8
7.4.1 Nature of work
Portfolio managers make investment decisions and buy and sell shares and
other securities on behalf of clients. They choose and monitor appropriate
investments and allocate funds accordingly. Sometimes referred to as money
managers, portfolio managers strive for the highest return on clients' portfolios
while minimising risks as far as possible.
Pension funds or money management firms usually hire portfolio managers to
oversee investing for clients such as institutions or groups of individuals with
specific investment aims. The portfolio manager has to understand the
investment goals of the client and ensure that the investments he/she oversees
meet those goals. The portfolio manager therefore has to have broad
knowledge of companies, company earnings and stock prices. Portfolio
managers rely on a mixture of complex (mostly electronic) technical analysis
and fundamental analysis of companies to help them choose appropriate
investments for clients.
8
The information relating to the career of a portfolio manager was sourced from http://www.careers-in-
finance.com/in.htm, www.investorwords.com, www.investopedia.com/terms, www.careeroverview.com/moneymanagement-careers,
http://www.oldmutual.co.za/coza_store/components/helpdesk/glossary/iframeGlossary.asp?Word=278,
www.nyssa.org/Content/ContentGroups/Articles___Abstracts/ Career_Profiles1/Portfolio_Manager.htm,
finance.monster.com/articles/portfolio/ - 29k
7.4.2 Personal requirements
33
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)
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.
(b)
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.
4.8
35
IT TECHNICIAN / SUPPORT OFFICER9
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
Z
Z
Z
Z
Z
Z
9
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;
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.
Z
36
a willingness to learn continuously and to develop their knowledge
and technical skills.
8.4.3 Education and training
(a)
Entry requirements
While some employers do not require a degree for the type of work
performed by an IT technician, they do expect aspirant IT technicians
to show evidence of their ability to build computers and install
software before they enter the job market. Although there are no
specific tertiary education requirements to qualify as an IT technician,
some employers prefer computer systems supporters to hold a
qualification in computer systems or computer technology. Entry
qualifications for tertiary-level programmes include a Senior
Certificate with mathematics, physics, English and computer science.
For learners who enter courses in the further education and training
(FET) band, the entry requirement is usually a Grade 9 qualification.
(b)
Relevant qualifications
The following qualifications are relevant for the training of computer
technicians.
QUALIFICATIONS
Advanced Diploma in Information Technology
B.IT Information Technology
BBusiness Science Computer Science
BBusiness Science Extended Programme
BBusiness Science Information Systems
BBusiness Systems
BCom Accounting and Informatics
BCom Computer Science and Information Systems
BCom Economics and Informatics
BCom General
BCom Informatics
BCom Informatics
BCom Informatics
BCom Informatics (UNISA)
BCom Informatics (UNISA)
BCom Informatics with IT Management
BCom Information Systems
BCom Information Technology
BCom Information Technology
BCom Rationum
INSTITUTION
ICESA City Campus
University of Pretoria
Rhodes University
University of Cape Town
Rhodes University
Monash South Africa
North-West University
Nelson Mandela Metropolitan University
North-West University
North-West University
Damelin Education Group
University of Pretoria
University of South Africa (UNISA)
ICESA City Campus
Midrand Graduate Institute
University of Johannesburg
University of Cape Town
University of the Free State
University of Zululand
Nelson Mandela Metropolitan University
37
QUALIFICATIONS
BComm Information Systems
BSc Computer Science
BSc Computer Science
BSc Computer Science
BSc Computer Science (UNISA)
BSc Computer Science and Computer Engineering
BSc Computer Science and Information Systems
BSc Computer Science and Information Technology
BSc Computer Science and Information Technology
BSc Computer Sciences
BSc General
BSc Informatics and Decision Modelling (UNISA)
BSc Information Systems
BSc Information Systems
BSc Information Technology
BSc Information Technology
BSc Information Technology
BSc Information Technology
BSc Information Technology
BSc Information Technology (5 fields of study)
BSc Information Technology (5 fields of study)
BSc Information Technology and Computer Science
BSc Information Technology and Management
(UNISA)
BSc Information Technology Management
BSc Mathematical Sciences
BSocSc Information Systems
BSocSc Information Technology
BTech Computer Systems
BTech Computer Systems Engineering
BTech Computer Systems Engineering
BTech Computer Systems Engineering
BTech Information Technology
BTech Information Technology
BTech Information Technology
BTech Information Technology
BTech Information Technology
BTech Information Technology
BTech Information Technology
BTech Information Technology (Software
Development)
BTech Information Technology (Software Technology)
Certificate in Computer Graphics (Learning
Programme)
Certificate in Computers and Accounting (Learning
Programme)
Certificate in Computers and Administration
(Learning Programme)
INSTITUTION
University of Fort Hare
Stellenbosch University
University of KwaZulu-Natal
University of Zululand
Midrand Graduate Institute
North-West University
Nelson Mandela Metropolitan University
University of KwaZulu-Natal
Walter Sisulu University
University of the Western Cape
University of Limpopo
Midrand Graduate Institute
Rhodes University
University of Zululand
Nelson Mandela Metropolitan University
North-West University
University of Cape Town
University of Johannesburg
University of KwaZulu-Natal
University of the Free State
University of the Free State
University of South Africa (UNISA)
Midrand Graduate Institute
University of South Africa (UNISA)
University of the Witwatersrand
Rhodes University
University of KwaZulu-Natal
Tshwane University of Technology
Cape Peninsula University of Technology
University of Johannesburg
Vaal University of Technology
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
Tshwane University of Technology
Central University of Technology
Oval International
Oval International
Oval International
38
QUALIFICATIONS
Certificate in Executive Secretarial and Computer
Studies
Certificate in Information Technology
Certificate in Information Technology
Certificate in Introduction to C++ Programming
Certificate in Introduction to Java
Certificate in Introduction to Visual Basic.net
Certificate in Introduction to Visual C#
Certificate in Introduction to Visual C#
Certificate in Introduction to Visual C++.net
Certificate in PC Engineering
Certificate in Programming Principles
Computer Studies (ICDL)
Diploma in Business Information Technology
Diploma in Computer Programming
Diploma in Computer Programming (C++Elective)
Diploma in Computer Programming and
Information Systems
Diploma in Information Technology
Diploma in Information Technology
Diploma in Information Technology (Application
Development and Networking)(NQF Level 6)
Diploma in Information Technology (Internet
Development)(NQF Level 6)
Diploma in Information Technology (NQF Level 5)
Diploma in Information Technology (Programming)
Diploma in Information Technology (Programming)
Diploma in Information Technology Programming
Diploma in Network Engineering
External Certificate in Advanced Java Programming
External Certificate in Network +
External Certificate in Programming in
Visual Basic 6.0
External Certificate in Security +
Higher Certificate in C++ Programming
International Certificate in Computer Science
(ICCS)
NCert Computor Science
NCert Datametrics
NCert Information Technology
NCert Information Technology
NCert Information Technology
NCert Information Technology (Technical Support)
NCert: N1- N2 Information Technology
NCert: N1- N3 Computer Technology
NCert: N3 - N6 Computer Practice
NCert: N4 - N6 Computer Practice
NCert: N4 - N6 Computer Practice
NCert: N4 - N6 Information Processing
INSTITUTION
ICESA City Campus
Buffalo City Public FET College
ICESA City Campus
Damelin Correspondence
Damelin Correspondence
Damelin Correspondence
Damelin Correspondence
Damelin Correspondence
Damelin Correspondence
College Campus
Damelin Education Group
Capricorn FET College
Rosebank College
Centurion Academy
Damelin Correspondence
Durbanville College
Boland FET College
ICESA City Campus
Oval International
Oval International
PC Training and Business College
College Campus
Varsity College
Rosebank College
Centurion Academy
Damelin Correspondence
Damelin Correspondence
Damelin Correspondence
Damelin Correspondence
Damelin Correspondence
Northlink FET College
Tshwane University of Technology
University of South Africa (UNISA)
Cape Peninsula University of Technology
Central University of Technology
University of South Africa (UNISA)
PC Training and Business College
Nkangala FET College
Westcol FET College
South Cape FET College
Nkangala FET College
Northern Cape FET College
King Sabata Dalindyebo FET College
39
QUALIFICATIONS
INSTITUTION
NCert: N4 -N6 Information Technology
Coastal FET
NCert: N4 -N6 Computer Technology
Westcol FET College
NCOR Computer Technology
Westcol FET College
NDip Computer Systems
Nelson Mandela Metropolitan University
NDip Computer Systems Engineering
Central University of Technology
NDip Computer Systems Engineering
Durban Institute of Technology
NDip Computer Systems Engineering
University of Johannesburg
NDip Computer Systems Engineering
Vaal University of Technology
NDip Computor Systems Engineering
Cape Peninsula University of Technology
NDip Information Technology
Cape Peninsula University of Technology
NDip Information Technology
Durban Institute of Technology
NDip Information Technology
Mangosuthu Technikon
NDip Information Technology
University of Johannesburg
NDip Information Technology
University of South Africa (UNISA)
NDip Information Technology
Vaal University of Technology
NDip Information Technology
Walter Sisulu University
NDip Information Technology
Walter Sisulu University
NDip Information Technology (Software
Development)
Central University of Technology
NDip Information Technology (Software
Development)
Nelson Mandela Metropolitan University
NDip Information Technology (Web and Application
Development) (UNISA)
Northlink FET College
NHCert Computer Studies
Tshwane University of Technology
NHCert Computer Studies
Tshwane University of Technology
NHCert Information Technology
University of South Africa (UNISA)
NHDip Information Technology (UNISA)
College Campus
Source: www.careers.co.za
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 DEVELOPER10
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.
41
intermediaries and the users of insurance products, more software developers
will have to be employed to deal with increasing business and systems
complexities.
9.4.2 Personal requirements
Software developers should
Z
Z
Z
Z
Z
Z
Z
Z
Z
have strong analytical and problem-solving capabilities;
have sound numerical and superior mathematical skills;
be able to think and communicate clearly and logically;
have a good attention span and be able to pay attention to detail;
have the perseverance and patience needed to tackle difficult
challenges;
have knowledge of commerce and business principles;
understand the operational needs of businesses;
be able to write technical reports and “translate“ them for the benefit
of business decision makers who may not be trained in computer
science;
be able to work effectively in multifunctional teams as well as
independently.
Software developers who devise web-based or Internet solutions should have
a flair for graphic design.
9.4.3 Education and training
(a)
Entry requirements
Although some employers do not require new entrants to hold
university degrees, candidates usually need to have formal training in
computer science and programming or relevant work experience. A
Senior Certificate with matriculation exemption is required to enter an
undergraduate degree course. Mathematics is a compulsory subject
and computer science is recommended.
(b)
Tertiary-level training
Persons who enter the career usually hold qualifications in one of the
following fields of study:
Z
Z
Z
Z
Z
42
Software engineering or computer science
Information science, informatics or management information systems
Electrical or electronic engineering
Physics
Mathematics
The following are relevant undergraduate and tertiary-level courses for
learners who intend to become software developers.
QUALIFICATION
B.IT Information Technology
BBusiness Science Computer Science
BBusiness Science Information Systems
BBusiness Systems
BCom Accounting and Informatics
BCom Business Information Systems
BCom Computer Science and Information Systems
BCom Economics and Informatics
BCom Informatics
BCom Informatics
BCom Informatics
BCom Informatics (UNISA)
BCom Informatics (UNISA)
BCom Informatics with IT Management
BCom Information Systems
BCom Information Technology
BCom Information Technology
BComm Information Systems
BComputing
BSc Computer Science
BSc Computer Science
BSc Computer Science
BSc Computer Science (UNISA)
BSc Computer Science and Computer Engineering
BSc Computer Science and Information Systems
BSc
BSc
BSc
BSc
BSc
BSc
BSc
BSc
Computer Science and Information Technology
Computer Science and Information Technology
Computer, Economic and Mathematical Sciences
Industrial Mathematics and Informatics
Informatics
Information Systems
Information Systems
Information Technology
BSc Information Technology
INSTITUTION
University of Pretoria
Rhodes University
Rhodes University
Monash South Africa
North-West University
University of Venda
Nelson Mandela Metropolitan
University
North-West University
Damelin Education Group
University of South Africa (UNISA)
University of Pretoria
ICESA City Campus
Midrand Graduate Institute
University of Johannesburg
University of Cape Town
University of the Free State
University of Zululand
University of Fort Hare
Monash South Africa
University of KwaZulu-Natal
Stellenbosch University
University of Zululand
Midrand Graduate Institute
North-West University
Nelson Mandela Metropolitan
University
University of KwaZulu-Natal
Walter Sisulu University
North-West University
North-West University
Midrand Graduate Institute
Rhodes University
University of Zululand
Nelson Mandela Metropolitan
University
North-West University
43
QUALIFICATION
INSTITUTION
BSc Information Technology
University of Cape Town
BSc Information Technology
University of Johannesburg
BSc Information Technology
University of KwaZulu-Natal
BSc Information Technology
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)
BTech Computer Systems
Tshwane 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 South Africa (UNISA)
BTech Information Technology
University of Johannesburg
BTech Information Technology
Vaal University of Technology
BTech Information Technology
Walter Sisulu University
BTech Intelligent Industrial Systems
Tshwane University of Technology
Diploma in Information Technology
Boston City Campus and Business
College
Diploma in Information Technology
PC Training and Business College
Diploma: Microsoft Certified Systems Engineer
Boston City Campus and Business
College
NDip Computer Systems
Nelson Mandela Metropolitan
University
NDip Computer Systems Engineering
Central University of Technology
NDip Computer Systems Engineering
Durban Institute of Technology
NDip Computer Systems Engineering
University of Johannesburg
NDip Computer Systems Engineering
Vaal University of Technology
NDip Computor Systems Engineering
Cape Peninsula University of Technology
NDip Information Technology
Cape Peninsula University of Technology
NDip Information Technology
Durban Institute of Technology
NDip Information Technology
Mangosuthu Technikon
NDip Information Technology
University of South Africa (UNISA)
NDip Information Technology
University of Johannesburg
NDip Information Technology
Vaal University of Technology
NDip Information Technology
Walter Sisulu University
NDip Information Technology
Walter Sisulu University
Source: www.careers.co.za
(c)
Postgraduate qualifications and continuous professional education
While many skills are gained in the workplace, software
programmers must attend a wide range of courses to update their
knowledge and competencies. Given the central role of computer
and information systems in the business world, many employers
44
encourage software developers to pursue courses in business
administration and management. Due to the rapid pace of change in
the industry, employers may require software developers to learn new
languages, applications and technology and to produce certificates
of proficiency. Some product developers and vendors may require
the software professionals who work with their products to be certified
users of the products.
The Microsoft Certified Software Engineer (MCSE) course is widely
recognised as one of the critical technical certifications a software
developer should obtain.
9.4.4 Employment
Software programmers can work in a wide range of industries and
businesses. As computer and business systems grow in complexity and
sophistication in the financial and insurance world, the demand for skilled
software programmers will increase. Opportunities are also available in the
public sector and for entrepreneurs who start their own consultancy firms.
4.10
INSURANCE ADMINISTRATOR11
This is a generic description of the work of administators in the insurance
sector.
10.4.1 Nature of work
Insurance administrators work with the administration of insurance
programmes such as issuing new policies, dealing with amendments and
renewal of policies, liaising with insurance companies and policyholders,
handling queries and any other ad hoc administrative tasks. Their duties also
include:
Z
Z
Z
11
Collection of charges or premiums from clients.
Adjustment or settlement of claims from clients.
Acting as resource and technical support specialists on insurance
matters.
The information relating to the career of an insurance administrator was sourced from
http://www.jobsinthemoney.com/html/jobs/243081.htm, http://www.redgoldfish.co.uk/,
http://jobs.boston.com/texis/jobsearch/details.html?id=443dd7e86d61c0, www.bls.gov
Z
Z
Z
Z
Z
45
Preparation of underwriting submissions, applications and renewal
proposals, including the collection of relevant underwriting data.
Administering all accounting-related functions of insurance
administration.
Controlling, collecting and maintaining insurance-related records and
data.
Maintaining and revising web site content on insurance programmes.
Preparation of reports, agendas, presentations and spreadsheets for
internal meetings and meetings with clients.
In addition to these general duties, insurance administrators may have to
perform tasks that are unique to their subsector (e.g. the life insurance
subsector or the healthcare insurance subsector), and they must therefore keep
abreast of legislation and regulations that affect their specific subsectors.
Depending on the seniority of the position, insurance administrators can work
as part of a team of administrators or can lead a team.
10.4.2 Personal requirements
Insurance administrators should have
Z
Z
Z
Z
Z
knowledge of insurance and risk management;
knowledge of insurance products, technical terms and standards;
strong interpersonal communication skills (written and verbal);
the ability to prioritise and manage multiple tasks or projects;
computer skills in respect of various programmes, for example MS
Word, Excel and Power Point.
10.4.3 Education and training
(a)
Entry requirements
Depending on the job description and experience of candidates in the
insurance industry, insurance administrators can be Grade 12 or
university/college graduates. School subjects such as mathematics,
economics, accounting and English are often required. Insurance
administrators can also receive their training on the job under the
close supervision of more experienced employees, or they can be
trained on a formal learnership.
(b)
46
Undergraduate programmes
For posts that require a degreed person, an undergraduate
programme in accounting, finance or business administration is
normally recommended. The table below lists some appropriate
undergraduate courses. Readers should also consult the courses
relevant to the career of accountant as listed in this career guide.
Continuing education is essential for insurance administrators who
have to keep abreast of the growing complexity of products, changes
in laws and regulations, and new financial instruments.
Occupation
Advanced certificate: Accounting and Business
Administration
Advanced Diploma: Management: Finance
Bachelor of Business Administration
Bachelor of Business Administration
Bachelor of Business Administration
Bachelor of Business Administration
Bachelor of Business Administration
Bachelor of Business Science: Finance
Bachelor of Commerce: Economics and Finance
Bachelor of Commerce: Finance
Bachelor of Commerce: Finance
Certificate : Accounting and Business Administration
Certificate: Business Administration
Certificate: Business Administration
Certificate: Business Administration
Certificate: Business Administration
Diploma: Accounting and Business Administration
Diploma: Business Administration
Diploma: Business Administration
Diploma: Business Administration
National Diploma: Accounting and Finance
Postgraduate Certificate: Business Administration
Institution
ICESA City Campus
University of Western Cape
De Montfort South Africa
University of KwaZulu-Natal
CIDA City Campus
Midrand Graduate Institute
University of South Africa (UNISA)
University of KwaZulu-Natal
University of Cape Town
University of Johannesburg
University of Western Cape
ICESA City Campus
Institute of Business Studies
Institute of Business Studies
Midrand Graduate Institute
University of KwaZulu-Natal
ICESA City Campus
Midrand Graduate Institute
University of KwaZulu-Natal
PC Training and Business College
Durban College Of Management And
Economics
University of Fort Hare
Source: www.saqa.org.za
10.4.4 Employment
Computer technology has reduced the amount of time and the staff required
to administer insurance programmes. However, the complexity of products,
increased competition in the insurance market and new legislation and
regulations could well increase the demand for experienced insurance
administrators.
5
47
LEARNERSHIPS IN INSURANCE
5.1 WHAT IS A LEARNERSHIP?
A learnership is a structured learning programme that consists of
a theoretical and a practical component and that leads to a
qualification that is registered on the National Qualifications Framework
(NQF). A learnership provides a learner with an excellent opportunity to gain
experience in the labour market while studying towards a qualification.
A learnership is regulated by a formal contract (learnership agreement)
between an employer, a learner and a training provider. An employer can
enter into learnership agreements with existing employees or with learners
who are not employees. If the employer enters into a learnership agreement
with a learner who is not an employee, the employer is not obliged to employ
the learner when the learnership ends.
5.2
WHAT IS EXPECTED OF A LEARNER?
A learner who enters into a learnership agreement is expected to
Z
Z
Z
Z
Z
Z
Z
Z
Z
participate in induction programmes;
work for the employer as part of the learning process;
register with a training provider for the course material;
participate in all learning and work experience required by the
learnership;
comply with the employer's workplace policies and procedures;
complete any timesheets/log books or written assessment tools
supplied by the employer or the training provider;
attend all study periods and theoretical learning sessions with the
training provider;
undertake all learning conscientiously and set aside sufficient time for
self-study;
undergo all practical and theoretical assessments for the learnership.
5.3
48
WHAT IS EXPECTED OF AN EMPLOYER?
An employer who enters into a learnership contract with one or more learners
has to
Z
be accredited as a workplace training provider with the SETA to
which he/she pays his/her skills development levy;
recruit and select learners for the learnership programme;
provide the learners with the necessary workplace experience,
supervision and mentorship for the particular learnership;
release the learners to attend training at the training provider or, if the
learners study through distance education, to work through the
relevant study material;
ensure that the learners are assessed by a registered assessor.
5.4
LEARNERSHIP AGREEMENT
Z
Z
Z
Z
The learnership agreement is a formal agreement that is entered into by the
learner, the employer and the training institution. The agreement must be in
the prescribed format and must be registered with the SETA with which the
employer is registered.
49
List of registered INSETA learnerships
Title of learnership
Qualification it leads to
NQF
DoL registration
level
number
Level 2
National Certificate: Insurance
Junior Administrator
2
13Q130001341602
2
13Q130031761202
2
13Q130035811202
3
13Q130002441603
3
13Q130030731303
3
13Q1300033991203
4
13Q130003431604
4
13Q130014651204
4
13Q130008681204
4
13Q130012681204
4
13Q130009681204
4
13Q130011451204
4
13Q130005501204
Administration
Insurance
and
Investment National Certificate in Financial
Administrator
Services
Intermediary Assistance Policies
National Certificate in Financial
Services
Level 3
National Certificate: Insurance
Insurance Administrator
Insurance
and
Investment
Team National Certificate: Financial
Leader/Supervisor
Services Management
Financial Services Administrator
National Certificate: Financial
Services
Level 4
Healthcare Benefits Administration National Certificate in Healthcare
Claims Assessor
Benefits Administration: Claims
Assessing
Retirement Fund Administrator
National Certificate: Long Term
Insurance
Long
Term
Insurance/Investment National Certificate: Long Term
Product Developer
Insurance
Long Term Insurance/Investment Call National Certificate: Long Term
Centre Operator
Long
Term
Insurance
Insurance/Investment National Certificate: Long Term
Administrator
Insurance
Long Term Underwriter
National Certificate in Insurance:
Long Term: Risk Assessment
Long Term Claims Assessor
National Certificate in Insurance:
Long Term: Risk Assessment
50
Level 4
National Certificate in Insurance:
Long Term Claims Assessor
4
13Q130005501204
4
13Q000016431204
4
13Q000018431204
4
13Q000017421204
4
13Q000015421204
4
13Q130027991404
4
TBA
4
TBA
4
13Q130038991404
4
13Q130036681504
4
13Q130037941404
4
13Q130039791504
5
13Q130025341205
Long Term: Risk Assessment
Short
Term
Insurance:
Personal/ National Certificate: Short Term
Domestic Claims Negotiator
Insurance
Short Term Insurance: Personal / National Certificate: Short Term
Domestic Underwriter
Insurance
Short Term Insurance: Personal / National Certificate: Short Term
Domestic Call Centre Operator
Insurance
Short Term Insurance: Commercial / National Certificate: Short Term
Industrial Underwriter
Insurance
Intermediary: General Insurance and National Certificate: Wealth
Investment
Management
Financial Services Management
National Certificate: Financial
Services Management
Short Term Insurance
Further Education and Training
Certificate: Short Term Insurance
Long Term Insurance
Further Education and Training
Certificate: Long Term Insurance
Medical Claims Assessing
Further Education and Training
Certificate: Medical Claims Assessing
Retail Insurance
Further Education and Training
Certificate: Retail Insurance
Long Term Risk Assessment
Further Education and Training
Certificate: Long Term Risk
Assessment
Level 5
Intermediary: Long Term Insurance
National Certificate: Wealth
Category C
Management
Level 5
Intermediary: Retail Pension Benefits
51
National Certificate: Wealth
5
13Q130023341205
5
13Q130024341205
5
13Q130040231205
5
13Q130041402455
Management
Intermediary: Collective Investments
National Certificate: Wealth
Management
Long Term Risk Assessment
National Certificate: Long Term Risk
Certificate
Assessment
Long Term Risk Assessment Diploma National Diploma: Financial Services:
Long Term Risk Assessment
NOTES