career guide manual

Transcription

career guide manual

CAREER GUIDE
MANUAL
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
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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
2.4.3
2.4.4
Licensing requirements
2.4.5
Professional bodies
2.4.6
Employment
Actuary
3.4.1
Nature of work
3.4.2
3.4.3
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
4.4.3
4.4.4
Employment
Chartered accountant
5.4.1
Nature of work
5.4.2
5.4.3
5.4.4
Professional registration
5.4.5
Employment
Underwriter
6.4.1
Nature of work
6.4.2
6.4.3
6.4.4
Employment
Portfolio manager
7.4.1
Nature of work
7.4.2
7.4.3
7.4.4
Employment
IT technician/support officer
8.4.1
Nature of work
8.4.2
8.4.3
8.4.4
Workplace and further training
8.4.5
Employment
Software developer
9.4.1
Nature of work
9.4.2
9.4.3
9.4.4
Employment
Insurance administrator
10.4.1
Nature of work
10.4.2
10.4.3
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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48
48
What is a learnership?
What is expected of a learner?
What is expected of an employer?
Learnership agreement
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
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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6
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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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
Z
Financial and investment advisors*
Z
Insurance brokers*
Z
Claims assessors*
Z
Underwriters*
Z
Actuaries*
Z
Financial investment managers and fund administrators
Z
Portfolio managers*
Z
Risk analysts, advisers and consultants
1.3.2 Financial professionals
Z
Accountants* and chartered accountants*
Z
Business analysts and consultants
Z
Financial economists and analysts
Z
Internal auditors
Z
Forensic auditors
Z
Management accountants
Z
Statisticians
Z
Financial market dealers
Z
Economists
1.3.3 Legal professionals
Z
Attorneys, lawyers and legal advisors
9
1.3.4 Information technology professionals
Z
Systems analysts
Z
Computer network and systems engineers
Z
Software and applications programmers
Z
Analyst programmer
Z
Systems administrators
Z
Database administrators
Z
Network administrators
Z
ICT support engineers
Z
ICT business analysts
Z
ICT security specialists
Z
Web developers
Z
Developer programmers
Z
ICT systems test engineers
Z
Software engineers
Z
ICT trainers
Z
Telecommunications engineers
Z
Multimedia designers
Z
Web designers
Z
Multimedia specialists
Z
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
Z
Client relations specialists and consultants
Z
Marketing specialists
Z
Z
Z
1.3.7 Human
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Z
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Z
10
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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Z
Insurance sales consultants
Sales representatives
Sales assistants
Telemarketers
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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
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
Z
Z
Z
Z
Z
Z
good people skills to interview and listen to clients and identify their
insurance needs;
patience to offer help and respond to queries;
the ability to gain the trust of other persons;
the ability to do calculations and compare rates and product benefits;
the ability to plan and organise
computer skills.
17
QUALIFICATION
BCom Risk Management (UNISA)
BSc Financial Mathematics
Diploma in Insurance (DiI)
(Advanced Insurance Practice)
Higher Certificate in Insurance (HCiI)
(Life Insurance Servicing)
Higher Certificate in Insurance (HCiI) (Life Insurance)
Higher Certificate in Insurance (HCiI)
(Retirement Fund Management)
Higher Certificate in Insurance (HCiI) (Short Term)
NDip Financial Markets and Instruments
Source: www.careers.co.za; www.saia.co.za.
INSTITUTION
Midrand Graduate Institute
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.
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
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.
Accountants should
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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.
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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.
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
University of Fort Hare
University of the Witwatersrand
Walter Sisulu University
University of South Africa (UNISA)
Monash South Africa
University of Cape Town
Boston City Campus and Business
College
Damelin Education Group
North-West University
Rhodes University
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 (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 Western Cape
University of Venda
University of Zululand
Nelson Mandela Metropolitan
University
University of Venda
University
Rhodes University
University
University
College
Durbanville College
Varsity College
ICESA City Campus
Durban Institute of Technology
QUALIFICATION
BTech Finance and Accounting (Public)
BTech Financial Information Systems
23
INSTITUTION
Tshwane University of Technology
Cape Peninsula University of
Technology
Central University of Technology
BTech Financial Information Technology
University
BTech Local Government Finance
BTech Local Government Finance
BTech Taxation
Technology
BTech Taxation
BTech Taxation
Certificate in Accountancy
Southern Business School
Certificate in Accounting and EndUser Computing
Financial Services
Certificate in Certified Accounting Technician
College
Certificate in Cost and Management Accounting (IAC) Damelin Correspondence
Certificate in Financial Planning
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
Diploma in Chartered Institute of Secretaries and
Administrators (CIS) Administration, Business and
Office Work
Diploma in Financial Accounting (IAC)
Higher Certificate in Cost and Management
Accounting (IAC)
NCert Accounting
NCert Financial Information Systems
NCert: N4-N6 Cost and Management Accounting
Northern Cape Urban FET College
NDip Accounting
Technology
NDip Accounting
NDip Accounting
Mangosuthu Technikon
NDip Accounting
NDip Accounting
NDip Accounting
NDip Cost and Management Accounting
Vaal University of Technology
24
QUALIFICATION
(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 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
South Cape FET College
Northlink FET College
Technology
University
University
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.
4.5
26
CHARTERED ACCOUNTANT6
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.
Chartered accountants should
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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.
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
BBus Sci
Accounting (PGDA)
BCom (Acc)
BCom Hons (Acc)
BCom (Acc)
BCom Hons (Acc)
BCom
BCom Hons
BCompt
Hons BCompt
INSTITUTION
Rhodes University
University
University of South Africa
(UNISA)
BAcc Hons
BAcc
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
BCom (Acc)
BCompt
Source: www.saica.co.za
c)
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
An insurance underwriter identifies and calculates the risk of loss under
insurance policies and enables an insurance company to charge an
appropriate premium to cover those risks. Since insurance companies are in
business to make profits, underwriters use their analytical, statistical, technical
and insurance industry knowledge to assess the likelihood of claims being
made by policyholders and prospective clients.
Once the risks are
determined, underwriters help insurance companies to set appropriate
premium rates, write policies that cover the risks or exclude parts of the risks
7
The information relating to the career of an underwriter was sourced from www.bls.gov; www.kiwicareers.gov.nz;
www.prospects.ac.uk; www.collegegrad.com.
33
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.
(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)
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 Economics
Advanced Diploma: Management: Finance
Bachelor of Business Science: Finance
Bachelor of Commerce: Economics and Finance
Bachelor of Commerce: Finance
Source: www.saqa.org.za
Institution
University of Venda
University of Western Cape
University of Venda
Rhodes University
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
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.
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.
37
QUALIFICATIONS
BComm Information Systems
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 (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 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
Rhodes University
Rhodes University
Cape Peninsula 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 (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 (Technical Support)
NCert: N1- N2 Information Technology
NCert: N1- N3 Computer Technology
NCert: N3 - N6 Computer Practice
NCert: N4 - N6 Information Processing
INSTITUTION
ICESA City Campus
Buffalo City Public FET College
ICESA City Campus
College Campus
Capricorn FET College
Rosebank College
Centurion Academy
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
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
NDip Computer Systems Engineering
NDip Computor Systems Engineering
NDip Information Technology
NDip Information Technology (Software
Development)
NDip Information Technology (Software
Development)
NDip Information Technology (Web and Application
Development) (UNISA)
NHCert Computer Studies
NHCert Computer Studies
NHCert Information Technology
NHDip Information Technology (UNISA)
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
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.
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 (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
INSTITUTION
Rhodes University
Rhodes University
Monash South Africa
University of Venda
University
ICESA City Campus
Monash South Africa
University
Rhodes University
University
43
QUALIFICATION
INSTITUTION
BSc Information Technology and Computer Science
BSc Information Technology and Management (UNISA) Midrand Graduate Institute
BSc Information Technology Management
BTech Computer Systems
University
BTech Intelligent Industrial Systems
College
Diploma: Microsoft Certified Systems Engineer
College
NDip Computer Systems
University
NDip Computor Systems Engineering
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.
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
(b)
46
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 Science: Finance
Bachelor of Commerce: Economics and Finance
Certificate : Accounting and Business Administration
Certificate: Business Administration
Diploma: Accounting and Business Administration
Diploma: Business Administration
National Diploma: Accounting and Finance
Postgraduate Certificate: Business Administration
Institution
ICESA City Campus
De Montfort South Africa
CIDA City Campus
ICESA City Campus
Institute of Business Studies
Institute of Business Studies
ICESA City Campus
Durban College Of Management And
Economics
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.
5.3
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
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
50
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
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
Certificate: Long Term Insurance
Medical Claims Assessing
Certificate: Medical Claims Assessing
Retail Insurance
Certificate: Retail Insurance
Long Term Risk Assessment
Certificate: Long Term Risk
Assessment
Level 5
Intermediary: Long Term Insurance
National Certificate: Wealth
Category C
Management
51
Intermediary: Retail Pension Benefits
5
13Q130023341205
5
13Q130024341205
5
13Q130040231205
5
13Q130041402455
Management
Intermediary: Collective Investments
Management
National Certificate: Long Term Risk
Certificate
Assessment
Long Term Risk Assessment Diploma National Diploma: Financial Services:
NOTES
NOTES
For more information, contact us:
Insurance Sector Education and Training Authority (INSETA)
Ground Floor, North Wing, Oakhurst
11, St Andrews Road, Parktown, Johannesburg
Tel
E-mail
Website
086 113 0013
[email protected]
www.inseta.org.za

career guide manual

Transcription

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