The financial and accounting services sector is one of the cornerstones of South Africa’s modern economy. Encompassing banking, auditing, tax advisory, financial consulting, and accountancy, the sector provides high-value services that support both domestic growth and international trade.

Major institutions such as the “Big Four” accounting firms Deloitte, PwC, EY, and KPMG alongside South African leaders like SNG Grant Thornton, Investec, Nedbank, and Capitec demonstrate the sector’s dynamism. At the same time, thousands of small firms and independent practitioners provide financial services that are essential to SMEs and local businesses.

The Finance and Accounting Services Sector Education and Training Authority (FASSET) was established to ensure that South Africa has the professional skills needed to sustain and grow this vital sector. Like all SETAs, it is funded through the Skills Development Levy, which requires companies to contribute to a central training fund.

These funds are used to provide bursaries, internships, learnerships, and professional training opportunities. FASSET’s work is closely aligned with the National Skills Development Plan (NSDP) 2030, which prioritises inclusivity, equity, and the development of a workforce equipped for a knowledge-driven economy.

According to Stats SA, the finance sector is one of the few areas of consistent growth, employing over 2.7 million South Africans directly and indirectly. However, despite its resilience, there are serious labour market mismatches. The demand for accountants, tax specialists, internal auditors, and financial analysts remains high, many graduates struggle to find placements due to lack of practical workplace experience. Retrenchments, meanwhile, have occurred in traditional banking and insurance as digitisation reshapes service delivery.

Youth unemployment remains a paradox in this sector, entry-level opportunities exist in clerical and support services and on the other, the professional pathways to become Chartered Accountants (CAs) or Certified Financial Planners require years of study, training contracts, and exposure. Women are increasingly represented in the profession, though leadership positions remain dominated by men.

The rise of fintech and digital banking is reshaping the sector, companies like TymeBank and Discovery Bank highlight how technology is creating new opportunities for growth but also displacing traditional jobs. This means that digital skills, data analysis, and regulatory knowledge are becoming as important as classical accounting expertise.

For South Africa to remain competitive, the sector must balance automation with job creation. FASSET has a critical role to play in ensuring that graduates are digitally literate, adaptable, and prepared for a financial industry that is evolving rapidly. The SETA’s challenge is to scale programmes that bridge the gap between higher education and industry needs while also expanding access for previously disadvantaged groups.

South Africa’s financial services sector can be a launchpad for youth employment and entrepreneurial growth, with targeted skills development, digital upskilling, and stronger pathways into professional practice, FASSET can ensure that finance remains not only a source of national competitiveness but also of inclusive prosperity.

Questions for the Future

How can FASSET create structured pathways for graduates to gain practical workplace experience in accounting and finance?

What opportunities exist for retrenched banking and finance employees to transition into fintech, compliance, and advisory roles?

How can financial services SMEs be better supported to expand employment opportunities for women and youth?