Chartered accountants positive about their profession

The survey of more than 600 CAs, who are PPS members, revealed a confidence level of 87% in the future of their profession over the next five years, with 85% of respondents revealing that they would encourage their children to enter their profession.

According to Gerhard Joubert, head of group marketing and stakeholder relations at PPS, the financial services provider focused on graduate professionals, it is very pleasing to note that CAs remain confident in their profession, as there remains a severe shortage of such skills in South Africa. "The skills shortage we currently face is not just a South African problem; it is a global issue, so it is very positive to note that CAs in South Africa remain positive about the opportunities available to them in their profession locally," Joubert says.

Tax incentives are insufficient

"The World Economic Forum, Global Competitiveness Report 2011/2012 rated South Africa No 1 for its strength of Auditing and Financial Reporting and this is an indication of the high regard that exists for the skills and experience of our members," says Willi Coates, senior executive of marketing at The South African Institute of Chartered Accountants. "This is an accolade the CAs can be justifiably proud of given the significant role that they play in the economy of South Africa as accountants, advisors, auditors and business leaders."

The survey also revealed that only 10% of respondents believe current tax incentives by the government are sufficient to encourage South Africans to save, while 69% said compulsory preservation was necessary to enforce South Africans to save.

Confidence in the standard of education in South Africa improving over the next five years scored marginally higher at 49%. However, 93% of respondents said they were concerned about the lack of mathematics and science graduates in South Africa, while 90% said they were also concerned about the rising cost of tertiary education.

National Health Insurance not a solution

One of the biggest concerns facing CAs is the future of the healthcare system, with the survey showing a confidence level of just 31% on whether it will be improved over the next five years. This reflects the concern among this segment of the introduction of the National Health Insurance initiative, with 88% saying it is not the solution to fix the country's ailing health system.

"This survey has revealed that CAs(SA) remain very positive overall in the future of their profession but with concerns on issues such as health and education remaining prevalent it is important government also recognises that these important issues are addressed," concludes Joubert.