UCT secures R10 million in funding to tackle skills in finance
The development of skills for the financial services sector in South Africa has been given a boost by a collaborative donation of R10 million over five years from Nedbank and Old Mutual to the African Institute of Financial Markets and Risk Management (AIFMRM) in the Faculty of Commerce at the University of Cape Town (UCT).
In a further show of support, the Banking Sector Education and Training Authority (BANKSETA) contributed over R5.25 million in bursary funding for AIFMRM in 2017.
There is a significant skills shortage across the board in the financial services, UCT said. According to some reports, up to 22,000 qualified accountants are needed in South Africa.
There is also a growing necessity for risk management professionals that are able to navigate fast-changing and technically sophisticated modern financial services roles, the Cape University said.
UCT said that the donor funding has been largely invested in the Master’s programmes, including hiring additional support for the students.
Read: The most in-demand skills in South Africa’s job market right now
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