Accounting Bursaries in South Africa: Your Complete Guide for 2024/2025

Accounting bursaries play a crucial role in shaping the future of finance professionals in South Africa. These financial support programs offer aspiring accountants the opportunity to pursue their dreams without the burden of excessive student debt.

Bursaries for accounting students have become increasingly important, providing not just monetary assistance but also valuable industry connections and work experience.

The sector of chartered accountant bursaries in South Africa is diverse and ever-evolving, with opportunities ranging from corporate sponsorships to government-funded programs.

As the demand for skilled accountants continues to grow, so does the number of organizations offering bursaries to nurture talent in financial management, auditing, and cost accounting.

This guide will navigate you through accounting bursaries, helping you understand your options and maximize your chances of securing financial support for your accounting education.

Understanding Accounting Bursaries in South Africa

Accounting bursaries are financial awards provided to students pursuing accounting-related qualifications. Unlike loans, bursaries typically don’t require repayment, making them an attractive option for aspiring accountants.

These bursaries come in various forms, the most common being full bursaries that cover tuition, textbooks, and sometimes living expenses, and partial bursaries that contribute to a portion of these costs.

BCom accounting bursaries are particularly sought after, as they support students pursuing a Bachelor of Commerce in Accounting.

These programs often align with the requirements for becoming a Chartered Accountant (CA). Similarly, accounting science bursaries cater to those enrolled in more specialized accounting programs.

Many top accounting firms and corporations offer bursaries as part of their talent acquisition strategy. These opportunities not only provide financial support but also often include vacation work, mentorship programs, and potential employment upon graduation.

Understanding the different bursary offerings can help you choose the one that best aligns with your career goals in the accounting profession.

Top Accounting Bursaries in South Africa

South Africa boasts a wide array of accounting bursaries offered by leading firms, corporations, and government institutions.

These opportunities provide aspiring accountants with the financial support needed to pursue their studies and kickstart their careers.

Let’s explore some of the top accounting bursaries available for the 2024/2025 academic year:

KPMG Bursary Program

KPMG, a global leader in professional services, offers comprehensive bursaries for Accounting students.

The KPMG bursary covers tuition fees, and textbooks, and provides a monthly stipend.

Recipients also benefit from vacation work opportunities and mentorship from experienced professionals.

KPMG bursary renewals for 2024 are now closed. However, students with existing bursary contracts can still log annual renewals on the bursary management system.

KPMG Bursary Requirements

• Open to South African students enrolled in a SAICA-recognized accounting degree program (full-time only).
• Completing the degree within the minimum number of years is required.
• Minimum academic performance requirements vary based on the level of study (see table below).

Table: Minimum Academic Requirements (KPMG Bursary)

Level of Qualification	Minimum Requirement
Matric	4 A’s excluding Life Orientation
First Year	65% Average, 70% Accounting
Second Year	65% Average, 65% Accounting
Third Year	60% Average, 60% Accounting
Honours/CTA	50% Average, 55% Accounting

Types of Bursaries

• Pure Merit Bursary: Awarded solely based on academic results.
• Merit Bursary with Financial Need: Considers both academic performance and demonstrated financial need.

KPMG Bursary Application Process

To apply for a new KPMG bursary, you must first apply for a training contract. Please click here to apply for a KPMG training contract.

If you already have a training contract or you have now applied for a training contract and you have been provided with a Taleo reference number, follow the process below to apply for a KPMG Bursary.

1. Navigate to the KPMG Bursary Application Portal.
2. Submit all necessary supporting documents (details below).

Supporting Documents

• Pure Merit Bursary:
  • Identity document (student)
  • Latest academic record and proof of registration
  • Updated fee statement
• Merit Bursary with Financial Need (additional documents):
  • Payslips for both parents/guardians (or affidavit if not employed)
  • 3 months’ bank statements for both parents/guardians (or affidavit if no bank account)
  • Affidavit if parents/guardians are absent in your life
  • Death certificate if parents/guardians are deceased
  • Utility bill (water, electricity, etc.)

Required Documents for KPMG Training Contract Application

• Proof of South African Citizenship (Certified ID copy)
• Full academic history
• Matric results
• Updated curriculum vitae

Important Notes

• Bursary award type and amount are solely at KPMG’s discretion.
• Bursary renewal for subsequent years depends on satisfactory academic progress and fund availability.
• Bursary recipients are expected to enter a learnership (training contract) with KPMG upon completion of their studies.
• Please use Google Chrome for an optimal experience from a PC or laptop.
• KPMG bursary applications typically open between 15 September and 30 October each year.

Contact

• Bursary inquiries: Bursarysupport@kpmg.co.za (48-hour response time)

Note: Bursary contracts are contingent upon entering into a learnership (training contract) with KPMG upon completion of your studies at a SAICA-accredited university (CTA/PGDA qualification).

See Also:

PwC Bursary

PricewaterhouseCoopers (PwC) provides bursaries for students pursuing careers in chartered accountancy.

The PwC bursary includes financial support for tuition and study materials, as well as exposure to real-world accounting practices through their vacation work program.

The bursary program offers aspiring chartered accountants the opportunity to excel in their studies while receiving financial support and gaining valuable experience.

Who Can Apply?

The bursary scheme seeks exceptional students with a strong academic track record. Whether you’re an undergraduate, CTA/PGDA student, or in your Grade 12 year, you can apply for a PwC bursary and embark on your journey towards becoming a qualified Chartered Accountant.

PWC Bursary applications are open from 1 July 2024 to 31 August 2024.

How to Apply

To apply,

1. Navigate to the PwC South Africa Learner Opportunities portal
2. Sign up and complete the process.

PWC Bursary Benefits

• Academic Achievement Award: A fixed amount for books, directly paid to your university.
• Tuition and/or Accommodation Bursary: Covers a portion (20%-100%) of tuition fees and, in certain cases, accommodation costs.
• Living Allowance: A one-time payment to assist with living expenses.

PWC Bursary Award Determination

Bursary awards are based on a sliding scale considering your academic results and financial need. The award can range from 20% to 100% of tuition and accommodation costs.

PWC Bursary Requirements

• You must be intending to study full time at a SAICA-accredited institution.
• Academic Requirements:
  • Matriculants: Minimum B-symbol in Mathematics and English (first or second language), overall average of 75%.
  • University Students: Maintain a strong academic record throughout your studies.
• Personal Attributes:
  • Good interpersonal skills
  • Problem-solving abilities
  • Leadership skills
  • Teamwork
  • Commitment to studying towards a Chartered Accountancy qualification

PWC Bursary Required Documents

Before applying, ensure you have the following documents ready:

• Matric certificate (for matriculants)
• Academic transcripts (for university students)
• Proof of South African citizenship
• Updated curriculum vitae

Ernst and Young Bursary

EY offers bursaries to top-performing students in accounting and related fields. Their program includes financial aid, internship opportunities, and the potential for full-time employment upon graduation.

Ernst and Young is committed to growing and transforming the Chartered Accountancy profession.

Ernst and Young Bursaries are awarded to individuals who commit to qualify as a Chartered Accountant and have an academic record that indicates their ability to do so with due regard to financial need.

In return for the bursary, the student is required to work at EY for the duration of their training contract (a minimum of three years).

What Ernst and Young offer

• Financial Support: Bursaries to cover tuition, accommodation, books, and meals.
• Career Development: Opportunities to qualify as a Chartered Accountant (CA) and work at EY.
• Mentorship and Support: Guidance and support throughout your academic journey and career.

Ernst and Young Bursary Requirements

• South African citizens with a valid ID
• Strong academic record (minimum of four A’s in Matric, excluding Life Orientation)
• Studying toward a relevant CA degree (three to four years) and a year Accounting Honours/Certificate in Theory in Accounting (CTA)
• Enrolled or accepted into a SAICA-accredited university

Types of Bursaries

• Academic Merit with Financial Need Bursary: Covers tuition, accommodation, books, and/or meals.
• Academic Merit Bursary: Covers a portion of tuition fees.

Ernst and Young Bursary Application Process

1. Apply for an EY Training Contract: Submit your CV, transcript, photo ID, and other required documents.
2. Apply for a Bursary: If eligible, apply for a bursary after securing a training contract.

Applications for the EY Training Contract are open throughout the year. To apply, please remember to attach the following documentation:

• Curriculum Vitae (CV)
• Certified Identification Document
• Grade 11 and 12 Academic Report/Transcript
• Motivational Letter
• Latest Fee Quotationfrom the University
• Proof of household income (applicable for Academic Merit with Financial Need Bursary applications).

Deloitte Bursary Scheme

Deloitte’s bursary program supports students studying to become chartered accountants. This scheme covers academic expenses and offers vacation work, setting recipients on the path to a successful career in accounting and auditing.

Old Mutual Bursary

Old Mutual offers financial support to students who demonstrate exceptional academic achievement and a passion for accounting or actuarial science.

The Old Mutual bursaries for accounting students provide funding for tuition, accommodation, and other expenses, allowing you to focus on your studies without financial worries.

Applications close on 30 September 2024.

Old Mutual Bursary Requirements

• If you are a South African citizen then you can apply for the bursary.
• You need to have passed matric with at least 70% or Level 6 for all subjects including Mathematics (not Maths Literacy) and English
• You must be committed to entering the Old Mutual Chartered Accounting Training (OMCAT) Programme, after which you will work for Old Mutual.
• You must have acceptance from one of the SAICA-accredited tertiary institutions.

Benefits of Old Mutual Bursary

• Trainees are provided with broad exposure in all spheres of finance as prescribed by SAICA
• You will get exposed to accounting and external reporting, management decision-making and control, financial management, risk management, governance and taxation
• Covers most of the costs such as tuition and accommodation
• Gain some work experience during the holidays
• The bursary provides support for the duration of your degree
• Residence fees and one annual return flight home for students who are not studying in their hometown.
• The better the quality of your degree the more incentives you will be offered.
• The bursary also covers books and general allowance.

Old Mutual Bursary Application Process

The application process is designed to be straightforward and efficient, with a focus on candidate experience. Feedback is provided at every stage to keep you informed.

1. Applications must be submitted online at: www.oldmutual.co.za/careers/accounting-bursary
2. Download and complete the bursary motivation form then complete the online application which includes a gamified assessment (it is not timed). You will be required to attach a one-page CV.
3. Shortlisted candidates will be sent a link to complete psychometric assessments.
4. Finalists will be invited to a selection day where we will conduct interviews.
5. Should you be selected after the interview you will receive a provisional offer which will be confirmed once we receive your final matric results and proof of acceptance at the University for an Actuarial Science or Accounting Science programme.

Required Documents to Upload

• One pager CV.
• Bursary Motivation Form
• School Reports for Grades 10 – 12
• Matric Certificate (if applicable)
• University acceptance/conditional acceptance letter (if applicable)
• Full Academic Transcript (applicable to current University students only)
• ID Copy

Important Notes

• Parental/guardian consent is required if you are under 18.
• Preference will be given to candidates from under-represented designated groups, including candidates with disabilities.
• Preference will be given to previously disadvantaged backgrounds or demonstrated financial need.
• Incomplete applications will not be considered.

Alternative Bursaries for Accounting Students

While accounting bursaries are excellent options for financing your studies, they are highly competitive, and not everyone will secure one.

Fortunately, there are several alternatives to consider:

Government Accounting Bursaries

Various government departments offer accounting bursaries to develop financial management skills within the public sector. These often come with a service agreement post-graduation.

Auditor-General Bursary Scheme

This scheme supports students interested in public sector auditing, covering tuition, and providing work experience at the Auditor-General of South Africa.

NSFAS Funding for Accounting

The National Student Financial Aid Scheme provides funding for eligible accounting students at public universities and TVET colleges.

Bank Bursaries for Accounting Students

Major banks like Standard Bank, ABSA, and Nedbank offer bursaries for accounting students, often including vacation work and potential employment opportunities.

MTN Accounting Bursary

The telecommunications giant provides bursaries for accounting students, offering valuable experience in a corporate environment.

Mining Companies Accounting Bursaries

Companies such as Anglo-American and Sibanye-Stillwater offer accounting bursaries, recognizing the importance of financial expertise in the mining sector.

SAICA Thuthuka Bursary Fund

The South African Institute of Chartered Accountants (SAICA) offers bursaries through its Thuthuka program, aimed at promoting transformation in the accounting profession.

SAICA Accredited Courses

The South African Institute of Chartered Accountants (SAICA) offers accredited courses that can be more affordable than traditional university programs. These courses maintain high standards and are recognized by employers.

Accounting Learnerships

Learnerships combine practical work experience with theoretical training. Companies like Fasset offer accounting learnerships that allow you to earn while you learn, making them an attractive alternative to full-time study.

ACCA and CIMA Scholarship Programs

The Association of Chartered Certified Accountants (ACCA) and the Chartered Institute of Management Accountants (CIMA) offer scholarship programs for their qualifications. These can be excellent alternatives to traditional accounting degrees.

Student Loans for Accounting Studies

Various banks and financial institutions offer student loans specifically designed for higher education. While these need to be repaid, they can help bridge the funding gap.

Part-Time Work Options

Consider part-time accounting or bookkeeping roles while studying. This not only helps finance your education but also provides valuable work experience.

Online and Distance Learning

Institutions like UNISA offer distance learning programs in accounting that can be more affordable and allow you to work while studying.

Government Subsidies and Grants

Explore government programs that offer financial assistance to students. While not specific to accounting, these can help offset educational costs.

Crowdfunding Platforms

Platforms like Feenix allow students to crowdfund their education. While not guaranteed, it’s an innovative way to seek financial support.

Employer-Sponsored Education Programs

Some companies offer to pay for employees’ further education in accounting. Consider entry-level positions in firms with such programs.

Professional Body Memberships

Student memberships with bodies like SAIPA (South African Institute of Professional Accountants) can provide access to resources, networking opportunities, and sometimes financial assistance.

While these alternatives may not offer the same comprehensive benefits as full bursaries, they provide viable options for financing your accounting education.

Consider a combination of these alternatives to create a sustainable plan for funding your studies and launching your accounting career.

Accounting Bursaries Requirements

Securing an accounting bursary in South Africa requires meeting specific eligibility criteria.

While requirements may vary between different bursary providers, there are common factors that most consider when selecting recipients.

Understanding these criteria can help you position yourself as a strong candidate for accounting bursaries.

Academic Performance

• Most bursaries for accounting students require a strong academic record. Typically, a minimum average of 70% or above is expected, especially for prestigious programs like chartered accountant bursaries.
• For BCom accounting bursaries, excellent marks in Mathematics and English are often prerequisites.
• Some bursary providers may require you to maintain a certain academic standard throughout your studies to retain the bursary.

Citizenship and Residency

• The majority of accounting bursaries are reserved for South African citizens or permanent residents.
• Some bursaries may have specific provincial requirements, such as Gauteng accounting bursaries for residents of that province.

Field of Study

• Eligibility is typically limited to students pursuing accounting-related qualifications, such as:
  • BCom Accounting
  • BCom Financial Accounting
  • Bachelor of Accounting Science
  • Postgraduate Diploma in Accounting
  • Certificate in the Theory of Accounting (CTA)

Financial Need

• Many bursaries, especially those offered by government institutions or through NSFAS funding for accounting, consider the applicant’s financial situation.
• Applicants may need to provide proof of household income and other financial documentation.

Additional Requirements

• Some bursaries may require applicants to:
  • Pass psychometric tests
  • Demonstrate leadership qualities or community involvement
  • Commit to a work-back agreement after graduation
  • Be willing to relocate for work opportunities

Special Considerations

• Certain bursaries may give preference to:
  • Students from historically disadvantaged backgrounds
  • Women in accounting, to promote gender diversity in the field
  • Students interested in specific areas like forensic accounting or auditing

Meeting these eligibility criteria is the first step in securing an accounting bursary. However, due to the competitive nature of these opportunities, many bursary providers look beyond just the basic requirements.

They often seek well-rounded individuals who show potential to excel in the accounting profession and contribute positively to their organizations and communities.

Accounting Bursaries Application Process and Tips

Navigating the application process for accounting bursaries can be challenging, but with the right approach, you can significantly increase your chances of success.

Here’s a step-by-step guide to help you through the process, along with some valuable tips:

Application Process

1. Research: Start by thoroughly researching available accounting bursaries. Look into opportunities from the Big Four firms (KPMG, PwC, Deloitte, EY), banks, mining companies, and government institutions.
2. Prepare Documents: Gather all necessary documents, which typically include:
   • Certified copy of your ID
   • Latest academic transcripts
   • Proof of registration or acceptance letter from your institution
   • Motivational letter
   • CV highlighting your achievements and extracurricular activities
3. Meet Deadlines: Pay close attention to application deadlines. Bursary applications often open as early as March or April of each year.
4. Online Applications: Most bursary providers now use online application systems. Create a professional email address and ensure you have a stable internet connection when applying.
5. Follow-up: After submitting your application, follow up with the bursary provider to confirm receipt and inquire about the selection timeline.

Tips for Success

1. Tailor Your Application: Customize your motivational letter and CV for each bursary application, highlighting relevant skills and experiences.
2. Prepare for Interviews: If shortlisted, you may be invited for an interview. Research common accounting bursary interview questions and practice your responses.
3. Showcase Leadership: Highlight leadership roles or community involvement, as many bursary providers value well-rounded candidates.
4. Demonstrate Passion: Show genuine interest in accounting and the specific company or institution offering the bursary.
5. Be Honest: Always provide accurate information. Discrepancies can lead to disqualification or withdrawal of the bursary.
6. Seek Guidance: Consult with your school’s career guidance counselor or reach out to current bursary holders for advice.
7. Apply Broadly: Don’t put all your eggs in one basket. Apply for multiple accounting bursaries to increase your chances of success.
8. Polish Your Online Presence: Ensure your social media profiles are professional, as some bursary providers may check these.

Remember, the application process for accounting bursaries is competitive.

Start early, pay attention to details, and present yourself in the best possible light.

With persistence and a strategic approach, you can secure the financial support you need to pursue your accounting career.

Benefits of Bursaries for Accounting Students

Securing an accounting bursary offers numerous advantages that extend far beyond mere financial support.

Understanding these benefits can motivate you to put your best foot forward in the application process.

Here are the key advantages of obtaining an accounting bursary:

1. Financial Relief: The primary benefit is the reduction or elimination of financial burden. Bursaries for accounting students often cover tuition fees, textbooks, and sometimes living expenses, allowing you to focus on your studies without financial stress.
2. Work Experience: Many bursary programs, especially those offered by the Big Four firms (KPMG, PwC, Deloitte, EY), include vacation work or internship opportunities. This hands-on experience is invaluable for your professional development and future employability.
3. Mentorship: Bursary recipients often gain access to mentorship programs, connecting them with experienced professionals in the accounting field. This guidance can be crucial for navigating your studies and early career decisions.
4. Networking Opportunities: Through bursary events and work placements, you’ll have the chance to build a professional network within the accounting industry. These connections can be beneficial for future job prospects.
5. Career Fast-Track: Many bursary providers, particularly in chartered accountancy, offer guaranteed employment upon successful completion of your studies. This can give you a significant head start in your career.
6. Exposure to Industry Practices: Bursary programs often include exposure to real-world accounting practices, helping you bridge the gap between academic theory and practical application.
7. Personal Development: The application process itself, including interviews and assessments, can help develop your communication and presentation skills, which are valuable in the accounting profession.
8. Access to Resources: Some bursary programs provide additional resources such as study materials, online courses, or access to professional development workshops.
9. Reduced Student Loan Debt: By securing a bursary, you can minimize or avoid the need for student loans, putting you in a better financial position upon graduation.
10. Motivation and Recognition: Being awarded a bursary is a recognition of your potential, which can boost your confidence and motivate you to excel in your studies.

These benefits make accounting bursaries highly sought after. They not only ease the financial aspects of your education but also provide a holistic support system that can significantly enhance your academic journey and future career prospects in the accounting field.

Accounting Career Prospects in South Africa

The field of accounting in South Africa offers a diverse range of career opportunities with strong growth potential.

Understanding these prospects can help you align your bursary applications and studies with your long-term career goals.

Here’s an overview of the accounting job market and career paths in South Africa:

Job Market Overview

The demand for qualified accountants in South Africa remains consistently high. The financial sector, which includes accounting services, contributes significantly to the country’s GDP, indicating a robust job market for accounting professionals.

Career Paths for BCom Accounting Graduates

1. Chartered Accountant (CA): The most sought-after qualification, leading to roles in auditing, financial management, and consulting.
2. Management Accountant: Focuses on financial planning, budgeting, and strategic decision-making within organizations.
3. Financial Accountant: Specializes in preparing financial statements and reports for external stakeholders.
4. Tax Practitioner: Advises on tax compliance and planning for individuals and businesses.
5. Internal Auditor: Assesses an organization’s risk management and internal control processes.

Emerging Fields in Accounting

1. Forensic Accounting: Investigates financial crimes and provides litigation support.
2. Data Analytics in Accounting: Utilizes big data to derive financial insights and improve decision-making.
3. Environmental Accounting: Focuses on sustainable business practices and reporting.
4. Fintech Accounting: Specializes in accounting for digital financial services and cryptocurrencies.

Industry Sectors

Accountants are in demand across various sectors, including:

• Financial Services
• Manufacturing
• Mining and Resources
• Retail
• Public Sector
• Non-profit Organizations

Salary Expectations

Salary ranges for accounting professionals in South Africa vary based on qualifications, experience, and specialization.

As of 2024:

• Entry-level accountants: R250,000 – R350,000 per annum
• Mid-level accountants: R400,000 – R600,000 per annum
• Chartered Accountants (3-5 years post-qualification): R700,000 – R1,200,000 per annum
• Senior financial managers and executives: R1,500,000+ per annum

Career Progression

Many accountants start their careers in audit firms or financial departments of large corporations.

With experience, they often progress to senior roles such as Financial Manager, Financial Director, or Chief Financial Officer (CFO). Some may choose to start their own accounting practices or consultancies.

The accounting profession in South Africa offers excellent prospects for career growth, competitive salaries, and opportunities for international work.

Continuous professional development and staying updated with evolving financial regulations and technologies are key to long-term success in this field.

Frequently Asked Questions

Conclusion

Accounting bursaries play a crucial role in shaping the future of finance professionals in South Africa. They offer more than just financial support; they provide a gateway to valuable work experience, mentorship, and career opportunities.

Whether you’re pursuing a BCom in Accounting, aiming for chartered accountancy, or exploring other areas of financial management, these bursaries can significantly ease your educational journey.

Remember, the path to securing an accounting bursary requires diligence, preparation, and perseverance. Start your research early, meet application deadlines, and present yourself as a well-rounded candidate.

If you don’t succeed initially, don’t be discouraged – explore the alternatives we’ve discussed and keep pushing towards your goals.

The accounting profession in South Africa offers diverse and rewarding career paths. With the right qualifications and experience, you can look forward to a fulfilling career in financial management, auditing, taxation, or even emerging fields like forensic accounting and fintech.

As you embark on this journey, stay informed about the latest trends in the accounting industry, continuously develop your skills, and build a strong professional network. The effort you put into securing a bursary and completing your studies will pay dividends in your future career.

Remember, your success in the accounting field will be determined not just by your academic achievements, but also by your ability to apply your knowledge in real-world situations, your ethical standards, and your commitment to lifelong learning.

We wish you the best of luck in your pursuit of accounting bursaries and your future career in the dynamic world of finance and accounting in South Africa.