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23 August 2019 | Story Valentino Ndaba
UFS Accountancy students
The UFS School of Accountancy is fast becoming one of the best in the country.

Becoming a Chartered Accountant (SA) entails successfully completing the rigorous education and training requirements set by the South African Institute of Chartered Accountants (SAICA). As part of these requirements, all prospective CAs are required to write SAICA’s challenging Initial Test of Competence (ITC). A total of 83 graduates from the University of the Free State (UFS) passed the 2019 ITC examinations, making the Kovsie community and School of Accountancy proud.

Prof Frans Prinsloo, the Director at the UFS School of Accountancy, applauded the successful graduates – of whom 39 are African, five coloured, one Indian, and 38 white. “More than 55% of our graduates who wrote the exam are black (African, coloured and Indian), demonstrating that our emphasis on building the pipeline of under-represented prospective Chartered Accountants (SA) is paying off in terms of both racial and gender inclusion.”

Rising above the ultimate test

SAICA released the results of the June 2019 ITC examination on Friday 16 August 2019. The ITC examination is the first of two professional examinations required for qualification as a Chartered Accountant (SA), and is written shortly after completion of formal university studies. There are two sittings of this examination annually, in January and June.

Compared to the national average pass rate of 75.4% for the 2019 ITC examinations, UFS BAcc Honours and Postgraduate Diploma in Chartered Accountancy graduates delivered a superior performance. The 94.7% pass show that our graduates are a force to be reckoned with.

Upping standards
More than 10 of the Thuthuka Bursary Programme graduates of 2018 who wrote the 2019 ITC examinations, passed, which translates into a 92% pass for this group. Such an achievement also confirms the success of the bursary programme ‘wraparound support’ interventions, by delivering results well in excess of the national average. These interventions also extend to the development of professional skills essential for the corporate world – thereby ensuring that these graduates are not only technically strong, but ‘work-ready’.

Best in the business of excellence
“These results place the UFS School of Accountancy amongst the best in the country in terms of Chartered Accountancy education, and is testament to the hard work of the academic staff and the quality of our CA programme,” says Prof Prinsloo.

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Increase in external research funding is proof of confidence in UFS
2014-12-09

The university’s sourcing of research funding from external organisations has received a significant boost this year. The growth in financing received from the National Research Foundation (NRF) alone increased from R24 million in 2013 to over R50 million in 2014.

“Because tertiary institutions can no longer survive on state subsidies alone, they are increasingly looking at alternative ways of supplementing their income. Income from these sources is utilised for various programmes and projects, with strong emphasis on research,” says Dr Glen Taylor, Senior Director: Research Development at the University of the Free State (UFS).

A source which provided considerable income for the UFS was the presentation of short learning programmes. The growth in income for the learning programmes this year was more than 30% compared to the income in 2012. “Income from short learning programmes is used to support the core business of the UFS,” says Dr Taylor.

A number of major research contracts were entered into during the course of the year. The UFS, for example, serves as an agency for a research contract of USD$10.5 million awarded by the World Bank to the Southern African Development Corporation (SADC). The contract is managed by the Institute for Groundwater Studies (IGS) and involves research on the management and formation of policies on underground water sources across boundaries.

Another substantial grant is the financing received from the Water Research Commission. The money is used to conduct research on the sustainable utilisation of water, as well as ways for the better utilisation thereof for the development of communities. The grant to the UFS for successful projects amounts to R5.5 million on average per year.

The UFS also has contracts with national and international partners. We conduct research of more than R30 million on the behalf of several mining companies, such as Anglo American, BHP Billiton, Exxaro and Goldfields Ltd. “Furthermore, we also have research funding from the National Institute of Health (NIH) in the USA, the European Union and several bilateral research agreements with countries such as Brazil, China and India, as well as contracts with Sasol and the Agricultural Research Council (ARC),” says Dr Taylor.

“We have tremendous interest from several companies wishing to finance the programmes, projects and intellectual property of the UFS, which is proof that our research is recognised and makes a difference,” he says.

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