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10 February 2023 | Story Kekeletso Takang
Frans Benecke  and Su-Mari Dreyer
UFS students Frans Benecke and Su-Mari Dreyer are two of the beneficiaries of the programme and will spend one year in Salzburg, from February 2023 until January 2024.

Nowadays, universities strive more and more to develop global citizens. For the University of the Free State (UFS) and the Salzburg University of Applied Sciences (SUAS) in Austria, collaboration on the Consecutive Master’s Degree Programme in International Finance is directed at this. 

This exclusive and pioneering collaboration between the Department of Economics and Finance at the UFS and the Department of Management and Tourism at SUAS emanates from more than 15 years of collaboration between Prof Johan Coetzee (UFS) and Prof Christine Mitter (SUAS ).

The collaboration addresses the concerns constantly raised in South Africa that graduates do not have the requisite practical skills when entering the workplace. The UFS attempts to bridge this gap and contribute to a better-equipped, employable South African graduate who understands the link between theory and application in a problem-riddled world entering the Fourth Industrial Revolution.

UFS students Frans Benecke and Su-Mari Dreyer are two of the beneficiaries of the programme and will spend one year in Salzburg, from February 2023 until January 2024. 

“This is a dream come true, a dream I didn’t even know I had. To experience a different culture through educational and cultural exchange will deepen my understanding of international relationships, which is a driver of development,” says Dreyer, who completed her MCom degree at the UFS.

Interdisciplinary research

The Consecutive Master’s Degree Programme in International Finance allows students wishing to pursue a master’s degree to acquire two degrees over a two-year study period: an MCom specialising in Finance in the Department of Economics and Finance at the UFS, and an MA in Business Management specialising in Financial Risk Management at SUAS in Austria. The degrees are done on location in Bloemfontein and Salzburg respectively. The UFS master’s is more quantitative in nature and exposes students to highly technical methods and applications, while the SUAS master’s degree is more qualitative in nature and exposes students to more practical real-world management scenarios. 

“The Faculty of Economic and Management Sciences has a long-standing and valued partnership with the Salzburg University of Applied Sciences. As a faculty, we see the development of the consecutive master’s degree as a wonderful opportunity for students from both universities to participate in the learning opportunities that both universities offer. These opportunities transcend the academic learning that will take place, to also include the exposure of students to the culture and life in the partner country,” says Prof Philippe Burger, Dean of the Faculty of Economic and Management Sciences. “We believe the learning that will take place through the exposure that the consecutive degree offers, will improve students’ employability and contribute to them building successful careers.”

Bridging the gap

As part of the curriculum requirements, students will also be offered the opportunity to do a short apprenticeship in Austria. 

Benecke, who also completed his UFS master’s degree, says he hopes the programme will serve as a call to action for students considering postgraduate studies in the Department of Economics and Finance at the UFS.

News Archive

UFS staff get salary increase of at least 7,25%
2007-11-20

 

During the signing of the UFS's salary agreement were, from the left: Mr Olehile Moeng (Chairperson of NEHAWU), Prof. Frederick Fourie (Rector and Vice-Chancellor of the UFS), and Prof. Johan Grobbelaar (Chairperson of UVPERSU and spokesperson of the Joint Union Forum).
 

UFS staff get salary increase of at least 7,25%

The University of the Free State’s (UFS) management and trade unions have agreed on an increase of 9,32% in the service benefits of staff for 2008. This includes a general minimum salary increase of 7,25%.

A once-off non-pensionable bonus of R3 000 will be paid in December 2007.

The agreement was signed today by representatives of the UFS management and the trade unions, UVPERSU and NEHAWU.

“As the state subsidy level is unfortunately not yet known, remuneration could vary several percentage points between a window of 7,25 and 8,39%,” said Prof. Frederick Fourie, Rector and Vice-Chancellor of the UFS.

Should the government subsidy be such that the increase falls outside the window of 8,39%, the parties will negotiate again.

The bonus will be paid to staff members who were employed by the UFS on UFS conditions of service on 14 November 2007 and who assumed duties before 1 October 2007.

The bonus is payable in December 2007 in recognition of the role played by staff during the year to promote the UFS as a university of excellence and as confirmation of the role and effectiveness of the remuneration model.

“It is important to note that this bonus can be paid due to the favourable financial outcome of 2007,” said Prof. Fourie.

“Our intention is to pass the maximum benefit possible on to staff without exceeding the limits of financial sustainability of the institution.  For this reason, the negotiating parties reaffirmed their commitment to the Multiple-year Income-related Remuneration Improvement Model used as a framework for negotiations.  The model and its applications are unique and has as a point of departure that the UFS must be and remain financially sustainable,” said Prof. Fourie and Prof. Johan Grobbelaar, Chairperson of UVPERSU and Spokesperson of the Joint Union Forum.

The agreement provides for the phasing in of fringe benefits of contract appointments for 2008.  This includes the implementation of a pension/provident fund, housing allowance and the medical fund allowance as from 1 January 2008 to staff who are appointed on a contract basis.

Agreement was also reached that 1,0% will be allocated for structural adjustments in order to partially address the backlog in respect of remuneration packages of other higher education institutions.  These adjustments will be made after further investigations during 2008. 

The post levels that have been earmarked for adjustment are academic staff (associate professor, professor and dean) as well as certain post levels in the support services.

An additional R500 000 will be allocated to accelerate the rate of phasing in the medical fund allowances. 

The implementation date for the salary adjustments is 1 January 2008, but could possibly be implemented only at a later stage due to logistical reasons.   The adjustment will be calculated on the remuneration package.

The agreement also applies to all staff members of the Vista and Qwaqwa Campuses whose conditions of employment have already been aligned with those of the Main Campus.

Prof. Grobbelaar said that salary negotiations were never easy, but the model is an important tool.  He said the Joint Union Forum illustrates that people from different groups can work together if they share the same commitment and goal.

In 2007, a total salary adjustment of 5,7% and a once-off non-pensionable bonus of R2 000 was paid to staff.

Media Release
Issued by: Lacea Loader
Assistant Director: Media Liaison  
Tel:  051 401 2584
Cell:  083 645 2454
E-mail:  loaderl.stg@ufs.ac.za
20 November 2007

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