- Can a qualification like CA have the power to impact your future success?
- Hi, I am Senele Mbatha, a qualified chartered accountant from South Africa. I am a CFO running the Finance Department, and life is good; however, this was not my story while growing up.
- Life was hard back then. I had tough days; however, giving my studies importance and pursuing CA from SAICA changed my life forever.
Here is my story.
Growing Up With No Money
I grew up in a poor community (Osizweni, just outside Newcastle). We had no proper infrastructure to support studies, and our schools lacked basic infrastructure like libraries, computers, etc. Even today, the situation is still the same, although there has been some improvement.
I grew up in a very big family (like, very big). Like all boys growing up, I wanted to be cool, fit in, and be relevant. I played a lot of sports. In fact, I only began to take my studies seriously in grade 12.
It was difficult for me to start focusing in class 12 because I had so much catching up to do. In previous years, I was only average. So I wouldn’t say I was brilliant in school, but once I decided to take my grades seriously (grade 12), I was extremely diligent.
I worked hard and consistently and wanted to improve my performance. This formula is what got me to where I am today.
While growing up, I did not know any chartered accountants. To be honest, I never dreamed of being a CA, as I never thought I had it in me to be one, so I never chased it.
My plan was to graduate and work at a bank may be as a teller. Yes, I wanted to be a storyteller.
Starting my CA journey
After my graduation in 2002, I wanted to start working and was fortunate enough to find work at EY, Durban. I started as a contractor in their public sector department. It was initially a 2-month contract, and I guess they liked me and kept renewing my contract.
It was after month 8 when one of the EY partners, Mr. Sugan Palanee, convinced me to go back to university to do my honors, so I could start with my CA. I immediately applied and went back to school full-time. And I have never looked back since then.
(Some prospective CAs choose to study full-time, while others choose to study part-time while working at an accounting or audit firm.)
By the end of 2004, I had completed my honors in management accounting (CTA). So, after passing my CTA in 2004, I resumed my three-year articles at EY in Durban from January 2005 to December 2007.
I sacrificed a lot of my social life in order to be successful in CA. Can you believe that my then-girlfriend is one of them (because apparently, I didn’t have time for her, lol)? But I sacrificed a lot. There are family functions that I didn’t attend because of exams. It was tough.
Luckily, I qualified as a chartered accountant, and all the hard work and sacrifice paid off.
“How can I succeed and become a CA?”
You need a healthy body and mental strength, which is why I usually advise people to eat right and find at least 30 minutes to exercise.
Consistency and being strict with your demanding study schedule are steaks on the dinner table.
Studying can be intimidating and frustrating, but it can also be enjoyable and rewarding. It is a marathon, not a sprint. It needs patience and perseverance.
Try different things, try them again, change what doesn’t work, but never give in. I worked on the timetable and allocated more time to unpack complex topics and subjects. I didn’t give the subject the respect of “complexity.” I worked hard to unlock their complexity.
Re: tip and advise: I read a quote from Thabo Mbeki that used the metaphor of the Comrades Marathon, which says: “Those who complete the course will do so only because they do not, as fatigue sets in, convince themselves that the road ahead is still too long, the inclines too steep, the loneliness impossible to bear, and the prize itself of doubtful value.”
You’ll be surprised that even today, I still reflect on this phrase and use it to help motivate myself.
“Did I face failure while studying to be a CA (SA)?”
There are too many to remember and count. Some failures I thought were significant, while others I underestimated.
I’m not scared to fail (but I hate the feeling of failing). I deal with failure by keeping an eye on the price and enjoying trying new tactics to unlock whatever I have failed at.
It’s like a game; if you haven’t scored in the first minute, it doesn’t mean that the game is over, right?
“How much money is needed to become a CA in South Africa?”
Fortunately, you do not need lots of money to be a CA (SA). I wouldn’t be one if you needed to be rich to study CA.
I had good grades when I left high school and was given a study loan. Some people were even luckier to get bursaries. However, for my CTA, I got a bursary (scholarship).
Looking back now, I didn’t even know how much university cost when I was in high school, but I had the belief that good marks would take me there, and they did.
“Who should pursue CA?”
The profession is too diverse and requires many diverse skills and personalities.
There is a need for everyone, and there are a lot of us. The common attributes are the willingness to be consistent, ethical, have empathy, and be a leader (either of oneself or others).
“How much does a CA earn in South Africa?”
In my opinion, I have seen CA fresher’s earning anywhere between Rs 500 and Rs 650, depending on the industry and their interest after the qualification.
However, depending on your experience and what you have to offer, the salary increase is exponential.
I attribute my good fortune to my decision to study CA. It is a big part of it; the qualification has opened many doors for me.
My advice to all young professionals is to always value experience, learning, and culture. Ethics are non-negotiable. The money will come eventually… and a lot of it.
“What is the scope of CA from SAICA?”
CA is a diverse stream and has a lot of opportunities in South Africa and worldwide.
Chartered accountants are absolutely not restricted to just finance, audit, or tax. A CA can be found almost anywhere in the business.
One can be in Risk Management, Capital Management, Treasury, Product Head, Corporate Finance, Operations, and many, many more.
You’ll almost certainly find a need in the industry you’re passionate about, whether it’s finance, operations, or running your own business. Its teaching encompasses different disciplines and enables independent learning.
CA(SA) can also work outside of South Africa. I have many friends and ex-colleagues who work in the UK, Middle East, US, and Australia.
To Conclude…
In your journey, people are everything. Choose friends, colleagues, and your boss carefully.
You need to surround yourself with people who remind you every day why you started—people who believe in you even when you don’t.
During tough times, channel your mind toward the end results and the rewards associated with them. It is easier to go through tough times when you know that in the end, it will all be worth it.
