everything you need to know about saica and saipa training contracts

Everything You Need To Know About SAICA & SAIPA Training Contracts

Starting a career in audit and accounting can be exciting but also confusing. Understanding SAICA Training Contracts is the first step towards becoming a Chartered Accountant. Here’s everything you need to know.

Why Do You Need SAICA Training Contracts?

Upon completing your degree, you may wonder why an accounting internship is necessary. A SAICA Training Contract is essential for anyone who wants to become a Chartered Accountant (CA). (SAICA stands for the South African Institute of Chartered Accountants.) SAICA formulates the necessary regulations and requirements to maintain the industry’s high standards.

The contract provides you with the essential work experience and training to qualify as a CA. It allows you to gain practical experience and develop critical skills that theoretical study alone cannot provide.

Duration of Contracts

Duration of Contracts

SAICA Training Contracts typically last for 3-5 years depending on your academic level. During this period, you’ll work full-time at an audit firm. BGR offers training contracts to undergraduate, graduate, and postgraduate accounting students. Read more about BGR contracts and offers. 

Moving Your Training Contract – The Penalty

Thinking about switching firms during your articles? While it might seem appealing to change environments or explore different opportunities, it’s important to know about the penalties involved. 

If you decide to change firms during your training contract, your training contract will be extended by an additional six months. For example, instead of completing your contract in the standard three years, you’ll be working for three and a half years.

This penalty ensures that trainees remain committed and gain consistent experience at one firm, to enhance your experience. Therefore, it’s important to choose your training firm wisely and consider all factors before switching.

 

What to Expect as a SAICA Trainee Accountant

As a SAICA trainee accountant, you will:

Day-to-Day Workload: At the beginning of your accounting internship you might be responsible for cashbook processing, income tax returns, and compilations. Thereafter you will handle VAT processing, independent reviews, dividend tax returns, and audit. This variety of projects will give you the practical experience you need

Completing Assessments: SAICA requires monthly Learning Outcome Reviews (LOR)  that is based on your experience. You will need to complete the Professional Values and Attitudes (PVA) based on your day-to-day activities such as ethic professionalism.

Get Mentorship: Receive guidance from experienced accountants who can help you navigate your career path and provide valuable insights. Managers play a crucial role in assisting trainee accountants in understanding their day-to-day workload

Work with Clients:  You will interact with different businesses and industries especially when doing onsite audits. You can expect to communicate directly with clients as you progress in your training contract 

Study and Work: Balance your work with studying for professional exams. Many firms offer support for studying, including study leave and access to resources. 

Steps to Qualify as a CA

1. Obtain a SAICA-Accredited Degree

Enroll in a SAICA-accredited university program to pursue a three-year degree. It is typically known as a B.Com Accounting or B.Com Chartered Accountancy degree. Take note, you must strive for high marks in your final year. Ensuring that you qualify for the CTA (Certificate in the Theory of Accounting). A CTA is equivalent to your Honours year.

2. Complete a SAICA Training Contract

Gain practical experience by signing a SAICA training contract with an accredited training office, such as BGR. This typically last 3 years after completion of your CTA. 

3. Pass the Initial Test of Competence (ITC)

The Initial Test of Competence (ITC) is the first part of SAICA’s professional examinations. You can take this test immediately after finishing your CTA.\

4. Pass the Assessment of Professional Competence (APC)

The Assessment of Professional Competence (APC) is the final exam in the process of becoming a Chartered Accountant. You are allowed to take the APC exam after completing 18 months of your training contract.

5. Register with SAICA

Once you have met all the requirements, including passing the ITC and APC and completing your training contract, you can apply to register as a Chartered Accountant with SAICA. This registration officially recognizes you as a qualified CA(SA). 

Life After Articles

Once you complete your SAICA training contract, you’ll have several career options:

Public Practice Opportunities: Remaining in public practice offers the chance to take on secondments or transitions to different practice areas such as tax, corporate finance, or management consultancy. Alternatively, you can explore opportunities at firms of varying sizes.

Further Studies: 

  • Certified Public Accountant (CPA): The CPA designation is highly esteemed globally. It is particularly beneficial if you are interested in working in international accounting and finance. 
  • Chartered Financial Analyst (CFA): The CFA program covers a broad spectrum of topics including portfolio management, ethics, and investment analysis. It will equip you with the skills to make informed investment decisions, manage portfolios effectively, and navigate complexities in financial markets.
  • Certified Information Systems Auditor (CISA): Offered by ISACA, the CISA credential validates proficiency in information systems control, auditing, and security. 
  • Diploma in International Taxation: If you would like to specialise in taxation with a global perspective, a Diploma in International Taxation is an ideal choice. This course provides in-depth knowledge of transfer pricing, international tax laws, and the complexities of cross-border taxation.

Leadership Roles: Many CAs move into leadership positions such as CFOs, CEOs, or partners in firms.

Entrepreneurship: With a strong foundation in accounting and business, many CAs start their successful businesses.

Industry and Commerce: If you have a passion for a specific industry or sector, you can leverage your financial expertise to support companies across various sectors and industries.

Treasury Management: Ideal for problem-solvers with strong technical and strategic abilities, treasury management focuses on optimizing cash levels within a company, ensuring efficient cash flow management.

Banking and Insurance: This role requires proficiency in managing financial affairs within banks and insurance companies, including financial strategy development, control, funding, forecasting, and related tasks.

 

Conclusion

Completing a SAICA Training Contract is a crucial step towards a successful career in audit and accounting. It provides the experience and qualifications needed to become a Chartered Accountant. Contact us for more information!