Finance and Investment Accountancy Commercial Accounting Economics and Econometrics November 2012 Volume 5

From the Editor
BE UNDEFINABLE Formal learning, as we have experienced it, appears to be driven by definitions and principles. In virtually every discipline, students are expected to learn definitions of concepts. Then of course, the theories and principles, which define the relationship between concepts. Let us not forget the patterns. We love patterns. Patterns seem to lead to theories, principles and rules, which in turn tend to structure the way we think and behave. A student in undergraduate economics is actually required to learn the definition of scarcity. Scarcity is something that is encountered every day, yet a structured meaning is provided in terms of demand, supply and price movements. In accounting, students are given definitions of assets and liabilities. Even though they are fundamental to our lives, carefully formulated definitions are provided for assets and liabilities and how a specific relationship between them results in something referred to as net worth or equity. In finance, students are provided with formal definitions of risk and return, elements basic to human behaviour. It would be difficult to comprehend a world without definitions and principles. Yet, for much of our early childhood years, learning was based simply on experience as we engaged with nature and interacted with one another. Learning was a natural experience. As we encountered objects and phenomena, we became acquainted with them and were able to tell things apart without any formal instruction. For instance, take our early encounter with something like water. It was not necessary for us to know that it was constituted of two parts of hydrogen and one part of oxygen. But we could easily tell it apart from other matter and grew to know and understand its effects without any formal learning. Even learning a language came naturally. We are born with the instinct to learn through a natural process of discovery. However, the moment we started school, and thus entered the world of formal education, we were devoured by a system of definitions, principles and rules. Operating in an environment and engaging with one another on matters that are commonly understood is generally a good thing. Clearly defined concepts and principles would certainly enable good and effective communication. However, a problem arises when it becomes a way of life. Everything starts getting defined, including people – ourselves and others. We are so afraid of uncertainty that we cling to definitions, structures, set procedures and processes. Why? Simply because so much of our formal learning was definition-based – Define this! Define that! Such learning was never really an experience – a process of discovery like our early childhood years. Sad to say, but it seems as if schooling and university education may have killed the natural learning experience. It is no wonder that we tend to be averse to change and find it difficult to deal with the unexpected. Nothing must dare disturb the routine. Everything must always go according to plan. All this, because we have limited our learning experience to that of acquiring definitions and principles, that relate to “this and that” . Now what is the consequence of that limited learning experience? Simple – limited expectations! Many years back, I read in a book by the late Lyall Watson (if my memory serves me correct): “Too often we see what we expect to see, because our view of this world is restricted by the blinkers of our limited experience.” We fail to see beyond our limited learning experience. As a result, our general outlook on life becomes limited. We love being comfortable in a world of clearly defined concepts, principles and rules; and to take it even further – clearly defined people and clearly defined relationships. Such a world lulls us into a false sense of security. But we

From the Editor At the coalFACE Out of the FACE InterFACE The FACE Room Below the surFACE Fancy FACE EDITORS: 1 3 12 15 21 23 30

Prof S. Chetty

Ms J. Bence

University of Johannesburg, Faculty of Economic and Financial Sciences 011 559 2492

love it. We loathe change and are terrified of the unknown. We start putting ourselves into little boxes and try to live up to the expectations of others. We in turn put others in a box and see or measure them in terms of our own expectations. We stereotype and that’s the name of the game. We pigeonhole each other according to predetermined definitions. Essentially, we define ourselves and others; and that is it. That is how we learnt: Define this! Define that! Moreover, the definitions are already there for the picking. Use them. To do otherwise would threaten one’s long-established beliefs and customs. We have learned that it is important to slot in – to fit in. Don’t be an outlier. The outcome: we allow ourselves to be typecast in terms of some predetermined definition. We allow ourselves to be definable. Now do not for one moment think that I am advocating radicalism. I am not suggesting that one should abandon rules and customs. I am simply proposing that we do not become anchored (stuck) in predetermined practices. Learning must be an experience that goes beyond the classroom, beyond the textbook and beyond the lecturer’s slides. Students should not allow themselves to be anchored by definitions. They will end up running on the spot (a lot of work but going nowhere). More seriously, they will end up seeking definitions for themselves and others. Why? That is how they learnt – Define this! Define that! One should not allow oneself to be typecast in terms of a predetermined mould. It is time to break the mould and become undefinable. Upon completion of their first degree/ diploma, students will enter a new world of constraints and opportunities. Many will enter the job market. Some will pursue higher degree studies. Will they merely slot in, and become self-fulfilling expectations? On their first day of work, are they going to take their textbooks with them? Will they be at a loss and wonder what their years of schooling and university education taught them? Will they like Paul Simon in one of his songs say: “When I think back on all the crap I learned in high school, it’s a wonder I can think at all...” They may once again be thrown into a world of self-discovery and their natural instinct to learn may hopefully be re-activated. I want to, once again, emphasise that I am not knocking schooling and university education. Many fundamental skills are indeed acquired through the existing system that ought to carry one a long way. However, educators and students should be ever-cognisant of the learning environment, and reflect on the formal learning experience. It should be realised that it is not what one learns that matters; it is how one learns it. In other words, it is the learning experience that counts, one that embraces the art of learning to learn. And if that experience is limited to the mere acquiring of definitions, principles and rules to the extent of shaping the way one generally thinks about life’s issues, others and oneself, then sadly the learning experience would be limited. Keep in mind that life’s journey comprises a series of tomorrows, each lying on a continuum but clearly distinguishable – that is, each new day is different from the previous. Do not move into the future as if nothing has changed. One could stagnate or merely slow down one’s adjustment (learning) process or even end up moving from one crisis to the next as each new reality hits, thereby being forced to adjust (like the behaviour of people prior to the onset of the recent global financial crisis – people did not adjust to the changing environment until they were smacked in the face by a changed reality). We should remain ever-conscious of our changing environment. More than that, we should each be an agent of change. Become curious about things around us, and let that instinct of self-discovery be re-activated. It is good to appreciate the wonder of nature and look beyond the obvious. It is important to maintain certain principles that are core to who we are on the inside, but we should not allow ourselves to be pigeonholed. We should not allow ourselves to be hamstrung by the need to define everything and everybody, including ourselves. Be undefinable; and, as such, allow ourselves the excitement of being engaged in a constant process of self-discovery. Human beings are complex creatures, and individuals differ significantly from each other. Perhaps this somewhat of a paradox in a statement by Lyall Watson captures that complexity:“If the brain were so simple we could understand it, we would be so simple we couldn’t.” Prof Sivan Chetty

FACE | November 2012 | Volume 5


At the coalFACE
FACULTY PUBLIC LECTURE SERIES 2012 In 2012 thus far, the Faculty held two public lectures. For the first lecture Professor Luc Bauwens, from the University Catholic of Louvain (Belgium) presented the topic, ‘An Econometrician’s thoughts about the recent financial crises’. His presentation on the recent financial crisis managed to create some food for thought, as many could relate well to the issue. Mr Terence Nombembe, Auditor-General of South Africa, presented on ‘The state of internal financial control in the public sector’ during the second lecture. His presentation was forthright and thoughtprovoking as he engaged the audience on complex issues relating to the state of internal financial control in government entities. He challenged the audience to think about innovative solutions to prevailing problems relating to internal financial control. The presentation and discussion were generally well received by all who attended.

FEFS Public Lecture 11 September 2012

Prof Alex van der Watt, Prof Amanda Dempsey & Mr Terence Nombembe

Prof Amanda Dempsey & Mr Terence Nombembe

FEFS Public Lecture – 27 February 2012

FEFS Public Lecture - 11 September 2012

Professor Luc Bauwens

Prof Amanda Dempsey, Prof Luc Bauwens, Prof Sivan Chetty, Prof Lumengo Bonga-Bonga

Mr Terence Nombembe

FACE | November 2012 | Volume 5

IN THE FOOTSTEPS OF ADAM SMITH Dr Ilse Botha participated in the Annual Conference of the Scottish Economic Society. Since 1897, in accordance with the Scottish tradition of political economy inspired by Adam Smith, the Society’s objectives have been to promote the study and teaching of Economics on the widest basis, and to provide a forum for the discussion of Scottish economic problems and their relationship to the political and social life of Scotland. The conference was held from 16 to 18 April in Perth, Scotland. Dr Botha presented a paper, which she co-authored with Prof Derick Blaauw, entitled: “Determinants of the subjective well-being of day labourers in South Africa.” The paper is currently under review by the Institute for Scientific Information (ISI).
Dr Ilse Botha

FACULTY HOSTS THE 4TH BIENNIAL INTERNATIONAL VALUE CONFERENCE The Value Conference has ingrained itself as an important feature on the academic setting of the Faculty of Economic and Financial Sciences (FEFS). Given the Faculty’s unique financial focus, a conference like this serves to entrench the Faculty’s position as a key provider of much needed competencies in a financial environment that has seen ‘value’ being excessively created and then viciously destroyed. FEFS hosted the 4th Biennial International Value Conference from 27 to 30 May 2012 at the Champagne Sports Resort, in the wonderful settings and surroundings of the Central Drakensberg. One of the Conference’s aims was to determine ways of ensuring the success of business ambitions in Africa – one that creates and delivers value. Some of the universities that were represented included Monash, Unisa, University of Limpopo, the Vaal University of Technology, Cape Peninsula University of Technology, University of KwaZulu-Natal, Nelson Mandela Metropolitan University, University of Fort Hare, Stellenbosch University and the University of Cape Town. The international delegates were from France, Namibia, New Zealand, Pakistan and the USA. In total 152 delegates attended the conference and 77 papers were delivered. Various topics focused on economic growth in Africa as well as the challenges faced by business leaders to capture the essence of delivering value through sustainable business practices. Mr Dawie Roodt, Chief Economist and Director: Efficient Group, and Ms Nonkululeko Gobodo, Chief Executive Officer: Gobodo Chartered Accountants, delivered the keynote addresses on the second and third day of the conference respectively. On the third day, a panel consisting of leading experts engaged in a discussion centred on sustainable business practices. Each day was perfectly rounded off with dinner accompanied by delightful entertainment – Organic Lounge and DJ at the Sunday’s welcome dinner; Drakensberg Boys Choir at the cocktail function on Monday evening; and the enjoyable Out of the Blue group at Tuesday’s Gala dinner.

FACE | November 2012 | Volume 5

9th AFRICAN FINANCE JOURNAL CONFERENCE Dr Maleka presented a paper at a conference, organised by the Development Finance Research Network, held in Nairobi, Kenya from 19 to 20 April 2012. The topic of the paper was: “The volatility of FDI, ODA and Remittances in Southern African Countries” The . aim of the paper was to compare the volatility (risk) on the flow of Foreign Direct Investment (FDI), Official Development Aid (ODA) and Remittances (money sent home by international migrant workers) during the economic crisis. The findings were that remittances could withstand economic crisis better than FDI and ODA. The aim of the research network is, among other, to develop a global scientific platform for development research and to build a network for development finance researchers, practitioners and institutions. Some of the papers presented at the conference will be reviewed and published in the African Finance Journal. Membership of the research network is free to individuals and institutions. People interested in becoming members, should contact Ms Dinah Potgieters at

9th African Finance Journal Conference

REGISTERED PERSONS EXAM (RPE) MODULES AS A SHORT LEARNING PROGRAMME The Department of Finance and Investment Management will be offering the Registered Persons Exam (RPE) modules as a short learning programme during university holidays. It has come to the attention of the Department that leaving university with only a degree is no longer enough and the Department is undertaking extensive research to improve the skill sets of the students studying for the BCom Finance degree. The Department is in partnership with the South African Institute of Financial Markets (SAIFM). The SAIFM currently offers interested individuals the opportunity to write the exams through them via distance learning. The Department will be offering a short learning programme for each module during the holidays so that current students and interested individuals outside the University can have the opportunity to obtain the RPE modules with the assistance of a lecturer. The Department will present classes on the modules during the week, followed by an opportunity to write the corresponding RPE exam. The Department believes that by offering this course the knowledge base and skills sets in the field of investments are improving, helping to build a brighter future for South Africans.

HONOURS BRIDGING PROGRAMME IN ECONOMICS A SUCCESS 2011 is a year that many of us will look back on and say, with a sigh of relief,“Thank goodness, it’s over” But there is something . that the Department of Economics and Econometrics can look back and be proud of – and that is our Honours Bridging Programme, affectionately known as the HBP. Ok, so the acronym ‘HBP’ may sound like a psychological disorder, and I am sure many from the Humanities are scratching their heads right now trying to determine a cause or a cure, but we at the Department of Economics and Econometrics can wear this as a badge of honour. Despite the many trials and tribulations that many of us experienced last year, the HBP was a success. Overall, 18 students completed our course and 12 students were selected for the entrance exam into the Economics Honours programme. The students who wrote the exam not only performed very well, but now have a place in our Honours programme. Three students performed exceptionally well in the HBP course and were given automatic acceptance into the Honours programme without the need for any additional entrance exams. The success of this course needs to be attributed not only to the determination of our students, but also to some very brave and dedicated lecturers who worked diligently to make this new programme a success. Arnold Wentzel, Marinda Pretorius, Lorraine Greyling and Marius Venter showed unbelievable dedication and commitment to this programme. And let’s not underestimate the support from other members of the Department and Faculty, both academic and administrative. 2012 has dawned, bringing with it a new group of brave and motivated students. The ‘Year of the Dragon’, is supposed to bring with it hope and luck. We are all eager to see how our new brave students weather the challenges ahead and we wish them well on their new quest. Yes, in the words of our HOD, Prof Bonga-Bonga, we strive to be the best. - Mr Peter Baur (Senior Lecturer from the Department of Economics and Econometrics)

FACE | November 2012 | Volume 5

Report released on: KEEPING SOUTH AFRICA’S FEMALE CHARTERED ACCOUNTANTS IN PUBLIC PRACTICE Part one: The impact of job demands: job insecurity, work overload and work-family conflict The Women in the Workplace research series takes rigorous academic research and presents it to business – simply and clearly. The focus is on useful, actionable insights that can help South African businesses to harness the full power of their workforces. In the first report in the Chartered Accountant series, we make recommendations on what public-practice audit, tax and advisory firms can do to keep their smart, female Chartered Accountants engaged and productive. These recommendations are based on a Master’s degree study, conducted by Stella Ribeiro, that utilised the Job Demands-Resources model in relation to turnover intentions. We present the findings in our investigation into the differences in perceptions of female qualified CAs and trainees, using a large convenience sample of 851 female CAs and trainees in publicpractice audit, tax and advisory firms. A copy of the report can be found at: E N / Fa c u l t i e s / e c o f i n / a c c o u n t i n g / n e w s e v e n t s / P a g e s / 20120831WomeninWorkplace.aspx The authors of the report are Mrs Stella Ribeiro, a qualified Chartered Accountant and staff member of the Department of Accountancy, Prof Anita Bosch from the Department of Industrial Psychology and People Management, and Dr Jürgen Becker, a Human Capital solutions statistician. We would like to invite you to read the report and let us have your comments or questions. For more information, please contact Prof Anita Bosch at the Women in the Workplace research programme. You can telephone 011 559 2079 or email

DEPARTMENT OF COMMERCIAL ACCOUNTING HOSTS ANNUAL MERIT AWARD FUNCTION The Annual Merit Award Function and Graduation Ceremony of the Department of Commercial Accounting were held at the VIP Lounge, Imbizo Building, Soweto Campus, on 24 February 2012. The sponsors included: • AAT • Pastel • LexisNexis • Juta • Pearson • TestKraft • IIASA (Audit) • Professor Marita Pietersen

The Annual Merit Award Function and Graduation Ceremony

THE 2012 QE RESULTS CONFIRM ACCOUNTANCY@UJ AS A LEADER IN ACCOUNTING EDUCATION The results of the Annual Qualifying Examination (QE) of the South African Institute of Chartered Accountants (SAICA) were released on Friday 30 March 2012. UJ contributed 12,9% of the total successful candidates, which equates to 256 candidates.This is the second biggest contribution of all accredited residential universities. UJ also achieved an 86% pass rate for first-time candidates, which compares very well with the national firsttime pass rate of 78%. “We are absolutely delighted with our results,” says Prof Alex van der Watt, Head of the Department of Accountancy at UJ. “The good results confirm Accountancy@UJ as a leader in accounting education; especially when the results are analysed in the context of transformation and growth.” UJ is currently the biggest residential provider of black African chartered accountants in South Africa. 390 black African first-time candidates passed the 2012 qualifying examination. UJ contributed 99 candidates to this number, which equates to 25% of all the successful black African candidates. “This is simply an outstanding achievement taking into account that candidates from 13 universities wrote the examination,” says Prof van der Watt. Two UJ students achieved Top Ten positions in the examination. Ms Tamryn Tromp was placed second, and Ms Vidette du Toit achieved the seventh position in the examination. “I am very grateful to have not only passed the infamous QE1 exam, but to have placed in the top ten! This achievement is as a result of my hard work, the very competent Accounting Department at UJ, and most importantly, the work of God and support from my family and friends. I am a proud supporter of this University and firmly believe it is worth its weight in gold,” says Tamryn Tromp. Ms Vidette du Toit says that “being placed in the Top Ten and passing with honours was something I never dreamed of, but now it is a reality. I have achieved a goal that I had not even set for myself. I am thankful towards all my friends and family for their motivation and support. They kept me going in tough times. It would also not have been possible without the exceptional hard work, motivation and talent of UJ’s lecturers. I will always be filled with gratitude towards God for helping me through tough times and for ending four years of hard work on such a high note. Without faith and perseverance, I would not have been where I am today.” Prof Van der Watt adds that the excellent 2012 results are “testimony to the dedication and hard work of passionate lecturers in the Department.”

Ms Vidette du Toit

Ms Tamryn Tromp

FACE | November 2012 | Volume 5

DFIM STAKEHOLDERS’ FUNCTION 2012 The Department of Finance & Investment Management (DFIM) hosted their annual Stakeholders’ Function at the Wanderers Club in Illovo on 28 August 2012. Guests from the financial world as well as DFIM Alumni were invited, which made this a unique event. Prof Gideon Els welcomed the guests and the DFIM Programme Managers each introduced their new programmes for 2013. The Cancervive Management also attended and introduced themselves to the guests. The guests were entertained by Kirsten Watkins.

DFIM staff from left to right: Ms Jordy Bolton, Ms Roxanne Andrew and Ms Adele Oosthuizen

Ms Brelage (LexisNexis) and Ms Botes (DFIM)

TEACHING AND LEARNING (T&L) IN FEFS Some years ago UJ adopted the Teaching and Learning (T&L) philosophy of “learning to be” rather than “learning about” This new , . three worded slogan seems simple when read for the first time, but has a significant impact on the way in which T&L has been viewed in the past. It goes without saying then that all the Departments within FEFS were required to take a look within, and re-strategise as to how they could produce future professionals, within the financial, economic and commercial fields, who employ the characteristics of a student who has “learnt to be” . One example of a Department who has made significant strides in their T&L approach is the Department of Accountancy that implemented a new student-centred T&L approach by taking cognisance of students’ individual learning styles. Various new teaching resources were introduced, and some of the already existing T&L resources were dusted off and re-examined from a different perspective. A lecturer is

viewed as a facilitator of the T&L process, rather than merely a teacher. The academic programmes within the Department of Accountancy strive to develop not only technical knowledge and skills, but also to develop pervasive skills that will lead to a well-rounded individual. On a faculty level, a lot of activity relating to T&L is taking place as well. Much of this work is driven by the Teaching Learning and Assessment Committee (hereafter TLAC). The TLAC consists of 11 very committed members spread across the four Departments within FEFS, and all of the TLAC members are highly passionate about moving T&L within FEFS to the next level. During 2012, this Committee performed a major overhaul of the assessment and moderation Policies. Currently it is working towards developing a tailor-made T&L policy for FEFS that fits within the scope and guidelines of the UJ T&L policy. This project is a major undertaking and serves as further proof of FEFS’ commitment towards excellent T&L practices and producing diplomandi and granduandi who have “learnt how to be” . Ms Erica Du Toit (Senior Lecturer from the Department of Accountancy)

DFIM CANCER DAY 2012 The Department of Finance & Investment Management hosted their 3rd Annual Cancer Day in aid of Cancervive (, a project of People Living with Cancer (, at House Higgo in Northcliff on 21 September 2012 from 09:00 to 13:00. Each year, Cancervive launches their annual ride from UJ. This year they went to rural areas in Mpumalanga to spread an awareness of the early detection of all cancers. The world-renowned singer, Myra Maud from France, performed with the well-known SA dancer, John Sithole.

Cancervive Group

Myra Maud

SA Dancer, John Sithole

FACE | November 2012 | Volume 5

DFIM HOSTED ANNUAL PRIZE-GIVING BREAKFAST 2012 The Department of Finance and Investment Management at the University of Johannesburg held their annual prizegiving breakfast on Friday, 2 March 2012, at the Johannesburg Country Club in Auckland Park. The guest speaker for this prestigious event was Dr Roelof Botha. As a seasoned veteran on the public speaking circuit in Southern Africa, Dr Botha has managed to captivate audiences with his unique style of blending the serious matters of economics and politics with the lighter side of life. His presentations are regarded as broadly Prize Winner Shaun de Wet Clifford Vance Hack Jake Rubinstein Corlise le Roux Roxanne Thorley Wanda Janse van Rensburg Lenushka Parannath Mduduzi Gama motivational, in terms of highlighting research that confirms numerous positive structural changes in the Southern African economy. The guests thoroughly enjoyed Dr Botha’s informative, positive and enlightened presentation. Thirty-three prestigious prizes were awarded to the Department’s top 2011 students. The prizes were sponsored by the Department’s generous annual sponsors: KPMG, LexisNexis, Imperial Logistics, FPI, PPS, FAT Training & CIMA. The top achievers were accompanied by their parents, family and friends. This event is one of the Department’s most prestigious events on the year calendar. Among the well-deserved prize winners were Dr Mdu Gama, who received the DFIM Exceptional Achievement Award. As the first person to obtain a PhD (Finance) in the Department of Finance and Investment Management, since the Department’s establishment within UJ in 2005, following the merger between RAU and TWR, as well as the first person to obtain a PhD (Finance) in South Africa, this prestigious award was awarded to Dr Gama. The prize winners are: Sponsor CIMA FPI KPMG UJ Imperial Logistics FAT Training FPI PPS & UJ

Category Highest overall mark – BCom Honours (Financial Management) Highest overall mark – BCom Honours (Financial Planning) Highest overall mark – BCom Honours (Investment Management) Highest overall mark – MCom (Financial Management Coursework) Top UJ Student in CIMA Strategic Level Exams – May 2011 Top UJ Student in CIMA T4 Part B Exam – November 2011 Top UJ Student in FPI’s External Case Study Exam – 2011 DFIM Exceptional Achievement Award

Mr Amos Kova-CIMA & the Dean, Prof Amanda Dempsey

Mr Amos Kova-CIMA, Student Shaun de Wet & Mr Kevin Thomas

Mr Carl Anschutz, Student Corlise le Roux & Prof Gideon Els

Mr Wikus Roets & Student Wanda Janse van Rensburg

Dr Mdu Gama

Ms Felecia LandsbergImperial Logistics & Student Roxanne Thorley

Ms Genevieve de Wet-KPMG, Student Jake Rubinstein & Mr Niel Oberholzer

FACE | November 2012 | Volume 5

Title of Journal Year and Volume Article Title 1st Affiliated Author’s Department 1st Author (with staff/ student number if applicable) Verhoef G 720003289 2nd Author (with staff/ student number if applicable) All other authors (with staff/student number if applicable)

Economic History of Developing Regions Historia

2011 Vol 26(2)

The globalisation of South African conglomerates,1990-2009


2011 Vol 56(2)

The state and the profession: initiatives and responses to the organisation of the accounting profession in South Africa, 1904-1951 Waardes in die rekeningkundige professie: ‘n historiese ondersoek na die vestiging van die professie in Suid-Afrika Sustainability and integrated reporting: an analysis of the audit committee’s oversight role The company as a responsible corporate citizen: an analysis of the board’s commitment to sustainability Assessment under the Tax Administration Bill


Verhoef G 720003289

Tydskrif vir Geesteswetenskappe Journal for New Generation Sciences Journal of Economic and Financial Sciences Journal of Economic and Financial Sciences Journal of Economic and Financial Sciences Journal of Economic and Financial Sciences Meditari Accountancy Research South African Journal of Accounting Research South African Journal of Accounting Research African Finance Journal African Finance Journal Indian Economic Review International Business and Economics Research Journal

2011 Vol 51(4) December 2011 Vol 9(2)


Verhoef G 720003289 Marx B 720002406 Van Der Watt 720003261


2011 Vol 4(1) April


Marx B 720002406

van Dyk V 720008743

2011 Vol 4(2) October 2011 Vol 4(2) October 2011 Vol 4(2) October


Olivier L 720002769

Corporate governance practices at South Accountancy African higher education institutions: an annual report disclosure analysis The effect of the global crisis on top 40 company CFOs Accountancy

Barac K

Marx B 720002406

Moloi T

Voogt T 720003320

2011 Vol 19(1/2) 2011 Vol 25(1)

Sustainability reporting and assurance: an analysis of assurance practices in South Africa A comment on research frameworks applied in accounting research


Marx B 720002406 Coetsee D 720001714

Van Dyk VC 720008743


2011 Vol 25(1)

Sustainability reporting at large public sector entities in South Africa


Marx B 720002406

Van Dyk VC 720008743

2011 Vol 13(1) 2011 Vol 13(2) 2011 Vol 46(1) 2011 Vol 10(12) December

Predictability of stock price behaviour in South Africa: a non-parametric approach Monetary policy action and inflation in South Africa: an empirical analysis Forecasting macro-economic variables using large datasets: dynamic factor model versus large -scale BVARs Testing for the purchasing power parity hypothesis In a small open economy: a VAR-X approach

Economics & Econometrics Economics & Econometrics Economics & Econometrics Economics & Econometrics

Muteba Mwamba JW 720015751 Bonga-Bonga L 720001603 Gupta R Kabundi A 720002107 Kabundi A 720002107

Bonga-Bonga L 720001603

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International Review of Applied Economics Journal of Applied Business Research Journal of Housing Research Review of Political Economy Urban Forum 2011 Vol 25(5) September 2011 Vol 27(4) July/Aug 2011 Vol 20(2) 2011 Vol 23(2) April 2011 Vol 22(4) December 2011 Vol 23(3) Earnings inequality and unemployment in South Africa Economics & Econometrics Tregenna F 720022156

Equity prices and inflation in South Africa: an empirical analysis

Economics & Econometrics

Bonga-Bonga L 720001603

Using large data sets to forecast house prices: a case study of twenty US States What does the ‘services sector’ mean in Marxian terms?

Economics & Econometrics Economics & Econometrics

Gupta R

Kabundi A 720002107

Miller SM

Tregenna F 720022156 Schenck R Blaauw D 720001592

The work and lives of street waste pickers Economics & in Pretoria: a case study of recycling in Econometrics South Africa’s urban informal economy Exploring the impact of energy sources on production, inequality and poverty in simultaneous equations models for South Africa Credit extension in South Africa: a business cycle perspective for the period 1985 to 2009 Forecasting the US real house price index: structural and non-structural models with and without fundamentals France in the global economy: a structural approximate dynamic factor model analysis A large factor model for forecasting macro-economic variables in South Africa Forecasting regional house price inflation: a comparison between dynamic factor models and vector autoregressive models Housing, credit, and real activity cycles: characteristics and co-movement Economics & Econometrics

African Development Review African Journal of Business Management Economic Modelling Empirical Economics International Journal of Forecasting Journal of Forecasting

Ngepah NN

2011 Vol 5(34) December 2011 Vol 28(4) 2011 Vol 41(2) 2011 Vol 27 2011 Vol 30(2)

Economics & Econometrics

Fourie L 908713880

Botha L 720001627

Mears R 720002468

Economics & Econometrics Economics & Econometrics Economics & Econometrics Economics & Econometrics

Gupta R

Kabundi A 720002107 Nadal De Simone F Kabundi A 720002107 Gupta R

Miller SM

Kabundi A 720002107 Gupta R

Das S

Kabundi A 720002107

Journal of Housing Economics Review of African Political Economy South African Journal of Economics South African Journal of Economics South African Journal of Economics Africa Education Review Africanus: Journal of Development Studies

2011 Vol 20(3) September 2011 Vol 38(130) December 2011 Vol 79(1) March 2011 Vol 79(2) June 2011 Vol 79(3) September 2011 Vol 8(2) 2011 Vol 41(2)

Economics & Econometrics

Igan D

Kabundi A 720002107

Nadal de Simone F Pinheiro M Tamirisa N

A new growth path for South Africa?

Economics & Econometrics

Tregenna F 720022156

Assessing monetary policy in South Africa in a data rich environment Extreme value at risk: a scenario for risk management

Economics & Econometrics Economics & Econometrics

Kabundi A 720002107 Kabundi A 720002107 Bonga-Bonga L 720002107 Aloyo NO 8203608782 Mears R 720002468

Ngwenya N 200728762 Mutemba MJ 720015751 Mwamba Muteba 720015751 Wentzel A 720003346 Blaauw D 720001592

The predictability of stock market returns Economics & in South Africa: parametric vs. non Econometrics parametric methods The potential skills contribution of international students to South Africa Economics & Econometrics

Socio-economic demographic Economics & characteristics of selected rural villages in Econometrics the Nwanedi river basin

FACE | November 2012 | Volume 5

Journal of Economic and Financial Sciences Journal of Economic and Financial Sciences Journal of Economic and Financial Sciences New Contree 2011 Vol 4(2) October 2011 Vol 4(S) August 2011 Vol 4(S) August 2011 Vol 61 May 2011 Vol 47(2) June 2011 Vol 9(1) The expenditure and foreign revenue impact of international students on the South African economy Economics & Econometrics Aloyo N 920308782 Wentzel A 720003346

Bargaining power and market defination: Economics & a reflection on two mergers Econometrics

Roberts R

Corbett C

Das Nair

Theory and practice in the use of merger remedies: considering South African experience Micro credit and the tranforming of uncertainty since 1976: international lessons for South Africa “Life is not pap and vleis”: poverty in child-headed households in Gauteng The productivity effect of informal employees: the Tshwane tyre-fitting industry as a case study

Economics & Econometrics

Robb G

Ngwenya A

Economics & Econometrics Economics & Econometrics Economics & Econometrics

Mashigo P

Schoeman C 720002949 Viljoen K 720003302 Schenck R

Social Work/ Maatskaplike Werk South African Journal of Human Resource Management The Social Work PractitionerResearcher Education as Change Journal of Economic and Financial Sciences

Blaauw D 720001592 Van Zyl G 720003213

2011 Vol 23(2)

Living on what others throw away: an exploration of the socio-economic circumstances of people collecting and selling recyclable New teachers look back on their university education: prepared for teaching, but not for life in the classroom

Economics & Econometrics

Schenck R

Blaauw D 720001592

2011 Vol 15 (S1) 2011 Vol 4(1) April

Finance & Investment Management

Gravett S

Henning E

Eiselen RJ 720001865

An investigation into the extent to which Finance & Investment the national senior certificate equips university finance students with required Management skills

Oosthuizen A 720018949

Eiselen RJ 720001865

Publisher Title of contribution Start page End page Total 1st Affiliated Author’s Department Economics and Econometrics 1st Author (with staff/ student number if applicable) Tregenna F 720022156


The diverse dynamics of de209 industrialization internationally



Publisher Title of contribution 1st Affiliated Author’s Department Economics and Econometrics Accountancy Economics and Econometrics 1st Author (with staff/ student number if applicable) Tregenna F 2nd Author (with staff/ student number if applicable) All other authors (with staff/ student number if applicable)


The effects of unemployment on distribution in South Africa before and during the economic crisis Ethical hacking: a tool to augment governance responses to hacking A theoretical political economy analysis of services


Roos C Tregenna F Dyubhele N

Voogt T

Marx B

Critical factors for the development Economics and of women entrepreuneurship: a case Econometrics study of rural Wooldridge

Mears R

FACE | November 2012 | Volume 5


Out of the FACE
ACCOUNTANCY@UJ STUDENT, PETER SERITE, WINS NATIONAL NEDBANK CA TRAINING PROGRAMME COMPETITION Nedbank started an exciting new competition this year for final year undergraduate accounting students who have business acumen and a strong sense of social responsibility to apply their entrepreneurial skills to benefit others. Being the “green” bank, they wanted students throughout South Africa to propose a sustainable community initiative that they were willing to implement and project manage. Students needed to propose a community initiative to the value of R20 000 with a budget stretch of R10 000. The top five finalists were hosted at Nedbank in Sandton to network with senior staff members and to present their proposals to a panel of judges. This was also a fantastic opportunity to make a difference in the community while also promoting some healthy competition between students from the different universities. “The Nedbank CA Training Programme is proud to announce that UJ student, Peter Serite, was awarded first prize in our inaugural competition that challenged students to propose a sustainable community initiative. Peter’s original idea of providing more suitable trolleys to men who collect recyclable waste in the south of Johannesburg impressed us, as did his incredible approach of joining the waste collection team each morning to truly understand his target recipients and their needs. Peter wins R30 000 funding for his project, an Apple iPhone 4s and a Nedbank holiday voucher. He also receives automatic acceptance into our Winter Seminar in July” , said Mr Robert Peche from Nedbank. For more info on the competition visit: competition.asp

Mr Peter Serite

ACCOUNTANCY@UJ STUDENT TO COMPETE IN KPMG INTERNATIONAL CASE COMPETITION GLOBAL FINALS IN HONG KONG around South Africa to compete in the KPMG International Case Competition. Lovedelia, along with three other SouthAfrican team members, flew to Hong Kong for the week of 14 to 21 April where they competed against students from 24 countries internationally. Lovedelia is currently a third-year BCom Accounting student and was very excited about this great opportunity to compete in the global finals in Hong Kong. “I am overwhelmed about the prospect of representing my country and university” , said Ms Mutloane. KICC is an opportunity for her to apply, as well as enhance, her business knowledge. In addition, she will also expand her network through interactions with professionals and peers from around the world. Ms Lovedelia Mutloane We are proud of our Accountancy@UJ student, Ms Lovedelia Mutloane, who was selected from over 100 top students from STUDENT RECEIVES FOUNDERS MEDAL A student from the Department of Economics and Econometrics, Leila Fourie, was awarded the FOUNDERS‘MEDAL FOR a FULL MASTER’S DISSERTATION 2012 from the Economic Society of South Africa. The dissertation was prepared under the supervision of Dr Ilse Botha, and the co-supervision of Prof Ronald Mears. The title of the dissertation was: “Credit extension in South Africa: a business cycle perspective for the period 1985 – 2009” . For more info visit: com/Global/en/JoinUs/WhatCanIDo/ CareerLevels/Students/KICC/Pages/ default.aspx Ms Lovedelia Mutloane

FACE | November 2012 | Volume 5

PROF BEN MARX WINS VICE-CHANCELLOR’S DISTINGUISHED AWARD: TEACHER EXCELLENCE this prestigious award at a ceremony held on 9 November 2011. The Vice-Chancellor’s Distinguished Award: Teacher Excellence is aimed at recognising outstanding contributions that individual academics have made to the promotion of teaching excellence and earning effectiveness at the UJ over a sustained period, modelled on best practice and positively influencing students and other colleagues. Accountancy@UJ wants to congratulate Prof Marx on this outstanding achievement!

Prof Ben Marx Prof Ben Marx, Deputy HOD of the Department of Accountancy, was awarded

Prof Ihron Rensburg Prof Ben Marx Prof Angina Parekh

BEST RESEARCHER IN THE ACCOUNTANCY FIELD IN SOUTH AFRICA Professor Ben Marx speaks of his career in teaching as a lifelong dream and his destiny. A brilliant student, he received his degrees cum laude and was placed overall third the country in the Qualifying Examination of the South African Institute of Chartered Accountants (SAICA). On qualifying as a Chartered Accountant, he was offered a secondment by Deloitte to one of their overseas offices and the prospect of a partnership; but he turned this down in favour of a lecturing position at the University of the Free State. In 1994 he joined the then RAU; and in 1995 was promoted to Professor and Head of Auditing, a position he has held ever since – in spite of many attempts by commerce and industry to entice him away. Professor Marx’s teaching combines passion and enthusiasm with a deep understanding of the concepts and principles of his subject area. Good teaching means the ability to explain to students the most difficult principles in an easily understandable and logical manner; good learning takes place when students understand these concepts and principles, and their relevance and importance. Professor Marx seeks at all times to set an example for his students by being professional in appearance, organisation and teaching; to make his lectures interesting and relevant by referring to actual real-life case studies and events, and to actively encourage student participation. He is always available to students who need assistance, to the extent of giving the class his personal cell-phone number. Congratulations to Accountancy@UJ Senior Lecturer, Mr Jonathan Streng who received his MCom International Accounting CUM LAUDE! At the same time, Professor Marx has high standing in the academic and professional community. He is a member of numerous associations and professional bodies, including SAICA, the South African Institute of Internal Auditors, the Institute of Directors, and the Association of Chartered Certified Accountants in the UK. In 2011, the Fellowship of the Institute of Chartered Secretaries was awarded to him in recognition of his contribution to the field of accountancy and corporate governance over the years – an honour accorded to only four other South Africans. He has been a contributing member of the Sustainability Chapter of the King III Committee on Corporate Governance since 2008, and he is the author of various textbooks used by other South African universities. But beyond this, Professor Marx believes strongly that a well-balanced academic must be not only a good teacher, but also a scholar of the subject discipline. He tries to instil this approach in his colleagues through example and by involving them in research projects and jointly written articles. Professor Marx has himself published more than 50 subject-related articles in various journals over the years. His doctoral thesis on Audit Committees was published internationally in 2010, and in June 2011 he received the South African Accounting Association award for the best researcher in the Accountancy field in South Africa. This is in addition to his regular engagement with industry, commerce and the professions. In conclusion, a statement from Professor Marx’s teaching portfolio: “Being a lecturer is a huge privilege but also brings with it a huge responsibility. I have been blessed in my lecturing career with brilliant role models, great colleagues and wonderful students. I have invested a significant amount of time and energy in my development as a lecturer and designing of course material over the years and have enjoyed every moment of my career as a lecturer. I sincerely hope and trust that through my role as a lecturer I can make a contribution to enrich students’ lives and help them reach their goals.”

Minnette Vermaak graduated with MCom Financial Management on 23 March 2012 at UJ.

FACE | November 2012 | Volume 5

MR ARNOLD WENTZEL JOINS GOLDEN KEY HONORARY MEMBERS Lecturers often give recognition to their best students, but it is rare for students to have the opportunity to give similar recognition to their lecturers. This rare honour has recently befallen Mr Arnold Wentzel, a member of the Department of Economics and Econometrics. After being nominated by some of his best students, he was invited to become an Honorary Member of the Golden Key International Honour Society. Golden Key is an international student society with over 2 million members from 190 different countries. It aims to promote academic excellence, leadership and service to the community. Membership is by invitation only, and such invitations are only extended to the top academically performing students. Mr Arnold joins other Golden Key Honorary Members, such as Archbishop Emeritus Desmond Tutu, Judge Edwin Cameron, Minister Trevor Manuel, Minister Naledi Pandor, Mr Francois Pienaar, Mr Tito Mboweni and Mr Clem Sunter in accepting this honour.

ACCOUNTANCY@UJ ALUMNI STUDENT EXCELS IN IRBA PPE EXAMS The Public Practice Examination (PPE) is the last qualifying exam on the road to becoming a CA (SA). The 2011 exam was written on 24 November 2011. Of the 2 054 aspirant accountants and auditors who wrote the exam in 2011, 1 517 passed resulting in a pass rate of 74%. The results were released on Friday 24 February 2012. Congratulations to Ms Carri Aronson, who completed her BCom Honours (Specialisation in Chartered Accountancy) at UJ in 2009. Ms Aronson achieved a Top Ten position in the Public Practice Examination. Entry to the PPE is a culmination of a long and rigorous academic, training and assessment process aimed at developing the core and professional competence of prospective auditors. For more info visit index.php/student-news-news-41/611ppe-test-results

ECONOMICS STUDENT WINS OLD MUTUAL NEDBANK BUDGET SPEECH COMPETITION The Old Mutual Nedbank Budget Speech Competition is the premier essay competition for students in the fields of Economics and Finance. For the last four years, UJ Economics students have been placed in the top ten nationwide. In 2011, the Minister of Finance and the National Treasury launched another essay competition, which is open only to the national top ten finalists of the Budget Speech Competition. This select competition calls for an essay presenting a solution to a critical economic problem in South Africa. In February 2012, it was announced that Ian Mrozek, an MCom Economics student at UJ, won this competition with his proposed solution to youth unemployment. He received his prize at a formal function at the National Treasury (see photo), and he is shown in the middle next to the Minister of Finance, Pravin Gordhan. His idea was so innovative, that the Minister of Finance even mentioned him by name in the 2012/13 Budget Speech. During his speech Minister Gordhan summarised Ian’s idea as follows: “Ian Mrozek offered an interesting variation on the idea of a youth subsidy – he proposes that it should go to new business start-ups as a tax incentive, which would encourage entrepreneurs and business innovation.”

(left to right) Mike Brown (CE of Nedbank), Lungisa Fuzile (Director-General of National Treasury), Ian Mrozek (essay winner), Pravin Gordhan (Minister of Finance) and Ralph Mupita (CE of Old Mutual Emerging Markets).

FACE | November 2012 | Volume 5


FACULTIES HOST UJ BEELD JEUGBERAAD 2012 The Faculty of Management and the Faculty of Economic and Financial Sciences have recently succeeded in attracting the Beeld Jeugberaad (Beeld Youth Summit) to UJ. Delegates include 30 top achieving Afrikaans Grade 11 students (straight A’s, accomplished leaders) selected from across South Africa. This initiative helps to address a key UJ concern in the sense of forging our identity as a cosmopolitan university and also, to strengthen appreciation of UJ’s educational intent and impact. The Jeugberaad was hosted from 28 September to 1 October on UJ Island. The programme aimed at facilitating the leadership journey towards a better future, designed to progress from self-awareness to self-regulation and finally, to self-development. UJ Vice Chancellor, Prof Ihron Rensburg, accompanied Professors Amanda Dempsey and Daneel van Lill on Sunday evening to host the VC’s Braai. In his address, our VC encouraged delegates to claim their space - “not in your corner, but amongst and within your South Africa nation; be resolute and determined - remember the Matthew effect (those who use their talents will receive more…) and the Dutch Disease (you cannot reap what you have not sown…) for they reflect that there are never easy victories; and finally, when we embrace our diversity rather than reject it, then we are so much stronger.”

ACCOUNTANCY@UJ’S COLLABORATION WITH JSE GOING FROM STRENGTH TO STRENGTH… The latest World Economic Forum (WEF) Global Competitiveness report ranks South Africa first out of 142 countries for its regulation of securities exchanges. This is the second successive year that South Africa has achieved this ranking and, together with several other elements of the report, suggests that the country’s exchange, the Johannesburg Stock Exchange (“JSE”), is a sound environment in which to invest. South African standards of corporate governance are highly ranked – the country achieved first place for strength in accounting and auditing standards (last year), second place for efficacy of corporate boards and third place in protection of minority rights (both from sixth in 2010). Its credibility as an investment destination is also boosted strongly by the soundness of its banks, for which the country achieved a second place ranking (also from sixth). South Africa ranks tenth for the strength of investor protection (same as in 2010). This is one of the many reasons why the University of Johannesburg is proud of its collaboration with the JSE. This collaboration began in February 2011 when the JSE announced that it would commence a process of reviewing Annual Financial Statements (“AFS”) for compliance with International Financial Reporting Standards (“IFRS”). The integrity of financial information is a critical element of a well-functioning market. The objective of the review process is therefore to contribute towards the production of quality financial reporting of entities listed on the JSE. “Additional monitoring will give shareholders the benefits of a better regulated market and underline the accolade recently received for the best exchange in the world through regulation in the World Economic Forum (WEF)’s Global Competiveness Report 2010-2011. This is a tremendous place to have ended 2010, but the JSE will continue to strive for more,” said Russel Loubser, the then CEO of the JSE. It is recognised that a crucial part of this proactive monitoring process is the partnership that the JSE entered into with UJ. While the reviews are based on predetermined risk areas, a critical success factor is a comprehensive body of IFRS knowledge. It is not just a case of ensuring compliance with a specific IFRS disclosure paragraph, but rather the reviewer needs to have a full understanding of all aspects of IFRS in order to understand the potential implications and impact on the AFS of a particular matter and as well as assessing the potential non-compliance within the objective of financial reporting. Through the partnership with UJ, the JSE effectively has access to 20 additional high calibre personnel. From March to December 2011, 56 AFS were proactively reviewed. Sixteen cases were closed either with no comments or with a letter of potential areas of improvement being sent to the issuer. The JSE wrote enquire letters to 40 of the issuers, of which 2 resulted in a further referral to the FRIP for advice. By January 2012, 11 of the 40 cases of enquiry were still pending finalisation. These findings are broadly in line with international trends.

FACE | November 2012 | Volume 5

WORLD ECONOMIC HISTORY CONGRESS 2012 – A WORLD CLASS EVENT The first ever International Economic History Association WORLD ECONOMIC HISTORY CONGRESS2012 was hosted in South Africa from 9–13 July 2012. The WEHC2012 was held in Stellenbosch and the Department of Accountancy@UJ sponsored the closing ceremony. The Department of Accountancy played a pivotal role in bringing the WEHC2012 to South Africa. Professor Grietjie Verhoef, Director of the South African Accounting History Centre (SAAHC) serves on the Executive Committee of the IEHA and won the bid to host the WEHC2012 in South Africa in November 2008. Following that success, a Local Organising Committee started the extensive project of soliciting funding for the WEHC2012, organising the event and finally hosting it. The Department of Finance was the anchor sponsor for the WEHC2012. Government recognition of the world class nature of the congress was displayed by the Minister of Finance, Mr Pravin Gordan, who opened the WEHC2012 on a wet Monday morning in the Kruiskerk on the campus of the University of Stellenbosch on 9 July 2012. A total of 850 delegates from 69 countries attended the WEHC2012. The WEHC2012 hosted a total of 131 sessions on Economic, Business and Social History. A remarkable plenary session was addressed by Professor Deirdre McCloskey, from the University of Chicago. She revisited the historiography on the Industrial Revolution and pointed to the vital social and human dimensions of economic innovation, entrepreneurship and business development. Delegates were treated to a high powered closing debate on the “Roots of Development in Africa” The debate . was between Professor James Robinson, from the Kennedy School of Government at Harvard University and the renowned Africanist, Professor Gareth Austin, from the Graduate School at the University of Geneva. The wonderful success of the WEHC2012 is in the enthusiasm with which the delegates enjoyed the hospitality of South Africa. Large numbers of delegates continued on from Stellenbosch to tour the marvellous attractions along the South African coast, the game parks as well as the ever inviting wine regions surrounding Stellenbosch. Professor Grietjie Verhoef now serves as President of the International Economic History Association. This is a first for the Department of Accountancy and for South Africa. The aim in 2008 in bidding for the WEHC2012 was to display research and scholarship in Economic and Business History in Africa. This work is now perpetuated in the activities of the Economic History Society of South Africa (

Minister of Finance, Mr Pravin Gordan at the opening event (Pictures: African Agenda: Congres Bureau)

Prof Grietjie Verhoef from Accountancy@UJ thanking the delegates

More Delegates


FACE | November 2012 | Volume 5

ERNST & YOUNG EXCELLENCE IN SUSTAINABILITY REPORTING AWARDS On Wednesday 19 October 2011, Ernst & Young hosted their annual Excellence in Sustainability Reporting (ESR) awards over a sumptuous breakfast. The Johannesburg Securities Exchange (JSE), in the heart of the Sandton Business District, provided the venue for this prestigious award. The purpose of the Excellence in Sustainability Reporting (ESR) survey is to encourage South Africa’s top companies and state-owned entities to commit to excellence in the quality of sustainability reporting to all stakeholders. The sustainability reporting of the companies and public entities were adjudicated and ranked as excellent, good, adequate and perfunctory, according to a mark plan developed specifically for this purpose by the adjudicators, Prof Ben Marx and Mrs Vanessa van Dyk, from the Department of Accountancy at the University of Johannesburg. Companies participating in the survey are the top 100 listed entities on the JSE as well as the 10 largest state-owned entities. Once again, the reports from the companies that ranked in the Excellence category are considered to compete with the best reports in the world. After an introduction by the Chief Executive Officer (CEO) of E&Y, Ajen Sita, the attendees were addressed by Russell Loubser, the CEO of the JSE, on the topic of sustainability. Mrs Vanessa van Dyk, one of the adjudicators, provided a brief overview of the findings of the adjudication processes after which she and Jeremy Grist of E&Y presented the award for first place to The Bidvest Group for the second consecutive year, with Eskom in second place and Anglo Gold Ashanti in third.

Mrs Vanessa van Dyk

CELL C TAKE A GIRL CHILD TO WORK EVENT Investment Solutions has partnered with Cell C in running the above-mentioned project on 31 May 2012. The Faculty was invited to participate and interact with ten Grade 11 girls, prospective learners from a disadvantaged school, by presenting the different career opportunities and bursaries that can assist them to make informed decisions about their future. The aim of this project is to provide an enabling environment for women’s growth and development in the workplace and to make them believe in their capacity to create opportunities that will lead to social change within their families, schools, and communities. The Faculty was honoured to be part of this event and plan to form a long-term relationship with these young girls and the project.

Take a Girl Child to Work

FACE | November 2012 | Volume 5

GIBS (Gordon Institute of Business Science) CAREER EXPO The GIBS CareerXpo is an initiative to introduce high achieving Grade 11 and Grade 12 school learners in Gauteng to the wide variety of possible careers, bursaries and opportunities offered by the exhibiting companies, and to the study opportunities that different universities offer. The Faculty, together with the Faculty of Management, attended the Expo on Saturday, 5 May 2012. The 2012 CareerXpo was a successful event, attended by some 2 500 learners. The learners also had the opportunity to interact with the two Faculties through presentations/talks that were delivered.

MINISTERIAL SETA APPOINTMENTS FROM THE FACULTY OF ECONOMIC AND FINANCIAL SCIENCES Dempsey and Fiona Tregenna on two major Sector Education and Training Authorities (Setas) in the country. Prof Dempsey, the Executive Dean of the Faculty, was appointed by Dr Blade Nzimande (Minister of Higher Education) in 2011 for a fiveyear term on the Governing Board of the Seta for the Finance, Accounting, Management Consulting and Other Financial Services sector (Fasset). Fasset covers the following subsectors: investment entities and trusts; company secretarial services; stockbroking and financial markets; development corporations; accounting, bookkeeping, auditing and tax services; activities auxiliary to financial intermediation; business and management consulting services; the South African Revenue Service (SARS) and specific government departments. Collectively, these sub-sectors include about 3 630 levy-paying and non-levy paying organisations, employing approximately 114 500 people. The total levy income is around R320 million. Fasset is particularly important for the professional development of finance professionals, which has been identified as a national priority. Prof Dempsey also chairs the Finance Committee (Finco) and is a member of the Remuneration Committee (Remco) of Fasset. Finco plays an oversight role over the financial affairs of the Seta and Remco has oversight over the remuneration and general human resources strategies of Fasset. The Board and both of these sub-committees make use of Prof Dempsey’s strengths and expertise in the area of finance. Hence she makes a valuable contribution to Fasset as it endeavours to address the skills shortages in the country’s financial sector. Prof Tregenna, an Associate Professor in the Department of Economics and Econometrics, was also appointed by Dr Blade Nzimande in 2011 for a sixyear term on the Governing Board of the Seta for the Manufacturing, Engineering and Related Services Sector (MerSETA). The MerSETA covers the following subsectors: metal and engineering; auto manufacturing; motor retail and component manufacturing; tyre manufacturing; and plastics industries. Collectively, these sub-sectors include about 44 000 companies, with a workforce of about 600 000. The total levy income is about R600 million. The MerSETA is particularly important for artisan development, which has been identified as a national priority. Prof Tregenna is also a member of the Finance and Grants Sub-committee of the Board which plays an oversight role over the financial affairs of the MerSETA, and is responsible for grants disbursed by the Seta (including setting the criteria for grants). She therefore plays an important role in the initiative to develop skills for key industries in the country.

Prof Amanda Dempsey

Prof Fiona Tregenna The Faculty of Economic and Financial Sciences (FEFS) at the University of Johannesburg is proud of the Ministerial appointments of Profs Amanda

FACE | November 2012 | Volume 5

SOUTH AFRICAN INSTITUTE OF PROFESSIONAL ACCOUNTANTS (SAIPA) HOSTS NATIONAL ACCOUNTING OLYMPIAD GALA FUNCTION The SAIPA National Accounting Olympiad Gala Function was held at the Johannesburg Country Club on Friday 19 October 2012. The aim of the Olympiad is to make the Accounting subject more accessible to all students, and to expose the option of Professional Accountancy as a career opportunity to aspiring young learners in Grade 12 countrywide. The announced winners excelled on many levels, walking away with valuable prices which included bursaries and laptops, among others. Prices were also provided to the teachers of the winning schools for participating in the Accounting Olympiad. Accountancy@UJ was a proud sponsor of posters, certificates and other prices. Rezanne Neethling, from Helpmekaar High School was the overall winner of the Olympiad. Want to know the secret? … She will be studying B Accounting at the UJ Accountancy Department next year.

FACE | November 2012 | Volume 5

DTI, UJ AND IEDC PARTNERSHIP TO BOOST ECONOMIC DEVELOPMENT SKILLS The Centre for Local Economic Development (CENLED) joined hands with the Department of Trade and Industry (dti) and the International Economic Development Council (IEDC) based in Washington D.C. to develop and offer a professional development curriculum aimed at promoting skills and competencies for persons working in local economic development practice to become certified economic developers. The IEDC Chairperson (Mr. Jay Moon) and the Vice-president (Mrs. Mary-Helen Cobb) visited UJ on 22 October 2012 to celebrate the partnership. The IEDC is a premier independent non-profit, non-partisan membership and research organisation with 4200 members devoted exclusively to the field of economic development, assisting economic development professionals in creating high-quality jobs, developing vibrant communities and improving the quality of life across regions. According to the founder and Director of CENLED (Dr. Marius Venter) this partnership gives CENLED the exclusive right to offer IEDC accredited short learning programmes in South Africa as well as the IEDC exam specifically for South Africa. The short learning programmes developed under the auspices of CENLED are aimed at people who would want to take up employment in a profession where critical perspectives on issues of economic transformation are crucial. It is also to broaden and deepen the pool of skills in local economic development. First Photo From left to right Prof Mbudzeni Sibara - VC University of Limpopo Prof Lorraine Greyling - Department Economics and Econometrics Mnr Jay Moon - President International Economic Development Council Washington DC Mr Alfred Tau - Department of Trade and Industry Mrs Mary-Helen Cobb - Vice President International Economic Development Council Washington DC Dr Marius Venter - Director Centre for Local Economic Development Second Photo Dr Marius Venter Mrs Mary-Helen Cobb Mr Douglas Cohen - Salga Third Photo Mnr Willie van der Schyff - Johannesburg Metropolitan Town Council Prof Sivan Chetty - Vice Dean Faculty of Economic and Financial Sciences. Fourth Photo Dr Marius Venter Ms Sarie van der Veen





FACE | November 2012 | Volume 5


The FACEroom
GET TO KNOW PROF GIDEON ELS 1) As a child what did you want to become? “I think I always wanted to become a teacher. I was thus very fortunate to get a permanent post at Sacred Heart College in Observatory after I finished my educations studies at the RAU. I was a teacher for 11 years at SHC before I joined the Department of Accountancy at the RAU full-time in 2001.” Why did you choose academics and not the corporate world? “Those who can, do. Those who can’t, teach!” NO!! Teaching is in my blood and I have been involved with this university for 24 years. Even whilst I was a teacher I lectured part-time in both the Faculties of Education and Economic and Management Sciences (as it used to be called). I LOVE teaching and lecturing … I do not think I can do anything else.” What is your favourite food? “Mmm … mango and paw-paw. But then I will also not say no to a lekker piece of braaivleis!” Favourite holiday destination? The bush! There is nothing more peaceful than sitting next to a fire late at night and listening to the symphony of nature that occurs next to you. Do you have any hobbies? “Yes – MUSIC. I am a church organist and choirmaster at a parish in Benoni. Next year I would be there for 25 years. Then I am also very involved in assisting community choirs with concerts and I am an “amateur” arranger and conductor! Please do not ask me to qualify amateur.” What have been the most memorable highlights during the past years as the HOD of DFIM? “Just to see how our Department has grown in size, stature and quality over the past 5 years. It is amazing to think that when our Department started in 2005 we had 5 academic staff members. We are now close to 30.” 7) Describe the valuable lessons as HOD. “LISTEN LISTEN LISTEN! If there is one thing I am grateful for is that this position has taught me to listen. Sometimes listening is necessary to ensure that a fair outcome is achieved for whatever reason. Sometimes listening is important by just lending an ear to a colleague who wishes to get something off their chest.”


3) 4)

Prof Gideon Els


8) How do you see the future of the DFIM? “I think we have not yet reached our peak. There are still so many growth opportunities available and still so many things to do. It is just a pity that we never have enough hands to do all of these.” 9) Where would you like to retire? “What is retiring?” 10) What is your motto in life? “After going through a rough patch personally in 2011 I think it must be the clichéd one – Carpe Diem (seize the day). When I now wake up in the morning I am grateful for another day where I can do and laugh and work and teach and …”


ACCOUNTANCY@UJ LECTURER RUNNING THE PARIS MARATHON Accountancy@UJ Senior Lecturer, Ms Liezl Grosskopf, participated in the Paris Marathon on 15 April 2012. “Every morning in Africa, an antelope wakes up. It knows it must outrun the fastest lion, or it will be killed. Every morning in Africa, a lion wakes up. It knows it must run faster than the slowest antelope, or it will starve. It doesn’t matter whether you’re the lion or an antelope – when the sun comes up, you’d better be running.” – African Proverb Running 42kms … Who said Accountants are boring? “We are different, in essence, from other men. If you want to win something, run 100 meters. If you want to experience something, run a marathon.” – Emil Zatopek – Olympic Marathon Champion, 1952.

Ms Liezl Grosskopf

ECONOMICS STUDENT SERVES AS MD FOR TSHIDULLO AFRICAN DAY SPA Pheladi Maatle Thobejane is the owner and co-founder of the award winning Tshidullo African Day Spa, which was established in December 2009. She is currently serving as the Managing Director of Tshidullo African Day Spa. Pheladi’s unique marketing strategy has resulted in contracts with the likes of Exclusive Books and Shell South Africa. She has more than four years’ experience in the health and wellness industry. In 2008, Pheladi Thobejane served on the board of the NGO, Faithful Feeders, an origination that was aimed at providing food, clothing, toiletries and spiritual healing to the homeless. Pheladi Thobejane is currently completing her final year in BCom Economics and Econometrics, majoring in Investment, at the University of Johannesburg. Ms Pheladi Thobejane

FACE | November 2012 | Volume 5

“PRAAT SAAM” on Radio Sonder Grense (RSG) On 5 June 2012, Prof Derick Blaauw of the Department of Economics & Econometrics (UJ) took part in Lynette Francis’ Afrikaans radio programme “PRAAT SAAM” on Radio Sonder Grense (RSG). The programme is very popular in the Afrikaans community and has around 2 million listeners throughout South Africa, every day from 08:00 to 09:00. He shared the microphone with his co-researcher, Professor Rinie Schenck of the Department of Social Work at the University of the Western Cape (UWC). The programme was in the form of a live discussion with listeners on the broad topic of the role of Street Waste Pickers in recycling and the informal economy and the recycling industry in South Africa. The complete programme is available for downloading at: The point of departure for the discussion was a countrywide research project on the FINANCE LECTURER TALKS ON CLASSIC BUSINESS, CLASSIC FM 102.7 socio-economic conditions of Street Waste Pickers in South Africa’s informal economy, which is currently being run by Prof Derick Blaauw, Prof Schenck (UWC) and Mrs Kotie Viljoen (Economics & Econometrics, UJ). The research is being funded by grants to Derick and Kotie from the URC. The discussion attracted wide participation and the sharing of ideas from the listenership. These will be incorporated where possible into the research project. The subsequent feedback on the programme via the radio station’s sms line, e-mail etc. was also very positive. Derick has received numerous phone calls from interested listeners who wanted to share their experiences. A journalist from Rapport also contacted him via e-mail to discuss the possibility of a follow-up article on the topic. Prof Derick Blaauw DESTINY MAGAZINE PROFILES SENIOR LECTURER The Destiny magazine invited Mr Niel Oberholzer, Senior Lecturer at the Department of Finance and Investment Management (DFIM), for an interview to share his experiences and views as lecturer at the Department. Niel shared a few of his personal insights and perceptions on life, ending it with his favourite quote, “Life isn’t a dress rehearsal: learn from yesterday about tomorrow.”

In this edition of Classic Business at 18h00, John Fraser broadcast the business and economic news of the day followed by up-to-date financial indicators, and the Classic Business and News teams reported on the arrival of GAP Stores in South Africa, and the rise of airport costs. John Fraser also conducted in-depth interviews with the people making the news: Xolile Mokoena, Sales Trader at Global Trader on the market news and mining deaths in South Africa; George Glynos, Managing Director and Economist at ETM on the quarterly employment statistics from Statistics South Africa; Kim Strydom, Head of Performance Surveys at Alexander Forbes on their latest retirement funds survey; Werner de Jager, CEO of Cashbuild on their interim results; and Michael Druce, Managing Director of DHL Express South Africa on the benefits the toll roads will have on the economy. In the second half of the programme at 18h30, John chaired a thirty-minute discussion on the weekly topic, namely “Who owns Maude Street?” with guests George Glynos, Managing Director and Economist at ETM; Mike Brown, Managing Director at; Keith McLachlan, Small Cap Analyst at Thebe Stockbrokers; Neil Oberholzer, Investment Management Lecturer at the Faculty of Economic and Financial Sciences at the University of Johannesburg; and Solly Keetse, Directorate of Market Abuse at the Financial Services Board. programme/previous-podcasts-20-march-2012-tuesday

Mr Niel Oberholzer - Destiny Magazine

FACE | November 2012 | Volume 5


Below the surFACE
ACCOUNTANCY@UJ BORG WOORDE IN AFRIKAANSE WOORDEBOEK “As Departement Rekeningkunde doen ons graag ons deel om Afrikaans te bevorder” sê Prof Alex van der Watt, hoof van die departement. “Met trots bied ons ook ons grade in Afrikaans aan en dit is daarom ‘n voorreg om op ‘n manier eienaarskap van die twee woorde te eis” . Vir meer inligting besoek As deel van die “Borg ‘n Woord” projek van die WAT (Woordeboek van die Afrikaanse Taal) het die Departement Rekeningkunde die woorde “rekenmeester” en “rekeningkunde” geborg.

Departement OPEN 2012 A MASSIVE SUCCESS Rekeningkunde, ACCOUNTANCY@UJ CHESS Universiteit van Johannesburg evening the venue The annual Accountancy@UJ Chess Open From early Thursday
2012 took place over the weekend of 8 September 2012 at the University of Johannesburg’s Auckland Park, Kingsway Campus. was packed with players, young and old, strategising their every move to out-think their opponents. Parents and spectators also came to campus to witness this wealth of brain power hard at work. well in advance, we encourage these chess players to make a well informed decision when choosing a career. By sponsoring this tournament we also build a relationship with the players, parents and family members and hope to see them studying Accountancy@UJ in the future” says Andre van Wyk, Marketing Manager

het bygedra tot die vaslegging van die rykdom, kleurrykheid en verskeidenheid van Afrikaans The competition is organised in deur die woorde“As in chess, where every move is planned conjunction with Gauteng West Chess
and is a highlight on the chess calendar. This year’s competition consisted of three sections, including a prestige section, open section as well as a development section for younger players. More than 240 players were involved in pursuing a combined purse of R 20 000 worth of prizes.

at the Department of Accountancy at the University of Johannesburg. The weekend was a huge success and Accountancy@UJ would like to thank everyone involved in making it such a memorable event. It is also a CHESSA rated tournament and Accountancy@UJ hopes to stay involved and to extend it to include even more national and even international players in the future. For more info on the tournament :visit

rekenmeester rekeningkunde

eksklusief te borg.


The Department of Commercial Accounting had a fun-filled day on the Soweto Campus (SWC), starting off with an “Amazing Race” by following oofredakteur en clues to the fiDirekteur venues and in the process getting to know the beautiful Campus. Games were played and the day Uitvoerende nd different ended off on a high note with a prize-giving event and a tasty braai at the Sports Club on the SWC.

AT, Posbus 245, Banghoekweg 115, 7599, Stellenbosch,RSA Tel.: +27 (0) 21 8873113 Faks.: +27 (0) 21 8839492 E-pos: Internet: Buro van die Woordeboek van die Afrikaanse Taal (WAT NWM. Reg. no. 2000/028164/08) NPO registrasieno. 052-843
Direkteure: Prof. M. Fourie (Voorsitter), prof. R.H. Gouws (Ondervoorsitter), dr. W.F. Botha (Uitvoerende Direkteur), dr. L.E. Combrink, prof. L.G. de Stadler, mnr. H.A.J. Lombard, prof. M. Pienaar, mnr. R.A. Stevens

FACE | November 2012 | Volume 5

ACCOUNTANCY@UJ CTA CLASS OF 2012 SUPPORTS ABRAHAM KRIEL CHILDREN’S HOME The Department of Accountancy encourages its students to get involved in community engagement. The honours group, studying towards Chartered Accountancy and the academic trainees have taken up the challenge to support various charities throughout the year. The first charity is the Maria Kloppers Children Home, a division of Abraham Kriel. This Home has been in existence for over 100 years and cares for children of all ages. The Home cares for approximately 50 children. The children are divided into age groups and there are house mothers who care for 10 children each. Most of the children are orphans, but many are in the home as their parents cannot support them financially. The government currently funds 33% and the church 15% of their annual budget. The rest is funded through various donors and sponsors. Over the last year, some donors have pulled out their support and, consequently, the home is under pressure to find new donors. A drive was organised for Maria Kloppers on 24 February and the students brought clothes, tinned foods, cleaning products, toys and stationery to the Home. On 24 March they visited the Abraham Kriel Children’s Home. Various toys were collected, such as balls and a cricket set as well as skipping ropes and Lego pieces. The clerks and students played with the children and handed out sweets and chocolates during the morning. This was followed by two more drives during the year on 5 May and 25 August. Again, the trainees realised how blessed they were; these children had been through so much and were still happy. Nothing can replace the role that a mother and father play in a child’s life. These little lives need people willing to take the time to invest in them. They are the future of this country and all they need is for someone to believe in them, inspire and love them.


FACE | November 2012 | Volume 5

“When I moved to the beautiful Soweto Campus, the first persons to welcome and assist me were Steve and his “brother” from Security. They are always around when needed and always willing to assist. Steve surprised me with these beautiful drawings he did for my office (without any formal Art experience).” Ms Ronel Rossouw Another beautiful painting for Ms Ronel Rossouw (Secretary to the Department Commercial Accounting) done by the talented Security Guard on SWC, Steve.

ACCOUNTANCY@UJ RUNNERS ENTERED INTO TAKE 5 BUSINESS RELAY The Department of Accountancy has entered two teams for this year’s Take 5 Team Relay. The event took place on 23 June 2012 at Air Force Base, Waterkloof, Centurion. One of the teams also won the Universities section completing the 25km in 1hour 57minutes! Congratulations to Prof Grietjie Verhoef, Ms Ilse Karsten, Ms Nicole du Toit, Ms Marli Connoway and Mr Dominique Bernardino and all the other team members who participated. For more info visit: Take5Relay

Back from left to right: Ms Marli Connoway, Ms Nicole du Toit, Prof Grietjie Verhoef. Front from left to right: Mr Dominique Bernardino and Ms Ilse Karsten

Who said accountants are boring?

Congratulations to Carina du Preez, Academic Clerk – Financial Management Undergrad, who competed in the Yellow Pages SA Senior Championships in Port Elizabeth in the ladies high jump division – she came third on 1.70m and got a bronze medal – well done Carina, we are proud of you!

MEN@WORK The male staff from the Department of Commercial Accounting came together on a cold Saturday morning to install wall mounted heaters in all the offices. They were spoiled with boerewors rolls by the Secretary, Ms Ronel Rossouw.

FACE | November 2012 | Volume 5

ACCOUNTANCY@UJ STUDENTS PARTICIPATE IN THE ‘702 WALK THE TALK’ A group of Accountancy@UJ first year Bachelors of Accounting (B Acc) students took part in the annual 702 Walk the Talk on Sunday 22 July 2012. B Acc to the future!!!

Accountancy@UJ students participate in the ‘702 Walk the Talk’ CARL SITHOLE CENTRE ‘ADOPTED’ The Department of Commercial Accounting’s first community project for 2012 was launched with the identification of the Carl Sithole Centre in Klipspruit. After a discussion with the Centre’s organiser, Major Sophie Mhlanga, the decision was taken by the Department to adopt all projects with the Centre for 2012. The Centre consists of: • • • • • Bethany Children’s Home Bethesda House (HIV+ abandoned babies and AIDS orphans – admission 3 – 5 years) Bethany Combined School (Grades 1 – 8) Carl Sithole Memorial Crèche (day care and pre-school) Lancaster Community Centre

FACE | November 2012 | Volume 5

ABRAHAM KRIEL MARIA KLOPPERS CAMPUS COMMUNITY ENGAGEMENT PROJECT The Department of Commercial Accounting, in conjunction with the UJ Community Engagement (CE) Office, delivered lots and lots of disposable nappies to the Maria Kloppers Home for abandoned babies in Observatory. The Home is very close to our hearts, for they are taking good care of an abandoned baby which was found earlier this year by one of the UJ Security Guards opposite the Soweto Campus and is now in the process of being adopted by one of our Department’s colleagues.

The Department of Commercial Accounting celebrated with the traditional wedding of Mr Sipho Thomo and his wife. It was held at the “Openheimer Towers” Credo Mutwa Village in Soweto. ,

GOING LOVINGLY RED IN THE OFFICE Minnette Vermaak, a member of the Departmental Social Committee, surprised the Department of Commercial Acccounting on Valentine’s morning with beautiful cup cakes and we decorated our reception area and kitchen with beautiful flowers and Valentine’s cards.

FACE | November 2012 | Volume 5

MANDELA DAY 2012 CELEBRATIONS The Faculty and Departments participated in the Mandela Day 2012 celebrations on 18 May 2012 at the Helen Joseph and Chris Hani Baragwaneth hospital. The staff collected and donated toiletries, children’s books and also helping with the clean-up operations at the hospitals.

FACE | November 2012 | Volume 5

The Linden High School hosted a golf day at the Rand Park Golf Club on 21 August 2012 in which the Faculty participated by sponsoring golf shirts as well as one of the school’s teams playing at the tournament.

Ms Kate Dunjane (Honours student in Taxation) was crowned as Miss UJ Auckland Park Campus, 2012.

WHO SAID ACCOUNTANTS ARE BORING? The Accountancy@UJ racing team won the UJ Sport Carting day at Kyalami on Friday, 19 October 2012.

From left to right: Winning team – Mr Paul Viljoen, Mr Thabiso Madiba, Mr Dewald Joubert and Mr Jonathan Streng

FACE | November 2012 | Volume 5


Fancy FACE
MORE THAN A SURVIVOR … HOW TO BE ALIVE! You have been asked to explain to an alien the behaviour humans adopt to stay alive on earth. What should you say? “We are all born with special gifts and God-given talents. We are born with a heart and the ability to love and give. But we ignore this and instead tell each other how to find a job that we don’t truly enjoy. We do this for the rest of our lives to receive a monthly piece of paper with a few digits on it.” I can just imagine the dull expression on the alien’s face. Science has defined and described life as that time that occurs between birth and death that we fill up with breathing, eating, sometimes sleeping, preserving the species, and whatever else – thoughtful or senseless – we might create. To get beyond the state of being, to have meaning is a real art. It takes thinking and feeling about ideas, things, and people. Actually, being alive is deliberate and spontaneous. It’s getting all systems going while being totally still. It can be done. I’ve actually met people who are alive! One of my preferred holiday getaways is the bush veld covered in its green grass layer, clear blue skies and the magical sounds of animals which makes it the right place to be at that precise time. My recent escape into the bush veld made me reflect about life. It spoke to my heart as a peaceful influence and at the same time screaming out to be really alive! This catharsis was like an emotional charge as if I had dunked my head in icy water together with a million dancing particles of life celebration that sparkled into existence at that moment. On that same day, I was in awe of an old lady with all her crookedness entering the grocery store, smiling radiantly and wishing friends a superb day. It was as if she was unknowingly teaching me that each living moment was an astonishing memory to be made. I recently read a quote that inspired me even more. “It’s not the load that breaks you down, it’s the way you carry it.” I believe it’s not hard to be alive…once we remember how. In some ways, being alive is a mystical balancing act. In order for me to take steps in the right direction, I often adhere to a few ‘pointers’. Even though working lungs and a beating heart are clear necessities of living, most of us hold our breath and lose our hearts when we’re overwhelmed. We crawl up into our heads and forget who we are. This is my encouragement to reflect on my life’s signs and be true to life. We start out wise, authentic, and letting the world know we are here. That’s the part I call spirit. We know. We did then. We always will. It’s who we are. I like to think of each day as a new day to bring things to life. Be there and show up with all that you are. We get back what we invest. One reward of putting all you are into living is how other people find a living soul fascinating and attractive. Our life expands with each person who responds to that attraction. When we walk back into our own life again, it’s a “wonder” – we wonder at what took us so long, wonder at things we hadn’t been seeing, doing, and sharing with folks we care about. The realisation can be quite stunning and profound. For me being alive comes down to one sentence. Live your experiences and experience your life! Ms Jackie Bence

FACE | November 2012 | Volume 5

Faculty of Economic and Financial Sciences




Chartered Accountant; Accounting Technician; Accounting Officer; Auditor; Economist; Econometrician; Banker; Stock Broker; Financial Analyst; Financial Manager; Financial Planner; Credit Manager; Property Valuator; Tax Advisor And More

Smash the MAYBE! Let FEFS take you from MAY to BE!

FACULTY OF ECONOMIC AND FINANCIAL SCIENCES Auckland Park Kingsway Campus: 011 559 2492 Soweto Campus: 011 559 5080 Website: