Professional Development

Skills developmentKnowledge of Fasset and Skills Development

Fasset is the Finance and Accounting Services Sector Education and Training Authority. The finance and accounting services sector is particularly important because it is the largest employer of people with financial management, accounting, and auditing skills. In 2012 more than 135 000 people worked in the sector.

The definition of this sector differs in the different data sources available, as well as in different environments. In the national accounts and in employment surveys conducted by Statistics South Africa (such as the Labour Force Survey (LFS)) the sector includes real estate activities and an array of other business services such as labour brokerages, information technology services, legal services, and engineering and architectural services.

The Financial and Accounting Services Sector refers to the organisations served by Fasset. This sector includes: investment entities and trusts and company secretary services; stock broking and financial markets; financial development organisations; accounting, bookkeeping, auditing and tax services; business and management consulting services; the South African Revenue Service; the national and provincial treasuries; and other activities auxiliary to financial intermediation, such as debt collection.

The Work of SETAs

  • Determine the vision and mission of the Seta
  • Develop and adapt the sector’s skill strategy
  • Set strategic targets in line with national policies and priorities, national sectoral priorities and sub-sectoral or chamber priorities
  • Enter signed agreements on targets for delivery with chambers or sub-sectors
  • Monitor and evaluate the implementation of strategies and the achievement of targets
  • Assume accountability in terms of the Skills Development Act, the Skills Development Levies Act, Public Finance Management Act and the SAQA Act
  • Quality assure education and training providers via an Education and Training Quality Assurance body
  • Be responsible for Learnerships

Relevant Legislation

Purpose of the Skills Development Act

The short supply of skilled staff is a serious obstacle to the competitiveness of industry in South Africa. The levy grant scheme aims to expand the knowledge and competencies of the labour force resulting in improvements in employability and productivity. This is achieved through new approaches to planning for training, learning programmes, incentives and an improved employment service. If you participate fully in the scheme you will reap the benefits of a better skilled and more productive workforce.