The Finance and Accounting Services Sector Education and Training Authority (FASSET) plays a vital role in South Africa’s economic development by equipping the workforce with essential financial and accounting skills. As part of the national Skills Development Strategy, FASSET aims to improve the quality and accessibility of education and training in the finance sector.
What is FASSET?
FASSET stands for Finance and Accounting Services Sector Education and Training Authority. It was established to drive skills development in South Africa’s finance and accounting sector. With a clear focus on enhancing the country’s economic capabilities, FASSET works closely with various stakeholders, including public institutions, private companies, and education providers.
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Vision and Mission of FASSET
FASSET’s vision is to facilitate the achievement of world-class finance and accounting services skills. The mission supports this goal by:
- Increasing the number of new finance and accountancy entrants into employment.
- Developing and growing sector-relevant skills.
- Promoting transformation within the finance and accountancy sector.
These objectives are critical in ensuring a sustainable, inclusive economy.
Key Objectives of FASSET
FASSET follows a structured set of goals designed to meet both national development priorities and industry demands. The key objectives include:
- Developing competence in current and potential employees.
- Increasing investment in education and training.
- Optimising the return on education and training investment.
- Positioning finance and accountancy as a sector of career choice.
- Encouraging lifelong learning among employers and employees.
- Supporting Employment Equity Act objectives, ensuring diversity and inclusivity.
- Enhancing access to learning opportunities.
- Facilitating recognition of prior learning (RPL).
- Ensuring quality in education and training delivery.
- Expanding partnerships with public and private training providers.
- Encouraging public-private cooperation in skills development.
- Collaborating with the South African Qualifications Authority (SAQA) and other SETAs.
These objectives are not just theoretical—they serve as a blueprint for real transformation in the finance and accounting field.
Strategic Role in South Africa
FASSET plays an integral role in aligning education and employment. One of its core responsibilities is managing the development and implementation of Sector Skills Plans (SSPs). These plans help anticipate future skills needs and ensure that training programmes are responsive to market changes.
In addition, FASSET contributes to the national goal of reducing unemployment by helping young professionals acquire relevant skills. Through funded internships, learnerships, and bursaries, it provides opportunities for new entrants to gain valuable experience and qualifications.
Supporting Transformation and Equity
Transformation is a cornerstone of FASSET’s work. The Authority aligns itself with the Employment Equity Act of 1998 by supporting initiatives that promote inclusivity. Its training programmes are designed to reach historically disadvantaged individuals, including women and persons with disabilities.
Moreover, FASSET recognises the importance of lifelong learning. It encourages continuous professional development (CPD) and provides mechanisms for workers to upskill and advance their careers.
Partnerships and Collaborations
To ensure success, FASSET collaborates with a wide range of stakeholders. These include:
- Employers across various industries
- Higher education institutions and TVET colleges
- Training service providers
- Professional bodies
These partnerships ensure that training is both relevant and of high quality. Working with the South African Qualifications Authority and other SETAs, FASSET contributes to a coordinated approach to skills development.
Quality Assurance and Monitoring
A major aspect of FASSET’s role is quality assurance. It ensures that all training meets the standards set by national regulatory bodies. Regular monitoring and evaluation allow for continuous improvement of learning programmes.
Additionally, FASSET supports the recognition of prior learning (RPL), helping individuals convert their work experience into formal qualifications. This process is essential for expanding access to education and boosting career mobility.
Access to Learning and Support Programmes
FASSET offers various programmes to support learners and employers. These include:
- Bursaries and grants for students
- Learnerships for unemployed youth
- Internship programmes for recent graduates
- Workplace skills plans and annual training reports
These initiatives are designed to ensure that training is not only theoretical but also practical and industry-aligned.
Addressing Sector Challenges
The finance and accounting sector faces several challenges, including a shortage of qualified professionals, slow transformation, and unequal access to education. FASSET addresses these challenges by:
- Conducting regular skills needs research
- Supporting capacity building in rural and under-resourced areas
- Promoting career awareness among school learners
By taking a proactive approach, FASSET ensures that the sector can meet both current and future demands.
Embracing Innovation
In response to the Fourth Industrial Revolution, FASSET is also investing in digital skills development. Programmes now include training in areas such as financial technology (FinTech), data analytics, and cybersecurity. These skills are vital for staying competitive in a rapidly changing global economy.
Conclusion
FASSET is more than just an administrative body—it is a transformative agent in South Africa’s finance and accounting sector. By focusing on inclusivity, quality, and future-readiness, it equips professionals with the tools they need to thrive.
Through collaboration, innovation, and a clear strategic vision, FASSET continues to make a lasting impact. It not only supports individual career growth but also strengthens the national economy. For learners, educators, and employers alike, FASSET remains a valuable partner in the journey toward skills excellence.
Contact FASSET:
Postal: PO Box 6801, Cresta, 2118
Physical: 1st Floor, 296 Kent Avenue, Ferndale, Randburg
Phone: 011 476 8570 / 087 821 2680
Website: www.fasset.org.za
