Africa’s senior finance professionals can earn annual packages well above national averages, and their future job projections are also above average. ‘Finance is a sprawling global industry that rose from the lasting need to preserve the value of money. The demand for its services will likely never diminish,’ says Karl Smith, education and training manager at the SA Institute of Professional Accountants. ‘Did you know that in South Africa many finance and accountancy roles appear on the national critical skills list? The need for these talents is massive at all levels of business.’

The country’s current critical skills list includes finance-related occupations such as financial analyst, actuary, tax professional, internal (and external) auditor, risk manager and compliance officer, among others. The private sector is playing a massive role in building skills capacity for themselves and the broader finance industry. ‘At Absa, skills development has no start or end point – it begins even before employment, with our investment in unemployed learners, and continues through every level of our organisation, right up to our executive teams and the board,’ says KG Bako, Absa’s managing executive for talent management and transitions. ‘We believe everyone should be building skills continuously to stay relevant and agile in a rapidly changing world. This means our programmes support unemployed youth, graduates, experienced professionals, managers, executives and future leaders; ensuring every person has the opportunity to grow, adapt and succeed.’

Absa is among the major banks, insurance companies and other financial service providers that have partnered with Sector Education and Training Authorities (Setas) to roll out accredited learnerships for unemployed youth, combining theory with on-the-job experience. At First National Bank (FNB), participants are, for example, placed in specific business units where they assist with research, data analysis, administrative duties, customer service and innovation projects, all under the guidance of mentors. At Momentum, learnerships and internships cover financial and wealth management topics in addition to insurance-specific areas, such as short- and long-term insurance, and assessing medical claims.

Graduate programmes, on the other hand, are typically designed as long-term talent pipelines and target final-year students or degree holders. Those who are accepted into these programmes frequently – but not automatically – receive permanent job offers based on their performance and business needs. An example is Investec’s Tech Graduate programme – aimed at young, aspiring software developers, data scientists, engineers and business analysts – which places successful candidates as permanent members of a technology team at the company’s Sandton office. ‘Exposure to on-the-job learning, partnered with a structured grad learning journey, will enable grads to start their career within our entrepreneurial, flat structured culture,’ says the bank.

Sometimes, Investec’s home-grown talent strategy also reaps the rewards of its corporate social investment (CSI) programmes, although that’s not the main purpose. The CSI university bursary is meant to empower young people with great academic potential and financial need but doesn’t exclusively cover qualifications that would see them employed at Investec, according to Setlogane Manchidi, head of CSI at Investec SA. ‘While we celebrate it and see it as the cherry on top when some of our CSI beneficiaries come to work at Investec, as has happened in the past, we are equally happy when many go through our programmes and find employment elsewhere – as long as they are active economic participants,’ he says. ‘Those who do join us at Investec become instrumental in helping us share our story of hope internally.’

On that note, internal communication and employee engagement also play a vital role in effective staff training and development. To foster a culture of continuous improvement where every single employee has a deep sense of belonging, Absa has refined its Colleague Listening Strategy, says Bako. ‘Our listening approach includes multiple opportunities for engagement, such as the annual Colleague Experience Survey (CES), co-creation of action plans informed by colleague feedback and targeted pulse surveys that provide deeper insights at the organisational and business unit levels,’ she says. Last year, the CES achieved a 91% participation rate.

‘We recognise that growth and development are critical for driving colleague engagement, retention and performance, as colleagues who feel they are learning and advancing are more motivated, productive and prepared for new challenges in the ever-changing workplace landscape,’ says Bako. ‘Our robust data insights enable us to determine whether organisation-wide initiatives are required; if business unit or role-specific academies would be beneficial; or if particular teams need targeted, job-specific skills development. Furthermore, managers have access to their team’s survey results, empowering them to engage in meaningful development conversations and to support learning plans that align with colleagues’ individual aspirations while supporting the organisational strategy, long-term growth and competitiveness.’

As their professional roles evolve, employees need to be equipped to grow and evolve alongside. ‘We are intentional about upskilling and cross-skilling our people to ensure they are future-fit,’ says Mpho Magolego, head of learning and development at Alexforbes. ‘Our skills development programmes are strategically aligned with industry needs and our organisational goals, with a strong focus on scarce and critical skills such as technology, automation and advisory.’

To ensure employees remain up to date with current and emerging legislation, the firm says it delivers regular training in line with regulatory expectations. In addition, it provides bite-sized, on-demand modules that cover compliance, ESG and data privacy, for agile, on-the-job learning.

Alexforbes also partners with accredited compliance training providers and professional bodies, to give employees access to certified programmes and learning pathways that are accredited for continual professional development. ‘We integrate these learning outcomes into performance reviews, ensuring personal accountability and alignment with organisational risk and conduct priorities,’ says Magolego.

Beyond technical expertise, there’s also the need to focus on personal and professional growth. That’s why, she says, the company has developed its own accredited programmes tailored for emerging leaders and has implemented programmes centred on emotional intelligence and professional competencies.

Like many financial services companies, Alexforbes has its own in-house training centre that delivers tailored curricula and career pathways for specialised functions. The Alexforbes Impact Academy offers sustainability training for retirement fund trustees and principal officers, helping them balance long-term member outcomes with positive social, environmental and economic impact. This training is open to internal and external consultants, as well as to fund officers who are not necessarily connected to the firm, says Magolego, adding that this service is being expanded to include corporates.

For Absa, the academies are at the heart of the group’s Dynamic Skills Strategy, which was launched in 2024 to position skills – not jobs – as the currency of career progression, says Boko. She describes the Capability Academies as ‘curated learning ecosystems that are purpose-built to deeply embed skills critical to business strategy’.

They are designed not as one-off courses, but as continuous journeys that integrate structured learning, mentorship, project-based application and community building in domains vital to Absa’s success, such as data capital management, cybersecurity and engineering, says Boko.

Among these, the Cybersecurity Academy stands out by winning international awards and being profiled at the World Economic Forum’s Future of Jobs Summit. The academy equips Absa employees and unemployed youth with advanced cybersecurity skills that are in short supply worldwide, positioning graduates for sustainable, future-proof employment.

By Silke Colquhoun
Image: iStock