SSP Brochure:Layout 1 - INSETA

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Figure 3-4 Senior Certificate passes: 2005Source: Department of Education, Education Statistics in South Africa at a Glance in 2005Of all the candidates who wrote the examination, 303 152 wrote mathematics with 55.7% passing the subject. Only 8.7% of all the learnerspassed mathematics at the higher grade and a further 37.0% passed the subject at the standard grade. This situation had not changed since2004, when 276 094 learners wrote mathematics. Of those only 24 143 (8.7%) passed mathematics on higher grade. The low number ofmathematics passes severely limits the pool of candidates for study in the specialised insurance fields. Figure 3.5 shows that the percentageof learners that passed mathematics on higher grade did not change much since 1999.Figure 3-5 Senior Certificate passes in mathematics: 1999 - 2005Source: Department of Education, Education Statistics in South Africa at a Glance in 2000, 2001, 2002, 2003, 2004, 20053.3.2 Higher education and traininga) Qualifications and providersIn the past, not many higher education qualifications were specifically designed for the insurance industry. The industry tended toemploy people with general financial services skills and also looked for applicants with general degrees in commerce and in accounting.These qualifications are offered at most of the tertiary institutions in the country.Over the past few years, tertiary institutions have started to design curricula specifically aimed at insurance and financial planning. Thesedevelopments were largely the result of the initiatives of the professional bodies in the sector, with the Financial Planning Institute (FPI)playing a leading role in this regard.The FPI is a professional, standard-setting body that is authorised to issue Certified Financial Planner licences to its professionallyqualified members. The University of the Free State, through its Centre for Financial Planning Law, and in partnership with the FPI,offers two levels of qualifications, namely the Postgraduate Diploma in Financial Planning and the Advanced Postgraduate Diploma inFinancial Planning.INSETA Sector Skills Plan - page 25
The FPI has been actively involved in the development of industry-specific qualifications that are now offered at various tertiaryinstitutions. The qualifications and the higher education institutions that offer industry-specific qualifications can be seen in Table 3-5.Table 3.5 Public higher education institutions that offer industry-specific qualificationsUniversity Qualification NQF levelUniversity of Stellenbosch Business School Advanced Diploma in Financial Planning* 5Damelin National Certificate in Wealth Management 5Certificate in Financial Planning 6Intec National Certificate in Wealth Management 5University of Stellenbosch BCom in Financial Planning* 6BCom Honours in Financial Planning 7University of Nelson Mandela Metropole BCom Financial Planning* 6University of the Free State BCom Financial Planning* 6BJuris Financial Planning 6Postgraduate Diploma in Financial Planning* 7Advanced Postgraduate Diploma in Financial Planning* 7University of Johannesburg BCom in Investments 6University of KwaZulu-Natal BCom in Financial Planning* 6University of Pretoria BCom in Financial Planning* 6University of the Witwatersrand BCom in Business Science 6Sources: FPI and INSETA.The College of Insurance (CoI) was born out of the Insurance Institute of South Africa (IISA), a professional body that used to provideindustry-specific training. Early in 2005, the IISA separated its education and training activities and transferred them to the newlyestablished CoI, which offered one course at the HET level. The rest of its training was at FET level. In 2006 this College was closeddown and the training provision of the qualifications traditionally offered by the College was taken over by various private trainingproviders who continue to offer training towards insurance related qualifications 53 .b) Graduation trendsThe number of graduates who qualified from the public higher education system in commerce, finance and management sciences hasincreased steadily in recent years. Table 3-6 shows that between 1999 and 2004, the total number of qualifications awarded by publicuniversities increased by 11% a year. The increase in postgraduate diplomas and Honours degrees was higher than that in first degrees,which indicates that people are tending to stay longer in the HET system and that the number of people with postgraduatequalifications is increasing.Table 3.6 Qualifications awarded by universities in business, commerce and management sciences according to qualification level:1999-2004Qualifications 1999 2000 2001 2002 2003 2004 Average annual growthrate (%)*First degrees 5 783 6 589 7 106 8 359 8 649 9 560 11Postgraduate diplomas/Honours degrees 2 878 4 173 4 392 5 214 5 322 5 465 14Master’s degrees 1 159 1 215 1 333 1 592 1 538 1 660 7Doctoral degrees 12 25 23 42 63 63 39Total 9 831 12 001 12 853 15 207 15 572 16 748 11*Unweighted average.Source: Calculated from DoE, HEMIS Table 2.13, 1999 to 2004.Table 3-7 shows the specific fields of study and the increase in the number of qualifications awarded in each of them. The numberof learners 54 who qualified in insurance and risk management is still small, but it increased by 24% a year from 1999 to 2003. The2004 results show a substantial drop in the qualifications awarded in this field of study, which could be because the results of theUniversity of South Africa (UNISA) are only provisional and should still be finalised.Table 3-8 provides an overview of the qualifications in business, commerce and management sciences awarded by universities oftechnology (previously technikons). In the period 1999 to 2004 technikon output increased on average by 9% a year. Most of thequalifications awarded were at the national diploma level. BTech degrees increased by 15% a year.53 Information provided in a personal interview with the acting CEO of the IIA, July 200754 The numbers indicated in the specific fields of study do not necessarily represent the number of individuals who obtained qualifications in that field. In the HEMIS data, a fieldof study is assigned to each major subject the learner passed. If a learner qualified with a major in insurance and risk management and one in accounting, only 0.5 of the learnerwould be counted in each field. The totals in the table, however, more or less add up to the total number of individuals who qualified in the broad field of business commerceand management sciences.INSETA Sector Skills Plan - page 26
Page 5 and 6: Table 4.4 Scarce skills: clerical a
Page 7: EXECUTIVE SUMMARYBackground and met
Page 10 and 11: How the INSETA addressed Scarce and
Page 12 and 13: 1 PROFILE OF THE SECTORThe insuranc
Page 14 and 15: Table 1.4 Other activities of organ
Page 16 and 17: A major problem in estimating the n
Page 18 and 19: • The fact that the industry has
Page 20 and 21: Figure 1-6 Trends in net premium in
Page 22 and 23: Figure 1-9 Trends in collective inv
Page 24 and 25: additional staff. The technology al
Page 26 and 27: 2 THE DEMAND FOR SKILLS IN THE SECT
Page 28 and 29: 2.3 Employment trends2.3.1 Changes
Page 30 and 31: Competition from other financial se
Page 32 and 33: 3 THE SUPPLY OF SKILLS TO THE SECTO
Page 34 and 35: Table 3.2 Population group distribu
Page 38 and 39: Table 3.7 Qualifications awarded by
Page 40 and 41: 3.3.3 Further education and trainin
Page 42 and 43: Table 3.13 People to be trained in
Page 44 and 45: • The racial profile of graduates
Page 46 and 47: OccupationPosts difficult to fillSp
Page 48 and 49: Table 4.5 Scarce skills: sales occu
Page 50 and 51: The scarce skills identified in the
Page 52 and 53: Small business opportunity Subsecto
Page 54 and 55: 5.7 ConclusionsThis last chapter ou
Page 56 and 57: ANNEXURE APROFESSIONAL BODIES INTER
Page 58 and 59: Core component of BEE Indicators Ta
Page 60 and 61: Senior managementBlackMaleTOTAL MAN
Page 62 and 63: ANNEXURE ESCARCE SKILLS IN THE INSU
Page 64 and 65: OCCUPATION level ss Specialisation/
Page 66 and 67: OCCUPATION level ss Specialisation/
Page 68 and 69: ANNEXURE FCRITICAL SKILLS NEEDED IN
Page 70 and 71: OCCUPATION level ss52 Personal Assi
Page 72 and 73: ANNEXURE GINSETA BUSINESS PLANINSET
Page 74: The DoL requires all Councils to un

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