CAREER GUIDE MANUAL - Inseta

29Part 1 of the Professional Examination assessesmanagement.candidates' aptitude for and knowledge of management accounting,financial accounting, auditing, business information systems, taxationand estates while Part 2 tests either auditing or financial managementskills. SAICA confers the designation of Chartered Accountant(CA(SA)) to persons who successfully pass the qualifyingexaminations. Continuous registration with SAICA is a prerequisitefor retention of the designation.5.4.4 Professional registrationChartered accountants who enter public practice are required to register withthe Independent Registration Board for Auditors (IRBA), the statutory regulatorfor the public audit function.5.4.5 EmploymentAs highly trained professionals, chartered accountants are in great demand.Employment opportunities in the labour market usually exceed the supply ofchartered accountants, and chartered accountants consequently enjoyexcellent employment prospects. Although chartered accountants are widelyemployed in the insurance industry, many work in specialised auditing,accounting and financial services firms that offer consultancy services, whileothers are self-employed or work in senior and top management positionsacross all economic sectors.4.6 UNDERWRITER 76.4.1 Nature of workAn insurance underwriter identifies and calculates the risk of loss underinsurance policies and enables an insurance company to charge anappropriate premium to cover those risks. Since insurance companies are inbusiness to make profits, underwriters use their analytical, statistical, technicaland insurance industry knowledge to assess the likelihood of claims beingmade by policyholders and prospective clients. Once the risks aredetermined, underwriters help insurance companies to set appropriatepremium rates, write policies that cover the risks or exclude parts of the risks7The information relating to the career of an underwriter was sourced from www.bls.gov; www.kiwicareers.gov.nz;www.prospects.ac.uk; www.collegegrad.com.