Faculty of Economic and Financial Sciences

FEEL THE PULSE, LIVE EDUCATION, UNLEASH YOUR POTENTIAL

ANNUAL REPORT 2014

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TABLE OF CONTENTS

EXECUTIVE SUMMARY ……………………………………………………………………………………………… 1 MEMORIES – 1

ST TEN YEARS ……………………………………………………………………………………… 14

1. VISION, MISSION AND STRATEGY …………………………………………………………………………. 19 1.1 Strategic context and the 2014 International Review of the Faculty 19 1.2 Vision and mission ……………………………….………………………………………………….. 22 1.3 Strategic plan ………….……………………………………………………………………………. 23 2. LEADERSHIP, GOVERNANCE AND RISK …………………………………………………………………. 33 2.1 Nature and scope of leadership …………….……………………………………………………… 33 2.2 Organisational design and governance ….……………………………………………………….. 33 2.3 Quality management ………………………………………………………………………………… 35 2.4 Risk management …………………………………………………………………………………… 36 3. TEACHING AND LEARNING - ACADEMIC PROGRAMMES ……………………………………………. 38 3.1 Subsidised programmes …..……………………………………………………………………….. 38 3.1.1 Enrolment ……………………………………………………………………………………………. 38 3.1.2 Performance …………………………………………………………………………………………. 43 3.1.3 External achievements and recognition of FEFS students ……………………………………… 45 3.1.4 Programme-related developments ………………………………………………………………… 46 3.2 Non-subsidised programmes ………………………………………………………………………. 48 3.2.1 Enrolment ……………………………………………………………………………………………. 49 3.2.2 Performance …………………………………………………………………………………………. 50 3.2.3 Programme-related developments ………………………………………………………………… 51 4. RESEARCH AND SCHOLARLY ACTIVITY …………………………………………………………………. 52 4.1 Research and scholarly activity ……………………………………………………………........... 52 4.2 Faculty research environment and related aspects ……………………………………..………. 54 4.2.1 Faculty Value Conference …………………………..……………………………………………… 55 4.2.2 Faculty Public Lecture Series ……………………………………………………………………… 55 4.2.3 Visiting professorships ……………………………………………………………………………… 55 4.2.4 NRF-rated researchers …………………………………………………………………………….. 55 4.2.5 Research and/or training centres …………………………………………………………………. 56 4.2.6 Faculty Journal ……………………………………………………………………………………… 56 4.2.7 Research funding …………………………………………………………………………………… 57 4.2.8 Collaborative and contract research projects …………………………………………………… 57 4.2.9 Acknowledgements/recognitions/awards ………………………………………………………… 59 4.2.10 Capacity development initiatives ………………………………………………………………….. 59 5. SOCIAL RESPONSIVENESS, EXTERNAL ENGAGEMENT AND INTERNATIONALISATION …… 60 5.1 Social responsiveness ……………………………………………………………………………… 60 5.1.1 Transformation ………………………………………………………………………………………… 60 5.1.2 Educational outreach …………………………………………………………………………………. 63 5.1.3 Charity …………………………………………………………………………………………………. 64 5.2 Stakeholder and other external engagements …………………………………………………….. 65 5.3 Marketing and reputation management …………………………………………………………….. 66 5.4 Internationalisation ……………………………………………………………………………………. 66 6. RESOURCE MANAGEMENT ………………………………………………………………………………….. 69 6.1 Human resource management ………………………………………………………………………. 69 6.1.1 Academic staff …………………………………………………………………………………………. 69 6.1.2 Administrative staff …………………………………………………………………………………….. 72 6.2 Finances ……………………………………………………………………………………………….. 73 6.3 Environmental sustainability …………………………………………………………………………. 73 7. CONCLUSION AND PLANS FOR THE FUTURE ……….…………………………………………………. 75

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LIST OF TABLES

Table 1.1 Strategic objective 1: Academic programmes …………………………………………………… 23 Table 1.2 Strategic objective 2: Research …………………………………………………………………… 25 Table 1.3 Strategic objective 3: Community engagement …………………………………………………. 27 Table 1.4 Strategic objective 4: Comprehensiveness ……………………………………………………… 28 Table 1.5 Strategic objective 5: Campuses …………………………………………………………………. 28 Table 1.6 Strategic objective 6: International profile ……………………………………………………….. 29 Table 1.7 Strategic objective 7: Brand identity ……………………………………………………………… 30 Table 1.8 Strategic objective 8: Leadership …………………………………………………………………. 30 Table 1.9 Strategic objective 9: Alumni ………………………………………………………………………. 32 Table 1.10 Strategic objective 10: Resources ………………………………………………………………. 32 Table 2.1 Risk assessment in the Faculty - a broad summary …………………………………………….. 37 Table 3.1 Enrolment by qualification type ……………………………………………………………………. 39 Table 3.2 UG enrolment by qualification ……………………………………………………………………… 41 Table 3.3 Enrolment in the Faculty - student profile ………………………………………………………… 42 Table 3.4 Graduates in FEFS by qualification type ………………………………………………………….. 44 Table 3.5 SAICA ITC results (first-time candidates) ………………………………………………………… 45 Table 3.6 Enrolment in non-subsidised academic programmes and income generated ……………….. 49 Table 3.7 Qualifying candidates in non-subsidised academic programmes ……………………………… 50 Table 4.1 Accredited research output in FEFS, 2014 52 Table 4.2 Research and scholarly activity in the Faculty, 2013-14…………………………………………. 54 Table 6.1 Size and profile of permanent and contract academic staff …………………………………… 69 Table 6.2 All administrative staff - by department and race ………………………………………………… 72 Table 6.3 Budgeted and actual expenditure in 2014 ………………………………………………………… 73

LIST OF FIGURES

Figure 1.1 Intellectual coherence (synergies) in FEFS ………………………………………………………. 20 Figure 1.2 Departmental perspectives on stature …………………………………………………………….. 21 Figure 2.1 Academic structure of the Faculty …………………………………………………………………. 34 Figure 2.2 Governance structure of the Faculty ………………………………………………………………. 35 Figure 2.3 Quality structure of the Faculty ……………………………………………………………………. 36 Figure 3.1 Subsidised programmes offerings ………………………………………………………………… 38 Figure 3.2 UG enrolment- composition by qualification type ………………………………………………… 40 Figure 3.3 PG enrolment - composition by qualification type ……………………………………………….. 40 Figure 3.4 Success rates ……………………………………………………………………………………….. 43 Figure 3.5 Graduation rates - total ……………………………………………………………………………… 44 Figure 3.6 Graduation rates per qualification type …………………………………………………………… 45 Figure 4.1 Accredited research output in the Faculty ………………………………………………………… 53

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LIST OF ABBREVIATIONS AND ACRONYMS AAT (SA) Association of Accounting Technicians, South Africa AAT (UK) Association of Accounting Technicians, United Kingdom ABASA Association for the Advancement of Black Accountants of Southern Africa ACCA Association of Chartered Certified Accountants ACTSA Association for Corporate Treasurers in Southern Africa APB Accounting Practices Board APB Auckland Park Bunting Road Campus APK Auckland Park Kingsway Campus CAG Consultative Advisory Group CA (SA) Chartered Accountant (South Africa) CCRED Centre for Competition, Regulation and Economic Development CEE Council for Economic Education (US-based) CENLED Centre for Local Economic Development CFA Chartered Financial Analyst CFP® Certified Financial Planner CESM Classification of Educational Subject Matter CHE Council on Higher Education CIMA Chartered Institute of Management Accountants CISI Chartered Institute for Securities and Investments CORE Centre for Operations Research and Econometrics CSI Corporate Social Investment DCA Department of Commercial Accounting DEE Department of Economics and Econometrics DHET Department of Higher Education and Training DRC Democratic Republic of Congo dti Department of Trade and Industry EDP Equity Development Programme ELG Executive Leadership Group ERA Excellence in Research for Australia ESSA Economic Society of South Africa Fasset Finance, Accounting, Management Consulting and Other Financial Services Sector Education and Training

Authority FEFS Faculty of Economic and Financial Sciences FMaC Faculty Marketing Committee FMC Faculty Management Committee FOM Faculty of Management FPI Financial Planning Institute of Southern Africa GIBS Gordon Institute of Business Science HEQSF Higher Education Qualifications Sub-framework HFA Head of Faculty Administration GES Global Excellence and Stature HoD Head of Department IAESB International Accounting Education Standard Board IDEP African Institute for Economic Development and Planning IFAC International Federation of Accountants IEDC International Economic Development Council IFRS International Financial Reporting Standards IOD Institute of Directors IRBA Independent Regulatory Board for Auditors ITC Initial Test of Competence (of SAICA) JEF Journal of Economic and Financial Sciences KYP Kliptown Youth Programme MerSETA Sector Education and Training Authority for Manufacturing, Engineering and Related Services Sector NQF National Qualifications Framework NRF National Research Foundation NSFAS National Students Financial Aid Scheme OMIGSA Old Mutual Investment Group of South Africa PRP Peer Review Panel PRR Peer Review Report PwC PriceWaterhouseCoopers RePec Research Papers in Economics

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RICS Royal Institute of Chartered Surveyors SAAHC South African Accounting History Centre SACPVP South African Council for the Property Valuers Profession SAFEFE South African Foundation for Economic and Financial Education SAICA South African Institute of Chartered Accountants SENEX Senate Executive Committee SLP Short learn programme SQP Staff Qualifications Project SWC Soweto Campus SWUFE South Western University of Finance and Economics TBF Thuthuka Bursary Fund UJ University of Johannesburg UL University of Limpopo UV University of Venda UQP Unit for Quality Promotion URC University Research Committee UN United Nations ZPS Zimbabwean Presidential Scholarship

Back: Prof L Bonga Bonga, Mr Dirkie van de Watt, Mr Carl Anschutz, Prof B Marx (Standing in for Prof A van der Watt) Front: Ms K Zaayman, Prof S Chetty, Prof A Dempsey, MS M Manyane

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It has been 10 years since the inception of the University of Johannesburg (UJ) and hence, the

Faculty of Economic and Financial Sciences (FEFS). Therefore this report, whilst focusing on the

year 2014 and on recent trends, will also provide some comparisons where appropriate over the

10-year period.

Operating context and governance

The Faculty consists of four departments which offer academic programmes in the fields of

accountancy, economics and finance. Programmes range from undergraduate diplomas and

degrees to postgraduate offerings at honours, masters and doctoral levels. Each academic

department is managed by a head of department (HoD) supported by typically two deputy HoDs,

programme coordinators and/or subject heads. The four HoDs, the Executive Dean, Vice Dean,

Head of Faculty Administration (HFA), and Programme Advisor constitute the Faculty Management

Committee which met once a month on average in 2014 to deal with strategic and operational

matters.

The Faculty Board, comprising all permanent and contract academic staff members, met at least

once a quarter in 2014 to consider matters relating to policy, processes and procedures regarding

academic aspects in the Faculty. In addition, five Faculty Board sub-committees played an

important role in facilitating and coordinating quality arrangements relating to academic aspects

such as teaching; learning and assessment; higher degrees; research; ethics; and programme

development.

Strategic thrusts, focus and targets/indicators

The international review of FEFS, as part of a University-wide initiative, took centre stage in 2014

in requiring the Faculty to evaluate its strategic purpose and to gauge its national and global

standing. The Peer Review Panel (PRP) consisted of high-profile individuals, generally from

international universities of renown, with expertise in economics, accounting and finance. Soon

after the review in August 2014, the Faculty engaged with its members on key aspects as

contained in the Peer Review Report (PRR). Two key opportunities of engagement, a strategic

workshop on 02 October 2014 and a Faculty Board meeting on 14 October 2014, provided

1 Information on enrolments, success rates and graduation is based largely on data extracted on 05-06 March 2015. Data until 2013 has

been audited, and 2014 data is subject to change.

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members with the opportunity to debate and understand the notions of ‘excellence’ and ‘stature’

from the perspectives of their different disciplines.

For the purpose of this summary two points, considered crucial from a strategic perspective will be

highlighted. Firstly, the Peer Review Panel (PRP) identified what it termed to be a ‘principal

opportunity’ for the Faculty: “that UJ could, through the Faculty of Economic and Financial

Science, by the distinctive clustering of the disciplines that comprise it, be recognised as ‘the’ Pan-

Africa educator in the financial services and regulation space.” The Faculty appreciates this

observation in that the three disciplines that comprise it do indeed have the intellectual coherence

which has made the Faculty a leading provider of graduates for the financial services industry.

Over the past decade the Faculty has consciously branded itself a key provider in the academic

space for financial education – which has long been confirmed by the performance of its students

in professional body examinations.

Secondly, in light of the various observations made in the PRR and UJ’s 2025 strategic objectives

and aspiration for global excellence and stature, a working definition of stature was presented at

the Faculty Board meeting of 14 October 2014: Stature, within an academic context, is the

attainment and maintenance of context-based (pre-)eminence among academic peers, and in civil

and professional society. The Faculty embraces this notion of stature and at the same time,

accepts that variations would exist in how preeminence is viewed and pursued in terms of teaching

and scholarship over a contextual spectrum covering vocational training, profession-oriented

education and traditional academic education.

Further discussions and strategic planning will take place in 2015 with the aim of setting clearly

defined objectives, targets and plans with particular attention to the Peer Review Report, the

University’s 2025 Strategic Plan and the Global Excellence and Stature (GES) initiative.

Subsidised academic programmes

Enrolments

Total enrolment in the Faculty has grown by just above 30% over the 10-year period from 8 348 in

2005 to 10 864 in 2014. This represents an unweighted annual growth in enrolment of close to 3%

over the 10-year period (notwithstanding the variations over the years). It must also be noted that

total enrolment went well above 11 000 in some years during the same period.

Notwithstanding this discernible growth over the decade and some downward revisions in

enrolment targets, the Faculty is concerned about the fluctuations in enrolment in recent years,

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particularly the evident decline since 2013. Actual total enrolment dropped by 1,1% in 2013 and

4,4% in 2014. Moreover, the 2013 and 2014 actual total enrolments fell short of the planned

targets by 1,6% and 4% respectively. In 2014 this shortfall is more pronounced at undergraduate

level, with a drop of 5,1% relative to 2013, whilst postgraduate enrolment fell by less than a

percent.

Initial indications for the drop in enrolment point firstly to financial difficulties experienced by both

new and continuing students and secondly to the difficulty associated with attracting candidates to

diploma programmes. It seems that candidates who eventually register for diploma programmes

are by and large those who do not meet the admission requirements of regular degrees and not

those who are attracted to diplomas in their own right. It is hoped that the introduction of the new

Diploma in Financial Services Operations in the place of the diplomas in Banking and Credit

Management in 2015 will address this issue to a significant extent. The development of the new

diploma was based on much research and consultation with relevant key stakeholders. However,

an immediate mind shift is not anticipated; rather it is expected that as the new diploma takes root

it will gradually attract candidates based on its own merits.

The total enrolment for 2014 was close to 22% of the total enrolment of the University, a decline

from the 24% in 2013. However, at 22% FEFS continued to be the largest faculty in terms of

student numbers. Ten years ago, in 2005, FEFS accounted for 18% of UJ’s total enrolment.

As far as student profile is concerned, a change in terms of race relative to 2013 reflected a rise in

African enrolment from 84% to 85%, unchanged coloured and Indian enrolments at 2% and 5%

respectively, and a drop in white enrolment from 8% to 7%. Ten years ago, the distribution was

59% African, 3% coloured, 8% Indian, and 31% white. It is evident that the change in profile

(according to race) since 2005 is quite significant. Whilst this shift in profile may be consistent with

the demographic environment of the University, it is important to maintain diversity, and hence the

Faculty remains committed to targeting all ethnic groups with its marketing initiatives. With regards

to gender, the proportion of female students of total enrolment dropped from 54% in 2013 to 53%

in 2014 – barely a change from the 52% recorded in 2005.

Academic performance

The Faculty is hitting the high notes with its undergraduate success rate (in terms of degree

credits), at 85,9% in 2014 compared to 83,3% in 2013 and 74,4% in 2005. The Faculty’s

undergraduate success rate has been consistently above 80% for the last four years since 2011.

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The fall in the average success rate for postgraduate programmes from 72,4% to 70,6%, was the

net outcome of a marginal increase for honours programmes from 71,4% to 72,1%, a significant

drop for masters’ programmes from 89,6% to 66,0%, as well as a significant drop for doctoral

programmes from 59,1% to 33,5%. The Dean is in consultation with relevant HoDs on strategies

to improve the performance of students in postgraduate programmes. It must be noted that the

results for doctoral programmes will tend to fluctuate between extremes given the generally low

intake of students and the longer duration of study. In 2005 the postgraduate success rate was

65,5%, but for the last four years, since 2011, it has remained consistently just above 70%.

The number of graduates in the Faculty increased by 2,8% from 2 863 in 2013 to 2 942 in 2014.

The number of graduates recorded in 2005 was 1 613 and for the 10-year period as a whole, the

Faculty produced 22 138 graduates. The graduation rate for undergraduate degree programmes

increased from 20,1% in 2013 to 21,7% in 2014, as well as for undergraduate diploma (and

certificate) programmes from 23,5% to 26,4%. The graduation rates recorded in 2005 for

undergraduate degree and diploma programmes were 16,7% and 18,1% respectively. With

regards to graduation rates for postgraduate programmes there was a drop for honours

programmes from 59,0% to 56,1%, a decline for masters’ programmes from 19,9% to 10,6%, and

a drop for doctoral programmes from 12,5% to 8,1%.

The total graduation rate in the Faculty grew from 25,2% in 2013 to 26,5% in 2014. The

graduation rate in 2005 was 19,3% and has been consistently above 20% and increasing for the

last 4 years since 2011. The proportion of FEFS graduates relative to the University grew slightly

from 24,7% to 25,9%; this figure was at 16% in 2005 but has been consistently above 20% and

increasing for the last 5 years since 2010.

Impact of academic programmes as reflected in external achievements of FEFS students

In 2014 UJ graduates achieved a pass rate of 95% in the South African Institute of

Chartered Accountants’ (SAICA’s) Initial Test of Competence (ITC), with two UJ candidates

placed in the Top 10. This performance is a clear case of pushing the boundaries of

excellence when compared to the 90% pass rate achieved in 2013 and the 89% attained in

2005. In 2014 UJ also produced the highest number of successful black candidates

amongst residential universities, accounting for 27% of African black candidates who

passed the exam.

A UJ student from the Department of Economics and Econometrics scooped first prize in

the Old Mutual and Nedbank National Budget Speech Competition. He received his prize at

a special banquet from the then Minister of Finance, Mr Pravin Gordhan.

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A team of UJ students from the Department of Finance and Investment Management won

the 2014 local Chartered Financial Analyst (CFA) Institute Research Challenge.

Three teams of students from the Department of Finance and Investment Management

made it to the South African final of the Chartered Institute of Management Accountants

(CIMA) Global Business Challenge 2014.

Non-subsidised academic programmes

Departments have available around 38 approved non-subsidised programmes, of which 19

(excluding winter schools) were presented in 2014. The total enrolment for these 19 programmes

was 1 095 in 2014. Note that in the case of programmes which were attendance-based, with

attendees not having to register on the UJ system, the enrolment for such programmes is not

included in the reported figures. If the total enrolment of 530 in respect of winter schools is taken

into account, then the total enrolment in non-subsidised programmes amounted to 1 625 in 2014,

reflecting a decrease of 1.3% relative to the enrolment of 1 647 in 2013.

The number and composition of non-subsidised programmes have changed over the years since

2005. However, there has been a distinct growth in enrolment in such programmes over the last

ten years from 1 053 in 2005 to 1 625 in 2014. This represents an unweighted annual growth in

enrolment of close to 5% over the 10-year period.

Seven of all the non-subsidised programmes presented in 2014, were allocated result codes.

Given the enrolment of 825 students in these programmes in 2014, the proportion of qualifying

candidates was 41,8% compared to 37,8% in 2013 (notwithstanding variations in size and

composition of such programmes over the two years). Total income generated from non-

subsidised programmes amounted to approximately R13 million in 2014 compared to R10,9 million

in 2013.

Research and scholarly activity

Preliminary (submitted) subsidised publications in the Faculty amounted to 45 items, which

translate to 37,34 units, comprising 35,45 journal article units, 0,21 book chapter units and 1,68

units in respect of conference proceedings. This represents a 53,3% increase relative to 2013.

This is an excellent turnaround for the Faculty given the previous two years of decline in accredited

output. The Department of Economics and Econometrics accounted for the lion’s share of the

2014 accredited output at close to 70% of the total. When viewed over the 10-year period,

notwithstanding fluctuations, there is very positive growth in the Faculty’s accredited research

output, starting from a modest 5 units in 2005 and growing to 37,34 units in 2014.

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Apart from activity that resulted in accredited research output, staff members remain highly

committed to scholarly activity. If subsidised output is excluded from the 323 items of activity

reported by staff for 2014, 278 items spanned scholarly work in areas such: conferences;

publications in non-accredited journals/media; non-subsidised books; and research projects.

Measures in 2014 aimed at creating an environment that would stimulate research and scholarly

activity included:

Appointment of a high profile international scholar as a distinguished visiting professor;

Appointment of visiting professors (2 international professors and 1 local);

A public lectures programme: The Faculty hosted highly esteemed speakers in 2014,

namely Mr Malusi Gigaba (Minister of Home Affairs), Prof Dominick Salvatore (Professor of

Economics and Director of the PhD programme in Economics at Fordham University, New

York), and Mr TK Makwetu (Auditor-General of South Africa);

An accredited journal (to engage with the broader research community);

Internal research funding, other incentives and various capacity development initiatives

conducted particularly at departmental level;

Activities of the Faculty’s three research/training centres: the Centre for Competition

Regulation and Economic Development (CCRED), the Centre for Local Economic

Development (CENLED), and the South African Accounting History Centre (SAAHC); and

The 5th Biennial Value Conference hosted by the Faculty in 2014 with an attendance of 200

delegates and the presentation of 66 papers.

Other factors which enhance the research and scholarly environment of the Faculty include:

The Department of Economics and Econometrics maintained its position as one of the top

five departments of Economics in South Africa, according to the Research Papers in

Economics (RePec) classification. This status has been further enhanced with the

appointment of Prof Luc Bauwens as Visiting Professor in the Department, as he is ranked

4th among scholars in South Africa according to RePec; and

In 2014 there were four National Research Foundation (NRF)-rated researchers in the

Faculty, viz. Prof Grietjie Verhoef, Prof Alain Kabundi (who resigned with effect from the

beginning of 2014, but was then appointed as a Visiting Professor), Prof Coenrad

Labuschagne and Prof Fiona Tregenna. Prof Tregenna was awarded an NRF B rating (B3)

in 2014, making her one of just a few economists with a B rating in South Africa.

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Social responsiveness

Social responsiveness initiatives are driven primarily by the Faculty’s departments. Departments

maintained a reasonable degree of social responsiveness, with various projects undertaken in

2014. Social responsiveness projects are generally positioned in three areas, viz. educational

outreach, transformation, and charity.

Projects relating to educational outreach, undertaken by the Faculty or its departments, or by

external organisations with which the Faculty or its departments have been involved, included

support for school learners and educators. Some key programmes here include: the Khula

Weekend School (with De Beers Consolidated Mines Ltd) aimed at commerce and science grade

10, 11 and 12 learners; and collaboration with the South African Foundation for Economic and

Financial Education (SAFEFE) involving the training of teachers and learners in economics.

Projects on transformation largely included capacity building initiatives aimed at bringing about

greater equity in the areas of accounting and finance. Some important programmes here include:

the Equity Development Programme (involving essentially SAICA’s Thuthuka initiative) aimed at

providing support for black students studying towards a CA qualification; the University Upliftment

Project, whereby the Department of Accountancy provides academic leadership support to the

Universities of Limpopo and Venda and has entered into an agreement to do likewise for the

Polytechnic of Namibia; and the Old Mutual Investment Group of South Africa (OMIGSA) Imfundo

Trust aimed at addressing the country’s shortage of black investment professionals. Key projects

relating to charity undertaken by departments or external initiatives/organisations with which

departments have been involved, included fundraising, collections and commitment of personal

time by staff and students to various social activities.

Stakeholder and other external engagements

Departments in the Faculty continued to manage their relationships with various key stakeholders

closely in 2014. Stakeholders and the nature and extent of engagement with them, correspond

largely with the academic foci of the Faculty’s departments.

With profession-oriented education being a significant component of the Faculty’s academic

product, relationships with local and international professional bodies and employers are managed

with diligence. The Faculty, through individual staff members and/or its departments, has also

developed various links with other organisations and regulatory bodies, education institutions and

research entities. The Faculty has achieved greater visibility in 2014 through growing local and

international affiliations in the areas of accountancy, finance and economics (see under

Internationalisation below).

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Marketing and reputation management

The Faculty participated in the following institutionally or externally organised activities in 2014,

aimed at prospective undergraduate applicants: mini open days, school visits, Perfect Life expos,

the Gordon Institute of Business Science (GIBS) Business School Career Expo, King Edward

School Career Expo, Othello Week, UJ’s Orange Carpet event, and the Educators’ Conference.

More attention will be given in 2015 to the kind of marketing activities that target prospective

postgraduate applicants, particularly international candidates.

The Faculty (inclusive of its departments) also engaged in various initiatives of its own aimed at

both marketing and reputation management. Activities in 2014, either initiated by the Faculty or

externally initiated in which the Faculty played a key role, included the following: the 7th issue of

its internal magazine (FACE); development of a range of marketing materials; updating of the

Faculty web pages on the UJ website; three public lectures; and co-hosting of the UJ-Beeld Youth

Conference 2014. A new marketing coordinator was appointed in 2014, who is exploring

possibilities of engaging with students and other stakeholders more actively through popular social

networking platforms. The Faculty’s four departments also engaged in their own discipline-specific

marketing activities.

Internationalisation

There are four core dimensions to the Faculty’s international profile, viz., academic programmes,

international affiliations, students, and staff. With regards to academic programmes many of the

qualifications offered by the Faculty are accredited or recognised by international professional

bodies/councils such as the Chartered Institute of Management Accountants (CIMA), the Financial

Planning Institute (FPI) of Southern Africa, the Chartered Financial Analyst (CFA) Institute, the

Association of Accounting Technicians (AAT) and the International Economic Development Council

(IEDC). Discussions on accreditation with other international bodies such as the Association of

Chartered Certified Accountants (ACCA) and the Chartered Institute for Securities and Investments

(CISI) have also commenced. Although SAICA is a national professional body, an international

dimension exists by virtue of the reciprocity agreements between itself and several foreign

professional accounting bodies which allow South African candidates qualifying as chartered

accountants to work in various other countries.

As far as international affiliations are concerned, the Faculty has collaboration agreements with

the Centre for Operations Research and Econometrics (CORE) in Belgium; the South Western

University of Finance and Economics (SWUFE) in China; the African Institute for Economic

Development and Planning (IDEP), and the Association for Corporate treasurers in Southern Africa

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(ACTSA). HoDs have also been requested to explore possible opportunities for collaboration

arising out of UJ’s membership in the Universitas 21 (U21). The Executive Dean, Prof Amanda

Dempsey is a committee member of the Consultative Advisory Group (CAG) of the International

Accounting Education Standard Board (IAESB) of the International Federation of Accountants

(IFAC).

FEFS enrolment of international students was at 4,2% of total enrolment, compared to 2,3% 10

years ago. The international enrolment ratio in respect of postgraduate enrolment in 2014 was

10,5% compared to 3,8% in 2005, whilst for undergraduate enrolment it was 3,3% compared to

2,2% for the same years. The proportion of international enrolment has been relatively stagnant

over recent years. Measures are being undertaken to recruit more international students

particularly for postgraduate programmes. For example, a staff member from the Department of

Economics and Econometrics visited the Democratic Republic of Congo (DRC) in 2014 to recruit

students for masters’ programmes in 2015, and in order to ease the selection process, he

conducted classes and entrances tests in the DRC. Such initiatives will in future be extended to

other African countries and broadened to include other departments.

International academic staff in 2014 accounted for 9% of total permanent and contract staff (15

out of 166), compared to 6,9% in 2013. Ten years ago, in 2005, international staff accounted for

just 2,8% of total permanent and contract staff (3 out of 109).

Resource Management and Sustainability

Human resources management: academic staff

Full time permanent and contract academic staff totalled 166 by the end of the 2014 academic

year, reflecting an increase of 15% relative to 2013. This increase must be viewed in context,

taking into consideration the extent of recent past resignations which may tend to exaggerate the

extent of appointments from the end of one year to the end of the next; as well as increases in

contract appointments due to the introduction of assistant lecturers. When viewed over the 10-

year period, permanent and contract staff grew by 52% from 109 in 2005 to 166 in 2014. At the

same time total student enrolment had grown by 30% from 8 348 to 10 864 over that same period.

The higher growth in the staff complement was needed given the teaching capacity constraints

experienced in the early years. Whilst the student-staff ratio may still be considered high, the

increased appointments over the years have eased the burden on staff.

With regards to equity, despite the ongoing challenge the Faculty faces in attracting and/or

retaining qualified black academics together with the significant turnover in staff, it still managed to

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increase the share of permanent and contract black academic staff members from 34% in 2013 to

38,6% in 2014. In 2005, the ratio of black staff stood at 23,9%.

There were 10 resignations in 2014 of which 40% were black. There were 32 appointments in

2014 of which 59,4% were black and 15,6% were international (mainly from Africa). Female

members accounted for 51,8% in 2014 compared to 49,3% in 2013. Interestingly, the ratio of

female staff members stood at 67,9% in 2005. The Faculty Management Committee consisted of

5 white, 1 international and 2 black members implying an unchanged equity ratio of 25% in 2014.

The proportion of staff with qualifications below master’s degrees decreased slightly from 34,7% in

2013 to 34,3% in 2014. The fall in percentage was limited mainly due to additional appointments

of staff with required professional credentials, but without master’s qualifications; as well as the

appointment of assistant lecturers (studying towards a master’s degree). Although the proportion of

staff with master’s degrees (as the highest qualification) dropped from 50,7% in 2013 to 49,4% in

2014, there was an increase in terms of actual numbers from 73 to 82. There was also a slight

improvement in the ratio of staff with doctoral qualifications, from 14,6% in 2013 to 16,3% in 2014.

Seven staff members (Mr J Wessels, Mr D de Villiers, Mr P Snyman, Ms M Mouton, Ms L van

Heerden, Ms R Andrew and Ms I Baigrie) completed their master’s qualifications in 2014 and two

(Dr J Viljoen and Dr M Bornman) completed their doctoral qualifications.

When viewed over the 10-year period from 2005 to 2014, the number of staff with doctoral

qualifications increased from 18 to 27, those with master’s degrees as the highest qualification

increased from 10 to 82 and those with qualifications below master’s degrees fell from 81 to 57.

The distribution in terms of academic posts in 2014 was as follows: 8 assistant lecturers, 60

lecturers, 81 senior lecturers, 7 associate professors, and 10 professors. The limited share of staff

(10,2%) at professorial level imposes a major constraint on the capacity of the Faculty to provide

supervision for postgraduate research, particularly at doctoral level.

Some special achievements by staff in 2014 include:

Ms C le Roux from the Department of Finance and Investment Management won the Best

Paper award at the 2nd International Conference on Economics, Finance and Management

Outlooks held in Kuala Lumpur, Malaysia on 20 & 21 December 2014 for her paper entitled:

“Predictive Relationships between Metal Commodities and the FTSE/JSE Top 40 Index”;

As mentioned above, Prof F Tregenna from the Department of Economics and

Econometrics was awarded an NRF B rating (B3) in 2014; and

11

Mr J Mahabir from the Department of Economics and Econometrics won the prestigious

national award, the Founders Medal, from the Economics Society of South Africa (ESSA)

for the best master’s dissertation in South Africa.

Human resource management: administrative staff

Full time administrative staff, comprising both permanent and contract employees totalled 30,5 in

2014, down from 33 in 2013 (due to resignations). With regards to equity, black employees

represented 55,7% (17) of all permanent and contract staff and female members accounted for

82%.

Financial management

The total budget allocation for the Faculty in 2014 was approximately R148,8 million representing

an increase of 7,5% on the 2013 budget of R138,5 million. In 2014, 97,1% of the budget was

utilised, the same as in 2013. In 2005 the Faculty’s budget was just over R60 million, implying that

the allocation grew at unweighted nominal annual growth rate of about 10,6% over the 10-year

period. This was clearly above the average inflation rate, and was necessary given the

appointments of additional staff members, to address prevailing and growing teaching capacity

constraints.

Risks and management of risks

The Faculty identified 23 key risks in 2014. In some cases risks were recognised in 2014 and were

still in the process of being rated by the end of the year. In most instances, the perceived

effectiveness of mitigation strategies resulted in significantly lower residual risk assessments.

However, there were still some cases for which the residual risks ratings remained medium to high

despite the intended adoption of specific controls. These are provided below with the risk

assessments before and after controls indicated within brackets:

Ineffective academic leadership in certain disciplines (20, 12);

Enrolment management not successful (20, 20);

Inability to effectively implement teaching, learning and assessment strategies -

throughput and student experience compromised (16, 12);

Insufficient accredited research output - total and per capita (15, 12);

Security and safety of staff and students (16, 16); and

Student experience not good (or UJ not preferred) compared to competitor offerings (16,

12);

12

Generally the root causes and potential consequences of risks were identified and evaluated in

terms of their significance to each risk, and the extent to which mitigating strategies would be

effective in reducing the risk. However, the above risks remain a concern to the Faculty and will be

monitored very closely. The risks will be reviewed in 2015 in terms of their persistence, the

effectiveness of mitigation measures and the identification of new strategies.

Environmental sustainability

The core academic activities of the Faculty do not directly impact the environment. However, the

Faculty fully aligns itself with the institution’s goals regarding the environment and embraces the

campaign to ‘re-use, reduce and recycle’. FEFS continued (as in the past) to encourage certain

practices that are considered important for sustaining the environment: the use of laptops during

meetings thereby minimising the use of paper, ULink as a means of engagement with students,

recycling facilities for used paper, and avoiding unnecessary usage of lights and air conditioners.

Leadership

Academic leadership in the Faculty is essentially provided by the Executive Dean, Vice Dean and

the heads of the four departments. The Executive Dean contributes to the institutional leadership

through her role as a member of: the University’s Executive Leadership Group (ELG); Senate

Executive Committee (SENEX); Senate; and various other committees and structures. She is

supported by the Vice Dean, who also participates in various committees and structures that are

expected to provide leadership in different sub-environments of the University. The Executive

Dean and members of her leadership team play further significant leadership roles outside of the

University in various structures involving: government, business, related professions, and the

broader academic community.

Conclusion and way forward

Over the past ten years FEFS has undoubtedly grown in terms of size, scope and stature, and has

carved for itself a widely acknowledged niche in the academic space for financial education. Given

such advancements the Peer Review Report, arising from the high-level Faculty Review conducted

in August 2014, has now identified what it termed to be a ‘principal opportunity’ for the Faculty:

“that UJ could, through the Faculty of Economic and Financial Science, by the distinctive

clustering of the disciplines that comprise it, be recognised as ‘the’ Pan-Africa educator in

the financial services and regulation space.”

This has provided an excellent opportunity for the Faculty to reflect on its prevailing academic

position nationally and internationally, in terms of the pivotal role it could play for critical thought

13

and advancement in the practice of accounting, finance and economics in Africa and beyond,

which would bring global recognition. Important strategic discussions have already taken place.

The next step will be the development of a well-articulated and coherent strategic plan with realistic

actions and timeframes, taking into consideration the prevailing dynamics within the Faculty and

building on its previous achievements. This will be undertaken in 2015.

14

MEMORIES – 1ST 10 YEARS

I can remember the excitement in early January with the commencement of the new university. The

name, University of Johannesburg was strange on the ear and the ‘hoep-hoep’ was even stranger

on the eye. In 2005 I was Head of the Accounting Department, and we had an interesting 18 months

with Prof Henk Kriek as Dean of the Faculty. To integrate the University and the Technikon, we had

decided to have departments that included counterparts at Wits Technikon and RAU. Hence we initially

had a Department of Accounting and Tax and a Department of Auditing. Before the end of the year, we

realised that it did not work and that the diploma offerings, with the exception of the Diploma in Banking

which resided in the Department of Economics and Econometrics (DEE), should be in separate

department. The challenge was to get a name for such a department as it was also known as a

Department of Accounting in the Technikon environment. The then HoD, Minette Vermaak made the

suggestion of naming it the Department of Commercial Accounting. However, we immediately realised

that the abbreviation could not be CA in that it related very much to the Department of Accounting.

Prof Kriek was appointed as DVC Finance from 1 July 2006 and I was then appointed as acting Dean. The interview process followed

later that year and from 1 Jan 2007 I was appointed as Dean of FEFS for a term of 5 years. Around May/June 2011 I was reappointed

for another 5 years. So my 2nd

term will finish at the end of 2016.

When FEFS was formed, it was a strange configuration. The then DVC left UJ to become the VC at TUT and they implemented

the same configuration for their commerce faculties, with one like FEFS which includes the disciplines – Accounting, Finance

and Economics, with splits into further disciplines. I remember the first ELG breakaway that I attended. The VC was appointed in

April of 2006 and in August we had the first ELG breakaway where the faculties had to present their 3-year plan. It was extremely

stressful. The VC was not satisfied with mediocre presentations. FEFS had only about 85 academic posts at the time and I made an

argument for an extra 120 positions. I must have had convincing arguments as the Faculty was awarded some 50 new posts over the

next 2 years.

At first we needed to duplicate qualifications (BCom Accounting and the Diploma in Accounting) on two campuses, in order to try and

populate SWC. It was a huge challenge. Staff and students did not like to go to SWC. Then the development of SWC began. I

immediately saw it as an opportunity to offer only diploma programmes on SWC and degree programmes on APK. It took some

convincing to get all the lecturers who lectured on the diploma programmes to see the advantages. After the SWC project had been

completed, we struggled to relocate the degree students back to APK as everyone started loving the SWC campus. It is indeed a lovely

campus. 2015 is the first year in which there are no more degree students in FEFS on SWC and no more diploma students on APB. It

literally took us 10 years to sort out the academic planning of FEFS.

It took me a year or so to get my grip on the ‘old Technikon programmes’ and as Dean I soon realised that the BTechs which

the Faculty was offering and the national diploma were merely watered-down versions of a BCom Accounting degree and had

no standing in the business world. Within the first year we sought permission from Senate to phase them out - with resistance from

the lecturers who had been lecturing on those programmes for many years. FEFS was the first Faculty to phase out the BTechs. A

number of years later, the BTech was no longer on the NQF.

I then had the challenge of what to do with the Diploma in Accounting. Fortunately this coincided with SAICA’s initiative in bringing the

Association of Accounting Technicians, United Kingdom (AAT (UK)) qualification to SA to start a joint venture, in the form of an entity

named AAT (SA). The model the AAT (UK) worked on was a ‘RPL system’ for more mature people in the work environment rather than

a qualification system for young matriculants. After a number of meetings with the CEO and other executives from AAT (UK), we

convinced them that we will be able to incorporate enough practical (hands-on) experience – into a diploma qualification. This led to the

development of a new Diploma in Accounting which was the first diploma that was not ‘National’ and hence not governed central ly by a

Technikon committee. This was a UJ diploma. The availability of many computer labs on SWC was important in finally getting

accreditation from AAT (SA). Many representatives of universities of technology enquired or came to UJ to find out how we had

configured the new Diploma. In the accounting world it was the first time that a diploma could lead to a professional qualification.

Prof Amanda Dempsey Executive Dean July 2006 to present

15

Prof Sivan Chetty Vice Dean Aug 2007 to present

Another accomplishment was that FEFS was the first faculty to offer an advanced diploma as a vehicle for diploma students to get entry

into postgraduate programmes. Diploma students could gain access to honours programmes through the completion of an advanced

diploma (and meeting the relevant entry requirements). I often lay awake at night because we offered diploma qualifications with

which students had difficulty in finding employment. After years of research and hard work the Diploma in Financial Services

Operations was presented for the first time in 2015.

Another problem was that the BCom Finance degree was extremely close to the BCom Accounting degree. The Finance Department

then reconfigured the Finance degree making it as unique as it is today, with the option for students to articulate to one of four honours

programmes.

The BCom Accounting degree originally serviced both the CA and non-CA streams. For various reasons this did not work. After SAICA

published the new Competency Framework (CF), the Department of Accounting took the initiative to be the first in the country to

develop a new degree based on the CF (Bachelor of Accounting for the CA stream). The BCom Accounting which then accommodated

just the non-CA stream had limited options for articulation to postgraduate studies. Hence three more accounting honours programmes

were developed.

Some of the important developments in the Department of Economics and Econometrics, include: the consolidation of six honours

programmes to two; the development of the MPhil in Industrial Policy in collaboration with IDEP; the MCom in Local Economic

Development; the strides made by CENLED after the many years to get off the ground; and the achievements of CCRED which is the

first centre to occupy offices off campus (in Rosebank).

Other important activities/initiatives which contribute to the research environment in FEFS include: the Faculty’s Value Conference held

every second year and the Faculty Journal which is really finding is place in the research community.

The year 2005 saw the joining of three legacy institutions with long and diverse histories, to

become the University of Johannesburg. The first 10 years has been an extraordinary journey to

be recorded in the annals of an increasingly remarkable institution. Interestingly, the formation of

the University of Johannesburg with nine faculties took place 10 years after South Africa became a

new democracy and nation consisting of nine provinces. In many ways UJ represents a

microcosm of the changed South Africa, a bustling and diverse community, rich in culture

and filled with hunger, drive and determination.

The tremendous strides made by the University over the last decade, with the Faculty in

tandem, are surely credited to a team of visionaries who looked dauntlessly to an uncertain

future, “rethinking and reinventing” as it steered a mammoth and complex craft from one

success to another.

The creation of FEFS, one of nine faculties, resulted from a restructuring process associated with the 2005 merger. The distribution of

commerce programmes between two separate faculties was largely aimed at removing unwieldiness and improving manageability. It,

however, inadvertently led to the formation of an important academic niche area within the newly formed University, through the creation

of a space for financial education. FEFS branded itself as thus, and has made significant progress over the last ten years in being

recognised as a Faculty which offers a unique blend of vocational and academic programmes in the fields of accountancy, economics

and finance. This combination of disciplines in a commerce faculty may have initially appeared to be strange, but it soon started to catch

on. Given the size and unwieldiness of traditional commerce faculties in the country, it makes sense for universities to streamline their

offerings with configurations such as FEFS.

As the only Vice Dean of a large Faculty like FEFS, I was involved in a range of activities from the writing up of strategic plans to annual

reports. My responsibilities by and large included: general assistance to the Executive Dean, support to the Dean in respect of policies,

procedures, strategies and reporting; involvement with student matters; involvement with staff matters; overseeing of marketing;

research-related matters; student access (enrolment management); higher degrees coordination and administration; and quality-related

16

matters. Over and above Faculty work, I also participated in various institutional structures. At the same time, I continued to lecture in

the Department of Economics and Econometrics and be involved in its academic affairs.

I do believe that the Dean and I, together with the HoDs, made a formidable team as we steered the Faculty and navigated it through

the rapid waters of transition and innovation. We worked well together and I learnt much over the 10 years.

As UJ celebrates the first ten years of its existence, it is with great humility that I reflect on the

achievements of the Department of Accountancy over this period. The Department of Accountancy has

over ten years established itself as a leader in accounting education in South Africa. It is generally

recognized by the accounting profession that no other university has done more in terms of transformation

and growth over a prolonged period of time. UJ’s position as the biggest residential provider of African

Black chartered accountants in South Africa is an extraordinary achievement which calls for celebration.

Equally impressive an achievement is the fact that the Department managed to achieve sustained

exceptional performance in professional examinations whilst embracing the notion of open access. UJ is on

an annual basis giving opportunities to hundreds of students who would not have been able to study at

competitor institutions. These achievements are made possible by highly motivated and passionate

teaching staff, a focus on staff well-being and ongoing reflection on our teaching and learning model and

curricula. It truly was a privilege to lead the Department for nine of the ten years.

I was appointed Head of the Department of Commercial Accounting in January 2012. Until then I was a

lecturer in the Department of Accountancy and even though I met some of the staff before at meetings and

on different campuses, I did not know what to expect when I became HoD. I realised from the onset that

the Department of Commercial Accounting was quite different from other departments. Its apparent

uniqueness may be attributable to the following factors (amongst others):

It is however the staff members who, by their contributions, make the Department special. Staff

members who are motivated, do what they do well, be it in normal activities like attending graduations and open days, setting of

examination papers, availability for consultation, etc.; or to implement changes like the integration between theory and practical work,

the use of handheld devices in classrooms, Work Integrated Learning (WIL), and so on.

This positive attitude of staff members tend to be transferred to students. This inspires me to lead and manage the department. The

generally positive attitude of staff members was also highlighted by the 2014 Faculty Peer Review Panel when it considered the

Department a strength of the Faculty. It commented: “The staff members are remarkably and admirably open to engaging in scholarly

work.”

The progress made by the Department of Economics and Econometrics (DEE) in the past ten years will

be an indelible part of my memory, particularly in respect of the gains made in: the quality and quantity of

research outputs; and the relevance of teaching and learning. I can still remember the time when the slow

progress of the Department in contributing to the research output of the University was a major concern of

Management. Also concerned with its lacklustre performance, the Departmental Management Committee

(DMC) adopted an aggressive strategy to prioritize research activities and amend a number of

programmes to make them more competitive. This was in fact a big bang approach which understandably

met with some resistance within the Department. Nonetheless, I remain impressed by the ‘speed of

adjustment’ of staff members who willingly embraced such a hardline strategy. In a period of less than 7

years, the DEE increased its research output by more than 600%. The progress made on research was

Prof Alex van der Watt HoD: Accountancy 2006 to present

Mr Dirkie van der Watt HoD: Commercial Accounting 2012 to present

Prof Lumengo Bonga Bonga HoD: Economics and Econometrics 2010 to present

The first accountancy diploma in SA that integrated theory with practical applications from first to

third year in most modules;

The only department in the faculty that is based solely on teaching and learning; and

Accreditation of the accounting diploma by the newly formed AAT (SA), a joint venture between

SAICA and AAT (UK).

17

Mr Carl Anschutz HoD: Finance and Investment Management 2014 to present

not just about quantity, but also the quality of publications. Staff members managed to publish in reputable journals in the fields of

economics and finance, such as the American Economic Review , Dynamic Macroeconomics and Journal of empirical

finance.

To date the DEE is ranked among the five best economics departments in South Africa, according to the RePec (research papers in

Economics) rankings. The DEE has attracted reputable international scholars as visiting professors such as Professor Luc Bauwens, a

well-known financial econometrician from Belgium, Professor Frank Riedel from Biefeld University in Germany and Professor Ulrich

Schmidt from the Kiel institute, among others. The DEE is finalising the details of a joint programme in Financial Economics with Ohio

University in the US. It is important to note that UJ, through the DEE, is among a few academic institutions in Africa to offer a

programme in Financial Economics.

I have been the Head of the Department of Finance and Investment Management since the beginning of

2014. The highlights in my short tenure so far include:

I had the privilege of being the Head of the Department of Finance and Investment Management for six

years from 2008 to 2013. Highlights for me during that period include:

The first doctorate degree in the DFIM was awarded to Dr Mdu E Gama in 2010. Dr Gama’s thesis on the financial impact of

IT investment decisions on the performance of JSE listed Companies received widespread attention in the media, not only

due to the relevance and contentious nature of the topic but also to the fact that Dr Gama was the first black student in South

Africa to obtain a doctorate in Finance;

In 2010 a UJ student achieved first place in South Africa in the CIMA T4 Part B case study exam. His first place in South

Africa was also the 7th highest mark in the world for the CIMA case study exam; and

The University of Johannesburg won the South African final of the CIMA Global Business Challenge (GBC) in 2013 thereby

becoming the first university in South Africa to win the SA final more than once.

Prof Giepie Els Former HoD: Finance and Investment Management 2008 to 2013

Another year of good results attained in the examinations of the Chartered institute of

Management Accountants (CIMA);

Continued interest in the MCom (Finance) degree that started in 2008;

The University of Johannesburg had three teams amongst the four finalists at the South African

final of the CIMA Global Business Challenge (GBC) in 2014;

The University of Johannesburg had a team in the final of the South African leg of the CFA

challenge making us one of only two universities that have reached the finals every year since

its inception (UCT being the other);

The team from UJ won the South African leg of the global CFA challenge and will be

representing South Africa in the Netherlands during April 2015; and

The Department’s research output improved dramatically in 2014.

The excellent results achieved annually by our students in the Chartered institute of

Management Accountants (CIMA) examinations;

Two students of the DFIM successfully completed their MSc (Investment Analysis) degrees with

distinction at the University of Tilburg in 2008;

Interest in the new MCom (Finance) degree that started in 2008 exceeded all expectations. The

first cohort of students completed their minor dissertations in the following year;

In 2008 I was awarded the UJ Vice-Chancellor’s Award for Teaching Excellence;

18

Prof Marita Pietersen Former HoD: Commercial Accounting 2009 to 2011

For the years 2009 to 2011 I had the privileged of being initially Acting Head and subsequently Head of the

Department of Commercial Accounting (DCA). Those years could be regarded as a period of moves,

waves and even some tsunamis.The year 2009 kicked off with a tsunami when significantly more diploma

students met the minimum entry requirements than expected because of the ‘too good to be true’ 2008 Gr

12 results, which led to insufficient venues, lecturers, learning guides, and so on. In the same year, staff

had to jump into the “Performance Management Agreement (PMA)” process and learn how to swim and

perform in this tidal wave. Then came the Staff Qualifications Project (SQP) which many lecturers

experienced as a tidal wave that swept them off their feet whilst others rode the wave as an opportunity to

improving their qualifications up to Master’s level.

The academic wave pulled the DCA into the SANTED-project (with the aim of establishing clearer

differentiation between degree and diploma programmes) and collaborations with the Association of

Accounting Technicians South Africa (AAT(SA)) and Sage Pastel with the aim of transforming the

curriculum of the Diploma in Accounting to make it a more ‘hands-on’ qualification. Much effort was

undertaken to bring the diploma offerings of the Department in line with the University’s teaching and learning philosophy of ‘learning to

be’ and to have a more operational focus to meet the needs of the market and key stakeholders.

Most of 2010 was spent on riding the waves of 2009 to achieve particular goals. The new UJ Diploma in Accountancy was approved

and that lead to the DCA looking for more waves to be used as a conscious effort to raise the profile of its diploma offerings. In

preparation to offer the Pastel Accounting package, lecturers (and many tutors) were trained to become Pastel trainers. A personal

highlight for me was when the AAT (SA) invited me to speak to lecturers from all over South Africa. I spoke at the SAAA Conference

and presented at the SANTED close-out conference on how the DCA redesigned its Diploma in Accountancy.

The year 2011 saw the first cohort of students for the new UJ Diploma in Accountancy and that meant rolling out the Pastel application –

this was even bigger than a tsunami wave and caused many to gasp for breath during the year. In between the planned move of the

DCA from the Bunting Road Campus (APB) to the new state-of-the art Soweto Campus (SWC) was taking place. By the end of 2011

the DCA was resettled and ready to embark on a new journey from 2012 on SWC.

Many staff members are now appreciative of the DCA becoming more professional not only in terms of its programme offerings but also

in its day-to-day operations and its level of service to students. The DCA has survived turbulent times and is ready to face whatever

comes it way. As for me, I have since 2012 been taking care of quality-related matters in the Faculty, particularly in respect of the

HEQSF alignment process.

19

1. VISION, MISSION AND STRATEGY

1.1 Strategic context and the 2014 International Review of the Faculty

The international review of FEFS, as part of a University-wide initiative, took centre stage in 2014

in getting the Faculty to evaluate its strategic purpose and to gauge its national and global

standing. The Peer Review Panel (PRP) consisted of national and international experts in the

fields of economics, accounting and finance. Soon after the Review in August 2014, the Faculty

engaged with its members on key aspects as contained in the Peer Review Report (PRR).

Initially the PRR was circulated amongst heads of departments for discussion in their departments.

Thereafter a Faculty strategic workshop was held on 02 October 2014 to discuss the PRR with a

view to developing a strategic plan for the Faculty which would be aligned with the University’s

aspirations for global excellence and stature (GES). The strategic workshop was followed by a

discussion facilitated at a Faculty Board meeting on 14 October 2014 which provided members

with the opportunity to understand and debate the perspectives of the different departments

regarding ‘excellence and stature’. An overall Faculty response to the PRR was prepared and

approved at a Faculty Board meeting in January 2015.

Two points, considered crucial from a strategic perspective are highlighted. Firstly, the Peer

Review Panel (PRP) identified what it termed to be a ‘principal opportunity’ for the Faculty:

“that UJ could, through the Faculty of Economic and Financial Science, by the distinctive

clustering of the disciplines that comprise it, be recognised as ‘the’ Pan-Africa educator in

the financial services and regulation space.”

The Faculty accepts this observation in that the three disciplines that comprise it do have

intellectual coherence to the extent of it becoming a leading provider of graduates for the financial

services industry. Figure 1.1 illustrates the synergies that exist within the Faculty given its current

configuration. Since its inception in 2005 as an academic entity with a distinctive grouping of

disciplines, the Faculty has been engaged in an effort to position itself in the academic space for

financial education through world class pedagogy, active scholarship and growing international

affiliations. The Faculty therefore agrees on maintaining the status quo on its existing structure.

However, a more concerted effort is needed (as indicated by the PRP) for enhancing the Faculty’s

scholarly profile, as well as for branding and communication in order to enhance visibility.

20

Figure 1.1 Intellectual coherence (synergies) in FEFS

Secondly, in light of the various observations made by the PRP, it is important to understand the

differences that exist across departments in the Faculty given the nature of their disciplines, taking

into consideration national and international contexts. It is important to understand their different

perspectives on stature and how they view their roles in achieving such stature, keeping in mind

UJ’s 2025 strategic objectives and the aspiration for global excellence and stature. It is interesting

to note that despite there being just four departments in the Faculty and evident synergies in terms

of intellectual coherence and academic foci, there are significant differences in perceptions relating

to excellence and stature. Notwithstanding these differences, there seemed to be general

acceptance of a working definition of stature presented at the Faculty Board meeting of 14 October

2014:

Stature, within an academic context, is the attainment and maintenance of context-based

(pre-) eminence among academic peers, and in civil and professional society.

Whilst none of the departments deny that stature equates preeminence amongst academic peers

and other relevant stakeholders nationally and globally, variations exist on how such preeminence

is viewed, in terms of teaching and scholarship over a contextual spectrum covering vocational

ACCOUNTANCY

COMMERCIAL

ACCOUNTING

ECONOMICS &

ECONOMETRICS

FINANCE & INVESTMENT

MANAGEMENT

Accounting Economic context (tax,

exchange rates, hedging,

history of economic

sciences, etc.)

Financial Services

Operations

Finance and

Investment

Accounting,

Financial

Management

21

training, profession-oriented education and the traditional academic education. Departments’

perspectives on stature are indicated in Figure 1.2.

Figure 1.2 Departmental perspectives on stature

Whilst excellence in teaching and scholarship, associated with vocation and profession-oriented

education has a strong national context, expansion can be achieved through the exploitation of

existing and new opportunities for collaboration with international associates. The traditional

academic programmes however, generally tend to already allow for the delivery of excellence in an

international context in terms of curricula, staff profile, research and collaboration.

DEPT OF ACCOUNTANCY

Stature derives from stakeholders’ perceptions of excellence, and hence the effective communication of successes;

National stature is a pre-requisite for global stature;

Global stature should benefit programmes offered nationally;

The focus on professional education embraces: national responsiveness, close relationships with industry, and scholarly output that is wider than accredited publications;

The focus on professional education means that success is not measured only by way rankings, but efforts to achieve stature will positively impact the University’s rankings; and

Involvement in areas of international interest with international stakeholders presents several opportunities to achieve global stature.

DEPT OFECONOMICS AND ECONOMETRICS

Economics as a dynamic field of study has evolved beyond a social science;

Quality teaching is a function of quality research;

Quality research and the right balance between local and international publications are critical for stature and hence, ranking;

Staff development and student training needs to keep abreast with the dynamic pace of change in the field of economics;

International profile of the department depends on: international exposure of the department, an international staff profile, participation in international conferences and workshops, publications in high-ranked journals; alignment of curricula with international trends, international collaborations; and

Key drivers/priorities for an international profile: All staff be involved in both teaching and research; enhanced support for publications in high-ranked journals, enhanced support for workshop and conference attendance/participation, departmental seminars, improved staff qualifications (PhDs), moral support and leadership that cares, better intellectual synergy and collegial esprit d’ corps, better research coordination (and collaboration) in departments and within the Faculty, review of doctoral programmes, and exploit synergies within the Faculty.

DEPT OF OFCOMMERCIAL ACCOUNTING

Stature entails the offering of programmes that are relevant and conform to best practice academically in terms of curricula and teaching and learning aimed at the preparation of work-ready graduates;

Successful placement and reputable performance of graduates in industry provide a measure of the effectiveness of programmes offered by the Department;

Emulation of the Department’s programmes by other institutions in South Africa and Africa would serve as an affirmation of their quality and relevance;

Adequate preparation of those graduates from diploma programmes, who wish to pursue postgraduate studies, via pre-determined articulation routes; and

Ongoing research in respect of curricula and teaching and learning to ensure quality and relevance of programmes.

DEPT OF OFFINANCE AND INVESTMENT MANAGEMENT

Stature is the recognition by stakeholders (i.e. industry, other universities, alumni, employers, professional bodies, etc.) of the value that the Department contributes to the learning experience of its students; and

Recognition of academics in the Department among their peers (in academia) albeit through the quality of our programmes or the achievements of our learners and/or academia.

22

In following up on the strategic session and Faculty Board Discussions of October 2014 and the

Faculty’s response to the PRR, a strategic planning session will be held in the near future with the

aim of setting clearly defined objectives, targets and plans with particular attention to the

University’s 2025 Strategic Plan and GES initiative.

1.2 Vision and mission

The vision of the Faculty is:

“To be a faculty of academic distinction by internationally recognised standards, embracing

the challenges of complexity and diversity of its African environment, in its endeavour to

advance knowledge and skills aimed at capacity-building in the fields of accountancy,

economics and econometrics, and finance.”

The Faculty endeavours to achieve its vision through the following:

Constructive engagement with its national and international academic community;

Advancement of quality research through the implementation of innovative measures;

Provision of first-class education through effective and innovative teaching and learning

strategies;

Establishment of an academic/working environment, which produces high levels of

motivation, encourage scholarship and attract well-qualified staff; and

Enhancement of the productive capacity of the country in the fields of economics, finance

and accountancy through relevant curricula and programmes that address skills shortages,

transformation goals, alternative access and community needs.

In line with the Faculty’s overall vision and mission, the Executive Dean seeks to strategically

position the Faculty in terms of the following key goals:

Preferred faculty in South Africa for students in the fields of accountancy, finance and

economics;

Improved graduation rates; and

Improved research output.

Given the importance of being ever-responsive to the dynamic and fast-paced world of finance,

and hence the need to be innovative and forward-looking in its endeavours, the Faculty has

identified the following as overarching goals:

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An optimal mix of relevant and competitive programme offerings;

Effective and efficient enrolment management;

Well-rounded graduandi and diplomandi;

Performance-driven leadership;

Constructive engagement with its community and relevant stakeholders;

Efficient resource management;

Active scholarship inclusive of high impact research; and

Effective marketing and branding.

1.3 Strategic plan

The Faculty is committed to the University’s 2025 Strategic Objectives and its plans to advance the

Institution in terms of Global Excellence and Stature (GES). Whilst the Faculty’s current strategic

plan is, in terms of its ten objectives, directly or indirectly connected with the University’s six

strategic objectives, further deliberations are necessary to ensure better alignment in terms of

targets, actions and timeframe/s. Strategic discussions in this regard will take place in 2015.

The Faculty’s 2014-16 Strategic Plan is provided in tables 1.1 to 1.10. A review of the progress

made in achieving targets is provided in the last column of each table.

Faculty Strategic Plan: Strategic objectives, sub-objectives, actions and targets

Table 1.1 Strategic objective 1: Academic programmes

STRATEGIC OBJECTIVE 1

Academic programmes which, through relevance and high standards, produce graduates that are highly sought after in the market place

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

1.1 Ensure relevance, good alignment and sustainability of degree programmes (as well as post-graduate diploma programmes).

Curriculum improvements in the 1st year,

of the three BCom programmes to ensure more appropriate skills development and better articulation to subsequent years of study

Implementation in 2014

Achieved.

A revamp of the BCom Economics and Econometrics degree to provide for more quantitative skills development needed for subsequent studies in economics and econometrics

Implementation in 2014 Achieved.

Introduction of the elements of good citizenship in new modules or as new outcomes in existing modules

Implementation in 2014 Implemented in some UG modules.

Consolidation of the six honours programmes in economics into just two existing programmes

Implementation in 2014 Achieved.

The development of postgraduate diploma programmes in the Department of Accountancy, to particularly cater for profession-oriented education

Implementation in 2015 Achieved and to be implemented in 2017.

Development of professional masters programmes to cater for the demand for profession-oriented education at the level of higher degrees

Implementation 2016/17 Still to be developed.

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STRATEGIC OBJECTIVE 1

Academic programmes which, through relevance and high standards, produce graduates that are highly sought after in the market place

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

New MPhil in Industrial Policy for IDEP Implementation in 2014/15

Implementation expected in August 2015.

Professional doctoral programme Explore possibilities Still in exploration phase.

General review and revision of programmes related to the HEQSF alignment process

Completion by 2016 Good progress made. Completion expected by 2016.

1.2 Ensure relevance, good alignment and sustainability of vocational (diploma) programmes.

Pastel training for staff to ensure capacity for the new diploma programmes implemented in 2011

Ongoing Good progress made.

Closer relations with the Association for Accounting Technicians, South Africa (AAT (SA)) to ensure clear articulation routes for designation as accounting technician

Finalisation by 2014 Achieved.

Accreditation by CIMA Finalisation by 2016 Accreditation granted during 2014.

Accreditation by ACCA Finalisation by 2016

Negotiations are at an advanced stage.

Reduction of diploma offerings from four to two in order to eliminate curriculum overlaps and ensure market alignment; and diplomas in banking and credit management to be absorbed into a new Diploma in Financial Services Operations in order to allow better CESM alignment and market-focus

Discontinue the diploma in FIS from 2014; discontinue the diplomas in banking and credit and introduce the new Diploma in Financial Services Operations in 2015.

Implemented in 2015.

General review and revision of programmes related to the HEQSF alignment process

Completion by 2016 Good progress made. Completion expected by 2016.

1.3 An effective teaching and learning model

Alignment of departments’ teaching and learning models with the University’s philosophy of ‘learning to be’ through measures such: increased contact time, more effective use of tutorials, provision of academic support, collaborative learning, student-accountable learning involving more learning activities, and emphasis on class/tutorial attendance – formalised for exam entry

80% success rate (in terms of degree credits) for undergraduate programmes 68% success rate for postgraduate programmes 26% total graduation rate

UG programmes – success rate in 2014: 85,9% PG programmes – success rate in 2014: 70,6% Overall FEFS graduation rate in 2014: 26,5% Proportion of FEFS graduates relative to UJ’s in 2014: 25,9%

A teaching and learning model with the above-mentioned intrinsic development and support measures to benefit students from the outset rather than have a model based on addressing at-risk students or modules

1.4 Effective and efficient enrolment management

Collaboration with the Student Marketing Division in efforts to identify and recruit good candidates

Undergraduate enrolment as per institutional enrolment plan Postgraduate enrolment as per institutional enrolment plan New first-time entering undergraduate enrolment as per institutional plan Undergrad and postgrad split, at 86:14

Enrolment of international students 5,5% by 2016

UG enrolment in 2014: 5% below target PG enrolment in 2014: 2% above target FTE enrolment in 2014 – figure to be finalised UG-PG ratio in 2014: 86,9:13,1 Proportion of international students in 2014: 4,2%

A variety of initiatives at Faculty and Department levels to attract good candidates – with an increasing focus on social media platforms

Focused measures to attract Afrikaans-speaking candidates, such as school visits

International students – measures to attract good quality students from other parts of Africa

1.5 Qualified and competent academic staff

Improvement in staff qualifications through SQP and other departmental measures

Staff with a master’s degree as the highest qualification – 70% by 2016 Staff with a doctoral degree as the highest

Staff with and M as the highest qualification in 2014: 49,4% Staff with a D as the highest qualification in 2014: 16,3%

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STRATEGIC OBJECTIVE 1

Academic programmes which, through relevance and high standards, produce graduates that are highly sought after in the market place

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

qualification – 20% by 2016

Increased percentage of designated staff, whilst ensuring quality appointments

Designated staff – 40% by 2016

Designated staff in 2014: 38,6%

Increased proportion of senior staff, particularly professorial level

Professorial staff – 20% as expected by VC

Professorial staff in 2014: 10,2%

Appointments of international staff with stature

International staff – 8% by 2016

International staff in 2014: 9%

A scholarly active staff - Staff generally engaged in scholarly activities to keep abreast of latest developments in teaching and learning and/or in their subject areas

Publications in peer-reviewed journals that are not necessarily DHET subsidised

See Table 1.2 below.

A research active staff 55 accredited research units by 2016 (50 expected by VC); 50 accredited units by 2016 from the Economics Dept if supported by at least two research professors; and Publications inclusive of high impact journals

See Table 1.2 below.

Table 1.2 Strategic objective 2: Research

STRATEGIC OBJECTIVE 2

A combination of initiatives at Faculty and departmental levels to increase and maintain a research focus without diminishing attention afforded to the other important academic goals of the Faculty

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

2.1 Active scholarship, inclusive of high impact research

Given that FEFS has a significant focus on profession-oriented education, the concept of scholarly activity was placed under review to allow for outputs that are not necessarily accredited. The notion of profession-oriented education and the corresponding nature of scholarly activity are captured in the 2013 revised FEFS Appointments and Promotions Policy.

High degree (as determined at departmental level) of scholarly activity over and above that which result in accredited research output; Activities should include: contributions to conference proceedings; publications in non-accredited journals/media; contributions to non-subsidised books; research projects; and conference presentations and/or attendance; Pertains particularly to the following departments: Accounting, Commercial Accounting, and Finance and Investment Management.

In 2014 staff remained scholarly active. If subsidised output is excluded from the 327 items of activity reported by staff, 278 items covered work in areas such: conferences; publications in non-accredited journals/media; non-subsidised books; and research projects.

The Department of Economics and Econometrics is recognised as a key player in raising the research profile of the Faculty, particularly in respect of accredited research output; There is a renewed impetus in the Department to accelerate research activity, supported by various initiatives.

50 accredited units by 2016 from the Economics Dept if supported by at least two research professors Publications inclusive of high impact journals

In 2014 Preliminary (submitted) subsidised publications amounted to 45 items, which translate to 37,34 units, comprising 35,45 journal article units, 0.21 book chapter units and 1,68 units in respect of conference proceedings. A 53,3% increase

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STRATEGIC OBJECTIVE 2

A combination of initiatives at Faculty and departmental levels to increase and maintain a research focus without diminishing attention afforded to the other important academic goals of the Faculty

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

Departmental initiatives (writing workshops; research skills workshops; research retreats)

55 accredited research units by 2016 (50 expected by VC) Publications inclusive of high impact journals

relative to 2013. The Dept of Economics and Econometrics accounted for close to 70% of the 2014 accredited output.

Faculty initiatives (SQP; funding via URC processes; faculty-level workshops as and when requested)

55 accredited research units by 2016 (50 expected by VC); and Publications inclusive of high impact journals

2.2 The establishment of an enabling environment for research.

Biennial Faculty Value Conference

Conferences in 2014 and 2016 (Previous conference held in 2012 at the Drakensburg)

5th Biennial Value Conference

hosted in 2014 with an attendance of 200 delegates and the presentation of 66 papers.

Public Lecture Series Usually 1 per term each year

3 public lectures held in 2014.

Three research/training centres to serve as important conduits for scholarly activity: Centre for Local Economic Development (CENLED), Centre for Competition, Regulation and Economic Development (CCRED), and the South African Accounting History Centre (SAAHC).

Centres established, with activities ongoing.

The 2014 activities of the Faculty’s three research/training centres continued to contribute towards creating an enabling research environment in the Faculty.

Positioning of the recently accredited Faculty Journal in the International domain in terms of editorship and publications, to assist in establishing valuable links with the community of researchers in the economic and financial sciences

Journal is gaining in profile; Plan to make it open access by 2015.

The Journal of Economic and

Financial Sciences (JEF), in

existence for 8 years is accredited

by DHET. Articles are also

indexed on the list of South African

Periodicals, the contents pages of

Sabinet and Excellence in

Research for Australia (ERA).

In 2014 the journal received 81

manuscripts for possible

publication. The Journal currently

has an acceptance rate of about

42%.

The management and process flow of all articles and administration will from 2015 be done via the internet.

Internal research funding shared between the Faculty and URC for researchers

Staff to be encouraged to apply every year.

3 applications for internal grants were received in 2014 only 1 was approved by the FMC, as there other 2 applicants did not apply for external funding.

Appointment of visiting professors, in different areas of expertise to play an important role in promoting scholarly activity

At least three meaningful appointments in each of the departments of Accounting, Economics and Finance by 2016

Appointment of 3 visiting professors (2 in the Dept. of Economics and Econometrics and 1 in the Dept. of Finance and Investment Management; and the appointment of one distinguished visiting professor.

Various skills development workshops department levels (at Faculty level, when requested)

Ongoing

A 2-day workshop on postgraduate research assessment was held by the Faculty in collaboration with the PGC at the beginning of 2014. Other initiatives were organised at departmental level.

A more focused recruitment strategy in some departments with the aim of bringing in candidates with research potential.

Already taken into consideration when making appointments, particularly in the Economics Dept.

There were 5 international appointments in 2014, 3 of which were in the Dept of Economics.

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Table 1.3 Strategic objective 3: Community engagement

STRATEGIC OBJECTIVE 3

Reflection on the nature and extent of the Faculty’s current involvement and the development of programmes that would constitute a more constructive engagement with its community

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

3.1 Constructive engagement with the community through transformative work

The Equity Development Programme (EDP) for African and coloured students studying towards the CA (SA) qualification at undergraduate and postgraduate levels, through SAICA’s Thuthuka Programme

Ongoing every year

Acceptable success rates achieved for students on Thuthuka Programme. Performance of students continues to be above class averages.

Participation in SAICA’s University upliftment programme

Successful involvement with the University of Limpopo (UL) –Will now assist the University of Venda (UV).

Subject heads continued to provide support to UL ito new MOU. Also successful first year of support provided to UV.

Participation in the Old Mutual Investment Group of South Africa (“OMIGSA”) Imfundo Trust aimed at addressing the country’s shortage of black investment professionals and growing the pool of suitably qualified individuals in the asset management industry

Ongoing involvement whilst the programme remains in existence

2014 was the 3rd year of running

of the OMIGSA Imfundo Trust at

UJ. UJ had 9 students in the 2014

programme.

Establishment of a financial planning clinic (including tax planning)

2015/16

Much of the conceptualising of the Financial Planning Clinic and how it is to be implemented was done in 2014.

Provision of local economic development advice through CENLED. 2015/16

The number of municipalities in CENLED’s mentorship programme increased from 10 to 33 in 2014.

3.2 Constructive engagement with the community through educational outreach

Participation in the Soweto Campus Saturday School for Commerce and Science students (grades 10, 11 and 12), sponsored by De Beers Consolidated Mines Ltd.

Continued involvement

The project now known as the Khula Weekend School (KWS) continued to provide support in the subjects English, Maths, Physical Science, Economics and Accountancy to grade 10, 11 and 12 learners from selected schools. Whilst the 2014 grade 12 results were generally good, the number of distinctions dropped from 54 in 2013 to 15 in 2014 due to the introduction of CAPS. Out of the 15 distinctions 9 were commerce learners (Accounting and Economics).

Collaboration with the South African Foundation for Economic and Financial Education (SAFEFE) and the US-based Council for Economic Education (CEE) and other key partners/stakeholders, in training of teachers and learners in Economics

Continued involvement The Dept of Economics continued to be involved with SAFEFE in 2014.

Provision of revision classes for accounting pupils from Thabanjabulo High School

Continued involvement Not undertaken in 2014.

3.3 Constructive engagement with the community through charity

Various charity projects, such as: collection and distribution of food, clothing, textbooks and stationery, support of a football club in Manica, Mozambique, support of the iThemba Rape & Trauma Support Centre, fundraising for Cancervive, collection of blankets for the House of Hope Centre, support of the Nkanyesi Stimulation Centre, collection of toys and toiletries for the Karl Sithole Home, and collection of toys and toiletries for children at the Chris Hani Hospital on ‘Mandela Day’.

Continued involvement

In 2014 key projects relating to charity initiated by departments or external initiatives/ organisations with which departments have been involved, included fundraising, collections and commitment of personal time by staff and students to various social activities.

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Table 1.4 Strategic objective 4: Comprehensiveness

STRATEGIC OBJECTIVE 4

Pre- and postgraduate offerings from diplomas to degrees which comprise a unique blend and considered balance of professional, vocational and general formative programmes that cater for a specific range of skills in the fields of accountancy,

financial economics and econometrics, and financial decision making

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

4.1 Horizontal spread and access opportunities commensurate with the Faculty’s financial focus (Also refer to Table 1.1 for additional information on academic programmes)

Reduction of the current four diploma offerings to two, in the interest of better focus in terms of market needs, as well as to ensure CESM alignment

Two diploma programmes by 2015/16: Dip in Acc and a new Dip in Financial Services Operations

A new diploma in Financial Services Operations has been introduced in 2015. The diplomas in Banking and Credit Management are being phased out with effect from 2015.

Review of BCom degree programmes in terms of relevance, standards and balance especially at first-year level

Implementation of revised BCom programmes in 2014

Implemented in 2014.

Maintain access route to diploma programmes via the Programme in Commercial Accounting

In place – ongoing review

The Programme in Commercial Accounting remained an important access route to diploma programmes in 2014.

Maintaining of an access route to degree studies via BCom extended degrees

In place – ongoing review

The BCom extended degrees continued to accommodate 280 new students in 2014.

4.2 Vertical spread and articulation opportunities

(Also refer to Table 1.1 for additional information on academic programmes)

Articulation from diplomas to undergraduate degree programmes

Currently possible for students who need to do a special maths course designed for diploma students; With the new diploma in Financial Services Operations expected to be introduced in 2015/16, maths has been built into the curriculum, thereby enabling completed diploma students (who needed the math) to enrol for degree programmes.

With the introduction of mathematics into the 2 diploma programmes of FEFS, greater articulation opportunities have been created for students.

Articulation from diplomas to honours programmes through the recently approved advanced diplomas

In place – further advanced diplomas to be developed to widen access.

Advanced diplomas continue to play an important role in providing an articulation opportunity for diploma students to honours programmes.

Articulation through bridging programmes to honours studies for degree candidates who do not make the selection requirements based on their degree performance

In place

Bridging programmes remain an important access route for degree candidates who need to up their performance for entry into honours programmes.

Table 1.5 Strategic objective 5: Campuses

STRATEGIC OBJECTIVE 5

Consolidation of programmes to establish a campus profile with minimum or no duplication of programme offerings in order to avoid disparities, perceived or real, in service delivery

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

5.1 Consolidation of programmes across campuses

The move of all diploma programmes to SWC - commenced in 2012 (A phase-out plan was put into effect for diploma programmes on APB)

Completion by 2015 Achieved by end 2014 (beginning 2015).

The move of all degree programmes (regular and extended) to APK commenced in 2012 (A phase-out plan was put into effect for degree programmes on SWC)

Completion by 2015 Achieved by end 2014 (beginning 2015).

5.2 Campus equivalence Improvement in campus equivalence within programmes types through the consolidation of programmes across campuses

Completion of consolidation by 2015

Achieved by end 2014 (beginning 2015).

A dedicated faculty office, and the Dept of Comm Acc, located on SWC to ensure both academic and administrative support on that campus, as on APK

In place

No major concerns in 2014 regarding Faculty service. Minor concerns addressed in 2015 with temporary redeployment of Faculty staff.

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Table 1.6 Strategic objective 6: International profile

STRATEGIC OBJECTIVE 6

An improved international profile of the Faculty in terms of programmes, students and staff

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

6.1 Internationalisation in terms of students

Capitalising on the success of the Zimbabwean Presidential Scholarship (ZPS) Programme to try and attract students from other African countries Enrolment of

international students – 5,5% by 2016 Establish more exchange programmes for students by 2016.

Proportion of international students in 2014: 4,2% Limited student exchange programmes to date. More to be explored by 2016

Collaboration with the South Western University of Finance and Economics (SWUFE) in Chengdu, China on a student exchange programme

Participation in the Institutional engagement with East and West African universities on possibilities for collaboration

6.2 Internationalisation in terms of staff

Recruitment strategy by the Department of Economics and Econometrics to attract established international academics in order to raise its international profile

International staff – maintain at around 7,5% Establish more exchange programmes for staff by 2016

International staff in 2014: 9% of P and C academic staff Staff members are beginning to become aware of the importance of publishing in high-ranked international journals (particularly in the Economics Dept.). Limited staff exchange programmes. More to be explored by 2016.

Encouraging of staff members to publish in high-ranked international journals

Collaboration with the South Western University of Finance and Economics (SWUFE) in Chengdu, China on a lecturer exchange programme

6.3 Internationalisation in terms of programmes

Maintaining of partial accreditation of the BCom Hons (Financial Management) in conjunction with the BCom (Fin) and BCom (Acc) degrees by the Chartered Institute of Management Accountants (CIMA), an international accountancy body

Maintain Accreditation retained in 2014.

Negotiations with CIMA for accreditation of some of the modules in the Accounting Diploma

Maintain Accreditation granted in 2014.

Negotiations with ACCA, a global body for professional accountants for accreditation of some of the modules in the Accounting Diploma

Maintain Negotiations are at an advanced stage.

Agreement with the Financial Planning Institute of Southern Africa (FPI) on students having to meet certain requirements in the BCom Honours in Financial Planning, towards becoming Certified Financial Planners (CFP®);

Maintain

Students who obtain the B.Com Honours (Financial Planning) programme at UJ are invited to write the independent Professional Competency Exam of the FPI.

An MOU with the Association for Corporate Treasurers in Southern Africa (ACTSA) to make the Dept of Finance and Investment Management the sole training and programme development provider for ACTSA;

Finalise by 2015/16

The Dept. of Finance and Investment Management signed an MOU with ACTSA. UJ and ACTSA are currently busy with the last legal issues regarding the non-disclosure agreement.

Plans by the Department of Finance and Investment Management to apply for top international professional status and accreditation with the Royal Institute of Chartered Surveyors (RICS) in respect of the BCom Honours in Property Valuation and Management

Finalise by 2015/16 In negotiations for accreditation.

An MOU was signed in 2012 with the Chartered Institute for Securities and Investments (CISI) with the aim of applying for accreditation for applicable programmes in the Department of Finance and Investment Management.

Finalise by 2015/16 Still in process.

Accreditation of modules by CISI in the proposed new Diploma in Financial Services Operations

Finalise by 2015

Certain modules of the diploma are aligned with CISI which will provide students who pass the exam with 70% or higher with an internationally recognised designation, namely the Investment Operations Certificate.

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STRATEGIC OBJECTIVE 6

An improved international profile of the Faculty in terms of programmes, students and staff

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

Fifteen short courses in local economic development in the Department of Economics and Econometrics approved in 2012, form part of the international accreditation process with the International Economic Development Council (IEDC).

Maintain A new career path for economic developers was established which is recognised by the IEDC.

The Department of Economics and Econometrics signed an MOU in 2012 with the Centre for Operations Research and Econometrics (CORE) in Belgium, aimed at cooperation on academic activities.

Maintain Collaboration maintained in 2014.

The Diploma in Accountancy is accredited by the Association of Accounting Technicians, South Africa (AAT(SA)), an affiliate of AAT (UK).

Maintain Achieved.

Table 1.7 Strategic objective 7: Brand identity

STRATEGIC OBJECTIVE 7

The establishment of brand capital through promoting and entrenching the identity of FEFS as THE Finance Faculty in South Africa and Africa

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

7.1 Effective marketing and branding

Participation in all the relevant UJ centralised marketing initiatives

Refer to enrolment targets indicated in section 1.4. Despite various marketing

initiatives at institutional, faculty and departmental levels, UG enrolment in 2014 was 5% below target. This is matter of concern. Initial indications seem to point at financial difficulties experienced by both new and continuing students. Proportion of Afrikaans enrolment did not change much from previous year.

Faculty initiatives - plan and coordinate by the Faculty Marketing Committee (FMaC), consisting of the Faculty Marketing Coordinator and representatives (marketers) from the Faculty’s four departments.

Departmental initiatives – coordinated by departmental marketer.

Specific initiatives to raise the enrolment of Afrikaans-speaking students, such as focused school visits and the Beeld-UJ Youth Conference.

Afrikaans enrolment at 4-5% by 2016; Evaluate enrolment after the 3 years and reconsider programme offerings in Afrikaans and possibility of shifting focus from attracting Afrikaans-speaking candidates, to white applicants.

7.2 Sustained stakeholder relationships

Excellent relationships are already being maintained with professional bodies such as SAICA, CIMA, FPI, and AAT, whilst new ones are being forged with bodies such as ACCA, IEDC, CISI, and ACTSA.

Maintain Relationships maintained in 2014 (also see section 6.3).

Focused school visits by the Dean to build relationships with schools and potential applicants.

Work with Central Marketing Plan

Limited in 2014 – to be enhanced in 2015-16.

U21 – investigate benefits of UJ’s membership for FEFS.

HoDs to explore possibilities; and Dean to visit U21 HEIs in 2014.

Limited progress in 2014. Efforts to picked up in 2014-15.

Table 1.8 Strategic objective 8: Leadership

STRATEGIC OBJECTIVE 8

Effective leadership and corporate citizenship grounded in sound moral principles

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

8.1 Performance-driven leadership

The Faculty embraces the King III principles that underpin good governance, sustainability and corporate citizenship. Good governance based on institutional compliance and sound

Evaluation in terms of the targets set for all the other strategic objectives

Refer to targets and progress i.r.o of the other strategic objectives.

In 2014:

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STRATEGIC OBJECTIVE 8

Effective leadership and corporate citizenship grounded in sound moral principles

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

ethical principles is important for effective and sustainable academic leadership.

Academic leadership provided by the Executive Dean, Vice Dean and the 4 HoDs. Executive Dean contributes to the institutional leadership through various structures and committees within the University. She is supported by the Vice Dean, who also participates in various committees The Executive Dean and members of her leadership team play significant leadership roles outside of the University in various structures involving: government, business, related professions, and the broader academic community.

Academic leadership through the Executive Dean, Vice Dean and four heads of Department

HoD typically supported by two deputy HoDs and various programme coordinators and/or subject heads.

Structures and processes, with the necessary checks and balances that enable the Faculty to discharge its academic responsibilities with due diligence, together with maintaining the highest possible standards of quality; Such structures include the Faculty Board and its subcommittees, and the Faculty Management Committee.

The Executive Dean negotiates, monitors and evaluates the performance of her leadership team through a system of performance management.

The Executive Dean contributes to the institutional leadership through her role as a member of: the University’s Executive Leadership Group (ELG); SENEX; Senate; and various other committees and structures.

The Vice Dean and HoDs also participate in various committees and structures that are expected to provide leadership in various sub-environments of the University.

The Executive Dean and members of her leadership team play significant leadership roles outside of the University in various structures involving: government, business, related professions, and the broader academic community

8.2 Development of leadership

In accordance with the King Code of Governance in South Africa 2009 (King III), the Faculty acknowledges: its role as a corporate citizen in not only providing effective leadership but also in contributing to the pool of effective leaders in the country;

Evaluate effectiveness of the Faculty’s programmes and other activities in the development of leadership qualities amongst students through appropriately structured and targeted surveys.

No surveys conducted or measures undertaken in 2014 to ascertain the Faculty’s effectiveness in developing leadership qualities amongst students.

Attention will be given to this in 2015-16.

The Faculty will strive to provide education that contributes to the holistic development of individuals to be ethical decision makers and to be always cognizant of sustainability issues in their environment;

The new BAcc introduced in 2012 is aligned with SAICA’s Competency Framework which emphasises the importance of leadership education;

The other degree programmes have also being reviewed, especially at first year level in terms of standards and balance;

Succession planning Evaluate on a yearly basis the development of candidates to assume leadership positions at various structures and levels in the Faculty.

HoDs are encouraged by the Dean to ensure that there are measures in place for succession planning at departmental level.

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Table 1.9 Strategic objective 9: Alumni

STRATEGIC OBJECTIVE 9

An alumni comprising established practitioners in the financial domain who will support the Faculty in growing its brand

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

9.1 Grow the Faculty brand capital by entrenching its identity through the alumni as the Finance Faculty in South Africa and Africa;

Currently, only an informal network of relationships exists between the faculty and its alumni. Establish a strong formal relationship with its alumni, comprising chartered accountants, financial experts and economists. Mobilise FEFS’s quality students.

A formal alumni network by 2016.

Apart from informal relationships, no real effort was aimed at establishing a formal alumni network at Faculty level in 2014. The Department of Accountancy held a function with alumni in 2014. Attention will be given to this area in 2015-16.

Table 1.10 Strategic objective 10: Resources

STRATEGIC OBJECTIVE 10

Remain an important contributor to the resources of the University for the achievement of its primary thrusts

SUB-OBJECTIVES ACTIONS TARGETS PROGRESS

10.1 Efficient and effective resource management

Utilisation of resources in a manner that will allow the Faculty to deliver academic excellence.

Evaluate adequacy of resources on a yearly basis.

The shortage of venues for lectures, tutorials and assessments remains a concern. Limited office space for staff is also a concern. Given budget constraints, the Faculty made every effort to stay within its budget allocation at 97,1% in 2014.

In view of budget cuts, explore third stream income possibilities.

Request for: Additional office space; administrative/support staff at Faculty and Departmental levels; two research professors for economics; additional/larger lecture venues; staff common room; staff restaurant; additional parking bays.

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2. LEADERSHIP, GOVERNANCE AND RISK

2.1 Nature and scope of leadership

Each of the four academic departments in the Faculty is managed by a head of department (HoD)

supported by typically two deputy HoDs, programme coordinators and/or subject heads. Over and

above leadership provided at the departmental level, the Faculty Management Committee (FMC)

and Faculty Board are responsible for leadership at Faculty level. In addition, five Faculty Board

sub-committees play an important role in facilitating and coordinating quality arrangements relating

to academic aspects such as teaching, learning and assessment; higher degrees; research; ethics;

and programme development.

The Executive Dean contributes to the institutional leadership through her role as a member of:

the University’s Executive Leadership Group (ELG); SENEX; Senate; and various other

committees and structures. She is supported by the Vice Dean, who also participates in various

committees and structures that are expected to provide leadership in various sub-environments of

the University. The Executive Dean and members of her leadership team play significant

leadership roles outside of the University in various structures involving: government, business,

related professions, and the broader academic community.

2.2 Organisational design and governance

The academic structure of the Faculty in terms of departments and campuses is illustrated in

Figure 2.1. It is evident from the diagram that the existing academic structure of the Faculty

consists of four departments that offer programmes across three campuses. The size of the

Faculty and its departments in terms of staff and student numbers, as well as the spread across

three campuses are indicated in diagram. Note, a process commenced in 2012, aimed at

consolidating all diploma programmes on the Soweto Campus (SWC) and degree programmes on

the Auckland Park Kingsway Campus (APK).

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Figure 2.1 Academic structure of the Faculty

The Faculty’s governance structure is commensurate with its academic configuration, in order to

ensure clear reporting lines from a management point of view. Figure 2.2 provides a broad picture

of the governance structure of the Faculty. The Faculty Board deliberates on matters relating to

policy, processes and procedures regarding academic aspects in the Faculty and where relevant

and/or necessary, makes recommendations to Senate. All permanent academic staff members,

including those with a contract of 3 years or more, are members of the Faculty Board. Faculty

Board meetings are chaired by the Executive Dean. Four Faculty Board meetings were convened

in 2014.

The FMC, consisting of the Executive Dean as Chair, Vice Dean, four Heads of Department

(HoDs), the Head of Faculty Administration (HFA) and the Programme Advisor is responsible for

both strategic and operational matters and where relevant and/or necessary makes

recommendations to the Faculty Board. The FMC met once a month on average in 2014 to deal

with strategic and operational matters.

Faculty

Total students: 10 864

Teaching input Units: 13 833

Academic staff members: 196

Commercial Accounting

3 327students (31%)

3 152 TIU

42 academic

staff members (21%)

Economics and Econometrics

1 080 students (10%)

2 817 TIU

36 academic

staff members (18%)

Fin and Investment Management

1 529 students (14%)

2 226 TIU

38 academic

staff members (19%)

SWC

3 181 students (29%)

3 280 TIU

APK

7 461 students (69%)

9 874 TIU

APB

222 students (2%)

679 TIU

Accountancy

4 928 students (45%)

5 638 TIU

80 academic

staff members (42%)

35

Figure 2.2 Governance structure of the Faculty

The governance structure within the Faculty remained very much the same in 2014 as in previous

years. Despite the large size of the Faculty, the Executive Dean is supported by only one Vice

Dean. Furthermore there are only four departments, each with an HoD and two deputy HoDs

supported typically by various programme managers/coordinators and/or subject heads/module

coordinators. Whilst programme managers/coordinators play an important role on quality aspects

relating to the administration of a department’s academic programmes, subject heads/module

coordinators take charge of the day-to-day operations pertaining to their modules, either at

undergraduate or postgraduate level. Departmental higher degrees committees also play an

important role relating to the quality aspects of higher degrees in applicable departments. Regular

departmental meetings/strategic sessions allow for individual staff members to be involved in

decision-making, strategic planning and developments within a department.

2.3 Quality management

Due to duplication of discussions and overlaps in member composition with the Faculty

Management Committee (FMC), the Faculty Quality Care Committee was disbanded towards the

latter part of 2013. It was decided to schedule special FMC meetings for the purpose of quality

matters and to invite the chairs of the various quality sub-committees to those meetings. The

FMC, together with its five quality sub-committees, facilitates and coordinates quality arrangements

in respect of teaching, learning, assessment and other academic areas in the Faculty. Faculty

policies dealing with important matters such as assessment and moderation are regularly reviewed

and updated. The structure, with the five sub-committees as indicated in Figure 2.3, facilitates the

Faculty Board

Faculty Management Committee

Department of Accountancy

Department of Commercial Accounting

Department of Economics and Econometrics

Department of Finance and Investment

Management

36

development, alignment and implementation of appropriate quality arrangements and processes

regarding the Faculty’s core academic activities.

Figure 2.3 Quality structure of the Faculty

2.4 Risk management

The Faculty’s risk register is reviewed and updated regularly, based on Faculty administration and

departmental input. Each department and the Faculty Office identify and evaluate risks that each

confronts, which are then used to compile a consolidated Faculty risk register. Table 2.1, extracted

from the Faculty risk register, provides a broad summary of the different risks and assessments for

2014. The Table lists 23 key risks identified by the Faculty in 2014. In some cases risks were

identified in 2014 and were still in the process of being rated by the end of the year. Hence in

those cases, no risk assessments are indicated. The root causes and mitigation strategies are

contained in the Faculty risk register.

The root causes and potential consequences were identified and evaluated in terms of their

significance to each risk, and the extent to which mitigating strategies would be effective in

reducing the risk. It can be seen that in some cases, despite some mitigation strategies, the risk

assessment remains relatively medium to high or unchanged. At a strategic session towards the

end of 2014, two senior staff members were tasked to review the risk register and to provide

interim assessments for those risks which have not been rated. The risk register is a living

document that is reviewed on an ongoing basis.

Faculty Management Committee

Teaching, Learning and Assessment Committee

Programme Committee

Research Committee

Higher Degrees Committee

Ethics Committee

Faculty Board

37

Table 2.1 Risk assessment in the Faculty - a broad summary

Number RISK CATEGORY RISK INITIAL RISK RESIDUAL RISK

IMP

AC

T

LIK

ELIH

OO

D

RIS

K

IMP

AC

T

LIK

ELIH

OO

D

RIS

K

1 Strategic Academic leadership not effective 4 5 20 4 3 12

2 Reputation Adverse press in Media (formal and social) 5 1 5 4 1 4

3 Service delivery Enrolment management not successful 4 5 20 4 5 20

4 Academic (Product)

Inability to effectively implement teaching, learning and assessment strategies

4 4 16 4 3 12

5 Academic (Product)

Lack of employability of students that studied certain degrees/ diplomas at FEFS

3 4 12 3 3 9

6 Academic (Product)

Lack of success in achieving the practical outcomes of diploma programmes

4 3 12 3 3 9

7 Academic (Product)

Loss of accreditation with professional bodies (SAICA, CIMA, CFP, CFA, AAT (SA), SACPVP, etc.)

5 3 15 5 2 10

8 Human resources

Low accredited research output (total and per capita) 3 5 15 3 4 12

9 Human resources

Low staff morale / high staff turnover / loss of quality staff 4 3 12 3 3 9

10 Human Resources

Not reaching EE targets 3 4 12 3 3 9

11 Academic (Product)

Poor postgraduate throughput (M and D) 4 4 16 3 3 9

12 Health and Safety

Security and safety of staff and students 4 4 16 4 4 16

13 Reputation Student experience not good (or UJ not preferred) compared

to competitor offerings 4 4 16 4 3 12

14 Academic (Product)

Students not eligible for sick exam, qualifies for one 2 3 6 1 2 2

15 Security Catastrophic failure, damage or theft of IT equipment

These risks were identified in 2014 and were still in the process of being rated by

the end of the year. Hence no risk assessments are indicated.

16 Administration Staff booking venues and not cancelling it, when not

required

17 Security Student information shared without their consent

18 Reputation Outdated website (brochures, etc.)

19 Reputation Poor performance in professional qualification exams (SAICA,

CIMA, etc)

20

Reputation Insufficient community engagement

21 Academic (Product)

Predation of programmes (inter-and intra-departmental)

22 Academic (Product)

Quality of programmes in Economics (given the dynamic nature of the discipline and hence, latest developments)

23 Reputation Economics department behind on flagship project

38

•2 in economics/econometrics (both as Phds or DComs);

•3 in finance (1 as Phd only and 2 as DComs only); and

•3 in accountancy (all three as Phds or DComs).

DOCTORAL PROGRAMMES x 8

•5 in economics (3 coursework and 2 research);

•3 in finance (1 coursework and 2 research); and

•6 in accountancy (3 coursework and 3 research).

MASTERS' PROGRAMMES x 14

•2 in Economics ;

•4 in Finance; and

•4 in Accountancy.

HONOURS PROGRAMMES x 10

•4 degrees (Bachelor of Accouting; Accounting; Economics and Econometrics; and Finance) ;

•3 of the 4 degrees are also offered as 4-year extended programmes (not included in the counting to avoid duplication with the regular degrees);

•4 Advanced diplomas (Accountancy, Economics, Financial Management, and Property Valuation and Management); and

•3 diplomas (Accounting, Banking, Credit Management).

UNDERGRADUATE PROGRAMMES x 11

3. TEACHING AND LEARNING – ACADEMIC PROGRAMMES

2

3.1 Subsidised programmes

A total of 43 subsidised academic programmes

were offered by the Faculty in 2014. A breakdown

in terms of qualification types is provided in Figure

3.1. Important developments in 2014 include: the

consolidation of six honours programmes in

economics to just two; and the addition of a new

master’s programme in economics (MPhil in

Industrial Policy).

3.1.1 Enrolment

Enrolment in subsidised academic programmes is guided by the institutional enrolment plan. An

enrolment management model was used to estimate the split between new and continuing

students for undergraduate programmes. The split for postgraduate programmes was based on

department input. Table 3.1 provides information on enrolment in terms of qualification type.

2 Information on enrolments, success rates and graduation is based largely on data extracted on 05-06 March 2015. Data until 2013 has

been audited, and 2014 data is subject to change.

Figure 3.1 Subsidised programmes offerings

39

Table 3.1 Enrolment by qualification type

Total enrolment in the Faculty increased

by just above 30% over the 10-year

period from 8 348 in 2005 to 10 864 in

2014. This represents an unweighted

annual growth in enrolment of close to 3%

(geometric average) over the 10-year

period (notwithstanding the variations

over the years). It may also be noted that

total enrolment moved well above 11 000

in some years during the same period.

Unfortunately actual total enrolment in

2014 fell short of the planned target by

approximately 4%. This is matter of

concern for the Faculty. Initial indications

seem to point at financial difficulties

experienced by both new and continuing students.

Total enrolment dropped by 4,4% from 11 367 in 2013 to 10 864 in 2014. Undergraduate

enrolment at 9 424 in 2014, represented a drop of 5,1% relative to 2013, whilst postgraduate

enrolment fell by less than a percent. However, when viewed over the 10-year period,

undergraduate enrolment increased by just over 33% whilst postgraduate enrolment increased by

close to 65%. Undergraduate degree enrolment fell by 3,6%, as well as diploma enrolment by

7,5% from 2013 to 2014. The total enrolment for 2014 was close to 22% of the total enrolment of

the University, a decline from the 24% in 2013. However, at 22% FEFS continued to be the largest

faculty in terms of student numbers. Ten years ago, in 2005, FEFS accounted for 18% of UJ’s

total enrolment.

Headcount enrolments

Actual Planned

2005 2013 2014 2014

UG diplomas and certs 2 485 3 828 3 541 3 900

UG degrees 4 590 6 102 5 883 6 024

Total UG 7 075 9 930 9 424 9 924

PG to Master’s 684 1 157 1 135 1155

Master’s 170 251 254 220

Doctoral 13 24 37 20

Total PG 867 1 432 1 426 1 395

Occasional 406 5 14 0

Total enrolment 8 348 11 367 10 864 11 319

Change in tot enrolment:

2013 to 2014 -4.4%

2005 to 2014 +30.1%

Deviation from planned enrolment -4.0%

40

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

FTE%UG

DIP &CERT%UG

DEG%UG

UG%TOT

2005

2013

2014

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

HONS%PG

M %PG D %PG PG %TOT

2005

2013

2014

Figure 3.2 UG enrolment - composition by qualification type

The share of undergraduate diploma students

(inclusive of the advanced diploma students)

dropped from 38,5% to 37,6% and that of degree

students increased from 61,5% to 62,4% from

2013 to 2014. The ratio of diploma to degree

enrolment shifted by approximately three

percentage points over the 10-year period from

35:65 in 2005 to 38:62 in 2014. The share of

undergraduate students of total enrolment

dropped slightly from 87,4% in 2013 to 86,7% in

2014. In 2005 the undergraduate share was

84,8%.

Figure 3.3 PG enrolment - composition by qualification type

Honours students as a proportion of

postgraduate enrolment dropped from 80,8% in

2013 to 79,6% in 2014. The share of masters’

students increased marginally from 17,5% to

17,8%, whilst that of doctoral students moved

up from 1,7% to 2,6%. There was no major shift

in this distribution over the 10-year period from

2005. The share of postgraduate students of

total enrolment in 2014 was 13,1%, slightly up

from 12,6% in 2013. There was also a small

shift in this ratio over the 10-year period from

the 10,4% recorded in 2005 (not including

occasional students).

41

Table 3.2 UG enrolment by qualification

Table 3.2 disaggregates the

undergraduate enrolment information

of Table 3.1, in terms of

programmes. It is apparent from the

table that the lion’s share of both

diploma and degree enrolments

resided in accounting programmes.

The diploma in Financial Information

Systems is in its final phase of being

phased out. The diplomas in Banking

and Credit Management are to be

replaced with a new diploma in

Financial Services Operations with

effect from 2015. The relative

undergraduate shares of diploma

and degree enrolments and the shift

over the years were covered in the

discussion around Figure 3.2.

*Phased-out programmes

Qualifications 2005 TOTAL

2013 TOTAL

2014 TOTAL

DIPLOMAS 2 485

35,1%

3 680

37,1%

3 345

35,5%

Accounting 234 2 574 2 568

Banking 427 586 437

Financial Info Systems 123 323 178

Credit Management 412 191 162

Teach-out programmes (incl certs) 1 289 6 0

B TECH* 117

1,7%

0

0%

0

0% ADVANCED DIPLOMA

0

0%

148

1,5%

196

2,1%

Accountancy 0 51 45

Economics 0 25 56

Financial Management 0 28 59

Property Valuation & Management 0 44 36

UG DEGREES – 3 YRS 4 473

63,2%

4 697

47,3%

3 796

40,3%

BAccounting 0 750 1 178

BCom Accounting 2 926 2 655 1 670

BCom Econ and Econometrics 386 493 438

BCom Finance 568 789 507

BCom Financial Management* 189 0 0

BCom Investment Management* 108 0 0

BCom Monetary Economics 0 10 3

Baccalaureus Commercii * 296 0 0

UG DEGREES – EXT 4 YRS 0

0%

1 405

14,1%

2 087

22,2%

BCom Accounting 0 813 1 320

BCom Econ and Econometrics 0 290 255

BCom Finance 0 302 512

TOTAL 7 075 9 930 9 424

42

Table 3.3 Enrolment in the Faculty - student profile

Table 3.3 presents the profile of students enrolled in the Faculty, in terms of race and gender. The

following are key observations:

The change in student profile in terms of race relative to 2013 reflected a rise in African

enrolment from 84% to 85%, unchanged coloured and Indian enrolments at 2% and 5%

respectively, and a drop in white enrolment from 8% to 7%. Ten years ago, the distribution

was 59% African, 3% coloured, 8% Indian, and 31% white. It is evident that the change in

profile (according to race) since 2005 is quite significant;

With regards to total undergraduate enrolment relative to 2013, the share of African

students increased from 87% to 88%, coloured and Indian students stayed the same at 2%

and 5% respectively, while white students declined from 6% to 5%. In 2005, African

students accounted for 62% and white students 28% in this category of enrolment;

In the case of postgraduate enrolment the proportion of African students increased from

65% to 67%, coloured students remained at 2%, Indian students increased from 7% to 8%,

while white students declined from 26% to 23%. In 2005, African students accounted for

29% and white students 61% in this category of enrolment; and

As far as gender is concerned relative to 2013, the proportion of female students of total

enrolment dropped from 54% to 53%. This ratio did not really change much from the 52%

recorded in 2005.

With regards to the campus distribution of the 2014 enrolments, there were 222 students (2%) on

the Auckland Park Bunting Road Campus (APB), 3 181 (29%) on the Soweto Campus (SWC), and

7 461 (69%) on the Auckland Park Kingsway Campus (APK). This distribution of enrolment across

the three campuses is in line with the consolidation of programmes which commenced in 2012,

with the aim of offering all diploma programmes on SWC and all degree programmes on APK.

Note all postgraduate programmes are presented on APK only.

% African % Coloured % Indian % White % Female

2005 2013 2014 2005 2013 2014 2005 2013 2014 2005 2013 2014 2005 2013 2014

UG diplomas & cert 97 97 97 1 1 1 1 1 1 1 0 0 60 55 54

UG degrees 42 81 82 4 3 3 11 7 7 42 9 8 50 54 54

Total UG 62 87 88 3 2 2 7 5 5 28 6 5 53 54 54

PG to Masters 26 68 70 1 2 3 8 7 7 64 23 21 49 52 50

Masters 36 57 57 2 1 1 12 8 11 49 35 31 34 41 41

Doctoral 62 42 57 0 4 3 0 4 3 38 50 38 31 46 46

Total PG 29 65 67 2 2 2 9 7 8 61 26 23 45 50 48

Occasional 68 80 71 3 0 7 9 0 7 20 20 14 45 60 43

Total enrolment 59 84 85 3 2 2 8 5 5 31 8 7 52 54 53

43

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

UGCERT &

DIP

UGDEG

UGAVE

HONS MAST DOCT PG AVE

2005 2013 2014

3.1.2 Performance

HoDs are expected to monitor student performance in their departments through their programme

and/ or subject heads. The Executive Dean, together with the Vice Dean, engages regularly with

the HoDs on trends in student performance, particularly with regards to the last summative

assessment results and final marks. In 2014, last assessment and final marks were carefully

scrutinised by the Executive Dean/Vice Dean before they were approved for release. Where

necessary certain interventions were requested, for implementation prior to the writing of

supplementary assessments. The following are some key observations in respect of academic

performance for 2014:

Figure 3.4 shows the success rates (in terms of degree credits) according to qualification types for

the years 2005, 2013 and 2014. The success rates in respect of masters’ programmes indicated in

the figure cover both coursework and full research programmes.

Figure 3.4 Success rates

The average success rate (in terms of

degree credits) for undergraduate

programmes increased from 83,3% in

2013 to 85,9% in 2014. These rates

compare very favourably to the 74,4%

recorded ten years ago in 2005. The

Faculty’s undergraduate success rate has

been consistently above 80% for the last

four years since 2011.

The fall in the average success rate for

postgraduate programmes from 72,4% to

70,6%, was the net outcome of a

marginal increase for honours

programmes from 71,4% to 72,1%, a significant drop for masters’ programmes from 89,6% to

66,0%, as well as a significant drop for doctoral programmes from 59,1% to 33,5%. In 2005 the

postgraduate success rate was 65,5%, but for the last four years, since 2011, it remained

consistently just above 70%.

The number of graduates by qualification type over the 10-year period from 2005 to 2014 is

provided in Table 3.4. The number of graduates in the Faculty increased by 2,8% from 2 863 in

44

2013 to 2 942 in 2014. The number of graduates recorded in 2005 was 1 613 and for the 10-year

period as a whole, the Faculty produced 22 138 graduates.

Table 3.4 Graduates in FEFS by qualification type

Figure 3.5 provides information on overall graduation rates. The total graduation rate in the

Faculty grew from 25,2% in 2013 to 26,5% in 2014. The graduation rate in 2005 was 19,3% and

has been consistently above 20% and increasing for the last 4 years since 2011. The proportion of

FEFS graduates relative to the University grew slightly from 24,7% in 2013 to 25,9% in 2014. It

was 16% in 2005 but has been consistently above 20% and increasing for the last 5 years since

2010.

Figure 3.5 Graduation rates – total

0%

5%

10%

15%

20%

25%

30%

TOTAL GRAD RATE FEFS % OF UJ

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Type Graduates

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total

NHC 78 59 15 14 8 4 3 16 0 0 197

N Dip 373 388 407 331 399 511 756 826 845 104 4 940

Diploma 0 0 0 0 0 0 0 0 0 744 744

BTech 35 29 49 22 20 5 1 0 0 0 161

Advanced

Diploma 0 0 0 0 0 0 0 0 55 96 151

BCom 732 837 854 888 964 1 099 1 177 1 226 1 227 1 282 10 286

Honours 374 400 362 505 513 479 567 707 683 677 5 267

Master’s 21 60 39 51 28 23 21 42 50 36 371

Doctoral 0 1 5 3 1 1 0 4 3 3 21

Total 1 613 1 774 1 731 1 814 1 933 2 122 2 525 2 821 2 863 2 942 22 138

45

0%

10%

20%

30%

40%

50%

60%

70%

UG DEG UG DIP &CERT

HONOURS MASTERS DOCTORAL

2005 2013 2014

Figure 3.6 Graduation rates per qualification type

The graduation rate for undergraduate

degree programmes increased from 20,1%

in 2013 to 21,7% in 2014, as well as for

undergraduate diploma (and certificate)

programmes from 23,5% to 26,4%. The

graduation rates recorded in 2005 for

undergraduate degree and diploma

programmes were 16,7% and 18,1%

respectively. With regards to graduation

rates for postgraduate programmes there

was a general decline: honours

programmes from 59,0% to 56,1%;

masters’ programmes from 19,9% to

10,6%; and doctoral programmes from

12,5% to 8,1%. Significant shifts are

observable relative to 2005, particularly in

the case of undergraduate programmes.

3.1.3 External achievements and recognition of FEFS students

SAICA ITC results

Table 3.5 SAICA ITC results (first-time candidates)

In 2014 UJ graduates achieved a pass rate of 95% in the South African Institute of Chartered

Accountants’ (SAICA’s) Initial Test of Competence (ITC), with two UJ candidates placed in the Top

10. This performance is a clear case of pushing the boundaries of excellence when compared to

the 90% pass rate achieved in 2013 and the 89% attained in 2005. In 2014 UJ also produced the

highest number of successful black candidates amongst residential universities, accounting for

27% of African black candidates who passed the examination.

CA results 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Successful candidates 224 206 220 208 234 220 215 233 258 276

Pass (%) 89 98 81 90 86 87 89 86 90 95

Candidates in top 10 3 3 - - - 2 1 2 2 2

46

CIMA Global Business Challenge

The B.Com Honours (Financial Management) students participated in the CIMA Global Business

Challenge (GBC) again in 2014. Three UJ teams reached the South African final and finished

second, third and fourth.

CFA Institute Research Challenge

A group of five honours students participated in the CFA Challenge. UJ together with three other

South African Universities participated in the local challenge. Students had to compile a market

research report in which they valued the share price of a listed company. They were selected to

present their findings to a panel of adjudicators. The UJ team won the South African leg of the

challenge and will represent South Africa at the global challenge to be held in April 2015 in

Amsterdam, Netherlands.

Old Mutual and Nedbank National Budget Speech Competition

Mr Lucky Pane, a student from the Department of Economics and Econometrics scooped first prize

in the postgraduate division of the Old Mutual and Nedbank National Budget Speech Competition.

He received his prize at a special banquet from the then Minister of Finance, Mr Pravin Gordhan.

3.1.4 Programme-related developments

Amendments to existing undergraduate programmes in 2014 (implementation year in brackets):

Diploma in Accountancy – curriculum changes to first year modules and content changes to

second and third year modules (2015); and

Advanced Diploma in Financial Management – module content changes (2015).

Amendments to existing postgraduate programmes in 2014 (implementation year in brackets):

MCom Computer Auditing – curriculum and module content changes (2015);

MCom International Accounting – curriculum and module content changes (2015);

MCom South African and International Taxation – module content changes (2015);

MPhil Industrial Policy – change in rules of access (2015);

MCom Development Economics – change in rules of access (2016); and

BCom Hons Financial Management – module content changes (2015).

47

Programmes for which Council on Higher Education (CHE) accreditation was received in 2014:

Postgraduate Diploma in Accounting – 8 Oct 2014;

Master of Philosophy in Industrial Policy – 22 Jan 2014;

Master of Commerce in Local Economic Development – Nov 2014;

Advanced Diploma in Financial Markets – 27 March 2014;

Postgraduate Diploma in Financial Management – 27 March 2014;

Postgraduate Diploma in Estate Planning – 27 March 2014;

Bachelor of Commerce Honours in Quantitative Finance – 17 Sept 2014;

Bachelor of Commerce Honours in Treasury Management– 17 Sept 2014; and

Diploma in Financial Services Operations – 1 Oct 2014.

(Note, with regards to the Postgraduate Diploma in Accounting Science, conditional accreditation

was received in 2013 and relevant information for final accreditation was submitted in 2014.)

New applications (or resubmissions) for postgraduate programmes made in 2014:

MCom Quantitative Finance (RD);

DPhil with specialisation in Quantitative Finance;

MCom Quantitative Finance (RD) – resubmission;

DPhil with specialisation in Quantitative Finance – resubmission; and

Postgraduate Diploma in Financial Markets;

Changes to Category B programmes are now completed and captured on the CHE Category B

template received in January 2014. Category A programmes should now meet the relevant

alignment requirements. UJ’s Unit for Quality Promotion (UQP) submitted the relevant information

on Category A programmes in bulk to the CHE during the first semester of 2014, and is still

awaiting feedback.

The following programmes were subjected to reviews in 2014:

Five honours programmes in Economics – formal self-evaluation and peer review;

BCom Honours (Econometrics) – formal self-evaluation and peer review;

BCom Honours (Accounting – non CA) – formal self-evaluation and peer review;

BCom Honours (Taxation) – formal self-evaluation and peer review;

BCom Honours (Internal Auditing) – formal self-evaluation and peer review;

BCom Honours (Property Valuation and Management) – professional-related review;

Advanced Diploma in Property Valuation and Management – professional-related review;

48

BCom Finance, only the property valuation and management modules – professional-

related review; and

Diploma in Accountancy – formal self-evaluation and peer review.

3.2 Non-subsidised programmes

Departments in the Faculty currently offer a variety of non-subsidised programmes. These

programmes serve one or more of the following purposes:

Access to undergraduate programmes;

Articulation or bridging to postgraduate programmes;

Opportunities for improving performance in curricular modules; and

Focused skills development to cater for industry needs.

49

3.2.1 Enrolment

Table 3.6 Enrolment in non-subsidised academic programmes and income generated

*No students are recorded as the rand amounts relate to historical changes in respect of the registration of past students.

Table 3.6 provides information on enrolment and income generated in respect of the various non-

subsidised programmes presented by departments in the Faculty. Departments offer several non-

subsidised programmes (about 38), of which 19 (excluding winter schools) were presented in

2014. The total enrolment for these 19 programmes was 1 095 in 2014. Note that in the case of

programmes which were attendance-based and attendees not having to register on the UJ system,

the enrolment for such programmes is not included in the reported figures. If the total enrolment of

530 in respect of winter schools is taken into account, then the total enrolment in non-subsidised

Programme 2005 2013 2014 Income (R)

Bridging Certificate in the Theory of Accountancy 231 477 450 5 285 460.00

Bridging Programme in Accountancy - 12 13 163 510.00

Certificate in Corporate Governance 36 82 104 1 035 946.00

Certificate in Theory of Accounting 20 - -

IFRS and GAAP Winter schools 193 581 415 171 230.00

Programme in Commercial Accounting - 98 127 1 481 250.00

Applied Econometric Analysis and Forecasting 8 9 -

Bridging Programme in Economics - 47 62 791 820.00

.. Certificate in Banking 20 - -

Competition Economics: SLP - 19 20 000.00

Foundation Programme in Econ Sciences 430 - -

Financial Analysis for Economic Regulation - - 30

13 165.00 Regulatory Economics: SLP - - 19

Regulatory Law for Economic Regulators: SLP - - 35

Strategic Planning & Knowledge Management: SLP - - 23 403 300.00

Winter School (Economics) - 9 20 8 800.00

Bridging Programme in Financial Management - 33 28 382 800.00

Bridging Programme in Finance - 70 115 2 223 600.00

Bridging Programme in Property - - * 17 100.00

Certificate in Financial Management 33 13 * 14 000.00

Certificate in Financial Markets and Instruments - 1 -

Certificate in Investment Management 9 - -

Dip in Investment Anal & Portfolio management 50 61 32 333 000.00

Diploma in Investment Management 23 - -

Enterprise Management - 3 2

148 500.00

Enterprise Operations - 10 16

Financial Management - 6 4

Financial Operations - 6 8

Performance Management - 4 4

Performance Operations - 13 12

Quantitative Finance: SLP - - 11 156 400.00

Winter School (Finance) - 93 95 380 530.00

Total

1 053 1 647 1 625

13 030 411.00

50

programmes amounted to 1 625 in 2014, reflecting a decrease of 1.3% relative to the 2013

enrolment of 1 647 students. The number and composition of non-subsidised programmes

changed over the years since 2005. However, there has been a distinct growth in enrolment in

such programmes over the last ten years from 1 053 in 2005 to 1 625 in 2014. This represents an

unweighted annual growth in enrolment of close to 5% (geometric average) over the 10-year

period. Total income generated from non-subsidised programmes amounted to approximately R13

million in 2014 compared to R10,9 million in 2013.

3.2.2 Performance Table 3.7 provides information on the performance of students in non-subsidised academic

programmes.

Table 3.7 Qualifying candidates in non-subsidised academic programmes (for which

formal assessments are conducted)

Seven of all the non-subsidised programmes presented in 2014, were allocated result codes.

Given the enrolment of 825 students in these programmes in 2014, the percentage of qualifying

candidates was 41,8% compared to 37,8% in 2013 (notwithstanding variations in size and

composition of such programmes over the two years).

Programme Enrolment 2005

Qualifying candidates

2005

Enrolment 2013

Qualifying candidates

2013

Enrolment 2014

Qualifying candidates

2014

Applied Econometric Analysis and Forecasting 8 7 9 7 - -

Bridging Certificate in the Theory of Accountancy 231 56 477 96 450 159

Bridging Programme in Economics - - 47 17 62 22

Bridging Programme in Financial Management - - 33 9 28 8

Bridging Programme in Finance - - 70 21 115 36

Certificate in Corporate Governance 36 34 82 76 - -

Certificate in Financial Management 33 14 13 11 - -

Certificate in Investment Management 9 4 - - - -

Certificate in Theory of Accounting 20 2 - -

Diploma in Investment Analysis & Portfolio Management

23 15 61 24 32 30

Foundation Programme in Economic Sciences 430 157 -

Programme in Commercial Accounting - 98 75 127 89

Quantitative Finance: SLP - - - - 11 1

Total 790 289 890 336 825 345

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3.2.3 Programme-related developments

Amendments to existing non-subsidised programmes in 2014 (implementation year in brackets):

Bridging Programme in Financial Management – module content changes (2015); and

Six short learning programmes presented by the Department of Finance and Investment

Management as preparation courses for CIMA – module content changes (2015).

New applications for non-subsidised programmes made in 2014 (implementation year in brackets):

Research methodology for Local Economic Development (2015);

Introduction to Treasury Management (2015);

Processes in Treasury Management (2015);

Cash and liquidity in Treasury Management (2015);

Financial Markets in Treasury Management (2015);

Funding in Treasury Management (2015);

Risk in Treasury Management (2015);

Financial Treasury Management (2015);

PhD Bridging Programme in Economics not approved at SENEX;

Intermediate Property Financial Concepts (2015); and

Advanced Property Financial Concepts (2015).

The following non-subsidised programmes were subjected to reviews in 2014:

Short Learning Programme (SLP) in Corporate Governance – module review; and

Bridging Programme in Finance, only property valuation and management modules –

profession-related review.

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4. RESEARCH AND SCHOLARLY ACTIVITY

The four departments of the Faculty vary in their orientation and focus regarding research and

scholarly activity. Whilst some departments are more geared towards activity that potentially result

in accredited research output, others which focus on profession-oriented education, engage in the

type of scholarly activity that may less likely result in accredited output. Notwithstanding this

dynamic in the Faculty, all staff members are encouraged to strive towards producing accredited

research output.

Measures in 2014 aimed at creating an environment that would stimulate research and scholarly

activity included: three public lectures; appointment of visiting professors; an accredited journal (to

engage with the broader research community); internal research funding and other incentives; and

various capacity development initiatives conducted particularly at departmental level. Activities in

respect of the Faculty’s three research/training centres also contribute towards creating an

enabling research environment. The centres include: the Centre for Competition Regulation and

Economic Development (CCRED), the Centre for Local Economic Development (CENLED), and

the South African Accounting History Centre (SAAHC).

4.1 Research and scholarly activity

Table 4.1 provides a breakdown of the 2014 accredited research output in the Faculty, and Figure

4.1 shows the annual outputs from 2005 to 2014. Table 4.2 provides information on the various

areas of scholarly activity in the Faculty in 2014. The 2014 accredited output is preliminary as it is

subject to approval by the Department of Higher Education and Training (DHET).

Table 4.1 Accredited research output in FEFS, 2014

DEPARTMENT

2014 (PROVISIONAL – SUBMITTED AS AT 05 MAR 2015)

JOURNALS JOURNALS

(Total) CHAPTERS BOOKS CONF PROC TOTAL

ISI IBSS SA

Economics and Econometrics

10.65 04.00 11.16 25.81 0.21 26.02

Accountancy 01.00

02.99 03.99

0.50 04.49

Finance and Investment Management

01.82 01.00 02.83 05.65 1.18 06.83

Commercial Accounting

Total 13.47 05.00 16.98 35.45 0.21 1.68 37.34

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0

5

10

15

20

25

30

35

40

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Preliminary (submitted) subsidised publications in the Faculty amounted to 45 items, which

translate to 37,34 units, comprising 35,45 journal article units, 0,21 book chapter units and 1,68

units in respect of conference proceedings. This represents a 53,3% increase relative to 2013.

This is an excellent turnaround for the Faculty given the previous two years of decline in accredited

output. The Department of Economics and Econometrics accounted for the lion’s share of the

2014 accredited output at close to 70% of the total.

Figure 4.1 Accredited research output in FEFS: 2005- 14

When viewed over the 10-period,

notwithstanding the fluctuations in

between, there is discernible

growth in the Faculty’s accredited

research output, starting from a

modest 5 units in 2005 and

growing to 37,34 units in 2014.

This represents an unweighted

annual growth of 25% (geometric

average) over the 10-year period

(notwithstanding the variations

over the years).

Over and above activity that resulted in accredited research output in 2014, staff members remain

highly committed to scholarly activity. This is indicated in Table 4.2. If subsidised output is

excluded from the 323 items of activity reported by staff for 2014, 278 items spanned scholarly

work in areas such: conferences; publications in non-accredited journals/media; non-subsidised

books; research projects and so on.

54

Table 4.2 Research and scholarly activity in the Faculty, 2013-14

Activity

2013 2014

Number of items

Units Number of items

Units

Subsidised publications*

Journal articles published in the DoHET; ISI and/or IBSS indices 28 22.17 39 35.45

Chapters in book 1 0.43 1 0.21

Contributions in peer reviewed / ref-evaluated conference proceedings 4 1.75 5 1.68 Non-subsidised publications

Contributions in international professional congress proceedings or abstracts 18 14.00 28 18

Contributions in national professional congress proceedings or abstracts 6 3.16 17 8.18

Publications in other journals not included in the accreditation list 3 2.34 6 4

Contributions in publications not included in the above categories 6 2.75 2 2.13

Books and contributions to books Subsidised books (indicated under subsidised publications)

Non-subsidised books 18 3.96 16 3.63

Reports Technical reports 6 6 2 2 Research

Projects 19 14.81 15 8.6

Patent applications submitted or registered - 2 1 Staff members who have undertaken research projects elsewhere (outside RSA/within RSA) 4 1 4 0.6 Addresses delivered (by staff or postgraduate student/s under their supervision) Professional scientific/research orientated presentations at international professional congresses 39 29.79 56 37.19

Professional scientific/research orientated presentations at national professional congresses 37 27.66 29 25.32

Professional scientific/research orientated presentations at other international occasions 10 9.50 4 4

Professional scientific/research orientated presentations at other national occasions 23 17.50 8 5.66

Popular and other (e.g. WETRAH, radio, public, etc.) 11 11.00 17 14

Conferences attended (self or post grad students); no papers delivered

National 37 30.00 25 23.5

International 10 8.00 27 23

Symposia / Colloquia / Conferences organised by staff / post grad students

National 18 18.00 18 18

International 1 1.00 2 2

TOTAL 299 224.82 323 238.15

* 2013 subsidised research figures are final (approved) whilst 2014 is provisional.

There is a renewed impetus in the Department of Economics and Econometrics to accelerate

research activity, supported by its research centres and various capacity development initiatives.

There is also awareness that whilst quantity is important, staff should also start increasing their

effort on publishing in high impact journals.

4.2 Faculty research environment and related aspects

The nature and level of research and scholarly activity in the Faculty is evident from Table 4.2.

Research activity in the Faculty is driven predominantly by the effort of individual staff members.

As mentioned earlier, departments in the Faculty vary in their orientation towards research and

scholarly activity. This is largely attributed to the fact that profession-oriented education, which

constitutes a significant share of the academic focus of the Faculty, tends to result in the kind of

scholarly activity that do not necessarily culminate in subsidised research output. The following is

a summary of initiatives/activities which contribute to the research environment of the Faculty

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4.2.1 Faculty Value Conference

The Faculty hosted its 5th Biennial Value Conference in 2014 with an attendance of 200 delegates

and the presentation of 66 papers. The Conference was held on 26 and 27 May 2014 at the

Emperor’s Palace, Johannesburg on the theme, ‘Managing risk – creating value.’ The conference

serves as a valuable opportunity for established researchers to present their work for debate

amongst their peers. Over and above this primary purpose, the Conference provides a platform for

novice researchers from within the Faculty to present their work in a friendly and non-intimidating

environment.

4.2.2 Faculty Public Lecture Series

The Faculty hosted highly esteemed guests for its 2014 Public Lecture Series:

The Honourable Mr Malusi Gigaba (Minister of Home Affairs) – on the topic: ‘Critical

infrastructure needed to confront the challenges of the 21st Century’;

Prof Dominick Salvatore a distinguished Professor of Economics and Director of the PhD

programme in Economics at Fordham University, New York – on the topic: ‘Growth

prospects in Africa with focus on South Africa’; and

Mr TK Makwetu, Auditor-General of South Africa – on the topic: ‘The role of accounting

professionals in improving accountability and governance in municipalities and other

entities of government.’

4.2.3 Visiting professorships

Visiting professors in some of the departments are expected to support research amongst staff, as

well as students. In 2014 three visiting professors (two international and one local) were appointed

as well as a high profile international scholar as a distinguished visiting professor.

4.2.4 NRF-rated researchers

In 2014 there were four National Research Foundation (NRF)-rated researchers in the Faculty, viz.

Prof Grietjie Verhoef, Prof Alain Kabundi (who resigned with effect from the beginning of 2014, but

was then appointed as a Visiting Professor), Prof Coenrad Labuschagne and Prof Fiona Tregenna.

Prof Tregenna was awarded an NRF B rating (B3) in 2014, making her one of just a few

economists with a B rating in South Africa.

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4.2.5 Research and/or training centres

The three research/training centres continued to serve as important conduits for scholarly activity

in the Faculty: Centre for Local Economic Development (CENLED), Centre for Competition,

Regulation and Economic Development (CCRED), and the South African Accounting History

Centre (SAAHC).

The Centre for Local Economic Development (CENLED) continues to extend its

footprint in the area of local economic development and entrepreneurship with the number

of municipalities in its mentorship programme increasing from 10 to 33 and the number of

entrepreneurship centres at Technical and Vocational Education and Training (TVET)

colleges increasing from two to six.

The Centre for Competition, Regulation and Economic Development (CCRED) raises

the level of conversation and debate on competition, regulation and industrial

development through teaching, research projects, publications, and quarterly reviews of

key developments in competition policy and economics across the African continent. In

2014 it successfully co-hosted with the National Energy Regulator of South Africa

(NERSA) the 2nd South African Economic Regulators Conference.

The South African Accounting History Centre (SAACH) continues to make progress

on an extensive research project aimed at measuring the GDP of nineteenth century

South African colonies. The Centre is also involved in major research in African Business

history involving the mobilisation of African researchers across the continent.

4.2.6 Faculty Journal

The Journal of Economic and Financial Sciences (JEF) serves as an important medium through

which the Faculty engages with the local and international research community in the fields of

economics, finance and accountancy. It is in existence for 8 years and is accredited by the

Department of Higher Education and Training (DHET). Articles are also indexed on the list of

South African Periodicals, the contents pages of Sabinet and Excellence in Research for Australia

(ERA). In 2014 the Journal received 81 manuscripts for possible publication. Manuscripts are

subjected to a double-blind peer review process. The Journal currently has an acceptance rate of

about 42%. The management and process flow of all articles and administration will from 2015 be

done via the internet.

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4.2.7 Research funding

Internal funding is an important source of support for research in the Faculty. Internal funding

comprises both Faculty and Institutional support via the University Research Committee (URC).

Any application for research funds from the URC must be met by a 50% contribution from the

Faculty, which is in turn split between the Faculty and its relevant departments. Staff members are

also required to provide evidence of applications for external funding before being considered for

URC funding.

In 2014 there were 3 applications for internal grants and only one was approved by the Faculty

Management Committee (FMC). The decline of the two applications was because the applicants

did not apply for external funding for their projects. It was also decided by the FMC that the

one approved application will be funded totally by the Faculty and not submitted for URC funding,

as the requested amount was small.

4.2.8 Collaborative and contract research projects

Key research projects completed by CCRED in the Department of Economics and Econometrics in

2014 include:

The Plastics Conversion Strategy: This project was undertaken for the Department of

Trade and Industry to assist in developing the plastics conversion sector strategy, including

identifying relevant growth sub-sectors;

The Study of Competition in the Road Freight Sector of the SADC Region: This project

was undertaken for the Southern African Development Community (SADC). It was funded

by the Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), and involved an

assessment of the extent and dynamics of competition in road freight, including the links

with freight companies, industry associations and trading operations;

Barriers to Entry: This project entailed a study on barriers to entry in liquid fuel distribution

in South Africa; and

The City of Johannesburg Industry Nodes Research: CCRED was commissioned to

undertake firm level surveys in specific industrial nodes with a view to collecting and

analysing primary data on patterns of economic development and performance at the firm

level in order to understand constraints to entry, growth, and employment creation.

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Key ongoing research projects of CCRED include:

Barriers to Entry: This study involves a review of key issues in competition, capabilities and

related policies through four firm studies and two sector studies;

The Growth Promotion through Industrial Strategies: This project is commissioned by the

International Growth Centre which focuses on evaluating Zambia's industrial policies and

strategies and their effectiveness in promoting economic diversification and industrial

development in the context of a resource-rich economy;

Regional growth research programme: This is a project under UNU-Wider involving studies

of animal feed, supermarkets, land transport and mining policies; and

The Kenya Fertiliser Market Inquiry: This project is funded by the Kenya Markets Trust, to

assist the Competition Authority of Kenya in undertaking an inquiry in the fertiliser industry.

Key research projects undertaken by SAAHC in the Department of Accountancy include:

History of the Accounting Profession in South Africa: The Department of Accountancy was

awarded a contract in 2011, by SAICA to undertake research on the history of the

accounting profession in South Africa. The finalisation of the project has been extended to

November 2015;

SAAHC undertook commissioned research on the company history of the accounting firm

PricewaterhouseCoopers (PwC) which was completed in November 2014. A

comprehensive document was delivered to PwC for discussion and further development;

A major collaborative project is being undertaken by Prof Grietjie Verhoef (Director of

SAAHC), Prof Lorraine Greyling (Department of Economics and Econometrics, UJ) and

Professor Gary Magee (Monash University, Melbourne), to reconstruct the GDP of

nineteenth century South African colonies. One article has already been accepted for

publication in 2015; and

Prof Grietjie Verhoef is collaborating with African researchers across the continent on a

project relating to the development of African Business which takes into consideration

factors such as economic change, new market development, entrepreneurship and

globalisation.

The following is an additional project undertaken by the Department of Accountancy:

JSE project on the Review of Listed Companies’ Annual Financial Statements: The

Department of Accountancy has met all expectations regarding the contract. External

research funding to the value of R129 000 was received during 2014 for the project.

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4.2.9 Acknowledgements/recognitions/awards

Ms C le Roux from the Department of Finance and Investment Management won the Best

Paper award at the 2nd International Conference on Economics, Finance and Management

Outlooks held in Kuala Lumpur, Malaysia on 20 & 21 December 2014 for her paper entitled:

“Predictive Relationships between Metal Commodities and the FTSE/JSE Top 40 Index”;

Mr J Mahabir from the Department of Economics and Econometrics won the prestigious

national award, the Founders Medal, from the Economics Society of South Africa (ESSA)

for the best master’s dissertation in South Africa; and

The Department of Economics and Econometrics maintained its position as one of the top

five departments of Economics in South Africa, according to the RePec (Research papers

in Economics) classification. This status has been further enhanced with the appointment

of Prof Luc Bauwens as Visiting Professor in the Department, as he is ranked 4th among

scholars in South Africa according to RePec.

4.2.10 Capacity development initiatives

A training workshop on the assessment of postgraduate research was held on 22 and 23

January 2014. The workshop was organised by the Faculty in collaboration with the

Postgraduate Centre. Prof Gerrie Jacobs facilitated the workshop which was held at the

School for Tourism and Hospitality (STH). The workshop covered the assessment of

master’s full and minor dissertations, doctoral theses and to a limited extent honours

research projects;

Weekly research seminars are conducted in the Department of Economics and

Econometrics allowing for staff members and external researchers to engage with the

Department on their individual research projects; and

Various capacity development workshops conducted at departmental level were directed at

areas such as the development of study leaders and the development of specific

quantitative and other research skills.

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5. SOCIAL RESPONSIVENESS, EXTERNAL ENGAGEMENT AND INTERNATIONALISATION

5.1 Social responsiveness

Social responsiveness initiatives are driven primarily by the Faculty’s departments. Various

projects were undertaken in 2014. Social responsiveness projects are generally positioned in

three areas, viz. transformation, educational outreach, and charity.

5.1.1 Transformation

Key projects relating to transformation undertaken by the Faculty or its departments, or external

initiatives/organisations with which the Faculty or its departments have been involved include:

The Equity Development Programme (EDP)

The EDP in the Department of Accountancy is aimed at providing support to black students

through SAICA’s Thuthuka Bursary Fund (TBF) and second and third year BAcc students with

funding from the Financial Services Sector Education and Training Authority (FASSET), with the

goal of increasing the number of black CAs in the country. The accounting profession supports

transformation by funding students in their CA studies at various universities in South Africa

through TBF. The TBF funding comes from the National Students Financial Aid Scheme (NSFAS),

the South African government and firms and companies who employ TBF graduates.

The EDP continues to have a positive impact on the success rates of African Black students. In

2014, about 20% (102) out of the 490 students registered for BCom Honours in Accounting (CA

stream) were funded through Thuthuka at UJ. This group of 102 students included 40 students

who had completed their undergraduate studies at other universities, and preferred to come to UJ

for the CA honours programme. A 58% pass rate was achieved for the group of 102 students

which is on par with the overall class pass rate. At undergraduate level the Thuthuka group of

students obtained pass rates that exceed the average pass rates of students on the same course.

The TBF students (undergraduate and post graduate) all reside in the Sophiatown residence. TBF

students participate, through the residence structures, in UJ events such as the First Year Concert,

RAG and sporting events. In the case of the honours students, the TBF programme at UJ

coordinates a mentorship programme whereby TBF alumni and other volunteers who have already

61

passed their honours (CA) degree, sign up to mentor current honours students. With regards to

the undergraduate programme, the TBF students attend regular Thuthuka classes to assist them in

their studies. These classes are focused on strengthening the students’ examination techniques

and study skills. The first year classes are presented by two second year TBF students, who are

also available for consultation at the residence. The second and third year classes are presented

by an academic trainee who also lives at the residence and is available for consultation and

assistance.

The Department of Accountancy has three full time dedicated staff members who work with the

Thuthuka students – an educational psychologist, a chartered accountant and an academic

trainee. Besides providing academic support, the three staff members also arranged various social

events, life skills and motivational sessions during the year.

The Department obtained an amount of R1 030 000 from FASSET during 2014. This enabled the

Department to provide further academic support to at-risk second and third year BAcc students.

The additional support consists mainly of additional classes during weekends and other

interventions such as reading skills courses.

BCom extended degree programmes

BCom extended degree programmes, which receives earmarked funding from the Department of

Higher Education and Training (DHET), broadens access to higher education by providing

alternative access and strong foundational academic development for almost 400 students (shared

between the FEFS and the Faculty of Management (FOM)) who do not meet the faculties’

admission requirements or selection criteria for the regular degrees. Although the approved intake

for the purpose of foundation grants is 360 for the BCom extended degrees, allowance is generally

made for additional enrolment up to a maximum of 40 students. The excess above 360 would be

internally funded by the University. The planned intake of 400 students was distributed between

the two faculties, with FEFS planning for 280 for three extended degree programmes and FOM

planning for 120 for one extended degree programme. Extended degree students tend to perform

well in their first and second year of studies, but appear to experience difficulty in their third year

(second year mainstream).

Zimbabwean Presidential Scholarship Programme

The Zimbabwean Presidential Scholarship (ZPS) supports top performing scholars who are

underprivileged and largely from the rural areas of Zimbabwe. The ZPS, in its 7th year of existence

in 2014 at UJ, supported 131 Zimbabwean students (down from 258 in 2013) with a total budget of

62

about R12 million. The decline in the enrolment of students in this programme is explained by the

fact that the Zimbabwean government did not send any first year candidates to UJ in 2013 and

2014. The majority of the students were in FEFS, pursuing studies particularly in the field of

accounting. Also about 60% of the students were enrolled for honours degree studies.

The academic performance of students in the ZPS programme is generally good. One student was

awarded the prestigious Mandela Rhodes Scholarship towards the end of 2014 to study towards a

Master’s degree in Law. She joins two other ZPS students who received the Mandela Rhodes

Scholarship, one in 2012 and the other in 2013. The Bachelors of Accounting tends to be the most

popular programme amongst ZPS students and those who qualify for Honours in Accountancy

(CTA), automatically qualify for further funding. In 2014 there were 63 ZPS students in the

honours programme in accounting, of which 40 passed, yielding a pass rate of 63%

SAICA’s University Upliftment Initiative

In terms of this initiative the Department of Accountancy provides academic leadership support to

the University of Limpopo (UL) and entered into agreements with the University of Venda and the

Polytechnic of Namibia according to which UJ will assist the institutions to become SAICA-

accredited universities. The first year of support to the University of Venda was successfully

completed.

Vodacom Change the World

A staff member, Ms Stephanie Venter, from the Department of Accountancy has been chosen as a

Vodacom Change the World volunteer for two consecutive terms. The Department and the

University supports her in her mandate to run the Kliptown Youth Programme (KYP) Career Centre

which aims to empower students to become the architects of their own exit strategy out of poverty.

This is done through the facilitation of tertiary applications, registrations and access to funding

opportunities, as well as the identification and provision of information on employment

opportunities.

CSI-specific Student Mentorship

This initiative in the Department of Accountancy is aimed at exposing students to Corporate Social

Investment (CSI). Individual students, who show interest in the CSI space, are referred for

mentorship to develop their interest and expose them to this industry. They are empowered to get

strategically involved in causes that move them.

63

The Old Mutual Investment Group of South Africa (OMIGSA) Imfundo Trust

This project, involving the Department of Finance of Investment Management was in its third year

of running in 2014 at the University of Johannesburg. The Trust is primarily aimed at addressing

the country’s shortage of black investment professionals and growing the pool of suitably qualified

individuals in the asset management industry. It is one of the most comprehensive bursary

programmes in South Africa as it covers students’ tuition fees, books, accommodation, travel costs

and a general allowance. In 2014 there were nine UJ students on the programme.

5.1.2 Educational outreach

Key projects relating to educational outreach undertaken by departments or external

initiatives/organisations with which departments have been involved include:

Khula Weekend School (KWS)

KWS, previously known as the Soweto Campus Saturday School for Commerce and Science

students, sponsored by De Beers Consolidated Mines Ltd and involving the Department of

Economics and Econometrics, continued to provide support in the subjects English, Mathematics,

Physical Science, Economics and Accountancy to grade 10, 11 and 12 learners from selected

schools.

Whilst the 2014 grade 12 results were generally good, the number of distinctions dropped from 54

in 2013 to 15 in 2014 due to the introduction of CAPS. Out of the 15 distinctions 9 were commerce

learners (Accounting and Economics).

South African Foundation for Economic and Financial Education (SAFEFE)

The Department of Economics and Econometrics is in collaboration with SAFEFE and the US-

based Council for Economic Education (CEE) and other key partners/stakeholders, in the training

of teachers and learners in economics. The collaboration continued in 2014.

UJ Educator Empowerment Initiative

This project, initiated by the Department of Accountancy in 2014, is aimed at Economic and

Management Sciences (EMS) educators. The project is in response to a need identified by the

profession and others in this space, particularly in relation to Accounting. The mission is to

64

empower educators in this field in a way that enables informed and effective teaching in the

classroom. Several staff members were involved in the hosting of a successful launch of this

project. This involved staff contributing personal time towards planning, developing and executing

workshops to provide educators with tools to improve the quality of their teaching.

Kliptown Youth Programme (KYP) Tutor Programme

A formal tutorial programme was launched by the Department of Accountancy to meet the tutoring

needs of the KYP grade 11 and 12 students. The programme took shape in the form of weekly

tutoring sessions on a Saturday on location at Kliptown. UJ students were provided with transport

to meet with the learners from KYP for individual and group sessions. The UJ students also

launched a life skills programme as a supplement to technical teaching.

5.1.3 Charity

Key projects relating to charity undertaken by departments or external initiatives/organisations with

which departments have been involved in terms of fundraising, collections and personal time

include:

The Manica Project involving the provision of assistance to a football club in Manica

(Mozambique), in the areas of strategic planning and administration as well as overseeing

some arrangements relating to its Annual General Assembly (Department of Finance and

Investment Management);

Clothes2cash Exchange – aimed at promoting job creation and entrepreneurship through

the collection and distribution of used clothing (Department of Accountancy);

Santa Shoe Box – aimed at providing gifts for children through donations (Department of

Accountancy);

Mandela Day – observed through various charitable activities (all departments);

SA Guide Dog Association – raising of funds for the organisation (Department of

Accountancy);

Baby Moses Child Sanctuary – provision of homes for abandoned and abuses babies and

children (Departments of Commercial Accounting and Finance and Investment

Management);

iThemba Rape and Trauma Support Centre – aimed at providing support for survivors of

crime and sexual assault (Department of Finance and Investment Management);

Impilo – an adoption agency and place of safety for orphaned, abandoned and vulnerable

children (Department of Economics and Econometrics);

65

Karl Sithole Home – collection of books to assist in the establishment of a library

(Department of Commercial Accounting); and

Cradle of Hope – aimed at transforming the lives of abused, vulnerable and destitute

women (Department of Commercial Accounting).

5.2 Stakeholder and other external engagements

Departments in the Faculty continued to manage their relationships with various key stakeholders

closely in 2014. Stakeholders and the nature and extent of engagement with them, correspond

largely with the academic focus of the Faculty’s departments. The Faculty has achieved greater

visibility in 2014 through growing local and international affiliations in the areas of accountancy,

finance and economics.

With profession-oriented education being a significant component of the Faculty’s academic

product, relationships with local and international professional bodies and employers are diligently

sustained. The various professional bodies which accredit/recognise programmes in the Faculty

include: the South African Institute of Chartered Accountants (SAICA); the Financial Planning

Institute of Southern Africa (FPI); the Chartered Institute of Management Accountants (CIMA);

South African Council for the Property Valuers Profession (SACPVP); Chartered Financial Analyst

(CFA) Institute; the International Economic Development Council (IEDC); and the Association of

Accounting Technicians, South Africa (AAT (SA)). Links are also being developed with other

international professional bodies such as the ACCA, and the Chartered Institute for Securities and

Investments (CISI).

The Faculty also attempts to maintain close ties with the private sector. The Department of

Accountancy meets with representatives of employers on an ongoing basis. Close relationships

also exists with the JSE Ltd in the provision of research and training in the areas of accounting and

finance; and Sage Pastel in respect of the Faculty’s diploma programme in accounting.

The Faculty, through individual staff members and/or its departments, has also developed various

links with regulatory bodies, government entities and other organisations. These include: Institute

of Directors (IOD) in Southern Africa; Accounting Practices Board (APB); Association for the

Advancement of Black Accountants of Southern Africa (ABASA); Independent Regulatory Board

for Auditors (IRBA); Department of Trade and Industry (dti); the Competition Commission;

Finance, Accounting, Management Consulting and Other Financial Services Sector Education and

Training Authority (Fasset); and Sector Education and Training Authority for Manufacturing,

Engineering and Related Services Sector (MerSETA).

66

The Faculty also has collaboration agreements with other education or research entities, such as:

the Centre for Operations Research and Econometrics (CORE) in Belgium; the South-western

University of Finance and Economics (SWUFE) in China; and the African Institute for Economic

Development and Planning (IDEP), the training arm of the United Nations (UN).

5.3 Marketing and reputation management

The Faculty Marketing Committee (FMaC), consisting of the Faculty Marketing Coordinator and

representatives (marketers) from the Faculty’s four departments, planned and coordinated a

marketing strategy for the Faculty.

The Faculty participated in the following institutionally or externally organised activities in 2014,

aimed at prospective undergraduate applicants: mini open days, school visits, Perfect Life expos,

GIBS Business School Career Expo, Kind Edward School Career Expo, Othello Week, UJ’s

Orange Carpet event, and the Educators Conference. More attention will be given in 2015 to the

kind of marketing activities that target prospective postgraduate applicants, particularly

international candidates.

The Faculty (inclusive of its departments) also engaged in various initiatives of its own aimed at

both marketing and reputation management. Activities in 2014, either initiated by the Faculty or

externally initiated in which the Faculty participated, included the following: the 7th issue of its

internal magazine (FACE); development of various marketing material; updating of the Faculty web

pages on the UJ website; three public lectures; and co-hosting of the UJ-Beeld Youth Conference

2014.

A new marketing coordinator was appointed in 2014, who is exploring possibilities of engaging with

students and other stakeholders more actively through popular social networking platforms, with

the aim of a more structured and effective approach to reputation management. The Faculty’s four

departments also engaged in their own discipline-specific marketing activities.

5.4 Internationalisation

There are four core dimensions to the Faculty’s international profile, viz., academic programmes,

international affiliations, students, and staff. With regards to academic programmes many of the

qualifications offered by the Faculty are accredited or recognised by international professional

bodies/councils such as the Chartered Institute of Management Accountants (CIMA), the Financial

Planning Institute (FPI) of Southern Africa, the Chartered Financial Analyst (CFA) Institute, the

Association of Accounting Technicians (AAT) and the International Economic Development Council

67

(IEDC). Discussions on accreditation with other international bodies such as the Association of

Chartered Certified Accountants (ACCA) and the Chartered Institute for Securities and Investments

(CISI) have also commenced. Although SAICA is a national professional body, an international

dimension exists by virtue of the reciprocity agreements between itself and several foreign

professional accounting bodies which allow South African candidates qualifying as chartered

accountants to be able to work in various other countries. This makes sense given that accounting

and auditing curricula are based on international standards and codes.

As far as international affiliations are concerned, the Faculty has collaboration agreements with

the Centre for Operations Research and Econometrics (CORE) in Belgium; the South Western

University of Finance and Economics (SWUFE) in China; the African Institute for Economic

Development and Planning (IDEP), and the Association for Corporate Treasurers in Southern

Africa (ACTSA). HoDs have also been requested to explore possible opportunities for

collaboration arising out of UJ’s membership in the Universitas 21 (U21).

The Executive Dean, Prof Amanda Dempsey is a committee member of the Consultative Advisory

Group (CAG) of the International Accounting Education Standard Board (IAESB) of the

International Federation of Accountants (IFAC). Whilst she is essentially a representative of IRBA

on CAG, she leaves a footprint as a UJ ‘ambassador’ in terms of her expertise and hence, the kind

of leadership she provides at an international level. IFAC is a global body for the accountancy

profession, consisting of 179 members and associates in 130 countries and jurisdictions. In effect

it represents approximately 2.5 million accountants in public practice, education, government

service, industry, and commerce. It aims to serve the public interest by strengthening the

accounting profession and hence, contribute to the economic development of countries

represented by its members.

FEFS enrolment of international students was at 4,2% of total enrolment, compared to 2,3% 10

years ago. The international enrolment ratio in respect of postgraduate enrolment in 2014 was

10,5% compared to 3,8% in 2005, whilst for undergraduate enrolment it was 3,3% compared 2,2%

for the same years. The proportion of international enrolment has been relatively stagnant over

recent years. Measures are being undertaken to recruit more international students particularly for

postgraduate programmes. For example, a staff member from the Department of Economics and

Econometrics visited the Democratic Republic of Congo (DRC) in 2014 to recruit students for

masters’ programmes in 2015, and in order to ease the selection process, he conducted classes

and entrances tests in the DRC. Such initiatives will in future be extended to other African countries

and broadened to include other departments.

68

International academic staff in 2014 accounted for 9% of total permanent and contract staff (15

out of 166), compared to 6,9% in 2013. Ten years ago, in 2005, international staff accounted for

just 2,8% of total permanent and contract staff (3 out of 109). International staff members reside

predominantly in the Department of Economics and Econometrics, due to a significant leaning of

the other three departments towards profession-oriented education, in response to national needs.

The recruitment of international staff is specifically driven by the Department of Economics and

Econometrics, with the aim of appointing high profile international candidates in order to boost its

global standing.

“You can never have an impact on society if you have not changed yourself”

Nelson Mandela

69

6. RESOURCE MANAGEMENT

6.1 Human resource management

6.1.1 Academic staff

Table 6.1 below provides information on academic staff (permanent and contract only) for the

years 2005, 2013 and 2014, in terms of size and profile.

Table 6.1: Size and profile of permanent and contract academic staff

DESCRIPTION 2005 2013 2014

NO % of total

staff

NO % of total

staff

NO % of total

staff

TOTAL STAFF 109 144 166

Demographic composition

Black (African, Coloured and Indian) 26 23.9 49 34.0 64 38.6

White 80 73.4 85 59.0 87 52.4

International 3 2.8 10 6.9 15 9.0

Gender composition

Female 74 67.9 71 49.3 86 51.8

Male 35 32.1 73 50.7 80 48.2

Academic post level

Professor 10 9.2 8 5.6 10 6.0

Associate professor 9 8.3 6 4.2 7 4.2

Special professor 2 1.8 - 0.0 - 0.0

Senior lecturer 29 26.6 72 50.0 81 48.8

Lecturer 59 54.1 57 39.6 60 36.1

Assistant Lecturer - 0.0 - 0.0 8 4.8

Junior lecturer - 0.0 1 0.7 - 0.0

Academic qualifications (highest qualification)

Doctoral 18 16.5 21 14.6 27 16.3

Masters 10 9.2 73 50.7 82 49.4

Below masters 81 74.3 50 34.7 57 34.3

Professional qualifications

Chartered Accountant (CA (SA)) 32 29.4 63 43.8 70 42.2

Professional Accountant (SAIPA) 1 0.9 7 4.9 7 4.2

Certified Financial Planner (CFP) 1 0.9 4 2.8 6 3.6

Chartered Instit of Management Accs (CIMA) 2 1.8

89

2 1.4 2 1.2

Total staff with professional qualifications 36 33.0 76 52.8 85 51.2

70

Full time permanent and contract academic staff totalled 166 by the end of the 2014 academic

year, reflecting an increase of 15% relative to 2013. This increase must be viewed in context,

taking into consideration the extent of recent past resignations which may tend to exaggerate the

extent of appointments from the end of one year to the end of the next; as well as increases in

contract appointments due to the introduction of assistant lecturers. When viewed over the 10-

year period, permanent and contract staff grew by 52% from 109 in 2005 to 166 in 2014. At the

same time total student enrolment had grown by 30% from 8 348 to 10 864 over that same period.

The higher growth in the staff complement was needed given the teaching capacity constraints

experienced in the early years. Whilst the student-staff ratio may still be considered high, the

increased appointments over the years have eased the burden on staff.

With regards to equity, despite the ongoing challenge the Faculty faces in attracting and/or

retaining qualified black academics together with the significant turnover in staff, it still managed to

increase the share of permanent and contract black academic staff members from 34% in 2013 to

38,6% in 2014. In 2005, the ratio of black staff stood at 23,9%.

There were 10 resignations in 2014 of which 40% were black. There were 32 appointments in

2014 of which 59,4% were black and 15,6% were international (mainly from Africa). Female

members accounted for 51,8% in 2014 compared to 49,3% in 2013. Interestingly, the ratio of

female staff members stood at 67,9% in 2005. The Faculty Management Committee consisted of

5 white, 1 international and 2 black members implying an unchanged equity ratio of 25% in 2014.

The proportion of staff with qualifications below master’s degrees decreased slightly from 34,7% in

2013 to 34,3% in 2014. The fall in percentage was limited mainly due to additional appointments

of staff with required professional credentials, but without master’s qualifications; as well as the

appointment of assistant lecturers (studying towards a master’s degree). Although the proportion of

staff with master’s degrees (as the highest qualification) dropped from 50,7% in 2013 to 49,4% in

2014, there was an increase in terms of actual numbers from 73 to 82. There was also a slight

improvement in the ratio of staff with doctoral qualifications, from 14,6% in 2013 to 16,3% in 2014.

It is important to note that many of those with a professional qualification also hold at least a

master’s degree. In 2014 seven staff members (Mr J Wessels, Mr D de Villiers, Mr P Snyman, Ms

M Mouton, Ms L van Heerden, Ms R Andrew and Ms I Baigrie) completed their master’s

qualifications and two (Dr J Viljoen, Dr M Bornman) completed their doctoral qualifications.

When viewed over the 10-year period from 2005 to 2014, the number of staff with doctoral

qualifications increased from 18 to 27, those with master’s degrees as the highest qualification

increased from 10 to 82 and those with qualifications below master’s degrees fell from 81 to 57.

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The distribution in terms of academic posts in 2014 was as follows: 8 assistant lecturers, 60

lecturers, 81 senior lecturers, 7 associate professors, and 10 professors. The limited share of staff

(10,2%) at professorial level imposes a major constraint on the capacity of the Faculty to provide

supervision for postgraduate research, particularly at doctoral level.

Some special achievements by staff in 2014 include:

Ms C le Roux from the Department of Finance and Investment Management won the Best

Paper award at the 2nd International Conference on Economics, Finance and Management

Outlooks held in Kuala Lumpur, Malaysia on 20 & 21 December 2014 for her paper entitled:

“Predictive Relationships between Metal Commodities and the FTSE/JSE Top 40 Index”;

As mentioned above, Prof F Tregenna from the Department of Economics and

Econometrics was awarded an NRF B rating (B3) in 2014; and

Mr J Mahabir from the Department of Economics and Econometrics won the prestigious

national award, the Founders Medal, from the Economics Society of South Africa (ESSA)

for the best master’s dissertation in South Africa.

The following is a broad summary of information relating to the recruitment, management, and

development of academic staff:

Recruitment and selection: The various Heads of Department are generally responsible

for the recruitment of academic staff. The shortlisting of staff is done by the relevant Head

of Department together with the Faculty Management Committee (FMC). The Executive

Dean oversees and facilitates the appointment of staff, in accordance with the relevant

Faculty and Institutional policies;

Promotions: Recommendations for promotion made by the Head of Department, or

requests by staff members through their relevant Head of Department, are considered by

the FMC, with possible recommendations then made to the Senate Executive Committee

(SENEX). The Executive Dean oversees the promotion of staff, in accordance with

criteria specified in the relevant Faculty and Institutional policies; and

Management and development: The management and development of academic staff

are undertaken predominantly at departmental level. Variations across departments exist

in terms of scope and strategic focus. HoDs make use performance management

instruments, tailored to their departments’ specific needs to manage and develop staff

members A combination of measures, varying across departments is used for the purpose

of developing staff members, in the areas of teaching and research.

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6.1.2 Administrative staff

Administrative staff members deployed across departments and in the Faculty Office provide the

necessary support for the effective running of academic programmes, and administration of

student affairs. At department level they consist primarily of secretaries and administrative

assistants. In the Faculty Office, they include basically faculty officers and other support staff.

A programme advisor and a marketer in the Faculty Office also provide much needed support.

The programme advisor sees to students that are at academic risk and facilitates necessary

interventions. She also attends to the compilation and submission of relevant documentation

regarding programme developments, and plays an important role in the extraction and processing

of relevant faculty-specific data. The marketer coordinates all the marketing initiatives of the

Faculty and also works very closely with departmental marketers and the Division for Student

Marketing. She also represents the Faculty in the area of community engagement.

Table 6.2 provides information on the administrative staff of the Faculty in terms of distribution and

race.

Table 6.2 All administrative staff – by department and race

Department 2014 TOT

2014 TOT

2013 TOT 2005 AFR COL IND WHI

P P P P

Accountancy 2 - - 5,5 7.5 7.5 6.5

Commercial Accounting 1 - - 1 2 2 1

Economics and Econometrics 2 - - 1 3 3 1

Finance and Investment Management 0 - - 2 2 1.5 1.5

Faculty Office 9 3 - 4 16 19 10

Total 2014 14 3 0 13.5 30.5

Total 2013 33

Total 2005 20

Note: P = Permanent

Full time administrative staff, comprising both permanent and contract employees totalled 30,5 in

2014, down from 33 in 2013 (due to resignations). With regards to equity, black employees

represented 55,7% (17) of all permanent and contract staff and female members accounted for

82%.

Just more than half of the administrative staff (52,5%) are located in the Faculty Office. By the end

of 2014 only about 10 faculty officers facilitated the full academic life cycle of students. The 10

faculty officers took care of all the administration involving 10 864 students (the number as at the

end of 2014, and hence not counting cancellations and dropouts during the course of the year).

The other administrative personnel provided support in terms of administrative assistance, typing,

73

and so on. The noticeable increase in administrative staff since 2005 was necessary given the

increase in student enrolment over time.

6.2 Finances

Key information regarding the Faculty’s finances is provided in Tables 6.3 and 6.4.

Table 6.3 Budgeted and actual expenditure in 2014

The total budget allocation for

the Faculty in 2014 was

approximately R148,8 million

representing an increase of

7.5% on the 2013 budget of

R138,5 million. In 2014,

97,1% of the budget was

utilised, the same as in 2013.

In 2005 the Faculty’s budget

was just over R60 million, implying that the allocation grew at unweighted nominal annual growth

rate of about 10,6% over the 10-year period. This was clearly above the average inflation rate, and

was necessary given the appointments of additional staff members, to address prevailing and

growing teaching capacity constraints.

6.3 Environmental sustainability

The core academic activities of the Faculty do not directly impact the environment. In other words,

the nature of academic activity in the Faculty of Economic and Financial Sciences is such that

there are no real or potential direct adverse effects on the environment, except for the possibility of

immoderation in typical areas of consumption, such as water, energy and paper usage. In this

Department

Actual Budget

Total salary

expenses

R

Total other

expenses

R

Total

expenses

R

Total

expenses

R

Dean’s Office 8 581 044 1 919 495 10 500 540 13 500 546

Accountancy 48 578 684 6 978 132 55 556 816 55 101 164

Commercial

Accounting 26 063 964 1 446 834 27 510 797 26 735 355

Economics and

Econometrics 23 690 092 1 431 049 25 121 141 26 677 460

Finance &

Investment

Management

22 166 289 2 080 252 24 246 541 23 343 144

Extended degree 959 681 48 302 1 007 983 1 413 415

IDEP 621 423 - 621 422 2 061 616

Other 324 3 368 3 692 -

Total 130 661 501 13 907 432 144 568 932 148 832 700

74

regard the Faculty fully aligns itself with the institution’s goals regarding the environment and

embraces the campaign to ‘re-use, reduce and recycle’.

The Faculty continued (as in the past) to encourage certain practices that are considered important

for sustaining the environment: the use of laptops during meetings thereby minimising on the use

of paper, the use of ULink as a means of engagement with students, use of recycling facilities for

used paper, and avoiding unnecessary use of lights and air conditioners.

“Human resources are like natural resources; they're often buried deep. You have to go looking for

them, they're not just lying around on the surface. You have to create the circumstances where

they show themselves.”

Ken Robinson

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7. CONCLUSION AND PLANS FOR THE FUTURE

Over the past ten years FEFS has undoubtedly grown in terms of size, scope and stature, and has

carved for itself a widely acknowledged niche in the academic space for financial education. Given

such advancements the Peer Review Report, arising from the high-level Faculty Review conducted

in August 2014, has now identified what it termed to be a ‘principal opportunity’ for the Faculty:

“that UJ could, through the Faculty of Economic and Financial Science, by the distinctive

clustering of the disciplines that comprise it, be recognised as ‘the’ Pan-Africa educator in

the financial services and regulation space.”

This has provided an excellent opportunity for the Faculty to reflect on its prevailing academic

position nationally and internationally, in terms of the pivotal role it could play for critical thought

and advancement in the practice of accounting, finance and economics in Africa and beyond,

which would bring global recognition. Important strategic discussions have already taken place.

The next step will be the development of a well-articulated and coherent strategic plan with realistic

actions and timeframes, taking into consideration the prevailing dynamics within the Faculty and

building on its past achievements. The University’s 2025 Strategic Objectives and corresponding

plans for GES will play an essential role in informing the Faculty’s strategic discussions in 2015.

Attention will be given to the following critical areas:

Intellectual coherence (synergies)

Whilst it is evident that there are synergies across disciplines which has enabled the Faculty to

position itself in the academic space for financial education through world class pedagogy, active

scholarship and growing international affiliations, more effort is needed in profiling the Faculty and

extending its reach in order for it to be recognised as the Pan-Africa educator in the financial

services domain.

Stature and differentiation

Although much discussion has already taken place within the Faculty regarding the notions of

excellence and stature, there remains a need for a better perspective on the differences that exist

across disciplines, taking into consideration national and international contexts; and how

departments see their roles in achieving such stature, keeping in mind UJ’s aspiration for global

excellence and stature associated with its 2025 strategic objectives.

76

Academic programmes

Based on the recommendations emerging from the Faculty Review, it would be very useful to

evaluate the Faculty’s portfolio of undergraduate and postgraduate programmes in terms of

balance, focus, composition, programme content and curriculum design.

Scholarly activity

Whilst there is a need for a wider interpretation of scholarly activity and its measurement, it is

essential that the Faculty makes a concerted effort to significantly raise its accredited research

output and to increase its presence in the international research literature. It is therefore important

to develop a well-structured research strategy and plan for the Faculty which takes into

consideration prevailing dynamics and strengths.

Internationalisation

Although researchers in their individual capacities are engaged in collaborative work with

academics from international institutions, and students are participating exchange programmes,

such initiatives are indeed limited. There is certainly much scope to initiate, coordinate and

enhance international collaboration at departmental and Faculty levels.

Multidisciplinary initiatives

The proposed business school in the Faculty of Management presents a foremost opportunity for

inter-faculty collaboration. It is important to investigate how the business school could serve as an

important conduit through which synergies between both faculties could be leveraged in creative

ways to benefit UJ nationally and internationally. Multidisciplinary initiatives through are channels

will also be explored.

Branding and visibility

A more concerted effort is needed for branding and communication in order to enhance visibility of

the Faculty. The attainment of excellence without effective and well-focused communication and

brand management will not result in the level of stature that is aspired to. This requires investment

in the necessary capacity in various platforms as part of a comprehensive marketing strategy.

FACULTY OF ECONOMIC AND FINANCIAL SCIENCESINFO: www.uj/ecofin.co.za | TEL: 011 559 2492