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Faculty of Economic and Financial Sciences

ANNUAL REPORT

FEFS 2013

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TABLE OF CONTENTS

EXECUTIVE SUMMARY ……………………………………………………………………………………………… 1 1. VISION, MISSION AND STRATEGY …………………………………………………………………………. 14 1.1 Context…………………………….………………………………………………………………….. 14 1.2 Vision and mission ……………………………….………………………………………………….. 15 1.3 Strategic plan ………….……………………………………………………………………………. 16 2. LEADERSHIP, GOVERNANCE AND RISK …………………………………………………………………. 26 2.1 Nature and scope of leadership …………….……………………………………………………… 26 2.2 Organisational design and governance ….……………………………………………………….. 27 2.3 Quality management ………………………………………………………………………………… 29 2.4 Risk management …………………………………………………………………………………… 31 3. TEACHING AND LEARNING - ACADEMIC PROGRAMMES ……………………………………………. 32 3.1 Subsidised programmes …..……………………………………………………………………….. 32 3.1.1 Enrolment ……………………………………………………………………………………………. 32 3.1.2 Performance …………………………………………………………………………………………. 35 3.1.3 External achievements and recognition of FEFS students ……………………………………… 37 3.1.4 Transformation ………………………………………………………………………………………. 38 3.1.5 Programme-related developments ………………………………………………………………… 40 3.2 Non-subsidised programmes ………………………………………………………………………. 41 3.2.1 Enrolment ……………………………………………………………………………………………. 42 3.2.2 Performance …………………………………………………………………………………………. 42 3.2.3 Programme-related developments ………………………………………………………………… 43 4. RESEARCH AND SCHOLARLY ACTIVITY …………………………………………………………………. 44 4.1 Research and scholarly activity ……………………………………………………………........... 44 4.2 Faculty research environment and related aspects ……………………………………..………. 46 4.2.1 Faculty Value Conference …………………………..……………………………………………… 46 4.2.2 Faculty Public Lecture Series ……………………………………………………………………… 46 4.2.3 Visiting professorships ……………………………………………………………………………… 47 4.2.4 NRF-rated researchers …………………………………………………………………………….. 47 4.2.5 Research and/or training centres …………………………………………………………………. 47 4.2.6 Faculty Journal ……………………………………………………………………………………… 51 4.2.7 Research funding …………………………………………………………………………………… 51 4.2.8 Collaborative and contract research projects …………………………………………………… 52 4.2.9 Acknowledgements/recognitions/awards ………………………………………………………… 52 4.2.10 Capacity development initiatives ………………………………………………………………….. 52 5. EXTERNAL ENGAGEMENT…………………………………………………………………………………… 53 5.1 Community engagement ……………………………………………………………………………… 53 5.1.1 Transformation ………………………………………………………………………………………… 53 5.1.2 Educational outreach …………………………………………………………………………………. 54 5.1.3 Charity …………………………………………………………………………………………………. 54 5.2 Stakeholder and other external engagements …………………………………………………….. 55 5.3 Marketing and reputation management …………………………………………………………….. 56 5.4 Internationalisation ……………………………………………………………………………………. 57 6. RESOURCE MANAGEMENT ………………………………………………………………………………….. 61 6.1 Human resource management ………………………………………………………………………. 61 6.1.1 Academic staff …………………………………………………………………………………………. 61 6.1.2 Administrative staff …………………………………………………………………………………….. 64 6.2 Finances ……………………………………………………………………………………………….. 65 6.3 Environmental sustainability …………………………………………………………………………. 66 7. CONCLUSION AND PLANS FOR THE FUTURE ……….…………………………………………………. 67

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LIST OF TABLES

Table 1.1 Strategic objective 1: Academic programmes …………………………………………………… 17 Table 1.2 Strategic objective 2: Research …………………………………………………………………… 19 Table 1.3 Strategic objective 3: Community engagement …………………………………………………. 20 Table 1.4 Strategic objective 4: Comprehensiveness ……………………………………………………… 21 Table 1.5 Strategic objective 5: Campuses …………………………………………………………………. 21 Table 1.6 Strategic objective 6: International profile ……………………………………………………….. 22 Table 1.7 Strategic objective 7: Brand identity ……………………………………………………………… 23 Table 1.8 Strategic objective 8: Leadership …………………………………………………………………. 24 Table 1.9 Strategic objective 9: Alumni ………………………………………………………………………. 25 Table 1.10 Strategic objective 10: Resources ………………………………………………………………. 25 Table 2.1 Risk assessment in the Faculty - a broad summary …………………………………………….. 31 Table 3.1 Enrolment by qualification type ……………………………………………………………………. 33 Table 3.2 UG enrolment by qualification ……………………………………………………………………… 34 Table 3.3 Enrolment in the Faculty - student profile ………………………………………………………… 35 Table 3.4 Graduates in the Faculty by qualification type, 2011-2013 …………………………………….. 36 Table 3.5 SAICA ITC results (first-time candidates) ………………………………………………………… 37 Table 3.6 BCom Hons, CA stream - successful candidates, according to race ………………………….. 38 Table 3.7 Performance in foundation modules in 2013 ……………………………………………………... 39 Table 3.8 Enrolment in non-subsidised academic programmes and income generated ……………….. 42 Table 3.9 Qualifying candidates in non-subsidised academic programmes ……………………………… 43 Table 4.1 Research and scholarly activity in the Faculty, 2013 ……………………………………………. 45 Table 6.1 Size and profile of permanent and contract staff ………………………………………………… 61 Table 6.2 All administrative staff - by department and race ………………………………………………… 64 Table 6.3 Budgeted and actual expenditure in 2013 ………………………………………………………… 65 Table 6.4 Teaching and research grants, 2012 and 2013 ………………………………………………….. 66

LIST OF FIGURES

Figure 2.1 Academic structure of the Faculty …………………………………………………………………. 28 Figure 2.2 Governance structure of the Faculty ………………………………………………………………. 29 Figure 2.3 Quality structure of the Faculty ……………………………………………………………………. 30 Figure 3.1 Subsidised programmes offerings ………………………………………………………………… 32 Figure 3.2 UG enrolment- composition by qualification type ………………………………………………… 33 Figure 3.3 PG enrolment - composition by qualification type ……………………………………………….. 34 Figure 3.4 Success rates - comparison between 2012 and 2013 ………………………………………….. 36 Figure 3.5 Graduation rates - total ……………………………………………………………………………… 36 Figure 3.6 Graduation rates per qualification type …………………………………………………………… 37 Figure 4.1 Accredited research output in the Faculty ………………………………………………………… 45

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LIST OF ABBREVIATIONS AND ACRONYMS AAT(SA) Association of Accounting Technicians, South Africa 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 BCTA Bridging Certificate in the Theory of Accounting 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 CFE Centre for Entrepreneurship 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 DHET Department of Higher Education and Training dti Department of Trade and Industry EDP Equity Development Programme EE Employment Equity ERA Excellence in Research for Australia Fasset Finance, Accounting, Management Consulting and Other Financial Services Sector Education and Training

Authority FEFS Faculty of Economic and Financial Sciences FET Further Education and Training FMaC Faculty Marketing Committee FMC Faculty Management Committee FOM Faculty of Management FPI Financial Planning Institute of Southern Africa 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 IRBA Independent Regulatory Board for Auditors ISA International Standards on Auditing ITC Initial Test of Competence (of SAICA) JSE Ltd Johannesburg Stock Exchange Limited MerSETA Sector Education and Training Authority for Manufacturing, Engineering and Related Services Sector NRF National Research Foundation NSFAS National Students Financial Aid Scheme OMIGSA Old Mutual Investment Group of South Africa PAAB Public Accountants’ and Auditors’ Board PTC Professional Test of Competency (of AAT) PwC PriceWaterhouseCoopers RePec Research Papers in Economics RICS Royal Institute of Chartered Surveyors ROSC A&A Report on the Observance of Standards and Codes, Accounting and Auditing SAAHC South African Accounting History Centre

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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 SWC Soweto Campus SWUFE South Western University of Finance and Economics UJ University of Johannesburg UL University of Limpopo UQP Unit for Quality Promotion UN United Nations ZPS Zimbabwean Presidential Scholarship

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EXECUTIVE SUMMARY1 Being on the cusp of a decade of existence, it is imperative that the Faculty of Economic and Financial

Sciences (FEFS) of the University of Johannesburg (UJ) begins the process of taking stock of its

progress, plans and prospects in its various areas of activity. Whilst it is important to evaluate the

Faculty’s performance in 2013 in context of the previous 2011-20 institutional strategic plan, it may be

prudent to already start reflecting on the University’s 2025 strategic objectives and the corresponding

Global Excellence and Stature (GES) initiative. FEFS has a significant focus on profession-oriented

education in its part to address national imperatives. At the same time, it aims for world-class

standards in both the nature and delivery of its academic product. The phrase, frequently used in the

context of globalisation, ‘think globally, act locally’ resonates strongly with FEFS. This is well-

articulated by the Vice-Chancellor, Prof Ihron Rensburg, in his welcoming remarks at the 2014

Academic Opening of the University of Johannesburg: “Our vision is to be nationally responsive in a

manner that only we can be, while we pursue global excellence and stature, again in a manner that

only we can be …”

Several facts, covered in section 5.4, bear testimony to FEFS’ global orientation in responding to

national priorities. They indicate that the Faculty does already have an international propensity in the

packaging and delivery of an academic product aimed at addressing national needs. Having stated

that however, it is acknowledged that there is a need for the Faculty to develop a strategy aimed at

earning itself global recognition as a centre of excellence, not only in regards to the quality of its

academic programmes, but also 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. The

Faculty-wide review planned for August 2014, involving a panel of national and international experts,

is expected to play a crucial role in this regard.

Highlights of 2013:

In 2013 UJ graduates achieved a pass rate of 90% in the South African Institute of Chartered

Accountants’ (SAICA’s) Initial Test of Competence (ITC). Two UJ candidates were placed in

the TOP 10, with one taking the first position. In total there were 294 successful UJ

1 The executive summary has been revised from its original submission in terms of length and depth, largely in order to bring it into suitable

proportion relative to the full report.

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candidates, re-affirming UJ’s position amongst residential universities, as the biggest provider

of chartered accountants in South Africa. Moreover, UJ produced the highest number of

successful black candidates amongst residential universities, accounting for 23% of African

black candidates who passed the exam.

The success rate (in terms of degree credits) for undergraduate programmes increased to

83,7% in 2013.

The Centre for Local Economic Development (CENLED) continues to make its mark in

contributing to national imperatives – The Centre received funding of R8 million and R4,5

million from the Department of Trade and Industry (dti) for the facilitation of Centres of

Entrepreneurship at Further Education and Training (FET) colleges, and for the ongoing

national project of capacity-building in local economic development respectively.

The Centre for Competition, Regulation and Economic Development (CCRED) made its mark

by spearheading a project, funded by the Department of Economic Development, on capacity

building for regulatory entities.

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.

Staff achievements:

o Six staff members completed their master’s qualifications in 2013.

o One staff member from the Department of Economics and Econometrics completed her

doctoral qualification.

o An article by a staff member (Dr I Kanyama) from the Department of Economics and

Econometrics was published in a prestigious high-impact international journal, the

American Economic Review (placed among the top ten journals in the field of

Economics and Finance).

UJ won the South African final of the Chartered Institute of Management Accountants (CIMA)

Global Business Challenge in 2013. The two UJ teams that competed in the SA final finished

first and third. By winning in 2013, UJ became the first university in South Africa to win the SA

final more than once.

CIMA results – UJ candidates achieved a much a higher overall average pass rate of 68% for

first-time attempts than the global average of 44,67% for the strategic level examinations in

May 2013 and the 46,67% for the November examination.

Public lectures – The Faculty hosted (in some cases, co-hosted) highly esteemed guests for its

2013 Public Lecture Series:

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o Mr Pravin Gordhan, Minister of Finance (co-hosted with the Library and Information

Centre) – on the topic: Addressing South Africa’s national development imperatives

whilst ensuring fiscal sustainability – challenges and choices.

o Professor Muhammad Yunus, Nobel Peace Prize Laureate (co-hosted with the Library

and Information Centre and the Faculty of Management) – on the topic: Micro financing

for poverty alleviation. o Mr Nhlanhla Nene, Deputy Minister of Finance – on the topic: The triangle of trust:

business, government and labour. o Ms Prem Govender, Chair of the South African Savings Institute – on the topic: The

plight of savings in South Africa: what are our roles?

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 diploma and degree

programmes 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 2013 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 2013 to consider academic matters relating essentially to policy, academic programmes,

processes and procedures. 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.

Risks and management of risks Listed below, are 14 key risks identified by the Faculty in 2013. The risk assessments before and after

controls, are indicated within brackets in that order:

Enrolment management not successful (20, 20);

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

Academic leadership not effective (20, 12);

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Inability to effectively implement teaching, learning and assessment strategies (16, 12);

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

Student experience not good (or UJ not preferred) compared to competitor offerings (16, 12);

Loss of accreditation with professional bodies (SAICA, CIMA, CFP, AAT (SA), etc.) (15, 10);

Lack of employability of students that studied certain degrees/diplomas at FEFS (12, 9);

Lack of success in achieving the practical outcomes of diploma programmes (12, 9);

Low staff morale / high staff turnover / loss of quality staff (12, 9);

Not reaching employment equity (EE) targets (12, 9);

Poor postgraduate throughput (M and D) (16, 9);

Adverse press in social media (5, 4); and

Students not eligible for sick exam, qualifies for one (6, 2).

The root causes of each of the above 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. From

the above it can be seen that in some cases, despite some mitigation strategies, the risk assessment

remains relatively high or unchanged. The Faculty will engage in a review of its risk climate in 2014.

Strategic thrusts, focus and targets/indicators At a strategic planning session held on 30 May 2013, members of the Faculty Management

Committee and other senior academic staff members evaluated and reviewed the Faculty’s existing

strategic plan, goals and progress. This was done taking into full consideration of the institutional

2011-20 Strategic Thrusts. However, the Faculty is mindful and reflective of the University’s new 2025

Strategic Plan and corresponding GES initiative. The Faculty is indeed positioning itself reasonably

well in the academic space for financial education through active scholarship, world-class education,

and growing international affiliations. However, as intimated above, it is time for serious consideration

to be given to developing a strategy that will position the Faculty as an important (even extraordinary)

member of the global community, in terms of both the quality of its academic programmes and its

influence in the thinking and practice of accounting, finance, and economics. It would thus, in its

part, support the University in its pursuit of global excellence and stature. As already indicated, the

Faculty-wide review planned for August 2014 is expected to play a critical role in this regard. The

deliberations at the May 2013 strategic planning session were centred on ten strategic objectives The

strategic objectives were unpacked in terms of sub-objectives, actions and specific targets. Refer to

section 1.3 for more detail. A follow-up in terms of progress evaluation and a reconsideration of

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objectives and targets will be done in the near future, particularly in light of the University’s new 2025

Strategic Plan and GES initiative.

Subsidised academic programmes Enrolments

Enrolment in subsidised academic programmes is guided by the institutional enrolment plan.

An enrolment management model was used to estimate the enrolment split between new and

continuing students for undergraduate programmes. The split for postgraduate programmes

was based on department input.

Some key observations relating to 2013 enrolments in general

Actual total enrolment in 2013 fell short of the planned target by approximately 1,6%. This was

to a certain extent due to a lower than planned first-time entering undergraduate enrolment.

First-time entering undergraduate enrolment (inclusive of entering and transferring students)

was below the planned target by 5,1%.

Besides being below the target, first time entering undergraduate enrolment (degrees and

diplomas) decreased by 2,9% from 2 927 in 2012 to 2 841 in 2013.

Total enrolment dropped by 1,2% from 11 495 in 2012 to 11 360 in 2013.

Undergraduate enrolment at 9 925 in 2013, represented a drop of just 1,3% relative to 2012,

whilst postgraduate enrolment increased by 0,6% to 1 430.

Undergraduate degree enrolment increased by 0.4%, whilst diploma enrolment fell by 4%.

As in previous years, the total enrolment for 2013 was close to 24% of the total enrolment of

the University, effectively making FEFS the largest faculty in terms of student numbers. Some key observations relating to campus enrolments in 2013

In terms of the campus distribution of the 2013 enrolments, there were 852 students (7,5%) on

Auckland Park Bunting Road Campus (APB), 2 988 (26,3%) on Soweto Campus (SWC), and 7

520 (66,2%) on Auckland Park Kingsway Campus (APK).

With regards to the change in enrolments per campus relative to 2012, APB enrolment

dropped by 46,3% (from 1 587), SWC increased by 11% (from 2 691), and APK rose by

4,2% (from 7 217).

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The pattern in the redistribution of enrolment across the three campuses is in line with the

consolidation of programmes which commenced in 2011, with the aim of offering all diploma

programmes on SWC and all degree programmes on APK. Some key observations regarding student profile of the 2013 enrolments

The change in student profile in terms of race relative to 2012 reflected a rise in African

enrolment from 83% to 84%, unchanged coloured and Indian enrolments at 2% and 5%

respectively, and a drop in white enrolment from 9% to 8%.

The change in composition of first-time entering undergraduate students relative to 2012

reflected a decrease in African intake from 88% to 87%, an unchanged coloured and Indian

intake at 2% and 5% respectively, and an increase in white intake from 5% to 6%.

With regards to total undergraduate enrolment relative to 2012, the share of African students

increased from 86% to 87%, coloured and Indian students stayed the same at 2% and 5%

respectively, while white students declined from 7% to 6%.

In the case of postgraduate enrolment the proportion of African students increased from 60%

to 65%, coloured students dropped from 3% to 2%, Indian students remained unchanged at

7%, while white students declined from 30% to 26%.

As far as gender is concerned relative to 2012, the proportion of female students of total

enrolment remained the same at 54%.

There was a significant rise in the share of female students in the case of first-time entering

undergraduate students, from 50% to 54%.

Academic 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 2013, 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 2013:

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The average success rate (in terms of degree credits) for undergraduate programmes

increased from 82,9% in 2012 to 83,7% in 2013.

The fall in the average success rate for postgraduate programmes from 72,2% to 71,7%, was

the net outcome of a marginal drop for honours programmes from 72,5% to 71,9%, an

increase for masters’ programmes from 70,6% to 73,6%, and a drop for doctoral programmes

from 60,7% to 44,3%. The results for doctoral programmes will tend to fluctuate between

extremes given the generally low intake of students and the longer duration of study.

The number of graduates in the Faculty dropped by 0,6% from 2 821 in 2012 to 2 804 in 2013.

The graduation rate for undergraduate degree programmes decreased marginally from 20,2%

in 2012 to 19,9% in 2013, but increased for undergraduate diploma (and certificate)

programmes from 21,1% in 2012 to 23,5% in 2013.

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

programmes from 60,5% to 56,6%, a decline for masters’ programmes from 18,1% to 13,1%,

and a drop for doctoral programmes from 18,2% to 12,5%.

The total graduation rate in the Faculty grew marginally from 24,5% in 2012 to 24,7% in 2013.

The proportion of FEFS graduates relative to the University grew slightly from 24,7% to 25,5%.

Non-subsidised academic programmes Departments collectively offered 38 non-subsidised academic programmes (not including the winter

schools), of which 22 were active (presented) in 2013. The total enrolment for these 22 programmes

was 966 in 2013. If the total enrolment of 699 in respect of winter schools is taken into account, then

the total enrolment in non-subsidised programmes amounted to 1 665 in 2013, a 19,3% decrease

relative to the enrolment of 2 062 in 2012.

The 2013 student intake consisted of 10,5% white and 89,5% black candidates (African, coloured and

Indian). Female students accounted for 54,2% of the total enrolment. Of all the non-subsidised

programmes presented in 2012 and 2013, about half (with slight variations in the composition of

programmes between the two years) were allocated result codes. Given the enrolment in these

programmes, the percentage of qualifying candidates was 36,9% and 37,3% for the periods 2012 and

2013 respectively. Total income generated from non-subsidised programmes amounted to

approximately R10,9 million in 2013 compared to R11,8 million in 2012.

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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 2013 aimed at creating an environment that would stimulate research and scholarly

activity included: four 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 have started to gather momentum and in turn

contribute to the 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).

Preliminary subsidised publications in the Faculty amounted to 32 items, which translate to 24,49

units, comprising 21,24 journal article units, 0.43 book units and 2,82 units in respect of conference

proceedings. This represents a 13,9% decrease relative to 2012. The decline in accredited research

output is a concern to the Faculty and was discussed at the May 2013 strategic planning session. It

was acknowledged that the Faculty has a significant focus on profession-oriented education, which

lends itself to the type of scholarly activity that does not necessarily result in traditional

accredited/subsidised research output. However, it was recognised that the Department of Economics

and Econometrics, given its nature and scope, should play a key role in raising the research

performance of the Faculty, particularly in respect of accredited output. There is a renewed impetus in

the Department to accelerate research activity, supported by various capacity development initiatives.

A steady state of 50-55 units is expected from 2016, of which close to 90% is expected from the

Department of Economics and Econometrics. Whilst quantity is important, the Department would also

like to focus on publications in high impact journals.

Notwithstanding the decline in accredited output, academic staff members exhibited a relatively high

level of scholarly activity during 2013. Over and above activity that resulted in accredited research

output, staff members reported 266 items of activity which included: contributions to conference

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proceedings; publications in non-accredited journals/media; contributions to non-subsidised books;

research projects; and conference presentations and/or attendance.

Community engagement Community engagement initiatives are driven primarily by the Faculty’s departments. Various projects

were undertaken in 2013. Community engagement projects are generally positioned in three areas,

viz. transformation, educational outreach, and charity. Refer to section 5.1 for more detail.

Stakeholder and other external engagements Relationships with various key stakeholders are largely managed at departmental level. The nature

and profile of these stakeholders correspond with the academic focus of the Faculty which is to a

significant extent characterised by profession-oriented education in the fields of accountancy, finance

and to some extent in economics.

High standards are maintained in ensuring quality and purpose of academic programmes in order to

retain accreditation/recognition with various professional bodies. New ties are also being developed

with other international professional bodies. Engagements with these bodies, the involvement of staff

members in some of their structures, and the mutual commitment towards learning excellence, have

fostered close relationships with many of them.

Through the involvement of various staff members and/or its departments, the Faculty has become

connected to various other organisations and regulatory bodies; it has some collaboration agreements

with other education or research entities; and also attempts to maintain close ties with the private

sector. These associations have raised the visibility of the Faculty and are an acknowledgement of

the Faculty as an important role player in the fields of accountancy, finance and economics.

Marketing and reputation management

As previously, FEFS continued to participate in various UJ centralised marketing activities, such as

school visits, the Educators’ Conference, the UJ Career Fair, and the open days. The Faculty

(inclusive of its departments) also engaged in various initiatives of its own. Marketing activities in

2013, either initiated by the Faculty or externally initiated in which the Faculty participated, included

the following: the 6th issue of its internal magazine (FACE); development of marketing material;

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updating of the Faculty web pages on the UJ website; four public lectures; and co-hosting of the UJ-

Beeld Youth Conference 2013. The Faculty’s four departments also engaged in their own discipline-

specific marketing activities.

As far as reputation management is concerned, the Faculty is exploring the possibility of engaging

with students and other stakeholders more actively through popular social networking platforms. The

Department of Accountancy is currently actively involved in this regard through a dedicated

stakeholder and relationships manager. This has in fact benefited the Faculty as a whole as important

messages with potential negative or positive effects are brought to the attention of the Dean. The

Faculty is in the process of appointing a new marketing coordinator, and expertise in this area will be

taken into account in the selection process. Internationalisation In reflecting on the international profile of the Faculty, one needs to bring into consideration, academic

focus, students, staff and foreign engagements. Many of the Faculty’s academic programmes are

accredited or recognised by international professional bodies/councils such as CIMA, the Financial

Planning Institute (FPI) of Southern Africa, the Association of Accounting Technicians (AAT) and the

International Economic Development Council (IEDC). Discussions on accreditation with other

international bodies such as Association of Chartered Certified Accountants (ACCA) and 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.

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; and

the African Institute for Economic Development and Planning (IDEP). HoDs have also been requested

to explore possible opportunities for collaboration arising out of UJ’s membership in the Universitas 21

(U21).

FEFS enrolment of international students over the last three years averaged at just over 5% of its total

enrolment. The Faculty aims to take the ratio to at least 5.5% by 2016. The share of international

staff in FEFS currently stands at approximately 7,5%. The appointment of international staff is driven

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particularly by the Department of Economics and Econometrics. The Department aims to recruit high

profile international candidates in order to boost its global standing.

Resource Management and Sustainability

Human resources management: academic staff

Full time permanent and contract academic staff totalled 144 by the end of the 2013 academic

year, reflecting a decrease of 4% relative to 2012. 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 maintain the share of permanent and

contract black academic staff members at about 33,3% over the last two years. It must be

noted that the share of non-designated staff was recalculated based on the criteria spelt out in

the UJ Circular No. 2014-133. This involved the reclassification of two staff members from

designated to international.

There were 15 resignations, 3 dismissals, 1 retirement and 2 members placed on disability

leave in 2013. This yields a total of 21 members who exited the Faculty’s academic staff

complement, of which 47,6% was black. There were 15 appointments in 2013 of which 53,3%

was black. Female members accounted for 49,3% in 2013 (compared to 50% in 2012) of all

permanent and contract academic staff. The Faculty Management Committee consisted of 5

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

Some significant improvements have occurred regarding the academic qualifications of

permanent and contract staff. There was a marked improvement in the percentage of staff with

a master’s degree as the highest qualification – from 39,6% in 2012 to 50,7% in 2013.

However, the share of those with a doctoral degree as the highest qualification diminished from

16,9% to 14,6%. This decline is attributable to resignations/retirements that took place in

2013. Also two senior staff members with doctoral qualifications were placed on disability

leave. The net improvement in respect of qualifications is fairly clear in the decline in the

share of those without at least a masters’ degree from 43,5% to 34,7%.

Whilst 34,7% of staff without at least a master’s degree may be perceived as still too high, it

must be stressed that many hold a professional qualification. In 2013, there were 76 (52,8%)

staff members with a professional qualification. This unfortunately represents a decline from

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the 83 (53,9%) in 2012, which was largely due to the high number of resignations that occurred

in 2013. An additional point worth mentioning is that many of those with a professional

qualification also hold at least a master’s degree. In 2013 six staff members of the Faculty

obtained their masters’ qualification, and one obtained her doctoral qualification.

The distribution in terms of academic posts in 2013 was as follows: 1 junior lecturer, 57

lecturers, 72 senior lecturers, 6 associate professors, and 8 professors. The limited share of

staff (9,7%) at professorial level imposes a major constraint on the capacity of the Faculty to

provide supervision for postgraduate research, particularly at doctoral level.

Human resource management: administrative staff

Full time administrative staff, comprising both permanent and contract employees totalled 33 in

2013, unchanged from 2012. With regards to equity, black employees represented 45,5%

(15) of all permanent and contract staff and female members accounted for 82%.

Financial management

The total budget allocation for the Faculty in 2013 was approximately R138,5 million. In 2013,

97% of the budget was utilised compared to 101% in 2012.

Income from class fees had increased by 17.3% from 2012 to 2013, whilst expenditure as a

percentage of class fees decreased from 72% to 65% over that same period. Income from

class fees less expenditure had increased. It is evident that the Faculty was prudent in its

management of financial resources in 2013.

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’. The Faculty continued (as in the past)

to encourage certain practices that are considered important for sustaining the environment.

Such practices include 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 usage of lights and air conditioners.

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Leadership

The Executive Dean, Vice Dean and four HoDs make a formidable team in providing the kind of

academic leadership needed to steer the Faculty on its current course and expected future growth

path. 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. Furthermore, the Faculty, in its part as an academic entity, is gaining in

recognition as a leader in the fields of accountancy, finance and economics. Several facts, covered in

section 2.1, support this claim.

Conclusion and way forward

In taking stock of its achievements and general progress thus far it is fairly clear that, since its

inception, the Faculty has grown in terms of size, scope, and stature. It has positioned itself

reasonably well in the academic space for financial education through active scholarship, world-class

education, and growing international affiliations. However, as highlighted in its 2012 Annual Report

the Faculty currently finds itself going through a period of reflection and review, bringing under the

microscope, its various programme offerings, and academic engagements. Several reviews,

particularly at academic programme level have already been conducted in 2013 and others have been

scheduled until 2015/16. Apart from the need for alignment with the Higher Education Qualifications

Sub-framework (HEQSF) and to be market-relevant, these reviews serve as useful opportunities for

taking stock of the Faculty’s academic standing, its strategies and outlooks.

Whilst it is evident that the Faculty does have an international propensity in the packaging and delivery

of an academic product aimed at addressing national needs, it is time to develop a strategy to gain

global recognition as a centre of excellence 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. In effect, it should strive to become a member extraordinaire of the global league of players in the academic space for financial education and scholarship. The high-level Faculty Review

scheduled for August 2014, involving a panel of national and international experts, as mentioned

earlier, is expected to play a crucial role in this regard.

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1. VISION, MISSION AND STRATEGY

1.1 Context Being on the cusp of a decade of existence, it is imperative that the Faculty of Economic and Financial

Sciences (FEFS) of the University of Johannesburg (UJ) begins the process of taking stock of its

progress, plans and prospects in its various areas of activity. In doing so, it is important to take

cognisance of the strategic plans of both the University and the Faculty. Up until the end of 2013 the

2011-20 UJ Strategic Thrusts guided the future path of the Institution, and also provided perspective

for the Faculty’s own strategic framework. Towards the end of 2013, but more formally at the onset of

2014, the University introduced its 2025 Strategic Plan consisting of six strategic objectives which are

largely a consolidation of the previous eight strategic thrusts, but this time with a strong emphasis on

advancing the University in terms of its global standing, through an initiative appropriately dubbed,

Global Excellence and Stature (GES).

Whilst it is important to evaluate the Faculty’s performance in 2013 in context of the previous

institutional strategic plan, it may be prudent to already start reflecting on the 2025 strategic objectives

and the corresponding GES initiative. FEFS has a significant focus on profession-oriented education

in its part to address national imperatives. At the same time, it aims for world-class standards in both

the nature and delivery of its academic product. The phrase, frequently used in the context of

globalisation, ‘think globally, act locally’ resonates strongly with FEFS. This is well-articulated by the

Vice-Chancellor, Prof Ihron Rensburg, in his welcoming remarks at the 2014 Academic Opening of the

University of Johannesburg: “Our vision is to be nationally responsive in a manner that only we can

be, while we pursue global excellence and stature, again in a manner that only we can be …”

It can be said that the Faculty does currently have a global orientation in responding to national

priorities. Various factors (covered in Section 5.4) point to the fact that the Faculty has an

international propensity in the packaging and delivery of its academic product. Having stated that

however, it is acknowledged that there is a need for the Faculty to develop a strategy aimed at earning

itself global recognition as a centre of excellence, not only in regards to the quality of its academic

programmes, but also 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. The Faculty-wide review

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planned for August 2014, involving a panel of national and international experts, is expected to play a

crucial role in this regard.

At a strategic planning session held on 30 May 2013, members of the Faculty Management

Committee and other senior academic staff members evaluated and reviewed the Faculty’s existing

strategic plan, goals and progress. There was general consensus that the vision, mission and

strategic goals should remain unchanged for the period 2014-16.

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

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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:

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

As mentioned above, the University formally introduced its 2025 Strategic Plan at the beginning of

2014 consisting of six strategic objectives, which are largely a consolidation of the 2011-20 eight

strategic thrusts, but with a strong emphasis on advancing the University in terms of its global

standing. The Faculty’s vision and strategic plan is in large part consistent with UJ’s strategic focus.

Whilst the 2011-20 UJ Strategic Thrusts provided perspective for the Faculty’s own strategic

framework, cognisance will be taken of the Institutional 2025 Strategic Plan going forward, particularly

during the high-level Faculty-wide review scheduled for August 2014.

Members of the Faculty Management Committee and other senior academic staff members evaluated

and reviewed the Faculty’s existing strategic plan, goals and progress at a strategic planning session

held on 30 May 2013. Tables 1.1 to 1.10 provide the Faculty’s strategic objectives, sub-objectives,

actions and targets for the period 2014 to 2016.

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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

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

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


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


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


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


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

Implementation 2016/17

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

Professional doctoral programme Explore possibilities

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

Completion 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

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

Finalisation by 2014

Accreditation by CIMA Finalisation by 2016

Accreditation by ACCA Finalisation by 2016

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 operations services 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 operations services in 2015.

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

Completion 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

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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

26% total graduation rate

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 Given the 2012 Undergrad and postgrad split, at 86:14

Enrolment of international students 5,5% by 2016

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 qualification – 20% by 2016

Increased percentage of designated staff, whilst ensuring quality appointments

Designated staff – 40% by 2016

Increased proportion of senior staff, particularly professorial level

Professorial staff – 20% as expected by VC

Appointments of international staff with stature International staff – 8% by 2016

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

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 Publications inclusive of high impact journals

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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


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.

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

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

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

55 accredited research units by 2016 (50 expected by VC) 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)

Public Lecture Series Usually 1 per term each year.

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

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.

Internal research funding shared between the Faculty and URC for researchers

Staff to be encouraged to apply every year.

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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.

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

Ongoing

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.

Table 1.3 Strategic objective 3: Community engagement


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


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

Participation in SAICA’s University upliftment programme

Successful involvement with the University of Limpopo –Will now assist the University of Venda.

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

Establishment of a financial planning clinic (including tax planning)

2015/16

Provision of local economic development advice through CENLED.

2015/16

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

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


Provision of revision classes for accounting pupils from Thabanjabulo High School


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 as part of ‘Mandela Day’.


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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


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 Operation Services

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

Implementation of revised BCom programmes in 2014

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

In place – ongoing review

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

In place – ongoing review

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 Operation Services 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.

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

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

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

In place

Table 1.5 Strategic objective 5: Campuses


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


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

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

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

Completion of consolidation by 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

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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


Internationalisation in terms of students Capitalising on the success of the Zimbabwean Presidential (ZPS) Scholarship 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.

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

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

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

Internationalisation in terms of programmes

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

Maintain

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

Maintain

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

Maintain

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

An MOU with the Association for Corporate Treasurers in Southern Africa (ACTSA) aimed at making the Department of Finance and Investment Management the sole training and programme development provider for ACTSA;

Finalise by 2015/16

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

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

Accreditation of modules by CISI in the proposed new diploma in financial operation services

Finalise by 2015

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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

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

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

Maintain

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


7.1 Effective marketing and branding Participation in all the relevant UJ centralised marketing initiatives

Refer to enrolment targets indicated in section 1.4.

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 with possible consideration of moving away from focusing on attracting Afrikaans-speaking candidates, and instead focus on white enrolment.

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

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

Work with Central Marketing Plan

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

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

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Table 1.8 Strategic objective 8: Leadership


Effective leadership and corporate citizenship grounded in sound moral principles


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 ethical principles is important for effective and sustainable academic leadership.

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

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.

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

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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

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


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.

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


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.

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

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

accountancy, economics and finance. The programmes range from undergraduate diploma and

degree programmes to postgraduate programmes consisting of honours, masters and doctoral

degrees. 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 2013 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 2013 to consider academic matters relating essentially to policy, academic programmes,

processes and procedures. 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.

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.

The Faculty, in its part as an entity, is gaining in recognition as a leader in the fields of accountancy,

finance and economics. Several facts amongst others, as mentioned in other parts of this report, are

provided briefly below to support this claim.

Given its track record in delivering excellence in the training of chartered accountants, the

Faculty through its Department of Accountancy was called upon by SAICA to assist in capacity

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development at the Universities of Fort Hare and Limpopo towards obtaining accreditation for

their accounting programmes. The Department will now be assisting the University of Venda in

this regard.

The Johannesburg Securities Exchange (JSE) Limited enlisted the Department of Accountancy

to review financial statements on behalf of the Financial Reporting Investigations Panel.

IDEP, the training arm of the United Nations (UN) has entered into a partnership with the

Department of Economics and Econometrics to provide training to government officials from

various African nations.

The Department of Economics and Econometrics, through CENLED, is in partnership with the

dti in a national project for capacity building in the area of local economic development.

The Department of Economics and Econometrics, through CCRED is in partnership with the

Department of Economic Development in a project involving capacity building for regulatory

entities.

BCom Honours students from the Department of Finance and Investment Management were

called upon to act as tutors for schools involved in the JSE/Liberty Challenge in 2013.

The Department of Finance and Investment Management was chosen as the preferred

education provider for the South African Reserve Bank College.

The above facts, amongst others, point clearly to the recognition afforded to FEFS as a leader

in its field. The Executive Dean, Vice Dean and four HoDs make a formidable team in

providing the kind of academic leadership needed to steer the Faculty on its current course

and expected future growth path.

2.2 Organisational design and governance The academic structure of the Faculty in terms of departments and campuses is illustrated in the

diagram below. 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 SWC and degree programmes on APK.

28

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. The diagram below provides a broad

picture of the governance structure of the Faculty. The Faculty Board deliberates on aspects relating

to policy, processes and procedures regarding academic matters 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 2013.

The Faculty Management Committee (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. FMC meetings are generally held once a month.

Faculty Total students: 11 360

Teaching input Units: 13 924 Academic staff members: 143

Commercial Accounting 3 088students (27%)

3 290 TIU 37 academic

staff members (26%)

Economics and Econometrics

1 679 students (15%) 2 779 TIU

31 academic staff members (22%)

Fin and Investment Management

1 562 students (14%) 2 108 TIU

25 academic staff members (17%)

SWC 2 988 students (26%)

2 959 TIU

APK 7 520 students (66%)

9 753 TIU

APB 852 students (8%)

1 212 TIU

Accountancy 5 031students (44%)

5 747 TIU 50 academic

staff members (35%)

29

Figure 2.2 Governance structure of the Faculty

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

Faculty Board

Faculty Management Committee

Department of Accountancy

Department of Commercial Accounting

Department of Economics and Econometrics

Department of Finance and Investment

Management

30

the five sub-committees, indicated in Figure 2.3 facilitates the 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

The following is a summary of some developments in key academic areas that occurred in 2013:

Various content and/or structural changes to undergraduate and postgraduate degree

programmes, several of which relate to the HEQSF alignment process, largely in respect of the

so-called category B programmes, and for implementation in 2014/15. Several programme and module reviews conducted in 2013 and others scheduled until

2015/16. Various new programmes, particularly at postgraduate level, were developed and approved in

2013 for implementation in 2015/16. Full adoption of the institutional policy on higher degrees, in place of the existing Faculty policy

and procedures on higher degrees. Full adoption of the institutional policy on teaching and learning, instead of developing a

separate Faculty policy.

Faculty Management Committee

Teaching, Learning and Assessment Committee

Programme Committee

Research Committee

Higher Degrees Committee

Ethics Committee

Faculty Board

31

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. The table below,

extracted from the Faculty risk register, provides a broad summary of the different risks and

assessments for 2013. The root causes of thirteen risks were determined and evaluated in terms of

their significance to each identified risk, and the extent to which mitigating strategies (controls) would

be effective in decreasing the risk assessment. The root causes and mitigation strategies are

contained the Faculty risk register. From Table 2.1 it can be seen that in some cases, despite some

mitigation strategies, the risk assessment remains relatively high or unchanged. The Faculty will

engage in a review of its risk climate in 2014.

Table 2.1 Risk assessment in the Faculty - a broad summary

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

Service Delivery Enrolment management not successful 4 5 20 4 5 20

Health and Safety

Security and safety of staff and students 4 4 16 4 4 16

Strategic Academic leadership not effective 4 5 20 4 3 12

Academic (Product)

Inability to effectively implement teaching, learning and assessment strategies

4 4 16 4 3 12

Human Resources

Low accredited research output (total and per capita) 3 5 15 3 4 12

Reputation Student experience not good (or UJ not preferred) compared to

competitor offerings 4 4 16 4 3 12

Academic Product

Loss of accreditation with professional bodies (SAICA, CIMA, CFP, AAT (SA), etc.)

5 3 15 5 2 10

Academic (Product)

Lack of employability of students that studied certain degrees/diplomas at FEFS

3 4 12 3 3 9

Academic (Product)

Lack of success in achieving the practical outcomes of diploma programmes

4 3 12 3 3 9

Human Resources

Low staff morale / high staff turnover / loss of quality staff 4 3 12 3 3 9

Human Resources

Not reaching EE targets 3 4 12 3 3 9

Academic (Product)

Poor postgraduate throughput (M and D) 4 4 16 3 3 9

Reputation Adverse press in Social Media 5 1 5 4 1 4

Academic (Product)

Students not eligible for sick exam, qualifies for one 2 3 6 1 2 2

32

3. TEACHING AND LEARNING – ACADEMIC PROGRAMMES2 3.1 Subsidised programmes

A total of 47 subsidised academic programmes

were offered by the Faculty of Economic and

Financial Sciences in 2013. A breakdown in

terms of qualification types is provided in

Figure 3.1. Four new advanced diploma

programmes were introduced in 2013. Given

the planned consolidation of specific honours

programmes, review of diploma programmes

and the introduction of postgraduate diplomas,

this picture will exhibit significant change within

the next two to three years.

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 is based largely on HEMIS data extracted on 04 Feb 2014 and information on success rates and graduation is

based largely on HEMIS data extracted on 05 Mar 2014.

•2 in economics/econometrics (both as Phds or DComs)

•3 in finance (1 as Phd only and 2 as DComs only)

•3 in accountancy (all three as Phds or DComs)

DOCTORAL PROGRAMMES x 8

•4 in economics (2 coursework and 2 research)

•3 in finance (1 coursework and 2 research)

•6 in accountancy (3 coursework and 3 research)

MASTERS' PROGRAMMES x 13

•6 in Economics

•4 in Finance

•4 in Accountancy

HONOURS PROGRAMMES x 14

•4 degrees (Chartered accountancy; General Accountancy; Economics and Econometrics; and Finance)

•3 of the 4 degrees are also offered as 4-year extended programmes

•4 Advanced diplomas (Accountancy, Economics, Financial Management, and Property Valuation and Management)

•4 diplomas (Accounting, Banking, Credit Management and Financial Information Systems)

UNDERGRADUATE PROGRAMMES x 8

Figure 3.1 Subsidised programmes offerings

33

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 %UGUG %TOT

2012

2013

Table 3.1 Enrolment by qualification type Actual total enrolment in 2013 fell short of the

planned target by about 1,6%. This was to a certain

extent due to a lower than planned first-time entering

undergraduate enrolment. First-time entering

undergraduate enrolment (inclusive of entering and

transferring students) was below the planned target

by 5,1%. Besides being below the target, first time

entering undergraduate enrolment (degrees and

diplomas) fell by 2,9% from 2 927 in 2012 to 2 841 in

2013. Total enrolment dropped by 1,2% from 11 495

in 2012 to 11 360 in 2013. Undergraduate enrolment

at 9 925 in 2013, represented a drop of just 1,3%

relative to 2012, whilst postgraduate enrolment

increased by 0,6% to 1 430. Undergraduate degree

enrolment increased by 0.4%, whilst diploma

enrolment decreased by 4%. As in previous years, the total enrolment for 2013 represented close to

24% of the total enrolment of the University, effectively making FEFS the largest faculty in terms of

student numbers.

Figure 3.2 UG enrolment - composition by

qualification type

First-time entering students as a proportion of

undergraduate enrolment dropped from 25,8% in

2012 to 24,5% in 2013. The share of

undergraduate diploma students (inclusive of the

advanced diploma students introduced in 2013)

dropped from 39,6% to 38,6% and that of degree

students increased from 60,4% to 61,4% from 2012

to 2013. The share of undergraduate students of

total enrolment remained virtually unchanged at

about 87,4%.

Headcount enrolments

Actual Planned

2012 2013 2013

First-time entering UG 2 927 2 841 2 995

UG diplomas and certs 3 986 3 828 3 980

UG degrees 6 074 6 097 6 080

Total UG 10 060 9 925 10 060

PG to Master’s 1 168 1 156 1 215

Master’s 232 250 250

Doctoral 22 24 22

Total PG 1 422 1 430 1 487

Occasional 13 5 0

Total enrolment 11 495 11 360 11 547

% Change in tot enrolment ( yr-on-yr)

+1.5% -1.2%

% Deviation from planned enrolment

-1.6%

34

Figure 3.3 PG enrolment - composition by qualification type

Honours students as a proportion of postgraduate

enrolment dropped from 82,1% in 2012 to 80,8%

in 2013. The share of masters’ students

increased from 16,3% to 17,5%, whilst that of

doctoral students remained relatively unchanged.

The share of postgraduate students of total

enrolment remained virtually unchanged at about

12,6%.

Table 3.2 UG enrolment by qualification

Table 3.2 disaggregates the undergraduate enrolment information of Table 3.1, in terms of programmes. Diploma enrolment covers both national and UJ-specific programmes (the latter, introduced in 2011). The teach-out programmes include old diplomas and certificates, largely in their final phase-out stage. It is apparent from the table that lion’s share of both diploma and degree enrolments resided in accounting programmes. The diploma in Financial Information Systems will be discontinued from 2014, and plans are afoot to consolidate the credit and banking diplomas into a new Diploma in Financial Operation Services with effect from 2015.

Qualifications 2012 TOTAL

2013 TOTAL

DIPLOMAS 3 986

39,6% 3 680

37,1% Accounting 2 654 2 574 Banking 678 586 Financial Info Systems 365 323

Credit Management 237 191 Teach-out programmes (incl certs) 52 6

ADVANCED DIPLOMA 0 0%

148 1,5%

Accountancy 0 51 Economics 0 25 Financial Management 0 28

Property Valuation & Management 0 44

UG DEGREES – 3 YRS 4 653

46,3% 4 692

47,3% BAccounting 386 750 BCom Accounting 2 971 2 650 BCom Econ and Econometrics 522 493 BCom Finance 747 789 BCom Monetary Economics 27 10

UG DEGREES – EXT 4 YRS 1 421

14,1% 1 405

14,1% BCom Accounting 814 813 BCom Econ and Econometrics 303 290 BCom Finance 304 302

TOTAL 10 060 9 925

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

2012

2013

35

Table 3.3 Enrolment in the Faculty - student profile % African % Coloured % Indian % White % Female

2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 First-time entering UG 88 87 2 2 5 5 5 6 50 54

UG diplomas & cert 97 97 1 1 1 1 1 0 55 55

UG degrees 79 81 3 3 7 7 11 9 53 54

Total UG 86 87 2 2 5 5 7 6 54 54

PG to Masters 62 68 3 2 6 7 28 23 54 52

Masters 54 57 1 1 9 8 36 34 40 42

Doctoral 32 42 5 4 5 4 59 50 36 46

Total PG 60 65 3 2 7 7 30 26 52 50

Occasional 54 80 0 0 8 0 38 20 38 60

Total enrolment 83 84 2 2 5 5 9 8 54 54

Table 3.3 presents the profile of students enrolled in the Faculty, in terms of race and gender. There

have been noticeable shifts in African enrolment at the postgraduate level: 62% to 68% for honours

programmes; 54%to 57% for masters’ programmes; and 32% to 42% for doctoral programmes.

However the race and gender composition in respect of total enrolment remained largely unchanged

in 2013 at: 84% African; 2% Coloured; 5% Indian; 8% white; and 54% female.

As far as the campus distribution of enrolments is concerned, the share of each campus’s enrolment

changed as follows: an increase from 63% to 66% on APK, an increase from 23% to 26% on SWC

and a drop from 14% to 7% on APB. These changes are in line with the consolidation of programmes

which commenced in 2011/12, with the aim of offering all diploma programmes on SWC and all

degree programmes on APK. Note currently all postgraduate programmes are presented on APK only.

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 2013, 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.

Figure 3.4 compares success rates (in terms of degree credits) according to qualification types

between 2012 and 2013. The success rates in respect of masters’ programmes indicated in the figure

cover both coursework and full research programmes.

36

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

UGCERT &

DIP

UG DEGUG AVE HONS MAST DOCT PG AVE

2012 2013

20%

21%

22%

23%

24%

25%

26%

TOTALGRADRATE

FEFS %OF UJ

2011

2012

2013

Figure 3.4 Success rates - comparison between 2012 and 2013 The average success rate for undergraduate

programmes increased from 82,9% in 2012

to 83,7% in 2013. The decline in the

average success rate for postgraduate

programmes from 72,2% to 71,7%, was the

net outcome of a marginal drop for honours

programmes from 72,5% to 71,9%, an

increase for masters’ programmes from

70,6% to 73,6%, and a drop for doctoral

programmes from 60,7% to 44,3%. 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.

Table 3.4 Graduates in FEFS by qualification type, 2011-2013 Figure 3.5 Graduation rates – total

The number of graduates in the Faculty dropped by 0,6% from 2 821 in 2012 to 2 804 in 2013. The

total graduation rate in the Faculty increased marginally from 24,5% in 2012 to 24,7% in 2013. The

proportion of FEFS graduates relative to the University increased slightly from 24,7% to 25,5%.

Type Graduates

2011 2012 2013

NHC 3 16 0

N Dip 756 826 845

BTech 1 0 0

Advanced

Diploma 0 0 53

BCom 1 177 1 226 1 216

Honours 567 707 654

Master’s 21 42 33

Doctoral 0 4 3

Total 2 525 2 821 2 804

37

0%

10%

20%

30%

40%

50%

60%

70%

2011 2012 2013

Figure 3.6 Graduation rates per qualification type

The graduation rate for undergraduate degree

programmes decreased marginally from 20,2% in

2012 to 19,9% in 2013, but increased for

undergraduate diploma (and certificate)

programmes from 21,1% in 2012 to 23,5% in

2013. With regards to graduation rates for

postgraduate programmes there was a drop for

honours programmes from 60,5% to 56,6, a

decline for masters’ programmes from 18,1% to

13,1%, and a drop for doctoral programmes from

18,2% to 12,5%.

3.1.3 External achievements and recognition of FEFS students

SAICA ITC results Table 3.5 SAICA ITC results (first-time candidates)

In 2013 UJ graduates achieved a first-time pass

rate of 90% in SAICA’s Initial Test of Competence

(ITC). Two UJ candidates were placed in the TOP

10, with one taking the first position. In total there

were 294 successful UJ candidates, re-affirming

UJ’s position amongst residential universities, as the biggest provider of chartered accountants in

South Africa. Moreover, UJ produced the highest number of successful black candidates amongst

residential universities, accounting for 23% of African black candidates who passed the exam.

CIMA results

UJ candidates achieved a much a higher overall average pass rate of 68% for first-time attempts than

the global average of 44,67% for the strategic level examinations in May 2013 and the 46,67% for the

November examination. UJ also won the South African final of the CIMA Global Business Challenge

CA results 2009 2010 2011 2012 2013

Successful candidates 234 220 215 233 258

% Pass 86% 87% 89% 86% 90%

Candidates in top 10 - 2 1 2 2

38

in 2013. The two UJ teams that competed in the SA final finished first and third. By winning in 2013,

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

3.1.4 Transformation The Faculty actively aims at promoting equity in, and broadening access to, higher education in

respect of its key areas of study. It does so primarily through its Equity Development Programme

(EDP) and its BCom extended degree programmes. Other projects in 2013 include the Zimbabwean

Presidential Scholarship Programme and the Old Mutual Investment Group of South Africa (OMIGSA)

Imfundo Trust.

Equity development programme

The Equity Development Programme (EDP) of the Department of Accountancy provides support to

African and coloured students from mainly townships and rural areas in their studies towards the

Chartered Accountant (South Africa) (CA (SA)) qualification at undergraduate and postgraduate

levels. The students enrol for the Bachelors of Accounting degree (A stream in the BCom Accounting

programme - prior to 2012) and subsequently register for BCom Honours (Accounting) in the

chartered accountancy stream. The EDP provides both academic and mentorship support. The

students on the programme are funded by the Thuthuka Bursary Fund, the National Students

Financial Aid Scheme (NSFAS), and the accounting profession.

Table 3.6 BCom Honours, CA stream –

successful candidates, according to race The Equity Development Programme continues to

have a positive impact on the success rates of

African black students. EDP students at

undergraduate level generally obtain better pass

rates than the class average. Success rates for 2013

were as follows: 1st years – 97%; 2nd year – 76%;

and 3rd years – 66%. The pass rate at honours level

was 57%. The EDP makes a significant contribution to the successful pass rate of African students at

UJ, with a quarter of the African students who passed all their exams of the HONS (CA) degree in

2013 being funded through the EDP.

2012 2013

African 149 158

Coloured 9 7

Indian 15 30

White 117 98

Total 290 293

39

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.

Table 3.7 Performance in foundation modules in 2013

The curriculum of the foundation year and

the pass rates (inclusive of repeaters) for

2013 are indicated in Table 3.7. An excellent

performance was achieved in the foundation

year as a whole. Except for MAEB3111,

the pass rates (in terms of number

registered or those who wrote the exams)

were 77% or more.

Zimbabwean Presidential Scholarship Programme

The Zimbabwean Presidential Scholarship (ZPS), in its 6th year of existence in 2013 at UJ, supported

258 (down from 298 in 2012) Zimbabwean students with a total budget of about R24 million. 2013

was also the first year that the Zimbabwean government had decided not to send first year students to

UJ, which explains the decline in the total number of students. The bulk of the students were in FEFS,

pursuing studies particularly in the field of accounting.

Modules No. Reg

No. Exam Admit

% Pass reg

% Pass

wrote

Mastering of Academic and Professional Skills (APS3000)

375 366 90% 92%

Language for the Economic Sciences (LES3000)

398 363 89% 98%

Basic Mathematics and Applications in Economics and Business A (MAEB311)

476 408 66% 77%

Basic Mathematics and Applications in Economics and Business B (MAEB322)

380 359 81% 86%

The Economic and Business Environment A (EBE3111)

396 385 95% 98%

The Economic and Business Environment B (EBE3222)

393 382 88% 90%

Financial Recording Analysis and Management A (FRAM311)

415 372 83% 92%

Financial Recording Analysis and Management B (FRAM322)

378 369 89% 91%

40

The academic performance of students in the ZPS programme was generally quite good. One student

was awarded the 2013 Mandela Rhodes Scholarship to study an honours degree in logistics. A total

of 70 students were in their honours studies and 49 passed, yielding a 70% pass rate. Of these 70

honours students, 60 were in the CA stream and 39 managed to pass. The remaining 10 were social

work honours students and they all managed to pass. There were 130 students in their third year of

study and about 100 managed to obtain their qualification with a total of 66 qualifying for honours

studies in the chartered accountancy stream. Delays in the payment of fees by the sponsor could

have adversely affected the performance of some of the students.

Old Mutual Investment Group of South Africa (OMIGSA) Imfundo Trust

The Faculty, through its Department of Finance and Investment Management continued in 2013 to

participate in the OMIGSA Imfundo Trust which was launched in 2011 at the University of

Johannesburg. The primary objective of the Trust is to address the country’s shortage of black

investment professionals and grow the pool of suitably qualified individuals in the asset management

industry. The Trust covers students’ tuition costs, books, accommodation and travel costs and a

general allowance. UJ had 14 students in the 2013 programme. Of these, 64% were female which is

in line with the 50% female requirement of the Trust.

3.1.5 Programme-related developments

The following is a summary of key developments relating to academic programmes in 2013:

Various content and/or structural changes to undergraduate and postgraduate

programmes, several of which relate to the HEQSF alignment process, largely in respect of

the so-called category B programmes, and for implementation in 2014/15.

Specific changes to the undergraduate and honours degree programmes in economics to

include more quantitative elements with the aim of making them internationally competitive

– for implementation in 2014.

Implementation of the research project as a specific module in the various honours

programmes in economics and econometrics.

Incorporation of the research project as a specific module in the other honours

programmes, as required by the new HEQSF, for implementation in 2015.

41

Development of a new Diploma in Financial Operations Services (to replace the Diploma in

Banking and the Diploma in Credit Management) for possible implementation in 2015 –

DHET approval received in January 2014; Still awaiting CHE accreditation;

The Advanced Diploma in Property Valuation and Management was approved by the

Council on Higher Education (CHE) and was presented for the first time in 2013. This

programme allows qualifying undergraduate diploma students an opportunity to articulate

to a relevant honours programme.

Approval received from DHET for the MCom (Local Economic Development). Still awaiting

accreditation from the CHE – possible implementation in 2015.

CHE conditional accreditation received for the Postgraduate Diploma in Accounting –

possible implementation in 2015.

CHE conditional accreditation received for the Postgraduate Diploma in Accounting

Science – possible implementation in 2015.

CHE accreditation received for the MPhil Industrial Policy – implementation expected in

2014/15.

The BCom Honours in Quantitative Finance was referred back by the CHE for more

clarification and detail on aspects relating to the curriculum and assessment.

The BCom Honours in Treasury Management was referred back by the CHE for more

clarification and detail on aspects relating to the curriculum and assessment.

Advanced Diploma in Financial Markets – DHET approval received in 2013 and CHE

conditional accreditation received in March 2014.

Postgraduate Diploma in Financial Management - DHET approval received in 2013 and

CHE accreditation received in March 2014.

Postgraduate Diploma in Estate Planning - DHET approval received in 2013 and CHE

accreditation received in March 2014.

3.2 Non-subsidised programmes Departments in the Faculty currently offer a variety of short learning programmes (SLP). 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.

42

3.2.1 Enrolment Table 3.8 Enrolment in non-subsidised academic

programmes and income generated

Table 3.8 provides information on enrolment and income generated in respect of the various non-subsidised programmes presented by departments in the Faculty. Departments collectively offered 38 non-subsidised academic programmes (not including the winter schools), of which 22 were active (presented) in 2013. The Bridging Certificate in the Theory of Accounting (BCTA) comprised four individual programmes. The total enrolment for these 22 programmes was 966 in 2013. If the total enrolment of 699 in respect of winter schools is taken into account, then the total enrolment in non-subsidised programmes amounted to 1 665 in 2013, a 19,3% decrease relative to the enrolment of 2 062 in 2012. The 2013 student intake consisted of 10,5% white and 89,5% black candidates (African, Coloured and Indian). Female students accounted for 54,2% of the total enrolment. Total income generated from non-subsidised programmes amounted to approximately R10,9 million in 2013 compared to R11,8 million in 2012.

3.2.2 Performance Information on the performance of students in non-subsidised academic programmes is provided in

Table 3.9.

Programme 2012 2013 Income (R)

Dept of Accountancy Bridging Certificate in the Theory of Accountancy 482 477 5 069 187.50 Bridging Programme in Accountancy 54 12 103 142.50 Certificate in Corporate Governance 89 81 757 081.99 IFRS and GAAP Winter schools 653 581 194 040.00 Dept of Commercial Accounting Programme in Commercial Accounting 124 98 1 098 625.00 Dept of Economics and Econometrics Applied Econometric Analysis and Forecasting 14 9 267 955.00 Bridging Programme in Economics 72 47 510 000.00 Competition Economics: SLP - 19 Winter School (Economics) 43 9 6 800.00 Winter School (Economics: Diploma) 4 - Dept of Finance and Investment Management Bridging Programme in Financial Management 63 33 381 770.00 Bridging Programme in Finance - 70 1 237 600.00 Bridging Programme in Financial Planning 9 - Bridging Programme in Property 65 - Certificate in Financial Management 15 12 140 000.00 Certificate in Financial Markets and Instruments 15 1 5 940.00 Dip in Investment Anal & Portfolio management 114 61 710 800.00 Enterprise Management 4 3 134 440.00 Enterprise Operations 8 10 Financial Management 4 6 Financial Operations 10 6 Performance Management 8 4 Performance Operations 15 13 Summer School (Finance) 56 - 288 540.00 Winter School (Finance) 121 93 Winter School (Financial Accounting) - 16 Winter School (Financial Markets) 17 - Faculty Post-Doctoral Researching 3 4 Total

2 062

1 665

10 905 881.99

43

Table 3.9 Qualifying candidates in non-subsidised academic programmes (for which formal assessments are conducted)

Of all the non-subsidised programmes presented in 2012 and 2013, about half (with slight variations in

the composition of programmes between the two years) were allocated result codes. Given the

enrolment in these programmes, the percentage of qualifying candidates was 36,9% and 37,3% for

2012 and 2013 respectively. 3.2.3 Programme-related developments The following is a summary of key developments relating to non-subsidised programmes in 2013:

Three articulation/bridging programmes (in Property, Financial Planning and Investment

Management) were merged into a single Bridging Programme in Finance, to offer students the

opportunity to articulate to honours programmes in the relevant fields.

Senate approved the SLP in Quantitative Finance – implementation in 2014.

Senate approved the SLP in Fundamentals of Treasury Practice – implementation in 2014.

Senate approved the SLP in Competition Economics - implementation in 2014.

Senate approved the SLP in Financial Planning Regulatory Environment.

Senate approved the SLP in Introduction to Financial Markets Operations.

Senate approved the SLP in Investment Management.

Senate approved the SLP in Financial Analysis for Economic Regulation – start in 2014.

Senate approved the SLP in Regulatory Economics – start in 2014.

Senate approved the SLP in Regulatory Law for Economic Regulators – start in 2014.

Programme Enrolment 2012

Qualifying candidates

2012

Enrolment 2013

Qualifying candidates

2013

Applied Econometric Analysis and Forecasting 14 10 9 7

Bridging Certificate in the Theory of Accountancy 482 70 477 96

Bridging Programme in Accountancy 54 24 12 -

Bridging Programme in Economics 72 26 47 17

Bridging Programme in Financial Management 63 25 33 9

Bridging Programme in Finance - - 70 21

Bridging Programme in Property 65 36 - -

Certificate in Corporate Governance 89 87 81 76

Certificate in Financial Management 15 11 12 11

Certificate in Financial Markets 15 2 1 -

Diploma in Investment Analysis & Portfolio Management

114 20 61 24

Programme in Commercial Accounting 124 97 98 75

Total 1 107 408 901 336

44

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 2013 aimed at creating an environment that would stimulate research and scholarly

activity included: four 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 have started to gather momentum and in turn

contribute to the 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 information on overall research and scholarly activity in the Faculty in 2013 and

Figure 4.1 indicates the yearly levels of accredited research output over the period 2005 to 2013.

The data in respect of accredited output for 2013 is preliminary as it is subject to confirmation by

DHET.

Scholarly activity in general (inclusive of accredited research output) may be considered to be

reasonably high amongst academic staff members, with activities resulting in 298 research-related

items, translating to about 225 units in 2013. If accredited research output is excluded, then other

scholarly activity amounts to 266 items, translating to about 200 units. These other areas of scholarly

activity typically include: contributions to conference proceedings; publications in non-accredited

journals/media; contributions to non-subsidised books; research projects; and conference

presentations and/or attendance.

45

Table 4.1 Research and scholarly activity in the Faculty, 2013

Activity

2013

Number of items

Units

Subsidised publications

Journal articles published in the DoHET; ISI and/or IBSS indices 24 21,24

Chapters in book 1 0,43

Contributions in peer reviewed / ref-evaluated conference proceedings 7 2,82 Non-subsidised publications

Contributions in international professional congress proceedings or abstracts 18 14,00

Contributions in national professional congress proceedings or abstracts 6 3,16

Publications in other journals not included in the accreditation list 3 2,34

Contributions in publications not included in the above categories 6 2,75

Books and contributions to books Subsidised books (indicated under subsidised publications)

Non-subsidised books 18 3,96

Reports Technical reports 6 6 Research

Projects 19 14,81

Patent applications submitted or registered - Staff members who have undertaken research projects elsewhere (outside RSA/within RSA) 4 1 Addresses delivered (by staff or postgraduate student/s under their supervision)

Professional scientific/research orientated presentations at international professional congresses 39 29,79

Professional scientific/research orientated presentations at national professional congresses 37 27,66

Professional scientific/research orientated presentations at other international occasions 10 9,50

Professional scientific/research orientated presentations at other national occasions 23 17,50

Popular and other (e.g. WETRAH, radio, public, etc.) 11 11,00

Conferences attended (self or post grad students); no papers delivered

National 37 30,00

International 10 8,00

Symposia / Colloquia / Conferences organised by staff / post grad students

National 18 18,00

International 1 1,00

TOTAL 298 224.96

Figure 4.1 Accredited research

output in the Faculty

Preliminary subsidised publications amounted

to 32 items, which translate to 24,49 units,

comprising 21,24 journal article units, 0.43

book units and 2,82 units in respect of

conference proceedings. This represents a

13,9% decrease relative to 2012.

0

5

10

15

20

25

30

35

40

2005 2006 2007 2008 2009 2010 2011 2012 2013

46

The declining trend in accredited research output is a concern to the Faculty and was discussed at the

May 2013 strategic planning session. It was acknowledged that the Faculty has a significant focus on

profession-oriented education, which lends itself to the type of scholarly activity that does not

necessarily result in traditional accredited/subsidised research output. However, it was recognised

that the Department of Economics and Econometrics, given its nature and scope, should play a key

role in raising the research profile of the Faculty, particularly in respect of accredited output. There is

a renewed impetus in the Department to accelerate research activity, supported by various capacity

development initiatives. A steady state of 50-55 units is expected from 2016, of which close to 90% is

expected from the Department of Economics and Econometrics. Whilst quantity is important, the

Department would also like to focus on publications 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 4.1.

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 contribute to the research environment of the Faculty

4.2.1 Faculty Value Conference

The Value Conference is a biennial event hosted by the Faculty. Following a successful 2012 Value

Conference, the Faculty Conference Committee occupied itself in 2013 with preparations for the 5th

Value Conference to be held at Emperors Palace on 26-27 May 2014, on the theme, ‘Managing risk –

creating value.’

4.2.2 Faculty Public Lecture Series The Faculty hosted (in some cases, co-hosted) highly esteemed guests for its 2013 Public Lecture

Series:

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Mr Pravin Gordhan, Minister of Finance (co-hosted with the Library and Information Centre) –

on the topic: Addressing South Africa’s national development imperatives whilst ensuring

fiscal sustainability – challenges and choices.

Professor Muhammad Yunus, Nobel Peace Prize Laureate (co-hosted with the Library and

Information Centre and the Faculty of Management) – on the topic: Micro financing for poverty

alleviation.

Mr Nhlanhla Nene, Deputy Minister of Finance – on the topic: The triangle of trust: business,

government and labour.

Ms Prem Govender, Chair of the South African Savings Institute – on the topic: The plight of

savings in South Africa: what are our roles?

4.2.3 Visiting professorships

The expertise of visiting professors in some of the departments continued to support research

amongst staff, as well as students.

4.2.4 NRF-rated researchers In 2013 there were two National Research Foundation (NRF) -rated researchers in the Faculty, viz.

Prof Grietjie Verhoef and Prof Alain Kabundi. Unfortunately Prof Lynette Olivier, who was an NRF-

rated researcher in the Faculty took ill and was placed on permanent disability leave from around the

beginning of 2013. Prof Kabundi resigned with effect from the beginning of 2014. Prof Coenrad

Labuschagne, an NRF-rated researcher, joined the Faculty at the beginning of 2014. There is

currently at least one staff member who is in the process of applying for NRF rating.

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).

Centre for Local Economic Development (CENLED) The primary goal of CENLED is capacity-building in the area of local economic development, and it

aims to position the University as a leading institution in the certification of local economic

48

development practitioners. It has negotiated with the International Economic Development Council

(IEDC) for the use of its courses in local economic development (with a South African dimension) for

the accreditation of local economic development practitioners. In this regard 15 short courses

previously approved at UJ will form part of the international accreditation process. The following is a

summary of some of CENLED’s key activities in 2013:

Funding of R8 million was received from the dti for the facilitation of Centres of

Entrepreneurship (CFE) at Further Education and Training (FET) colleges. Two CFEs were

established, one at the King Hintsa FET College in Butterworth, Eastern Cape and the other in

the Ekurhuleni West FET College in the East Rand, Gauteng.

Funding of R4,5 million was received from the dti for the ongoing national project of capacity-

building in local economic development.

As part of the capacity-building project with the dti, CENLED is also involved in a Municipal

Mentorship Programme aimed at undertaking assessments of municipalities and providing

assistance to them in order to improve their performance. CENLED is currently mentoring 12

municipalities.

The Kwazulu-Natal Department of Cooperative Governance awarded CENLED a training

contract, valued at R1 732 500, for 6 short learning programmes (SLPs) to be administered

from December 2013 until June 2014. CENLED has facilitated the development of 4 new SLPs

in this regard.

B. Econ. (LED) degree, was officially launched at the University of Cape Town in July 2013.

CENLED played a key role in the development of this programme. The new professional

Master’s degree in Local Economic Development received DHET approval in 2013 to be part

of UJ’s programme mix.

CENLED is starting to get its research activities off the ground. It has conducted research on

the impact of its interventions on LED at municipalities. Two research articles were completed

and submitted for review and possible publication by the Journal of Economics and Financial

Sciences.

CENLED is steering the professionalisation of LED practitioners. The professionalisation

process has been aligned with the “Professionalisation framework for the public sector” and the

National Skills Framework.

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Centre for Competition, Regulation and Economic Development (CCRED)

This Centre, which was established in 2011, was originally called the Centre for Competition

Economics (CCE), but changed its name in 2013 due to its expanded scope, covering competition,

regulation and economic development. The following is a summary of some of CCRED’s key activities

in 2013:

The Centre was awarded a contract by the Department of Economic Development to

spearhead a project on capacity building for regulatory entities. The project involves the

design and implementation of a series of capacity building measures to support economic

regulators in South Africa.

CCRED is actively involved in research. In 2013 four accredited journal publications, one book

chapter as well as several working papers and conference presentations were associated with

the Centre. Several publications are expected for 2014.

The Centre also administers a Working Paper Series which includes papers by CCRED

associates and others in the area of competition economics and regulation. In 2013 several

working papers and conference presentations were published in this medium.

Currently there are two master’s students who are being co-supervised by Prof. Simon

Roberts, the Director of the Centre.

The Centre administered three short-learning programmes in 2013, in the area of competition

economics.

The Centre co-hosted the Annual Conference on Competition Law, Economics and Policy with

the Competition Commission, the Competition Tribunal and the Wits University’s Mandela

Institute.

South African Accounting History Centre (SAAHC)

SAAHC aims to promote, conduct and publicise the study of Accounting History in South Africa in

collaboration with local and international scholars. The following is a summary of some of SAAHC’s

key activities in 2013:

Commissioned research on the history of PricewaterhouseCoopers was expected to be

completed in 2013 but was delayed because of the sabbatical leave of the Director of the

Centre, Prof Grietjie Verhoef. Completion is now only expected in 2014.

Four presentations were made at international conferences by members associated with the

Centre.

50

SAAHC was invited to contribute to the Global Accounting History Series. The South African

chapter was authored by Prof Verhoef and Prof Lucas van Vuuren.

There was one accredited journal publication by Prof Verhoef.

In promoting the study of accounting history as a discipline three members associated with the

Centre have completed or are in the process of completing higher degree qualifications in

relevant fields: Ms Simone Halleen completed her PhD in History through the University of

Stellenbosch; Ms Krysta Heathcote is completing a PhD study in Accounting History and Ms

Kristen van Lelyveld is completing a Master’s degree in Accounting history. Ms Heathcote was

awarded the Magrit F. and Hans-Martin Schoenfeld scholarship of the American Accounting

Historians for her PhD proposal.

The SAAHC took full responsibility for the development and implementation of two

undergraduate modules in the new Bachelor of Accounting degree, namely Accounting Studies

100 (introduced the second semester of 2012) and Accounting Studies 200 (introduced in the

first semester of 2013).

The Secretary of the Public Accountants’ and Auditors’ Board (PAAB) in Zimbabwe has

registered for a PhD study on aspects of the regulatory environment of Accountancy in

Zimbabwe, with the Department of Accountancy, under the supervision of the Director of the

SAAHC.

The construction of a boardroom with seminar facilities at the Centre (located off campus) was

completed during 2013. A digital inventory of the primary document material in the SAAHC

archives is being compiled, and will be available online as soon as the SAAHC establishes that

access to researchers outside the Centre and the university can be accommodated. Several

donations of primary material on the personal histories of leading SA Accountants, accounting

bodies and extensive material from the ICAEW archives in London are now housed in the

SAAHC archive.

The “Lucas van Vuuren Library” was officially opened at a function on the 14th of November

2013.

The Independent Regulatory Board for Auditors (IRBA) has donated the files of their early

membership to the SAAHC. These files were recorded in a digital record, which accompanied

the transfer of the actual files to the SAAHC in August 2013. The digital record also remains as

a copy with IRBA. These files will facilitate historical research into the early members of the

profession since records were kept by the PAAB. Current membership files are still with IRBA.

A Memorandum of Understanding was signed with the Johannesburg Securities Exchange to

accommodate their early listing files at the SAAHC. The delivery of the boxes was completed

towards the end of 2013. Planning will soon be undertaken to sort and record these files. This

51

material is invaluable for Business History research as well as aspects of financial reporting

research, governance and auditing of listed entities.

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. Since its inception in 2007, fourteen issues of JEF have been published by

the Faculty. Since 2013, the journal is also published three times a year. Not only is the journal

accredited by the Department of Higher Education and Training (DHET) but articles published in the

journal are also indexed in the Index of South African Periodicals; contents pages in Sabinet and ERA

(Excellence in Research for Australia).

The double-blind peer review process being followed by the journal ensures that only manuscripts of

the highest quality are published in the end. In 2013 the journal received 81 manuscripts for possible

publication. Many are still in a process of review and only 25 articles were published in the three

issues produced during the year. The editorial team of the journal is very excited as the management

and process flow of all articles and administration will from the latter part of 2014 be done on the

internet.

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 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 2013, there were twelve applications for internal funding. All applications were approved and the

total funding was split equally between the URC and the Faculty. The total commitment in this regard

amounted to R841 660.

52

4.2.8 Collaborative and contract research projects

Research project on ‘Keeping South Africa’s female Chartered Accountants in public practice’:

This is a collaboration between Women in the Workplace and the Department of Accountancy.

The 1st report was released in August 2012, the 2nd in February 2013, and the 3rd in March

2014. JSE project on the Review of Listed Companies’ Annual Financial Statements: The

Department of Accountancy has met all expectations regarding the contract. It’s role in this

regard was acknowledged in the 2013 World Bank ROSC A&A.

Price Waterhouse Coopers (PWC) History Project: This project, valued at R250 000 was

expected to be completed in 2013 but due to delays, is now expected to be completed in 2014. History of the Accounting Profession in South Africa: The Department of Accountancy was

awarded a contract in 2011, valued at R900 000 over two years by SAICA to undertake

research on the history of the accounting profession in South Africa. Finalisation of the project

has been extended to March 2014.

4.2.9 Acknowledgements/recognitions/awards

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.

Ms Krysta Heathcote from the Department of Accountancy was awarded the Magrit F. and

Hans-Martin Schoenfeld scholarship of the American Accounting Historians for her PhD

proposal on the ‘Professionalisation of accountancy in the Orange Free State and Natal: A

Historical analysis of contesting environments, 1907-1960’.

4.2.10 Capacity development initiatives

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.

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.

53

5. EXTERNAL ENGAGEMENT AND INTERNATIONALISATION 5.1 Community engagement

Community engagement initiatives which are driven primarily by the Faculty’s departments are

generally positioned in three areas, viz. transformation, educational outreach, and charity.

5.1.1 Transformation

Projects undertaken in 2013 in the area of transformation include:

The Equity Development Programme (EDP) for African and oloured students studying towards

the CA (SA) qualification at undergraduate and postgraduate levels, aimed at increasing the

number of black CAs in the country (Department of Accountancy);

Involvement in the accreditation of the University of Limpopo’s accounting programmes as part

of SAICA’s university upliftment initiative (Department of Accountancy); and

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 (Department of Finance and

Investment Management).

These initiatives are essentially aligned with the Faculty’s core areas of competence, and hence fall

predominantly within its subsidised programme offerings. Details on the first and third initiatives are

therefore provided in section 3.1.4 of Chapter 3, where transformation is discussed in the context of

subsidised academic programmes.

54

5.1.2 Educational outreach

Projects undertaken in 2013 in the area of educational outreach include:

The Soweto Campus Saturday School for Commerce and Science students (grades 10, 11

and 12), sponsored by De Beers Consolidated Mines Ltd (Department of Economics and

Econometrics);

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 the training of teachers and learners in economics (Department of

Economics and Econometrics);

Involvement of the Bachelor of Accounting First Year Committee with the Kliptown Youth

Programme, in the provision of tutoring and other academic assistance to school learners

(Department of Accountancy); and

The provision of assistance to educators who encounter problems in teaching accountancy at

the Thabanjabulo High School (Department of Commercial Accounting).

5.1.3 Charity

Projects undertaken in 2013 in the area of charity include:

Participation in Mandela Day through various activities (All departments and the Faculty

Office);

Collaboration with Feed SA on a Sandwich Project (Department of Accountancy);

Involvement with the Tshepo Aftercare Project (Department of Accountancy);

A Beanie Project involving the provision of beanies and treats to cancer patients at the Helen

Joseph hospital (Department of Accountancy);

Involvement with the Rose’s Nursery School Project through the collection of money for the

purchase of furniture and other items of need (Department of Accountancy);

The Santa Shoebox Project involving a donation by staff and students of more than 300

shoeboxes packed with essential items for needy children (Department of Accountancy);

The Manica Project involving the provision of assistance to a football club in Manica, 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);

55

Support of the iThemba Rape & Trauma Support Centre through the sponsoring of dignity

packs containing essential toiletries (Department of Finance and Investment Management);

and

Support of the Karl Sithole Home through regular visits and the facilitation of various activities

to address the emotional needs of the children (Department of Commercial Accounting).

5.2 Stakeholder and other external engagements

Relationships with various key stakeholders are largely managed at departmental level. The nature

and profile of these stakeholders correspond with the academic focus of the Faculty which is to a

significant extent characterised by profession-oriented education in the fields of accountancy, finance

and to some extent in economics.

High standards are maintained in ensuring quality and purpose of academic programmes in order to

retain accreditation/recognition with various professional bodies such as 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 for Accounting Technicians, South Africa

(AAT (SA)). Ties are also being developed with other international professional bodies such as the

ACCA, and the Chartered Institute for Securities and Investments (CISI). Engagements with these

bodies, the involvement of staff members in some of their structures, and the mutual commitment

towards learning excellence, have fostered close relationships with many of them.

Through the involvement of various staff members and/or its departments, the Faculty has become

connected to various other bodies, some of which reside in government. They include: Institute of

Directors 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). These associations have certainly raised the visibility of the Faculty.

Moreover they are an acknowledgement of the Faculty as an important role player in the fields of

accountancy, finance and economics.

56

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 in order to obtain their

views on the quality of its students and to receive suggestions on areas of improvement. During 2013

feedback was specifically obtained from audit firms Deloitte, KPMG and PriceWaterhouseCoopers

(PwC). 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 has also entered into 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

As previously, FEFS continued to participate in various UJ centralised marketing activities, such as

school visits, the Educators’ Conference, the UJ Career Fair, and the open days. The Faculty

(inclusive of its departments) also engaged in various initiatives of its own. 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.

Marketing activities in 2013 either initiated by the Faculty, or externally initiated in which the Faculty

participated, included the following:

Sixth issue of its internal magazine (FACE);

Development of appropriate marketing material;

Updating of the Faculty web pages on the UJ website;

Publications on the Faculty web page of good news stories emerging from departments;

Four public lectures (Refer section 4.2.2 for more detail); and

Co-hosting of the UJ-Beeld Youth Conference 2013.

It must be emphasised that departments also engaged in their own discipline-specific marketing

measures. As far as reputation management is concerned, the Faculty is exploring the possibility of

engaging with students and other stakeholders more actively through popular social networking

platforms. The Department of Accountancy is currently actively involved in this regard through a

dedicated stakeholder and relationships manager. This has in fact benefited the Faculty as whole, as

57

important messages with potential negative or positive effects are brought to the attention of the Dean.

The Faculty is in the process of appointing a new marketing coordinator, and expertise in this area will

be taken into account in the selection process.

5.4 Internationalisation

In reflecting on the international profile of the Faculty, one needs to bring into consideration, academic

focus, students, staff and foreign engagements. FEFS clearly has a significant focus on profession-

oriented education in its part to address national imperatives. At the same time, it aims for world-class

standards in both the nature and delivery of its academic product. The phrase, frequently used in the

context of globalisation, ‘think globally, act locally’ resonates strongly with FEFS. This was well-

articulated by the Vice-Chancellor, Prof Ihron Rensburg, in his welcoming remarks at the 2014

Academic Opening of the University of Johannesburg: “Our vision is to be nationally responsive in a

manner that only we can be, while we pursue global excellence and stature, again in a manner that

only we can be …”

The following facts, inter alia, bear testimony to FEFS’ global orientation in responding to national

priorities:

Professional accounting education in the Faculty is fully aligned with International Financial

Reporting Standards (IFRS) and International Standards on Auditing (ISA), supported by the

influential role of SAICA on UJ’s accounting curricula. This is important given that South

Africa’s accounting and auditing standards are fully aligned with both IFRS and ISA

respectively.

Given the reciprocity agreements between SAICA and several foreign professional accounting

bodies, candidates qualifying as CAs are able to work in various other countries. This is

particularly important for UJ’s students given the University’s prevailing position as the largest

provider of chartered accountants of all residential universities in the country.

With transformation of the accounting profession in South Africa being important for the

country as a global player, the Faculty’s Department of Accountancy plays an important role

through two initiatives, viz. SAICA’s Thuthuka Programme aimed at increasing the number of

black CAs in the country; and SAICA’s programme to accredit more universities to offer

accounting education geared towards the CA qualification. UJ, through its Department of

Accountancy played an intrinsic role in building capacity at the University of Limpopo (UL),

thereby enabling it to obtain SAICA accreditation of its undergraduate degree programme. The

58

role of UJ in both initiatives was acknowledged by the World Bank in its June 2013 South

Africa Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC

A&A). Apart from UL, the Department of Accountancy previously supported the University of

Fort Hare, and will now be assisting the University of Venda to obtain SAICA accreditation.

UJ plays an important role in the strengthening of corporate financial reporting systems

through its review of financial statements of listed entities on behalf of the JSE Ltd. This was

also acknowledged in the World Bank ROSC A&A.

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.

Several short courses have been developed, and accredited by the IEDC (an international

body), with the purpose of certifying local economic development practitioners. This falls within

the ambit of UJ’s CENLED, which is in collaboration with the dti to build capacity in the area of

local economic development, involving a consortium of universities;

The CCRED is spearheading a project, funded by the Department of Economic Development,

on capacity building for regulatory entities. Although this is a national initiative, it would

contribute to the international standing of domestic regulatory institutions.

UJ is one of a select few universities in South Africa that enjoys accreditation with the CIMA,

an international accountancy body, thereby granting students a significant opportunity to

advance their CIMA membership.

The Faculty is in partnership with (AAT(SA), an affiliate of AAT(UK), for diploma students to

register as Accounting Technicians after successful completion of their academic component

at UJ and passing of the AAT(SA)’s first Professional Test of Competency (PTC). Thereafter

students, with some practical experience obtained in industry, will reach the highest

membership level at AAT(SA).

A close relation exists with Sage Pastel Evolution as Pastel software packages are being used

in the Diploma in Accountancy and ongoing training of teaching staff are undertaken by Sage

Pastel trainers.

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The development of a new Diploma in Financial Operations Services Operations has led to the

commencement of a new engagement with a UK body, CISI, which will recognise certain

modules passed in the Diploma for the purpose of providing an internationally recognised

designation.

A memorandum of understanding for academic collaboration exists between CORE in

Belgium and the Department of Economics and Econometrics with the aim of cooperation on

academic activities between the two entities.

A partnership has been formed with IDEP, a training arm of the UN, to offer a joint degree in

industrial policy to mid-career and senior government officials from various African nations.

The Faculty is in collaboration with SWUFE in China on student exchange programmes.

It is clearly evident from the above-mentioned facts, that the Faculty already has an international

propensity in the packaging and delivery of an academic product aimed at addressing national needs.

Having stated that however, it is acknowledged that there is a need for the Faculty to develop a

strategy aimed at earning itself global recognition as a centre of excellence, not only in regards to the

quality of its academic programmes, but also 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. The

Faculty-wide review planned for August 2014, involving a panel of national and international experts,

is expected to play a crucial role in this regard.

Representatives from the Faculty accompanied the Vice Chancellor and his team on visits to selected

East and West African Universities with the aim of exploring collaboration opportunities. Unfortunately,

except for possibilities around student exchange, there has been very limited progress in establishing

concrete collaboration arrangements. However, as mentioned above, the Faculty has collaboration

agreements with CORE in Belgium; SWUFE in China; and IDEP. Also, HoDs have been requested to

explore possible opportunities for collaboration arising out of UJ’s membership in the Universitas 21

(U21).

FEFS enrolment of international students over the last three years averaged at around 5% of its total

enrolment. In terms of actual numbers, international enrolment appears to be concentrated in

undergraduate programmes, but in terms of relative shares the percentages are greater for

postgraduate programmes at masters’ and doctoral levels. FEFS aims to increase its share of

international students to at least 5,5% by 2016.

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International staff accounted for 7,6% of the total academic staff in 2013, compared to about 2% in

2009. 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. This latter point is supported by the fact that just more than

half of the number of staff members possesses professional qualifications, spread over the other three

departments, with the bulk in the Department of Accountancy. In any event 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.

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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

2012 and 2013, in terms of size and profile.

Table 6.1: Size and profile of permanent and contract academic staff

DESCRIPTION 2013 2012

NO % of total

staff

% of total

staff Demographic composition

Black (African, Coloured and Indian) 48 33,3 33,3

White 85 59,0 60,0

International 11 7.6 6,7

Gender composition

Female 71 49.3 50,0

Male 73 50.7 50,0

Academic post level

Professor 8 5.6 7,8

Associate professor 6 4.2 5,8

Senior lecturer 72 50.0 50,6

Lecturer 57 39.6 34,4

Junior lecturer 1 0.7 1,3

Academic qualifications (highest qualification)

Doctoral 21 14.6 16,9

Masters 73 50.7 39,6

Below masters 50 34.7 43,5

Professional qualifications

Chartered Accountant (CA (SA)) 63 43.8 44,8

Professional Accountant (SAIPA) 7 4.9 5,8

Certified Financial Planner (CFP) 4 2.8 1,9

Chartered Institute of Management Accountant (CIMA) 2 1.4 1,3

Total staff with professional qualifications 76 52.8 53,9

Full time permanent and contract academic staff totalled 144 by the end of the 2013 academic year,

reflecting a decrease of 4% relative to 2012. With regards to equity, despite the ongoing challenge the

Faculty faces in attracting and/or retaining qualified black academics together with the significant

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turnover in staff, it still managed to maintain the share of permanent and contract black academic staff

members at about 33,3% over the last two years. It must be noted that the share of non-designated

staff was recalculated based on the criteria spelt out in the UJ Circular No. 2014-133. This involved

the reclassification of two staff members from designated to international.

Some significant improvements have occurred regarding the academic qualifications of permanent

and contract staff. There was a marked improvement in the percentage of staff with a master’s degree

as the highest qualification – from 39,6% in 2012 to 50,7% in 2013. However, the share of those with

a doctoral degree as the highest qualification diminished from 16,9% to 14,6%. This decline is

attributable to resignations/retirements that took place in 2013. Also two senior staff members with

doctoral qualifications were placed on disability leave. The net improvement in respect of

qualifications is fairly clear in the decline of the share of those without at least a masters’ degree from

43,5% to 34,7%.

Whilst 34,7% of staff without at least a master’s degree may be perceived as still too high, it must be

stressed that many hold a professional qualification. In 2013, there were 76 (52,8%) staff members

with a professional qualification. This unfortunately represents a decline from the 83 (53,9%) in 2012,

which was largely due to the high number of resignations that occurred in 2013. An additional point

worth mentioning is that many of those with a professional qualification also hold at least a master’s

degree. In 2013 six staff members of the Faculty obtained their masters’ qualification, and one

obtained her doctoral qualification.

The distribution in terms of academic posts in 2013 was as follows: 1 junior lecturer, 57 lecturers, 72

senior lecturers, 6 associate professors, and 8 professors. The limited share of staff (9,7%) at

professorial level imposes a major constraint on the capacity of the Faculty to provide supervision for

postgraduate research, particularly at doctoral level.

There were 15 resignations, 3 dismissals, 1 retirement and 2 members placed on disability leave in

2013. This yields a total of 21 members who exited the Faculty’s academic staff complement, of

which 47,6% was black. There were 15 appointments in 2013 of which 53,3% was black. Female

members accounted for 49,3% in 2013 (compared to 50% in 2012) of all permanent and contract

academic staff. The Faculty Management Committee consisted of 5 white, 1 international and 2 black

members implying an equity ratio of 25%.

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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.

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.

The following is summary of other key information relating to academic staff:

In 2013 six staff members of the Faculty obtained their masters’ qualification (mentioned

above).

One staff member obtained her doctoral qualification (mentioned above).

As indicated in Chapter 4, in 2013 there were two NRF-rated researchers in the Faculty, viz.

Prof Grietjie Verhoef and Prof Alain Kabundi. Unfortunately Prof Lynette Olivier, who was an

NRF-rated researcher in the Faculty took ill and was placed on permanent disability leave from

around the beginning of 2013. Prof Kabundi resigned with effect from the beginning of 2014.

Prof Coenrad Labuschagne, an NRF-rated researcher, joined the Faculty at the beginning of

2014. There is currently at least one staff member who is in the process of applying for NRF

rating.

The health of two very senior staff members (at professorial level) deteriorated significantly

towards the latter part of 2012, one of whom is an NRF-rated researcher (as mentioned

above). The two were placed on permanent disability leave from the beginning of 2013.

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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 the necessary

interventions, 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 2013 TOT 2013

TOT 2012 AFR COL IND WHI

P P P P Accountancy 2 - - 5,5 7,5 7,5 Commercial Accounting 1 - - 1 2 2 Economics and Econometrics 1 - - 2 3 3 Finance and Investment Management - - - 1,5 1,5 1,5 Faculty Office 8 3 - 8 19 19 Total 2013 12 3 - 18 33 Total 2012 12 3 - 18 33 Note: P = Permanent

Full time administrative staff, comprising both permanent and contract employees totalled 33 in 2013,

unchanged from 2012. With regards to equity, black employees represented 45,5% (15) of all

permanent and contract staff and female members accounted for 82%.

The bulk of administrative staff (57,6%) are located in the Faculty Office. In 2013 only about 11 faculty

officers facilitated the full academic life cycle of students. The 11 faculty officers took care of all the

administration involving 11 360 students. The other administrative personnel provided support in

terms of administrative assistance, typing, and so on.

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6.2 Finances

Key information regarding the Faculty finances is provided in Tables 6.3 and 6.4.

Table 6.3 Budgeted and actual expenditure in 2013

The total budget allocation for the

Faculty in 2013 was about R138,5

million. In 2013, 97% of the budget was

utilised in comparison to 101% in 2012.

Income from class fees had increased

by 17.3% from 2012 to 2013, whilst

expenditure as a percentage of class

fees decreased from 72% to 65% over

that same period. Income from class

fees less expenditure had increased. It

is evident that the Faculty was prudent

in its management of financial

resources in 2013.

Table 6.4: Teaching and research grants, 2012 and 2013

Table 6.4 provides some useful information on

teaching and research grants/subsidies in

respect of the Faculty. Total grants increased by

3,6% from 2012 to 2013.

Department Actual Budget

Total salary expenses

R

Total other expenses

R

Total expenses

R

Total expenses

R

Dean’s Office 8 672 911 2 336 923 11 009 834 11 640 819

Accountancy 44 858 828 6 792 864 51 651 692 51 126 497

Commercial Accounting

23 187 522 1 113 228 24 300 750 25 369 488

Economics 23 690 748 1 487 462 25 178 210 24 348 563

Finance & Inv Man

19 093 806 2 032 054 21 125 860 22 742 207

Extended degree 1 040 210 228 809 1 269 019 1 430 665

IDEP - 3 990 3 990 1 848 209

Total 120 544 025 13 995 330 134 539 355 138 506 448

Subsidy/Grants 2012 R

2013 R

Distributed RO Actual Grant R 4 241 565 R 5 150 759

Distributed TI Grant R 139 764 695 R 143 874 315

Distributed TO Actual Grant R 41 340 995 R 42 987 454

Distributed TO Development Grant 0 0

Total subsidy received 185 337 255 192 012 528

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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 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. Such practices include 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.

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7. CONCLUSION AND PLANS FOR THE FUTURE

In taking stock of its achievements and general progress thus far it is fairly clear that, since its

inception, the Faculty has grown in terms of size, scope, and stature. It has positioned itself

reasonably well in the academic space for financial education through active scholarship, world-class

education, and growing international affiliations. However, as highlighted in its 2012 Annual Report

the Faculty currently finds itself going through a period of reflection and review, bringing under the

microscope, its various programme offerings, and academic engagements. Several reviews,

particularly at academic programme level have already been conducted in 2013 and others have been

scheduled until 2015/16. Apart from the need for alignment for HEQSF purposes and to be market-

relevant, these reviews serve as useful opportunities for taking stock of the Faculty’s academic

standing, its strategies and outlooks.

It is clear that FEFS, in large part, aims to respond to national imperatives and in doing so provides a

unique blend of vocational and academic programmes, which have a significant focus on profession-

oriented education. At the same time, it aims for world-class standards in both the nature and delivery

of its academic product. Although profession-oriented education is particularly discernible in the field

of accountancy, it is also evident in the broader area of finance, and even emerging in certain areas of

economics.

It is essential that, in responding to an ever-changing environment, the Faculty makes every effort to

distinguish itself from its peers in terms of its focus, scholarship, and engagement with various

stakeholders in the academic space for financial education. Much has already been achieved thus far

or plans have been put in place to address the various strategic goals of the Faculty. The Faculty has

made significant strides over the last nine years in positioning itself as a finance faculty through the

provision of quality education through a considered mix of programmes ranging from undergraduate

diploma and degree programmes to postgraduate offerings at honours, master’s and doctoral levels.

Moreover, it is indeed evident that the Faculty does have an international propensity in the packaging

and delivery of an academic product aimed at addressing national needs. However, the time has

come to develop a strategy aimed at gaining global recognition as a centre of excellence in terms of

the pivotal role the Faculty could play for critical thought and advancement in the practice of

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accounting, finance and economics in Africa and beyond. In effect, it should strive to become a member extraordinaire of the global league of players in the academic space for financial education and scholarship. The high-level Faculty Review scheduled for August 2014, involving a

panel of national and international experts, as mentioned earlier, is expected to play a crucial role in

this regard.

The Faculty review will be centred on the following six criteria, as developed by the University’s Unit

for Quality Promotion (UQP):

Sustained excellence of academic programmes in the quality provision of intellectually

challenging and scholarly relevant academic programmes;

A reputation as a comprehensive institution with a unique identity in the higher education

sector because of the stature and quality of its scientific and technology-rich programmes

and its scientific and technology-driven research, innovation and technology transfer;

Sustained excellence in the conduct of scholarly relevant, intellectually challenging and

internationally recognized research with reference to an Institutional Research Profile;

Sustained excellence in teaching and learning, research and strategic engagement with communities that is mutually beneficial and promotes social, economic and educational

development ;

An international profile of students, employees, scholarly output and institutional reputation; and

Leadership that matters in the institution and in civil society.

It is expected that the Faculty Review lead by a panel of experts in relevant fields will play an

important role in assisting the Faculty to evaluate its current standing in both a national and global

context, and in determining what is needed to take the Faculty forward in terms of excellence and

stature.

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