Fasset (the Seta for Finance and Accounting Services) is continuously striving to introduce innovative interventions to address the scarce skills need in its sector in a very real way.
“Our Board is starting to think more broadly in terms of how we can influence skills development at a broader level. The Fasset bursary is a case in point. Since recipients of Fasset bursaries are available to the entire economy when they qualify, the Fasset bursary scheme does not offer a direct benefit to the Fasset sector. Our Board recognises, however, that Fasset plays a skills incubator role for the entire economy,” says Fasset CEO, Cheryl James.
Responding to the Minister of Higher Education and Training, Dr Blade Nzimande’s call to Setas in 2013 to supplement the shortfall in National Student Financial Aid (NSFAS) funding, the Fasset Board decided, in May 2013, to allocate surplus funds to a Fasset bursary managed by NSFAS.
Fasset allocated almost R70m in funding in 2013 and 1 014 learners benefitted. An additional R60m was allocated in 2014. “At this point in time, we cannot confirm the exact number of beneficiaries for the current financial year, as some learners still need to sign their Fasset bursary contracts, James explains.
She describes the process of identifying worthy bursary recipients as very efficient. “As soon as we had signed our Memorandum of Agreement in July 2013, NSFAS started identifying candidates at universities throughout South Africa, who met Fasset’s scarce and critical skills requirements,” James recalls.
Fasset asked NSFAS to identify learners, who were either in their third or fourth year of study and to give these candidates preference. Thereafter, if funds were still available, preference should be given to candidates in their second year. If any funding remained, bursaries would be offered to first year students.
NSFAS submitted its proposed list of candidates to Fasset for approval in October. “All of the candidates approved for Fasset bursaries are completing undergraduate B Com degrees in scarce or critical skills areas,” she informs. The amount of Seta discretionary funding that is available in any given year is determined on an annual basis and is based on Skills Development Levy income.
As a result, learners with existing Fasset bursaries must reapply for a Fasset bursary on an annual basis: “I would like to reassure learners that if they do well and were part of our bursary scheme in the previous year, they are eligible to re-apply, and will be given preference in bursary allocations in the following year.”
A number of Setas have responded to Minister Nzimande’s call for additional NSFAS funding and have also responded by offering NSFAS administered Seta bursaries. “However, unlike many of the other Seta bursary offerings, there are no strings attached to Fasset’s bursary. Beneficiaries are not required to work for Fasset, nor for any Fasset employer, in order to repay their bursary,” she assures.
Although Fasset bursaries are not linked to employment opportunities, James urges recipients to avail themselves of the myriad of opportunities available to them after they graduate. Many of these opportunities are posted on Fasset’s Facebook page.
“Fasset employers post learnership and internship opportunities on Fasset’s Facebook page on a regular basis. There are also opportunities to apply for Fasset-funded bridging programmes into employment. By providing some of the soft skills required for workplace success, unemployed graduates are transformed into attractive prospective employees. Placement rates for these programmes attest to this fact,” James observes.
The Fasset Board will hold its annual strategic planning session in July 2014. “By supporting our Minister’s appeal for additional Seta funding for NSFAS, we have been able to make a positive difference in many learners’ lives. Hopefully, our Board will approve another round of funding for NSFAS administered Fasset bursaries,” James concludes.
Fasset (the Seta for Finance and Accounting Services) is continuously striving to introduce innovative interventions to address the scarce skills need in its sector in a very real way.
“Our Board is starting to think more broadly in terms of how we can influence skills development at a broader level. The Fasset bursary is a case in point. Since recipients of Fasset bursaries are available to the entire economy when they qualify, the Fasset bursary scheme does not offer a direct benefit to the Fasset sector. Our Board recognises, however, that Fasset plays a skills incubator role for the entire economy,” says Fasset CEO, Cheryl James.
Responding to the Minister of Higher Education and Training, Dr Blade Nzimande’s call to Setas in 2013 to supplement the shortfall in National Student Financial Aid (NSFAS) funding, the Fasset Board decided, in May 2013, to allocate surplus funds to a Fasset bursary managed by NSFAS.
Fasset allocated almost R70m in funding in 2013 and 1 014 learners benefitted. An additional R60m was allocated in 2014. “At this point in time, we cannot confirm the exact number of beneficiaries for the current financial year, as some learners still need to sign their Fasset bursary contracts, James explains.
She describes the process of identifying worthy bursary recipients as very efficient. “As soon as we had signed our Memorandum of Agreement in July 2013, NSFAS started identifying candidates at universities throughout South Africa, who met Fasset’s scarce and critical skills requirements,” James recalls.
Fasset asked NSFAS to identify learners, who were either in their third or fourth year of study and to give these candidates preference. Thereafter, if funds were still available, preference should be given to candidates in their second year. If any funding remained, bursaries would be offered to first year students.
NSFAS submitted its proposed list of candidates to Fasset for approval in October. “All of the candidates approved for Fasset bursaries are completing undergraduate B Com degrees in scarce or critical skills areas,” she informs. The amount of Seta discretionary funding that is available in any given year is determined on an annual basis and is based on Skills Development Levy income.
As a result, learners with existing Fasset bursaries must reapply for a Fasset bursary on an annual basis: “I would like to reassure learners that if they do well and were part of our bursary scheme in the previous year, they are eligible to re-apply, and will be given preference in bursary allocations in the following year.”
A number of Setas have responded to Minister Nzimande’s call for additional NSFAS funding and have also responded by offering NSFAS administered Seta bursaries. “However, unlike many of the other Seta bursary offerings, there are no strings attached to Fasset’s bursary. Beneficiaries are not required to work for Fasset, nor for any Fasset employer, in order to repay their bursary,” she assures.
Although Fasset bursaries are not linked to employment opportunities, James urges recipients to avail themselves of the myriad of opportunities available to them after they graduate. Many of these opportunities are posted on Fasset’s Facebook page.
“Fasset employers post learnership and internship opportunities on Fasset’s Facebook page on a regular basis. There are also opportunities to apply for Fasset-funded bridging programmes into employment. By providing some of the soft skills required for workplace success, unemployed graduates are transformed into attractive prospective employees. Placement rates for these programmes attest to this fact,” James observes.
The Fasset Board will hold its annual strategic planning session in July 2014. “By supporting our Minister’s appeal for additional Seta funding for NSFAS, we have been able to make a positive difference in many learners’ lives. Hopefully, our Board will approve another round of funding for NSFAS administered Fasset bursaries,” James concludes.
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