Financial, Accounting, Management, Consulting and other Financial Services Sector Education and Training Authority
The Financial, Accounting, Management, Consulting and other Financial Services Sector Education and Training Authority (better known as FASSET) is one of the South African SETAs that has been given the go-ahead to continue in the same form as it started out in when it was launched in 2000. This is, in many ways, a green light from the Government that what they have been doing for the past decade meets the strict criteria required.
FASSET is continuously striving to introduce innovative interventions to address the scarce skills need in its sector.
Responding to 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, FASSET’s Board approved R70m in funding in 2013 for a FASSET bursary managed by NSFAS. Some 1,014 learners benefitted. An additional R60m was allocated in 2014.
As soon as FASSET and NSFAS had signed their Memorandum of Agreement in July 2013, NSFAS started identifying candidates at universities throughout South Africa, who met FASSET’s scarce and critical skills requirements.
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 should 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.
Since the amount of SETA funding that is available in any given year is determined on an annual basis, learners with existing FASSET bursaries must reapply for a FASSET bursary: Learners are eligible to reapply, provided they did well, and provided they were part of FASSET’s bursary scheme in the previous year. Learners with existing FASSET bursaries will be given preference.
Unlike many of the other NSFAS administered SETA bursary offerings, there are no strings attached to the FASSET bursary. Beneficiaries are not required to “work back” their bursary either at FASSET, or a FASSET employer.
The FASSET Board will hold its annual strategic planning session in July. Hopefully, an additional round of funding will be approved for NSFAS administered FASSET bursaries.
Source: www.icb.org.za/