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Faculty of Economic and Financial Sciences
FEEL THE PULSE, LIVE EDUCATION, UNLEASH YOUR POTENTIAL
ANNUAL REPORT 2014
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TABLE OF CONTENTS
EXECUTIVE SUMMARY ……………………………………………………………………………………………… 1 MEMORIES – 1
ST TEN YEARS ……………………………………………………………………………………… 14
1. VISION, MISSION AND STRATEGY …………………………………………………………………………. 19 1.1 Strategic context and the 2014 International Review of the Faculty 19 1.2 Vision and mission ……………………………….………………………………………………….. 22 1.3 Strategic plan ………….……………………………………………………………………………. 23 2. LEADERSHIP, GOVERNANCE AND RISK …………………………………………………………………. 33 2.1 Nature and scope of leadership …………….……………………………………………………… 33 2.2 Organisational design and governance ….……………………………………………………….. 33 2.3 Quality management ………………………………………………………………………………… 35 2.4 Risk management …………………………………………………………………………………… 36 3. TEACHING AND LEARNING - ACADEMIC PROGRAMMES ……………………………………………. 38 3.1 Subsidised programmes …..……………………………………………………………………….. 38 3.1.1 Enrolment ……………………………………………………………………………………………. 38 3.1.2 Performance …………………………………………………………………………………………. 43 3.1.3 External achievements and recognition of FEFS students ……………………………………… 45 3.1.4 Programme-related developments ………………………………………………………………… 46 3.2 Non-subsidised programmes ………………………………………………………………………. 48 3.2.1 Enrolment ……………………………………………………………………………………………. 49 3.2.2 Performance …………………………………………………………………………………………. 50 3.2.3 Programme-related developments ………………………………………………………………… 51 4. RESEARCH AND SCHOLARLY ACTIVITY …………………………………………………………………. 52 4.1 Research and scholarly activity ……………………………………………………………........... 52 4.2 Faculty research environment and related aspects ……………………………………..………. 54 4.2.1 Faculty Value Conference …………………………..……………………………………………… 55 4.2.2 Faculty Public Lecture Series ……………………………………………………………………… 55 4.2.3 Visiting professorships ……………………………………………………………………………… 55 4.2.4 NRF-rated researchers …………………………………………………………………………….. 55 4.2.5 Research and/or training centres …………………………………………………………………. 56 4.2.6 Faculty Journal ……………………………………………………………………………………… 56 4.2.7 Research funding …………………………………………………………………………………… 57 4.2.8 Collaborative and contract research projects …………………………………………………… 57 4.2.9 Acknowledgements/recognitions/awards ………………………………………………………… 59 4.2.10 Capacity development initiatives ………………………………………………………………….. 59 5. SOCIAL RESPONSIVENESS, EXTERNAL ENGAGEMENT AND INTERNATIONALISATION …… 60 5.1 Social responsiveness ……………………………………………………………………………… 60 5.1.1 Transformation ………………………………………………………………………………………… 60 5.1.2 Educational outreach …………………………………………………………………………………. 63 5.1.3 Charity …………………………………………………………………………………………………. 64 5.2 Stakeholder and other external engagements …………………………………………………….. 65 5.3 Marketing and reputation management …………………………………………………………….. 66 5.4 Internationalisation ……………………………………………………………………………………. 66 6. RESOURCE MANAGEMENT ………………………………………………………………………………….. 69 6.1 Human resource management ………………………………………………………………………. 69 6.1.1 Academic staff …………………………………………………………………………………………. 69 6.1.2 Administrative staff …………………………………………………………………………………….. 72 6.2 Finances ……………………………………………………………………………………………….. 73 6.3 Environmental sustainability …………………………………………………………………………. 73 7. CONCLUSION AND PLANS FOR THE FUTURE ……….…………………………………………………. 75
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LIST OF TABLES
Table 1.1 Strategic objective 1: Academic programmes …………………………………………………… 23 Table 1.2 Strategic objective 2: Research …………………………………………………………………… 25 Table 1.3 Strategic objective 3: Community engagement …………………………………………………. 27 Table 1.4 Strategic objective 4: Comprehensiveness ……………………………………………………… 28 Table 1.5 Strategic objective 5: Campuses …………………………………………………………………. 28 Table 1.6 Strategic objective 6: International profile ……………………………………………………….. 29 Table 1.7 Strategic objective 7: Brand identity ……………………………………………………………… 30 Table 1.8 Strategic objective 8: Leadership …………………………………………………………………. 30 Table 1.9 Strategic objective 9: Alumni ………………………………………………………………………. 32 Table 1.10 Strategic objective 10: Resources ………………………………………………………………. 32 Table 2.1 Risk assessment in the Faculty - a broad summary …………………………………………….. 37 Table 3.1 Enrolment by qualification type ……………………………………………………………………. 39 Table 3.2 UG enrolment by qualification ……………………………………………………………………… 41 Table 3.3 Enrolment in the Faculty - student profile ………………………………………………………… 42 Table 3.4 Graduates in FEFS by qualification type ………………………………………………………….. 44 Table 3.5 SAICA ITC results (first-time candidates) ………………………………………………………… 45 Table 3.6 Enrolment in non-subsidised academic programmes and income generated ……………….. 49 Table 3.7 Qualifying candidates in non-subsidised academic programmes ……………………………… 50 Table 4.1 Accredited research output in FEFS, 2014 52 Table 4.2 Research and scholarly activity in the Faculty, 2013-14…………………………………………. 54 Table 6.1 Size and profile of permanent and contract academic staff …………………………………… 69 Table 6.2 All administrative staff - by department and race ………………………………………………… 72 Table 6.3 Budgeted and actual expenditure in 2014 ………………………………………………………… 73
LIST OF FIGURES
Figure 1.1 Intellectual coherence (synergies) in FEFS ………………………………………………………. 20 Figure 1.2 Departmental perspectives on stature …………………………………………………………….. 21 Figure 2.1 Academic structure of the Faculty …………………………………………………………………. 34 Figure 2.2 Governance structure of the Faculty ………………………………………………………………. 35 Figure 2.3 Quality structure of the Faculty ……………………………………………………………………. 36 Figure 3.1 Subsidised programmes offerings ………………………………………………………………… 38 Figure 3.2 UG enrolment- composition by qualification type ………………………………………………… 40 Figure 3.3 PG enrolment - composition by qualification type ……………………………………………….. 40 Figure 3.4 Success rates ……………………………………………………………………………………….. 43 Figure 3.5 Graduation rates - total ……………………………………………………………………………… 44 Figure 3.6 Graduation rates per qualification type …………………………………………………………… 45 Figure 4.1 Accredited research output in the Faculty ………………………………………………………… 53
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LIST OF ABBREVIATIONS AND ACRONYMS AAT (SA) Association of Accounting Technicians, South Africa AAT (UK) Association of Accounting Technicians, United Kingdom ABASA Association for the Advancement of Black Accountants of Southern Africa ACCA Association of Chartered Certified Accountants ACTSA Association for Corporate Treasurers in Southern Africa APB Accounting Practices Board APB Auckland Park Bunting Road Campus APK Auckland Park Kingsway Campus CAG Consultative Advisory Group CA (SA) Chartered Accountant (South Africa) CCRED Centre for Competition, Regulation and Economic Development CEE Council for Economic Education (US-based) CENLED Centre for Local Economic Development CFA Chartered Financial Analyst CFP® Certified Financial Planner CESM Classification of Educational Subject Matter CHE Council on Higher Education CIMA Chartered Institute of Management Accountants CISI Chartered Institute for Securities and Investments CORE Centre for Operations Research and Econometrics CSI Corporate Social Investment DCA Department of Commercial Accounting DEE Department of Economics and Econometrics DHET Department of Higher Education and Training DRC Democratic Republic of Congo dti Department of Trade and Industry EDP Equity Development Programme ELG Executive Leadership Group ERA Excellence in Research for Australia ESSA Economic Society of South Africa Fasset Finance, Accounting, Management Consulting and Other Financial Services Sector Education and Training
Authority FEFS Faculty of Economic and Financial Sciences FMaC Faculty Marketing Committee FMC Faculty Management Committee FOM Faculty of Management FPI Financial Planning Institute of Southern Africa GIBS Gordon Institute of Business Science HEQSF Higher Education Qualifications Sub-framework HFA Head of Faculty Administration GES Global Excellence and Stature HoD Head of Department IAESB International Accounting Education Standard Board IDEP African Institute for Economic Development and Planning IFAC International Federation of Accountants IEDC International Economic Development Council IFRS International Financial Reporting Standards IOD Institute of Directors IRBA Independent Regulatory Board for Auditors ITC Initial Test of Competence (of SAICA) JEF Journal of Economic and Financial Sciences KYP Kliptown Youth Programme MerSETA Sector Education and Training Authority for Manufacturing, Engineering and Related Services Sector NQF National Qualifications Framework NRF National Research Foundation NSFAS National Students Financial Aid Scheme OMIGSA Old Mutual Investment Group of South Africa PRP Peer Review Panel PRR Peer Review Report PwC PriceWaterhouseCoopers RePec Research Papers in Economics
iv
RICS Royal Institute of Chartered Surveyors SAAHC South African Accounting History Centre SACPVP South African Council for the Property Valuers Profession SAFEFE South African Foundation for Economic and Financial Education SAICA South African Institute of Chartered Accountants SENEX Senate Executive Committee SLP Short learn programme SQP Staff Qualifications Project SWC Soweto Campus SWUFE South Western University of Finance and Economics TBF Thuthuka Bursary Fund UJ University of Johannesburg UL University of Limpopo UV University of Venda UQP Unit for Quality Promotion URC University Research Committee UN United Nations ZPS Zimbabwean Presidential Scholarship
Back: Prof L Bonga Bonga, Mr Dirkie van de Watt, Mr Carl Anschutz, Prof B Marx (Standing in for Prof A van der Watt) Front: Ms K Zaayman, Prof S Chetty, Prof A Dempsey, MS M Manyane
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It has been 10 years since the inception of the University of Johannesburg (UJ) and hence, the
Faculty of Economic and Financial Sciences (FEFS). Therefore this report, whilst focusing on the
year 2014 and on recent trends, will also provide some comparisons where appropriate over the
10-year period.
Operating context and governance
The Faculty consists of four departments which offer academic programmes in the fields of
accountancy, economics and finance. Programmes range from undergraduate diplomas and
degrees to postgraduate offerings at honours, masters and doctoral levels. Each academic
department is managed by a head of department (HoD) supported by typically two deputy HoDs,
programme coordinators and/or subject heads. The four HoDs, the Executive Dean, Vice Dean,
Head of Faculty Administration (HFA), and Programme Advisor constitute the Faculty Management
Committee which met once a month on average in 2014 to deal with strategic and operational
matters.
The Faculty Board, comprising all permanent and contract academic staff members, met at least
once a quarter in 2014 to consider matters relating to policy, processes and procedures regarding
academic aspects in the Faculty. In addition, five Faculty Board sub-committees played an
important role in facilitating and coordinating quality arrangements relating to academic aspects
such as teaching; learning and assessment; higher degrees; research; ethics; and programme
development.
Strategic thrusts, focus and targets/indicators
The international review of FEFS, as part of a University-wide initiative, took centre stage in 2014
in requiring the Faculty to evaluate its strategic purpose and to gauge its national and global
standing. The Peer Review Panel (PRP) consisted of high-profile individuals, generally from
international universities of renown, with expertise in economics, accounting and finance. Soon
after the review in August 2014, the Faculty engaged with its members on key aspects as
contained in the Peer Review Report (PRR). Two key opportunities of engagement, a strategic
workshop on 02 October 2014 and a Faculty Board meeting on 14 October 2014, provided
1 Information on enrolments, success rates and graduation is based largely on data extracted on 05-06 March 2015. Data until 2013 has
been audited, and 2014 data is subject to change.
2
members with the opportunity to debate and understand the notions of ‘excellence’ and ‘stature’
from the perspectives of their different disciplines.
For the purpose of this summary two points, considered crucial from a strategic perspective will be
highlighted. Firstly, the Peer Review Panel (PRP) identified what it termed to be a ‘principal
opportunity’ for the Faculty: “that UJ could, through the Faculty of Economic and Financial
Science, by the distinctive clustering of the disciplines that comprise it, be recognised as ‘the’ Pan-
Africa educator in the financial services and regulation space.” The Faculty appreciates this
observation in that the three disciplines that comprise it do indeed have the intellectual coherence
which has made the Faculty a leading provider of graduates for the financial services industry.
Over the past decade the Faculty has consciously branded itself a key provider in the academic
space for financial education – which has long been confirmed by the performance of its students
in professional body examinations.
Secondly, in light of the various observations made in the PRR and UJ’s 2025 strategic objectives
and aspiration for global excellence and stature, a working definition of stature was presented at
the Faculty Board meeting of 14 October 2014: Stature, within an academic context, is the
attainment and maintenance of context-based (pre-)eminence among academic peers, and in civil
and professional society. The Faculty embraces this notion of stature and at the same time,
accepts that variations would exist in how preeminence is viewed and pursued in terms of teaching
and scholarship over a contextual spectrum covering vocational training, profession-oriented
education and traditional academic education.
Further discussions and strategic planning will take place in 2015 with the aim of setting clearly
defined objectives, targets and plans with particular attention to the Peer Review Report, the
University’s 2025 Strategic Plan and the Global Excellence and Stature (GES) initiative.
Subsidised academic programmes
Enrolments
Total enrolment in the Faculty has grown by just above 30% over the 10-year period from 8 348 in
2005 to 10 864 in 2014. This represents an unweighted annual growth in enrolment of close to 3%
over the 10-year period (notwithstanding the variations over the years). It must also be noted that
total enrolment went well above 11 000 in some years during the same period.
Notwithstanding this discernible growth over the decade and some downward revisions in
enrolment targets, the Faculty is concerned about the fluctuations in enrolment in recent years,
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particularly the evident decline since 2013. Actual total enrolment dropped by 1,1% in 2013 and
4,4% in 2014. Moreover, the 2013 and 2014 actual total enrolments fell short of the planned
targets by 1,6% and 4% respectively. In 2014 this shortfall is more pronounced at undergraduate
level, with a drop of 5,1% relative to 2013, whilst postgraduate enrolment fell by less than a
percent.
Initial indications for the drop in enrolment point firstly to financial difficulties experienced by both
new and continuing students and secondly to the difficulty associated with attracting candidates to
diploma programmes. It seems that candidates who eventually register for diploma programmes
are by and large those who do not meet the admission requirements of regular degrees and not
those who are attracted to diplomas in their own right. It is hoped that the introduction of the new
Diploma in Financial Services Operations in the place of the diplomas in Banking and Credit
Management in 2015 will address this issue to a significant extent. The development of the new
diploma was based on much research and consultation with relevant key stakeholders. However,
an immediate mind shift is not anticipated; rather it is expected that as the new diploma takes root
it will gradually attract candidates based on its own merits.
The total enrolment for 2014 was close to 22% of the total enrolment of the University, a decline
from the 24% in 2013. However, at 22% FEFS continued to be the largest faculty in terms of
student numbers. Ten years ago, in 2005, FEFS accounted for 18% of UJ’s total enrolment.
As far as student profile is concerned, a change in terms of race relative to 2013 reflected a rise in
African enrolment from 84% to 85%, unchanged coloured and Indian enrolments at 2% and 5%
respectively, and a drop in white enrolment from 8% to 7%. Ten years ago, the distribution was
59% African, 3% coloured, 8% Indian, and 31% white. It is evident that the change in profile
(according to race) since 2005 is quite significant. Whilst this shift in profile may be consistent with
the demographic environment of the University, it is important to maintain diversity, and hence the
Faculty remains committed to targeting all ethnic groups with its marketing initiatives. With regards
to gender, the proportion of female students of total enrolment dropped from 54% in 2013 to 53%
in 2014 – barely a change from the 52% recorded in 2005.
Academic performance
The Faculty is hitting the high notes with its undergraduate success rate (in terms of degree
credits), at 85,9% in 2014 compared to 83,3% in 2013 and 74,4% in 2005. The Faculty’s
undergraduate success rate has been consistently above 80% for the last four years since 2011.
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The fall in the average success rate for postgraduate programmes from 72,4% to 70,6%, was the
net outcome of a marginal increase for honours programmes from 71,4% to 72,1%, a significant
drop for masters’ programmes from 89,6% to 66,0%, as well as a significant drop for doctoral
programmes from 59,1% to 33,5%. The Dean is in consultation with relevant HoDs on strategies
to improve the performance of students in postgraduate programmes. It must be noted that the
results for doctoral programmes will tend to fluctuate between extremes given the generally low
intake of students and the longer duration of study. In 2005 the postgraduate success rate was
65,5%, but for the last four years, since 2011, it has remained consistently just above 70%.
The number of graduates in the Faculty increased by 2,8% from 2 863 in 2013 to 2 942 in 2014.
The number of graduates recorded in 2005 was 1 613 and for the 10-year period as a whole, the
Faculty produced 22 138 graduates. The graduation rate for undergraduate degree programmes
increased from 20,1% in 2013 to 21,7% in 2014, as well as for undergraduate diploma (and
certificate) programmes from 23,5% to 26,4%. The graduation rates recorded in 2005 for
undergraduate degree and diploma programmes were 16,7% and 18,1% respectively. With
regards to graduation rates for postgraduate programmes there was a drop for honours
programmes from 59,0% to 56,1%, a decline for masters’ programmes from 19,9% to 10,6%, and
a drop for doctoral programmes from 12,5% to 8,1%.
The total graduation rate in the Faculty grew from 25,2% in 2013 to 26,5% in 2014. The
graduation rate in 2005 was 19,3% and has been consistently above 20% and increasing for the
last 4 years since 2011. The proportion of FEFS graduates relative to the University grew slightly
from 24,7% to 25,9%; this figure was at 16% in 2005 but has been consistently above 20% and
increasing for the last 5 years since 2010.
Impact of academic programmes as reflected in external achievements of FEFS students
In 2014 UJ graduates achieved a pass rate of 95% in the South African Institute of
Chartered Accountants’ (SAICA’s) Initial Test of Competence (ITC), with two UJ candidates
placed in the Top 10. This performance is a clear case of pushing the boundaries of
excellence when compared to the 90% pass rate achieved in 2013 and the 89% attained in
2005. In 2014 UJ also produced the highest number of successful black candidates
amongst residential universities, accounting for 27% of African black candidates who
passed the exam.
A UJ student from the Department of Economics and Econometrics scooped first prize in
the Old Mutual and Nedbank National Budget Speech Competition. He received his prize at
a special banquet from the then Minister of Finance, Mr Pravin Gordhan.
5
A team of UJ students from the Department of Finance and Investment Management won
the 2014 local Chartered Financial Analyst (CFA) Institute Research Challenge.
Three teams of students from the Department of Finance and Investment Management
made it to the South African final of the Chartered Institute of Management Accountants
(CIMA) Global Business Challenge 2014.
Non-subsidised academic programmes
Departments have available around 38 approved non-subsidised programmes, of which 19
(excluding winter schools) were presented in 2014. The total enrolment for these 19 programmes
was 1 095 in 2014. Note that in the case of programmes which were attendance-based, with
attendees not having to register on the UJ system, the enrolment for such programmes is not
included in the reported figures. If the total enrolment of 530 in respect of winter schools is taken
into account, then the total enrolment in non-subsidised programmes amounted to 1 625 in 2014,
reflecting a decrease of 1.3% relative to the enrolment of 1 647 in 2013.
The number and composition of non-subsidised programmes have changed over the years since
2005. However, there has been a distinct growth in enrolment in such programmes over the last
ten years from 1 053 in 2005 to 1 625 in 2014. This represents an unweighted annual growth in
enrolment of close to 5% over the 10-year period.
Seven of all the non-subsidised programmes presented in 2014, were allocated result codes.
Given the enrolment of 825 students in these programmes in 2014, the proportion of qualifying
candidates was 41,8% compared to 37,8% in 2013 (notwithstanding variations in size and
composition of such programmes over the two years). Total income generated from non-
subsidised programmes amounted to approximately R13 million in 2014 compared to R10,9 million
in 2013.
Research and scholarly activity
Preliminary (submitted) subsidised publications in the Faculty amounted to 45 items, which
translate to 37,34 units, comprising 35,45 journal article units, 0,21 book chapter units and 1,68
units in respect of conference proceedings. This represents a 53,3% increase relative to 2013.
This is an excellent turnaround for the Faculty given the previous two years of decline in accredited
output. The Department of Economics and Econometrics accounted for the lion’s share of the
2014 accredited output at close to 70% of the total. When viewed over the 10-year period,
notwithstanding fluctuations, there is very positive growth in the Faculty’s accredited research
output, starting from a modest 5 units in 2005 and growing to 37,34 units in 2014.
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Apart from activity that resulted in accredited research output, staff members remain highly
committed to scholarly activity. If subsidised output is excluded from the 323 items of activity
reported by staff for 2014, 278 items spanned scholarly work in areas such: conferences;
publications in non-accredited journals/media; non-subsidised books; and research projects.
Measures in 2014 aimed at creating an environment that would stimulate research and scholarly
activity included:
Appointment of a high profile international scholar as a distinguished visiting professor;
Appointment of visiting professors (2 international professors and 1 local);
A public lectures programme: The Faculty hosted highly esteemed speakers in 2014,
namely Mr Malusi Gigaba (Minister of Home Affairs), Prof Dominick Salvatore (Professor of
Economics and Director of the PhD programme in Economics at Fordham University, New
York), and Mr TK Makwetu (Auditor-General of South Africa);
An accredited journal (to engage with the broader research community);
Internal research funding, other incentives and various capacity development initiatives
conducted particularly at departmental level;
Activities of the Faculty’s three research/training centres: the Centre for Competition
Regulation and Economic Development (CCRED), the Centre for Local Economic
Development (CENLED), and the South African Accounting History Centre (SAAHC); and
The 5th Biennial Value Conference hosted by the Faculty in 2014 with an attendance of 200
delegates and the presentation of 66 papers.
Other factors which enhance the research and scholarly environment of the Faculty include:
The Department of Economics and Econometrics maintained its position as one of the top
five departments of Economics in South Africa, according to the Research Papers in
Economics (RePec) classification. This status has been further enhanced with the
appointment of Prof Luc Bauwens as Visiting Professor in the Department, as he is ranked
4th among scholars in South Africa according to RePec; and
In 2014 there were four National Research Foundation (NRF)-rated researchers in the
Faculty, viz. Prof Grietjie Verhoef, Prof Alain Kabundi (who resigned with effect from the
beginning of 2014, but was then appointed as a Visiting Professor), Prof Coenrad
Labuschagne and Prof Fiona Tregenna. Prof Tregenna was awarded an NRF B rating (B3)
in 2014, making her one of just a few economists with a B rating in South Africa.
7
Social responsiveness
Social responsiveness initiatives are driven primarily by the Faculty’s departments. Departments
maintained a reasonable degree of social responsiveness, with various projects undertaken in
2014. Social responsiveness projects are generally positioned in three areas, viz. educational
outreach, transformation, and charity.
Projects relating to educational outreach, undertaken by the Faculty or its departments, or by
external organisations with which the Faculty or its departments have been involved, included
support for school learners and educators. Some key programmes here include: the Khula
Weekend School (with De Beers Consolidated Mines Ltd) aimed at commerce and science grade
10, 11 and 12 learners; and collaboration with the South African Foundation for Economic and
Financial Education (SAFEFE) involving the training of teachers and learners in economics.
Projects on transformation largely included capacity building initiatives aimed at bringing about
greater equity in the areas of accounting and finance. Some important programmes here include:
the Equity Development Programme (involving essentially SAICA’s Thuthuka initiative) aimed at
providing support for black students studying towards a CA qualification; the University Upliftment
Project, whereby the Department of Accountancy provides academic leadership support to the
Universities of Limpopo and Venda and has entered into an agreement to do likewise for the
Polytechnic of Namibia; and the Old Mutual Investment Group of South Africa (OMIGSA) Imfundo
Trust aimed at addressing the country’s shortage of black investment professionals. Key projects
relating to charity undertaken by departments or external initiatives/organisations with which
departments have been involved, included fundraising, collections and commitment of personal
time by staff and students to various social activities.
Stakeholder and other external engagements
Departments in the Faculty continued to manage their relationships with various key stakeholders
closely in 2014. Stakeholders and the nature and extent of engagement with them, correspond
largely with the academic foci of the Faculty’s departments.
With profession-oriented education being a significant component of the Faculty’s academic
product, relationships with local and international professional bodies and employers are managed
with diligence. The Faculty, through individual staff members and/or its departments, has also
developed various links with other organisations and regulatory bodies, education institutions and
research entities. The Faculty has achieved greater visibility in 2014 through growing local and
international affiliations in the areas of accountancy, finance and economics (see under
Internationalisation below).
8
Marketing and reputation management
The Faculty participated in the following institutionally or externally organised activities in 2014,
aimed at prospective undergraduate applicants: mini open days, school visits, Perfect Life expos,
the Gordon Institute of Business Science (GIBS) Business School Career Expo, King Edward
School Career Expo, Othello Week, UJ’s Orange Carpet event, and the Educators’ Conference.
More attention will be given in 2015 to the kind of marketing activities that target prospective
postgraduate applicants, particularly international candidates.
The Faculty (inclusive of its departments) also engaged in various initiatives of its own aimed at
both marketing and reputation management. Activities in 2014, either initiated by the Faculty or
externally initiated in which the Faculty played a key role, included the following: the 7th issue of
its internal magazine (FACE); development of a range of marketing materials; updating of the
Faculty web pages on the UJ website; three public lectures; and co-hosting of the UJ-Beeld Youth
Conference 2014. A new marketing coordinator was appointed in 2014, who is exploring
possibilities of engaging with students and other stakeholders more actively through popular social
networking platforms. The Faculty’s four departments also engaged in their own discipline-specific
marketing activities.
Internationalisation
There are four core dimensions to the Faculty’s international profile, viz., academic programmes,
international affiliations, students, and staff. With regards to academic programmes many of the
qualifications offered by the Faculty are accredited or recognised by international professional
bodies/councils such as the Chartered Institute of Management Accountants (CIMA), the Financial
Planning Institute (FPI) of Southern Africa, the Chartered Financial Analyst (CFA) Institute, the
Association of Accounting Technicians (AAT) and the International Economic Development Council
(IEDC). Discussions on accreditation with other international bodies such as the Association of
Chartered Certified Accountants (ACCA) and the Chartered Institute for Securities and Investments
(CISI) have also commenced. Although SAICA is a national professional body, an international
dimension exists by virtue of the reciprocity agreements between itself and several foreign
professional accounting bodies which allow South African candidates qualifying as chartered
accountants to work in various other countries.
As far as international affiliations are concerned, the Faculty has collaboration agreements with
the Centre for Operations Research and Econometrics (CORE) in Belgium; the South Western
University of Finance and Economics (SWUFE) in China; the African Institute for Economic
Development and Planning (IDEP), and the Association for Corporate treasurers in Southern Africa
9
(ACTSA). HoDs have also been requested to explore possible opportunities for collaboration
arising out of UJ’s membership in the Universitas 21 (U21). The Executive Dean, Prof Amanda
Dempsey is a committee member of the Consultative Advisory Group (CAG) of the International
Accounting Education Standard Board (IAESB) of the International Federation of Accountants
(IFAC).
FEFS enrolment of international students was at 4,2% of total enrolment, compared to 2,3% 10
years ago. The international enrolment ratio in respect of postgraduate enrolment in 2014 was
10,5% compared to 3,8% in 2005, whilst for undergraduate enrolment it was 3,3% compared to
2,2% for the same years. The proportion of international enrolment has been relatively stagnant
over recent years. Measures are being undertaken to recruit more international students
particularly for postgraduate programmes. For example, a staff member from the Department of
Economics and Econometrics visited the Democratic Republic of Congo (DRC) in 2014 to recruit
students for masters’ programmes in 2015, and in order to ease the selection process, he
conducted classes and entrances tests in the DRC. Such initiatives will in future be extended to
other African countries and broadened to include other departments.
International academic staff in 2014 accounted for 9% of total permanent and contract staff (15
out of 166), compared to 6,9% in 2013. Ten years ago, in 2005, international staff accounted for
just 2,8% of total permanent and contract staff (3 out of 109).
Resource Management and Sustainability
Human resources management: academic staff
Full time permanent and contract academic staff totalled 166 by the end of the 2014 academic
year, reflecting an increase of 15% relative to 2013. This increase must be viewed in context,
taking into consideration the extent of recent past resignations which may tend to exaggerate the
extent of appointments from the end of one year to the end of the next; as well as increases in
contract appointments due to the introduction of assistant lecturers. When viewed over the 10-
year period, permanent and contract staff grew by 52% from 109 in 2005 to 166 in 2014. At the
same time total student enrolment had grown by 30% from 8 348 to 10 864 over that same period.
The higher growth in the staff complement was needed given the teaching capacity constraints
experienced in the early years. Whilst the student-staff ratio may still be considered high, the
increased appointments over the years have eased the burden on staff.
With regards to equity, despite the ongoing challenge the Faculty faces in attracting and/or
retaining qualified black academics together with the significant turnover in staff, it still managed to
10
increase the share of permanent and contract black academic staff members from 34% in 2013 to
38,6% in 2014. In 2005, the ratio of black staff stood at 23,9%.
There were 10 resignations in 2014 of which 40% were black. There were 32 appointments in
2014 of which 59,4% were black and 15,6% were international (mainly from Africa). Female
members accounted for 51,8% in 2014 compared to 49,3% in 2013. Interestingly, the ratio of
female staff members stood at 67,9% in 2005. The Faculty Management Committee consisted of
5 white, 1 international and 2 black members implying an unchanged equity ratio of 25% in 2014.
The proportion of staff with qualifications below master’s degrees decreased slightly from 34,7% in
2013 to 34,3% in 2014. The fall in percentage was limited mainly due to additional appointments
of staff with required professional credentials, but without master’s qualifications; as well as the
appointment of assistant lecturers (studying towards a master’s degree). Although the proportion of
staff with master’s degrees (as the highest qualification) dropped from 50,7% in 2013 to 49,4% in
2014, there was an increase in terms of actual numbers from 73 to 82. There was also a slight
improvement in the ratio of staff with doctoral qualifications, from 14,6% in 2013 to 16,3% in 2014.
Seven staff members (Mr J Wessels, Mr D de Villiers, Mr P Snyman, Ms M Mouton, Ms L van
Heerden, Ms R Andrew and Ms I Baigrie) completed their master’s qualifications in 2014 and two
(Dr J Viljoen and Dr M Bornman) completed their doctoral qualifications.
When viewed over the 10-year period from 2005 to 2014, the number of staff with doctoral
qualifications increased from 18 to 27, those with master’s degrees as the highest qualification
increased from 10 to 82 and those with qualifications below master’s degrees fell from 81 to 57.
The distribution in terms of academic posts in 2014 was as follows: 8 assistant lecturers, 60
lecturers, 81 senior lecturers, 7 associate professors, and 10 professors. The limited share of staff
(10,2%) at professorial level imposes a major constraint on the capacity of the Faculty to provide
supervision for postgraduate research, particularly at doctoral level.
Some special achievements by staff in 2014 include:
Ms C le Roux from the Department of Finance and Investment Management won the Best
Paper award at the 2nd International Conference on Economics, Finance and Management
Outlooks held in Kuala Lumpur, Malaysia on 20 & 21 December 2014 for her paper entitled:
“Predictive Relationships between Metal Commodities and the FTSE/JSE Top 40 Index”;
As mentioned above, Prof F Tregenna from the Department of Economics and
Econometrics was awarded an NRF B rating (B3) in 2014; and
11
Mr J Mahabir from the Department of Economics and Econometrics won the prestigious
national award, the Founders Medal, from the Economics Society of South Africa (ESSA)
for the best master’s dissertation in South Africa.
Human resource management: administrative staff
Full time administrative staff, comprising both permanent and contract employees totalled 30,5 in
2014, down from 33 in 2013 (due to resignations). With regards to equity, black employees
represented 55,7% (17) of all permanent and contract staff and female members accounted for
82%.
Financial management
The total budget allocation for the Faculty in 2014 was approximately R148,8 million representing
an increase of 7,5% on the 2013 budget of R138,5 million. In 2014, 97,1% of the budget was
utilised, the same as in 2013. In 2005 the Faculty’s budget was just over R60 million, implying that
the allocation grew at unweighted nominal annual growth rate of about 10,6% over the 10-year
period. This was clearly above the average inflation rate, and was necessary given the
appointments of additional staff members, to address prevailing and growing teaching capacity
constraints.
Risks and management of risks
The Faculty identified 23 key risks in 2014. In some cases risks were recognised in 2014 and were
still in the process of being rated by the end of the year. In most instances, the perceived
effectiveness of mitigation strategies resulted in significantly lower residual risk assessments.
However, there were still some cases for which the residual risks ratings remained medium to high
despite the intended adoption of specific controls. These are provided below with the risk
assessments before and after controls indicated within brackets:
Ineffective academic leadership in certain disciplines (20, 12);
Enrolment management not successful (20, 20);
Inability to effectively implement teaching, learning and assessment strategies -
throughput and student experience compromised (16, 12);
Insufficient accredited research output - total and per capita (15, 12);
Security and safety of staff and students (16, 16); and
Student experience not good (or UJ not preferred) compared to competitor offerings (16,
12);
12
Generally the root causes and potential consequences of risks were identified and evaluated in
terms of their significance to each risk, and the extent to which mitigating strategies would be
effective in reducing the risk. However, the above risks remain a concern to the Faculty and will be
monitored very closely. The risks will be reviewed in 2015 in terms of their persistence, the
effectiveness of mitigation measures and the identification of new strategies.
Environmental sustainability
The core academic activities of the Faculty do not directly impact the environment. However, the
Faculty fully aligns itself with the institution’s goals regarding the environment and embraces the
campaign to ‘re-use, reduce and recycle’. FEFS continued (as in the past) to encourage certain
practices that are considered important for sustaining the environment: the use of laptops during
meetings thereby minimising the use of paper, ULink as a means of engagement with students,
recycling facilities for used paper, and avoiding unnecessary usage of lights and air conditioners.
Leadership
Academic leadership in the Faculty is essentially provided by the Executive Dean, Vice Dean and
the heads of the four departments. The Executive Dean contributes to the institutional leadership
through her role as a member of: the University’s Executive Leadership Group (ELG); Senate
Executive Committee (SENEX); Senate; and various other committees and structures. She is
supported by the Vice Dean, who also participates in various committees and structures that are
expected to provide leadership in different sub-environments of the University. The Executive
Dean and members of her leadership team play further significant leadership roles outside of the
University in various structures involving: government, business, related professions, and the
broader academic community.
Conclusion and way forward
Over the past ten years FEFS has undoubtedly grown in terms of size, scope and stature, and has
carved for itself a widely acknowledged niche in the academic space for financial education. Given
such advancements the Peer Review Report, arising from the high-level Faculty Review conducted
in August 2014, has now identified what it termed to be a ‘principal opportunity’ for the Faculty:
“that UJ could, through the Faculty of Economic and Financial Science, by the distinctive
clustering of the disciplines that comprise it, be recognised as ‘the’ Pan-Africa educator in
the financial services and regulation space.”
This has provided an excellent opportunity for the Faculty to reflect on its prevailing academic
position nationally and internationally, in terms of the pivotal role it could play for critical thought
13
and advancement in the practice of accounting, finance and economics in Africa and beyond,
which would bring global recognition. Important strategic discussions have already taken place.
The next step will be the development of a well-articulated and coherent strategic plan with realistic
actions and timeframes, taking into consideration the prevailing dynamics within the Faculty and
building on its previous achievements. This will be undertaken in 2015.
14
MEMORIES – 1ST 10 YEARS
I can remember the excitement in early January with the commencement of the new university. The
name, University of Johannesburg was strange on the ear and the ‘hoep-hoep’ was even stranger
on the eye. In 2005 I was Head of the Accounting Department, and we had an interesting 18 months
with Prof Henk Kriek as Dean of the Faculty. To integrate the University and the Technikon, we had
decided to have departments that included counterparts at Wits Technikon and RAU. Hence we initially
had a Department of Accounting and Tax and a Department of Auditing. Before the end of the year, we
realised that it did not work and that the diploma offerings, with the exception of the Diploma in Banking
which resided in the Department of Economics and Econometrics (DEE), should be in separate
department. The challenge was to get a name for such a department as it was also known as a
Department of Accounting in the Technikon environment. The then HoD, Minette Vermaak made the
suggestion of naming it the Department of Commercial Accounting. However, we immediately realised
that the abbreviation could not be CA in that it related very much to the Department of Accounting.
Prof Kriek was appointed as DVC Finance from 1 July 2006 and I was then appointed as acting Dean. The interview process followed
later that year and from 1 Jan 2007 I was appointed as Dean of FEFS for a term of 5 years. Around May/June 2011 I was reappointed
for another 5 years. So my 2nd
term will finish at the end of 2016.
When FEFS was formed, it was a strange configuration. The then DVC left UJ to become the VC at TUT and they implemented
the same configuration for their commerce faculties, with one like FEFS which includes the disciplines – Accounting, Finance
and Economics, with splits into further disciplines. I remember the first ELG breakaway that I attended. The VC was appointed in
April of 2006 and in August we had the first ELG breakaway where the faculties had to present their 3-year plan. It was extremely
stressful. The VC was not satisfied with mediocre presentations. FEFS had only about 85 academic posts at the time and I made an
argument for an extra 120 positions. I must have had convincing arguments as the Faculty was awarded some 50 new posts over the
next 2 years.
At first we needed to duplicate qualifications (BCom Accounting and the Diploma in Accounting) on two campuses, in order to try and
populate SWC. It was a huge challenge. Staff and students did not like to go to SWC. Then the development of SWC began. I
immediately saw it as an opportunity to offer only diploma programmes on SWC and degree programmes on APK. It took some
convincing to get all the lecturers who lectured on the diploma programmes to see the advantages. After the SWC project had been
completed, we struggled to relocate the degree students back to APK as everyone started loving the SWC campus. It is indeed a lovely
campus. 2015 is the first year in which there are no more degree students in FEFS on SWC and no more diploma students on APB. It
literally took us 10 years to sort out the academic planning of FEFS.
It took me a year or so to get my grip on the ‘old Technikon programmes’ and as Dean I soon realised that the BTechs which
the Faculty was offering and the national diploma were merely watered-down versions of a BCom Accounting degree and had
no standing in the business world. Within the first year we sought permission from Senate to phase them out - with resistance from
the lecturers who had been lecturing on those programmes for many years. FEFS was the first Faculty to phase out the BTechs. A
number of years later, the BTech was no longer on the NQF.
I then had the challenge of what to do with the Diploma in Accounting. Fortunately this coincided with SAICA’s initiative in bringing the
Association of Accounting Technicians, United Kingdom (AAT (UK)) qualification to SA to start a joint venture, in the form of an entity
named AAT (SA). The model the AAT (UK) worked on was a ‘RPL system’ for more mature people in the work environment rather than
a qualification system for young matriculants. After a number of meetings with the CEO and other executives from AAT (UK), we
convinced them that we will be able to incorporate enough practical (hands-on) experience – into a diploma qualification. This led to the
development of a new Diploma in Accounting which was the first diploma that was not ‘National’ and hence not governed central ly by a
Technikon committee. This was a UJ diploma. The availability of many computer labs on SWC was important in finally getting
accreditation from AAT (SA). Many representatives of universities of technology enquired or came to UJ to find out how we had
configured the new Diploma. In the accounting world it was the first time that a diploma could lead to a professional qualification.
Prof Amanda Dempsey Executive Dean July 2006 to present
15
Prof Sivan Chetty Vice Dean Aug 2007 to present
Another accomplishment was that FEFS was the first faculty to offer an advanced diploma as a vehicle for diploma students to get entry
into postgraduate programmes. Diploma students could gain access to honours programmes through the completion of an advanced
diploma (and meeting the relevant entry requirements). I often lay awake at night because we offered diploma qualifications with
which students had difficulty in finding employment. After years of research and hard work the Diploma in Financial Services
Operations was presented for the first time in 2015.
Another problem was that the BCom Finance degree was extremely close to the BCom Accounting degree. The Finance Department
then reconfigured the Finance degree making it as unique as it is today, with the option for students to articulate to one of four honours
programmes.
The BCom Accounting degree originally serviced both the CA and non-CA streams. For various reasons this did not work. After SAICA
published the new Competency Framework (CF), the Department of Accounting took the initiative to be the first in the country to
develop a new degree based on the CF (Bachelor of Accounting for the CA stream). The BCom Accounting which then accommodated
just the non-CA stream had limited options for articulation to postgraduate studies. Hence three more accounting honours programmes
were developed.
Some of the important developments in the Department of Economics and Econometrics, include: the consolidation of six honours
programmes to two; the development of the MPhil in Industrial Policy in collaboration with IDEP; the MCom in Local Economic
Development; the strides made by CENLED after the many years to get off the ground; and the achievements of CCRED which is the
first centre to occupy offices off campus (in Rosebank).
Other important activities/initiatives which contribute to the research environment in FEFS include: the Faculty’s Value Conference held
every second year and the Faculty Journal which is really finding is place in the research community.
The year 2005 saw the joining of three legacy institutions with long and diverse histories, to
become the University of Johannesburg. The first 10 years has been an extraordinary journey to
be recorded in the annals of an increasingly remarkable institution. Interestingly, the formation of
the University of Johannesburg with nine faculties took place 10 years after South Africa became a
new democracy and nation consisting of nine provinces. In many ways UJ represents a
microcosm of the changed South Africa, a bustling and diverse community, rich in culture
and filled with hunger, drive and determination.
The tremendous strides made by the University over the last decade, with the Faculty in
tandem, are surely credited to a team of visionaries who looked dauntlessly to an uncertain
future, “rethinking and reinventing” as it steered a mammoth and complex craft from one
success to another.
The creation of FEFS, one of nine faculties, resulted from a restructuring process associated with the 2005 merger. The distribution of
commerce programmes between two separate faculties was largely aimed at removing unwieldiness and improving manageability. It,
however, inadvertently led to the formation of an important academic niche area within the newly formed University, through the creation
of a space for financial education. FEFS branded itself as thus, and has made significant progress over the last ten years in being
recognised as a Faculty which offers a unique blend of vocational and academic programmes in the fields of accountancy, economics
and finance. This combination of disciplines in a commerce faculty may have initially appeared to be strange, but it soon started to catch
on. Given the size and unwieldiness of traditional commerce faculties in the country, it makes sense for universities to streamline their
offerings with configurations such as FEFS.
As the only Vice Dean of a large Faculty like FEFS, I was involved in a range of activities from the writing up of strategic plans to annual
reports. My responsibilities by and large included: general assistance to the Executive Dean, support to the Dean in respect of policies,
procedures, strategies and reporting; involvement with student matters; involvement with staff matters; overseeing of marketing;
research-related matters; student access (enrolment management); higher degrees coordination and administration; and quality-related
16
matters. Over and above Faculty work, I also participated in various institutional structures. At the same time, I continued to lecture in
the Department of Economics and Econometrics and be involved in its academic affairs.
I do believe that the Dean and I, together with the HoDs, made a formidable team as we steered the Faculty and navigated it through
the rapid waters of transition and innovation. We worked well together and I learnt much over the 10 years.
As UJ celebrates the first ten years of its existence, it is with great humility that I reflect on the
achievements of the Department of Accountancy over this period. The Department of Accountancy has
over ten years established itself as a leader in accounting education in South Africa. It is generally
recognized by the accounting profession that no other university has done more in terms of transformation
and growth over a prolonged period of time. UJ’s position as the biggest residential provider of African
Black chartered accountants in South Africa is an extraordinary achievement which calls for celebration.
Equally impressive an achievement is the fact that the Department managed to achieve sustained
exceptional performance in professional examinations whilst embracing the notion of open access. UJ is on
an annual basis giving opportunities to hundreds of students who would not have been able to study at
competitor institutions. These achievements are made possible by highly motivated and passionate
teaching staff, a focus on staff well-being and ongoing reflection on our teaching and learning model and
curricula. It truly was a privilege to lead the Department for nine of the ten years.
I was appointed Head of the Department of Commercial Accounting in January 2012. Until then I was a
lecturer in the Department of Accountancy and even though I met some of the staff before at meetings and
on different campuses, I did not know what to expect when I became HoD. I realised from the onset that
the Department of Commercial Accounting was quite different from other departments. Its apparent
uniqueness may be attributable to the following factors (amongst others):
It is however the staff members who, by their contributions, make the Department special. Staff
members who are motivated, do what they do well, be it in normal activities like attending graduations and open days, setting of
examination papers, availability for consultation, etc.; or to implement changes like the integration between theory and practical work,
the use of handheld devices in classrooms, Work Integrated Learning (WIL), and so on.
This positive attitude of staff members tend to be transferred to students. This inspires me to lead and manage the department. The
generally positive attitude of staff members was also highlighted by the 2014 Faculty Peer Review Panel when it considered the
Department a strength of the Faculty. It commented: “The staff members are remarkably and admirably open to engaging in scholarly
work.”
The progress made by the Department of Economics and Econometrics (DEE) in the past ten years will
be an indelible part of my memory, particularly in respect of the gains made in: the quality and quantity of
research outputs; and the relevance of teaching and learning. I can still remember the time when the slow
progress of the Department in contributing to the research output of the University was a major concern of
Management. Also concerned with its lacklustre performance, the Departmental Management Committee
(DMC) adopted an aggressive strategy to prioritize research activities and amend a number of
programmes to make them more competitive. This was in fact a big bang approach which understandably
met with some resistance within the Department. Nonetheless, I remain impressed by the ‘speed of
adjustment’ of staff members who willingly embraced such a hardline strategy. In a period of less than 7
years, the DEE increased its research output by more than 600%. The progress made on research was
Prof Alex van der Watt HoD: Accountancy 2006 to present
Mr Dirkie van der Watt HoD: Commercial Accounting 2012 to present
Prof Lumengo Bonga Bonga HoD: Economics and Econometrics 2010 to present
The first accountancy diploma in SA that integrated theory with practical applications from first to
third year in most modules;
The only department in the faculty that is based solely on teaching and learning; and
Accreditation of the accounting diploma by the newly formed AAT (SA), a joint venture between
SAICA and AAT (UK).
17
Mr Carl Anschutz HoD: Finance and Investment Management 2014 to present
not just about quantity, but also the quality of publications. Staff members managed to publish in reputable journals in the fields of
economics and finance, such as the American Economic Review , Dynamic Macroeconomics and Journal of empirical
finance.
To date the DEE is ranked among the five best economics departments in South Africa, according to the RePec (research papers in
Economics) rankings. The DEE has attracted reputable international scholars as visiting professors such as Professor Luc Bauwens, a
well-known financial econometrician from Belgium, Professor Frank Riedel from Biefeld University in Germany and Professor Ulrich
Schmidt from the Kiel institute, among others. The DEE is finalising the details of a joint programme in Financial Economics with Ohio
University in the US. It is important to note that UJ, through the DEE, is among a few academic institutions in Africa to offer a
programme in Financial Economics.
I have been the Head of the Department of Finance and Investment Management since the beginning of
2014. The highlights in my short tenure so far include:
I had the privilege of being the Head of the Department of Finance and Investment Management for six
years from 2008 to 2013. Highlights for me during that period include:
The first doctorate degree in the DFIM was awarded to Dr Mdu E Gama in 2010. Dr Gama’s thesis on the financial impact of
IT investment decisions on the performance of JSE listed Companies received widespread attention in the media, not only
due to the relevance and contentious nature of the topic but also to the fact that Dr Gama was the first black student in South
Africa to obtain a doctorate in Finance;
In 2010 a UJ student achieved first place in South Africa in the CIMA T4 Part B case study exam. His first place in South
Africa was also the 7th highest mark in the world for the CIMA case study exam; and
The University of Johannesburg won the South African final of the CIMA Global Business Challenge (GBC) in 2013 thereby
becoming the first university in South Africa to win the SA final more than once.
Prof Giepie Els Former HoD: Finance and Investment Management 2008 to 2013
Another year of good results attained in the examinations of the Chartered institute of
Management Accountants (CIMA);
Continued interest in the MCom (Finance) degree that started in 2008;
The University of Johannesburg had three teams amongst the four finalists at the South African
final of the CIMA Global Business Challenge (GBC) in 2014;
The University of Johannesburg had a team in the final of the South African leg of the CFA
challenge making us one of only two universities that have reached the finals every year since
its inception (UCT being the other);
The team from UJ won the South African leg of the global CFA challenge and will be
representing South Africa in the Netherlands during April 2015; and
The Department’s research output improved dramatically in 2014.
The excellent results achieved annually by our students in the Chartered institute of
Management Accountants (CIMA) examinations;
Two students of the DFIM successfully completed their MSc (Investment Analysis) degrees with
distinction at the University of Tilburg in 2008;
Interest in the new MCom (Finance) degree that started in 2008 exceeded all expectations. The
first cohort of students completed their minor dissertations in the following year;
In 2008 I was awarded the UJ Vice-Chancellor’s Award for Teaching Excellence;
18
Prof Marita Pietersen Former HoD: Commercial Accounting 2009 to 2011
For the years 2009 to 2011 I had the privileged of being initially Acting Head and subsequently Head of the
Department of Commercial Accounting (DCA). Those years could be regarded as a period of moves,
waves and even some tsunamis.The year 2009 kicked off with a tsunami when significantly more diploma
students met the minimum entry requirements than expected because of the ‘too good to be true’ 2008 Gr
12 results, which led to insufficient venues, lecturers, learning guides, and so on. In the same year, staff
had to jump into the “Performance Management Agreement (PMA)” process and learn how to swim and
perform in this tidal wave. Then came the Staff Qualifications Project (SQP) which many lecturers
experienced as a tidal wave that swept them off their feet whilst others rode the wave as an opportunity to
improving their qualifications up to Master’s level.
The academic wave pulled the DCA into the SANTED-project (with the aim of establishing clearer
differentiation between degree and diploma programmes) and collaborations with the Association of
Accounting Technicians South Africa (AAT(SA)) and Sage Pastel with the aim of transforming the
curriculum of the Diploma in Accounting to make it a more ‘hands-on’ qualification. Much effort was
undertaken to bring the diploma offerings of the Department in line with the University’s teaching and learning philosophy of ‘learning to
be’ and to have a more operational focus to meet the needs of the market and key stakeholders.
Most of 2010 was spent on riding the waves of 2009 to achieve particular goals. The new UJ Diploma in Accountancy was approved
and that lead to the DCA looking for more waves to be used as a conscious effort to raise the profile of its diploma offerings. In
preparation to offer the Pastel Accounting package, lecturers (and many tutors) were trained to become Pastel trainers. A personal
highlight for me was when the AAT (SA) invited me to speak to lecturers from all over South Africa. I spoke at the SAAA Conference
and presented at the SANTED close-out conference on how the DCA redesigned its Diploma in Accountancy.
The year 2011 saw the first cohort of students for the new UJ Diploma in Accountancy and that meant rolling out the Pastel application –
this was even bigger than a tsunami wave and caused many to gasp for breath during the year. In between the planned move of the
DCA from the Bunting Road Campus (APB) to the new state-of-the art Soweto Campus (SWC) was taking place. By the end of 2011
the DCA was resettled and ready to embark on a new journey from 2012 on SWC.
Many staff members are now appreciative of the DCA becoming more professional not only in terms of its programme offerings but also
in its day-to-day operations and its level of service to students. The DCA has survived turbulent times and is ready to face whatever
comes it way. As for me, I have since 2012 been taking care of quality-related matters in the Faculty, particularly in respect of the
HEQSF alignment process.
19
1. VISION, MISSION AND STRATEGY
1.1 Strategic context and the 2014 International Review of the Faculty
The international review of FEFS, as part of a University-wide initiative, took centre stage in 2014
in getting the Faculty to evaluate its strategic purpose and to gauge its national and global
standing. The Peer Review Panel (PRP) consisted of national and international experts in the
fields of economics, accounting and finance. Soon after the Review in August 2014, the Faculty
engaged with its members on key aspects as contained in the Peer Review Report (PRR).
Initially the PRR was circulated amongst heads of departments for discussion in their departments.
Thereafter a Faculty strategic workshop was held on 02 October 2014 to discuss the PRR with a
view to developing a strategic plan for the Faculty which would be aligned with the University’s
aspirations for global excellence and stature (GES). The strategic workshop was followed by a
discussion facilitated at a Faculty Board meeting on 14 October 2014 which provided members
with the opportunity to understand and debate the perspectives of the different departments
regarding ‘excellence and stature’. An overall Faculty response to the PRR was prepared and
approved at a Faculty Board meeting in January 2015.
Two points, considered crucial from a strategic perspective are highlighted. Firstly, the Peer
Review Panel (PRP) identified what it termed to be a ‘principal opportunity’ for the Faculty:
“that UJ could, through the Faculty of Economic and Financial Science, by the distinctive
clustering of the disciplines that comprise it, be recognised as ‘the’ Pan-Africa educator in
the financial services and regulation space.”
The Faculty accepts this observation in that the three disciplines that comprise it do have
intellectual coherence to the extent of it becoming a leading provider of graduates for the financial
services industry. Figure 1.1 illustrates the synergies that exist within the Faculty given its current
configuration. Since its inception in 2005 as an academic entity with a distinctive grouping of
disciplines, the Faculty has been engaged in an effort to position itself in the academic space for
financial education through world class pedagogy, active scholarship and growing international
affiliations. The Faculty therefore agrees on maintaining the status quo on its existing structure.
However, a more concerted effort is needed (as indicated by the PRP) for enhancing the Faculty’s
scholarly profile, as well as for branding and communication in order to enhance visibility.
20
Figure 1.1 Intellectual coherence (synergies) in FEFS
Secondly, in light of the various observations made by the PRP, it is important to understand the
differences that exist across departments in the Faculty given the nature of their disciplines, taking
into consideration national and international contexts. It is important to understand their different
perspectives on stature and how they view their roles in achieving such stature, keeping in mind
UJ’s 2025 strategic objectives and the aspiration for global excellence and stature. It is interesting
to note that despite there being just four departments in the Faculty and evident synergies in terms
of intellectual coherence and academic foci, there are significant differences in perceptions relating
to excellence and stature. Notwithstanding these differences, there seemed to be general
acceptance of a working definition of stature presented at the Faculty Board meeting of 14 October
2014:
Stature, within an academic context, is the attainment and maintenance of context-based
(pre-) eminence among academic peers, and in civil and professional society.
Whilst none of the departments deny that stature equates preeminence amongst academic peers
and other relevant stakeholders nationally and globally, variations exist on how such preeminence
is viewed, in terms of teaching and scholarship over a contextual spectrum covering vocational
ACCOUNTANCY
COMMERCIAL
ACCOUNTING
ECONOMICS &
ECONOMETRICS
FINANCE & INVESTMENT
MANAGEMENT
Accounting Economic context (tax,
exchange rates, hedging,
history of economic
sciences, etc.)
Financial Services
Operations
Finance and
Investment
Accounting,
Financial
Management
21
training, profession-oriented education and the traditional academic education. Departments’
perspectives on stature are indicated in Figure 1.2.
Figure 1.2 Departmental perspectives on stature
Whilst excellence in teaching and scholarship, associated with vocation and profession-oriented
education has a strong national context, expansion can be achieved through the exploitation of
existing and new opportunities for collaboration with international associates. The traditional
academic programmes however, generally tend to already allow for the delivery of excellence in an
international context in terms of curricula, staff profile, research and collaboration.
DEPT OF ACCOUNTANCY
Stature derives from stakeholders’ perceptions of excellence, and hence the effective communication of successes;
National stature is a pre-requisite for global stature;
Global stature should benefit programmes offered nationally;
The focus on professional education embraces: national responsiveness, close relationships with industry, and scholarly output that is wider than accredited publications;
The focus on professional education means that success is not measured only by way rankings, but efforts to achieve stature will positively impact the University’s rankings; and
Involvement in areas of international interest with international stakeholders presents several opportunities to achieve global stature.
DEPT OFECONOMICS AND ECONOMETRICS
Economics as a dynamic field of study has evolved beyond a social science;
Quality teaching is a function of quality research;
Quality research and the right balance between local and international publications are critical for stature and hence, ranking;
Staff development and student training needs to keep abreast with the dynamic pace of change in the field of economics;
International profile of the department depends on: international exposure of the department, an international staff profile, participation in international conferences and workshops, publications in high-ranked journals; alignment of curricula with international trends, international collaborations; and
Key drivers/priorities for an international profile: All staff be involved in both teaching and research; enhanced support for publications in high-ranked journals, enhanced support for workshop and conference attendance/participation, departmental seminars, improved staff qualifications (PhDs), moral support and leadership that cares, better intellectual synergy and collegial esprit d’ corps, better research coordination (and collaboration) in departments and within the Faculty, review of doctoral programmes, and exploit synergies within the Faculty.
DEPT OF OFCOMMERCIAL ACCOUNTING
Stature entails the offering of programmes that are relevant and conform to best practice academically in terms of curricula and teaching and learning aimed at the preparation of work-ready graduates;
Successful placement and reputable performance of graduates in industry provide a measure of the effectiveness of programmes offered by the Department;
Emulation of the Department’s programmes by other institutions in South Africa and Africa would serve as an affirmation of their quality and relevance;
Adequate preparation of those graduates from diploma programmes, who wish to pursue postgraduate studies, via pre-determined articulation routes; and
Ongoing research in respect of curricula and teaching and learning to ensure quality and relevance of programmes.
DEPT OF OFFINANCE AND INVESTMENT MANAGEMENT
Stature is the recognition by stakeholders (i.e. industry, other universities, alumni, employers, professional bodies, etc.) of the value that the Department contributes to the learning experience of its students; and
Recognition of academics in the Department among their peers (in academia) albeit through the quality of our programmes or the achievements of our learners and/or academia.
22
In following up on the strategic session and Faculty Board Discussions of October 2014 and the
Faculty’s response to the PRR, a strategic planning session will be held in the near future with the
aim of setting clearly defined objectives, targets and plans with particular attention to the
University’s 2025 Strategic Plan and GES initiative.
1.2 Vision and mission
The vision of the Faculty is:
“To be a faculty of academic distinction by internationally recognised standards, embracing
the challenges of complexity and diversity of its African environment, in its endeavour to
advance knowledge and skills aimed at capacity-building in the fields of accountancy,
economics and econometrics, and finance.”
The Faculty endeavours to achieve its vision through the following:
Constructive engagement with its national and international academic community;
Advancement of quality research through the implementation of innovative measures;
Provision of first-class education through effective and innovative teaching and learning
strategies;
Establishment of an academic/working environment, which produces high levels of
motivation, encourage scholarship and attract well-qualified staff; and
Enhancement of the productive capacity of the country in the fields of economics, finance
and accountancy through relevant curricula and programmes that address skills shortages,
transformation goals, alternative access and community needs.
In line with the Faculty’s overall vision and mission, the Executive Dean seeks to strategically
position the Faculty in terms of the following key goals:
Preferred faculty in South Africa for students in the fields of accountancy, finance and
economics;
Improved graduation rates; and
Improved research output.
Given the importance of being ever-responsive to the dynamic and fast-paced world of finance,
and hence the need to be innovative and forward-looking in its endeavours, the Faculty has
identified the following as overarching goals:
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An optimal mix of relevant and competitive programme offerings;
Effective and efficient enrolment management;
Well-rounded graduandi and diplomandi;
Performance-driven leadership;
Constructive engagement with its community and relevant stakeholders;
Efficient resource management;
Active scholarship inclusive of high impact research; and
Effective marketing and branding.
1.3 Strategic plan
The Faculty is committed to the University’s 2025 Strategic Objectives and its plans to advance the
Institution in terms of Global Excellence and Stature (GES). Whilst the Faculty’s current strategic
plan is, in terms of its ten objectives, directly or indirectly connected with the University’s six
strategic objectives, further deliberations are necessary to ensure better alignment in terms of
targets, actions and timeframe/s. Strategic discussions in this regard will take place in 2015.
The Faculty’s 2014-16 Strategic Plan is provided in tables 1.1 to 1.10. A review of the progress
made in achieving targets is provided in the last column of each table.
Faculty Strategic Plan: Strategic objectives, sub-objectives, actions and targets
Table 1.1 Strategic objective 1: Academic programmes
STRATEGIC OBJECTIVE 1
Academic programmes which, through relevance and high standards, produce graduates that are highly sought after in the market place
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
1.1 Ensure relevance, good alignment and sustainability of degree programmes (as well as post-graduate diploma programmes).
Curriculum improvements in the 1st year,
of the three BCom programmes to ensure more appropriate skills development and better articulation to subsequent years of study
Implementation in 2014
Achieved.
A revamp of the BCom Economics and Econometrics degree to provide for more quantitative skills development needed for subsequent studies in economics and econometrics
Implementation in 2014 Achieved.
Introduction of the elements of good citizenship in new modules or as new outcomes in existing modules
Implementation in 2014 Implemented in some UG modules.
Consolidation of the six honours programmes in economics into just two existing programmes
Implementation in 2014 Achieved.
The development of postgraduate diploma programmes in the Department of Accountancy, to particularly cater for profession-oriented education
Implementation in 2015 Achieved and to be implemented in 2017.
Development of professional masters programmes to cater for the demand for profession-oriented education at the level of higher degrees
Implementation 2016/17 Still to be developed.
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STRATEGIC OBJECTIVE 1
Academic programmes which, through relevance and high standards, produce graduates that are highly sought after in the market place
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
New MPhil in Industrial Policy for IDEP Implementation in 2014/15
Implementation expected in August 2015.
Professional doctoral programme Explore possibilities Still in exploration phase.
General review and revision of programmes related to the HEQSF alignment process
Completion by 2016 Good progress made. Completion expected by 2016.
1.2 Ensure relevance, good alignment and sustainability of vocational (diploma) programmes.
Pastel training for staff to ensure capacity for the new diploma programmes implemented in 2011
Ongoing Good progress made.
Closer relations with the Association for Accounting Technicians, South Africa (AAT (SA)) to ensure clear articulation routes for designation as accounting technician
Finalisation by 2014 Achieved.
Accreditation by CIMA Finalisation by 2016 Accreditation granted during 2014.
Accreditation by ACCA Finalisation by 2016
Negotiations are at an advanced stage.
Reduction of diploma offerings from four to two in order to eliminate curriculum overlaps and ensure market alignment; and diplomas in banking and credit management to be absorbed into a new Diploma in Financial Services Operations in order to allow better CESM alignment and market-focus
Discontinue the diploma in FIS from 2014; discontinue the diplomas in banking and credit and introduce the new Diploma in Financial Services Operations in 2015.
Implemented in 2015.
General review and revision of programmes related to the HEQSF alignment process
Completion by 2016 Good progress made. Completion expected by 2016.
1.3 An effective teaching and learning model
Alignment of departments’ teaching and learning models with the University’s philosophy of ‘learning to be’ through measures such: increased contact time, more effective use of tutorials, provision of academic support, collaborative learning, student-accountable learning involving more learning activities, and emphasis on class/tutorial attendance – formalised for exam entry
80% success rate (in terms of degree credits) for undergraduate programmes 68% success rate for postgraduate programmes 26% total graduation rate
UG programmes – success rate in 2014: 85,9% PG programmes – success rate in 2014: 70,6% Overall FEFS graduation rate in 2014: 26,5% Proportion of FEFS graduates relative to UJ’s in 2014: 25,9%
A teaching and learning model with the above-mentioned intrinsic development and support measures to benefit students from the outset rather than have a model based on addressing at-risk students or modules
1.4 Effective and efficient enrolment management
Collaboration with the Student Marketing Division in efforts to identify and recruit good candidates
Undergraduate enrolment as per institutional enrolment plan Postgraduate enrolment as per institutional enrolment plan New first-time entering undergraduate enrolment as per institutional plan Undergrad and postgrad split, at 86:14
Enrolment of international students 5,5% by 2016
UG enrolment in 2014: 5% below target PG enrolment in 2014: 2% above target FTE enrolment in 2014 – figure to be finalised UG-PG ratio in 2014: 86,9:13,1 Proportion of international students in 2014: 4,2%
A variety of initiatives at Faculty and Department levels to attract good candidates – with an increasing focus on social media platforms
Focused measures to attract Afrikaans-speaking candidates, such as school visits
International students – measures to attract good quality students from other parts of Africa
1.5 Qualified and competent academic staff
Improvement in staff qualifications through SQP and other departmental measures
Staff with a master’s degree as the highest qualification – 70% by 2016 Staff with a doctoral degree as the highest
Staff with and M as the highest qualification in 2014: 49,4% Staff with a D as the highest qualification in 2014: 16,3%
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STRATEGIC OBJECTIVE 1
Academic programmes which, through relevance and high standards, produce graduates that are highly sought after in the market place
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
qualification – 20% by 2016
Increased percentage of designated staff, whilst ensuring quality appointments
Designated staff – 40% by 2016
Designated staff in 2014: 38,6%
Increased proportion of senior staff, particularly professorial level
Professorial staff – 20% as expected by VC
Professorial staff in 2014: 10,2%
Appointments of international staff with stature
International staff – 8% by 2016
International staff in 2014: 9%
A scholarly active staff - Staff generally engaged in scholarly activities to keep abreast of latest developments in teaching and learning and/or in their subject areas
Publications in peer-reviewed journals that are not necessarily DHET subsidised
See Table 1.2 below.
A research active staff 55 accredited research units by 2016 (50 expected by VC); 50 accredited units by 2016 from the Economics Dept if supported by at least two research professors; and Publications inclusive of high impact journals
See Table 1.2 below.
Table 1.2 Strategic objective 2: Research
STRATEGIC OBJECTIVE 2
A combination of initiatives at Faculty and departmental levels to increase and maintain a research focus without diminishing attention afforded to the other important academic goals of the Faculty
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
2.1 Active scholarship, inclusive of high impact research
Given that FEFS has a significant focus on profession-oriented education, the concept of scholarly activity was placed under review to allow for outputs that are not necessarily accredited. The notion of profession-oriented education and the corresponding nature of scholarly activity are captured in the 2013 revised FEFS Appointments and Promotions Policy.
High degree (as determined at departmental level) of scholarly activity over and above that which result in accredited research output; Activities should include: contributions to conference proceedings; publications in non-accredited journals/media; contributions to non-subsidised books; research projects; and conference presentations and/or attendance; Pertains particularly to the following departments: Accounting, Commercial Accounting, and Finance and Investment Management.
In 2014 staff remained scholarly active. If subsidised output is excluded from the 327 items of activity reported by staff, 278 items covered work in areas such: conferences; publications in non-accredited journals/media; non-subsidised books; and research projects.
The Department of Economics and Econometrics is recognised as a key player in raising the research profile of the Faculty, particularly in respect of accredited research output; There is a renewed impetus in the Department to accelerate research activity, supported by various initiatives.
50 accredited units by 2016 from the Economics Dept if supported by at least two research professors Publications inclusive of high impact journals
In 2014 Preliminary (submitted) subsidised publications amounted to 45 items, which translate to 37,34 units, comprising 35,45 journal article units, 0.21 book chapter units and 1,68 units in respect of conference proceedings. A 53,3% increase
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STRATEGIC OBJECTIVE 2
A combination of initiatives at Faculty and departmental levels to increase and maintain a research focus without diminishing attention afforded to the other important academic goals of the Faculty
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
Departmental initiatives (writing workshops; research skills workshops; research retreats)
55 accredited research units by 2016 (50 expected by VC) Publications inclusive of high impact journals
relative to 2013. The Dept of Economics and Econometrics accounted for close to 70% of the 2014 accredited output.
Faculty initiatives (SQP; funding via URC processes; faculty-level workshops as and when requested)
55 accredited research units by 2016 (50 expected by VC); and Publications inclusive of high impact journals
2.2 The establishment of an enabling environment for research.
Biennial Faculty Value Conference
Conferences in 2014 and 2016 (Previous conference held in 2012 at the Drakensburg)
5th Biennial Value Conference
hosted in 2014 with an attendance of 200 delegates and the presentation of 66 papers.
Public Lecture Series Usually 1 per term each year
3 public lectures held in 2014.
Three research/training centres to serve as important conduits for scholarly activity: Centre for Local Economic Development (CENLED), Centre for Competition, Regulation and Economic Development (CCRED), and the South African Accounting History Centre (SAAHC).
Centres established, with activities ongoing.
The 2014 activities of the Faculty’s three research/training centres continued to contribute towards creating an enabling research environment in the Faculty.
Positioning of the recently accredited Faculty Journal in the International domain in terms of editorship and publications, to assist in establishing valuable links with the community of researchers in the economic and financial sciences
Journal is gaining in profile; Plan to make it open access by 2015.
The Journal of Economic and
Financial Sciences (JEF), in
existence for 8 years is accredited
by DHET. Articles are also
indexed on the list of South African
Periodicals, the contents pages of
Sabinet and Excellence in
Research for Australia (ERA).
In 2014 the journal received 81
manuscripts for possible
publication. The Journal currently
has an acceptance rate of about
42%.
The management and process flow of all articles and administration will from 2015 be done via the internet.
Internal research funding shared between the Faculty and URC for researchers
Staff to be encouraged to apply every year.
3 applications for internal grants were received in 2014 only 1 was approved by the FMC, as there other 2 applicants did not apply for external funding.
Appointment of visiting professors, in different areas of expertise to play an important role in promoting scholarly activity
At least three meaningful appointments in each of the departments of Accounting, Economics and Finance by 2016
Appointment of 3 visiting professors (2 in the Dept. of Economics and Econometrics and 1 in the Dept. of Finance and Investment Management; and the appointment of one distinguished visiting professor.
Various skills development workshops department levels (at Faculty level, when requested)
Ongoing
A 2-day workshop on postgraduate research assessment was held by the Faculty in collaboration with the PGC at the beginning of 2014. Other initiatives were organised at departmental level.
A more focused recruitment strategy in some departments with the aim of bringing in candidates with research potential.
Already taken into consideration when making appointments, particularly in the Economics Dept.
There were 5 international appointments in 2014, 3 of which were in the Dept of Economics.
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Table 1.3 Strategic objective 3: Community engagement
STRATEGIC OBJECTIVE 3
Reflection on the nature and extent of the Faculty’s current involvement and the development of programmes that would constitute a more constructive engagement with its community
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
3.1 Constructive engagement with the community through transformative work
The Equity Development Programme (EDP) for African and coloured students studying towards the CA (SA) qualification at undergraduate and postgraduate levels, through SAICA’s Thuthuka Programme
Ongoing every year
Acceptable success rates achieved for students on Thuthuka Programme. Performance of students continues to be above class averages.
Participation in SAICA’s University upliftment programme
Successful involvement with the University of Limpopo (UL) –Will now assist the University of Venda (UV).
Subject heads continued to provide support to UL ito new MOU. Also successful first year of support provided to UV.
Participation in the Old Mutual Investment Group of South Africa (“OMIGSA”) Imfundo Trust aimed at addressing the country’s shortage of black investment professionals and growing the pool of suitably qualified individuals in the asset management industry
Ongoing involvement whilst the programme remains in existence
2014 was the 3rd year of running
of the OMIGSA Imfundo Trust at
UJ. UJ had 9 students in the 2014
programme.
Establishment of a financial planning clinic (including tax planning)
2015/16
Much of the conceptualising of the Financial Planning Clinic and how it is to be implemented was done in 2014.
Provision of local economic development advice through CENLED. 2015/16
The number of municipalities in CENLED’s mentorship programme increased from 10 to 33 in 2014.
3.2 Constructive engagement with the community through educational outreach
Participation in the Soweto Campus Saturday School for Commerce and Science students (grades 10, 11 and 12), sponsored by De Beers Consolidated Mines Ltd.
Continued involvement
The project now known as the Khula Weekend School (KWS) continued to provide support in the subjects English, Maths, Physical Science, Economics and Accountancy to grade 10, 11 and 12 learners from selected schools. Whilst the 2014 grade 12 results were generally good, the number of distinctions dropped from 54 in 2013 to 15 in 2014 due to the introduction of CAPS. Out of the 15 distinctions 9 were commerce learners (Accounting and Economics).
Collaboration with the South African Foundation for Economic and Financial Education (SAFEFE) and the US-based Council for Economic Education (CEE) and other key partners/stakeholders, in training of teachers and learners in Economics
Continued involvement The Dept of Economics continued to be involved with SAFEFE in 2014.
Provision of revision classes for accounting pupils from Thabanjabulo High School
Continued involvement Not undertaken in 2014.
3.3 Constructive engagement with the community through charity
Various charity projects, such as: collection and distribution of food, clothing, textbooks and stationery, support of a football club in Manica, Mozambique, support of the iThemba Rape & Trauma Support Centre, fundraising for Cancervive, collection of blankets for the House of Hope Centre, support of the Nkanyesi Stimulation Centre, collection of toys and toiletries for the Karl Sithole Home, and collection of toys and toiletries for children at the Chris Hani Hospital on ‘Mandela Day’.
Continued involvement
In 2014 key projects relating to charity initiated by departments or external initiatives/ organisations with which departments have been involved, included fundraising, collections and commitment of personal time by staff and students to various social activities.
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Table 1.4 Strategic objective 4: Comprehensiveness
STRATEGIC OBJECTIVE 4
Pre- and postgraduate offerings from diplomas to degrees which comprise a unique blend and considered balance of professional, vocational and general formative programmes that cater for a specific range of skills in the fields of accountancy,
financial economics and econometrics, and financial decision making
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
4.1 Horizontal spread and access opportunities commensurate with the Faculty’s financial focus (Also refer to Table 1.1 for additional information on academic programmes)
Reduction of the current four diploma offerings to two, in the interest of better focus in terms of market needs, as well as to ensure CESM alignment
Two diploma programmes by 2015/16: Dip in Acc and a new Dip in Financial Services Operations
A new diploma in Financial Services Operations has been introduced in 2015. The diplomas in Banking and Credit Management are being phased out with effect from 2015.
Review of BCom degree programmes in terms of relevance, standards and balance especially at first-year level
Implementation of revised BCom programmes in 2014
Implemented in 2014.
Maintain access route to diploma programmes via the Programme in Commercial Accounting
In place – ongoing review
The Programme in Commercial Accounting remained an important access route to diploma programmes in 2014.
Maintaining of an access route to degree studies via BCom extended degrees
In place – ongoing review
The BCom extended degrees continued to accommodate 280 new students in 2014.
4.2 Vertical spread and articulation opportunities
(Also refer to Table 1.1 for additional information on academic programmes)
Articulation from diplomas to undergraduate degree programmes
Currently possible for students who need to do a special maths course designed for diploma students; With the new diploma in Financial Services Operations expected to be introduced in 2015/16, maths has been built into the curriculum, thereby enabling completed diploma students (who needed the math) to enrol for degree programmes.
With the introduction of mathematics into the 2 diploma programmes of FEFS, greater articulation opportunities have been created for students.
Articulation from diplomas to honours programmes through the recently approved advanced diplomas
In place – further advanced diplomas to be developed to widen access.
Advanced diplomas continue to play an important role in providing an articulation opportunity for diploma students to honours programmes.
Articulation through bridging programmes to honours studies for degree candidates who do not make the selection requirements based on their degree performance
In place
Bridging programmes remain an important access route for degree candidates who need to up their performance for entry into honours programmes.
Table 1.5 Strategic objective 5: Campuses
STRATEGIC OBJECTIVE 5
Consolidation of programmes to establish a campus profile with minimum or no duplication of programme offerings in order to avoid disparities, perceived or real, in service delivery
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
5.1 Consolidation of programmes across campuses
The move of all diploma programmes to SWC - commenced in 2012 (A phase-out plan was put into effect for diploma programmes on APB)
Completion by 2015 Achieved by end 2014 (beginning 2015).
The move of all degree programmes (regular and extended) to APK commenced in 2012 (A phase-out plan was put into effect for degree programmes on SWC)
Completion by 2015 Achieved by end 2014 (beginning 2015).
5.2 Campus equivalence Improvement in campus equivalence within programmes types through the consolidation of programmes across campuses
Completion of consolidation by 2015
Achieved by end 2014 (beginning 2015).
A dedicated faculty office, and the Dept of Comm Acc, located on SWC to ensure both academic and administrative support on that campus, as on APK
In place
No major concerns in 2014 regarding Faculty service. Minor concerns addressed in 2015 with temporary redeployment of Faculty staff.
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Table 1.6 Strategic objective 6: International profile
STRATEGIC OBJECTIVE 6
An improved international profile of the Faculty in terms of programmes, students and staff
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
6.1 Internationalisation in terms of students
Capitalising on the success of the Zimbabwean Presidential Scholarship (ZPS) Programme to try and attract students from other African countries Enrolment of
international students – 5,5% by 2016 Establish more exchange programmes for students by 2016.
Proportion of international students in 2014: 4,2% Limited student exchange programmes to date. More to be explored by 2016
Collaboration with the South Western University of Finance and Economics (SWUFE) in Chengdu, China on a student exchange programme
Participation in the Institutional engagement with East and West African universities on possibilities for collaboration
6.2 Internationalisation in terms of staff
Recruitment strategy by the Department of Economics and Econometrics to attract established international academics in order to raise its international profile
International staff – maintain at around 7,5% Establish more exchange programmes for staff by 2016
International staff in 2014: 9% of P and C academic staff Staff members are beginning to become aware of the importance of publishing in high-ranked international journals (particularly in the Economics Dept.). Limited staff exchange programmes. More to be explored by 2016.
Encouraging of staff members to publish in high-ranked international journals
Collaboration with the South Western University of Finance and Economics (SWUFE) in Chengdu, China on a lecturer exchange programme
6.3 Internationalisation in terms of programmes
Maintaining of partial accreditation of the BCom Hons (Financial Management) in conjunction with the BCom (Fin) and BCom (Acc) degrees by the Chartered Institute of Management Accountants (CIMA), an international accountancy body
Maintain Accreditation retained in 2014.
Negotiations with CIMA for accreditation of some of the modules in the Accounting Diploma
Maintain Accreditation granted in 2014.
Negotiations with ACCA, a global body for professional accountants for accreditation of some of the modules in the Accounting Diploma
Maintain Negotiations are at an advanced stage.
Agreement with the Financial Planning Institute of Southern Africa (FPI) on students having to meet certain requirements in the BCom Honours in Financial Planning, towards becoming Certified Financial Planners (CFP®);
Maintain
Students who obtain the B.Com Honours (Financial Planning) programme at UJ are invited to write the independent Professional Competency Exam of the FPI.
An MOU with the Association for Corporate Treasurers in Southern Africa (ACTSA) to make the Dept of Finance and Investment Management the sole training and programme development provider for ACTSA;
Finalise by 2015/16
The Dept. of Finance and Investment Management signed an MOU with ACTSA. UJ and ACTSA are currently busy with the last legal issues regarding the non-disclosure agreement.
Plans by the Department of Finance and Investment Management to apply for top international professional status and accreditation with the Royal Institute of Chartered Surveyors (RICS) in respect of the BCom Honours in Property Valuation and Management
Finalise by 2015/16 In negotiations for accreditation.
An MOU was signed in 2012 with the Chartered Institute for Securities and Investments (CISI) with the aim of applying for accreditation for applicable programmes in the Department of Finance and Investment Management.
Finalise by 2015/16 Still in process.
Accreditation of modules by CISI in the proposed new Diploma in Financial Services Operations
Finalise by 2015
Certain modules of the diploma are aligned with CISI which will provide students who pass the exam with 70% or higher with an internationally recognised designation, namely the Investment Operations Certificate.
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STRATEGIC OBJECTIVE 6
An improved international profile of the Faculty in terms of programmes, students and staff
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
Fifteen short courses in local economic development in the Department of Economics and Econometrics approved in 2012, form part of the international accreditation process with the International Economic Development Council (IEDC).
Maintain A new career path for economic developers was established which is recognised by the IEDC.
The Department of Economics and Econometrics signed an MOU in 2012 with the Centre for Operations Research and Econometrics (CORE) in Belgium, aimed at cooperation on academic activities.
Maintain Collaboration maintained in 2014.
The Diploma in Accountancy is accredited by the Association of Accounting Technicians, South Africa (AAT(SA)), an affiliate of AAT (UK).
Maintain Achieved.
Table 1.7 Strategic objective 7: Brand identity
STRATEGIC OBJECTIVE 7
The establishment of brand capital through promoting and entrenching the identity of FEFS as THE Finance Faculty in South Africa and Africa
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
7.1 Effective marketing and branding
Participation in all the relevant UJ centralised marketing initiatives
Refer to enrolment targets indicated in section 1.4. Despite various marketing
initiatives at institutional, faculty and departmental levels, UG enrolment in 2014 was 5% below target. This is matter of concern. Initial indications seem to point at financial difficulties experienced by both new and continuing students. Proportion of Afrikaans enrolment did not change much from previous year.
Faculty initiatives - plan and coordinate by the Faculty Marketing Committee (FMaC), consisting of the Faculty Marketing Coordinator and representatives (marketers) from the Faculty’s four departments.
Departmental initiatives – coordinated by departmental marketer.
Specific initiatives to raise the enrolment of Afrikaans-speaking students, such as focused school visits and the Beeld-UJ Youth Conference.
Afrikaans enrolment at 4-5% by 2016; Evaluate enrolment after the 3 years and reconsider programme offerings in Afrikaans and possibility of shifting focus from attracting Afrikaans-speaking candidates, to white applicants.
7.2 Sustained stakeholder relationships
Excellent relationships are already being maintained with professional bodies such as SAICA, CIMA, FPI, and AAT, whilst new ones are being forged with bodies such as ACCA, IEDC, CISI, and ACTSA.
Maintain Relationships maintained in 2014 (also see section 6.3).
Focused school visits by the Dean to build relationships with schools and potential applicants.
Work with Central Marketing Plan
Limited in 2014 – to be enhanced in 2015-16.
U21 – investigate benefits of UJ’s membership for FEFS.
HoDs to explore possibilities; and Dean to visit U21 HEIs in 2014.
Limited progress in 2014. Efforts to picked up in 2014-15.
Table 1.8 Strategic objective 8: Leadership
STRATEGIC OBJECTIVE 8
Effective leadership and corporate citizenship grounded in sound moral principles
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
8.1 Performance-driven leadership
The Faculty embraces the King III principles that underpin good governance, sustainability and corporate citizenship. Good governance based on institutional compliance and sound
Evaluation in terms of the targets set for all the other strategic objectives
Refer to targets and progress i.r.o of the other strategic objectives.
In 2014:
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STRATEGIC OBJECTIVE 8
Effective leadership and corporate citizenship grounded in sound moral principles
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
ethical principles is important for effective and sustainable academic leadership.
Academic leadership provided by the Executive Dean, Vice Dean and the 4 HoDs. Executive Dean contributes to the institutional leadership through various structures and committees within the University. She is supported by the Vice Dean, who also participates in various committees The Executive Dean and members of her leadership team play significant leadership roles outside of the University in various structures involving: government, business, related professions, and the broader academic community.
Academic leadership through the Executive Dean, Vice Dean and four heads of Department
HoD typically supported by two deputy HoDs and various programme coordinators and/or subject heads.
Structures and processes, with the necessary checks and balances that enable the Faculty to discharge its academic responsibilities with due diligence, together with maintaining the highest possible standards of quality; Such structures include the Faculty Board and its subcommittees, and the Faculty Management Committee.
The Executive Dean negotiates, monitors and evaluates the performance of her leadership team through a system of performance management.
The Executive Dean contributes to the institutional leadership through her role as a member of: the University’s Executive Leadership Group (ELG); SENEX; Senate; and various other committees and structures.
The Vice Dean and HoDs also participate in various committees and structures that are expected to provide leadership in various sub-environments of the University.
The Executive Dean and members of her leadership team play significant leadership roles outside of the University in various structures involving: government, business, related professions, and the broader academic community
8.2 Development of leadership
In accordance with the King Code of Governance in South Africa 2009 (King III), the Faculty acknowledges: its role as a corporate citizen in not only providing effective leadership but also in contributing to the pool of effective leaders in the country;
Evaluate effectiveness of the Faculty’s programmes and other activities in the development of leadership qualities amongst students through appropriately structured and targeted surveys.
No surveys conducted or measures undertaken in 2014 to ascertain the Faculty’s effectiveness in developing leadership qualities amongst students.
Attention will be given to this in 2015-16.
The Faculty will strive to provide education that contributes to the holistic development of individuals to be ethical decision makers and to be always cognizant of sustainability issues in their environment;
The new BAcc introduced in 2012 is aligned with SAICA’s Competency Framework which emphasises the importance of leadership education;
The other degree programmes have also being reviewed, especially at first year level in terms of standards and balance;
Succession planning Evaluate on a yearly basis the development of candidates to assume leadership positions at various structures and levels in the Faculty.
HoDs are encouraged by the Dean to ensure that there are measures in place for succession planning at departmental level.
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Table 1.9 Strategic objective 9: Alumni
STRATEGIC OBJECTIVE 9
An alumni comprising established practitioners in the financial domain who will support the Faculty in growing its brand
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
9.1 Grow the Faculty brand capital by entrenching its identity through the alumni as the Finance Faculty in South Africa and Africa;
Currently, only an informal network of relationships exists between the faculty and its alumni. Establish a strong formal relationship with its alumni, comprising chartered accountants, financial experts and economists. Mobilise FEFS’s quality students.
A formal alumni network by 2016.
Apart from informal relationships, no real effort was aimed at establishing a formal alumni network at Faculty level in 2014. The Department of Accountancy held a function with alumni in 2014. Attention will be given to this area in 2015-16.
Table 1.10 Strategic objective 10: Resources
STRATEGIC OBJECTIVE 10
Remain an important contributor to the resources of the University for the achievement of its primary thrusts
SUB-OBJECTIVES ACTIONS TARGETS PROGRESS
10.1 Efficient and effective resource management
Utilisation of resources in a manner that will allow the Faculty to deliver academic excellence.
Evaluate adequacy of resources on a yearly basis.
The shortage of venues for lectures, tutorials and assessments remains a concern. Limited office space for staff is also a concern. Given budget constraints, the Faculty made every effort to stay within its budget allocation at 97,1% in 2014.
In view of budget cuts, explore third stream income possibilities.
Request for: Additional office space; administrative/support staff at Faculty and Departmental levels; two research professors for economics; additional/larger lecture venues; staff common room; staff restaurant; additional parking bays.
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2. LEADERSHIP, GOVERNANCE AND RISK
2.1 Nature and scope of leadership
Each of the four academic departments in the Faculty is managed by a head of department (HoD)
supported by typically two deputy HoDs, programme coordinators and/or subject heads. Over and
above leadership provided at the departmental level, the Faculty Management Committee (FMC)
and Faculty Board are responsible for leadership at Faculty level. In addition, five Faculty Board
sub-committees play an important role in facilitating and coordinating quality arrangements relating
to academic aspects such as teaching, learning and assessment; higher degrees; research; ethics;
and programme development.
The Executive Dean contributes to the institutional leadership through her role as a member of:
the University’s Executive Leadership Group (ELG); SENEX; Senate; and various other
committees and structures. She is supported by the Vice Dean, who also participates in various
committees and structures that are expected to provide leadership in various sub-environments of
the University. The Executive Dean and members of her leadership team play significant
leadership roles outside of the University in various structures involving: government, business,
related professions, and the broader academic community.
2.2 Organisational design and governance
The academic structure of the Faculty in terms of departments and campuses is illustrated in
Figure 2.1. It is evident from the diagram that the existing academic structure of the Faculty
consists of four departments that offer programmes across three campuses. The size of the
Faculty and its departments in terms of staff and student numbers, as well as the spread across
three campuses are indicated in diagram. Note, a process commenced in 2012, aimed at
consolidating all diploma programmes on the Soweto Campus (SWC) and degree programmes on
the Auckland Park Kingsway Campus (APK).
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Figure 2.1 Academic structure of the Faculty
The Faculty’s governance structure is commensurate with its academic configuration, in order to
ensure clear reporting lines from a management point of view. Figure 2.2 provides a broad picture
of the governance structure of the Faculty. The Faculty Board deliberates on matters relating to
policy, processes and procedures regarding academic aspects in the Faculty and where relevant
and/or necessary, makes recommendations to Senate. All permanent academic staff members,
including those with a contract of 3 years or more, are members of the Faculty Board. Faculty
Board meetings are chaired by the Executive Dean. Four Faculty Board meetings were convened
in 2014.
The FMC, consisting of the Executive Dean as Chair, Vice Dean, four Heads of Department
(HoDs), the Head of Faculty Administration (HFA) and the Programme Advisor is responsible for
both strategic and operational matters and where relevant and/or necessary makes
recommendations to the Faculty Board. The FMC met once a month on average in 2014 to deal
with strategic and operational matters.
Faculty
Total students: 10 864
Teaching input Units: 13 833
Academic staff members: 196
Commercial Accounting
3 327students (31%)
3 152 TIU
42 academic
staff members (21%)
Economics and Econometrics
1 080 students (10%)
2 817 TIU
36 academic
staff members (18%)
Fin and Investment Management
1 529 students (14%)
2 226 TIU
38 academic
staff members (19%)
SWC
3 181 students (29%)
3 280 TIU
APK
7 461 students (69%)
9 874 TIU
APB
222 students (2%)
679 TIU
Accountancy
4 928 students (45%)
5 638 TIU
80 academic
staff members (42%)
35
Figure 2.2 Governance structure of the Faculty
The governance structure within the Faculty remained very much the same in 2014 as in previous
years. Despite the large size of the Faculty, the Executive Dean is supported by only one Vice
Dean. Furthermore there are only four departments, each with an HoD and two deputy HoDs
supported typically by various programme managers/coordinators and/or subject heads/module
coordinators. Whilst programme managers/coordinators play an important role on quality aspects
relating to the administration of a department’s academic programmes, subject heads/module
coordinators take charge of the day-to-day operations pertaining to their modules, either at
undergraduate or postgraduate level. Departmental higher degrees committees also play an
important role relating to the quality aspects of higher degrees in applicable departments. Regular
departmental meetings/strategic sessions allow for individual staff members to be involved in
decision-making, strategic planning and developments within a department.
2.3 Quality management
Due to duplication of discussions and overlaps in member composition with the Faculty
Management Committee (FMC), the Faculty Quality Care Committee was disbanded towards the
latter part of 2013. It was decided to schedule special FMC meetings for the purpose of quality
matters and to invite the chairs of the various quality sub-committees to those meetings. The
FMC, together with its five quality sub-committees, facilitates and coordinates quality arrangements
in respect of teaching, learning, assessment and other academic areas in the Faculty. Faculty
policies dealing with important matters such as assessment and moderation are regularly reviewed
and updated. The structure, with the five sub-committees as indicated in Figure 2.3, facilitates the
Faculty Board
Faculty Management Committee
Department of Accountancy
Department of Commercial Accounting
Department of Economics and Econometrics
Department of Finance and Investment
Management
36
development, alignment and implementation of appropriate quality arrangements and processes
regarding the Faculty’s core academic activities.
Figure 2.3 Quality structure of the Faculty
2.4 Risk management
The Faculty’s risk register is reviewed and updated regularly, based on Faculty administration and
departmental input. Each department and the Faculty Office identify and evaluate risks that each
confronts, which are then used to compile a consolidated Faculty risk register. Table 2.1, extracted
from the Faculty risk register, provides a broad summary of the different risks and assessments for
2014. The Table lists 23 key risks identified by the Faculty in 2014. In some cases risks were
identified in 2014 and were still in the process of being rated by the end of the year. Hence in
those cases, no risk assessments are indicated. The root causes and mitigation strategies are
contained in the Faculty risk register.
The root causes and potential consequences were identified and evaluated in terms of their
significance to each risk, and the extent to which mitigating strategies would be effective in
reducing the risk. It can be seen that in some cases, despite some mitigation strategies, the risk
assessment remains relatively medium to high or unchanged. At a strategic session towards the
end of 2014, two senior staff members were tasked to review the risk register and to provide
interim assessments for those risks which have not been rated. The risk register is a living
document that is reviewed on an ongoing basis.
Faculty Management Committee
Teaching, Learning and Assessment Committee
Programme Committee
Research Committee
Higher Degrees Committee
Ethics Committee
Faculty Board
37
Table 2.1 Risk assessment in the Faculty - a broad summary
Number RISK CATEGORY RISK INITIAL RISK RESIDUAL RISK
IMP
AC
T
LIK
ELIH
OO
D
RIS
K
IMP
AC
T
LIK
ELIH
OO
D
RIS
K
1 Strategic Academic leadership not effective 4 5 20 4 3 12
2 Reputation Adverse press in Media (formal and social) 5 1 5 4 1 4
3 Service delivery Enrolment management not successful 4 5 20 4 5 20
4 Academic (Product)
Inability to effectively implement teaching, learning and assessment strategies
4 4 16 4 3 12
5 Academic (Product)
Lack of employability of students that studied certain degrees/ diplomas at FEFS
3 4 12 3 3 9
6 Academic (Product)
Lack of success in achieving the practical outcomes of diploma programmes
4 3 12 3 3 9
7 Academic (Product)
Loss of accreditation with professional bodies (SAICA, CIMA, CFP, CFA, AAT (SA), SACPVP, etc.)
5 3 15 5 2 10
8 Human resources
Low accredited research output (total and per capita) 3 5 15 3 4 12
9 Human resources
Low staff morale / high staff turnover / loss of quality staff 4 3 12 3 3 9
10 Human Resources
Not reaching EE targets 3 4 12 3 3 9
11 Academic (Product)
Poor postgraduate throughput (M and D) 4 4 16 3 3 9
12 Health and Safety
Security and safety of staff and students 4 4 16 4 4 16
13 Reputation Student experience not good (or UJ not preferred) compared
to competitor offerings 4 4 16 4 3 12
14 Academic (Product)
Students not eligible for sick exam, qualifies for one 2 3 6 1 2 2
15 Security Catastrophic failure, damage or theft of IT equipment
These risks were identified in 2014 and were still in the process of being rated by
the end of the year. Hence no risk assessments are indicated.
16 Administration Staff booking venues and not cancelling it, when not
required
17 Security Student information shared without their consent
18 Reputation Outdated website (brochures, etc.)
19 Reputation Poor performance in professional qualification exams (SAICA,
CIMA, etc)
20
Reputation Insufficient community engagement
21 Academic (Product)
Predation of programmes (inter-and intra-departmental)
22 Academic (Product)
Quality of programmes in Economics (given the dynamic nature of the discipline and hence, latest developments)
23 Reputation Economics department behind on flagship project
38
•2 in economics/econometrics (both as Phds or DComs);
•3 in finance (1 as Phd only and 2 as DComs only); and
•3 in accountancy (all three as Phds or DComs).
DOCTORAL PROGRAMMES x 8
•5 in economics (3 coursework and 2 research);
•3 in finance (1 coursework and 2 research); and
•6 in accountancy (3 coursework and 3 research).
MASTERS' PROGRAMMES x 14
•2 in Economics ;
•4 in Finance; and
•4 in Accountancy.
HONOURS PROGRAMMES x 10
•4 degrees (Bachelor of Accouting; Accounting; Economics and Econometrics; and Finance) ;
•3 of the 4 degrees are also offered as 4-year extended programmes (not included in the counting to avoid duplication with the regular degrees);
•4 Advanced diplomas (Accountancy, Economics, Financial Management, and Property Valuation and Management); and
•3 diplomas (Accounting, Banking, Credit Management).
UNDERGRADUATE PROGRAMMES x 11
3. TEACHING AND LEARNING – ACADEMIC PROGRAMMES
2
3.1 Subsidised programmes
A total of 43 subsidised academic programmes
were offered by the Faculty in 2014. A breakdown
in terms of qualification types is provided in Figure
3.1. Important developments in 2014 include: the
consolidation of six honours programmes in
economics to just two; and the addition of a new
master’s programme in economics (MPhil in
Industrial Policy).
3.1.1 Enrolment
Enrolment in subsidised academic programmes is guided by the institutional enrolment plan. An
enrolment management model was used to estimate the split between new and continuing
students for undergraduate programmes. The split for postgraduate programmes was based on
department input. Table 3.1 provides information on enrolment in terms of qualification type.
2 Information on enrolments, success rates and graduation is based largely on data extracted on 05-06 March 2015. Data until 2013 has
been audited, and 2014 data is subject to change.
Figure 3.1 Subsidised programmes offerings
39
Table 3.1 Enrolment by qualification type
Total enrolment in the Faculty increased
by just above 30% over the 10-year
period from 8 348 in 2005 to 10 864 in
2014. This represents an unweighted
annual growth in enrolment of close to 3%
(geometric average) over the 10-year
period (notwithstanding the variations
over the years). It may also be noted that
total enrolment moved well above 11 000
in some years during the same period.
Unfortunately actual total enrolment in
2014 fell short of the planned target by
approximately 4%. This is matter of
concern for the Faculty. Initial indications
seem to point at financial difficulties
experienced by both new and continuing students.
Total enrolment dropped by 4,4% from 11 367 in 2013 to 10 864 in 2014. Undergraduate
enrolment at 9 424 in 2014, represented a drop of 5,1% relative to 2013, whilst postgraduate
enrolment fell by less than a percent. However, when viewed over the 10-year period,
undergraduate enrolment increased by just over 33% whilst postgraduate enrolment increased by
close to 65%. Undergraduate degree enrolment fell by 3,6%, as well as diploma enrolment by
7,5% from 2013 to 2014. The total enrolment for 2014 was close to 22% of the total enrolment of
the University, a decline from the 24% in 2013. However, at 22% FEFS continued to be the largest
faculty in terms of student numbers. Ten years ago, in 2005, FEFS accounted for 18% of UJ’s
total enrolment.
Headcount enrolments
Actual Planned
2005 2013 2014 2014
UG diplomas and certs 2 485 3 828 3 541 3 900
UG degrees 4 590 6 102 5 883 6 024
Total UG 7 075 9 930 9 424 9 924
PG to Master’s 684 1 157 1 135 1155
Master’s 170 251 254 220
Doctoral 13 24 37 20
Total PG 867 1 432 1 426 1 395
Occasional 406 5 14 0
Total enrolment 8 348 11 367 10 864 11 319
Change in tot enrolment:
2013 to 2014 -4.4%
2005 to 2014 +30.1%
Deviation from planned enrolment -4.0%
40
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
FTE%UG
DIP &CERT%UG
DEG%UG
UG%TOT
2005
2013
2014
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
HONS%PG
M %PG D %PG PG %TOT
2005
2013
2014
Figure 3.2 UG enrolment - composition by qualification type
The share of undergraduate diploma students
(inclusive of the advanced diploma students)
dropped from 38,5% to 37,6% and that of degree
students increased from 61,5% to 62,4% from
2013 to 2014. The ratio of diploma to degree
enrolment shifted by approximately three
percentage points over the 10-year period from
35:65 in 2005 to 38:62 in 2014. The share of
undergraduate students of total enrolment
dropped slightly from 87,4% in 2013 to 86,7% in
2014. In 2005 the undergraduate share was
84,8%.
Figure 3.3 PG enrolment - composition by qualification type
Honours students as a proportion of
postgraduate enrolment dropped from 80,8% in
2013 to 79,6% in 2014. The share of masters’
students increased marginally from 17,5% to
17,8%, whilst that of doctoral students moved
up from 1,7% to 2,6%. There was no major shift
in this distribution over the 10-year period from
2005. The share of postgraduate students of
total enrolment in 2014 was 13,1%, slightly up
from 12,6% in 2013. There was also a small
shift in this ratio over the 10-year period from
the 10,4% recorded in 2005 (not including
occasional students).
41
Table 3.2 UG enrolment by qualification
Table 3.2 disaggregates the
undergraduate enrolment information
of Table 3.1, in terms of
programmes. It is apparent from the
table that the lion’s share of both
diploma and degree enrolments
resided in accounting programmes.
The diploma in Financial Information
Systems is in its final phase of being
phased out. The diplomas in Banking
and Credit Management are to be
replaced with a new diploma in
Financial Services Operations with
effect from 2015. The relative
undergraduate shares of diploma
and degree enrolments and the shift
over the years were covered in the
discussion around Figure 3.2.
*Phased-out programmes
Qualifications 2005 TOTAL
2013 TOTAL
2014 TOTAL
DIPLOMAS 2 485
35,1%
3 680
37,1%
3 345
35,5%
Accounting 234 2 574 2 568
Banking 427 586 437
Financial Info Systems 123 323 178
Credit Management 412 191 162
Teach-out programmes (incl certs) 1 289 6 0
B TECH* 117
1,7%
0
0%
0
0% ADVANCED DIPLOMA
0
0%
148
1,5%
196
2,1%
Accountancy 0 51 45
Economics 0 25 56
Financial Management 0 28 59
Property Valuation & Management 0 44 36
UG DEGREES – 3 YRS 4 473
63,2%
4 697
47,3%
3 796
40,3%
BAccounting 0 750 1 178
BCom Accounting 2 926 2 655 1 670
BCom Econ and Econometrics 386 493 438
BCom Finance 568 789 507
BCom Financial Management* 189 0 0
BCom Investment Management* 108 0 0
BCom Monetary Economics 0 10 3
Baccalaureus Commercii * 296 0 0
UG DEGREES – EXT 4 YRS 0
0%
1 405
14,1%
2 087
22,2%
BCom Accounting 0 813 1 320
BCom Econ and Econometrics 0 290 255
BCom Finance 0 302 512
TOTAL 7 075 9 930 9 424
42
Table 3.3 Enrolment in the Faculty - student profile
Table 3.3 presents the profile of students enrolled in the Faculty, in terms of race and gender. The
following are key observations:
The change in student profile in terms of race relative to 2013 reflected a rise in African
enrolment from 84% to 85%, unchanged coloured and Indian enrolments at 2% and 5%
respectively, and a drop in white enrolment from 8% to 7%. Ten years ago, the distribution
was 59% African, 3% coloured, 8% Indian, and 31% white. It is evident that the change in
profile (according to race) since 2005 is quite significant;
With regards to total undergraduate enrolment relative to 2013, the share of African
students increased from 87% to 88%, coloured and Indian students stayed the same at 2%
and 5% respectively, while white students declined from 6% to 5%. In 2005, African
students accounted for 62% and white students 28% in this category of enrolment;
In the case of postgraduate enrolment the proportion of African students increased from
65% to 67%, coloured students remained at 2%, Indian students increased from 7% to 8%,
while white students declined from 26% to 23%. In 2005, African students accounted for
29% and white students 61% in this category of enrolment; and
As far as gender is concerned relative to 2013, the proportion of female students of total
enrolment dropped from 54% to 53%. This ratio did not really change much from the 52%
recorded in 2005.
With regards to the campus distribution of the 2014 enrolments, there were 222 students (2%) on
the Auckland Park Bunting Road Campus (APB), 3 181 (29%) on the Soweto Campus (SWC), and
7 461 (69%) on the Auckland Park Kingsway Campus (APK). This distribution of enrolment across
the three campuses is in line with the consolidation of programmes which commenced in 2012,
with the aim of offering all diploma programmes on SWC and all degree programmes on APK.
Note all postgraduate programmes are presented on APK only.
% African % Coloured % Indian % White % Female
2005 2013 2014 2005 2013 2014 2005 2013 2014 2005 2013 2014 2005 2013 2014
UG diplomas & cert 97 97 97 1 1 1 1 1 1 1 0 0 60 55 54
UG degrees 42 81 82 4 3 3 11 7 7 42 9 8 50 54 54
Total UG 62 87 88 3 2 2 7 5 5 28 6 5 53 54 54
PG to Masters 26 68 70 1 2 3 8 7 7 64 23 21 49 52 50
Masters 36 57 57 2 1 1 12 8 11 49 35 31 34 41 41
Doctoral 62 42 57 0 4 3 0 4 3 38 50 38 31 46 46
Total PG 29 65 67 2 2 2 9 7 8 61 26 23 45 50 48
Occasional 68 80 71 3 0 7 9 0 7 20 20 14 45 60 43
Total enrolment 59 84 85 3 2 2 8 5 5 31 8 7 52 54 53
43
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
UGCERT &
DIP
UGDEG
UGAVE
HONS MAST DOCT PG AVE
2005 2013 2014
3.1.2 Performance
HoDs are expected to monitor student performance in their departments through their programme
and/ or subject heads. The Executive Dean, together with the Vice Dean, engages regularly with
the HoDs on trends in student performance, particularly with regards to the last summative
assessment results and final marks. In 2014, last assessment and final marks were carefully
scrutinised by the Executive Dean/Vice Dean before they were approved for release. Where
necessary certain interventions were requested, for implementation prior to the writing of
supplementary assessments. The following are some key observations in respect of academic
performance for 2014:
Figure 3.4 shows the success rates (in terms of degree credits) according to qualification types for
the years 2005, 2013 and 2014. The success rates in respect of masters’ programmes indicated in
the figure cover both coursework and full research programmes.
Figure 3.4 Success rates
The average success rate (in terms of
degree credits) for undergraduate
programmes increased from 83,3% in
2013 to 85,9% in 2014. These rates
compare very favourably to the 74,4%
recorded ten years ago in 2005. The
Faculty’s undergraduate success rate has
been consistently above 80% for the last
four years since 2011.
The fall in the average success rate for
postgraduate programmes from 72,4% to
70,6%, was the net outcome of a
marginal increase for honours
programmes from 71,4% to 72,1%, a significant drop for masters’ programmes from 89,6% to
66,0%, as well as a significant drop for doctoral programmes from 59,1% to 33,5%. In 2005 the
postgraduate success rate was 65,5%, but for the last four years, since 2011, it remained
consistently just above 70%.
The number of graduates by qualification type over the 10-year period from 2005 to 2014 is
provided in Table 3.4. The number of graduates in the Faculty increased by 2,8% from 2 863 in
44
2013 to 2 942 in 2014. The number of graduates recorded in 2005 was 1 613 and for the 10-year
period as a whole, the Faculty produced 22 138 graduates.
Table 3.4 Graduates in FEFS by qualification type
Figure 3.5 provides information on overall graduation rates. The total graduation rate in the
Faculty grew from 25,2% in 2013 to 26,5% in 2014. The graduation rate in 2005 was 19,3% and
has been consistently above 20% and increasing for the last 4 years since 2011. The proportion of
FEFS graduates relative to the University grew slightly from 24,7% in 2013 to 25,9% in 2014. It
was 16% in 2005 but has been consistently above 20% and increasing for the last 5 years since
2010.
Figure 3.5 Graduation rates – total
0%
5%
10%
15%
20%
25%
30%
TOTAL GRAD RATE FEFS % OF UJ
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Type Graduates
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total
NHC 78 59 15 14 8 4 3 16 0 0 197
N Dip 373 388 407 331 399 511 756 826 845 104 4 940
Diploma 0 0 0 0 0 0 0 0 0 744 744
BTech 35 29 49 22 20 5 1 0 0 0 161
Advanced
Diploma 0 0 0 0 0 0 0 0 55 96 151
BCom 732 837 854 888 964 1 099 1 177 1 226 1 227 1 282 10 286
Honours 374 400 362 505 513 479 567 707 683 677 5 267
Master’s 21 60 39 51 28 23 21 42 50 36 371
Doctoral 0 1 5 3 1 1 0 4 3 3 21
Total 1 613 1 774 1 731 1 814 1 933 2 122 2 525 2 821 2 863 2 942 22 138
45
0%
10%
20%
30%
40%
50%
60%
70%
UG DEG UG DIP &CERT
HONOURS MASTERS DOCTORAL
2005 2013 2014
Figure 3.6 Graduation rates per qualification type
The graduation rate for undergraduate
degree programmes increased from 20,1%
in 2013 to 21,7% in 2014, as well as for
undergraduate diploma (and certificate)
programmes from 23,5% to 26,4%. The
graduation rates recorded in 2005 for
undergraduate degree and diploma
programmes were 16,7% and 18,1%
respectively. With regards to graduation
rates for postgraduate programmes there
was a general decline: honours
programmes from 59,0% to 56,1%;
masters’ programmes from 19,9% to
10,6%; and doctoral programmes from
12,5% to 8,1%. Significant shifts are
observable relative to 2005, particularly in
the case of undergraduate programmes.
3.1.3 External achievements and recognition of FEFS students
SAICA ITC results
Table 3.5 SAICA ITC results (first-time candidates)
In 2014 UJ graduates achieved a pass rate of 95% in the South African Institute of Chartered
Accountants’ (SAICA’s) Initial Test of Competence (ITC), with two UJ candidates placed in the Top
10. This performance is a clear case of pushing the boundaries of excellence when compared to
the 90% pass rate achieved in 2013 and the 89% attained in 2005. In 2014 UJ also produced the
highest number of successful black candidates amongst residential universities, accounting for
27% of African black candidates who passed the examination.
CA results 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Successful candidates 224 206 220 208 234 220 215 233 258 276
Pass (%) 89 98 81 90 86 87 89 86 90 95
Candidates in top 10 3 3 - - - 2 1 2 2 2
46
CIMA Global Business Challenge
The B.Com Honours (Financial Management) students participated in the CIMA Global Business
Challenge (GBC) again in 2014. Three UJ teams reached the South African final and finished
second, third and fourth.
CFA Institute Research Challenge
A group of five honours students participated in the CFA Challenge. UJ together with three other
South African Universities participated in the local challenge. Students had to compile a market
research report in which they valued the share price of a listed company. They were selected to
present their findings to a panel of adjudicators. The UJ team won the South African leg of the
challenge and will represent South Africa at the global challenge to be held in April 2015 in
Amsterdam, Netherlands.
Old Mutual and Nedbank National Budget Speech Competition
Mr Lucky Pane, a student from the Department of Economics and Econometrics scooped first prize
in the postgraduate division of the Old Mutual and Nedbank National Budget Speech Competition.
He received his prize at a special banquet from the then Minister of Finance, Mr Pravin Gordhan.
3.1.4 Programme-related developments
Amendments to existing undergraduate programmes in 2014 (implementation year in brackets):
Diploma in Accountancy – curriculum changes to first year modules and content changes to
second and third year modules (2015); and
Advanced Diploma in Financial Management – module content changes (2015).
Amendments to existing postgraduate programmes in 2014 (implementation year in brackets):
MCom Computer Auditing – curriculum and module content changes (2015);
MCom International Accounting – curriculum and module content changes (2015);
MCom South African and International Taxation – module content changes (2015);
MPhil Industrial Policy – change in rules of access (2015);
MCom Development Economics – change in rules of access (2016); and
BCom Hons Financial Management – module content changes (2015).
47
Programmes for which Council on Higher Education (CHE) accreditation was received in 2014:
Postgraduate Diploma in Accounting – 8 Oct 2014;
Master of Philosophy in Industrial Policy – 22 Jan 2014;
Master of Commerce in Local Economic Development – Nov 2014;
Advanced Diploma in Financial Markets – 27 March 2014;
Postgraduate Diploma in Financial Management – 27 March 2014;
Postgraduate Diploma in Estate Planning – 27 March 2014;
Bachelor of Commerce Honours in Quantitative Finance – 17 Sept 2014;
Bachelor of Commerce Honours in Treasury Management– 17 Sept 2014; and
Diploma in Financial Services Operations – 1 Oct 2014.
(Note, with regards to the Postgraduate Diploma in Accounting Science, conditional accreditation
was received in 2013 and relevant information for final accreditation was submitted in 2014.)
New applications (or resubmissions) for postgraduate programmes made in 2014:
MCom Quantitative Finance (RD);
DPhil with specialisation in Quantitative Finance;
MCom Quantitative Finance (RD) – resubmission;
DPhil with specialisation in Quantitative Finance – resubmission; and
Postgraduate Diploma in Financial Markets;
Changes to Category B programmes are now completed and captured on the CHE Category B
template received in January 2014. Category A programmes should now meet the relevant
alignment requirements. UJ’s Unit for Quality Promotion (UQP) submitted the relevant information
on Category A programmes in bulk to the CHE during the first semester of 2014, and is still
awaiting feedback.
The following programmes were subjected to reviews in 2014:
Five honours programmes in Economics – formal self-evaluation and peer review;
BCom Honours (Econometrics) – formal self-evaluation and peer review;
BCom Honours (Accounting – non CA) – formal self-evaluation and peer review;
BCom Honours (Taxation) – formal self-evaluation and peer review;
BCom Honours (Internal Auditing) – formal self-evaluation and peer review;
BCom Honours (Property Valuation and Management) – professional-related review;
Advanced Diploma in Property Valuation and Management – professional-related review;
48
BCom Finance, only the property valuation and management modules – professional-
related review; and
Diploma in Accountancy – formal self-evaluation and peer review.
3.2 Non-subsidised programmes
Departments in the Faculty currently offer a variety of non-subsidised programmes. These
programmes serve one or more of the following purposes:
Access to undergraduate programmes;
Articulation or bridging to postgraduate programmes;
Opportunities for improving performance in curricular modules; and
Focused skills development to cater for industry needs.
49
3.2.1 Enrolment
Table 3.6 Enrolment in non-subsidised academic programmes and income generated
*No students are recorded as the rand amounts relate to historical changes in respect of the registration of past students.
Table 3.6 provides information on enrolment and income generated in respect of the various non-
subsidised programmes presented by departments in the Faculty. Departments offer several non-
subsidised programmes (about 38), of which 19 (excluding winter schools) were presented in
2014. The total enrolment for these 19 programmes was 1 095 in 2014. Note that in the case of
programmes which were attendance-based and attendees not having to register on the UJ system,
the enrolment for such programmes is not included in the reported figures. If the total enrolment of
530 in respect of winter schools is taken into account, then the total enrolment in non-subsidised
Programme 2005 2013 2014 Income (R)
Bridging Certificate in the Theory of Accountancy 231 477 450 5 285 460.00
Bridging Programme in Accountancy - 12 13 163 510.00
Certificate in Corporate Governance 36 82 104 1 035 946.00
Certificate in Theory of Accounting 20 - -
IFRS and GAAP Winter schools 193 581 415 171 230.00
Programme in Commercial Accounting - 98 127 1 481 250.00
Applied Econometric Analysis and Forecasting 8 9 -
Bridging Programme in Economics - 47 62 791 820.00
.. Certificate in Banking 20 - -
Competition Economics: SLP - 19 20 000.00
Foundation Programme in Econ Sciences 430 - -
Financial Analysis for Economic Regulation - - 30
13 165.00 Regulatory Economics: SLP - - 19
Regulatory Law for Economic Regulators: SLP - - 35
Strategic Planning & Knowledge Management: SLP - - 23 403 300.00
Winter School (Economics) - 9 20 8 800.00
Bridging Programme in Financial Management - 33 28 382 800.00
Bridging Programme in Finance - 70 115 2 223 600.00
Bridging Programme in Property - - * 17 100.00
Certificate in Financial Management 33 13 * 14 000.00
Certificate in Financial Markets and Instruments - 1 -
Certificate in Investment Management 9 - -
Dip in Investment Anal & Portfolio management 50 61 32 333 000.00
Diploma in Investment Management 23 - -
Enterprise Management - 3 2
148 500.00
Enterprise Operations - 10 16
Financial Management - 6 4
Financial Operations - 6 8
Performance Management - 4 4
Performance Operations - 13 12
Quantitative Finance: SLP - - 11 156 400.00
Winter School (Finance) - 93 95 380 530.00
Total
1 053 1 647 1 625
13 030 411.00
50
programmes amounted to 1 625 in 2014, reflecting a decrease of 1.3% relative to the 2013
enrolment of 1 647 students. The number and composition of non-subsidised programmes
changed over the years since 2005. However, there has been a distinct growth in enrolment in
such programmes over the last ten years from 1 053 in 2005 to 1 625 in 2014. This represents an
unweighted annual growth in enrolment of close to 5% (geometric average) over the 10-year
period. Total income generated from non-subsidised programmes amounted to approximately R13
million in 2014 compared to R10,9 million in 2013.
3.2.2 Performance Table 3.7 provides information on the performance of students in non-subsidised academic
programmes.
Table 3.7 Qualifying candidates in non-subsidised academic programmes (for which
formal assessments are conducted)
Seven of all the non-subsidised programmes presented in 2014, were allocated result codes.
Given the enrolment of 825 students in these programmes in 2014, the percentage of qualifying
candidates was 41,8% compared to 37,8% in 2013 (notwithstanding variations in size and
composition of such programmes over the two years).
Programme Enrolment 2005
Qualifying candidates
2005
Enrolment 2013
Qualifying candidates
2013
Enrolment 2014
Qualifying candidates
2014
Applied Econometric Analysis and Forecasting 8 7 9 7 - -
Bridging Certificate in the Theory of Accountancy 231 56 477 96 450 159
Bridging Programme in Economics - - 47 17 62 22
Bridging Programme in Financial Management - - 33 9 28 8
Bridging Programme in Finance - - 70 21 115 36
Certificate in Corporate Governance 36 34 82 76 - -
Certificate in Financial Management 33 14 13 11 - -
Certificate in Investment Management 9 4 - - - -
Certificate in Theory of Accounting 20 2 - -
Diploma in Investment Analysis & Portfolio Management
23 15 61 24 32 30
Foundation Programme in Economic Sciences 430 157 -
Programme in Commercial Accounting - 98 75 127 89
Quantitative Finance: SLP - - - - 11 1
Total 790 289 890 336 825 345
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3.2.3 Programme-related developments
Amendments to existing non-subsidised programmes in 2014 (implementation year in brackets):
Bridging Programme in Financial Management – module content changes (2015); and
Six short learning programmes presented by the Department of Finance and Investment
Management as preparation courses for CIMA – module content changes (2015).
New applications for non-subsidised programmes made in 2014 (implementation year in brackets):
Research methodology for Local Economic Development (2015);
Introduction to Treasury Management (2015);
Processes in Treasury Management (2015);
Cash and liquidity in Treasury Management (2015);
Financial Markets in Treasury Management (2015);
Funding in Treasury Management (2015);
Risk in Treasury Management (2015);
Financial Treasury Management (2015);
PhD Bridging Programme in Economics not approved at SENEX;
Intermediate Property Financial Concepts (2015); and
Advanced Property Financial Concepts (2015).
The following non-subsidised programmes were subjected to reviews in 2014:
Short Learning Programme (SLP) in Corporate Governance – module review; and
Bridging Programme in Finance, only property valuation and management modules –
profession-related review.
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4. RESEARCH AND SCHOLARLY ACTIVITY
The four departments of the Faculty vary in their orientation and focus regarding research and
scholarly activity. Whilst some departments are more geared towards activity that potentially result
in accredited research output, others which focus on profession-oriented education, engage in the
type of scholarly activity that may less likely result in accredited output. Notwithstanding this
dynamic in the Faculty, all staff members are encouraged to strive towards producing accredited
research output.
Measures in 2014 aimed at creating an environment that would stimulate research and scholarly
activity included: three public lectures; appointment of visiting professors; an accredited journal (to
engage with the broader research community); internal research funding and other incentives; and
various capacity development initiatives conducted particularly at departmental level. Activities in
respect of the Faculty’s three research/training centres also contribute towards creating an
enabling research environment. The centres include: the Centre for Competition Regulation and
Economic Development (CCRED), the Centre for Local Economic Development (CENLED), and
the South African Accounting History Centre (SAAHC).
4.1 Research and scholarly activity
Table 4.1 provides a breakdown of the 2014 accredited research output in the Faculty, and Figure
4.1 shows the annual outputs from 2005 to 2014. Table 4.2 provides information on the various
areas of scholarly activity in the Faculty in 2014. The 2014 accredited output is preliminary as it is
subject to approval by the Department of Higher Education and Training (DHET).
Table 4.1 Accredited research output in FEFS, 2014
DEPARTMENT
2014 (PROVISIONAL – SUBMITTED AS AT 05 MAR 2015)
JOURNALS JOURNALS
(Total) CHAPTERS BOOKS CONF PROC TOTAL
ISI IBSS SA
Economics and Econometrics
10.65 04.00 11.16 25.81 0.21 26.02
Accountancy 01.00
02.99 03.99
0.50 04.49
Finance and Investment Management
01.82 01.00 02.83 05.65 1.18 06.83
Commercial Accounting
Total 13.47 05.00 16.98 35.45 0.21 1.68 37.34
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0
5
10
15
20
25
30
35
40
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Preliminary (submitted) subsidised publications in the Faculty amounted to 45 items, which
translate to 37,34 units, comprising 35,45 journal article units, 0,21 book chapter units and 1,68
units in respect of conference proceedings. This represents a 53,3% increase relative to 2013.
This is an excellent turnaround for the Faculty given the previous two years of decline in accredited
output. The Department of Economics and Econometrics accounted for the lion’s share of the
2014 accredited output at close to 70% of the total.
Figure 4.1 Accredited research output in FEFS: 2005- 14
When viewed over the 10-period,
notwithstanding the fluctuations in
between, there is discernible
growth in the Faculty’s accredited
research output, starting from a
modest 5 units in 2005 and
growing to 37,34 units in 2014.
This represents an unweighted
annual growth of 25% (geometric
average) over the 10-year period
(notwithstanding the variations
over the years).
Over and above activity that resulted in accredited research output in 2014, staff members remain
highly committed to scholarly activity. This is indicated in Table 4.2. If subsidised output is
excluded from the 323 items of activity reported by staff for 2014, 278 items spanned scholarly
work in areas such: conferences; publications in non-accredited journals/media; non-subsidised
books; research projects and so on.
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Table 4.2 Research and scholarly activity in the Faculty, 2013-14
Activity
2013 2014
Number of items
Units Number of items
Units
Subsidised publications*
Journal articles published in the DoHET; ISI and/or IBSS indices 28 22.17 39 35.45
Chapters in book 1 0.43 1 0.21
Contributions in peer reviewed / ref-evaluated conference proceedings 4 1.75 5 1.68 Non-subsidised publications
Contributions in international professional congress proceedings or abstracts 18 14.00 28 18
Contributions in national professional congress proceedings or abstracts 6 3.16 17 8.18
Publications in other journals not included in the accreditation list 3 2.34 6 4
Contributions in publications not included in the above categories 6 2.75 2 2.13
Books and contributions to books Subsidised books (indicated under subsidised publications)
Non-subsidised books 18 3.96 16 3.63
Reports Technical reports 6 6 2 2 Research
Projects 19 14.81 15 8.6
Patent applications submitted or registered - 2 1 Staff members who have undertaken research projects elsewhere (outside RSA/within RSA) 4 1 4 0.6 Addresses delivered (by staff or postgraduate student/s under their supervision) Professional scientific/research orientated presentations at international professional congresses 39 29.79 56 37.19
Professional scientific/research orientated presentations at national professional congresses 37 27.66 29 25.32
Professional scientific/research orientated presentations at other international occasions 10 9.50 4 4
Professional scientific/research orientated presentations at other national occasions 23 17.50 8 5.66
Popular and other (e.g. WETRAH, radio, public, etc.) 11 11.00 17 14
Conferences attended (self or post grad students); no papers delivered
National 37 30.00 25 23.5
International 10 8.00 27 23
Symposia / Colloquia / Conferences organised by staff / post grad students
National 18 18.00 18 18
International 1 1.00 2 2
TOTAL 299 224.82 323 238.15
* 2013 subsidised research figures are final (approved) whilst 2014 is provisional.
There is a renewed impetus in the Department of Economics and Econometrics to accelerate
research activity, supported by its research centres and various capacity development initiatives.
There is also awareness that whilst quantity is important, staff should also start increasing their
effort on publishing in high impact journals.
4.2 Faculty research environment and related aspects
The nature and level of research and scholarly activity in the Faculty is evident from Table 4.2.
Research activity in the Faculty is driven predominantly by the effort of individual staff members.
As mentioned earlier, departments in the Faculty vary in their orientation towards research and
scholarly activity. This is largely attributed to the fact that profession-oriented education, which
constitutes a significant share of the academic focus of the Faculty, tends to result in the kind of
scholarly activity that do not necessarily culminate in subsidised research output. The following is
a summary of initiatives/activities which contribute to the research environment of the Faculty
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4.2.1 Faculty Value Conference
The Faculty hosted its 5th Biennial Value Conference in 2014 with an attendance of 200 delegates
and the presentation of 66 papers. The Conference was held on 26 and 27 May 2014 at the
Emperor’s Palace, Johannesburg on the theme, ‘Managing risk – creating value.’ The conference
serves as a valuable opportunity for established researchers to present their work for debate
amongst their peers. Over and above this primary purpose, the Conference provides a platform for
novice researchers from within the Faculty to present their work in a friendly and non-intimidating
environment.
4.2.2 Faculty Public Lecture Series
The Faculty hosted highly esteemed guests for its 2014 Public Lecture Series:
The Honourable Mr Malusi Gigaba (Minister of Home Affairs) – on the topic: ‘Critical
infrastructure needed to confront the challenges of the 21st Century’;
Prof Dominick Salvatore a distinguished Professor of Economics and Director of the PhD
programme in Economics at Fordham University, New York – on the topic: ‘Growth
prospects in Africa with focus on South Africa’; and
Mr TK Makwetu, Auditor-General of South Africa – on the topic: ‘The role of accounting
professionals in improving accountability and governance in municipalities and other
entities of government.’
4.2.3 Visiting professorships
Visiting professors in some of the departments are expected to support research amongst staff, as
well as students. In 2014 three visiting professors (two international and one local) were appointed
as well as a high profile international scholar as a distinguished visiting professor.
4.2.4 NRF-rated researchers
In 2014 there were four National Research Foundation (NRF)-rated researchers in the Faculty, viz.
Prof Grietjie Verhoef, Prof Alain Kabundi (who resigned with effect from the beginning of 2014, but
was then appointed as a Visiting Professor), Prof Coenrad Labuschagne and Prof Fiona Tregenna.
Prof Tregenna was awarded an NRF B rating (B3) in 2014, making her one of just a few
economists with a B rating in South Africa.
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4.2.5 Research and/or training centres
The three research/training centres continued to serve as important conduits for scholarly activity
in the Faculty: Centre for Local Economic Development (CENLED), Centre for Competition,
Regulation and Economic Development (CCRED), and the South African Accounting History
Centre (SAAHC).
The Centre for Local Economic Development (CENLED) continues to extend its
footprint in the area of local economic development and entrepreneurship with the number
of municipalities in its mentorship programme increasing from 10 to 33 and the number of
entrepreneurship centres at Technical and Vocational Education and Training (TVET)
colleges increasing from two to six.
The Centre for Competition, Regulation and Economic Development (CCRED) raises
the level of conversation and debate on competition, regulation and industrial
development through teaching, research projects, publications, and quarterly reviews of
key developments in competition policy and economics across the African continent. In
2014 it successfully co-hosted with the National Energy Regulator of South Africa
(NERSA) the 2nd South African Economic Regulators Conference.
The South African Accounting History Centre (SAACH) continues to make progress
on an extensive research project aimed at measuring the GDP of nineteenth century
South African colonies. The Centre is also involved in major research in African Business
history involving the mobilisation of African researchers across the continent.
4.2.6 Faculty Journal
The Journal of Economic and Financial Sciences (JEF) serves as an important medium through
which the Faculty engages with the local and international research community in the fields of
economics, finance and accountancy. It is in existence for 8 years and is accredited by the
Department of Higher Education and Training (DHET). Articles are also indexed on the list of
South African Periodicals, the contents pages of Sabinet and Excellence in Research for Australia
(ERA). In 2014 the Journal received 81 manuscripts for possible publication. Manuscripts are
subjected to a double-blind peer review process. The Journal currently has an acceptance rate of
about 42%. The management and process flow of all articles and administration will from 2015 be
done via the internet.
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4.2.7 Research funding
Internal funding is an important source of support for research in the Faculty. Internal funding
comprises both Faculty and Institutional support via the University Research Committee (URC).
Any application for research funds from the URC must be met by a 50% contribution from the
Faculty, which is in turn split between the Faculty and its relevant departments. Staff members are
also required to provide evidence of applications for external funding before being considered for
URC funding.
In 2014 there were 3 applications for internal grants and only one was approved by the Faculty
Management Committee (FMC). The decline of the two applications was because the applicants
did not apply for external funding for their projects. It was also decided by the FMC that the
one approved application will be funded totally by the Faculty and not submitted for URC funding,
as the requested amount was small.
4.2.8 Collaborative and contract research projects
Key research projects completed by CCRED in the Department of Economics and Econometrics in
2014 include:
The Plastics Conversion Strategy: This project was undertaken for the Department of
Trade and Industry to assist in developing the plastics conversion sector strategy, including
identifying relevant growth sub-sectors;
The Study of Competition in the Road Freight Sector of the SADC Region: This project
was undertaken for the Southern African Development Community (SADC). It was funded
by the Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), and involved an
assessment of the extent and dynamics of competition in road freight, including the links
with freight companies, industry associations and trading operations;
Barriers to Entry: This project entailed a study on barriers to entry in liquid fuel distribution
in South Africa; and
The City of Johannesburg Industry Nodes Research: CCRED was commissioned to
undertake firm level surveys in specific industrial nodes with a view to collecting and
analysing primary data on patterns of economic development and performance at the firm
level in order to understand constraints to entry, growth, and employment creation.
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Key ongoing research projects of CCRED include:
Barriers to Entry: This study involves a review of key issues in competition, capabilities and
related policies through four firm studies and two sector studies;
The Growth Promotion through Industrial Strategies: This project is commissioned by the
International Growth Centre which focuses on evaluating Zambia's industrial policies and
strategies and their effectiveness in promoting economic diversification and industrial
development in the context of a resource-rich economy;
Regional growth research programme: This is a project under UNU-Wider involving studies
of animal feed, supermarkets, land transport and mining policies; and
The Kenya Fertiliser Market Inquiry: This project is funded by the Kenya Markets Trust, to
assist the Competition Authority of Kenya in undertaking an inquiry in the fertiliser industry.
Key research projects undertaken by SAAHC in the Department of Accountancy include:
History of the Accounting Profession in South Africa: The Department of Accountancy was
awarded a contract in 2011, by SAICA to undertake research on the history of the
accounting profession in South Africa. The finalisation of the project has been extended to
November 2015;
SAAHC undertook commissioned research on the company history of the accounting firm
PricewaterhouseCoopers (PwC) which was completed in November 2014. A
comprehensive document was delivered to PwC for discussion and further development;
A major collaborative project is being undertaken by Prof Grietjie Verhoef (Director of
SAAHC), Prof Lorraine Greyling (Department of Economics and Econometrics, UJ) and
Professor Gary Magee (Monash University, Melbourne), to reconstruct the GDP of
nineteenth century South African colonies. One article has already been accepted for
publication in 2015; and
Prof Grietjie Verhoef is collaborating with African researchers across the continent on a
project relating to the development of African Business which takes into consideration
factors such as economic change, new market development, entrepreneurship and
globalisation.
The following is an additional project undertaken by the Department of Accountancy:
JSE project on the Review of Listed Companies’ Annual Financial Statements: The
Department of Accountancy has met all expectations regarding the contract. External
research funding to the value of R129 000 was received during 2014 for the project.
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4.2.9 Acknowledgements/recognitions/awards
Ms C le Roux from the Department of Finance and Investment Management won the Best
Paper award at the 2nd International Conference on Economics, Finance and Management
Outlooks held in Kuala Lumpur, Malaysia on 20 & 21 December 2014 for her paper entitled:
“Predictive Relationships between Metal Commodities and the FTSE/JSE Top 40 Index”;
Mr J Mahabir from the Department of Economics and Econometrics won the prestigious
national award, the Founders Medal, from the Economics Society of South Africa (ESSA)
for the best master’s dissertation in South Africa; and
The Department of Economics and Econometrics maintained its position as one of the top
five departments of Economics in South Africa, according to the RePec (Research papers
in Economics) classification. This status has been further enhanced with the appointment
of Prof Luc Bauwens as Visiting Professor in the Department, as he is ranked 4th among
scholars in South Africa according to RePec.
4.2.10 Capacity development initiatives
A training workshop on the assessment of postgraduate research was held on 22 and 23
January 2014. The workshop was organised by the Faculty in collaboration with the
Postgraduate Centre. Prof Gerrie Jacobs facilitated the workshop which was held at the
School for Tourism and Hospitality (STH). The workshop covered the assessment of
master’s full and minor dissertations, doctoral theses and to a limited extent honours
research projects;
Weekly research seminars are conducted in the Department of Economics and
Econometrics allowing for staff members and external researchers to engage with the
Department on their individual research projects; and
Various capacity development workshops conducted at departmental level were directed at
areas such as the development of study leaders and the development of specific
quantitative and other research skills.
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5. SOCIAL RESPONSIVENESS, EXTERNAL ENGAGEMENT AND INTERNATIONALISATION
5.1 Social responsiveness
Social responsiveness initiatives are driven primarily by the Faculty’s departments. Various
projects were undertaken in 2014. Social responsiveness projects are generally positioned in
three areas, viz. transformation, educational outreach, and charity.
5.1.1 Transformation
Key projects relating to transformation undertaken by the Faculty or its departments, or external
initiatives/organisations with which the Faculty or its departments have been involved include:
The Equity Development Programme (EDP)
The EDP in the Department of Accountancy is aimed at providing support to black students
through SAICA’s Thuthuka Bursary Fund (TBF) and second and third year BAcc students with
funding from the Financial Services Sector Education and Training Authority (FASSET), with the
goal of increasing the number of black CAs in the country. The accounting profession supports
transformation by funding students in their CA studies at various universities in South Africa
through TBF. The TBF funding comes from the National Students Financial Aid Scheme (NSFAS),
the South African government and firms and companies who employ TBF graduates.
The EDP continues to have a positive impact on the success rates of African Black students. In
2014, about 20% (102) out of the 490 students registered for BCom Honours in Accounting (CA
stream) were funded through Thuthuka at UJ. This group of 102 students included 40 students
who had completed their undergraduate studies at other universities, and preferred to come to UJ
for the CA honours programme. A 58% pass rate was achieved for the group of 102 students
which is on par with the overall class pass rate. At undergraduate level the Thuthuka group of
students obtained pass rates that exceed the average pass rates of students on the same course.
The TBF students (undergraduate and post graduate) all reside in the Sophiatown residence. TBF
students participate, through the residence structures, in UJ events such as the First Year Concert,
RAG and sporting events. In the case of the honours students, the TBF programme at UJ
coordinates a mentorship programme whereby TBF alumni and other volunteers who have already
61
passed their honours (CA) degree, sign up to mentor current honours students. With regards to
the undergraduate programme, the TBF students attend regular Thuthuka classes to assist them in
their studies. These classes are focused on strengthening the students’ examination techniques
and study skills. The first year classes are presented by two second year TBF students, who are
also available for consultation at the residence. The second and third year classes are presented
by an academic trainee who also lives at the residence and is available for consultation and
assistance.
The Department of Accountancy has three full time dedicated staff members who work with the
Thuthuka students – an educational psychologist, a chartered accountant and an academic
trainee. Besides providing academic support, the three staff members also arranged various social
events, life skills and motivational sessions during the year.
The Department obtained an amount of R1 030 000 from FASSET during 2014. This enabled the
Department to provide further academic support to at-risk second and third year BAcc students.
The additional support consists mainly of additional classes during weekends and other
interventions such as reading skills courses.
BCom extended degree programmes
BCom extended degree programmes, which receives earmarked funding from the Department of
Higher Education and Training (DHET), broadens access to higher education by providing
alternative access and strong foundational academic development for almost 400 students (shared
between the FEFS and the Faculty of Management (FOM)) who do not meet the faculties’
admission requirements or selection criteria for the regular degrees. Although the approved intake
for the purpose of foundation grants is 360 for the BCom extended degrees, allowance is generally
made for additional enrolment up to a maximum of 40 students. The excess above 360 would be
internally funded by the University. The planned intake of 400 students was distributed between
the two faculties, with FEFS planning for 280 for three extended degree programmes and FOM
planning for 120 for one extended degree programme. Extended degree students tend to perform
well in their first and second year of studies, but appear to experience difficulty in their third year
(second year mainstream).
Zimbabwean Presidential Scholarship Programme
The Zimbabwean Presidential Scholarship (ZPS) supports top performing scholars who are
underprivileged and largely from the rural areas of Zimbabwe. The ZPS, in its 7th year of existence
in 2014 at UJ, supported 131 Zimbabwean students (down from 258 in 2013) with a total budget of
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about R12 million. The decline in the enrolment of students in this programme is explained by the
fact that the Zimbabwean government did not send any first year candidates to UJ in 2013 and
2014. The majority of the students were in FEFS, pursuing studies particularly in the field of
accounting. Also about 60% of the students were enrolled for honours degree studies.
The academic performance of students in the ZPS programme is generally good. One student was
awarded the prestigious Mandela Rhodes Scholarship towards the end of 2014 to study towards a
Master’s degree in Law. She joins two other ZPS students who received the Mandela Rhodes
Scholarship, one in 2012 and the other in 2013. The Bachelors of Accounting tends to be the most
popular programme amongst ZPS students and those who qualify for Honours in Accountancy
(CTA), automatically qualify for further funding. In 2014 there were 63 ZPS students in the
honours programme in accounting, of which 40 passed, yielding a pass rate of 63%
SAICA’s University Upliftment Initiative
In terms of this initiative the Department of Accountancy provides academic leadership support to
the University of Limpopo (UL) and entered into agreements with the University of Venda and the
Polytechnic of Namibia according to which UJ will assist the institutions to become SAICA-
accredited universities. The first year of support to the University of Venda was successfully
completed.
Vodacom Change the World
A staff member, Ms Stephanie Venter, from the Department of Accountancy has been chosen as a
Vodacom Change the World volunteer for two consecutive terms. The Department and the
University supports her in her mandate to run the Kliptown Youth Programme (KYP) Career Centre
which aims to empower students to become the architects of their own exit strategy out of poverty.
This is done through the facilitation of tertiary applications, registrations and access to funding
opportunities, as well as the identification and provision of information on employment
opportunities.
CSI-specific Student Mentorship
This initiative in the Department of Accountancy is aimed at exposing students to Corporate Social
Investment (CSI). Individual students, who show interest in the CSI space, are referred for
mentorship to develop their interest and expose them to this industry. They are empowered to get
strategically involved in causes that move them.
63
The Old Mutual Investment Group of South Africa (OMIGSA) Imfundo Trust
This project, involving the Department of Finance of Investment Management was in its third year
of running in 2014 at the University of Johannesburg. The Trust is primarily aimed at addressing
the country’s shortage of black investment professionals and growing the pool of suitably qualified
individuals in the asset management industry. It is one of the most comprehensive bursary
programmes in South Africa as it covers students’ tuition fees, books, accommodation, travel costs
and a general allowance. In 2014 there were nine UJ students on the programme.
5.1.2 Educational outreach
Key projects relating to educational outreach undertaken by departments or external
initiatives/organisations with which departments have been involved include:
Khula Weekend School (KWS)
KWS, previously known as the Soweto Campus Saturday School for Commerce and Science
students, sponsored by De Beers Consolidated Mines Ltd and involving the Department of
Economics and Econometrics, continued to provide support in the subjects English, Mathematics,
Physical Science, Economics and Accountancy to grade 10, 11 and 12 learners from selected
schools.
Whilst the 2014 grade 12 results were generally good, the number of distinctions dropped from 54
in 2013 to 15 in 2014 due to the introduction of CAPS. Out of the 15 distinctions 9 were commerce
learners (Accounting and Economics).
South African Foundation for Economic and Financial Education (SAFEFE)
The Department of Economics and Econometrics is in collaboration with SAFEFE and the US-
based Council for Economic Education (CEE) and other key partners/stakeholders, in the training
of teachers and learners in economics. The collaboration continued in 2014.
UJ Educator Empowerment Initiative
This project, initiated by the Department of Accountancy in 2014, is aimed at Economic and
Management Sciences (EMS) educators. The project is in response to a need identified by the
profession and others in this space, particularly in relation to Accounting. The mission is to
64
empower educators in this field in a way that enables informed and effective teaching in the
classroom. Several staff members were involved in the hosting of a successful launch of this
project. This involved staff contributing personal time towards planning, developing and executing
workshops to provide educators with tools to improve the quality of their teaching.
Kliptown Youth Programme (KYP) Tutor Programme
A formal tutorial programme was launched by the Department of Accountancy to meet the tutoring
needs of the KYP grade 11 and 12 students. The programme took shape in the form of weekly
tutoring sessions on a Saturday on location at Kliptown. UJ students were provided with transport
to meet with the learners from KYP for individual and group sessions. The UJ students also
launched a life skills programme as a supplement to technical teaching.
5.1.3 Charity
Key projects relating to charity undertaken by departments or external initiatives/organisations with
which departments have been involved in terms of fundraising, collections and personal time
include:
The Manica Project involving the provision of assistance to a football club in Manica
(Mozambique), in the areas of strategic planning and administration as well as overseeing
some arrangements relating to its Annual General Assembly (Department of Finance and
Investment Management);
Clothes2cash Exchange – aimed at promoting job creation and entrepreneurship through
the collection and distribution of used clothing (Department of Accountancy);
Santa Shoe Box – aimed at providing gifts for children through donations (Department of
Accountancy);
Mandela Day – observed through various charitable activities (all departments);
SA Guide Dog Association – raising of funds for the organisation (Department of
Accountancy);
Baby Moses Child Sanctuary – provision of homes for abandoned and abuses babies and
children (Departments of Commercial Accounting and Finance and Investment
Management);
iThemba Rape and Trauma Support Centre – aimed at providing support for survivors of
crime and sexual assault (Department of Finance and Investment Management);
Impilo – an adoption agency and place of safety for orphaned, abandoned and vulnerable
children (Department of Economics and Econometrics);
65
Karl Sithole Home – collection of books to assist in the establishment of a library
(Department of Commercial Accounting); and
Cradle of Hope – aimed at transforming the lives of abused, vulnerable and destitute
women (Department of Commercial Accounting).
5.2 Stakeholder and other external engagements
Departments in the Faculty continued to manage their relationships with various key stakeholders
closely in 2014. Stakeholders and the nature and extent of engagement with them, correspond
largely with the academic focus of the Faculty’s departments. The Faculty has achieved greater
visibility in 2014 through growing local and international affiliations in the areas of accountancy,
finance and economics.
With profession-oriented education being a significant component of the Faculty’s academic
product, relationships with local and international professional bodies and employers are diligently
sustained. The various professional bodies which accredit/recognise programmes in the Faculty
include: the South African Institute of Chartered Accountants (SAICA); the Financial Planning
Institute of Southern Africa (FPI); the Chartered Institute of Management Accountants (CIMA);
South African Council for the Property Valuers Profession (SACPVP); Chartered Financial Analyst
(CFA) Institute; the International Economic Development Council (IEDC); and the Association of
Accounting Technicians, South Africa (AAT (SA)). Links are also being developed with other
international professional bodies such as the ACCA, and the Chartered Institute for Securities and
Investments (CISI).
The Faculty also attempts to maintain close ties with the private sector. The Department of
Accountancy meets with representatives of employers on an ongoing basis. Close relationships
also exists with the JSE Ltd in the provision of research and training in the areas of accounting and
finance; and Sage Pastel in respect of the Faculty’s diploma programme in accounting.
The Faculty, through individual staff members and/or its departments, has also developed various
links with regulatory bodies, government entities and other organisations. These include: Institute
of Directors (IOD) in Southern Africa; Accounting Practices Board (APB); Association for the
Advancement of Black Accountants of Southern Africa (ABASA); Independent Regulatory Board
for Auditors (IRBA); Department of Trade and Industry (dti); the Competition Commission;
Finance, Accounting, Management Consulting and Other Financial Services Sector Education and
Training Authority (Fasset); and Sector Education and Training Authority for Manufacturing,
Engineering and Related Services Sector (MerSETA).
66
The Faculty also has collaboration agreements with other education or research entities, such as:
the Centre for Operations Research and Econometrics (CORE) in Belgium; the South-western
University of Finance and Economics (SWUFE) in China; and the African Institute for Economic
Development and Planning (IDEP), the training arm of the United Nations (UN).
5.3 Marketing and reputation management
The Faculty Marketing Committee (FMaC), consisting of the Faculty Marketing Coordinator and
representatives (marketers) from the Faculty’s four departments, planned and coordinated a
marketing strategy for the Faculty.
The Faculty participated in the following institutionally or externally organised activities in 2014,
aimed at prospective undergraduate applicants: mini open days, school visits, Perfect Life expos,
GIBS Business School Career Expo, Kind Edward School Career Expo, Othello Week, UJ’s
Orange Carpet event, and the Educators Conference. More attention will be given in 2015 to the
kind of marketing activities that target prospective postgraduate applicants, particularly
international candidates.
The Faculty (inclusive of its departments) also engaged in various initiatives of its own aimed at
both marketing and reputation management. Activities in 2014, either initiated by the Faculty or
externally initiated in which the Faculty participated, included the following: the 7th issue of its
internal magazine (FACE); development of various marketing material; updating of the Faculty web
pages on the UJ website; three public lectures; and co-hosting of the UJ-Beeld Youth Conference
2014.
A new marketing coordinator was appointed in 2014, who is exploring possibilities of engaging with
students and other stakeholders more actively through popular social networking platforms, with
the aim of a more structured and effective approach to reputation management. The Faculty’s four
departments also engaged in their own discipline-specific marketing activities.
5.4 Internationalisation
There are four core dimensions to the Faculty’s international profile, viz., academic programmes,
international affiliations, students, and staff. With regards to academic programmes many of the
qualifications offered by the Faculty are accredited or recognised by international professional
bodies/councils such as the Chartered Institute of Management Accountants (CIMA), the Financial
Planning Institute (FPI) of Southern Africa, the Chartered Financial Analyst (CFA) Institute, the
Association of Accounting Technicians (AAT) and the International Economic Development Council
67
(IEDC). Discussions on accreditation with other international bodies such as the Association of
Chartered Certified Accountants (ACCA) and the Chartered Institute for Securities and Investments
(CISI) have also commenced. Although SAICA is a national professional body, an international
dimension exists by virtue of the reciprocity agreements between itself and several foreign
professional accounting bodies which allow South African candidates qualifying as chartered
accountants to be able to work in various other countries. This makes sense given that accounting
and auditing curricula are based on international standards and codes.
As far as international affiliations are concerned, the Faculty has collaboration agreements with
the Centre for Operations Research and Econometrics (CORE) in Belgium; the South Western
University of Finance and Economics (SWUFE) in China; the African Institute for Economic
Development and Planning (IDEP), and the Association for Corporate Treasurers in Southern
Africa (ACTSA). HoDs have also been requested to explore possible opportunities for
collaboration arising out of UJ’s membership in the Universitas 21 (U21).
The Executive Dean, Prof Amanda Dempsey is a committee member of the Consultative Advisory
Group (CAG) of the International Accounting Education Standard Board (IAESB) of the
International Federation of Accountants (IFAC). Whilst she is essentially a representative of IRBA
on CAG, she leaves a footprint as a UJ ‘ambassador’ in terms of her expertise and hence, the kind
of leadership she provides at an international level. IFAC is a global body for the accountancy
profession, consisting of 179 members and associates in 130 countries and jurisdictions. In effect
it represents approximately 2.5 million accountants in public practice, education, government
service, industry, and commerce. It aims to serve the public interest by strengthening the
accounting profession and hence, contribute to the economic development of countries
represented by its members.
FEFS enrolment of international students was at 4,2% of total enrolment, compared to 2,3% 10
years ago. The international enrolment ratio in respect of postgraduate enrolment in 2014 was
10,5% compared to 3,8% in 2005, whilst for undergraduate enrolment it was 3,3% compared 2,2%
for the same years. The proportion of international enrolment has been relatively stagnant over
recent years. Measures are being undertaken to recruit more international students particularly for
postgraduate programmes. For example, a staff member from the Department of Economics and
Econometrics visited the Democratic Republic of Congo (DRC) in 2014 to recruit students for
masters’ programmes in 2015, and in order to ease the selection process, he conducted classes
and entrances tests in the DRC. Such initiatives will in future be extended to other African countries
and broadened to include other departments.
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International academic staff in 2014 accounted for 9% of total permanent and contract staff (15
out of 166), compared to 6,9% in 2013. Ten years ago, in 2005, international staff accounted for
just 2,8% of total permanent and contract staff (3 out of 109). International staff members reside
predominantly in the Department of Economics and Econometrics, due to a significant leaning of
the other three departments towards profession-oriented education, in response to national needs.
The recruitment of international staff is specifically driven by the Department of Economics and
Econometrics, with the aim of appointing high profile international candidates in order to boost its
global standing.
“You can never have an impact on society if you have not changed yourself”
Nelson Mandela
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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 2005, 2013 and 2014, in terms of size and profile.
Table 6.1: Size and profile of permanent and contract academic staff
DESCRIPTION 2005 2013 2014
NO % of total
staff
NO % of total
staff
NO % of total
staff
TOTAL STAFF 109 144 166
Demographic composition
Black (African, Coloured and Indian) 26 23.9 49 34.0 64 38.6
White 80 73.4 85 59.0 87 52.4
International 3 2.8 10 6.9 15 9.0
Gender composition
Female 74 67.9 71 49.3 86 51.8
Male 35 32.1 73 50.7 80 48.2
Academic post level
Professor 10 9.2 8 5.6 10 6.0
Associate professor 9 8.3 6 4.2 7 4.2
Special professor 2 1.8 - 0.0 - 0.0
Senior lecturer 29 26.6 72 50.0 81 48.8
Lecturer 59 54.1 57 39.6 60 36.1
Assistant Lecturer - 0.0 - 0.0 8 4.8
Junior lecturer - 0.0 1 0.7 - 0.0
Academic qualifications (highest qualification)
Doctoral 18 16.5 21 14.6 27 16.3
Masters 10 9.2 73 50.7 82 49.4
Below masters 81 74.3 50 34.7 57 34.3
Professional qualifications
Chartered Accountant (CA (SA)) 32 29.4 63 43.8 70 42.2
Professional Accountant (SAIPA) 1 0.9 7 4.9 7 4.2
Certified Financial Planner (CFP) 1 0.9 4 2.8 6 3.6
Chartered Instit of Management Accs (CIMA) 2 1.8
89
2 1.4 2 1.2
Total staff with professional qualifications 36 33.0 76 52.8 85 51.2
70
Full time permanent and contract academic staff totalled 166 by the end of the 2014 academic
year, reflecting an increase of 15% relative to 2013. This increase must be viewed in context,
taking into consideration the extent of recent past resignations which may tend to exaggerate the
extent of appointments from the end of one year to the end of the next; as well as increases in
contract appointments due to the introduction of assistant lecturers. When viewed over the 10-
year period, permanent and contract staff grew by 52% from 109 in 2005 to 166 in 2014. At the
same time total student enrolment had grown by 30% from 8 348 to 10 864 over that same period.
The higher growth in the staff complement was needed given the teaching capacity constraints
experienced in the early years. Whilst the student-staff ratio may still be considered high, the
increased appointments over the years have eased the burden on staff.
With regards to equity, despite the ongoing challenge the Faculty faces in attracting and/or
retaining qualified black academics together with the significant turnover in staff, it still managed to
increase the share of permanent and contract black academic staff members from 34% in 2013 to
38,6% in 2014. In 2005, the ratio of black staff stood at 23,9%.
There were 10 resignations in 2014 of which 40% were black. There were 32 appointments in
2014 of which 59,4% were black and 15,6% were international (mainly from Africa). Female
members accounted for 51,8% in 2014 compared to 49,3% in 2013. Interestingly, the ratio of
female staff members stood at 67,9% in 2005. The Faculty Management Committee consisted of
5 white, 1 international and 2 black members implying an unchanged equity ratio of 25% in 2014.
The proportion of staff with qualifications below master’s degrees decreased slightly from 34,7% in
2013 to 34,3% in 2014. The fall in percentage was limited mainly due to additional appointments
of staff with required professional credentials, but without master’s qualifications; as well as the
appointment of assistant lecturers (studying towards a master’s degree). Although the proportion of
staff with master’s degrees (as the highest qualification) dropped from 50,7% in 2013 to 49,4% in
2014, there was an increase in terms of actual numbers from 73 to 82. There was also a slight
improvement in the ratio of staff with doctoral qualifications, from 14,6% in 2013 to 16,3% in 2014.
It is important to note that many of those with a professional qualification also hold at least a
master’s degree. In 2014 seven staff members (Mr J Wessels, Mr D de Villiers, Mr P Snyman, Ms
M Mouton, Ms L van Heerden, Ms R Andrew and Ms I Baigrie) completed their master’s
qualifications and two (Dr J Viljoen, Dr M Bornman) completed their doctoral qualifications.
When viewed over the 10-year period from 2005 to 2014, the number of staff with doctoral
qualifications increased from 18 to 27, those with master’s degrees as the highest qualification
increased from 10 to 82 and those with qualifications below master’s degrees fell from 81 to 57.
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The distribution in terms of academic posts in 2014 was as follows: 8 assistant lecturers, 60
lecturers, 81 senior lecturers, 7 associate professors, and 10 professors. The limited share of staff
(10,2%) at professorial level imposes a major constraint on the capacity of the Faculty to provide
supervision for postgraduate research, particularly at doctoral level.
Some special achievements by staff in 2014 include:
Ms C le Roux from the Department of Finance and Investment Management won the Best
Paper award at the 2nd International Conference on Economics, Finance and Management
Outlooks held in Kuala Lumpur, Malaysia on 20 & 21 December 2014 for her paper entitled:
“Predictive Relationships between Metal Commodities and the FTSE/JSE Top 40 Index”;
As mentioned above, Prof F Tregenna from the Department of Economics and
Econometrics was awarded an NRF B rating (B3) in 2014; and
Mr J Mahabir from the Department of Economics and Econometrics won the prestigious
national award, the Founders Medal, from the Economics Society of South Africa (ESSA)
for the best master’s dissertation in South Africa.
The following is a broad summary of information relating to the recruitment, management, and
development of academic staff:
Recruitment and selection: The various Heads of Department are generally responsible
for the recruitment of academic staff. The shortlisting of staff is done by the relevant Head
of Department together with the Faculty Management Committee (FMC). The Executive
Dean oversees and facilitates the appointment of staff, in accordance with the relevant
Faculty and Institutional policies;
Promotions: Recommendations for promotion made by the Head of Department, or
requests by staff members through their relevant Head of Department, are considered by
the FMC, with possible recommendations then made to the Senate Executive Committee
(SENEX). The Executive Dean oversees the promotion of staff, in accordance with
criteria specified in the relevant Faculty and Institutional policies; and
Management and development: The management and development of academic staff
are undertaken predominantly at departmental level. Variations across departments exist
in terms of scope and strategic focus. HoDs make use performance management
instruments, tailored to their departments’ specific needs to manage and develop staff
members A combination of measures, varying across departments is used for the purpose
of developing staff members, in the areas of teaching and research.
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6.1.2 Administrative staff
Administrative staff members deployed across departments and in the Faculty Office provide the
necessary support for the effective running of academic programmes, and administration of
student affairs. At department level they consist primarily of secretaries and administrative
assistants. In the Faculty Office, they include basically faculty officers and other support staff.
A programme advisor and a marketer in the Faculty Office also provide much needed support.
The programme advisor sees to students that are at academic risk and facilitates necessary
interventions. She also attends to the compilation and submission of relevant documentation
regarding programme developments, and plays an important role in the extraction and processing
of relevant faculty-specific data. The marketer coordinates all the marketing initiatives of the
Faculty and also works very closely with departmental marketers and the Division for Student
Marketing. She also represents the Faculty in the area of community engagement.
Table 6.2 provides information on the administrative staff of the Faculty in terms of distribution and
race.
Table 6.2 All administrative staff – by department and race
Department 2014 TOT
2014 TOT
2013 TOT 2005 AFR COL IND WHI
P P P P
Accountancy 2 - - 5,5 7.5 7.5 6.5
Commercial Accounting 1 - - 1 2 2 1
Economics and Econometrics 2 - - 1 3 3 1
Finance and Investment Management 0 - - 2 2 1.5 1.5
Faculty Office 9 3 - 4 16 19 10
Total 2014 14 3 0 13.5 30.5
Total 2013 33
Total 2005 20
Note: P = Permanent
Full time administrative staff, comprising both permanent and contract employees totalled 30,5 in
2014, down from 33 in 2013 (due to resignations). With regards to equity, black employees
represented 55,7% (17) of all permanent and contract staff and female members accounted for
82%.
Just more than half of the administrative staff (52,5%) are located in the Faculty Office. By the end
of 2014 only about 10 faculty officers facilitated the full academic life cycle of students. The 10
faculty officers took care of all the administration involving 10 864 students (the number as at the
end of 2014, and hence not counting cancellations and dropouts during the course of the year).
The other administrative personnel provided support in terms of administrative assistance, typing,
73
and so on. The noticeable increase in administrative staff since 2005 was necessary given the
increase in student enrolment over time.
6.2 Finances
Key information regarding the Faculty’s finances is provided in Tables 6.3 and 6.4.
Table 6.3 Budgeted and actual expenditure in 2014
The total budget allocation for
the Faculty in 2014 was
approximately R148,8 million
representing an increase of
7.5% on the 2013 budget of
R138,5 million. In 2014,
97,1% of the budget was
utilised, the same as in 2013.
In 2005 the Faculty’s budget
was just over R60 million, implying that the allocation grew at unweighted nominal annual growth
rate of about 10,6% over the 10-year period. This was clearly above the average inflation rate, and
was necessary given the appointments of additional staff members, to address prevailing and
growing teaching capacity constraints.
6.3 Environmental sustainability
The core academic activities of the Faculty do not directly impact the environment. In other words,
the nature of academic activity in the Faculty of Economic and Financial Sciences is such that
there are no real or potential direct adverse effects on the environment, except for the possibility of
immoderation in typical areas of consumption, such as water, energy and paper usage. In this
Department
Actual Budget
Total salary
expenses
R
Total other
expenses
R
Total
expenses
R
Total
expenses
R
Dean’s Office 8 581 044 1 919 495 10 500 540 13 500 546
Accountancy 48 578 684 6 978 132 55 556 816 55 101 164
Commercial
Accounting 26 063 964 1 446 834 27 510 797 26 735 355
Economics and
Econometrics 23 690 092 1 431 049 25 121 141 26 677 460
Finance &
Investment
Management
22 166 289 2 080 252 24 246 541 23 343 144
Extended degree 959 681 48 302 1 007 983 1 413 415
IDEP 621 423 - 621 422 2 061 616
Other 324 3 368 3 692 -
Total 130 661 501 13 907 432 144 568 932 148 832 700
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regard the Faculty fully aligns itself with the institution’s goals regarding the environment and
embraces the campaign to ‘re-use, reduce and recycle’.
The Faculty continued (as in the past) to encourage certain practices that are considered important
for sustaining the environment: the use of laptops during meetings thereby minimising on the use
of paper, the use of ULink as a means of engagement with students, use of recycling facilities for
used paper, and avoiding unnecessary use of lights and air conditioners.
“Human resources are like natural resources; they're often buried deep. You have to go looking for
them, they're not just lying around on the surface. You have to create the circumstances where
they show themselves.”
Ken Robinson
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7. CONCLUSION AND PLANS FOR THE FUTURE
Over the past ten years FEFS has undoubtedly grown in terms of size, scope and stature, and has
carved for itself a widely acknowledged niche in the academic space for financial education. Given
such advancements the Peer Review Report, arising from the high-level Faculty Review conducted
in August 2014, has now identified what it termed to be a ‘principal opportunity’ for the Faculty:
“that UJ could, through the Faculty of Economic and Financial Science, by the distinctive
clustering of the disciplines that comprise it, be recognised as ‘the’ Pan-Africa educator in
the financial services and regulation space.”
This has provided an excellent opportunity for the Faculty to reflect on its prevailing academic
position nationally and internationally, in terms of the pivotal role it could play for critical thought
and advancement in the practice of accounting, finance and economics in Africa and beyond,
which would bring global recognition. Important strategic discussions have already taken place.
The next step will be the development of a well-articulated and coherent strategic plan with realistic
actions and timeframes, taking into consideration the prevailing dynamics within the Faculty and
building on its past achievements. The University’s 2025 Strategic Objectives and corresponding
plans for GES will play an essential role in informing the Faculty’s strategic discussions in 2015.
Attention will be given to the following critical areas:
Intellectual coherence (synergies)
Whilst it is evident that there are synergies across disciplines which has enabled the Faculty to
position itself in the academic space for financial education through world class pedagogy, active
scholarship and growing international affiliations, more effort is needed in profiling the Faculty and
extending its reach in order for it to be recognised as the Pan-Africa educator in the financial
services domain.
Stature and differentiation
Although much discussion has already taken place within the Faculty regarding the notions of
excellence and stature, there remains a need for a better perspective on the differences that exist
across disciplines, taking into consideration national and international contexts; and how
departments see their roles in achieving such stature, keeping in mind UJ’s aspiration for global
excellence and stature associated with its 2025 strategic objectives.
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Academic programmes
Based on the recommendations emerging from the Faculty Review, it would be very useful to
evaluate the Faculty’s portfolio of undergraduate and postgraduate programmes in terms of
balance, focus, composition, programme content and curriculum design.
Scholarly activity
Whilst there is a need for a wider interpretation of scholarly activity and its measurement, it is
essential that the Faculty makes a concerted effort to significantly raise its accredited research
output and to increase its presence in the international research literature. It is therefore important
to develop a well-structured research strategy and plan for the Faculty which takes into
consideration prevailing dynamics and strengths.
Internationalisation
Although researchers in their individual capacities are engaged in collaborative work with
academics from international institutions, and students are participating exchange programmes,
such initiatives are indeed limited. There is certainly much scope to initiate, coordinate and
enhance international collaboration at departmental and Faculty levels.
Multidisciplinary initiatives
The proposed business school in the Faculty of Management presents a foremost opportunity for
inter-faculty collaboration. It is important to investigate how the business school could serve as an
important conduit through which synergies between both faculties could be leveraged in creative
ways to benefit UJ nationally and internationally. Multidisciplinary initiatives through are channels
will also be explored.
Branding and visibility
A more concerted effort is needed for branding and communication in order to enhance visibility of
the Faculty. The attainment of excellence without effective and well-focused communication and
brand management will not result in the level of stature that is aspired to. This requires investment
in the necessary capacity in various platforms as part of a comprehensive marketing strategy.
FACULTY OF ECONOMIC AND FINANCIAL SCIENCESINFO: www.uj/ecofin.co.za | TEL: 011 559 2492