CA(SA) banking articles vs the rest
Are you studying to become a CA(SA)? You might find yourself asking the following questions:
“Do I do my articles at an audit firm or not?”
along with
“Am I limiting myself if I don’t go to a Big 4 firm?”
“Will I ever understand deferred tax?”
Allow me to drop some stats and evidence from none other than SAICA’s Accountancy SA publication. As well as some anecdotal evidence from someone that completed their articles at Standard Bank that might help you make a decision.
some quick stats
To give you some sense of how trainees are distributed across training offices, here’s some statistics from this article published in 2021 in AccountancySA Magazine. These are the latest publicly available statistics I could find.Of the 11 000 training contracts available in 2021:
- 80% were for trainees in public practice (think audit firms)
- 4% were for trainees in the public sector (2% at AGSA and 2% at SARS etc.)
- 13% were for trainees in commerce and industry (think typically unconventional firms- like Shoprite or BMW)
- 1% were for trainees at banks
The tea on banking articles
Banking Articles
- Usually focused on retaining you as a permanent employee post articles.
- Banking trainees tend to get paid more than trainees in public practice. However, the jump in salary package to a permanent role after you complete your articles may be less than what an audit trainee may experience (depending on the role you choose).
- It's possible that an audit firm or another industry firm may be looking for a newly qualified CA(SA) with Big 4 experience. However, depending on where you get experience in the bank, its possible for your specific skillset to be applicable at Management Consulting Firms, Tax Firms, or more traditional finance roles.
- You rotate within different areas of the bank and are not confined to a specific team. For example, I have rotated within finance reporting roles as well as in strategic roles and investment banking.
- APC study time is prioritized in second or third year.
- No overtime pay or weekend work typically, unless you're in a team where it's common to perform work outside of normal hours (e.g. investment banking roles or year end reporting roles).
- You may not necessarily the opportunity to manage or work in teams with other trainees as usually one trainee in the programme is allocated to one team.
Articles in Public Practice
- Usually focused on training you in Audit skills and not necessarily retaining you post articles.
- Most trainees in public practice look for employment in commerce or industry after articles.
- Exposure to offshore opportunities like JIT are more common.
- Exposure to different industries, however you are likely to get placed with the same client every year.
- Overtime hours and weekend work are far more common.
- Salaries typically pay less than industry articles, however there's the opportunity to earn more with overtime work provided that your firm has not capped your hours.
- Opportunity to work with several different companies who may offer you a job after articles if you perform well on the audit (not guaranteed).
common misconceptions and what i wish someone told me
You might think that doing your articles at a bank limits your international opportunities. You might also think that doing your articles at an audit firm limits your chances of getting into banking. And while both of those thoughts are not completely wrong, it’s honestly very hard to say, in any definitive way, which option is best for you.
My personal take is this: no matter which route you choose, you’re going to have to eat the frog somewhere. Every path has trade-offs, awkward bits, and moments where you question your life choices. That said, the people I admire most tend to have the most interesting, scenic, slightly unhinged career routes. They rarely look perfect on paper, but they make for great stories and even better experience.
Whatever your personal measure of success is (because ideally it shouldn’t look exactly like anyone else’s), you’ll probably be happier and more fulfilled if you actively move towards it. Revolutionary concept, I know.
If your goal is to break into investment banking from an audit firm, joining a corporate finance or due diligence team at an audit or boutique firm is probably not a terrible idea. It gives you relevant exposure and puts you closer to the world you’re trying to enter.
If your goal is to leave banking for an international opportunity, it might be worth leaning hard into your finance and reporting skillset and actively researching overseas companies that need support in their reporting functions. Accounting, especially the allegedly “boring” kind, is in very high demand globally.
And if you’re someone who physically cannot stop yourself from sharing opinions and unsolicited advice, you could always create a vanity website called Rands & Sense and subject the internet to your unfiltered thoughts. Again, the possibilities are endless.
The people who really make me stop and think “damn, that’s cool” are the ones who squeeze every drop out of the opportunities they’re given, whether those opportunities come from blind luck, hard work, or pure audacity. Sometimes the best opportunities are the ones you hustle into existence yourself. More often than not, you already know exactly who to reach out to or what uncomfortable step you need to take next.
I don’t know what your path will look like or how difficult it might be. What I do know is that being a CA(SA) is a pretty great starting point and an even better safety net if you mess up whatever it is you decide to do.
If you’d like to chat to me to discuss your options, you can find me at the link below.
