No images? Click here ![]() Dear StakeholderI am delighted to share that the eight young women who joined the ASISA Academy’s inaugural Fezeka Graduate Programme in 2023 all successfully completed their intense 15 months of academic and practical work in May. Not one succumbed to the enormous pressure of what is essentially a baptism of fire for Black South African female graduates pursuing a career in asset management. Every one of them completed three five-month work placements at asset management firms. In addition, they also completed the Financial Markets Practitioner (FMP) Learnership and will soon be embarking on the CFA level 1 exam preparation classes offered by the ASISA Academy. All eight graduates have registered to write these exams later this year, and the Academy will offer the exam preparation classes over the months leading up to the exams. Five of the eight Fezeka graduates have already accepted employment opportunities as analysts on investment teams with the following companies: Standard Bank Global Markets, Sanlam Investment Management, and Stanlib Multi-Managers. At the time of writing, the remaining three were still in the interview process. A survey conducted by ASISA last year showed that between 2018 and 2023, there was no significant improvement in the number of female portfolio managers, which was static at 17%. This indicates that, as an industry, we need to be even more deliberate in our actions to bring about transformation. Securing permanent employment for the Fezeka graduates might seem like a drop in the ocean, but asset managers who take on these smart and resilient women are taking a first step in the right direction. These women come from all over the country; some from backgrounds where they had no exposure to the world of wealth creation. This article about how one of the Fezeka graduates went from earning a chemical engineering degree to a position on the global markets team at Standard Bank illustrates how this programme is expanding the pool of Black female graduates in asset management. Hailing from Thohoyandou, a small town in Limpopo, Mikano Masithi chose chemical engineering because “a guy from high school” became one. After completing her degree funded by a bursary from Standard Bank, Mikano joined the Fezeka Graduate Programme and has now come full circle to a job in the global markets team at Standard Bank. Her story reminded me a little of my own personal journey. Growing up on the Cape Flats during the apartheid era, I was not exposed to people working in industries such as financial services. Growing up in a working-class environment, I had no real idea of what I wanted to do when I grew up until, one day, I heard the term “occupational therapist” and decided I liked the sound of it. That was until I got to pay a visit to the Burns Unit at Groote Schuur Hospital, which was – both literally and figuratively – an eye-opening experience, which made me set aside those ambitions quite quickly. By virtue of my academic performance, I was placed in the “Maths & Physics” class with Biology and Accountancy as my other subjects of choice, yet I struggled to visualize myself in any particular profession due to lack of adequate guidance and awareness. Mikano Masithi’s story, like so many others, reminds me of how important it is that we continue to open doors to our industry for young people, including those who might never have heard of it before. Believe in young people, give them a chance (or two, as Standard Bank did with Mikano), invest in them and they will give you reason to celebrate. ![]() Read Mikano's story: Using any opportunity as a stepping stone. The 12 young women who started the second iteration of the Fezeka Graduate Programme earlier this year are almost one-third of the way through it. They are entering the final month of their first five-month work rotation and no doubt feeling sad to say goodbye and anxious about starting the next one. We wish them all the best and give our heartfelt thanks to all the host companies and sponsors who are supporting us as we help these bright young women find their way into asset management. ![]() The 12 young women currently participating in the second iteration of the Fezeka Graduate Programme. NEWS FROM OTHER GRADUATE PROGRAMMESFinancial Markets Practitioner Learnership The 22 delegates in our 2024 FMP Learnership are one third of the way through their course. This learnership culminates in the External Integrated Summative Assessment (EISA) exam, written this month by all 18 delegates from our 2023 cohort. Delegates who successfully complete the FMP qualification can apply to the South African Institute of Stockbrokers (SAIS) for an associate membership and, if approved, are awarded a SAIS designation. The FMP Learnership, an NQF Level 7 learnership registered with the Finance and Accounting Services Sector Education and Training Authority (Fasset), also provides a learning pathway to a higher qualification, such as an honours degree or an NQF Level 8 postgraduate diploma. I was greatly encouraged by recent feedback received from the SAIS about the sound approach we have to the delivery of the FMP learnership. I would like to thank our remarkable FMP team for upholding high standards. It is no mean feat to see 100% of a class of 18 delegates meet all the criteria to sit for an external exam at the same time. IMACS@TSiBA Sponsors who committed last year to sponsoring and hosting students participating in our 13th IMACS@TSiBA Internship are currently interviewing final-year students for intern positions from August to November this year. We would like to express our appreciation to the sponsors, especially those who have increased their quota of students based on their impressions of the students during the interviews. We have already placed 14 students with investment administration firms and are assisting the remaining students to find host employers in other industries who can provide them with four months of work experience in an administrative role. The relationship with TSiBA, a Cape Town-based not-for-profit higher education institution, was formed in 2011 and is the ASISA Academy’s longest partnership with a university. The recently revised approach to this programme sees sponsors funding the academic component of the programme, which is now delivered to the entire class (instead of a select 10-12) of Bachelor of Business Administration (BBA) Finance students from the middle of their second year to the middle of their third year of study. Those sponsors who also opt to host a student interview and select third-year students during April to June each year, and students who successfully complete all their courses proceed to intern at their host sponsors. While there is no obligation on the host employer to absorb the students once they have completed their studies, it is always heartening to see around 80% of them being employed by ASISA members who have partnered with us. The programme started with a cohort of just 10 graduates in 2011 and has expanded dramatically, with the latest intake being 45 students. Without completing the practical work element, these students will not be able to graduate, which is why we have expanded our call for placement opportunities beyond the asset management industry. A few companies that have responded to the call to host a student in an administrative role for 16 weeks are next in line to interview the remaining students. If you are interested in supporting this initiative, please get in touch. Please forward this request to anyone you know, including those beyond our industry, who might be able to host a final-year BBA Finance student from August to November 2024 and provide them with a small stipend, mentorship, and guidance. The IMACS@TSiBA Internship qualifies as a category B on the Learning Programme Matrix. ![]() The 39 final year IMACS@TSiBA students participating in the 13th iteration of the MACS@TSiBA Internship. Independent Financial Advisor (IFA) Internship We would like to acknowledge interns in the Independent Financial Advisor (IFA) Internship who have recently received RE5 certificates after passing the exams that test their knowledge of the Financial Advisory and Intermediary Services (FAIS) Act and the Financial Intelligence Centre Act (FICA). It is no small feat to study for these exams while adapting to a new work environment. Buhle Kunene, interning with NFB Private Wealth Management in East London, was the first intern this year to pass her RE5 exam just a month after starting the internship. Kuhle Memela (the Robert Group in Durban) and Chukwu Uhanna (Actuarial Outsourcing Solutions in Johannesburg) were hot on her heels. We commend all three of them as well as their host employers for supporting them. The RE5 certificate, together with experience gained on the IFA internship, provides interns with a strong foundation on which to build should they wish to pursue the board exams to qualify as fully-fledged advisors. The feedback we received from the Robert Group on Kuhle, who earned a distinction in the exam and is described as “a delightful addition to our team”, talks to how this internship gets to the very heart of the preparation required for a career in this field: “Kuhle has been actively involved in understanding the intricacies of financial planning. He has sat in on several meetings with one of our advisers, gaining detailed insights into the components and processes involved in creating comprehensive financial plans [and he] continues to develop a thorough understanding of the administrative processes and procedures related to client policies and investments.” ![]() The three IFA interns who have passed their RE5 exams. From the left: Buhle Kunene, Kuhle Memela, and Chukwu Uhanna. RETIREMENT FUND TRUSTEE EDUCATION
BESPOKE IN-HOUSE COURSESThe Academy delivered bespoke investment induction courses to employees of Sanlam and Satrix, as well as a selection of Investment Sprints for employees of Ninety One during May. These were delivered face-to-face at the companies’ offices, as well as online. ![]() Employees from Satrix who attended the Investment Induction Course in May, pictured above with presenter, Grant Cloete (top left). University Work Readiness Courses During the month of May, the Academy presented a session focusing on Financial Literacy to around 50 students from the University of the Free State (UFS). Below are some comments received from students who attended:
The next session lined up for the UFS students is Communication & Leadership and will be presented in July. During the month of June, a set of online Work Readiness sessions will also be delivered to students affiliated with the Association for Black Securities & Investment Professionals (ABSIP) Student Chapter. Career Development Courses The ASISA Academy regularly presents Career Development Courses to junior employees of ASISA member companies to enhance their skills, knowledge, and capabilities to help them advance in their careers within the financial services industry. These courses can be tailored into bespoke courses that meet the unique requirements of individual companies, covering a wide scope of topics, ranging from tools and tips for success in their first few years of work and their chosen career paths, to understanding the financial services environment and personal effectiveness skills and career development. SHORT COURSES
![]() Delegates who attended the Equity Analyst Short Course. Pictured above with Francois Toerien, the Programme Champion for the Equity Analyst Short Course (top left). UPCOMING COURSES IN JUNEFor a complete overview of learning opportunities in June, please visit the ASISA Academy Learning Calendar. Please visit our website for more information on our many learning opportunities. We also invite you to interact with us on LinkedIn. LEARN WITH USThe ASISA Academy is recognised as a Level 1 B-BBEE Qualifying Small Enterprise, with more than 75% of the Academy’s beneficiaries being Black South Africans. This means employers can claim 135% of their skills development spend with the ASISA Academy. Please Get in touch with us to discuss how we can support your skills development requirements. Best wishes Alicia Davids |