Job Search: How to secure your career!
South Africa has topped the chart on Bloomberg's global list consisting of 82 countries. Before you get all excited that South Africa is ranked number one, on top of the unemployment list is not exactly what we hoped for! Based on predictions, it is likely that we will not be stripped from the title soon!
Unemployment Facts in South Africa 2022
The South African expanded unemployment rate is standing at 46.4 %. In the same period, Mpumalanga recorded an expanded rate of 46.5%. With these high unemployment statistics, it is evident that when it comes to finding a job in South Africa, it is not an easy one!
Every vacancy listed receives around 468 applications and only 6 -10 applicants will be invited for an interview. The average person will attend 2 to 3 interviews before getting a job offer. This means that you need to apply for at least 243 positions, and then you should still count yourself lucky.
If you think that applying to all the job ads you see will secure you a position in no time, you are in for a big surprise. You will NOT be considered for the position if you are applying for a financial manager vacancy with a Grade 10.
Before applying with any vacancy, we strongly suggest that you develop a strong job search strategy, that could enable you to find the perfect job. You can find various examples and tips on Google, posted by professional recruitment agencies.
Why you should consider a career in the Financial Services Sector.
Although the statistics does not look favourable for the unemployed community, reports indicate that the Financial Services Industry and some other finance related sectors saw a huge increase in employment opportunities with an increase of 215 000 candidates being offered financial services jobs last year. The second industry in line was Community and Social Services, which saw a much lower increase, filling and additional 16 000 vacancies.
THIS IS WHAT YOU SHOULD KNOW ABOUT FAIS
The Financial Advisory and Intermediary Services Act(FAIS) regulates the rendering of certain financial services. , which is regulated by the FSCA (Financial Sector Conduct Authority). The Act stipulates the fit and proper requirements and the code of conduct that need to be adhered to for individuals offering advice or providing an intermediary services (know as representatives) and those overseeing them (known as key individuals).
WHERE SHOULD I APPLY FOR A JOB
Examples of companies that will fall under the FAIS Act is (but not limited to);
- Insurance Companies
- Investment Companies
- Short Term Insurance Companies (your car and your house)
- Long Term Insurance Companies (Life insurance, Medical Aid, Retirement Annuities)
YOU CAN FIND A JOB AT A FINANCIAL INSTITUTION WITHOUT A QUALIFICATION
The FAIS Act requires that a Financial Advisor meet the Fit and Proper requirements. You will need an RE5 Certificate and a FAIS Qualification.
Contradicting isn’t it?
The good news is, you can enter the FAIS industry without an RE5 and FAIS qualification. It simply means that you will be working under supervision for up to 6 years, which gives you more than enough time to obtain your qualification while your work!
INCREASE YOUR CHANCES EVEN MORE
Obtaining your RE5 Certificate before you apply for a job at a Financial Service Provider will drastically increase your chances of being hired. This FAIS Exam can only be written through Moonstone (as appointed by the FSCA) and will most likely be the most difficult exam you will ever write in your life.
Lets Study is a leader in providing RE5 and RE1 Workshops and will be presenting this online event on Wednesday 23 February 2022 at 7pm. Space is limited and we recommend that you secure your seat!
Mpumalanga Press is serious about our civil role and feel privileged to promote the welfare of our Community.