Studying a Financial Management course is an excellent way to begin your career in the finance industry.
What Is Financial Management?
Financial Management is all about managing the financial aspects of a business’s major transactions. This involves overseeing investments and helping the business make good financial decisions.
Is Finance A Good Career?
Every company needs a financial manager, and being in the finance industry can pay very well. The finance industry is one of the most stable industries to work in. this is because while the economy is constantly changing, there will always be a need for workers in the field of finance.
Is A Financial Management Course Difficult?
Financial Management is not difficult as long as you have a good grasp of maths and can manage your study times well.
What Financial Management Courses Can I Study?
There are many options for studying Financial Management, from non-accredited Financial Management courses, to studying an accredited ICB Financial Accounting course. Each course has different levels.
ICB
The ICB Financial Accounting course requires only Grade 10 to apply. The ICB Financial Accounting course levels are as follows:
- ICB National Certificate in Junior Bookkeeping (NQF Level 3)
- ICB FET Certificate in Senior Bookkeeping (NQF Level 4)
- ICB National Diploma in Technical Financial Accounting (NQF Level 5)
- ICB National Diploma in Financial Accounting (NQF Level 6)
What NQF Levels Mean
The NQF (National Qualifications Framework) levels are determined by SAQA (the South African Qualifications Authority). This allows educational institutions and potential employers to understand the educational level of any qualification. There are 10 NQF levels:
- NQF Level 1 – Grade 9
- NQF Level 2 – Grade 10
- NQF Level 3 – Grade 11
- NQF Level 4 – Matric
- NQF Level 5 – FET Certificate/Higher Certificate
- NQF Level 6 – Diploma/Advanced Certificate
- NQF Level 7 – Bachelor’s Degree/Advanced Diploma
- NQF Level 8 – Honour’s Degree
- NQF Level 9 – Master’s Degree
- NQF Level 10 – Doctoral Degree
This means that if you do not have your Matric, you could begin your studies with the ICB National Certificate in Junior Bookkeeping, then continue to the ICB FET Certificate in Senior Bookkeeping.
Where Can I Study Financial Management?
You can study Financial Management through distance learning by choosing to study at one of the following reputable distance learning colleges:
ICB
- Bellview Institute of Distance Learning
- Matric College
- Skills Academy
- Ember Academy
- Learning Group
Potential Careers With Each ICB Course Level
ICB National Certificate in Junior Bookkeeping
Junior Bookkeeper:
The duties of a Junior Bookkeeper can include, but are not limited to:
- Managing accounts payable
- Managing accounts receivable
- Collecting and recording financial data
- Analysing month-end financial data
Payscale: R61 000 – R200 000 per year
Accounts Clerk:
The duties of an Accounts Clerk can include, but are not limited to:
- Recording financial transactions
- Maintaining financial records
- Preparing financial statements
- Assisting accountants with administrative duties
Payscale: R60 000 – R220 000 per year
Payroll Clerk:
The duties of a Payroll Clerk can include, but are not limited to:
- Verifying employee timesheets
- Issuing deductions
- Updating payroll records
- Processing employee pay cheques
Payscale: R66 000 – R242 000 per year
ICB FET Certificate in Senior Bookkeeping
Senior Bookkeeper:
The duties of a Senior Bookkeeper can include, but are not limited to:
- Maintaining and operating general accounts
- Maintaining and operating subsidiary ledgers
- Data entry
- Maintaining financial records
Payscale: R162 000 – R447 000 per year
Junior Accountant:
The duties of a Junior Accountant can include, but are not limited to:
- Maintaining general ledgers
- Overseeing day-to-day transactions
- Assessing data
- Maintaining the accuracy of employee timesheets
Payscale: R69 000 – R247 000 per year
Assistant Accountant
The duties of an Assistant Accountant can include, but are not limited to:
- Bookkeeping
- Document filing
- Client correspondence
- Assisting with payroll administration
Payscale: R92 000 – R382 000 per year
ICB National Diploma in Technical Financial Accounting
Technical Financial Accountant:
The duties of a Technical Financial Accountant can include, but are not limited to:
- Preparing financial reports
- Recording and analysing financial trends
- Providing strategic guidance and business advice
- Assisting with audits
Payscale: R252 000 – R10 790 000 per year
Accounting Technician:
The duties of an Accounting Technician can include, but are not limited to:
- Bookkeeping
- Recording transactions
- Payroll administration
- Preparing monthly financial statements
Payscale: R69 000 – R266 000 per year
Tax Technician:
The duties of a Tax Technician can include, but are not limited to:
- Reviewing financial reports
- Preparing tax reports
- Filing tax returns
- Reviewing tax records
Payscale: R235 000 – R395 000 per year
ICB National Diploma in Financial Accounting
Financial Accountant:
The duties of a Financial Accountant can include, but are not limited to:
- Overseeing tax payments
- Internal auditing
- Preparing company budgets
- Providing financial advice
Payscale: R160 000 – R606 000 per year
Management Accountant:
The duties of a Management Accountant can include, but are not limited to:
- Recording transactions
- Managing investments
- Risk management
- Overseeing budgeting
Payscale: R231 000 – R 742 000 per year
Tax Consultant:
The duties of a Tax Consultant can include, but are not limited to:
- Collecting tax information
- Data entry
- Analysing information
- Filing tax returns
Payscale: R104 000 – R523 000 per year
What Subjects Do You Study In Financial Management?
The subjects you study will vary depending on which course you choose to study, and subjects progress as your studies progress.
ICB
The subjects for each level of the ICB Financial Accounting course are as follows.
ICB National Certificate in Junior Bookkeeping
- Bookkeeping to Trial Balance
- Payroll and Monthly SARS Returns
- Computerised Bookkeeping
- Business Literacy
ICB FET Certificate in Senior Bookkeeping
- Financial Statements
- Cost and Management Accounting
ICB National Diploma in Technical Financial Accounting
- Income Tax Returns
- Business Law and Accounting Control
ICB National Diploma in Financial Accounting
- Corporate Strategy
- Management Accounting Control Systems
- Financial Reporting and Regulatory Frameworks
- Research Theory and Practice (by short dissertation on the topic: Financial Accounting)
How Long Is A Financial Management Course?
Studying an ICB Financial Accounting course will take a minimum of 36 months to complete. The first and last courses take 12 months each to complete, while the middle two take six months each to complete.
Is Finance Harder Than Accounting?
No, finance is easier than accounting. Accounting goes into much more detail in specific areas, and can get more difficult as you proceed. While financial management will become more difficult as you proceed, it is a much broader field of study, and so will not be as difficult as accounting.
Which Pays More Between Finance Or Accounting?
When comparing the pay scales of a Financial Manager and an Account Manager, a Financial Manager earns more. The pay scale of each are as follows:
- Financial Manager: R258 000 – R985 000 per year
- Accounts Manager: R148 000 – R562 000 per year
This is most likely due to the fact that Financial Managers deal with a much larger area of work. Financial Managers work with the entire finance department of a company, whereas Account Managers generally work only with accounts and transactions.
Other ICB Courses
Other ICB courses that are available are:
- Business Management
- Office Administration
Business Management requires only Grade 11 to apply. This course has three levels going up to the Diploma level.
Office Administration requires you to have Matric to apply. This course has three levels going up to the Diploma level.
What If I Still Want To Get My Matric?
If you would like to get your Matric, there are options available. The three options are:
- Matric Rewrite
- Matric Upgrade
- Adult Matric
Matric Rewrite
Matric rewrite is available to anyone under the age of 21 who would like to improve their Matric results. You may rewrite a maximum of two subjects, and you cannot change subjects. You must rewrite subjects you wrote for your Matric final exams.
There is no limit to the number of times you can rewrite your Matric, as long as you are still under the age of 21. To apply for a Matric rewrite, you will need:
- A copy of your Statement of Results
- A certified copy of your ID
Matric Upgrade
Matric upgrade is available to those who are over the age of 21 and would like to improve their Matric results. You must be over the age of 21 because you will be writing the Adult Matric exams.
You may upgrade as many subjects as you choose, and you may also change any or all of your subjects if you prefer. There is no limit to the number of times you can upgrade your Matric. To apply for a Matric upgrade, you will need:
- A copy of your Statement of Results
- A certified copy of your ID
Adult Matric
Adult Matric is aimed at those who did not have the opportunity to complete their high school education. You must be over the age of 21 to do your Adult Matric. Once you have successfully completed it, you will receive your Senior Certificate (Amended). This works exactly the same way as a National Senior Certificate.
What Have We Learned?
Financial Management is about ensuring the financial stability and growth of a company. There are many job opportunities in the finance industry. It takes a minimum of three years to complete the ICB Financial Accounting courses.
You can study financial management without Matric if you have a Matric Equivalent. If you do not have a Matric Equivalent qualification, you can begin with the ICB Financial accounting courses without Matric.
There are four levels to the ICB Finance courses. Finance is easier than accounting. Finance pays more than accounting.
Author: Chloe Bydawell
Editor: Amy Venter
Date Published: May 17, 2022
