The brain drain in South Africa is leading to a dearth of experience and expertise in the accounting and finance sector – as well as a wealth of opportunities for would-be CFOs. 

Should I stay or should I go? The brain drain of experience and expertise from South African shores is creating new and interesting opportunities for those who choose to remain in the country, says Jaco Swanepoel, co-founder of Snatch – a recruitment firm for accountants in SA and overseas.

Since 2018, Snatch has been helping accountants find their optimal position in what can be a widely varied field, and in that time, Swanepoel has seen the demand ebb and flow. 

"Usually, we find professionals best suited to mid- to senior-management roles, supporting the CFO and CEO in building a world-class financial team," he explains. Swanepoel says that the range of opportunities for those with accounting skills has recently widened.

The brain drain affecting South Africa is no secret, of course. 

Highly educated and skilled individuals continue to leave our shores to pursue lives and careers in more developed countries with better economic opportunities and higher standards of living – a phenomenon hardly unique to South Africa – and this has had a significant impact on various industries, including the accounting and finance sector.

Swanepoel admits that while Snatch plays a role in this drain of expertise, the vacuum that is caused back home presents a major opportunity for newly-qualified chartered accountants. He notes that there is a global demand for South African accountants. "The main question that recently qualified accountants need to ask themselves is, where do they want to go?"

He doesn't only mean geographically. Even as many South Africans leave the country in search of better salaries and working conditions, as well as greater opportunities for professional growth and development, this leads to a shortage here at home. 

Opportunities created by the brain drain

In light of this lack of competition from highly skilled professionals, entry-level opportunities for accounting and finance graduates are becoming more widely available.

"The biggest need overseas right now is for auditors," says Swanepoel, "and this is your easiest route into a role overseas." It helps that, thanks to our relatively high regulatory reputation, South African auditors are a sought-after commodity. "Brexit has helped us by putting us on an equal footing with CA candidates in the European Union – this has opened up a highway for South African auditors to work in the UK."

The result: homegrown corporates are left with open roles in their in-house commercial and financial management teams. "On one hand, we have a lot of certified, qualified auditor candidates, all wanting to go overseas, and a lot of companies on the lookout for them. And on the other hand, Swanepoel explains, this has left a gap for accountants in South Africa to take up senior positions. 

This stands to reason, says Swanepoel, and presents Snatch with a dual stream of business, as qualified and certified accountants seek prime roles both here and abroad: it’s no surprise that an ongoing emigration of highly skilled professionals is leading to increased demand for the services of accounting and finance professionals in South Africa. 

This means that there is a growing need for qualified professionals who can provide financial management services to companies, such as tax planning, financial analysis and reporting, and internal auditing – prime time for accounting and finance professionals to start their own businesses, work as consultants, or climb the corporate ladder.