Trouble for South Africa’s new CAs

In the past year, the global landscape for newly qualified South African Chartered Accountants (CAs) has shifted dramatically, leaving them with fewer opportunities overseas and a highly competitive job market in South Africa.

While the country has been suffering from an accountant ‘brain drain’, the state of the international economy has completely reversed this trend.

This is feedback from Graeme Marais, Director of Blue Recruiting, who explained that there has been a big shift this year in the amount of CAs that are able to find work overseas. 

”South Africa has traditionally been a source of CA talent for international audit firms, particularly in the UK,” Marais said.  

“But changes in the UK’s economic landscape have reduced opportunities for South African CAs overseas.” 

“The UK has been experiencing economic challenges, including a slowdown in growth and a sharp increase in the cost of living, leading to lower attrition rates within audit firms and, therefore, reduced hiring.” 

As a result, auditors haven’t been getting the same opportunities to go overseas despite the fact that this qualification is still highly regarded.  

“Audit firms in the UK have also reported a significant decrease in staff turnover as employees hold on to their jobs for longer, such as in the growing economic insecurity.” 

PwC UK cut up to 600 UK jobs last year due to falling attrition rates, although this was mainly in the advisory space. This move was part of a broader trend among major accounting firms, including Deloitte, EY, and KPMG. 

“More recently, we are seeing this in the US and in the Cayman Islands, with these markets showing a 33% slowdown in attrition rates,” Marais said. 

“These developments reflect the broader economic uncertainties and shifting demands within the professional services sector over the last year.”

“For example, despite the sustained interest among South African CAs to work abroad, less than half of the number of newly qualified CAs have found jobs in the UK for 2025 compared to the last few years.”

This means that hundreds of newly qualified CAs who would previously look for jobs elsewhere will now be staying in South Africa. 

While South African companies may be blessed with many choices, it will also make the hiring process more challenging as recruiters have to sift through plenty of applications, many of which will look very similar. 

In addition, CAs will now be entering a much more competitive job market than they would have a few years ago. 

Fortunately, even though the global economy may be lagging, the local economy is starting to pick up, Marais noted on The Money Show with Stephen Grootes. 

One of the factors that is enhancing the attractiveness of the South African job market for CAs is the Government of National Unity (GNU). 

“This coalition has fostered political stability and renewed confidence in the country’s governance,” Marais said.

“South African banks, in particular, benefiting from lower interest rates and improved market conditions, are expected to increase hiring in 2025 after a period of austerity in cost reduction in the last few years.” 

While the retention of newly qualified CAs in South Africa is promising, it reflects external challenges in key international markets rather than a change in domestic attractiveness. 

“Given the fact that there was less hiring this year, we don’t yet really know if the positivity in the local market has had an impact on moving abroad yet. If that turns out to be the case, the increased supply in the local market may be more enduring.”

“For newly qualified CAs, it is going to be a very keen market. We encourage them to start looking for roles this year and not wait until 2025,” Marais said.  

He also noted the importance of data analysis as a skill that is highly in demand and can help set new CAs apart.