Financial, Accounting, Management, Consulting and other Financial Services Sector Education and Training Authority

The Financial, Accounting, Management, Consulting and other Financial Services Sector Education and Training Authority (better known as FASSET) is one of the South African SETAs that has been given the go-ahead to continue in the same form as it started out in when it was launched in 2000. This is, in many ways, a green light from the Government that what they have been doing for the past decade meets the strict criteria required.

In a nutshell, the FASSET and all other SETAs, have been required to ensure that people who are (or who will be) working in specific sectors, have the necessary education and training to do the jobs that are needed. In other words, if people are not properly trained, they cannot function within that sector of the economy.

Objectives of FASSET

While all the SETAs in South Africa have been set up to ensure that those people working, or aiming to work, in various industry sectors are properly educated and trained, each individual SETA must have its own specific objectives.

The stated objectives of the financially orientated FASSET include:

• the ability to develop the “competence” of both employees and potential employees
• the capability to improve the quality of life of employees as well as their work prospects
• the capability to improve productivity of employees and therefore the competitiveness of employers
• the ability to increase levels of investment in both education and training fields so that the return on investment (ROI) is optimised
• the capacity to promote self employment possibilities for people who have gained knowledge and skills but are unable to get employment
• encouraging employers and employees to continue learning – and to share learning possibilities
• using the place of work and workplace experience as an active learning environment
• providing employees and workers with opportunities to acquire new and ongoing skills
• providing opportunities for people accessing this job market for the first time
• helping new entrants to get valuable work experience
• facilitating the growth and development of prior learning, by providing new learning opportunities
• giving sound  backup that ensures the very best quality of education and training in this sector
• encouraging better co-operation between the public and private sectors – an initiative that can much a huge difference in all sectors of employment within South Africa

FASSET also aims to position this particular sector as “the sector of choice” for those learners looking for new careers and job opportunities. Plus it aims to support the stated objectives of the Employment Equity Act (1998) so that everyone has a fair chance, and has said that as a SETA it will co-operate with other SETAs as well as with the South African Qualifications Authority, which plays a vital role in terms of education and training.

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The functions of FASSET

FASSET, as a SETA, has very specific functions that it has been fulfilling since it was set up and began operating in 2000. These functions include:

• facilitating strategic human resource development planning
• proposing education and training standards and qualifications to key bodies that are registered with SAQA
• monitoring achievements in terms of these standards and qualifications
• accrediting those who have set themselves up to provide, assess and moderate education and training
• assuring that the quality of education and training is of a high enough standard
• analysing and prioritising education and training needs and developing skills development strategies that address well defined priorities

In addition to these functions, FASSET also has a commitment to enable learners to gain access to opportunities where they will be able to access career paths and get NQF qualifications. This clearly includes the full range of college courses, including online courses and any other short course or other application method of study. Where it can, FASSET will enable learners to access bursaries and discretionary grants, and possibly also gain some type of workplace experience.

Where to find FASSET

The Accounting, Management, Consulting and other Financial Services Sector Education and Training Authority is based in northern Johannesburg, Gauteng.Telephone:  (011) 476-8570 – Fax:  (011) 476-5756Email:  fasset@fasset.org.za – Website:  http://www.fasset.org.za

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Financial & Accounting Services FASSET 01/FASSET/1/04/20

The valid Standard Industrial Classification (SIC) Codes must be used for Employment Tax Incentive (ETI) purposes. The latest SIC Coding system can be found Here or at Statistic SA www.statssa.gov.za. The Code for FassetSeta is 1.