The Fasset Bursary
In South
Africa access to quality education is crucial for socio-economic development
and individual empowerment. However, financial constraints often hinder
deserving students from pursuing higher education. To address this challenge,
various organizations offer bursaries to support students in their academic
journey. One such initiative is the Fasset (Financial and Accounting Services
Sector Education and Training Authority) Bursary Scheme. Fasset is a statutory body established in
accordance with the Skills Development Act of 1998, aiming to facilitate skills
development within the financial and accounting services sector in South
Africa. As part of its mandate, Fasset administers a bursary scheme to support
students pursuing studies in fields relevant to the financial and accounting
services sector.
Financial support for learners in the sector with student loans: NSFAS Loan Repayment Grant
This enables Fasset to pin down learners who have already completed a qualification aligned to scarce skills within the financial sector that are being hindered in achieving their full potential due to the financial burdens that they bear. The outcome of this intervention is that learners will be relieved of their financial burdens, this will enable them to complete their learnerships without having to change jobs just for higher salaries to pay off their loans and re-inject additional funding into the NSFAS pool which will enable additional learners to have access to full time study opportunities. This will have a great benefit to the post schooling system in that the Fasset sector will be able to access learners who are not as financially burdened as they were previously whilst also offering opportunities to new learners who are seeking to enter the higher education and training area who are financially constrained.
Bursaries will be given to unemployed students, for studies within these fields:
§ Actuarial Sciences
§ Taxation
§ Accounting Sciences
§ Economic Management Sciences
§ Information Technology (IT)-related qualifications
§ Auditing
TVET College studies:
§ Information Technology (IT)-related qualifications
§ Business Studies streams
Requirements and Eligibility Criteria:
1. Applicants
must be South African citizens.
2. A
strong academic record is usually required, with preference given to candidates
who have achieved excellent results in their previous academic qualifications.
3.Fasset
bursaries typically support students enrolled in courses relevant to the
financial and accounting services sector. These may include but are not limited
to accounting, finance, economics, auditing, and related disciplines.
4.Demonstrated
financial need is often considered in the selection process. Applicants from
disadvantaged backgrounds or facing financial hardships may receive priority,
you must be unemployed.
5. Applicants
must be enrolled or intending to enroll in an accredited tertiary institution
offering programs recognized by Fasset.
6. You must have a total household income of NOT more than R660 000 per annum
The FASSET Bursary offers a numerous of benefits to students, including:
·
Financial assistance to
cover tuition fees, accommodation costs, living allowance, data allowance and
other expenses
·
The Fasset bursaries will
be awarded up to a set limit of R100 000 for University and University of
Technology studies, and up to R40 000 for TVET studies.
·
Access to exclusive
resources and training programs
·
Networking opportunities
with students and professional in the sector
· Career guidance and mentorship from experienced professionals in the finance and accounting sector
When applying for a Fasset bursary, applicants are usually required to submit certain documents to support their application. While the exact documentation may vary.
Requirements include:
1. Proof
of South African citizenship (certified copy of ID document not older than 6
months)
2.
Academic transcripts or results from previous studies (certified copy)
3. Proof
of admission or enrolment at a recognized tertiary institution(stamped/signed)
4. Parents
or guardians certified copy of ID document.
5.
Curriculum Vitae (CV) detailing academic achievements, extracurricular
activities, and any relevant work experience.
6.
Financial information demonstrating the applicant's financial need, such as
household income statements or affidavits (latest payslips if employed,
affidavit if unemployed, proof of pension or grant if applicable)
7.
Completed FASSET 2024 unemployment Declaration Letter
8. Proof
of address
Application procedure for the Fasset bursary
Involves
several steps aimed at ensuring fairness, transparency, and accessibility for
prospective applicants. Firstly, interested individuals must carefully review
the eligibility criteria outlined by Fasset, which typically includes
requirements such as being a South African citizen, having a strong academic
record, and being enrolled or intending to enroll in a relevant field of study
such as accounting, finance, or business management. Once eligibility is
confirmed, applicants are required to complete and submit the official
application form provided by Fasset. This form requests personal details,
academic transcripts, proof of enrollment or acceptance at an accredited
institution, as well as any supporting documents such as recommendation letters
or essays outlining career aspirations and financial need.
After
submission, the application undergoes a thorough review process conducted by
Fasset's selection committee. This committee assesses each application based on
various criteria, including academic merit, financial need, and alignment with
Fasset's objectives and priorities. Shortlisted candidates may be invited for
interviews or additional assessments to further evaluate their suitability for
the bursary. Throughout this process, Fasset maintains open communication with
applicants, providing updates on the status of their application and addressing
any queries or concerns they may have.
Upon
successful selection, recipients are notified and required to fulfill any
additional requirements, such as signing a bursary agreement outlining terms
and conditions, providing proof of registration at their chosen institution,
and maintaining satisfactory academic progress throughout the duration of their
studies. Fasset disburses bursary funds directly to the recipient or their
educational institution to cover tuition fees, textbooks, and other related
expenses as stipulated in the agreement. Recipients may also be offered
opportunities for mentorship, networking, and career development support
through Fasset's programs and partnerships. Overall, the application procedure
for the Fasset bursary is designed to identify deserving candidates and empower
them to pursue their educational and professional goals in the financial and
accounting sectors.
Closing Dates:
Fasset announces specific closing dates for bursary applications each year. These closing dates may vary depending on the academic calendar and funding availability. Applicants are advised to monitor Fasset's official website or contact the organization directly for the latest information on application deadlines. Applications for 2024 closed on the 15th of February 2024. (Applications submitted after this date will not be accepted – please apply before the closing date to ensure your application is considered.)
Fasset
bursaries play a vital role in expanding access to education and developing
skilled professionals in the financial and accounting services sector in South
Africa. By providing financial support to deserving students, these bursaries
contribute to the country's human capital development and economic growth.
Prospective applicants should carefully review the requirements, eligibility
criteria, necessary documents, and closing dates before submitting their
applications to maximize their chances of securing this valuable financial assistance.
