The Fasset Bursary

16:05 Monrovia 0 Comments


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: 

University and University of Technology studies

§  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.) 

Apply here.

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.

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