South Africa – CIBA/CFO-Club At a Glance

Historical Background

The Chartered Institute for Business Accountants NPC (CIBA), is a professional accountancy organisation established in 1987 and headquartered in South Africa with offices in Pretoria, Cape Town, and Windhoek (Namibia).
CIBA established the CFO Club in 2016 to provide networking, executive education and professional designations for finance executives.
CIBA is a membership body for bookkeepers, accountants, tax practitioners, financial managers, and financial directors in both the public and private sectors. With operational bases in South Africa and Namibia, CIBA holds associate membership with the Pan African Federation of Accountants (PAFA) and is a founding member of the International CFO Alliance (ICFOA).
CIBA operates under several empowering legislations in South Africa and Namibia, including the National Qualifications Framework Act 67 of 2008, the Tax Administration Act 2011, and the Companies Act 2008, which recognize it as a professional body for assurance and non-assurance providers. In Namibia, CIBA is recognized under the Close Corporations Act 1988.
At its core, CIBA is committed to protecting public interest by enforcing stringent standards of ethics, conduct, quality, and service engagement. This commitment ensures accountable and transparent professional service by CIBA members. To achieve these objectives, CIBA provides executive education and continuous professional development (CPD) through CIBA Academy. It also keeps members informed with technical news updates via Accounting Weekly and CFO Talks and enforces ethical conduct through stringent monitoring and disciplinary procedures. This multi-faceted approach reflects CIBA’s dedication to upholding the highest standards in the accountancy profession, ensuring its members are well-equipped to serve in various financial capacities.

Membership and Reach

CFO Club Africa is part of CIBA’s community for finance leaders, which includes a network of more than 5,000 finance executives from Southern Africa and forms an international footprint through affiliations with various international organizations like COGEREF, IMEF, ANDAF, and ICFOA itself.

Core Activities and Values

CFO Talks, a part of the CFO Club, offers exclusive events, a blog, and a world-class podcast as a platform for executives to share their stories and career journeys. The community aims to provide finance executives with opportunities for progress, valuable insights, and mentorship from peers.

Governance Structure

CIBA is a non-profit company registered with the Companies and Intellectual Property Commission (CIPC), and an Public Benefit Organisation (PBO) registered with the South African Revenue Service (SARS). CIBA is governed in terms of a constitution, with members electing a Board at an AGM and the Board appointing and overseeing the work of the secretariat, managed by an Chief Executive Officer. CFO Club is a division of CIBA and is managed in terms of the CIBA quality management system.

Membership Benefits and Services

Members of the CFO Club Africa gain access to benefits designed for career excellence, staying relevant, connected, and informed. These include forums with industry influencers, members-only programs, peer and leadership development, signature series events, an exclusive interview opportunity, access to CFO Talks Videocasts and Blog, CFO Book Club, newsletters, communities of experts via a mobile app, discounts on annual World Congress and applications for CFO(SA) and CBA(SA) designations, free webinars with industry experts, and contact with local structures and special interest committees.

Professional Development Program

The CFO Club offers a dynamic and comprehensive Professional Development Program to cultivate the modern Finance Leader, ensuring they can create significant financial, strategic, and operational value. This program includes:

Online Learning and Accreditation: Partnering with top business schools, the CFO Club has developed executive education programs to help finance leaders achieve the 34 competencies required for the CFO(SA) designation, representing a significant step in professional advancement.
CPD for Finance Leaders: Offering extensive topics that encompass the full range of CFO functions, these courses are taught by experienced experts. This part of the program ensures that finance leaders are well-versed in current industry practices and trends.
CFO Programme for Emerging CFOs: Developed in collaboration with leading universities, this program is designed specifically for newly qualified CFOs, focusing on their development as valuable leaders within finance teams.
Networking Events for Finance Leaders: These events are tailored to expand professional networks and are specifically focused on addressing the challenges and requirements of finance executives.
License in Climate and Sustainability Reporting: Understanding the critical role of sustainability and climate change in modern business, this license, developed by CIBA and Regenesys School of Accounting Science, equips finance leaders to competently handle reporting and strategies in these areas. It also serves as proof of competency in this increasingly important field.
CFO(SA) Designation: As the pinnacle of the program, the CFO(SA) designation is the highest NQF-based designation for finance executives, registered with the South African Qualification Authority. This designation is pivotal for finance leaders aiming to reach and maintain top positions in their field.

Supporting Future Finance Professionals

CIBA’s U²Pro initiative is a key driver in preparing future finance professionals for the workforce. Key components of the program include:
University to Professional Transition: U²Pro enables students to earn an accounting designation upon graduation, easing their transition from academic study to the professional world.
Workplace Readiness and Employment Support: The program addresses the challenge of graduates lacking work experience by offering a simulated workplace environment. This approach helps graduates gain recognized experience, enhancing their employability.
Range of Professional Designations: CIBA offers various designations, like BA(SA) for junior accountants and Cert.Fin.Officer(SA) for financial directors, which provide tangible proof of competency and aid in career advancement.
Pathways for Graduates: The initiative offers pathways for graduates to achieve professional designations based on their workplace experience or through CIBA’s virtual work readiness program, catering to both working and unemployed graduates.