face it – from the editor · university of johannesburg, faculty of economic and financial...

University of Johannesburg, Faculty of Economic and Financial Sciences 011 559 2492

Finance and InvestmentAccountancy

Commercial AccountingEconomics and Econometrics

June 2015Volume 8

CONTENT

FACE it – From the Editor 1

10 Years Celebration 2

At the coalFACE 8

Out of the FACE 16

InterFACE 19

The FACE Room 21

Below the surFACE 22

Fancy FACE 24

EDITORS:

CELEBRATING 10 YEARS OF EXTRAORDINARY ACHIEVEMENTS AND STEPPING FORWARD TOWARDS GLOBAL EXCELLENCE

It is hard to believe that 2014 marked 10 years since the creation of the University of Johannesburg and with it, the Faculty of Economic and Financial Sciences. In 2005, as a young faculty confronted by an uncertain future, we had to fi nd our footing and establish an identity. Undaunted, we leaned against the wind, pushed forward, built up speed and took off on a rising trajectory embracing the wide blue skies of opportunities.

We have much to be proud of. We can celebrate 10 years of extraordinary achievements. Here are just some of them:

• A staggering 22 138 graduates over the 10-year period from a single faculty of a large university (with nine faculties);

• FEFS graduates as a proportion of the University’s total grew from 16% in 2005 to close to 26% in 2014, meaning that one in four UJ graduates come from FEFS;

• FEFS is hitting the high notes with its undergraduate success rate (in terms of degree credits) at 85,9% in 2014 and consistently above 80% since 2011;

• Close to 2300 successful FEFS fi rst-time candidates in SAICA’s ITC (professional exam) over the last 10 years – An outstanding pass rate of 95% was attained in 2014;

• FEFS students generally perform well in the CIMA exams – In 2013 UJ beat the global average pass rate for the strategic level examinations;

• Outstanding performance of FEFS students in the CIMA Global Business Challenge (GBC) and the CFA Institute Research Challenge – In 2014 three UJ teams reached the South African fi nal of the GBC and fi nished second, third and fourth; and a UJ team won the South African leg of the CFA challenge;

• FEFS students receive top awards in the Old Mutual and Nedbank Budget Speech Competition – In 2014 a FEFS student scooped the fi rst prize in the postgraduate division of the competition;

• Innovative diploma and degree programmes with strong professional foci - Recent innovations in the development of diploma programmes in accounting and fi nancial services operations involving affi liations with professional bodies and private institutions, have raised the profi le of vocational programmes in the Faculty;

• Signifi cant improvement in staff qualifi cations – over the 10-year period from 2005 to 2015 the number of staff with doctoral qualifi cations increased from 18 to 27 and those with master’s degrees as the highest qualifi cation increased from 10 to 82;

• A high level of scholarly pursuit in the Faculty in both subsidised and non-subsidised areas of activity. Accredited research output alone, grew at an unweighted annual average rate of 25% over the last 10 years;

• The Department of Economics and Econometrics is ranked in the top fi ve departments of Economics in South Africa according to the RePec classifi cation;

• Sterling work is being done by the Faculty’s three research/training centres – The Centre for Local Economic Development (CENLED), the Centre for Competition Regulation and Economic Development (CCRED), and the South African Accounting History Centre (SAAHC);

FACE it – From the Editor

Prof S. Chetty

Ms T Siqebengu

FACE | June 2015 | Volume 8

2

• Four NRF-rated researchers in 2014 – Prof Grietjie Verhoef, Prof Fiona Tregenna, Prof Coenraad Labuschagne, and Prof Alain Kabundi (Visiting Professor);

• Socially responsive in terms of transformation, educational outreach and charity – To name a few: the Department of Accountancy’s Equity Development Programme, involvement in SAICA’s University Upliftment Project, participation in the Khula Weekend School, participation in the OMIGSA Imfundo Trust, and collaboration with SAFEFE in the training of teachers in Economics;

• Growing national and international affiliations in terms of professional education, academic research and other areas of collaboration.

So here we are. What next, who knows? How we step forward, in whatever shape, size or design, let us do so with the aim of pushing boundaries and exceeding expectations.

This issue of FACE not only features stories relating to 2014, but also showcases the journey travelled by FEFS over the last 10 years. Due to space constraints, it is not possible to cover all the exciting developments and achievements. So we apologise if we missed anything which may be of special interest or importance to any individual. Enjoy!

10 Years Celebration

NRF RATED RESEARCHERS

PROF A KABUNDIPROF F TREGENNA PROF G VERHOEF

PROF C LABUSCHAGNE

ECONOMIC SOCIETY BEST MASTER’S DISSERTATION FOUNDERS MEDAL 2014

Awarded to the Department of Economics and Econometrics

lecturer Mr Jugal Mahabir

Department of Economics and Econometrics ranked in the top 5 departments of Economics in South Africa,

according to (RePec)

2009: Prof Ben MarxSAAA conference“Best paper”

MOST PROMISING YOUNG TEACHER2014: MR Z NAGDEE

2009: Prof Lynette Olivier Institute of South African Tax Practitioners.“Researcher of the year”

2008: PROF G ELS2009: MS E DU TOIT

2011: Prof Ben MarxAssociation of

Chartered Certified Accountants (ACCA).

“Researcher of the year”

MOST PROMISING YOUNG RESEARCHER

2010: PROF A KABUNDI2012: PROF F TREGENNA

2014: Ms Corlise Le RouxInternational Conference

on Economic, Finance and Management Outlooks.

“Best paper”

2010: MR A WENTZEL2011: PROF B MARX

2014: PROF A DER WATT

HONORARY DOCTORAL DEGREES 2013

Dr Sizwe NxasanaDr Suresh Kana

Graduates produced since inception

22138

85,9% 53%2014 Undergraduate

success rate (in terms of degree credits).

Our success rate has been consistently

above 80% for the last four years

RESEARCH AWARDSVICE CHANCELLOR’S

DISTINGUISHED AWARDS

Accredited research output increased by 53% from

2013 to 2014.

The Faculty achieved an average annual growth of 25% in research output

from 2005-2014

10 YEARS CELEBRATION HIGHLIGHTS

TEACHINGEXCELLENCETEACHING

EXCELLENCE


3

THE JOURNEY BEGINS

THE JOURNEY CONTINUES

2005

2009

2008

2010

2011

2011

2014

2014

Student Accomplishment 2008 Department of Economics and Econometrics student receives the

“Founders medal Award from ESSA for the best dissertation.

Student Accomplishment 2010Department of Accountancy candidates obtain 87% of fi rst time pass rate in the SAICA ITC examination. Two candidates made it to the Top

10 list, and 8 out of the 25 Cum Laude were from the Department

2006 Our First NRF RatingProf Lynette Olivier is awarded an NRF C rating.

Social Responsiveness 2009Department of Accountancy and

the Department of Economics and Econometrics joins forces with De

Beers Consolidated Mines Ltd to form the “Soweto Campus Saturday School”

that caters for school learners in science and commerce streams

Students Accomplishment 200890% pass rate of fi rst time candidates in the 2008 SAICA ITC examination. A student

from Department of Accountancy achieves a Top 10 position in this exam.

Our Students Accomplishment 2010A student from DFIM received 72% at the 2010 TOPCIMA exam this was the

7th highest mark in the world

2007 Social ResponsivenessThe Department of Accountancy supported

the University of Fort Hare in obtaining accreditation for its BCom Accounting

Degree from SAICA

Beyond UJ Frontiers 2009Prof Amanda Dempsey, the

Executive Dean of the Faculty, is appointed on the Independent

Regulatory Board for Auditors (IRBA). She continues to: chair the Audit

and Risk Management Committee; serves as a member of the Education

Committee; and represent IRBA on the Consultative Advisory Group of the International Accounting Education Standards Board of the International Federation of

Accountants (IFAC).

Social Responsiveness 2009Department of Commercial Accounting Senior

Lecturer Mr Fred Hemmings and Mr Andrew Pampallis undertake the Departments “1st

registered community based project.

Research Centres 2010The South African

Accounting History Centre (SAAHC) is established.

Research Centres 2008The Centre for Local Economic Development

(CENLED) is established.

Student Accomplishment 2011A student from the Department of Finance Investment Management achieves 1st place in South Africa in the

CIMA T4 Part B case study exam

Student Accomplishment 2009Department of Finance Investment

Management student is the runner up at the National Financial Planning Institute (FPI) of Southern

Africa Case Study examination

Beyond UJ Frontiers 2011Prof Fiona Tregenna, Professor at Department of Economics and

Econometrics, is appointed on the Governing Board of the Seta for the

Manufacturing, Engineering and Related Services Sector (MerSETA).

Prof Alex van der Watt, HoD at the Department of Accountancy is

appointed as Chairperson of the South African Institute of Chartered

Accountants (SAICA) Board.

Student Accomplishment 2009A student from Department of Finance Investment

Management, wins the “Top Trader” award

Ms Monique Brummer a part time lecturer at the time obtains the 3rd highest mark in South Africa for the

TOPCIMA exam

Beyond UJ Frontiers 2011Prof Amanda Dempsey, the Executive Dean of the Faculty, is appointed on the Governing Board of the Seta for the Finance, Accounting, Management

Consulting and Other Financial Services sector (Fasset).

Student Accomplishment 2011Two teams from UJ make it to

the South African fi nals (Global semi-fi nal) of the CIMA Global

Business Challenge.

Research Centres 2011The Centre for Competition, Regulation and Economic

Development (CCRED) is established.


4

THE JOURNEY CONTINUES

2012 2013 2014 FUTURE

Beyond UJ Frontiers 2014Prof Fiona Tregenna from Department of Economics and Econometrics is appointed as a member of the Advisory Panel on the Socio-Economic Impact of E-Tolls as well

as National Institute for Humanities and Social Science (NIHSS).

Prof Danie Coetsee from Department of Accountancy is appointed as Chairperson of the SAICA’s Accounting Practice Committee (APC)

Beyond UJ Frontiers 2013Prof Alex Van der Watt is appointed as a board member for

the Independent Regulatory Board for Auditors (IRBA).

Student Accomplishment 2014Department of Accountancy achieves an staggering 95% in the SAICA

ITC examination. With two of the Department’s students Mr Brendan Kyle Grimsley, and Mr Darryl making it to the top 10 positions. They achieved

the eighth and ninth position respectively.

Three teams of students from the Department of Finance and Investment Management make it to the South African fi nal of the Chartered Institute

of Management Accountants (CIMA) Global Business Challenge

Student Accomplishment 2012Department of Accountancy

obtains an astounding 86% pass rate at the SAICA exams with department candidates Ms

Tamryn Tromp and Ms Vidette du Toit obtaining second and

seventh position in the SAICA ITC examination respectively

Peter Serite, student at the Department of Accountancy wins the National Nedbank CA training

programme competition.

Beyond UJ Frontiers 2012Mr Arnold Wentzel from the Department of Economics

and Econometrics is awarded the Honorary

Golden Key membership

Students Accomplishment 2014A team of students from the Department of Finance and

Investment Management wins the local Chartered Financial Analyst

(CFA) Institute Research Challenge.

Lucky Pane a student from Department of Economics and

Econometrics scooped fi rst prize in the Old Mutual and

Nedbank National Budget Speech Competition.

Student Accomplishment 2013A total of 290 students successfully completes the BCom Honours (Accounting with specialisation in Chartered

Accountancy), the highest number of successful students in that programme in the Accounting Department’s history.

Department of Finance Investment Management wins the South African fi nal of the Chartered Institute of Management Accountants (CIMA) Global Business Challenge in 2013. The two teams that competed in the SA fi nal fi nished fi rst and third.

By winning in 2013, UJ became the fi rst university in South Africa to win the SA fi nal more than once.

Social Responsiveness 2014The Faculty’s Educational Outreach projects: Khula Weekend School (de Beers), SAFEFE, UJ Educator Empowerment Initiative, and Kliptown Youth Programme.

Prof Amanda Dempsey Executive Dean

July 2006 to present

I can remember the excitement in early January with the commencement of the new university. The name, University of Johannesburg was strange on the ear and the ‘hoep-hoep’ was even stranger on the eye. In 2005

I was Head of the Accounting Department, and we had an interesting 18 months with Prof Henk Kriek as Dean of the Faculty. To integrate the University and the Technikon, we had decided to have departments that included counterparts at Wits Technikon and RAU. Hence we initially had a Department of Accounting and Tax and a Department of Auditing. Before the end of the year, we realised that it did not work and that the diploma offerings, with the exception of the Diploma in Banking which resided in the Department of Economics and Econometrics (DEE), should be in separate department. The challenge was to get a name for such a department as it was also known as a Department of Accounting in the Technikon environment. The then HoD, Minette Vermaak made the suggestion of naming it the Department of Commercial Accounting. However, we

immediately realised that the abbreviation could not be CA in that it related very much to the Department of Accounting.

Prof Kriek was appointed as DVC Finance from 1 July 2006 and I was then appointed as acting Dean. The interview process followed later that year and from 1 Jan 2007 I was appointed as Dean of FEFS for a term of 5 years. Around May/June 2011 I was reappointed for another 5 years. So my 2nd term will fi nish at the end of 2016.

When FEFS was formed, it was a strange confi guration. The then DVC left UJ to become the VC at TUT and they implemented the same confi guration for their commerce faculties, with one like FEFS which includes the disciplines – Accounting, Finance and Economics, with splits into further disciplines. I remember the fi rst ELG breakaway that I attended.

The VC was appointed in April of 2006 and in August we had the fi rst ELG breakaway where the faculties had to present their 3-year plan. It was extremely stressful. The VC was not satisfi ed with mediocre presentations. FEFS had only about 85 academic posts at the time and I made an argument for an extra 120 positions. I must have had convincing arguments as the Faculty was awarded some 50 new posts over the next 2 years.

At fi rst we needed to duplicate qualifi cations (BCom Accounting and the Diploma in Accounting) on two campuses, in order to try and populate SWC. It was a huge challenge. Staff and students did not like to go to SWC. Then the development of SWC began. I immediately saw it as an opportunity to offer only diploma programmes on SWC and degree programmes on APK. It took some convincing

10 YEARS – RECOLLECTIONS


5

The year 2005 saw the joining of three legacy institutions with long and diverse histories, to become the University of Johannesburg. The fi rst 10 years has been an extraordinary journey to be recorded in the annals of an increasingly remarkable institution. Interestingly, the formation of the University of Johannesburg

with nine faculties took place 10 years after South Africa became a new democracy and nation consisting of nine provinces. In many ways UJ represents a microcosm of the changed South Africa, a bustling and diverse community, rich in culture and fi lled with hunger, drive and determination.

The tremendous strides made by the University over the last decade, with the Faculty in tandem, are surely credited to a team of visionaries who looked dauntlessly to an uncertain future, “rethinking and reinventing” as it steered a mammoth and complex craft from one success to another. The creation of FEFS, one of nine faculties, resulted from a restructuring process associated with the 2005 merger. The distribution of commerce programmes between two separate faculties was largely aimed at removing unwieldiness

and improving manageability. It, however, inadvertently led to the formation of an important academic niche area within the newly formed University, through the creation of a space for fi nancial education. FEFS branded itself as thus, and has made signifi cant progress over the last ten years in being recognised as a Faculty which offers a unique blend of vocational and academic programmes in the fi elds of accountancy, economics and fi nance. This combination of disciplines in a commerce faculty may have initially appeared to be strange, but it soon started to catch on. Given the size and unwieldiness of traditional commerce faculties in the country, it makes sense for universities to streamline their offerings with confi gurations such as FEFS.

As the only Vice Dean of a large Faculty like FEFS, I was involved in a range of activities from the writing up of strategic

plans to annual reports. My responsibilities by and large included: general assistance to the Executive Dean, support to the Dean in respect of policies, procedures, strategies and reporting; involvement with student matters; involvement with staff matters; overseeing of marketing; research-related matters; student access (enrolment management); higher degrees coordination and administration; and quality-related matters. Over and above Faculty work, I also participated in various institutional structures. At the same time, I continued to lecture in the Department of Economics and Econometrics and be involved in its academic affairs.

I do believe that the Dean and I, together with the HoDs, made a formidable team as we steered the Faculty and navigated it through the rapid waters of transition and innovation. We worked well together and I learnt much over the 10 years.

Prof Sivan Chetty Vice Dean

Aug 2007 to present

to get all the lecturers who lectured on the diploma programmes to see the advantages. After the SWC project had been completed, we struggled to relocate the degree students back to APK as everyone started loving the SWC campus. It is indeed a lovely campus. 2015 is the fi rst year in which there are no more degree students in FEFS on SWC and no more diploma students on APB. It literally took us 10 years to sort out the academic planning of FEFS.

It took me a year or so to get my grip on the ‘old Technikon programmes’ and as Dean I soon realised that the BTechs which the Faculty was offering and the national diploma were merely watered-down versions of a BCom Accounting degree and had no standing in the business world. Within the fi rst year we sought permission from Senate to phase them out - with resistance from the lecturers who had been lecturing on those programmes for many years. FEFS was the fi rst Faculty to phase out the BTechs. A number of years later, the BTech was no longer on the NQF.

I then had the challenge of what to do with the Diploma in Accounting. Fortunately this coincided with SAICA’s initiative in bringing the Association of Accounting Technicians, United Kingdom (AAT (UK)) qualification to SA to start a joint venture, in the form of an entity named AAT (SA). The model the AAT (UK) worked on was a ‘RPL system’ for more mature people in the work

environment rather than a qualification system for young matriculants. After a number of meetings with the CEO and other executives from AAT (UK), we convinced them that we will be able to incorporate enough practical (hands-on) experience – into a diploma qualification. This led to the development of a new Diploma in Accounting which was the first diploma that was not ‘National’ and hence not governed centrally by a Technikon committee. This was a UJ diploma. The availability of many computer labs on SWC was important in finally getting accreditation from AAT (SA). Many representatives of universities of technology enquired or came to UJ to find out how we had configured the new Diploma. In the accounting world it was the first time that a diploma could lead to a professional qualification.Another accomplishment was that FEFS was the fi rst faculty to offer an advanced diploma as a vehicle for diploma students to get entry into postgraduate programmes. Diploma students could gain access to honours programmes through the completion of an advanced diploma (and meeting the relevant entry requirements). I often lay awake at night because we offered diploma qualifi cations with which students had diffi culty in fi nding employment. After years of research and hard work the Diploma in Financial Services Operations was presented for the fi rst time in 2015.

Another problem was that the BCom Finance degree was extremely close to

the BCom Accounting degree. The Finance Department then reconfi gured the Finance degree making it as unique as it is today, with the option for students to articulate to one of four honours programmes.

The BCom Accounting degree originally serviced both the CA and non-CA streams. For various reasons this did not work. After SAICA published the new Competency Framework (CF), the Department of Accounting took the initiative to be the fi rst in the country to develop a new degree based on the CF (Bachelor of Accounting for the CA stream). The BCom Accounting which then accommodated just the non-CA stream had limited options for articulation to postgraduate studies. Hence three more accounting honours programmes were developed.

Some of the important developments in the Department of Economics and Econometrics, include: the consolidation of six honours programmes to two; the development of the MPhil in Industrial Policy in collaboration with IDEP; the MCom in Local Economic Development; the strides made by CENLED after the many years to get off the ground; and the achievements of CCRED which is the fi rst centre to occupy offi ces off campus (in Rosebank).

Other important activities/initiatives which contribute to the research environment in FEFS include: the Faculty’s Value Conference held every second year and the Faculty Journal which is really fi nding is place in the research community.


6

As UJ celebrates the fi rst ten years of its existence, it is with great humility that I refl ect on the achievements of the Department of Accountancy over this period. The Department of Accountancy has over ten years established itself as a leader in accounting education in South Africa. It is generally recognized by the accounting profession that no other university has done more in terms of transformation and growth

over a prolonged period of time. UJ’s position as the biggest residential provider of African Black chartered accountants in South Africa is an extraordinary achievement which calls for celebration. Equally impressive an achievement is the fact that the Department managed to achieve sustained exceptional performance in professional examinations whilst embracing the notion of open access. UJ is

on an annual basis giving opportunities to hundreds of students who would not have been able to study at competitor institutions. These achievements are made possible by highly motivated and passionate teaching staff, a focus on staff well-being and ongoing refl ection on our teaching and learning model and curricula. It truly was a privilege to lead the Department for nine of the ten years.

Prof Alex van der Watt HoD: Accountancy 2006 to present

I was appointed Head of the Department of Commercial

Accounting in January 2012. Until then I was a lecturer in the Department of Accountancy and even though I met some of the staff before at meetings and on different campuses, I did not know what to expect when I became HoD. I realised from the onset that the Department of Commercial Accounting was quite different from other departments. Its apparent uniqueness may be attributable to the following factors (amongst others):

• The fi rst accountancy diploma in SA that integrated theory with practical applications from fi rst to third year in most modules;

• The only department in the faculty that is based solely on teaching and learning; and

• Accreditation of the accounting diploma by the newly formed AAT (SA), a joint venture between SAICA and AAT (UK).

It is however the staff members who, by their contributions, make the Department special. Staff members who are motivated, do what they do well, be it in normal activities like attending graduations and open days, setting of examination papers, availability for consultation, etc.; or to implement changes

like the integration between theory and practical work, the use of handheld devices in classrooms, Work Integrated Learning (WIL), and so on.

This positive attitude of staff members tend to be transferred to students. This inspires me to lead and manage the department. The generally positive attitude of staff members was also highlighted by the 2014 Faculty Peer Review Panel when it considered the Department a strength of the Faculty. It commented: “The staff members are remarkably and admirably open to engaging in scholarly work.”

The progress made by the Department of Economics and Econometrics (DEE) in the past

ten years will be an indelible part of my memory, particularly in respect of the gains made in: the quality and quantity of research outputs; and the relevance of teaching and learning. I can still remember the time when the slow progress of the Department in contributing to the research output of the University was a major concern of Management. Also concerned with its lacklustre performance, the Departmental Management Committee (DMC) adopted an aggressive strategy to prioritize research activities and amend a number of programmes to make them more competitive. This was in fact a big bang approach which understandably met

with some resistance within the Department. Nonetheless, I remain impressed by the ‘speed of adjustment’ of staff members who willingly embraced such a hardline strategy. In a period of less than 7 years, the DEE increased its research output by more than 600%. The progress made on research was not just about quantity, but also the quality of publications. Staff members managed to publish in reputable journals in the fi elds of economics and fi nance, such as the American Economic Review , Dynamic Macroeconomics and Journal of empirical fi nance.

To date the DEE is ranked among the fi ve best economics

departments in South Africa, according to the RePec (research papers in Economics) rankings. The DEE has attracted reputable international scholars as visiting professors such as Professor Luc Bauwens, a well-known fi nancial econometrician from Belgium, Professor Frank Riedel from Biefeld University in Germany and Professor Ulrich Schmidt from the Kiel institute, among others. The DEE is fi nalising the details of a joint programme in Financial Economics with Ohio University in the US. It is important to note that UJ, through the DEE, is among a few academic institutions in Africa to offer a programme in Financial Economics.

Mr Dirkie van der WattHoD: Commercial Accounting

2012 to present

Mr Dirkie van der Watt

Prof Lumengo Bonga Bonga HoD: Economics and

Econometrics, 2010 to present

Prof Lumengo Bonga Prof Lumengo Bonga


7

For the years 2009 to 2011 I had the privileged of being initially Acting Head and subsequently Head of the Department of Commercial Accounting (DCA). Those years could be regarded as a period of moves, waves and even some tsunamis.The year 2009 kicked off with a tsunami when signifi cantly more diploma students met the minimum entry requirements than expected

because of the ‘too good to be true’ 2008 Gr 12 results, which led to insuffi cient venues, lecturers, learning guides, and so on. In the same year, staff had to jump into the “Performance Management Agreement (PMA)” process and learn how to swim and perform in this tidal wave. Then came the Staff Qualifi cations Project (SQP) which many lecturers experienced as a tidal wave that swept them off their feet whilst others rode the wave as an opportunity to improving their qualifi cations up to Master’s level.

The academic wave pulled the DCA into the SANTED-project (with the aim of establish-ing clearer differentiation between degree and diploma programmes) and collaborations with the Association of Accounting Technicians South Africa (AAT(SA)) and Sage Pastel with the aim of transforming the curriculum of the Diploma in Accounting to make it a more ‘hands-on’ qualifi cation. Much effort was undertaken

to bring the diploma offerings of the Department in line with the University’s teaching and learning philosophy of ‘learning to be’ and to have a more operational focus to meet the needs of the market and key stakeholders.

Most of 2010 was spent on riding the waves of 2009 to achieve particular goals. The new UJ Diploma in Accountancy was approved and that lead to the DCA looking for more waves to be used as a conscious effort to raise the profi le of its diploma offerings. In preparation to offer the Pastel Accounting package, lecturers (and many tutors) were trained to become Pastel trainers. A personal highlight for me was when the AAT (SA) invited me to speak to lecturers from all over South Africa. I spoke at the SAAA Conference and presented at the SANTED close-out conference on how the DCA redesigned its Diploma in Accountancy.

The year 2011 saw the fi rst cohort of students for the new UJ Diploma in Accountancy and that meant rolling out the Pastel application – this was even bigger than a tsunami wave and caused many to gasp for breath during the year. In between the planned move of the DCA from the Bunting Road Campus (APB) to the new state-of-the art Soweto Campus (SWC) was taking place. By the end of 2011 the DCA was resettled and ready to embark on a new journey from 2012 on SWC.

Many staff members are now appreciative of the DCA becoming more professional not only in terms of its programme offerings but also in its day-to-day operations and its level of service to students. The DCA has survived turbulent times and is ready to face whatever comes it way. As for me, I have since 2012 been taking care of quality-related matters in the Faculty, particularly in respect of the HEQSF alignment process.

Prof Marita Pietersen Former HoD: Commercial Accounting

2009 to 2011

Prof Giepie ElsFormer HoD: Finance and Investment Management

2008 to 2013

I have been the Head of the Department of Finance and Investment Management since the beginning of 2014. The highlights in my short tenure so far include:

• Another year of good results attained in the examinations of the Chartered institute of Management Accountants (CIMA);

• Continued interest in the MCom (Finance) degree that

started in 2008;• The University of

Johannesburg had three teams amongst the four fi nalists at the South African fi nal of the CIMA Global Business Challenge (GBC) in 2014;

• The University of Johannesburg had a team in the fi nal of the South African leg of the CFA challenge making us one of only

two universities that have reached the fi nals every year since its inception (UCT being the other);

• The team from UJ won the South African leg of the global CFA challenge and will be representing South Africa in the Netherlands during April 2015; and

• The Department’s research output improved dramatically in 2014.

I had the privilege of being the Head of the Department of Finance and Investment Management for six years from 2008 to 2013. Highlights for me during that period include:

• The excellent results achieved annually by our students in the Chartered institute of Management Accountants (CIMA) examinations;

• Two students of the DFIM successfully completed their MSc (Investment Analysis) degrees with distinction at the University of Tilburg in 2008;

• Interest in the new MCom (Finance) degree that started in 2008 exceeded all expectations. The fi rst cohort of students completed their minor dissertations in the following year;

• In 2008 I was awarded the UJ Vice-Chancellor’s Award for Teaching Excellence;

• The fi rst doctorate degree in the DFIM was awarded to Dr Mdu E Gama in 2010. Dr Gama’s

thesis on the fi nancial impact of IT investment decisions on the performance of JSE listed Companies received widespread attention in the media, not only due to the relevance and contentious nature of the topic but also to the fact that Dr Gama was the fi rst black student in South Africa to obtain a doctorate in Finance;

• In 2010 a UJ student achieved fi rst place in South Africa in the CIMA T4 Part B case study exam. His fi rst place in South Africa was also the 7th highest mark in the world for the CIMA case study exam; and

• The University of Johannesburg won the South African fi nal of the CIMA Global Business Challenge (GBC) in 2013 thereby becoming the fi rst university in South Africa to win the SA fi nal more than once.

Mr Carl Anschutz HoD: Finance and Investment Management 2014 to present


8

PROACTIVE MONITORING OF THE FINANCIAL STATEMENTS OF JSE LISTED COMPANIES

2015 marks the fi fth year of the partnership between the Johannesburg Stock Exchange (JSE) and the Department of Accountancy. Under the partnership, which began in 2010, the fi nancial statements of every listed company are proactively reviewed for compliance with International Financial Reporting Standards (IFRS) at least once every fi ve years. The Department of Accountancy’s involvement in the review process has provided the UJ staff members with excellent opportunities for scholarly activity and has provided the JSE with quality reviews on the companies selected.

The review process involves the JSE identifying the companies to be reviewed during a particular calendar year and providing the names of these companies and the appropriate fi nancial information to the UJ team. While the initial review is based on predetermined risk areas, it is the comprehensive IFRS knowledge of the UJ team that is sought. It is not just a case of ensuring compliance with a specifi c IFRS disclosure paragraph. Rather, the UJ team applies their full understanding of all aspects of IFRS in order to understand the potential implications and impact on the annual fi nancial statements of a particular matter as well as

assessing the potential non-compliance within the objective of fi nancial reporting.

To date, 301 companies have been reviewed, with 26 repeat reviews. Over the 5-year period, this ultimately resulted in 74 forced corrections to the annual fi nancial statements in either the same period or in future periods; 112 smaller disclosure issues corrected in future periods; and several areas for improvement. These fi ndings are benchmarked to the European Securities Markets Authority and are found to be broadly in line with international trends.

Through its partnership with the JSE, UJ has contributed towards the production of quality fi nancial reporting of entities listed on the JSE. The additional monitoring provides shareholders with the benefi ts of a better regulated market. UJ is proud of its partnership with the JSE and the contribution that it makes to governance and regulation.

Department of AccountancyAhmed Mohammadali-Haji

UJ CONTINUES TO LEAD SOUTH AFRICAN UNIVERSITIES IN TRANSFORMING THE CA PROFESSION

Following the release of the South African Institute of Chartered Accountants’ (SAICA) January 2015 Initial Test of Competence (ITC) results, the University of Johannesburg (UJ) remains the biggest residential university contributor to successful African Chartered Accountants (CAs) in the country.

According to Prof Alex van der Watt, Head of the Department of Accountancy, UJ contributed a transformative 22 percent of African black passes in the 2015 ITC. UJ’s leadership position in transforming the accounting profession in South Africa is further substantiated by the fact that UJ consistently achieves the lowest difference in success rates between African black and white passes compared with other universities.

Prof van der Watt adds; “There can be no argument that performance against transformation indicators has become the most important yardstick when evaluating the performance of universities in the ITC.”

The ITC is the fi rst of two professional examinations which candidate CAs are required to pass in order to register with SAICA as CAs, and the result tables compare the performance of all universities offering SAICA accredited degrees.

UJ uses fi ve key performance indicators in the ITC to measure its success rate. These include:1. The number of successful candidates, in relation to other

universities,2. The number of successful African black candidates, in relation

to other universities,3. The pass rate of fi rst-timers (the 2014 UJ class),

4. Candidates in the Top 10 positions; and

5. The difference in pass rate between white and African black students and the percentage gap in relation to other universities.

Says Prof van der Watt; “UJ’s success in the ITC is not limited to its leadership position in terms of transformation. The University continues to contribute to the growth of the accounting profession with an impressive 13 percent of fi rst time passes.” He adds that UJ achieved excellent 2015 ITC results with an overall pass rate of 85 percent.

Concludes Prof van der Watt; “As 2015 marks UJ’s 10th Anniversary, UJ can now add the success of its students in the 2015 ITC to its celebrations. The University is proud that once again UJ is confi rmed as a leader in accounting education, further bolstering its reputation as a world-class teaching and learning facility.”

Department of AccountancyCollen Maepa, Coordinator: Internal CommunicationsThis article appeared on www.uj.ac.za. Permission was received for inclusion in this publication of FACE.

At the coalFACE

Prof Alex van der Watt


9

CENLED INCREASING FOOTPRINT IN LOCAL ECONOMIC DEVELOPMENT

For the past ten years, the Department of Economics and Econometrics (DEE) increased its research output in a remarkable way and has become the greatest contributor of research output in the Faculty of Economic and Financial Sciences (FEFS). With only 2 units in 2005, research output of the DEE reached 28.47 units in 2014. This represents a 1324 % change from 2005 to 2014. Figure 1 and Table 1 below represents the year-to-year change in DEE research output.

Table 1: Research output in the DEE (2005 – 2014)

Year Research output % Change

2005 2 -

2006 4.83 141.5

2007 4.25 -12.01

2008 6.66 56.71

2009 13.16 97.60

2010 15.68 19.15

2011 24.50 56.25

2012 20.39 -16.78

2013 18.35 -10.00

2014 28.47 55.15

It is important to note that the leadership within the Department together with staff dedication are to be commended for such an achievement. Staff members in the DEE willingly embraced the aggressive strategy instilled by its leadership to prioritise research activities. The DEE is of the opinion that quality research always feeds into relevant teaching and learning. Thus, progress made in research activities is reflected in the quality of tuition offered by the DEE. For example, the UJ DEE is among the few university departments in Africa to offer a competitive programme in Financial Economics.

Needless to say that the improvement in the quantity of research output has been accompanied by the improvement of the quality of publications and the visibility of the Department’s research in highly ranked journals. The Department has accomplished something tremendous in this regard as staff members have targeted and published in highly ranked journals in the fields of Economics and Finance, such as the American Economic Journal, Journal of Empirical Finance, Applied Economics, Macroeconomic Dynamics and the Review of Keynesian Economics.

What is encouraging in the Department is the increasing number of staff members who contribute to its research. We are optimistic that each staff member at the DEE will regularly contribute to the departmental research output by 2017.

Department of Economics and EconometricsDr Isaac Kanyama and Professor Lumengo Bonga Bonga

“It is not about the technology; it’s about sharing knowledge and information, communicating efficiently, building learning communities and creating a culture of professionalism... These are the key responsibilities of all educational leaders”. – Marion Ginapolis1

Earlier this year, we had the pleasure of presenting at a UJ CAT seminar entitled “Technology integration by two Tech Newbies”. Our main message was around the integration of technology into teaching and learning strategies organically and by the end of the presentation, many of our UJ colleagues at the presentation shared our enthusiasm. Similarly, many colleagues in Economics and Econometrics, Accounting, Commercial Accounting and Finance and Investment Management are doing many innovative things in the classroom to make learning interactive, engaging and exciting for students. Google Classroom, Content Management Systems and various tablet apps are among the many tools used by lecturers in FEFS to enhance the learning environment using technology.

While many of us have embraced the use of technology in the classroom, we must bear in mind that organic integration of technology in the classroom should be done in moderate doses. Otherwise, students and teachers not only run the risk of an information overload but also run the risk of overly complicating learning (Bawden and Robinson, 20092). Too much technology could even cause a certain level of laziness among students when they learn and students could also fall into the trap of forgetting the basic ways of learning3.

As teachers we not only need to use relevant technologies, we also need to bear in mind our own teaching and learning aims. For instance, social media is shown to be less effective in building critical thinking skills among undergraduate Economics students (Ting and Rashied, 2015:14) but more effective in encouraging individual student learning or learning in peer groups (Hannafin and Land, 1997: 1715).

Irrespective of these cautions, we must remember that technology is just a tool and that as teachers, it is up to us not to entertain our students but to involve them in learning, learning with each other and also learning from them. In the words of Bill Gates1 “...in terms of getting the kids working together and motivating them, the teacher is most important.”

Department of Economics and EconometricsNaiefa Rashied and Ling Ting

TECHNOLOGY IN THE CLASSROOM: ORGANIC INTEGRATION IN MODERATE DOSES

Figure 1. DEE ResearchOutput (2005 - 2014)

1 http://teachbytes.com/2012/03/01/10-educational-technology-quotes/.2 Bawden, D., & Robinson, L. (2009). The dark side of information: overload, anxiety and other paradoxes and pathologies. Journal of information science, 35(2), 180-191.3 http://edtechtimes.com/2013/11/06/top-5-problems-technology-education-today/.4 Ting, L. and Rashied, N. 2015. The effects of social media on cognitive development in undergraduate economics students. Economic Research Southern Africa Working Paper 513. Available from: http://www.econrsa.org/publications/working-papers/effects-social-media-cognitive-development-undergraduate-economics (Accessed 21 May 2015). 5 Hannafin, M. J., & Land, S. M. (1997). The foundations and assumptions of technology-enhanced student-centered learning environments. Instructional science, 25(3), 167-202.


10

Let’s turn Local Economic Development (LED) ‘practitioners’ into LED ‘professionals’! In my opinion, the term ‘practitioner’ is outdated and no longer relevant to the LED career in South Africa, except for persons starting out in their careers. My understanding has always been that the term LED ‘practitioner’ has the meaning of being ‘hands on’ … being an ‘implementer’ of LED. It is evident, however, that after nearly 15 years, the so-called LED ‘practitioners’ in all three spheres of government barely have a clue how to undertake LED. It has to be said that the absence of suitably qualified LED practitioners has contributed to the service delivery debacle, especially at the municipal level. I want to propose that the term LED ‘professional’ become the norm in future. My understanding of LED ‘professional’ is that this is a person who has integrity, has certain competencies and has become an expert in the field of LED through theory and practice. An LED ‘professional’ has a track record of successes and failures. I regard failures as an important learning tool and an indicator that the LED ‘professional’ has gained valuable experience by reflecting on mistakes that have been made, and that he or she will be able to rectify them in future. The South African Constitution (1996) has made LED compulsory for municipalities, and it is therefore of utmost importance to assist LED ‘practitioners’ to become LED ‘professionals’. There are three prerequisites, however. Firstly, an LED ‘practitioner’ who wants to be recognised as an LED ‘professional’ must be willing to participate in the newly created continuous professional development programme in LED. Secondly, the absence of universities to assist in creating a body of knowledge in LED should be addressed. Thirdly, the new professional body (The South African Institute for Chartered Economic Developers) needs to be operationalised. I believe that LED ‘professionals’ need to understand that their careers move through a series of career stages, which is the essence of career development.

The purpose of this article is to highlight the achievements of Centre for Local Economic Development (CENLED) with regard to the professionalisation of the LED career.

The Faculty of Economics and Financial Sciences is proud of its achievements in the area of teaching and learning over the years. The Faculty established CENLED under the auspices of the Executive Dean to address the strategic need to “capacitate and train educators and other persons in local and community economic development and related fields in order to become the leading University in the certification of Economic and Human settlement Development Practitioners”. CENLED is supported by stakeholders such as the LED network of South Africa, the Development Bank of SA, the Industrial Development Corporation, the South African Local Government Association, the Department of Trade and Industry, the Local Government Training Seta, the National Department of Cooperative Governance, the Department of Human Settlements and the World Bank Institute. In accordance with the vision, mission, core values, principles of corporate governance, and the legal and management framework of the University, CENLED provides and promotes:

• leadership and excellence in local economic and human settlement development;

• the placement of qualified people in the field of local economic and human settlement development;

• local economic and human settlement development as distinct, recognised, and self-governing professions;

• partnerships with communities; • contributions to South Africa’s and Africa’s economic well-being.

CENLED developed curricula and programmes in Local Economic Development (LED) to assist municipalities to build a pool of skills to address some of the key issues that a developmental state faces namely:

• Reducing poverty and unemployment (spatial, race, gender dimensions)

• Preventing social exclusion and promoting integration of society

• Dealing with issues of crime and insecurity• Acquiring an adequate supply of relevant skills required by

public and private sector and dealing with issues of brain-drain• Addressing small and under-developed local and regional

markets• Addressing industrialisation and diversification• Providing public sector reform and service delivery to both the

first and second economy

A number of accomplishments have emerged from the programmes implemented by CENLED in the last five years:

• Implementing projects to the value of R40 million;• Establishing a new career path for economic developers which

is internationally recognised by the International Economic Development Council (IEDC);

• Creating a new degree, postgraduate diploma and professional master’s degree in Local Economic Development (LED);

• Developing and registering 16 accredited short learning programmes (SLPs);

• Creating and maintaining an interactive website;• Developing a new LED status quo assessment tool (LEDPI);• Developing a facilitator’s capacity development programme;• Capacitating 31 facilitators at the different universities;• Having 568 participants attending the “Introduction to LED” SLP;• Having 16 participants attending the Quantitative analysis

“Economic Profiling” SLP;• Having 16 participants attending the Quantitative Analysis

“From stats to strategy” SLP;• Training 20 participants in the “Strategic Planning” SLP;• Training 53 participants in the “Leadership for Sustainable LED”

SLP;• Undertaking 19 maturity and LEDPI assessments;• Completing 5 Participatory Analysis for Competitive Action;• Starting the new MCom (LED) in January 2015 and enrolling 13

students;• Establishing a professional body for economic developers – The

South African Institute for Chartered Economic Developers;• Establishing 6 new entrepreneurship centres at 6 TVET Colleges.

To conclude: CENLED has become the hub for LED excellence and is driven by the UJ mission: “Inspiring its community to transform and serve humanity through innovation and the collaborative pursuit of knowledge”.

CHANGE YOUR MINDSET: MOVE FROM BEING AN LED ‘PRACTITIONER’ TO BECOMING AN LED ‘PROFESSIONAL’


11

DEVELOPMENTS AT THE CENTRE FOR COMPETITION, REGULATION AND ECONOMIC DEVELOPMENT (CCRED)

It is now widely recognised that regulation of markets and firms is required to set the rules of the game, and that South Africa’s record is very poor in this regard. This is evidenced in the global financial crisis, bid-rigging in construction, electricity ‘load-shedding’ in South Africa and emerging evidence of widespread tax evasion in South Africa and around the world. At a macro level, persistent extreme levels of inequality in incomes and wealth, and the ongoing challenges in addressing Africa’s development needs, are both manifestations of a failure to ensure that people can realise their potential in a market economy. Addressing this requires action at different levels from analysis and research, to building institutions, through to supporting civil society and social movements in holding governments to account.

The Centre for Competition, Regulation and Economic Development (CCRED) at the University of Johannesburg works to build a knowledge base through rigorous research on key issues of company power, competition and regulation, specifically as it relates to regional development in southern and East Africa. CCRED applies this knowledge to provide expert advice and training for competition authorities, economic regulators and governments.

In the past 18 months we have:

• Organised the first African Competition and Economic Regulation (ACER) week in southern Africa, two annual intensive training and competition symposiums in Kenya and co-hosted a conference on regulation with NERSA.

• Run capacity building for authorities across the region from nine countries.

• Developed targeted short learning programmes for economic regulation and competition

• Undertaken expert economic advice for competition authorities with cases and inquiries in key sectors in the economy including in healthcare, industrial and construction products, inputs to agriculture, food products, telecommunications and financial services.

• Built a strong team of 17 people with hands-on experience in rigorous competition analysis and policy advice.

• Published 14 articles, brought out two special journal issues, and 14 working papers.

• Held 7 public platforms and seminars with stake holders on issues ranging from high speed internet access in Johannesburg to regional integration.

• Establish a Quarterly Review of Competition developments across the continent.

But this is scratching at the surface.

There is little practical cooperation across countries, nor the development of an international view of the challenges which are obviously not confined to national borders.

Institutions are relatively weak in terms of capacity and the ability to exercise their powers, relative to the large multinationals which effectively control many markets.

There is little hard information and systematic analysis even of markets such as staple food and commodities.

CCRED aspires to:

• Provide rigorous expert economic advice and analysis for competition cases and economic regulation in key sectors for those who need it most, on an open access basis, and pro bono on for selected matters.

• Systematically monitor the conduct of firms in key markets, across countries, and place this information in the public domain, for example, in the form of an annual review.

• Produce analysis in readily digestible form to build a common understanding of key challenges and issues such that people can readily engage with the, including through building quarterly review, newspaper and online articles and blogs.

• Use social media to build community of social movements.• Think tank on completion and development, and platform for

debate and exchange of view, especially around ways to open up markets to increased participation.

• Annual Conference on Competition, Economic Regulation and Development.

• Training of public institutions.• Produce textbook on competition and economic development.• Launch academic journal: Review of Competition and Economic

Development in Africa (ReCEDA)

Simon RobertsDirector CCRED


12

JOURNAL ARTICLES (PUBLISHED) 2014

Journal Title Volume and Year Article Title DepartmentUJ Affiliated Author/s

Others Authors (If Applicable)

Statistical Methods and Applications

2014, Volume 23 Using large data sets to forecast sectoral employment

Economics and Econometrics

Kabundi AN Uwilingiye J

Gupta RKabundi ANMiller SM

JOURNAL OF HOUSING ECONOMICS

2014, Volume 25 Spatial issues on a hedonic estimation of rents in Brussels


Pholo AB Peters DThomas I

African Journal of Hospitality, tourism and Leisure (AJHTL)

2014, Volume 3 Using a behavioural approach to analyse the suitability of cartoons as a vehicle for teaching and learning in finance


Baur PW, Els G

JOURNAL OF MATHEMATICAL ANALYSIS AND APPLICATIONS

2014, Volume 410 Quadratic variation of martingales in Riesz spaces

Finance and Investment Management

Labuschagne CCA Grobler JJ Marraffa V

Agrekon 2014, Volume 53 Settling for a discount: a review of the pioneer foods price reduction remedy


Mncube L

Journal of industry competition and trade

2014, Volume 14 The South African wheat flour cartel: overcharges at the mill


Mncube L

Journal of Competition Law & Economics

2014, Volume 10 Harm and overcharge in the South African precast concrete products cartel


Roberts SJ, Khumalo AJM,Mashiane JM.

Development Southern Africa

2014, Volume 31 International trade and agricultural production: evidence from the Southern African Development Community sub-region


Ngepah NN

Journal of Economic and Financial Sciences

2014, Volume 7 Socially responsible investing returns: evidence from South Africa, 2004-2012


Chawana M

POSITIVITY 2014, Volume 18 Representations of set-valued risk measures defined on the l-tensor product of Banach lattices


Labuschagne CCA Offwood-Le Roux T


2014, Volume 7 Happiness among first-year students at a comprehensive tertiary institution - an exploratory study


Pretorius M Blaauw DPretorius M


2014, Volume 7 The relationship between the exchange rate and the trade balance in South Africa


Chiloane ML Botha Ilse IChiloane MLPretorius M


2014, Volume 7 Labour productivity and employee diversity in the South African workplace


Van Zyl G

Journal of applied business research

2014, Volume 30 The effect of probability and uncertainty models on hedge fund performance analysis


Muteba Mwamba JW

INTELLIGENCE 2014, Volume 42 Quality of institutions: does intelligence matter?


Kalonda-Kanyama I


13



Environmental economics

2014, Volume 5 Poverty and remittances in South Africa: an instrumental variables analysis


Biyase ME

North American Journal of Economics and Finance

2014, Volume 29 The Cox, Ross and Rubinstein tree model which includes counter-party credit risk and funding costs


Labuschagne CCA Hunzinger CB


2014, Volume 7 Education programmes’ responsibilities regarding pervasive skills

Accountancy Strauss M


2014, Volume 7 Emerging trends in reporting: an analysis of integrated reporting practices by South African top 40 listed companies

Accountancy Marx B, Mohammadali HAhmed A

African Journal of Hospitality, tourism and Leisure (AJHTL)

2014, Volume 3 Inefficiency in the market for ‘fine art’: how this market inefficiency promotes ‘art tourism’ in South Africa


Baur PW

Journal for New Generation Sciences

2014, Volume 12 An analysis of the disclosure of financial instruments by selected companies on the JSE limited

Accountancy Mohammadali A, Coetsee D,Marx B

Public and municipal finance

2014, Volume 3 Is the export-led growth hypothesis valid for African countries? An application of panel data approach


Biyase ME, Zwane TT

South African Journal of Economic and Management Sciences

2014, Volume 17 The exchange rate, the trade balance and the J-curve effect in South Africa


Kabundi AN Schaling E

Journal of applied business research

2014, Volume 30 A CGE simulation of a flat tax as a possibility for tax reform in South Africa


Bonga-Bonga L, Perold ML

Journal of International Development

2014, Volume 26 Micro-effects of women’s education on contraceptive use and fertility: the case of Uganda


Buyinza F Hisali E

SOUTH AFRICAN JOURNAL OF ECONOMICS

2014, Volume 82 Global financial crises and time-varying volatility co-movement in world equity markets


Duncan AS, Kabundi AN

Tydskrif Vir Geestesweten- skappe

2014, Volume 54 The enterprise in the society: corporate social engagement by Sanlam, 1918-1980/ Die onderneming in die gemeenskap: korporatiewe maatskaplike betrokkenheid deur Sanlam, 1918-1980

Accountancy Verhoef G


2014, Volume 7 International trade administration commission tariff investigations: an analysis of the poultry and paper cases


Kwaramba M, Tregenna FM


14



CAMBRIDGE JOURNAL OF ECONOMICS

2014, Volume 38 A new theoretical analysis of de-industrialisation


Tregenna FM


2014, Volume 7 An institutional analysis of the international trade administration commission of South Africa


Tregenna FM,Kwaramba M

New Agenda: South African Journal of Social and Economic Policy

2014, Volume 3rd Quater

Locals subsidise exporters: the competition tribunal’s case against Sasol


Mondliwa P, Roberts SJ


2014, Volume 7 Fuelling the economy: a critical review of liquid fuels regulation in South Africa


Mondliwa P, Roberts SJ


2014, Volume 7 From lip-service to service delivery in local economic development: guidelines to set up and agency for action


Venter M


2014, Volume 7 A critical evaluation of the proposed treatment of special cost advantages in excessive prices law


Sylvester A


2014, Volume 7 Limiting collusion in the construction industry: a review of the bid-rigging settlement in South Africa


Ratshisusu H

Journal of Empirical Finance

2014, Volume 29 A Bayesian method of change-point estimation with recurrent regimes: application to GARCH models


Bauwens L, De Backer BDufays A

SOUTH AFRICAN JOURNAL OF ECONOMICS

2014, Volume 82 Quantifying inefficient expenditure in local government: a free disposable hull analysis of a sample of South African municipalities


Mahabir J


2014, Volume 7 An investigation into the ethical standards and values of registered property valuers in South Africa


Currin B, Kruger A, Msibi N, Chuene Perseverence


2014, Volume 7 Lessons from South Africa’s renewable energy regulatory and procurement experience


Montmasson-Clair Gaylor G

Ryan Georgina G

Development Southern Africa

2014, Volume 31 Can trade liberalisation in South Africa reduce poverty and inequality while boosting economic growth? Macro-micro reflections


Mabugu MC Mabugu R

Journal for juridical science

2014, Volume 38 Estate planning: the inclusion of the proceeds of a life policy when the accrual is calculated


Lotter M

**This information may not be complete, as other publications were pending approval by the time of print.


15

CHAPTER IN A BOOK FOR 2014 CONFERENCE PROCEEDINGS FOR 2014

Contribution Title Conference Name Department UJ Affiliated Author/s Other

Predictive relationships between metal commodities and the FTSE/JSE top 40 index

02nd International Conference on Economics, Finance and Management Outlooks (ICEFMO 2014)


Le Roux CL

Valuation of interest rate derivatives under CSA discounting

07th International Conference of the Thailand Econometric Society (TES 2014)


Daniels ALabuschagne R

Labuschagne CCA Offwood-le Roux T,

The dilemma of a central counter-party versus a qualified central counter-party in developing country

International Conference on Applied Economics (ICOAE 2014)


Kotze A Labuschagne CCA

Volatility skews of indexes of BRICS securities exchanges

International Conference on Applied Economics (ICOAE 2014)


Hunzinger CB Labuschagne CCA

Von Boetticher Sven ST

An institutional description of accounting practice in South Africa

International Congress on Economy, Finance and Business (ICEFB 2014)


Nagdee Z

CHAPTER IN A BOOK FOR 2014

Publisher Book Title Contribution Department UJ Affiliated Author/s

Other Author/s

Oxford University Press The Oxford Companion to the Economics of South Africa

The political economy of restructuring in South Africa


Ashman SJ Fine BPadayachee VSender J

The Merlin Press Ltd Transforming Classes: Socialist Register 2015

NUMSA, the working class and socialist politics in South Africa


Ashman SJ Pons-Vignon N

**This information may not be complete, as other publications were pending approval by the time of print.


16

DEPARTMENT OF ACCOUNTANCY STUDENTS REPRESENTED SA INTERNATIONALLY

The Department Accountancy team consisting of Klaus-Peter G�bel, Sicelo Joja, Rèzanne Neethling and Chad Prins will represent South Africa at the International Finals in Dubai in April 2015.

At the 2015 International Case Competition, the Accountancy@UJ team will be evaluated on their level of insight, innovation and enthusiasm when they are presented with a case study on which they will need to provide strategic intelligence. For each round of the competition, the participating teams will have three hours to carefully review, identify and analyse key business issues in order to develop gripping recommendations in a professional presentation to the judges.

Prof Alex van der Watt, Head: Department of Accountancy: “Accountancy@UJ is proud of this great achievement by our students. It is also testimony to the dedication and hard work of lecturers in developing well-rounded individuals with the capacity to become business leaders of the future. We truly believe that these four students will be proud ambassadors for both KPMG and UJ in representing South Africa in Dubai.”

The success of the Accountancy@UJ team follows the University’s impressive results in the notorious qualifying examination for Chartered Accountants (CA), as set by the SA Institute of Chartered Accountants (SAICA) in April 2014.

These results confi rmed UJ as a national leader in teaching and producing candidate Chartered Accountants with the University being the biggest contributor of fi rst time African Black candidate chartered accountants in the country. UJ’s students accounted for 27% of the total successful African Black candidates.

Department of AccountancyCollen Maepa, Coordinator: Internal CommunicationsThis article appeared of www.uj.ac.za. Permission was received for inclusion in this publication of FACE.

A NEW OLYMPIAD FOR LEARNERS EXPLORING THE FINANCE INDUSTRY AS A CAREER PATH

The Department of Finance and Investment Management (DFIM) in collaboration with Strate Ltd launched a Finance and Investment Management Olympiad (FIMO) in 2015.

The DFIM believes that this Olympiad, which will focus on day-to-day fi nancial problems that people have to deal with involving fi nancial industry terminology and concepts, will signifi cantly improve the knowledge of learners about the fi nance industry as a whole. This is also a great way to educate learners about career

opportunities in the industry. In the long run, learners will be better prepared for careers in the fi nance fi eld.

The Olympiad will be aimed at Grade 11-12 learners and for 2015, be rolled out at Gauteng high schools only. FIMO will consist of two rounds and learners will also receive learning material to prepare them.

Department of Finance and Investment Management | Erna Zeelie

DEPARTMENT OF FINANCE AND INVESTMENT MANAGEMENT RESEARCHER, CORLISE LE ROUX, LEAVING A GLOBAL FOOTPRINT

Corlise Le Roux is one of the University of Johannesburg’s (UJ) young researchers in the Department of Finance and Investment Management. The lecturer, who specialises in Investment Management at UJ, recently won an award for Best Paper at the International Conference on Economics, Finance and Management Outlooks in Kuala Lumpur, Malaysia.

Le Roux’s research on “Predictive Relationships between Metal Commodities

and the FTSE/JSE Top 40 Index” earned her the accolade among 70 international presenters at the conference.

She joined UJ in March 2011 and has since been on top of her game. Le Roux is currently in the process of completing her PhD in Finance and is planning to write CFA level 3, FRM level 2 and CAIA level 2 over the next year. In the past, she worked at Investec Private Bank, after which she joined the UJ to pursue her Master’s studies. Passionate about academia, she decided to stick to the UJ academic environment as it was the right space for her personal and professional growth.

She specifi cally conducts research in the Investment Management fi eld, with more focus on commodities. “It is important for us to do this research for investment purposes and to better understand the relationship commodities have in the South African market.” says Le Roux.

Department of Finance and Investment Management Collen Maepa, Coordinator: Internal CommunicationsThis article appeared of www.uj.ac.za. Permission was received for inclusion in this publication of FACE.

Out of the FACE


17

DEPARTMENT OF ACCOUNTANCY HOCKEY PLAYER SCORES ACCOUNTING CUM LAUDE

First team Department of Accountancy hockey player Georgina Crisp graduated her BAcc degree with Cum Laude on Monday, 9 March 2015. The new graduate is proud to follow in her father’s footsteps by pursuing a career in accounting as he too is a South African Chartered Accountant (CA).

The 21-year-old graduate originates from a strong academic background with her immediate family all holding degrees in various fi elds. “My dad is a CA and one of my biggest infl uences when it came to deciding which career path to follow. My mom is a History and English teacher, and my biggest supporter. My older sister has just graduated with her masters in Industrial Psychology also at UJ and has always been an inspiration for me,” says Georgina.

She credits her academic success to effective time management, hard work and her belief that she can accomplish

anything she puts her mind to. The graduate only has high praise for her lecturers saying that they played a crucial role in her graduating Cum Laude. “I believe that in my degree, the lecturers we had were some of the best in the country,” she says.

Georgina aspires to be a qualifi ed CA by 2018 specialising in fi nance. She is currently doing her Certifi cate in the Theory of Accounting (CTA), and her articles with Deloitte.

“I think my fi eld of study is important for South Africa and globally. South African Chartered Accountants are highly sought after and I would like to be a good representative for our country within the global market. The functions CAs perform as auditors help protect the public and relevant stakeholders by picking up fraud, errors and misstatements etc., from big corporations or even government,” concludes Georgina.


DEPARTMENT OF ECONOMICS AND ECONOMETRICS ANNUAL PRIZE-GIVING FUNCTION

The annual prize-giving function for top student achievers of the Department of Economics and Econometrics was held at the Johannesburg Country Club on 22 April 2015. Like previous years the function was sponsored by Economic Research Southern Africa (ERSA) as well as Genesis Analytics. Mr JP Landman, an independent analyst, was the guest speaker for the evening.


18

STAFF MEMBER OBTAINS HER DOCTORATE

Dr Marina BornmanPhilosaphiae Doctor (PhD): Taxation

Dr Marina Bornman, from the Department of Commercial Accounting received her Phd in Taxation at the March 2015 graduation ceremony. The Department and Faculty congratulates her on this tremendous achievement.

STAFF MEMBER OBTAINS HIS MCOM

Johannes Daniel De VilliersMCom: Computer Auditing

Mr Johannes Daniel De Villiers, from the Department of Commercial Accountancy received his MCom in Computer Auditing at the March 2015 graduation ceremony. The Department and Faculty congratulates Mr De Villiers on this outstanding achievement.

STAFF MEMBER OBTAINS HIS MCOM

Mr Jacobus Jurie WesselsMCom: South African & International Taxation

Mr Jacob Jurie Wessels, from the Department of Accountancy received his MCom in South African & International Taxation at the March 2015 graduation ceremony. The Department and Faculty congratulates Mr Wessels on this remarkable achievement.

THE NEDBANK/OLD MUTUAL BUDGET SPEECH COMPETITION: 2014/2015 UJ DEE WINNERS MAKE HISTORY

“You can’t wait for inspiration. You have to go after it” – Jack London

This year, the Department of Economics and Econometrics made history yet again at the 2014/2015 Budget Speech Competition. For the fi rst time since 2008, UJ fi nalists won prizes in both the undergraduate and postgraduate categories. Both Mr Gorton Wilmans, studying towards a BCom Honours in Economics at UJ, and Mrs Mpho Mataboge, studying towards an MCom in Financial Economics at UJ, made the DEE, FEFS and UJ very proud by winning third prize in the undergraduate and postgraduate categories respectively. This win marks the second consecutive year that UJ fi nalists have made the top three at the competition. Last year, Mr Lucky Pane won the postgraduate category of the competition.

However, the victories enjoyed over the past 10 years are not limited to the more recent wins. Since 2004, the UJ DEE has produced fi nalists and since 2008, there has been at least one UJ fi nalist in at least one of the categories at the competition. In 2008, the UJ also enjoyed wins in both categories. Mr Isaah Mhlanga, currently an Economist at ABSA Capital, won third prize in the undergraduate category and Ms Yumna Ebrahim, currently an Economist at Econometrix, won second prize in the postgraduate category.

Congratulations to all UJ fi nalists and winners in the Nedbank/Old Mutual Budget Speech Competition over the past ten years. You have certainly made the DEE, FEFS and UJ proud!

Congratulations to all colleagues at the Department of Economics and Econometrics and, in particular, colleagues who have been involved with the competition over the past ten years. The success of our students at the competition is not only a refl ection of the students’ abilities, but is also an indication of the immense

academic support provided to students, over their years of study, by the team of dedicated and selfl ess lecturers at the DEE.

“It is literally true that you can succeed best and quickest by helping others to succeed” – Napoleon Hill

Department of Economics and EconometricsNaiefa Rashied

Ms Mpho Mataboge Mr Gorton Wilmans


19

ECONOMIC AND FINANCIAL LITERACY INITIATIVE

Economic and fi nancial literacy is critical if people are to derive benefi t from the freedom they enjoy in a country like South Africa. In providing economic education to educators across South Africa, the Department of Economics and Econometrics found an ideal way to contribute to citizens’ freedom and well-being. Staff members – Lorraine Greyling, Mdu Biyase, Marinda Pretorius and Arnold Wentzel – have been actively involved in this initiative since 2008.

Initially in partnership with the US-based Council for Economic Education (CEE), the Department placed emphasis on training teachers in Gauteng secondary schools in Economics and active learning strategies. More than half of all Gauteng’s Economics teachers have attended at least one of these workshops. Since the budget cuts in the USA reduced funding, support from the South African Foundation for Economic and Financial Education (SAFEFE) and the South African Reserve Bank enabled it to continue and even extend the work further into Mpumalanga, Free State and Eastern Cape.

Since teachers touch the lives of many people, this enables the Department to directly and indirectly reach a large number people. Until now, staff of the Department presented 30 half-day teacher workshops and 14 multi-day workshops for selected teachers from all Gauteng’s districts and in some districts of other provinces. Economics lessons written by Arnold Wentzel have been used by teachers in Gauteng, Kwazulu-Natal, Free State, Eastern Cape, Mpumalanga and even in the USA, and his series of short Economics lectures have been broadcast on SABC2 since 2010.

UJ staff members (Arnold Wentzel, Lorraine Greyling and Mdu Biyase) have been invited to the USA several times since 2009 to receive further training and present their work. The Economics Department has hosted study tours of US teachers annually since 2009. It has also contributed to and hosted two National Economics Olympiads.

Department of Economics and EconometricsMr Arnold Wentzel

THE ACADEMY OF SCIENCE OF SOUTH AFRICA APPOINTS PROF FIONA TREGENNA

The Academy of Science of South Africa (ASSAf ) has appointed Department of Economics and Econometrics Prof Fiona

Tregenna, as a member of the Standing Committee on Science for the Reduction of Poverty and Inequality. This Committee will have an important role to play in contributing to national and global debates and providing evidence-based science advice.

UJ’s Prof Tregenna has been invited to serve on the Committee because of her experience and signifi cant academic contributions.

The committee is to support ASSAf in its role with respect to science advice to government and other stakeholders by means of, inter alia, evidence-based studies and workshops in the area of poverty alleviation.

The Academy of Science of South Africa (ASSAf ) was inaugurated in May 1996 by the former President of South Africa and patron of the Academy, Nelson Mandela.

It was formed in response to the need for an academy of science congruent with the dawn of democracy in South Africa – activist in its mission of using science for the benefi t of society. The mandate of the Academy encompasses all fi elds of scientifi c enquiry and it includes the full diversity of South Africa’s distinguished scientists. The Parliament of South Africa passed the Academy of Science of South Africa Act, Act 67 of 2001, which came into operation in May 2002. ASSAf is the offi cial national Academy of Science of South Africa and represents the country in the international community of science academies.

Department of Economics and EconometricsCollen Maepa, Coordinator: Internal CommunicationsThis article appeared of www.uj.ac.za. Permission was received for inclusion in this publication of FACE.

InterFACE

DEPARTMENT OF ACCOUNTANCY JAISHIL MODI PART OF USSA SA CHESS TEAM

Jaishil Modi 2nd year BAcc student recently participated in the E&Y Building a Better Working World and fi nished in the Top 10 of EY’s Student of the Year. Modi has been invited to be part of the 2015 USSA SA Chess Team that will be going to Budapest, Hungary to participate in the First Saturday Series. The Faculty would like to wish Jaishil the best of luck with the First Saturday Series Competition.

Department of Accountancy


20

GOLDEN KEY STUDENT HEADS TO THE INTERNATIONAL SCHOLAR LAUREATE PROGRAMME IN AUSTRALIA

Adrienne Klinck, a third year BCom Accounting student, will be part of the 2015 International Scholar Laureate Programme (ISLP) in Australia, in May 2015. The 22-year-old from Klerksdorp, North West, is a Golden Key International Honour Society member – and this, together with her academic excellence earned her an invitation to join business leaders and students from across the world.

The ISLP is a week-long programme that exposes students and business experts to entrepreneurship on an international level. Participants will network with other peers from the business, medicine, nursing and health care, engineering and technology, international relations and diplomacy sectors.

The Golden Key International Honour Society exists to unlock the potential of its members. The Society invites scholars that show excellence in their academic performance in colleges and universities from across the world.To participate in the ISLP, nominees have to raise funds to pay for the trips and other necessities. UJ’s Department of Accountancy in the Faculty

of Economics and Financial Sciences (FEFS), contributed R20 000 for Klinck. The outstanding balance was paid for by people close to her.

Klinck says her short term goal is to complete her degree and graduate in 2016. “I am planning on doing my Honours in Taxation, Auditing or Accounting. I am eager to start my own business one day, and I am optimistic about my future and career,” says Klinck. Asked what inspires her to do well in her studies, Klinck says: “It is an amazing feeling to do well. To know that I have given my best in what I do academically. My inspiration lies in what I want for myself and knowing that I am capable of achieving more. Taking pride in my academic performance and having a burning desire to reach my full potential is what drives me to perform well,” she added.

“My experience at UJ has been good thus far. The University is an exceptional place of higher learning. It was quite easy to adapt from high school to university and the assistance I received from the Faculty has been heart-warming,” says Klinck.


DEPARTMENT OF ACCOUNTANCY SENIOR LECTURER PARTICIPATED IN THE SA CLASSIC POWERLIFTING CHAMPIONSHIPS

Picture an image of a world class powerlifter in your mind. Most people will imagine somebody that looks like Arnold Schwarzenegger, Žydr�nas Savickas or Usain Bolt. Stop. Now use Photoshop in your mind and start changing the picture. Change the image to a female; 1.48 metre tall; weighing 46 kilograms. Stop! Now imagine her deadlifting a 120 kilograms. Does it become more diffi cult to imagine? Now change the focus, imagine her as an academic, a chartered accountant and registered auditor.

Ms Mariska McKenzie, Senior lecturer recently participated in the SA Classic Powerlifting Championships in Potchefstroom, and was selected to represent South Africa at the IPF Classic Powerlifting championship in Finland from 5 to 14 June 2015. Approximately 493 second year and 638 third year chartered accountancy students at UJ know her as their Financial Management Lecturer.Mckenzie won a gold medal in the 47kg category for women in the open category at the SA Classic Powerlifting Championship in March this year.

“I started preparing for my first Powerlifting competition in May 2014 and I never knew that I had any athletic abilities before then. Prior to competing in powerlifting, my biggest achievement in sports was competing in the 60-metre sprint as a grade 1 pupil,” says McKenzie.

She adds: “Through God’s grace, I wish to use my talents and opportunities, to inspire other women and the youth to be strong from an intellectual, physical and mental perspective. I would like to encourage people to follow their dreams, even though everything may appear to be impossible at any given point in time.”



21

DR VENTER A PIGEON RACE CHAMPION

Dr. Venter has been fl ying racing pigeons for 40 years. His birds participate in races from 200km to 1200 km. He is currently his club’s champion and won 12 out of the 24 races during 2014. He was also the Union champion on the long distance races, competing with a 100 other fanciers. On a race nearly 8000 pigeons are liberated. He is currently chairperson of his club and vice-chair of the union.

SYLVIA AND KAREN FAREWELL

We had to bid farewell to two of the Faculty’s most lively and loving staff members, Ms Sylvia Chauke who was the Postgraduate Faculty Offi cer and Ms Karen Zaayman who was the Executive Secretary to Prof Amanda Dempsey. The Faculty management and all staff members wish both Sylvia and Karen all the best in their future endeavors.

FIONA ESLIN JOINS FEFS

Ms Fiona Eslin, joined FEFS as the new Dean’s secretary as of April 2015.

BABY NEWS

Congratulations to Mrs Marike Carter lecturer,at the Department of Commercial Accounting on the birth of her son Michael Adrian born on 29 Jan 2015.

Congratulations to Mr Isaac Seeletse faculty offi cer in FEFS on the birth of his little girl Amira Lesego Seeletse who was born on the 14 April 2015

Congratulations to Mr Jacob Simelane Administrative Assistant in FEFS on the birth of his son Thulani who was born on the 2nd May 2015

Congratulations to Mrs Marike Carter

The FACEroom

Back: Johann & Marianne WassermannFront: Juandi, Mareli and Karl Wassermann

Meet the Wassermann family Marianne Wassermann a senior lecturer at the Department of Accountancy together with husband (Johann) and the kids are all martial arts experts in training. Marianne received her orange belt in May and is determined to get her black belt soon.

Mr Johann Wassermann, Marianne’s husband has a yellow belt, Karl (son) who started with karate 3 years ago, is blue 1. Juandi (eldest daughter) is currently on the yellow 1 belt and Mareli (the youngest) has the IMA blue.


22

DEPARTMENT OF ACCOUNTANCY ACTS OF RANDOM KINDNESS PROJECT

The Department of Accountancy recently partnered with Change the World for Good to launch the Acts of Random Kindness (ARK) project. The sole aim of this project is to remind people that every single person has the ability and ultimately, the responsibility to make the world a better place through positive actions - basically, through goodness and kindness.

The mission statement of this campaign is Change the World for Good. The goal is to distribute charity boxes in the shape of an ARK.

The label on each charity box reads: “Change the World for Good; when full give me to someone less fortunate”. Change the World for Good will not take the charity boxes back as this is not a fundraiser.Change the World for Good simply wants to encourage people of all ages to increase in acts of goodness and kindness. Be part of the kindness movement!

Department of AccountancyStephanie Venter

KEAGAN CALCADA 3RD YEAR BCOM ACCOUNTING STUDENT PROVES THAT ACCOUNTANTS ARE NOT BORING.

An Accountant that can dance? What? Dancing has been my Passion, my Life and my reason for breathing since I was able to walk... My ultimate dream has always been to represent my country at an international level. I have recently been chosen to be a part of a squad of 21 dancers to compete not only at national level but to represent the South African Team at the International Dance Organisation (IDO) World Hip Hop Championships 2015 in Rimini, Italy in October. In order to qualify for the World Championships, one would need to compete in 3 South African Dance Teachers Associations national competitions, one of

which is Battle of the Giants competition in April at Sun City. I’m not your typical accounting student, being different and unique is who I am. Don’t let the fear of trying, ever hold you back from reaching your dreams. I am the one step closer to teaching my dream, hard work and dedication to what you love will take you to places you’ve only dreamt about.

Department of Accountancy Keagan Calcada

Below the surFACE


23

LECTURERS REFLECTS ON THE SUCCESS OF MLUNGISI MTHEMBU A DIPLOMA STUDENT WITH PRIDE

A journey to success – from humble beginnings.

After not making the cut for the BCom extended degree, Mlungisi Mthembu reluctantly enrolled for the Diploma in Accounting at the Department of Commercial Accounting at UJ in 2009. Thinking back, Mlungisi realises that being enrolled for a Diploma in accounting gave him the self-confidence he needed while at the same time allowing him to mature in university life. Mlungisi completed his three year Diploma using NSFAS funds and then enrolled for the Bridging programme in Accounting with the hope of getting into BCom Honours in Accounting after completion of the bridging programme. He recalls that this was his hardest and most challenging year in his academic journey, stating that “I had no text books and no plan on how I was going to settle my tuition and accommodation fees”. He started tutoring Financial Accounting 1 at the Department of Commercial Accounting on the Soweto campus and now had to juggle his time between studying and tutoring.

Having been accepted into the Honours in Accounting with specialisation in Taxation progamme, Mlungisi faced an uncertain future as he had no funds to pay his outstanding fees from his 2012 studies. “I diagnosed myself depressed and was in the process of accepting the fact that I was not going to register for this year; my close friends were registering and preparing for the upcoming academic year. On the 14th of January 2013 all my close friends moved in at the university residence and I was left alone at home in Alexandra.” The light at the end of the tunnel came in the form of a bursary from National Treasury covering full tuition, prescribed textbooks, food allowance, pocket money, registration and accommodation. Mlungisi remembers it was raining as he walked out of the National Treasury offices after the signing of his bursary contract…”I was letting the rain pour down on me while walking for 20 minutes to the rank to catch a taxi back home.”

After successfully completing the honours programme, Mlungisi started working at National Treasury where he is currently in his second year graduate training programme. Mlungisi reflects on his journey with gratefulness. “Year 2012 had prepared me and humbled me in so many ways, so when all these good things came to me in 2013 I knew how it felt to be in need, I knew how valuable they are and how for granted I have taken them in my undergrad. I remember holding my tears back in my room after fetching my books from Van Schaik and how the smell of new books was somehow now foreign to me. I was grateful for all that was happening and all that I was receiving.”

Three things that he would like to say to fellow students are:

1) “I would encourage other students to take leaps of faith and channel their energy on things that they can somehow control, which is mostly their marks.”

2) “Remind yourself of the people who believe in you”. For Mlungisi it was his father who, working as a security guard, had sacrificed a lot for him.

3) “Surround yourself with friends that are equally ambitious and positive”. His friends have been a pillar of strength in times of weakness.

At the start of 2015, Mlungisi enrolled for the MCom (SA and International Tax) programme at UJ. The lecturers at the Department of Commercial Accounting are proud of him and wish him all the best for his future career and studies.

Department of Commercial AccountingMarina Bornman & Julia Soobramoney


24

“UKUZALA UKUZOLULA”

By Thuli Siqebengu

‘Ukuzala Ukuzolula’, is a simple and yet profound saying which many parents would use to show the pride and joy that their children have given them. A mother would utter these words more proudly during a matrimonial ceremony in euphoria and celebration of this propitious occasion. When loosely translated all that the phrase means is “by giving birth you increase your blessings”. When my family was singing and screaming ‘Ukuzala Ukuzolula’ in jubilation during the ceremony held for me gave me that warm fuzzy feeling that people in the movies always seem to muster. It almost felt like I have been awarded with an accolade that showed the community that I have made it… pun intended.

You are bound to hear the phrase ‘Ukuzala Ukuzolula’ during uMembeso, uMbondo and uMabo. UMembeso is a traditional ceremony whereby the groom’s family presents gifts to the bride’s parents and family, while uMbondo is when the bride’s family brings gifts mostly in the form of groceries to the groom’s mother. UMabo is the ceremony after the wedding which aims to celebrate the joining together of two families, this ceremony usually takes place after the “white wedding”.

Traditional weddings are awesomely intriguing, stressful, and expensive. I’m particularly intrigued by an act during uMembeso, where the groom is required to lay down on the fl oor, covered with a blanket (that he would have received as gift). Then unsuspectedly he will either get up in a shock and run away or hear the voice of his future wife defending him from whippings that would be carried out by young unmarried women. This act challenges the notion of a man being the protector on so many levels but then again it is one hilarious way of sealing the atmosphere with love, laughter, and the sweet smell of traditional food cooked on three-legged pots. It is a time fi lled with ululations and joyous celebrations of a mother’s sense of ‘Ukuzala Ukuzolula’!

Fancy FACE

face it – from the editor · university of johannesburg, faculty of economic and financial...

Documents