'More than an accountant, you are becoming a manager'

The job descriptions associated with a CFM

There are a variety of job descriptions associated with the CFM designation. This short summary explains more about what is expected of a CFM within the finance department.

Statutory criteria

CFM is an official designation registered in terms of the National Qualifications Framework Act, 67 of 2008. The entry criteria for the designation as published in Government Gazette is:

• Qualification requirement:
  • B Com Hons, CTA, or Commerce based Advanced Diploma.
  • Alternative qualifications and exemptions may be applicable, for example professional levels achieved from a professional body. Click here to read more
  • NQF8 or higher
  • For foreign qualifications, evaluation by SAQA is required. Please click here for more information
• Experience requirement:
  • 2 years relevant experience at the operational level in finance department or as a trainee in practice.
  • 4 years relevant experience in finance department at a managerial level
  • Experience will be verified by way of a logbook completed by employer and correlation with credit bureaus
• Assessment:
  • Confirmation by employers that you achieved 34 critical competencies at a comprehension level
  • Completion of a course and assessment in ethics.
  • Completion of a course in technology and business
• Private practice:
  • CFM holder may not act in private practice e.g. only CBAP holders are allowed to act as accountants in private practice or as accounting officers. You can add this designation to your CFM

Click here for a list of the required supporting documentation

Click here for an overview of the application process

The application process and post-designation requirements

1. Application
   • Register as a CIBA member
   • Complete the CFM application form and confirm you are a person in good standing.
2. Supporting Documentation & Qualification
   • Submit certified copies of your ID and latest CV
   • Submit certified copies of academic transcripts. Make sure you have the required subjects or obtain them via the CIBA CPD
   • Provide proof of relevant completed qualifications (qualification must include 3 of the following subjects, alternatively you may have obtained these subjects separately for non-degree purposes: Accounting, Auditing, Tax, Management Accounting, Financial management, Commercial law.):

     Advanced National Diploma: Accounting, Cost and management, Management, Entrepeneurship etc.

     B Com Hons: Accounting, Investment, Business Management, Cost and Management, Internal Audit, Economics, Financial sciences, Law, Marketing management

     Having passed professional levels from an accredited professional accounting body e.g. CIMA Certificate, Operational and Management levels, ACCA Advanced diploma in accounting and business.

     A SAQA evaluation and alignment certificate indicating the comparative South African qualification if the qualification was obtained from a Non South African institute of higher learning.

     Relevant prior learning obtained in the form of part qualifications, modules, short courses or similar courses completed and which CIBA as recognised for membership purposes. In this case the experience requirements are adjusted to 10 years demonstratable experience within an accounting firm environment.

     Membership of a professional body that ascribes to the membership criteria of the International Federation of Accountants (IFAC) or a professional body with whom CIBA has signed a membership agreement, and whom CIBA has recognised for membership purposes.

3. Experience: Comprehension level
   • Complete the workplace experience assessment and confirmation by employer. You will be required to complete an Examination-By-Experience. This consists of self-assessment, and employer verification of obtaining 34 critical competencies at an awareness level. Download the competencies here
4. Payment
   • You will be redirected to a secure online payment portal to pay your CFM designation fee. This can be paid annually or monthly via debit order.
5. Evaluation
   • We will evaluate your application and supporting documents to monitor compliance of 34 critical competencies employers require at the management level.
   • Once your application is approved we will email you confirmation of registration and certificate.

Continuous quality confirmation is a hallmark of the CFM designation. This gives credibility and is valued by employers.

• Professional Readiness Programme

  The Chartered designation is a mark of excellence in the accounting and finance profession. It demonstrates to employers, clients, and peers that the holder is committed to best practices, ethical conduct, and lifelong learning and maintains high professional standards. As the profession evolves, accountants must go beyond technical expertise to demonstrate ethical leadership, industry awareness, and accountability. The Professional Readiness Programme reinforces and evaluates the skills to navigate a dynamic business environment while upholding public trust. It includes the following areas: Technical Application Skills, Ethical Awareness, Environmental Awareness, and Readiness for Responsibility.

• Ethics

  The CIBA ethics CPD and assessment be completed annually.

• Technology and business

  CFMs should stay updated on technology and business development by annually completing CPD events in technology and business.

• CPD

  A CFM needs to log 30 hours continuing professional development (CPD) per annum. CPD is required by law from all accountants in South African that has earned a designation. It shows your commitment to lifelong learning, and must be obtained from cpd.myciba.org .

CFM, because you deserve it

• Registration on the National Database of Accountants in terms of the NQF Act, 2008
• Proof that you are committed to ethical conduct and lifelong learning
• Proof that you belong to a community of professionals and have subjected yourself to peer review and self-improvement
• Use of the official designatory letters: CFM or Chartered Finacial Manager next to your name
• Employers obtain objective confirmation that you have obtained 34 critical competencies required at the management level of the finance department.
• The CFM designation is your stepping stone to the prestigious CCFO designation.
• Articulation into the CBAP designation should you decide to start a part-time or full time accounting practice.
• Access to job opportunities
• Marketing and promotion
• Access to accounting news and developments
• Networking opportunities at CIBA events
• Personal and professional development seminars and free webinars
• Pathway to specialist licenses

Contact us

• Contact us on 012 643 1800 or send an email to membership@myciba.org should you require more information about the process.