Future Charted Accountants Test Their Business Skills in Real-World Simulation

Future Chartered Accountants at Emeris Durban North recently stepped into the fast paced world of business during a recent three day simulation that challenged them to run their own manufacturing companies.

The IIE Postgraduate Diploma in Accounting students were exposed to the real-life workings of a business, giving them the opportunity to apply theory they have learnt to practical workplace scenarios.

“The students fully embraced the business simulation with enthusiasm and high energy,” said Tamara Naidoo (Senior Lecturer Teaching and Learning at Emeris Durban North).

“The simulation is designed to take participants out of their comfort zones and challenge them to think critically, work as a team and make decisions under pressure. The students rose to this challenge exceptionally well,” said Chanelle Kistnasamy (Head of Finance and Accounting and Senior Lecturer Teaching and Learning at Emeris Durban North).

Grouped randomly into 12 teams of three or four, the students created their own businesses, choosing company names, taglines and leadership roles such as CEO/HR, Finance, Sales/Marketing and Operations/Production.

Over three monthly business cycles, the teams were responsible for managing procurement, production and sales while navigating financial constraints and making strategic decisions to grow their businesses.

The simulation was guided by four facilitators - Kistnasamy, Naidoo, Bernice Biljon (Academic Intern at Emeris Durban North) and Jan Pelser (Main Facilitator at Business Today) - who also ran the “market” where teams tendered for customers and sales.

At the end of the simulation, two teams emerged as winners - “The Big Four” and “Lifeline”. The runners up were “GLC” and “Litmus”. All the students received certificates, while the winning teams received Takealot vouchers.

The Big Four team consisted of Yurav Maharaj (CEO/Human Resources), Callen Morrison (Finance Manager), Dornnel Moodley (Sales and Marketing Director) and Fathima Essa (Operations and Production Manager).

“This was such a fun experience. We were quite excited about our win as it was completely unexpected, especially after our performance over the first two days,” said Maharaj.

“Our challenge was that we were the only group that bought our stock with cash instead of on credit, which resulted in a loss,” explained Morrison. “On the second day we also had a slight loss because of heavy research costs, so we pinned all our hopes on improving our results in the final cycle”.

“Our mistake on the first day ultimately pushed us to do better and we learnt from it,” added Moodley.

Team Lifeline, which included Hayley Howitt (CEO and Finance Director), Varan Naidoo (Sales and Marketing Director) and Mandisa Zuma (Production and Operations Manager), were equally thrilled with their win.

“The business simulation was brilliant,” said Naidoo. “I love the game Monopoly and until now that was the closest comparison I could make to a real-life business scenario”.

Their biggest takeaway from the experience was the importance of taking risks and adapting quickly.

“I enjoyed learning to think on your feet,” said Moodley. “Not every short term benefit will help you in the long run.”

For Howitt, the simulation provided valuable insight into the realities of running a business.

“It was great to get a holistic view of how a business operates because it will help us when we enter the working world,” she said.

Students were also able to apply the knowledge they gained during their undergraduate studies to the practical challenges presented during the simulation.

The path to becoming a Chartered Accountant is a rigorous one. Students first complete a three year South African Institute of Chartered Accountants (SAICA) degree, such as the IIE Bachelor of Accounting, before progressing to a SAICA-endorsed Postgraduate Diploma in Accounting.

They then complete a three year training contract, usually at an audit firm, while writing two professional SAICA examinations.

“Because of this long journey, similar to the length of time it takes to qualify as a doctor, Chartered Accountants are sometimes jokingly referred to as the ‘Doctors of Numbers’,” said Moodley.

Asked for their advice to prospective students considering this career path, Howitt encouraged perseverance.

“The road isn’t easy. Accept that failing is normal and persevere because when you succeed, it’s an indescribable feeling of relief and satisfaction,” she said.

Moodley advised students to stay focused on their goals. “Keep your head down, stay focused and keep going.”