South Africa’s Skills Imbalance: Why Finance Roles Attract Far More Applicants Than IT Roles

By Mpho.B.Manisa

As someone who has recruited across both finance and IT for nearly a decade, I’ve repeatedly observed a striking pattern: when I post a finance-related vacancy, I receive over 100 applications; when I post IT roles, the responses drop dramatically,

often to fewer than 10. This anecdotal evidence suggests that, in South Africa, there is a significantly larger supply of finance-skilled professionals relative to those with IT skills. And the public data and reports support this. Below I explore why this gap exists, what the data says, and what the consequences might be.

What the Data Says: IT Skills Shortage is Real

1. ICT skills surveys confirm shortages

   According to the 2024 survey by the Institute of Information Technology Professionals South Africa (IITPSA), large percentages of South African companies report current and impending shortages in various ICT (Information & Communications Technology) disciplines:

   • ~27% of employers report current shortage in AI/ML skills. engineerit.co.za

   • ~32% foresee future shortages in AI/ML. engineerit.co.za

   • Information security, big data, data science, DevOps, systems design, etc., are noted as areas with urgent gaps. engineerit.co.za+1

2. Educational bottlenecks & brain drain

   Some of the causes noted in multiple sources:

   • A mismatch between what is taught and what industry needs (especially in fast‐evolving tech areas). engineerit.co.za+2ITWeb+2

   • A shortage of STEM teachers which leads to weaker foundational skills. ITWeb

   • Emigration (“brain drain”) of skilled IT personnel, seeking better pay or opportunities abroad. ITWeb+1

3. Quantified shortfall in specific areas

   • Some articles suggest that in fields like cybersecurity, AI/data analytics, software development, the deficit is sizeable: one opinion piece estimates a gap of 20,000 to 70,000 qualified professionals in key IT fields. Sunday Independent

   • In the IITPSA survey, it is also reported that many companies rank experience above formal qualifications because many graduates lack immediately usable skills.

What About Finance Skills? Are They More Plentiful?

While specific numbers comparing finance vs IT applicant pools are harder to come by, there are several indicators:

• Employment growth in finance. Statistics South Africa reports that in Q1 2025, the finance / financial intermediation / business services sector saw a significant increase in formal employment (~ 60,000 people). Statistics South Africa

• High supply of finance‐related graduates & professionals: Many institutions offer degrees in accounting, finance, business management. These degrees have been part of the mainstream for longer, with clearer pathways (audit, tax, banking, corporate finance) which are stable and widely understood.

• Lower barrier to entry (comparatively). For many finance roles, the required skills are more standardised (accounting knowledge, regulatory framework, financial reporting, etc.), and fewer people require deeply technical programming or software engineering background.

Thus, while there is still demand for finance skills, the pool of candidates is larger, more stable, and more visible (hence more responses to job posts) than the pool for IT roles.

Why Is There a Gap?

Here are the key drivers:

1. Education & Actual Skill Relevance

   Universities and colleges may produce many finance graduates, but tech education often lags behind the speed of change in IT (new languages, frameworks, cybersecurity threats, etc.). Graduates might not always be "job‐ready" for IT roles.

2. Perception & Interest

   Finance roles are generally perceived as more stable, perhaps more accessible, or with clearer career progression (audit → management → CFO etc.). Some young people may feel intimidated by IT roles because they seem more technical.

3. Compensation & Migration

   IT professionals are high in demand globally, often rewarded better overseas. The migration or freelancing trend reduces the local supply. Meanwhile finance roles, while well compensated, may not offer the same remote/overseas opportunities, so many stay.

4. Rapid Technological Change

   New technologies (AI, ML, data science, cloud, DevOps) require constant learning; many people trained in older tech stacks may find it hard to keep up. Employers sometimes ask for experience in things not widely taught.

5. Lack of Awareness / Exposure

   In some areas or schools, students have more exposure to business/finance than to coding or IT‐specific skills. Also, fewer mentorship and internship opportunities in IT in certain regions.

Implications

This imbalance has real costs and risks:

• Digital Transformation Stalled: Businesses trying to modernise (automation, cybersecurity, AI) struggle without enough skilled staff.

• Innovation and Competitiveness decline in international markets because tech capability is a key differentiator.

• Increased Costs for recruiting scarce IT talent, including expensive training, outsourcing or importing talent.

• Underutilisation of finance talent – oversupply in some areas can depress wages; finance professionals may be underemployed or forced into roles below their training.

What Could Be Done

To address this:

• Upgrade curricula in universities and technical colleges to match industry demands in IT (devops, cloud, AI, cybersecurity).

• STEM teaching improvements from foundational level (schools) so learners are prepared earlier.

• Upskilling & continuous education: bootcamps, online training, employer‐led learnerships.

• Incentives to stay: better remuneration, flexible remote work, career paths to prevent brain drain.

• Promotion of IT careers to younger people, especially in underrepresented communities.

Conclusion

These experiences are not an anomaly, they reflect a broader societal pattern in South Africa: finance roles have a larger and more available supply of candidates, while IT roles are constrained by several supply‐side challenges. The data supports this sense of imbalance. For South Africa to thrive in a 4IR world, this gap will need to be addressed urgently: education, migration, training, and employer strategy will all play critical roles.

References

• “Experience tops wish list as SA ICT skills shortage persists.” ITWeb / IITPSA survey. ITWeb+1

• “South Africa faces a critical IT skills shortage … showing a deficit of 20,000 to 70,000 qualified professionals.” Sunday Independent. Sunday Independent

• “IT ‘skills recycling’ widens SA’s skills gap.” ITWeb. ITWeb

• Statistics South Africa, Quarterly Labour Force Survey Q1 2025: increases in Finance sector employment. Statistics South Africa

• Bridging the digital skills gap in South Africa – Future SA. futuresa.co.za