A recent survey by Magnet Communications found that while some sectors such as the service industry have taken a beating, the need for qualified financial professionals is on the rise.

Daphne Pereira, director of Options Specialist Search Consultants, said: "We have seen an unquestionable increase in demand over the last few years, particularly for candidates who were previously disadvantaged.

"While our pool of black professionals has deepened, demand still outstrips supply."

The value of accountants in business was discussed at a recent Association for Chartered Certified Accountants conference.

Pereira, who attended the conference, said much of the debate centred on the challenges facing the industry, particularly how to attract new entrants and how professional training programmes needed to align qualifications with market needs.

"Companies are expecting far more for their money, expanding the list of competencies beyond what is 'normally' required of financial professionals," Pereira said.

"Added to which, over the past few years South Africa has witnessed an exodus of financial professionals in search of greener pastures abroad.

"So, although we have a database of 10 000 predominantly EE (employment equity) candidates, there is still a huge gap in the market."

DMA People tracks the total number of positions advertised in the Sunday Times Careers section in its DMA JOTS (Job Opportunity Tracking Study).

Ross Mengel, the MD of DMA People, said the total number of advertised positions has stabilised, but the number of private-sector positions in finance advertised has increased by 39%, from 80 in the second quarter to 111 in the third quarter.

"This suggests that, compared to the total increase of just 1%, accounting skills in the private sector are very much in demand," Mengel said.

The sector's ability to weather the financial storm along with the fact that it pays 20% more, on average, than other sectors has added to its attraction, although joining a firm can still be difficult.

Some companies are particular about which professional qualification new recruits have and some recent graduates have discovered that firms will not employ them if they do not have their preferred professional qualification.

Pereira said: "While we counsel our clients seeking new recruits to be flexible about all the appropriate qualifications, there are very distinct preferences.

"We have noticed, however, that government departments and parastatals have been a lot quicker to recognise and accept candidates from alternative or relatively new professional bodies".