140 “missing middle” accounting students funded through donation by anonymous donor
- Wits University
The donation was made in honour of Professor Margo Steele, the first female head of school of the Wits School of Accountancy.
Accounting students at the University of the Witwatersrand’s newly renamed Margo Steele School of Accountancy have received a huge financial boost, with a donation of US$10 million (about R180 million) over the next 10 years.
The donation, from an anonymous donor and alumnus of the school, was made in honour of Steele, who served as the first female head of school to the Wits School of Accountancy from 1987 to 1995.
The donation of US$ 1 million per year, was first announced on Steele’s 90th birthday celebration, which was hosted at Wits University on 3 May 2023, means in 2024 alone, 140 accountancy students are afforded full access to tuition. This impact was revealed at the renaming ceremony of the Wits School of Accountancy, to the Margo Steele School of Accountancy last week.
“The impact that that has on a students’ life, including the funding of their tuition, accommodation and meals – that they would not otherwise have had access to – is immeasurable. Upon completing their studies they become meaningful contributors of the economy – not just to themselves, but to their families, the profession and society as a whole,” said Professor Zubair Wadee, head of school of the Margo Steele School of Accountancy.
The Margo Steele School of Accountancy offers some of the most popular programmes in Wits University’s Faculty of Commerce, Law and Management (CLM), with up to 60% of the total undergraduate intake into the faculty being students who enter into the Bachelor of Accounting Science or BCom (Accountancy) qualifications, which deliver the CA and ACCA professional streams. Sixty-four percent of the current enrolment of just under 1 700 students in the CA stream are women.
“If you consider the top 5 ranked Universities in the South African Institute of Chartered Accountants (SAICA) Initial Test of Competence (ITC) exam results announced earlier this year, you will note the contribution this school makes to the transformation of the accounting profession in this country,” said Professor Jason Cohen, Dean of the Faculty of CLM. “If you add up the black South African candidates passing from the other four universities in the top five, all taken together just equals the total number of successful candidates from this demographic put through by Wits.”
Speaking at the renaming ceremony of the Margo Steele School of Accountancy, Steele said she was blessed with her association with Wits University.
“Wits graduates from all faculties have excelled in their disciplines in South Africa, but we also know that they have made major contributions in their fields internationally. Some of our accounting students are leaders in the top companies and in the top accounting practices in the world,” said Steele.
The funding of students will go to students already enrolled in the school of accountancy.
“The important thing in meeting those financial needs for the students, is to ensure that the students will meet our academic requirements. And so what we’re looking at here, is meeting the requirements of students who have already met the requirements for entry into the faculty,” said Steele.
Professor Zeblon Vilakazi, Principal and Vice-Chancellor of Wits University said that it was the first time in 100 years that a school at the University was named after a female academic.
“Your achievements serve as an inspiration,” he told Steele. “Your dedication to excellence, your unlimited commitment to excellence, and tireless commitment to accountancy has set a standard that guides our institution well into the future.”
Speaking about the donation, Vilakazi said that the donor – a former student of Steele’s – said that he could “only give the donation in honour of Steele, who made me who I am today”.
“I think that speaks volumes about the donor, and of yourself. At the heart of our celebration today lies a deeper reflection of our school and University in society. Accountancy, beyond its technical dimensions, is about trust in societal institutions through accountability, transparency and governance. The Margo Steele School of Accountancy stands as a beacon of these values, nurturing future leaders who will uphold these principles in their professional careers,” said Vilakazi.