The Remarkable Achievement of Wits Graduates in the 2026 SAICA IAC Exam

In a testament to academic excellence and rigorous preparation, graduates from the University of the Witwatersrand (Wits) have once again dominated the South African Institute of Chartered Accountants (SAICA) Initial Assessment of Competence (IAC) examination held in January 2026. This professional qualification exam marks a pivotal step for aspiring Chartered Accountants (CAs) in South Africa, testing core technical knowledge, professional competence, and ethical judgment. Securing the top national position, Wits' Margo Steele School of Accountancy continues its legacy of producing standout performers amid a competitive field.

The success story unfolds against a backdrop of national challenges, including socioeconomic disparities and evolving demands in the accounting sector. Wits not only claimed the number one spot but also achieved an impressive overall pass rate that significantly outpaced the national average, highlighting the school's innovative teaching methods and supportive environment for diverse students.

Decoding the SAICA IAC: A Gateway to CA Qualification

The SAICA IAC, formerly known as the Initial Test of Competence (ITC), is the first of two board exams required to become a CA(SA). Administered in January and June each year, it assesses candidates on six key areas: accounting fundamentals, auditing, financial management, management accounting, taxation, and strategy and governance. The exam transitioned to its current format in 2025 to align with the CA of the Future framework, emphasizing digital acumen, sustainability, and integrated thinking.

In January 2026, 3,171 candidates sat for the exam, with 2,055 passing—an overall pass rate of 65%. First-time writers fared better at 77% (1,851 out of 2,415), though this marked a dip from 82% in 2025. Twenty-three candidates earned honours by scoring 75% or above, underscoring the exam's rigor. For context, the process to CA(SA) involves a SAICA-accredited undergraduate degree, Postgraduate Diploma in Accountancy (PGDA), three years of training contract, and the subsequent Assessment of Professional Competence (APC).

The Margo Steele School of Accountancy: A Pillar of Excellence

Established as a flagship program at Wits, the Margo Steele School of Accountancy is renowned for its cutting-edge research that directly informs curriculum design. Faculty members balance academic pursuits with professional practice, ensuring students receive real-world insights. The school prioritizes ethical training, technical proficiency, and leadership skills, preparing graduates to navigate South Africa's complex economic landscape.

Programs like the Bachelor of Accounting Science (BAccSci) and PGDA are fully accredited by SAICA, with a focus on transformation. Bursary initiatives, such as those from the Margo Steele fund, support underrepresented students, fostering a pipeline of Black African CAs. This holistic approach has consistently positioned Wits at the forefront of accountancy education in South Africa.

Breaking Down Wits' Stellar Pass Rates and Metrics

Wits recorded an 88% overall pass rate, eclipsing the national 65% by 23 points. Among Thuthuka Education Upliftment Fund (TEUF) candidates—a program aiding disadvantaged students—Wits achieved 87% versus the national 80%. Margo Steele Bursary recipients hit 90%.

Demographic breakdowns reveal even stronger transformation efforts:

• African candidates: 86% (national 57%)
• Coloured candidates: 100% (national 65%)
• Indian candidates: 91% (national 60%)
• White candidates: 100% (national 83%)

Read the full Wits announcement for more insights.

Spotlight on Wits' Top Performers

Leading the nation was Sanjika Gamlath Senarathne, who clinched first place with an honours pass—a remarkable feat reflecting years of dedication. Lungisa Makhosi also secured honours, contributing to Wits' strong showing among the 23 national honours recipients. While full profiles are emerging, Senarathne's triumph highlights the school's ability to nurture exceptional talent from diverse backgrounds.

Such individual successes not only boost institutional pride but also inspire peers, reinforcing Wits' reputation as a breeding ground for future CA leaders.

Transformation at the Core: Wits' Equity Success

SAICA noted that 63% of 2026 candidates were African, Coloured, or Indian, signaling progress in diversification. Wits amplified this with superior pass rates across groups, particularly Africans at 86%. Prof. Zubair Wadee, Head of the School, emphasized: “These achievements underscore the success of the University’s professional accountancy programme in delivering excellence whilst advancing diversity.” This aligns with national goals to increase Black African CAs, currently underrepresented in the profession.

View SAICA's official media release for national transformation stats.

Benchmarking Against South Africa's Top Accounting Schools

Wits' results shine alongside peers:

Navigating the Path to CA(SA) Qualification

Aspiring CAs follow a structured route: SAICA-accredited BAcc degree (three years), PGDA (one year), IAC, three-year training contract, APC. Wits' integrated programs streamline this, with high IAC success easing training placements at Big Four firms like PwC, Deloitte, EY, KPMG.

The IAC's step-by-step demands—case studies simulating real audits, tax computations, strategy reports—mirror professional challenges, preparing graduates for immediate impact.

Boosting South Africa's Accounting Talent Pool

With economic pressures, skilled CAs are vital for auditing, advisory, and governance. Wits' output addresses shortages, especially in SMEs and public sector. High pass rates signal robust talent pipeline, aiding GDP growth via better financial oversight.

Explore UJ's perspective in their results summary.

Challenges and Innovations in Accountancy Education

Facing AI disruption, remote work, ESG reporting, schools like Wits innovate with tech-integrated curricula. Wadee notes socioeconomic hurdles but praises resilience. Future focus: sustainability modules, data analytics.

Career Horizons for Wits Accounting Graduates

Top performers like Senarathne eye training contracts, fast-track to CA(SA), roles in consulting, CFO tracks. Demand high: average CA salary R600k-R1m starting, rising rapidly. Wits alumni lead at JSE firms, SARS.

Photo by Emmanuel Offei on Unsplash

• Big Four audit/assurance
• Corporate finance
• Forensic accounting
• Public practice

Looking Ahead: Wits' Vision for Accountancy Leadership

Wits aims sustained excellence, more bursaries, research on fintech ethics. As SA eyes G20, Wits graduates will drive transparent finance. Their 2026 triumph inspires nationwide push for quality higher ed in accounting.