Becoming a Chartered Accountant CA(SA) is no small feat. It’s a path defined by rigorous academics, unwavering commitment, and an unrelenting pursuit of excellence. For Lungelo Mtshali, a young professional from Newcastle, the journey has been one of growth, resilience, and triumph. Now thriving as an Investment Banker, Lungelo reflects on his road to becoming a CA and the lessons that shaped him along the way.
Beginnings in Newcastle: Discovering a Passion for Numbers
“My name is Lungelo Mtshali, and I was born and bred in a Northern Natal town called Newcastle. I have two siblings, an older and a younger brother, and I was fortunate to be raised by both parents,” Lungelo shares. Growing up in this small yet vibrant town, he lived a grounded life filled with family support and early ambitions.
Lungelo’s initial career aspirations, however, were far from the world of finance. “When I was about seven years old, my mom envisioned me becoming a medical doctor. But my fear of blood and injections quickly ruled that out,” he recalls with a smile. His fascination with numbers and business began to take shape during his early school years. By high school, he had decided to pursue accounting, spurred by curiosity and the appeal of a well-rounded profession.
“I’ll admit, Googling ‘well-paid careers’ at 14 years old also influenced my decision,” Lungelo laughs. But beyond financial prospects, he was drawn to the CA profession’s multidisciplinary nature and its relevance across industries.
Navigating the Academic Journey: A Lesson in Adaptability
In 2014, Lungelo left his hometown to embark on his CA journey at the University of Pretoria. “The transition from Newcastle to Pretoria was a significant challenge. It was my first time living away from home and adapting to a completely new environment,” he admits.
Despite the initial difficulties, Lungelo thrived by building a strong network of friends. “Collaboration was key. I met amazing people who became my closest friends. Each brought unique strengths—some excelled in Accounting, others in Auditing. Studying with them not only improved my understanding but also kept me accountable.”
Completing his BCom and PGDA (Postgraduate Diploma in Accounting) required discipline and hard work. Lungelo credits structured study methods and his support network for keeping him focused during this demanding phase. “Whenever I wanted to take a break and watch Top Gear, a friend would knock on my door and drag me to the library,” he says.
The Exam Gauntlet: Tackling ITC and APC
The CA qualification requires passing two grueling professional exams: the Initial Test of Competence (ITC) and the Assessment of Professional Competence (APC). Lungelo’s preparation strategies reflected a blend of structure and adaptability.
For the ITC, he relied on detailed notes, the Gauteng Board Course, and practice exams under timed conditions. “My CTA year notebook became my Bible,” he explains.
The APC, however, required a different approach. “The APC is about solving real-world problems. I worked closely with my board course team to gain different perspectives and craft practical solutions.” His collaborative mindset and focus on problem-solving helped him pass with confidence.
The CA(SA) pathway is notoriously demanding, with exams like the ITC and APC serving as critical milestones. For Lungelo, preparing for these exams required strategy and discipline.
ITC Strategies:
- Creating detailed notes during his CTA year.
- Attending the Gauteng Board Course for insight into exam structures.
- Practicing past exams under strict conditions to master his technique.
APC Strategies:
- Engaging fully in the APC board course.
- Adopting a problem-solving mindset to tackle real-world scenarios.
- Collaborating with peers to gain diverse perspectives.
Overcoming Challenges: The Power of Support and Perspective
Like many CA candidates, Lungelo faced moments of doubt—particularly during his CTA year. “I failed consecutive tests, and it shook my confidence,” he shares candidly.
During these tough times, his faith and support system became his anchor. “I held onto the belief that God didn’t bring me this far to leave me here. My mom’s constant encouragement also kept me going.” Conversations with peers who had overcome similar struggles helped him regain perspective and push forward.
Life as a Chartered Accountant: Making an Impact
Today, Lungelo is an Investment Banker at a leading South African bank, where he thrives on solving complex financial challenges. “I get to engage with decision-makers daily and address capital needs for a diverse range of clients. Every day, I learn something new, which keeps me mentally stimulated,” he says.
What he enjoys most, however, is the tangible impact of his work. “Closing a complex transaction and seeing the real-world impact of our debt facilities is incredibly fulfilling.”
Advice for Aspiring CAs
Looking back, Lungelo identifies three critical factors in his success:
1. Collaboration and Friendships: “Having a strong support system was essential for both emotional and academic resilience.”
2. Parental Support: “My parents, especially my mom, were my constant cheerleaders.”
3. Time Management: “Strict planning helped me make the most of each day, even when 24 hours didn’t feel like enough.”
For those starting their CA journey, he emphasizes the importance of perseverance. “This path is challenging, but it’s worth it. Remember, the tough times are temporary, and the rewards are lifelong.”
The Future: Driving Change in Business
Lungelo’s aspirations extend beyond personal success. “I want to contribute innovative solutions to the evolving business world—whether it’s through structuring debt instruments or redefining banking practices. My ultimate goal is to make a difference.”
About Lungelo Mtshali CA(SA)
Lungelo Mtshali is a qualified Chartered Accountant CA(SA) and an Investment Banker at a leading South African financial institution. Born in Newcastle, he completed his BCom and PGDA at the University of Pretoria and served his articles at KPMG. Passionate about collaboration, learning, and innovation, Lungelo continues to make strides in the business world while inspiring aspiring accountants with his journey.
