The Association of Black Securities & Investment Professionals (Absip) was formed in 1995 to address the skills shortage of black professionals in finan-cial services, particularly in investment banking.
The organisation has three tiers of membership at corporate, student and professional level.
Says Absip acting CEO Norman Qobolo: "Historically, there has been a lack of awareness in black communities about careers in financial services. Poor levels of education have also contributed to the lack of operational and executive visibility of black professionals in the sector."
WHAT IT MEANS
 Absip aims to increase the number and visibility of blacks in financial services
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The lack of black representation in the sector is highlighted by the recent dispute about the Investment Management Association of SA (Imasa's) black economic empowerment report on the industry. Absip president Sello Moloko questioned the validity of the figures, particularly at senior level.
Absip has grown significantly since its inception, and has developed programmes to increase the participation of black professionals in the broader financial services arena. Absip was also instrumental in the drafting of the financial sector charter (FSC), a transformation guide for the industry.
Says Absip deputy president Nomkhita Nqweni: "We are a key stakeholder in the charter and monitor the progress of the industry against the FSC targets. Our report last year found that progress was slow because the targets, especially for women, were too low to begin with."
Absip is vocal in its support of the charter, and believes its importance rests in its ability to make transformation progress quantifiable. And Absip defends these principles, even if it means disagreeing with other stakeholders.
It recently censured Black Management Forum (BMF) president Jimmy Manyi, who called for charters drawn up in terms of the Broad Based Black Economic Empowerment Act to be scrapped.
"We interact with black professional organisations and the BMF," says Nqweni, "but on the issue (of the charters) we disagree. We do not believe that the call to scrap sector charters will achieve long-term sustainable transformation."
Says Moloko: "The statement that the financial sector is hiding behind the charter and calls to scrap charters create an unnecessary sensationalist racket that does not help the cause of transformation in this country."
On a practical level, Absip actively lobbies business to support black professionals and has development programmes to increase their skills. It is collaborating with the University of Cape Town to launch a masters in business science post-graduate certificate to equip black professionals working outside the financial sector with the requisite technical skills for entry into meaningful positions.
It recognises that black females face an additional challenge because of the male-dominated nature of the industry.
Absip Women in Focus is a support structure providing networking opportunities in the sector. It includes prominent players such as Gill Marcus, Nicky Newton-King, Heather Sonn and Nomhle Canca as ambassadors. Upcoming black female professionals can access mentors through the programme, and draw on a pool of resources dealing with management or professional challenges.
An exciting recent development is Absip's Eskom International Programme. Absip and Eskom hope that the programme will remedy the shortage of specialist skills in the sector. Says Qobolo: "The idea for the Eskom programme was conceived by Absip and Eskom in response to the need to ensure that black professionals are in the forefront of global developments in finance."
Personal development is also important to Absip. Qobolo says: "We want to encourage black professionals to be well-rounded and explore new cultures and societies." The inaugural programme will host seven candidates at Barclays, Deutsche Bank and Citi in the UK.
Qobolo is passionate about Absip's work for its student chapters. "We do not focus only on technical skills, but want to impress on students the importance of all-round professionalism," he says. Absip hosts career days, taking students on corporate road shows and allowing them to shadow mentors.
"The importance of so-called soft skills such as language and presentation are underestimated by black professionals," he says. Absip assists students in this regard by taking them on getaways where they are taught etiquette and boardroom protocol. For members at a more senior level, there is its leadership development programme in association with the Gordon Institute of Business Science.
In keeping with the ethos of the organisation, Absip has an annual awards ceremony that recognises excellence among black financial services professionals. It is essential to increase the visibility and number of such professionals if the requirements of the charter are to be fulfilled by the target dates.
The 6th Absip Annual Financial Awards will be held on November 3 at the Sandton Convention Centre.
Absip has decided to change the award categories this year in order to make them a more relevant measure of achievement in the sector. Previous awards covered more than 16 professional categories and served to highlight the growth of black representation in a number of specialist sectors. The new awards have adopted a macro approach, and aim to measure achievements against the framework of the charter, and, in particular, recognise entrepreneurial black businesses and individuals.
There are now 11 categories:
- The Absip financial services achievement award;
- Top emerging talent award;
- The Absip entrepreneur of the year award;
- The Absip women in focus award;
- Top emerging company award;
- Eric Molobi most progressive company award;
- Financial services pioneer award;
- Top talent development award;
- Newsmaker of the year award; and
- The insurance achievement award.
The nominations are drawn from Absip members and nonmembers in the financial services community.
"They were restructured because there were too many categories, which risked devaluing the awards," says Qobolo. "The current awards speak much more closely to Absip's mandate of being an agent of transformation."
Absip hopes that the new categories will result in increased participation and diversity in excellence across the sector. "In particular, we are lobbying for more support from the insurance sector," says Qobolo.
The winners are chosen by an adjudication panel appointed by Absip, and the process is audited by KPMG. Only black people as defined in the FSC are eligible.
Previous recipients have included prominent and respected financial services personalities such as Nazmeera Moola, the head of macro strategy at Macquarie First South; Muitheri Wahome, the head of research at Alexander Forbes Asset Consultants; and Vusi Mahlangu, the CEO of Makalani Holdings.
"The awards recognise those individuals who have shot the lights out in the sector, whether it is in investment banking, corporate finance or insurance," says Qobolo.
The awards increase Absip's visibility and set a benchmark against which aspirant professionals can measure their progress. And judging from some of the previous winners, it is a showcase of black talent of the highest calibre.
"It's important for us to celebrate success because the achievers can then serve as visible role models for young people looking at careers in the financial sector," says Moloko. "Winners are also a benchmark against which our colleagues can gauge their performance, spurring all our members on to greater heights."
