Though bursaries have traditionally been awarded based on academic merit, additional factors such as financial need, academic potential, family circumstances and gender also inform the bursary providers' decisions.
Bursary provider Study Trust, for example, gives preference to students from rural areas, while accounting firm Grant Thornton's graduate recruitment officer, Mandi Shale, says the company looks to "offer bursaries to individuals who share the same vision, aspirations and values as the company".
Knowing what recruiters are looking for in the students they sponsor will help put you ahead in the bursary race. To give you a head start, FM Campus asked some bursary providers for advice.
As companies are on the hunt for top talent, the academic standards for bursaries are generally quite high - but socio-economic circumstances are also taken into account. "The sponsors we are working with are looking for students with good communication skills in English and excellent marks in mathematics," says Study Trust national director Murray Hofmeyr.
"Learners with excellent grade 12 marks will always top the list, but most of our sponsors take financial need into account. We have designed a selection programme that balances academic success with socio-economic circumstances. We are looking for potential and determination and it would seem that we are getting it right. The success rate of our students over the past six years has been above 90%, on average."
But your academic performance alone won't always land you the bursary - your potential is important to bursary providers too. "We won't turn down lower marks and we believe in people who can lead balanced lives," says Shale.
She recalls a decision she had to make when choosing between bursary applicants: "We had a balanced candidate who excelled in marks as well as in keeping in touch with her community - she did a lot of charity work and still had time for her studies and family. The other candidates had higher marks, but she got the bursary."
An involvement in extracurricular activities is also highly prized by bursary providers, as it shows enthusiasm and dedication. "It's actually more of the behavioural traits we look at," Shale explains. "We would need [applicants] to pay specific attention to detail, be able to constantly do research and be willing to go the extra mile, have great communication skills and have a knack for working in a team."
Before forking out loads of money to fund your studies, bursary providers expect you to go through an interview process, where your attitude to the interview, as well as your fit with the company, will be judged. At this stage of the application process, it's up to you to put across the best image of yourself possible - and showing genuine enthusiasm for the company and field of study will score you points with the recruitment officer.
"When we do a one-on-one interview with our potential bursary students I always remind them that it is, in fact, a job interview like any other, so certain formalities apply," Shale says. "We do, however, still look at them as individuals and always bear in mind that they are, in fact, students. Some make an honest try but others are too relaxed," she says.
Your bursary provider may also evaluate you based on your ability to maintain the company's high standards and represent the company in a professional manner at all times. "We don't police or try to change people," Shale says. "We just instil the corporate structure that has been here for years, getting the individual to adapt to it without losing their creativity or who they are," she says.