The Advancement and Alumni Relations Office at the Durban University of Technology (DUT) hosted a DUT Alumni Mentorship Series Webinar called Bridging the Gap between Student Life and Mainstream Society, via MS Teams last week.
In relation to the Advancement and Alumni Relations Office nurturing links with alumni, who have an important role to play in the development of the institution, this webinar forms part of the recent establishment and launch of the DUT Alumni Mentorship Programme.
The guest speaker at the webinar was DUT’s Dr Zamokuhle Mbandlwa, who is a Public Management and Economics lecturer, and a current executive member of the DUT Convex.
Dr Mbandlwa has a PhD in Public Administration/ Management, a Master’s degree in Public Management, a Bachelor of Technology Degree in Public Management and a National Diploma in Public Management (all from DUT). He also holds a Bachelor of Social Sciences degree from the University of KwaZulu-Natal and a National Diploma in Public Management (Coastal KZN TVET College). He is also in possession of a Fundamentals of Leadership Certificate from the North-West University and a Political and Social Development Diploma, (Workers College/ UKZN).
His talk pertained to providing tips and advice with regards to the four routes to take after graduation and financial literacy for graduates. Dr Mbandlwa indicated that a large number of graduates looked for a job after graduating and that most universities provided career services which guided students on how to look for employment.
“Universities also have a direct link with various potential employees in different fields of study. The labour market might not be looking for exact skills and training graduates but graduates have to be flexible. Also, the first job is not necessarily your entire career. Try to volunteer for the sake of gaining relevant experience. Advertise yourself on social media platforms, be presentable in all media platforms, join LinkedIn, Pnet, etc. Improve your CV, change your references more often and work on your public image,” he stressed.
Dr Mbandlwa conveyed that graduates need to become self-employable, and not focus on only finding employment, but also look for other opportunities such as developing creative business ideas, making appointments with successful business people and seeking sound business advice.
“Look at existing problems and try to provide amicable solutions, enrol for entrepreneurial skills workshops, training courses or programmes. Also, analyse businesses and come up with new strategies to attract the market and beat your possible competitors,” he encouraged the students and alumni at the webinar.
Furthermore, he stressed that the competition in the labour market is too high as millions of graduates who are unemployed have junior degrees, diplomas or honours degrees.
“Consider pursuing a Masters’ degree, empower yourself more, be different and have more added advantage compared to your peers. A Masters’ degree might need more time and money but it allows people who are employed or who are in business to study and work. Also, sharpen your research skills before considering this opinion, research is tiring and not for everyone,” he said.
Dr Mbandlwa conveyed that graduates should also consider taking a gap year and as it is an opportunity for graduates to think carefully about what they want. He then focused on the five key components of financial literacy, saying that academics strive to offer a diverse range of subjects in the mandatory curriculum for young adults.
“However, there is one important aspect of life about which students of all ages lack sufficient knowledge, which is on financial literacy. There is a need for institutions of higher learning to train students on how to manage their finances. Institutions of higher learning also need to teach students how to manage finances of institutions or businesses but do not train them how to manage their own finances,” he stressed.
Dr Mbandlwa relayed on the basics of budgeting, indicating that one of the most basic components of staying on top of one’s finances is creating and maintaining a budget.
“With the help of websites and apps like Mint.com, it’s easier than ever to make a budget in today’s world. It does not matter if arithmetic is not your strong suit; these user-friendly tools may assist anyone in staying on top of their finances. They will keep you informed about where your money is going if you use them correctly,” he said.
Dr Mbandlwa communicated that any financial beginner should start by learning the fundamentals of budgeting. He indicated that while a course on financial management may touch on the principles of interest rates, it’s critical to comprehend different aspects, such as compound interest.
“It can only help you save more money, but it can also mean the difference between borrowing a small amount and repaying much more than you need to for years. Understanding the ins and outs of interest has a greater impact on your money than you may realise, so it’s a crucial topic to grasp in life,” he stressed.
Another crucial point he focused on is prioritising on saving, indicating that saving for the future is an essential part of keeping a healthy financial status.
“Early savings education can help you develop the knowledge, practice, and set of skills you will need for the rest of your life,” he said.
Besides the issue of saving, Dr Mbandlwa emphasized more on the credit-debit cycle traps and how to identify theft issues and safety.
“Identity theft is more common than ever before in today’s world. Your financial information is more vulnerable to fraud now that everything is digital and almost everyone has shopped online at some point. While it’s not scientifically proven, people can be safe and bad things still happen, so it’s critical to protect your finances as much as possible in order to prevent the risks that exist,” he said.
Biography
Dr Mbandlwa has published 25 journal articles in Scopus indexed journals and which are accredited by DHET. He has collaborated with esteemed scholars and professors in the field of Public Management and Political Sciences. He has also submitted four papers that are still being reviewed. He is currently supervising 8 registered students for a Masters’ degree in the Faculty of Management Sciences and in the Faculty of Accounting and Informatics.
Pictured: Dr Zamokuhle Mbandlwa
Waheeda Peters
