Vunani Securities Training Academy

Vunani Securities Training Academy is recognized as providing exceptional added value to the investment banking skills pool. It is a unique institution that annually trains and certifies quality analysts, and already boasts 25 alumni. Black-owned financial services group Vunani Limited has seen the nation-building effect of its skills initiative and impressive performance from alumni of its training academy.


The Vunani Securities Training Academy (VSTA) has been responsible for developing previously disadvantaged graduates into equity analysts who have over the years, been ranked in prestigious local and international surveys. Furthermore, alumni have rolled their skills and qualifications from Vunani into senior positions in the private and public sectors.

Vunani Limited group CEO

Ethan Dube says

“The success of the group’s capacity building for the South African financial services industry is not so much a Vunani Achievement, it is a victory for the country as a whole. We are dedicated to address the severe shortage of qualified equity analysts in the local financial services sector and to promote our graduates’ ability to shine on the local and world stage.”

A Message from Vunani Securities CEO, Lincoln O’Shea

“Since its inception in 2004, the Training Academy has created visible impact in addressing the apparent shortage of qualified equities analysts in the South African financial services sector. The Training Academy identifies talented postgraduates from disadvantaged backgrounds and provides them with experiential training and mentorship over a 12-month period.


The Vunani Securities Training Academy is focused on empowering young aspiring equity analysts through mentorship and training to develop and hone their skills. The training academy is led by Arnold Werbeloff, Senior Equity Analyst and the Head of the Training Academy. We aim to further develop the academy to ensure that we continue to produce industry-leading equity analysts.”

A Note from Vunani Securities Head of Equities, Hurbey Geldenhuys

“Equity analysts require a broad set of skills. One needs to be creative, analytical and determined. In addition, it requires independence, objectivity and guts to stand out from the crowd.


Most of these skills do not form part of the curriculum of academic institutions. We aim to bridge the gap through mentorship and the VSTA has no equal in transferring these skills to young South Africans.”

A Word from the Head of the Vunani Securities Training Academy, Arnold Werbeloff

“It has been my privilege to watch successive intakes gain a solid foundation in the hard and soft skills which make successful equity analysts. Graduates from this programme are often from finance backgrounds, but we have also had success with economists, a CA, a radiographer and a quantitative specialist.


Alumni have ended up as local sell-side analysts, buy-side analysts, portfolio managers, group and company economists, corporate finance specialists and management consultants. Almost all are still involved in analysing companies and industries. I would like to thank all those who have assisted me in developing the academy to its current level.”


They include inter alia:


  • Kagiso for its foresight and backing;
  • Our Alumni for choosing to go this route;
  • Sanlam Investment Management as an initial sponsor;
  • Coronation Fund Managers for its unwavering support since 2007; and
  • Vunani Securities and Vunani Limited for continuing to build on this foundation

Testimonials from our Current Trainees

Karabo Shabangu

“This is a good role for me to learn about the investment industry and to gain a solid foundation, having an economics background, as an equity analyst. Thus far I have learnt to understand the sector I am analysing, as well as the fundamentals that go into writing an industry report.


The programme gives us the opportunity to interact with management of companies as trainees, and has also afforded me a chance to improve my presentation and writing skills. We are currently learning about financial modelling. The programme uses  both top down and bottom up analysis. I am truly grateful to have joined this programme, spearheaded by someone who is extremely passionate about company analysis and grooming us into the best analysts Vunani Securities can offer to the market.


I look forward to being a fully-fledged analyst.”

Matlhogonolo Moletsane

Bcom Economics (Cum Laude)
Hons Bcom Economics
North West University


“My experience has been a great one. The academy has really helped me develop professionally as well as personally. I’ve acquired a lot of skills that I didn’t have before, writing reports, creating a financial model from the start and being enrolled in CFA Level 1 exams has really helped me better comprehend the investment game.


I now have the confidence to aspire to be a great analyst, all thanks to Arnold and Hurbey’s guidance and mentorship.”