However, you may be confusing correlation with causation.[^] South African CAs are good at business because they are intelligent -as you point out they need to complete 7 years of grueling accounting theory and practice-not necessarily because they have the CA(SA) credential. They'd probably do just as well academically if they studied mathematics, computer science, biology, statistics or engineering. It's no coincidence that kids who are good at school mathematics are told to become chartered accountants in SA, since maths ability is a marker for intelligence. My main worry about accountants having a strong lobby, and accounting becoming the main route to megabucks in SA is that it devalues other professions and draws the brightest minds away from other fields - as you yourself point out ,a person with an undergraduate degree and an MBA is likely to make less money than a CA. Incidentally, I Googled this article that makes a similar argument: http://johanfourie.wordpress.com/2013/05/25/why-and-what-to-...
[^] Anecdotally, BCom statistics is viewed as one of the tougher courses at university by those who take it, but easy compared to the statistics done by science and engineering students (just yanking your chain here).
I agree with your sentiment. As a profession it does attract the brightest in this country and not necessarily for the better. I was merely trying to point out that the trust placed in CA's in South Africa is not entirely misplaced. Some would argue that the rigorous education a CA receives in South Africa is at least on par with that of an MBA though possibly more narrow before the more recent changes.
In my opinion, arguing that the standing of CA's in South Africa devalues other professions is very much the same as the age old argument of business in general drawing the brightest minds away from academic subjects. People motivated by money will often choose the route more likely to result in more money. At this point it very quickly devolves into an argument about the current form of capitalism in this country (and the world) and how it incentivises the wrong things - an argument I'm definitely not qualified to have. Thankfully not everyone is motivated by money and there are still people out there willing to do what they love or are good at.
You make a valid point though in terms of our business standing but I would argue that it is not entirely without merit. I attended a road show by UCT's Graduate School of Business once. I asked them their figures in terms of earning potential after graduating with an MBA and quickly realised that it wasn't any higher than that which I could earn as a CA. In many cases it was lower.
Saying that it is no coincidence that South African Business have a lack of flair is subjective to say the least. I would also like to point out that the JSE has out-performed it's international peers in dollar terms over the last few decades. This was certainly affected to some degree by these boring and unimaginative bean counters you so easily deride.