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This study investigates the factors influencing investment decision-making within South Africa's financial markets, focusing on psychological, demographic, and external market elements. Drawing from Prospect Theory, the research reveals a deviation from traditional behavioral assumptions, highlighting that external market dynamics, rather than individual risk perceptions or demographic traits, predominantly guide investor behavior. Using a quantitative cross-sectional design, data were collected through structured questionnaires from 120 randomly selected South African investors aged 18 and older with market experience. Structural equation modelling assessed factors influencing risk perception and subsequently, investment behavior. The findings demonstrate that market-related variables significantly influence risk perception (? = 0.653, p < 0.001) and decision-making, aligning with the Efficient Market Hypothesis. In contrast to Prospect Theory's expectations, risk perception had no significant direct effect on investment choices (? = -0.009, p = 0.933). Cognitive biases and emotional influences exerted a moderate impact, while demographic characteristics, including gender, education, and experience, showed minimal influence on investment decisions, suggesting that practical market experience outweighs formal training. With robust construct validation (CR = 0.711 to 0.951), the study enhances the reliability and credibility of the findings. It highlights global regulatory frameworks as crucial for investor confidence. These results contribute to behavioral finance literature and support practical implications for policy, market transparency, and investor education. Future research should consider diverse populations and qualitative investors' perspectives.

The changing business environment in South Africa has encouraged Management Accounting graduates to consider alternative career paths beyond traditional corporate positions. Entrepreneurship, especially in the fields of consulting and financial advisory, offers a valuable opportunity for these graduates to utilize their skills in financial analysis, business strategy, and risk management. Nonetheless, many graduates remain underrepresented in entrepreneurial endeavors due to several challenges, including limited exposure to entrepreneurship education, a tendency towards risk aversion, and difficulties in accessing financial resources. This study examines the entrepreneurial intentions of Management Accounting graduates in South Africa, focusing on their perceptions of self-efficacy, available support systems, and the obstacles they encounter in pursuing entrepreneurship. Anchored in the Entrepreneurial Intention Theory (EIT), the research investigates key factors such as attitudes towards entrepreneurship, perceived behavioral control, and subjective norms that affect graduates’ career decisions. A quantitative methodology was employed, surveying third year and postgraduate diploma students at the Durban University of Technology to evaluate their preparedness for entrepreneurship. The findings reveal that although graduates acknowledge entrepreneurship as a feasible career option, deficiencies in entrepreneurial training and limited opportunities for practical business experience impede their transition into self-employment. The study emphasizes the necessity of incorporating entrepreneurship education into Management Accounting curricula and enhancing collaborations between universities and industries to address these deficiencies. Moreover, targeted support from government agencies and financial institutions is crucial for cultivating a supportive entrepreneurial ecosystem. The study seeks to provide valuable insights for educational institutions and policymakers to improve career diversification strategies for graduates by tackling these barriers. Promoting entrepreneurial ventures in consulting and financial advisory not only broadens employment opportunities but also contributes to the wider economic development of South Africa.