An Actuary is a person who compiles and analyses statistics and uses them to calculate insurance risks and premiums.
Find below is How To Become An Actuary In South Africa
To qualify as an actuary in South Africa, you need to complete the subjects prescribed in the syllabus of the Actuarial Society.
Exemptions from many of these subjects can be obtained by completing relevant subjects at accredited universities.
What Skills Do Actuaries Have ?
Actuaries undergo rigorous academic and practical training in order to master a wide range of skills, including
Analysing and managing uncertainty;
Financial and mathematical modeling, including mortality and morbidity rates;
Evaluating financial consequences;
Analysis of risk and risk management;
Scientific pricing and reserving techniques;
Asset/liability management;
Overall financial management, and
Communication of complex financial concepts in understandable terms.
What Do Actuaries Do ?
An actuary is a professional who applies analytical, statistical, and mathematical skills to financial and business problems.
This is especially valuable when facing real-world problems that involve uncertain future events or financial risk such as calculating the price an insurer should charge customers for various insurance benefits, understanding the impact that different investments have on a pension fund’s expected risk and return, or calculating a bank’s risk due to home-loan customers being unable to repay their mortgage debt.
This ability to quantify that which is unclear helps individuals and businesses to safeguard their future, confidently and at a fair price, in an ever-changing world.
They are able to provide realistic solutions to complex problems with a long-term forward view. They are recognized to be pragmatic, innovative, and numerate.
Actuaries operate within a strict professional and ethical framework, advancing equity across all stakeholders and promoting the public interest.
How long does it take to be an actuary in South Africa?
It takes, on average, 9 years to qualify as an actuary, of which 4 are normally full-time University studies and 5 years part-time studies while the candidate is working.
Most employers offer study leave to their actuarial students as well as some form of subsidy towards the cost of further studies.
What subjects are needed to become an actuary in South Africa?
Economics.
Actuarial Science.
Mathematics.
Probability and Statistics.
Financial Accounting.
Financial Risk Management.
Business Management.
Information Systems.