Actuarial Science is the discipline concerned with the study and application of mathematical, statistical, probabilistic, and financial theories to solve real-life and business problems. The traditional areas in which actuaries operate are life and general insurance, pensions, and investment.
Admission Requirement
Mathematics level 6
DURATION: 3 years
Career Opportunities
Actuary
Risk Manager.
Which degree is best for actuarial science?
While an actuarial career can start with a bachelor’s degree in any subject, most actuaries choose a major in mathematics, actuarial science, statistics, or another analytical field. Coursework in economics, statistics, and corporate finance is key to achieving professional certification.
What does a degree in actuarial science get you?
Careers in Actuarial Studies
Many graduates gain employment in banks, fund managers, management consulting firms, and governments.
Data analytics and risk management roles are also areas of increasing employment for actuarial graduates. Jobs are initially as actuarial, financial, data, or quantitative analysts.
What math do actuaries use?
On the job, the math that actuaries use isn’t as complex as it may sound. Actuaries primarily use probability, statistics, and financial mathematics.
They’ll calculate the probability of events occuring in each month into the future, then apply statistical methods to determine the estimated financial impact.
Why are actuaries paid so much?
8 Actuaries are paid so well in part because few people have the patience or ability to spend five years or more passing all the exams.
Bachelor of Science (BS / BSc), Actuarial Science Jobs by Salary
| Job Title | Range | Average |
|---|---|---|
| Actuary | Range: R340k – R1m | Average: R784,035 |
| Quantitative Analyst | Range: R327k – R674k | Average: R488,271 |
| Data Scientist | Range: R203k – R781k | Average: R425,820 |
| Senior Actuarial Analyst | Range: R375k – R682k | Average: R505,384 |