What is Actuary?
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science which covers rigorous mathematical calculations such as the survival function and stochastic process.
How Many Board Exams Do Actuaries Take In South Africa?
To become an actuary in South Africa, one must pass a total of eight exams. The first four exams are known as the Core Technical subjects and cover topics such as mathematics, statistics, probability, and actuarial science.
The next four exams are known as the Core Applications subjects and cover topics such as economics, finance, and insurance.
A business professional’s job is to manage and measure the risk of a company. Actuarial candidates in South Africa must typically wait nine years before becoming certified. A bachelor’s degree in actuarial science is the most direct way to pursue a career in this field.
Prospective actuaries may also consider majors that appear unrelated to their academic disciplines, such as engineering or art.
In South Africa, newly qualified actuaries typically earn between R550 000 and R700 000 per year. It is possible for experienced actuaries (not in management positions) to earn up to R1 200 000 per year. Physicians earn 25% less per year in lifetime earnings than actuaries.
How many actuary exams are there in South Africa?
To become an actuary (Fellow of the Actuarial Society of South Africa – FASSA), one needs to enroll through a professional body and pass a series of roughly 16 exams.
How long do you study to become 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 of part-time studies while the candidate is working.
Are actuaries in demand in South Africa?
Become an Actuary. Actuaries are in short supply and in high demand in the insurance and banking sectors. The BankSETA and INSETA are trying to attract actuaries to their sectors and prominent firms such as Sanlam offer bursaries.