By | August 25, 2023

What is Actuarial Science?

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment, and other industries and professions. 

How Many Years To Study Actuarial Science 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. Most employers offer study leave to their actuarial students as well as some form of subsidy towards the cost of further studies.

What are the requirements to study actuary in South Africa?

To be admitted to the degree course BSc(Financial and Actuarial Mathematics) the following Grade 12 results are required:

  • National Senior Certificate (NSC)
  • Mathematics: 7 (80%-100%) (Additional or Alpha Mathematics STRONGLY recommended)
  • English or Afrikaans: 5 (60%-69%)
  • Additional Language: 5 (60%-69%)

Is it easy to get a job as an actuary in South Africa?

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.

What is the highest salary for an actuary in South Africa?

The average actuarial salary in South Africa is R 5 400 000 per year or R 2 769 per hour. Entry-level positions start at R 600 000 per year, while most experienced workers make up to R 10 016 484 per year.

Which university is the best for actuary in South Africa?

You can find information about granted degrees on a university page but always double-check with the university website.

  • University of Pretoria.
  • North-West University.
  • University of Stellenbosch.
  • University of Johannesburg.
  • University of South Africa.
  • University of KwaZulu-Natal.
  • University of the Free State.