An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science.
Below is How To Become An Actuary In South Africa
Earn an Undergraduate Degree
The most direct educational path is an undergraduate actuarial science degree. Another common approach is to complete a bachelor’s degree in finance, economics, or commerce.
Prospective actuaries can also choose seemingly unrelated majors like engineering or art, as employers put more emphasis on completed certification exams.
Complete Additional Courses (If Necessary)
Students completing a degree in an unrelated field may need to complement their undergraduate studies with courses in economics, statistics, and corporate finance.
Prospective actuaries will benefit from learning key technologies used in the field, such as programming languages, computer science, and the use of spreadsheets, databases, and statistical analysis tools.
Apply To a Professional Body & Pass Certification Exams
As soon as you begin the senior year of your undergraduate degree, you can apply for membership in a professional actuarial body.
You can then start your certification process by taking their courses and passing exams. Most employers expect you to have passed at least one or two of these exams by the time you graduate and start looking for a job.
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 do you need to become an actuary in South Africa?
Required School Subjects
Mathematics (with a final mark of 80%)
English or Afrikaans Home Language or First Additional Language (with a final mark of 60-69%)
How much money do actuaries make in South Africa?
A newly qualified actuary, would typically earn between R550 000 and R700 000 per annum, excluding bonuses and other incentives. Experienced actuaries (not in top management positions) could earn between R800 000 and R1 200 000 per annum, excluding bonuses and other incentives.
Is an actuary a stressful job?
When you learn about a career as an actuary, it’s common to hear all the great benefits of it. It pays well, it’s low stress, and it’s a mentally stimulating and challenging career.
Are actuaries in demand?
Job Outlook
Employment of actuaries is projected to grow 18 percent from 2019 to 2029, much faster than the average for all occupations. Actuaries will be needed to develop, price, and evaluate a variety of insurance products and calculate the costs of new, emerging risks.
How many actuaries are there in South Africa in 2020?
There are just 1277 qualified actuaries in South Africa.
Do actuaries make more than doctors?
It turns out that when you crunch the numbers the lifetime earnings for a physician are only 25% more than that of an actuary’s. That is a much lower differential than suggested by the above median earnings.
Is it easy to get a job as an actuary?
They advise that it’s possible but difficult to earn a full-time starting position without experience. The BLS similarly notes: “Job opportunities should be somewhat competitive for entry-level applicants because the number of students sitting for actuarial exams has increased in the past few years.