What Is Actuarial Science
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty. Actuaries are professionals trained in this discipline.
Entry Requirements To Study Actuarial Science In South Africa
Admission Requirements for Actuarial Science
B.Com. (Actuarial Science)- Admission Requirements
Minimum requirements for admission:
An NSC average based on the six best subjects, excluding Life Orientation, 80%;
Mathematics 80%;
Home Language 60%;
If English was not the home language: English First Additional Language 75%.
The Bachelor’s programme is a Selection Programme:
The Selection Mark, on which selections will be based, will be calculated as:
(2×Mathematics) + Aggregate of best 5 other results (excl. Life Orientation)
7
For students who completed Grade 12 through a system requiring fewer subjects the Selection Mark may be calculated as:
(2×Mathematics) + Aggregate of best 3 other results
5
For automatic provisional acceptance applicants will need to have met the minimum admission requirements and have a selection mark of at least 85% (based on Grade 11 results, or Grade 12 results if matriculated).
Applicants with a selection mark of below 85% will then be considered on merit, taking account of the number of places available and the Faculty’s general admissions policy.
B.Com.Hons. (Actuarial Science) – Admission Requirements
Requirements for admission to the one-year Honours programme:
A BCom (Actuarial Science) or equivalent degree with Actuarial Science and Mathematical Statistics as majors;
Passes in university modules equivalent to at least seven of the eight foundation and intermediate technical subjects of the Actuarial Society of South Africa (or core technical subjects CT1–CT8 of the Institute and Faculty of Actuaries); and
Exemptions from (or passes in the profession’s examinations for) at least five of the foundation and intermediate technical examinations of the Actuarial Society of South Africa (or core technical examinations CT1–CT8 of the Institute and Faculty of Actuaries), including at least one of the subjects A201 (CT1) or A203 (CT5).
Note:
- For applicants who did not complete their Bachelor’s degree in the minimum time of three years, an additional exemption is required for each additional year taken.
- Where students have not passed the equivalent of Subject A203 at university, or have completed a Bachelor’s degree in which all eight of the foundation and intermediate technical subjects have been taken, a minimum of six exemptions is required.
Students who narrowly fail to meet the above requirements (e.g. have one fewer exemption than required) may be considered for admission to an 18-month or two-year Honours programme.
UNIVERSITY OF THE FREE STATE SOUTH AFRICA ACTUARIAL SCIENCE ADMISSION REQUIREMENTS
Entry Requirements
The entry requirements for the programme is a level 7 mark for Mathematics (80%), as well as a minimum AP score of 34. This is NOT a selection course – anyone who meets the requirements may register for the course.
Exemption Agreement with the Actuarial Society of South Africa (ASSA)
After completing an honours degree in Actuarial Science, a student is still nothing more than a student. To become an actuary (Fellow of the Actuarial Society of South Africa – FASSA), one needs to enrol through a professional body and pass a series of roughly 16 exams.
The South African professional body, the Actuarial Society of South Africa (ASSA), makes use of the curriculum of the British professional body, the Faculty / Institute of Actuaries.
We have an exemption agreement with ASSA, allowing students who perform well to obtain exemptions for many subjects. These exemptions allow graduates to continue with the next level of professional subjects directly through ASSA. In plain language: we can take you halfway to becoming an actuary.
A closer look at our exemption agreement:
ASSA: UFS:
A201 – ACSF2746 *
A103 – ACSF1513, ACSF1523 **
A101 – STSM 1614, 1624, 2616, 2626, 3714, 3734 **
A202 – ACSL3706 *
A203 – ACSL6815 *
A204 – ACSS3716 *
A102 – EECF61406, 62406, EECS71407 & 72407 **
A205 – ACSF3706 *
A301 – ACSG6800 *
* These subjects are core actuarial subjects. The exemption mark is set by an independent examiner approved by ASSA. Successful candidates usually form the top 25-40% of the class.
** These subjects are non-core actuarial subjects. The exemption marks are as follows:
ACSF1513, ACSF1523 – An average mark of 65% during the course of the year for Financial Management studies. Note that a sub-minimum of 60% applies to each individual module.
STSM1614, 1624, 2616, 2626, 3714, 3734 – An average mark of 65% per year for each of the three years of studying Mathematical Statistics. Note that a sub-minimum of 60% applies to each individual module.
EECF61406, 62406, EECS71407, and 72407 – An average of 65% per year over the two years of studying Economics. Note that a sub-minimum of 60% applies to each individual module.
NB: The UFS can only recommend or suggest exemptions. Final acceptance lies entirely with the Education Board of ASSA.
Schools Offering Actuarial Science In South Africa
University of Cape Town. South Africa | Cape Town.
University of the Witwatersrand. South Africa | Johannesburg.
University of Pretoria. South Africa | Pretoria.
North-West University. South Africa | Potchefstroom.
University of Stellenbosch.
University of South Africa.
University of KwaZulu-Natal.
University of Johannesburg.
What subjects are needed to become an actuary in South Africa?
Some of the modules you’ll cover in your degree:
Economics.
Actuarial Science.
Mathematics.
Probability and Statistics.
Financial Accounting.
Financial Risk Management.
Business Management.
Information Systems.
What are the requirements for studying actuarial science in South Africa ?
Admission requirements
A KCSE mean grade of B+ plus a mean grade of B+ in Mathematics.
A Diploma in Education with Mathematics as the primary subject.
A Diploma in Computer Studies or Diploma in Statistics.
An A-level consisting of two principal passes in Maths/Economics, Maths/Geography, Maths/Physics, or Maths/Chemistry.
What qualifications do actuaries need in South Africa ?
Qualifications
actuarial science or actuarial mathematics.
business or finance.
economics.
engineering.
mathematics or statistics.
risk management.
science, e.g. physics and chemistry.
What grades do you need to study actuarial science in South Africa ?
Entry requirements
GCSEs. A strong set of GCSE grades including several at A (or 7) and A* (or 8-9)
IB Diploma. 38 points overall, with 766 in higher level subjects, including Mathematics.
Contextual admissions IB grades*
A-levels.
Contextual admissions A-level grades*
Is actuarial harder than engineering in South Africa ?
I’d say it is at least on par or even more than engineering. Hours wise it is pretty much 9-6 usually, of course with any office jobs when its busy season you’d need to stay back.
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.
Is actuary harder than CA?
To begin with, Actuary is one of the toughest course in India. Chartered Accountants who have tried their hand on Actuary will agree that it is way more tough than CA. Both the fields are very different. Being an Actuary would require extensive knowledge in Statistics, Economics and Mathematics.
What do actuaries earn 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 Actuarial Science difficult than CA in South Africa ?
Both the careers have its own ups and downs. Passing actuarial exams is little bit tougher than passing CA exams. Actuarial study requires lot of mathematical and statistical skills. One who is better in Maths and States can opt for Actuaries, but keeping in mind its passing % and hard work required.
How many years does it take to be an actuary in South Africa ?
To become a qualified actuary, it takes between seven and 10 years. Aspiring actuaries spend between three to five years earning their bachelor’s degree. However, that’s not where you spend the most time you work to become an actuary. Taking and passing all 10 of the actuarial exams takes six to 10 years.