What Is Actuary
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. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills.
Entry Requirements To Study Actuary In South Africa
EDUCATIONAL REQUIREMENTS
NEW CURRICULUM STRUCTURE
In line with the IAA’s new curriculum structure for, ASSA appointed a task team to investigate and make proposals on an ASSA 2019 curriculum that were debated and approved by the Education Board.
Society information regarding this new ASSA (2019) Curriculum can be viewed here:
Communication May 2017 – ASSA New Curriculum Structure
STUDENT HANDBOOK
The Student Handbook published annually provides essential information on dates, syllabus, tuition, courses, examinations and exemptions for the Actuarial Society’s professional qualification.
Student handbook 2019
EDUCATION OVERVIEW
Since 2010 the Actuarial Society has offered its own Fellowship (FASSA) and Associateship (AMASSA) designations as internationally recognized professional qualifications.
To qualify as an actuary in South Africa, you need to complete the subjects prescribed in the syllabus of the Actuarial Society.
Exemptions from many of these subjects can be obtained by completing relevant subjects at accredited universities. Assessment of the final Fellowship stage of the qualification is conducted by the Board of Examiners appointed by the Actuarial Society.
Requirements for professional qualification also include specified periods of experiential learning known as work-based learning (WBL) and attendance at a professionalism course.
Lifelong learning is facilitated though an organized system of continuing professional development (CPD).
FAIS
Some Actuarial Society members perform functions that require them to comply with the fit and proper requirements of the Financial Advisory and Intermediary Services (FAIS) Act, including qualification requirements and regulatory exams.
In 2010 the Actuarial Society’s FASSA and AMASSA qualifications were recognized as generic qualifications.
Actuarial Society members are not currently exempted from any of the
The first level regulatory exam is compulsory and no exemption is possible.
The generic recognition of FASSA and AMASSA does not provide exemption from the product-specific second level regulatory exams.
The Actuarial Society is awaiting the outcome of another application submitted in 2012 for recognition of the FASSA qualification as a specific qualification which would provide exemption from the second level regulatory exams in the product categories where such recognition is granted.
WHAT DO ACTUARIES DO?
An actuary is a professional who applies analytical, statistical and mathematical skills to financial and business problems. This is especially valuable when facing real-world problems that involve uncertain future events or financial risk such as calculating the price an insurer should charge customers for various insurance benefits, understanding the impact that different investments have on a pension fund’s expected risk and return, or calculating a bank’s risk due to home-loan customers being unable to repay their mortgage debt.
This ability to quantify that which is unclear helps individuals and businesses to safeguard their future, confidently and at a fair price, in an ever-changing world.
They are able to provide realistic solutions to complex problems with a long term forward view. They are recognised to be pragmatic, innovative and numerate. Actuaries operate within a strict professional and ethical framework, advancing equity across all stakeholders and promoting the public interest.
WHAT SKILLS DO ACTUARIES HAVE?
Actuaries undergo rigorous academic and practical training in order to master a wide range of skills, including
Analysing and managing uncertainty;
Financial and mathematical modelling, including mortality and morbidity rates;
Evaluating financial consequences;
Analysis of risk and risk management;
Scientific pricing and reserving techniques;
Asset/liability management;
Overall financial management, and
Communication of complex financial concepts in understandable terms
DESIGNATIONS:
ASSA supports qualifications across the following designations: (click HERE to find out more on each designation)
TASSA (Technical member)
AMASSA (Associate member)
FASSA (Fellowship member)
CERA (Charted Enterprise Risk Actuary)
Schools Offering Actuary 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.
How do I become an actuary in South Africa?
To qualify as an actuary in South Africa, you need to complete the subjects prescribed in the syllabus of the Actuarial Society. Exemptions from many of these subjects can be obtained by completing relevant subjects at accredited universities.
What academic requirements do you need to be an actuary in South Africa ?
Entry-level positions in the actuarial profession typically require a bachelor’s degree in an analytical subject such as math, statistics or actuarial science, according to the U.S. Bureau of Labor Statistics, which notes that high-level actuarial jobs often require formal certification or licensure.
What qualifications does an actuary 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.
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.
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 harder than CA in South Africa ?
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.