Become an Actuary. Actuaries are in short supply but in high demand. They are wanted in the insurance and banking sectors. The BankSETA and INSETA are trying to attract actuaries and prominent firms offer bursaries.
To Become an Actuary: Maths and Finance Are Your Game
In this blog post, we explore
- the career path to becoming an actuary,
- the skills required,
- and the accredited universities offering actuarial science programs.
Actuarial Science: Should I Become an Actuary?
If you possess a passion for numbers, and problem-solving, and are intrigued by the future, a career as an actuary might be the perfect fit for you. Actuaries are professionals who use their analytical, statistical, and mathematical skills to solve complex financial and business challenges.
Are Actuaries in Demand in South Africa?
Career Path: How to Become an Actuary in South Africa
Becoming an actuary is a challenging but highly rewarding career choice. Are you fascinated by how to reduce risk and uncertainty in life or business? By pursuing actuarial studies you can lay the foundation for a successful career in this field and help solve or prevent big problems.
What Does an Actuary Do? Actuaries Calculate Risk Factors
As an actuary, you can play a crucial role in analyzing and managing risk and uncertainty. Your expertise lies in evaluating the potential financial consequences of various actions and making informed decisions based on mathematical and scientific principles. Actuaries are sought after in industries such as insurance, pensions, investments, and risk management, where their expertise helps organizations make sound financial decisions.
List of Actuary Jobs: Where Do Actuaries Work?
Actuaries have skills that make them very valuable in the workplace. Consider where you’d like to fill the skills gap. Here are some areas where the actuarial science has added value:
Investigating, analysing and explaining a wide range of numerical information to create and price policies. Or to ensure insurance institutions have sufficient funds to cover claims.
2. An Actuary can Work in Pensions:
Actuaries’ work in Pensions involves designing and advising on company pension schemes.
3. Investment Jobs for Actuaries:
Actuaries do work in research and in the pricing and management of investments, particularly in mitigating the risk of investments. They often use their understanding of insurance or pension liabilities to manage the corresponding assets.
Actuaries are involved in calculating and quantifying diverse risks faced by banking institutions. For example the inability of some borrowers to repay debt or the risk of a fall in financial markets.
5. Healthcare Jobs for Actuaries:
Investigating, analysing, and explaining a wide range of health and medical information to price contributions to medical schemes. Actuaries also assess the impact on an industry when there are changes in regulations.
6. Risk management Jobs for Actuaries:
As an actuary, you can be involved in assisting businesses to better understand the multiple risks they face in a holistic and comprehensive manner. Also, actuaries provide assistance and guidance in terms of how to understand risk impacts and how they can best be managed.
Although many actuaries traditionally work in the financial services industry, many use their training to branch into wider business fields.
Actuarial Science Degrees at University: Study to Become An Actuary
Accredited Universities to Become an Actuary
Consider applying to one of the following accredited universities in South Africa to become an actuary:
- University of Cape Town
- Stellenbosch University
- University of Pretoria
- University of Johannesburg
- North-West University (Potchefstroom Campus)
- University of the Witwatersrand
These universities will provide rigorous actuarial science programs that equip students with the knowledge and skills required to excel in the field.
Entry Requirements for Actuarial Science
What Subjects Are Needed to Become an Actuary in South Africa?
To gain admission to actuarial studies, you will need to meet specific entry requirements. These typically include:
- Achieving an APS (Admission Point Score) of 42 (refer to page 16 for more information on APS scores)
- Obtaining a Level 7 in English (home language or first additional language)
- Attaining a Level 7 in Mathematics
- Obtaining a Level 7 in Physical Science
List of Higher Education Degrees for Actuarial Science
|Qual ID||Qualification Title||NQF Level||Learning Subfield||Originator||Field||Min Credits|
|99629||Advanced Diploma in Actuarial Science||07||Mathematical Sciences||University of Cape Town||Field 010 – Physical, Mathematical, Computer and Life Sciences||180|
|81064||Bachelor of Business Science in Actuarial Science||08||Mathematical Sciences||University of KwaZulu-Natal||Field 010 – Physical, Mathematical, Computer and Life Sciences||480|
|119198||Bachelor of Commerce in Accounting||07||Finance Economics and Accounting||Milpark Education (Pty) Ltd||Field 003 – Business, Commerce and Management Studies||360|
|101993||Bachelor of Commerce in Actuarial Science||07||Finance Economics and Accounting||University of Cape Town||Field 003 – Business, Commerce and Management Studies||360|
|72860||Diploma: Business Science||06||Generic Management||University of KwaZulu-Natal||Field 003 – Business, Commerce and Management Studies||296|
|88223||Postgraduate Diploma in Actuarial Science||08||Finance Economics and Accounting||Stellenbosch University||Field 003 – Business, Commerce and Management Studies||120|
Get an Actuary Degree: Bursaries for Actuarial Science
Keep Climbing created a comprehensive guide for Sanlam Bursary Applicants:
It is important to note that these requirements may vary among universities, so it is essential to contact the specific university you are interested in attending for the most up-to-date and accurate information.
- For more information, visit the Actuarial Society of South Africa’s website at www.actuarialsociety.org.za.
Source: INSETA career guide