Although South Africa has seen an increase in the number of Black Actuarial Science students in recent years, the road to a fully transformed and equitable Actuarial Science Profession remains formidable. The Actuarial Science Profession lacks the diversity needed to reflect the demographics of the country. Black youth and women (in particular), remain underrepresented.

According to the statistics by the Actuarial Society of South Africa (ASSA) as of February 2024, South Africa has 1768 qualified Actuaries. Of the total, 2,1% are Coloured, 9,2% are Black Africans, compared to the 14,4% and 74,3% who are Indian and White respectively. Addressing this discrepancy requires a concerted effort from all stakeholders involved. It is not a battle that can be won without a clear intent for change.

Closing the opportunity gap in South Africa is a significant task. Expanding access, inclusion and impact is at the heart of the SAADP’s invigorated purpose. As an organisation, we want to strengthen the pipeline of Black Actuarial talent in South Africa and attract a more diverse pool of talent to the profession. Beyond increasing the number of Black students, who will eventually qualify as Actuaries, our goal is to ensure that Black youth see themselves in the profession, feel fully included, have equitable opportunities for development, and growth and are equipped to positively contribute to the success of our country. Our hope lies in enabling young people to realise their potential for greatness in the world through the profession.

Diversity, equity, and inclusion are about appreciating individual uniqueness and recognising these differences as sources of strength. If we do not cultivate wider access to the Actuarial Science Profession, we run the risk of lost potential. When we view diversity as a source of strength, it contributes to richer and wider perspectives, increasing opportunities for success for all. Diverse perspectives enable us to advance the profession’s body of knowledge and harness the best minds to solve the world’s most pressing problems.

Our programme is different because it ensures that students start their professional journey with confidence, offering a space to nurture talent and develop future leaders who transcend individual success and are committed to the greater good of society. Unlike other basic bursary programmes that don’t cover end-to-end support, our programme ensures that nothing unfairly prejudices Black and Coloured students to enter the profession.