In Grade 9
Choose a stream with Mathematics in it. You may choose the Science or Commerce stream.
Becoming an Actuary is the ultimate career choice for those with a passion for maths and a desire to succeed. Students in South Africa can opt for one of two options if they want to become certified Actuaries.
If you decide to get a certification from ASSA, you will need to complete and successfully pass all their exams. You will be pleased to hear that they offer learning materials and resources necessary for studying for these exams. On the flip side, it is unfortunate to inform you that SAADP currently does not offer assistance to students enrolled in ASSA.
Should you choose to pursue an Actuarial Science degree at an ASSA-accredited university, you will have the opportunity to:
Let’s assume you’ve decided to pursue a university degree and want to discover how to prepare for university admission and eventually become a certified Fellow.
Below is the summary roadmap to becoming an Actuarial Science student:
Actuarial Science roadmap
Choose a stream with Mathematics in it. You may choose the Science or Commerce stream.
Science Stream: Obtain high marks in all subjects, but focus more on Maths, English and Physical Science.
Commerce Stream: Obtain high marks in all subjects, but focus nore on Maths and English.
Maintain consistent performance across all terms. Take good care of your Report Card. Institutions give conditional acceptance based on your consistent academic performance in Grade 11.
Based on your satisfactory NSC, you are accepted to study Actuarial Science. Congratulations and good luck with your actuarial journey. SAADP is available to support you (if your bursary application is successful)
Selecting the right subjects in Grade 10 sets the foundation for getting into the Actuarial Science Lecture Hall. Pick Mathematics over Mathematical Literacy when choosing subjects for the FET (Further Education and Training) phase. You may consider the Commerce stream as Physical Sciences is not mandatory at some institutions but bear in mind that you may only study at those institutions. Make sure to stay consistent with your academic performance in Grade 10, as it will be important for university admissions and scholarship applications. While giving more attention to Maths, English, and/or Physical Sciences, don't neglect the other subjects and pass them at similar levels.
Grade 11 marks the beginning of your eligibility for university admission. It holds great significance for learners as universities consider it when making conditional offers for degrees like Actuarial Science. These offers are based on your performance in Grade 11 and also take into account your final Matric exam results. Academic excellence in subjects like Mathematics, English, and/or Physical Sciences is crucial, though some universities do not prioritize the latter. When applying for admission at university, it is important to include your Grade 11 results.
Just as in Grade 11, you need to aim for relatively high grades across all subjects, with a particular focus on Mathematics, English, and Physical Sciences. To qualify for a university spot, students must achieve at least 80% (Level 7) in Mathematics, English, and/or Physical Sciences. Universities may offer you a firm place based on how high your level 7 is in all three subjects is due to competition for spots. Remember that international students are welcome to study at South African universities. Please be aware that institutions may give priority to those who have attained a higher level 7 first. In order to maximise your chances of admission, we advise that you raise the bar to a level between 90% and 100%, instead of 80% to 89%. Nevertheless, scoring between 80% - 89% does not eliminate the possibility of being considered. It is important to also achieve high marks in other subjects for overall consistency.
Conduct thorough research on the institution you want to attend. SAADP is currently collaborating with the University of the Witwatersrand, the University of Pretoria, and the University of Cape Town. SAADP will soon establish partnerships with the University of the Free State, University of North-West, University of Johannesburg, and Stellenbosch University.
Actuarial degree programmes and their durations
Here are the Actuarial Science qualifications available from ASSA-accredited universities in South Africa.
| University | Qualification | Duration |
|---|---|---|
|
University of the Witwatersrand |
Bachelor of Science (BSc) |
3 years |
|
University of Pretoria |
Bachelor of Science (BSc) |
3 years |
|
University of Cape Town |
Bachelor of Business Science (BBusc.) Bachelor of Commmerce Degree |
4 years 3 years |
|
University of the Free State |
Bachelor of Science (BSc) |
3 years |
|
University of North-West |
Bachelor of Science (BSc) |
3 years |
|
University of Johannesburg |
Bachelor of Science (BSc) |
3 years |
|
Stellenbosch University |
Bachelor of Commerce (BCom.) |
3 years |
Other related degree programmes
Should it happen that Actuarial Science becomes difficult, students may seamlessly switch to the following programmes.
| Degree Programme | Institution | |
|---|---|---|
|
BCom. Statistics and Data Science |
UP |
|
|
BSc. Mathematical Statistics |
UP | UCT |
|
|
BSc. Statistical Sciences |
UCT | SUN |
|
|
BSc. Mathematical Science |
Wits | UCT | UJ |
|
|
BSc. Applied Statistics |
UCT |
|
|
BSc. Applied Mathematics |
SUN | UP | UCT |
|
|
BSc. Computational and Applied Mathematics |
Wits |
|
|
BSc. Mathematical Science - Computer Science |
SUN |
|
|
BSc. Economics and Mathematical Statistics |
SUN |
|
Do you aspire to become an Actuary?
To understand an Actuary, it is essential to look into what they do. Actuaries are professionals in business and finance who utilize their knowledge in statistics and finance to analyse data to understand the probability of uncertain future events happening. The intriguing aspect lies in how actuaries approach this process.
What is an actuary?
Actuaries analyse data to predict future occurrences and quantify them. A strong grasp of calculus, algebra, and advanced statistics is essential for success in this field, enabling actuaries to navigate complex scenarios and shape financial strategies.
Highly skilled in mathematical, statistical, analytical, and strategic thinking, actuaries use these abilities to forecast uncertainty and assess the likelihood of financial losses. They frequently employ probability, statistics, and financial mathematics to estimate potential financial losses within various time frames.
Where do actuaries work?
Estimate the amount necessary for an insurance company to cover claims by policyholders.
Determine the amount of interest owed on loans for business, home, or personal use.
Estimate the amount an airline or mining company should reserve for accident claims .
Estimate the amount the Department of Health should reserve for injury and negligence claims.
Estimate the amount a company should set aside regularly for employee pension and retirement benefits.
Design and advise on retirement plans.
Participate in asset transactions, analyze investments, and manage portfolios.
Predict, evaluate risks, and determine the financial feasibility of a capital project, like constructing a new building for business expansion.
Some personality traits of a good actuary
Most actuaries who excel are typically conventional people. They are typically meticulous and methodical and enjoy working in a well-organized setting. Those that make it in this filed show:
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