By SAADP: August 04, 2023
One of the key factors contributing to the high pass rates of our black actuarial science students; is the presence of an efficient, student-focused support model. Since 2003, SAADP has been providing the holistic support to students to help them succeed in the challenging field of actuarial science.
We recognize that navigating the world of actuarial science can be challenging, especially for students from underprivileged backgrounds. To help our black students succeed, we have implemented a three-pronged support model including academic, psychosocial, and financial support programmes. The psychosocial support comprises mentorship which is key to the success and the well-being of our students. We pair each student with a senior student who serves as a guide and support system throughout their academic journey. We also invite our Alumni to share their practical industry experiences with our current students.
Navigating the world of actuarial science can be challenging, especially for students from underprivileged backgrounds.
Our mentors provide valuable insights, advice, and encouragement, helping our students overcome obstacles and stay focused on their goals. They share their own experiences, offer study tips, and provide career guidance, ensuring that our students have the tools and knowledge they need to succeed. This mentorship approach creates a sense of belonging, which is crucial for black students who may feel isolated in a predominantly white environment.
1. Academic support and students’ study groups
In addition to mentorship, we have also established a robust support system that includes academic tutorials, study groups, and networking opportunities. Our tutoring services provide additional academic support, allowing students to clarify concepts, practice problems, and gain a deeper understanding of the material.
Study groups foster collaboration and peer learning, encouraging students to help one another and build strong study habits. Networking opportunities connect our students with professionals in the field through vacation work programme, giving them access to valuable resources and potential job opportunities.
2. Celebrating growth in pass rates
While black students are underrepresented in the actuarial science field, those who do pursue this career path have been achieving remarkable success in recent years. The success of black actuarial science students serves as an inspiration to others and demonstrates that, with dedication and perseverance, it is possible to achieve one’s goals in this field. These achievements, not only highlight their individual accomplishments but also emphasize the importance of diversity in the field. A diverse workforce brings a range of perspectives, experiences, and ideas that can lead to innovative solutions and improved decision-making processes.
Between 2012 and 2019, SAADP maintained a pass rate of over 80% each year across all participating universities. Despite the pandemic in 2020 and 2021, we still achieved a relatively high pass rate as it was 74% and 69% respectively. In 2022, the pass rate for our actuarial science students grew by 15% from the previous year to 84%. This impressive pass rate is a testament to the hard work and dedication of our students in this challenging and competitive field.
The high pass rates demonstrate the effectiveness of the SAADP support provided to these aspiring black actuaries. It also highlights the importance of creating an inclusive and supportive environment that allows all students to thrive.
A diverse workforce brings a range of perspectives, experiences, and ideas.
3. Conclusion
As we celebrate the high pass rates for black actuarial science students, it is essential to acknowledge the ongoing challenges they may face, such as limited access to resources, and a lack of representation at higher levels of the profession. By understanding and addressing these challenges, we can continue to increase diversity in the field and create a more inclusive and equitable industry for all.
