The Inaugural Funders Summit was hosted by SAADP on Friday, December 01, 2023. The summit attracted a wide range of stakeholders, including funders, SAADP alumni, and students.
Thought-provoking deliberations were held, focusing on strategic collaborations and information sharing to promote change in the actuarial science funding space. The delegates explored opportunities in the current actuarial science student funding landscape. In order to create an improved and demographically balanced actuarial industry, a variety of issues, creative solutions, best practices, and useful insights were exchanged during these talks.
SAADP has been offering comprehensive assistance to black South African students studying actuarial science since its founding in 2003. SAADP’s mandate is to address the problem of severe racial disparities in the country’s actuarial profession.
According to the Quarterly Labour Force Survey (QLFS) for the 3rd quarter of 2023, the total number of economically active South Africans stood at 40.8 million. Out of this, 82% and 9% of them are black and coloured, respectively. According to the Actuarial Society of South Africa (ASSA), the total number of qualified Fellows (black, Indian, coloured, and white) was 1744 as of November 2023. Black and coloured qualified actuaries make up 9% and 2% respectively, whereas Indian and white qualified actuaries make up 15% and 74% respectively.
More work therefore needs to be done to increase the number of black and coloured actuaries as the current picture is not reflective of the country’s economically active population and diversity. This can only be achieved through strategic collaborations with corporates as well as the government to increase the pool of black and coloured actuaries. The delegates shared valuable insights on improving collaborations, accountability, and the role SAADP ought to play to drive the transformation agenda in the actuarial profession.
Nthato Selebi, the Executive Director of SAADP reassured the delegates that SAADP was “headed in the right direction.” Nthato further emphasized the three main areas of concentration listed below for the year 2024:
- Planning for the extension of SAADP operations to four additional universities which are accredited by ASSA – the University of the Free State, the University of Johannesburg, the North West University, and the University of Stellenbosch.
- A greater focus on fundraising to increase the number of students that the seven ASSA-accredited universities are able to support.
- The rebranding of the organisation in order to:
        a. Boost brand recognition and familiarity.
        b. Remain up-to-date, relevant, and well-aligned with the actuarial sector.
        c. Demonstrate commitment to growth and development.
        d. Reposition the organisation in the current actuarial science funding landscape.
Nthato continued by saying that funders were crucial in granting the Power of Choice to the South African youth. “No matter where our young people go, they are informed that the government their parents voted for isn’t doing enough for them, that the money meant to help them live better lives is instead being spent for corrupt purposes, that they don’t meet the standards, and so on. Our young people feel disempowered as a result. However, the financial investment that funders inject in the programme restores our youth’s ability to envision a brighter future, exercise their right to choose, and be empowered to do something about their circumstances through education.’’ says Nthato.
SAADP would like to express its sincere gratitude to all the attendees and their contributions to making the summit a great success. The impetus created by this event will surely continue to influence the conversation and bring about strategic adjustments in actuarial science student funding for many years to come.
